In This Story
Kiora Pharmaceuticals (KPHMW) has announced a strategic development and commercialization agreement with Théa Open Innovation (TOI) filing.
Under the agreement, Kiora grants TOI exclusive worldwide rights, excluding certain Asian countries, to co-develop and commercialize KIO-301, a treatment for degenerative retinal diseases. Kiora received an upfront payment of $16 million and is eligible for up to $285 million in milestone payments, along with tiered royalties up to 20% on net sales.
Kiora's KIO-301 is a clinical-stage product candidate focused on restoring vision in patients with retinitis pigmentosa. The company has completed a Phase 1b clinical trial and plans to initiate a Phase 2 trial in collaboration with TOI.
Additionally, Kiora is developing KIO-104 for retinal inflammatory diseases. The company has received approval to initiate a Phase 2 clinical trial for KIO-104, with enrollment expected to begin in the first half of 2025.
The company reported net income of $3.6 million for the year ended December 31, 2024, primarily driven by the upfront payment from TOI. This represents a significant improvement from a net loss of $12.5 million in the previous year.
Kiora's financial position was strengthened by the partnership with TOI, with cash and short-term investments totaling $26.8 million as of December 31, 2024.
The company continues to seek partnerships for its KIO-101 program, focusing on the ocular presentation of rheumatoid arthritis.
Kiora's management believes that the current capital resources will be sufficient to fund operations into 2027, supported by the strategic partnership and potential milestone payments from TOI.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Kiora Pharmaceuticals annual 10-K report dated March 25, 2025. To report an error, please email earnings@qz.com.