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Kiora Pharmaceuticals (KPHMW) has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing reports collaboration revenue of $16 million from an agreement with Théa Open Innovation, alongside $20,000 in grant revenue.
General and administrative expenses increased to $4.2 million from $3.8 million, primarily due to higher professional fees and personnel costs.
Research and development expenses rose to $3.7 million from $2.9 million, driven by increased CMC expenses and licensing payments.
The company recognized an impairment loss of $2 million related to its KIO-201 asset, reflecting a strategic decision to cease further development.
The change in fair value of contingent consideration resulted in a $1 million reduction, primarily due to the decision to stop development of KIO-201.
Net income for the quarter was $7.8 million, compared to a net loss of $10.2 million in the previous year, largely due to collaboration revenue.
Kiora reported cash and cash equivalents of $5.6 million and short-term investments of $23.4 million as of September 30, 2024.
The company anticipates having sufficient cash to fund planned operations into 2027 but acknowledges the need for additional financing for future operations.
Kiora continues to focus on developing its KIO-301 and KIO-104 products, with plans to initiate a Phase 2 trial for KIO-301 in 2025.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Kiora Pharmaceuticals quarterly 10-Q report dated November 8, 2024. To report an error, please email earnings@qz.com.