{"url_path":"/sec/kphmw/10-q/2026/cover-page","section_key":"cover-page","section_title":"Cover Page","topic":"sec","document":{"doc_type":"10-Q","doc_date":"2026-05-08","source_url":"https://www.sec.gov/Archives/edgar/data/1372514/0001372514-26-000047-index.html","accession_number":"0001372514-26-000047","cik":"0001372514","ticker":"KPRX","issuer_name":"KIORA PHARMACEUTICALS INC","edgar_url":"https://www.sec.gov/Archives/edgar/data/1372514/0001372514-26-000047-index.html","primary_entity_key":"0001372514","primary_entity_name":"KIORA PHARMACEUTICALS INC"},"word_count":1169,"has_tables":true,"body_markdown":"kprx-20260331\n0001372514--12-312026Q1false33333.25xbrli:sharesiso4217:USDiso4217:USDxbrli:shareskprx:segmentkprx:countxbrli:purekprx:daykprx:performance_obligationkprx:operatingLeaseutr:sqftkprx:licenseAgreement00013725142026-01-012026-03-3100013725142026-05-0600013725142026-03-3100013725142025-12-310001372514us-gaap:SeriesAPreferredStockMember2026-03-310001372514us-gaap:SeriesAPreferredStockMember2025-12-310001372514us-gaap:SeriesBPreferredStockMember2026-03-310001372514us-gaap:SeriesBPreferredStockMember2025-12-310001372514us-gaap:SeriesCPreferredStockMember2026-03-310001372514us-gaap:SeriesCPreferredStockMember2025-12-310001372514us-gaap:SeriesDPreferredStockMember2026-03-310001372514us-gaap:SeriesDPreferredStockMember2025-12-310001372514us-gaap:SeriesEPreferredStockMember2026-03-310001372514us-gaap:SeriesEPreferredStockMember2025-12-310001372514us-gaap:SeriesFPreferredStockMember2026-03-310001372514us-gaap:SeriesFPreferredStockMember2025-12-3100013725142025-01-012025-03-310001372514us-gaap:PreferredStockMember2025-12-310001372514us-gaap:CommonStockMember2025-12-310001372514us-gaap:AdditionalPaidInCapitalMember2025-12-310001372514us-gaap:RetainedEarningsMember2025-12-310001372514us-gaap:AccumulatedOtherComprehensiveIncomeMember2025-12-310001372514us-gaap:AdditionalPaidInCapitalMember2026-01-012026-03-310001372514us-gaap:CommonStockMember2026-01-012026-03-310001372514us-gaap:AccumulatedOtherComprehensiveIncomeMember2026-01-012026-03-310001372514us-gaap:RetainedEarningsMember2026-01-012026-03-310001372514us-gaap:PreferredStockMember2026-03-310001372514us-gaap:CommonStockMember2026-03-310001372514us-gaap:AdditionalPaidInCapitalMember2026-03-310001372514us-gaap:RetainedEarningsMember2026-03-310001372514us-gaap:AccumulatedOtherComprehensiveIncomeMember2026-03-310001372514us-gaap:PreferredStockMember2024-12-310001372514us-gaap:CommonStockMember2024-12-310001372514us-gaap:AdditionalPaidInCapitalMember2024-12-310001372514us-gaap:RetainedEarningsMember2024-12-310001372514us-gaap:AccumulatedOtherComprehensiveIncomeMember2024-12-3100013725142024-12-310001372514us-gaap:AdditionalPaidInCapitalMember2025-01-012025-03-310001372514us-gaap:AccumulatedOtherComprehensiveIncomeMember2025-01-012025-03-310001372514us-gaap:RetainedEarningsMember2025-01-012025-03-310001372514us-gaap:PreferredStockMember2025-03-310001372514us-gaap:CommonStockMember2025-03-310001372514us-gaap:AdditionalPaidInCapitalMember2025-03-310001372514us-gaap:RetainedEarningsMember2025-03-310001372514us-gaap:AccumulatedOtherComprehensiveIncomeMember2025-03-3100013725142025-03-310001372514us-gaap:SubsequentEventMember2026-04-012026-04-300001372514us-gaap:InProcessResearchAndDevelopmentMember2025-01-012025-12-310001372514us-gaap:InProcessResearchAndDevelopmentMember2026-03-310001372514us-gaap:InProcessResearchAndDevelopmentMember2025-12-310001372514us-gaap:USGovernmentAgenciesDebtSecuritiesMember2026-03-310001372514us-gaap:CorporateDebtSecuritiesMember2026-03-310001372514us-gaap:USGovernmentAgenciesDebtSecuritiesMember2025-12-310001372514us-gaap:CorporateDebtSecuritiesMember2025-12-310001372514us-gaap:MoneyMarketFundsMember2026-03-310001372514us-gaap:MoneyMarketFundsMemberus-gaap:FairValueInputsLevel1Member2026-03-310001372514us-gaap:MoneyMarketFundsMemberus-gaap:FairValueInputsLevel2Member2026-03-310001372514us-gaap:MoneyMarketFundsMemberus-gaap:FairValueInputsLevel3Member2026-03-310001372514us-gaap:FairValueInputsLevel1Member2026-03-310001372514us-gaap:FairValueInputsLevel2Member2026-03-310001372514us-gaap:FairValueInputsLevel3Member2026-03-310001372514us-gaap:USGovernmentAgenciesDebtSecuritiesMemberus-gaap:FairValueInputsLevel1Member2026-03-310001372514us-gaap:USGovernmentAgenciesDebtSecuritiesMemberus-gaap:FairValueInputsLevel2Member2026-03-310001372514us-gaap:USGovernmentAgenciesDebtSecuritiesMemberus-gaap:FairValueInputsLevel3Member2026-03-310001372514us-gaap:CorporateDebtSecuritiesMemberus-gaap:FairValueInputsLevel1Member2026-03-310001372514us-gaap:CorporateDebtSecuritiesMemberus-gaap:FairValueInputsLevel2Member2026-03-310001372514us-gaap:CorporateDebtSecuritiesMemberus-gaap:FairValueInputsLevel3Member2026-03-310001372514us-gaap:MoneyMarketFundsMember2025-12-310001372514us-gaap:MoneyMarketFundsMemberus-gaap:FairValueInputsLevel1Member2025-12-310001372514us-gaap:MoneyMarketFundsMemberus-gaap:FairValueInputsLevel2Member2025-12-310001372514us-gaap:MoneyMarketFundsMemberus-gaap:FairValueInputsLevel3Member2025-12-310001372514us-gaap:FairValueInputsLevel1Member2025-12-310001372514us-gaap:FairValueInputsLevel2Member2025-12-310001372514us-gaap:FairValueInputsLevel3Member2025-12-310001372514us-gaap:USGovernmentAgenciesDebtSecuritiesMemberus-gaap:FairValueInputsLevel1Member2025-12-310001372514us-gaap:USGovernmentAgenciesDebtSecuritiesMemberus-gaap:FairValueInputsLevel2Member2025-12-310001372514us-gaap:USGovernmentAgenciesDebtSecuritiesMemberus-gaap:FairValueInputsLevel3Member2025-12-310001372514us-gaap:CorporateDebtSecuritiesMemberus-gaap:FairValueInputsLevel1Member2025-12-310001372514us-gaap:CorporateDebtSecuritiesMemberus-gaap:FairValueInputsLevel2Member2025-12-310001372514us-gaap:CorporateDebtSecuritiesMemberus-gaap:FairValueInputsLevel3Member2025-12-310001372514us-gaap:ValuationTechniqueDiscountedCashFlowMemberus-gaap:MeasurementInputDiscountRateMember2026-03-310001372514us-gaap:ValuationTechniqueDiscountedCashFlowMemberus-gaap:MeasurementInputDiscountRateMember2025-12-310001372514kprx:BayonMemberus-gaap:ValuationTechniqueDiscountedCashFlowMembersrt:MinimumMemberkprx:ProbabilityOfSuccessForPaymentMember2026-03-310001372514kprx:BayonMemberus-gaap:ValuationTechniqueDiscountedCashFlowMembersrt:MaximumMemberkprx:ProbabilityOfSuccessForPaymentMember2026-03-310001372514kprx:BayonMemberus-gaap:ValuationTechniqueDiscountedCashFlowMembersrt:MinimumMemberkprx:ProbabilityOfSuccessForPaymentMember2025-12-310001372514kprx:BayonMemberus-gaap:ValuationTechniqueDiscountedCashFlowMembersrt:MaximumMemberkprx:ProbabilityOfSuccessForPaymentMember2025-12-310001372514kprx:PanoptesMemberus-gaap:ValuationTechniqueDiscountedCashFlowMembersrt:MinimumMemberkprx:ProbabilityOfSuccessForPaymentMember2026-03-310001372514kprx:PanoptesMemberus-gaap:ValuationTechniqueDiscountedCashFlowMembersrt:MaximumMemberkprx:ProbabilityOfSuccessForPaymentMember2026-03-310001372514kprx:PanoptesMemberus-gaap:ValuationTechniqueDiscountedCashFlowMembersrt:MinimumMemberkprx:ProbabilityOfSuccessForPaymentMember2025-12-310001372514kprx:PanoptesMemberus-gaap:ValuationTechniqueDiscountedCashFlowMembersrt:MaximumMemberkprx:ProbabilityOfSuccessForPaymentMember2025-12-310001372514kprx:KIO104Memberkprx:MultiPeriodExcessEarningsMethodMembersrt:MinimumMemberkprx:ProbabilityOfSuccessForDevelopmentPhaseMember2025-12-310001372514kprx:KIO104Memberkprx:MultiPeriodExcessEarningsMethodMembersrt:MaximumMemberkprx:ProbabilityOfSuccessForDevelopmentPhaseMember2025-12-310001372514kprx:KIO104Memberkprx:MultiPeriodExcessEarningsMethodMemberus-gaap:MeasurementInputDiscountRateMember2025-12-310001372514kprx:KIO301Memberkprx:MultiPeriodExcessEarningsMethodMembersrt:MinimumMemberkprx:ProbabilityOfSuccessForDevelopmentPhaseMember2025-12-310001372514kprx:KIO301Memberkprx:MultiPeriodExcessEarningsMethodMembersrt:MaximumMemberkprx:ProbabilityOfSuccessForDevelopmentPhaseMember2025-12-310001372514kprx:KIO301Memberkprx:MultiPeriodExcessEarningsMethodMemberus-gaap:MeasurementInputDiscountRateMember2025-12-310001372514kprx:PreFundedWarrantsMember2026-01-012026-01-310001372514kprx:PreFundedWarrantsMember2025-01-012025-12-310001372514kprx:ClassCWarrantsMember2025-01-012025-12-310001372514kprx:ClassCWarrantsMember2025-12-3100013725142024-05-010001372514kprx:MaximGroupLLCMember2024-01-312024-01-310001372514kprx:MaximGroupLLCMemberkprx:PreFundedWarrantsMember2024-01-3100013725142024-01-310001372514kprx:MaximGroupLLCMemberkprx:TrancheAWarrantsMember2024-01-310001372514kprx:MaximGroupLLCMemberkprx:TrancheAWarrantsMember2024-01-312024-01-310001372514kprx:MaximGroupLLCMemberkprx:TrancheBWarrantsMember2024-01-310001372514kprx:MaximGroupLLCMemberkprx:TrancheBWarrantsMember2024-01-312024-01-310001372514us-gaap:WarrantMember2025-12-310001372514us-gaap:WarrantMember2025-01-012025-12-310001372514us-gaap:WarrantMember2026-01-012026-03-310001372514us-gaap:WarrantMember2026-03-310001372514us-gaap:WarrantMember2026-01-012026-03-310001372514us-gaap:WarrantMember2025-01-012025-03-310001372514us-gaap:EmployeeStockOptionMember2026-01-012026-03-310001372514us-gaap:EmployeeStockOptionMember2025-01-012025-03-310001372514us-gaap:RestrictedStockMember2026-01-012026-03-310001372514us-gaap:RestrictedStockMember2025-01-012025-03-310001372514us-gaap:NoncumulativePreferredStockMember2026-01-012026-03-310001372514us-gaap:NoncumulativePreferredStockMember2025-01-012025-03-310001372514us-gaap:CommonStockMember2026-01-012026-03-310001372514us-gaap:CommonStockMember2025-01-012025-03-310001372514srt:MinimumMemberkprx:HoldersOwingMoreThanTenPercentageVotingRightsMember2026-01-012026-03-310001372514srt:MaximumMemberkprx:HoldersOwingMoreThanTenPercentageVotingRightsMember2026-01-012026-03-310001372514kprx:HoldersOwingMoreThanTenPercentageVotingRightsMember2026-01-012026-03-310001372514kprx:EquityIncentivePlan2014Member2026-01-310001372514kprx:EquityIncentivePlan2014Member2026-03-310001372514us-gaap:ResearchAndDevelopmentExpenseMember2026-01-012026-03-310001372514us-gaap:ResearchAndDevelopmentExpenseMember2025-01-012025-03-310001372514us-gaap:GeneralAndAdministrativeExpenseMember2026-01-012026-03-310001372514us-gaap:GeneralAndAdministrativeExpenseMember2025-01-012025-03-310001372514us-gaap:EmployeeStockOptionMemberus-gaap:ShareBasedCompensationAwardTrancheOneMember2026-01-012026-03-310001372514us-gaap:EmployeeStockOptionMemberus-gaap:ShareBasedCompensationAwardTrancheTwoMember2026-01-012026-03-310001372514us-gaap:EmployeeStockOptionMember2026-01-012026-03-3100013725142025-01-012025-12-310001372514us-gaap:RestrictedStockMemberus-gaap:ShareBasedCompensationAwardTrancheOneMember2026-01-012026-03-310001372514us-gaap:RestrictedStockMemberus-gaap:ShareBasedCompensationAwardTrancheTwoMember2026-01-012026-03-310001372514us-gaap:RestrictedStockMember2026-03-310001372514us-gaap:RestrictedStockMember2026-01-012026-03-310001372514us-gaap:RestrictedStockMember2025-12-310001372514us-gaap:RestrictedStockMember2025-01-012025-12-310001372514kprx:OptionAgreementMember2025-05-012025-05-310001372514kprx:OptionAgreementMember2025-05-310001372514kprx:TOICollaborationAgreementMember2024-01-012024-01-310001372514kprx:TOICollaborationAgreementMember2024-01-012024-03-310001372514kprx:A2YearLeaseAucklandCityNewZealandMember2026-02-280001372514kprx:A2YearLeaseAucklandCityNewZealandMember2026-02-012026-02-280001372514kprx:A3Year3MonthLeaseEncinitasCaliforniaMember2025-03-012025-03-310001372514kprx:A3Year3MonthLeaseEncinitasCaliforniaMember2025-03-310001372514kprx:A2YearLeasePerthAndBrisbaneAustraliaMember2025-01-310001372514kprx:A2YearLeasePerthAndBrisbaneAustraliaMember2025-01-012025-01-310001372514kprx:BrisbaneLeaseMember2025-01-012025-01-310001372514kprx:PerthLeaseMember2025-01-012025-01-310001372514kprx:A5YearLeaseViennaAustriaMember2023-10-150001372514kprx:A5YearLeaseViennaAustriaMember2023-10-152023-10-150001372514kprx:A12MonthLeaseAdelaideAustraliaMember2022-05-310001372514kprx:A12MonthLeaseAdelaideAustraliaMember2022-05-012022-05-310001372514srt:MinimumMember2026-03-310001372514srt:MaximumMember2026-03-310001372514kprx:SenjuPharmaceuticalCo.LtdMemberkprx:KIO301Member2025-05-310001372514kprx:BayonMember2026-03-310001372514kprx:PanoptesMember2026-03-310001372514us-gaap:RevolvingCreditFacilityMemberkprx:UBSMember2025-03-310001372514us-gaap:RevolvingCreditFacilityMemberkprx:UBSMember2025-03-012025-03-310001372514us-gaap:RevolvingCreditFacilityMemberkprx:UBSMember2025-01-012025-12-310001372514us-gaap:RevolvingCreditFacilityMemberkprx:UBSMember2026-01-012026-03-310001372514us-gaap:RevolvingCreditFacilityMemberkprx:UBSMember2026-03-310001372514kprx:ReportableSegmentMember2026-01-012026-03-310001372514kprx:ReportableSegmentMember2025-01-012025-03-310001372514kprx:KIO101Memberkprx:ReportableSegmentMember2026-01-012026-03-310001372514kprx:KIO101Memberkprx:ReportableSegmentMember2025-01-012025-03-310001372514kprx:KIO104NetOfAdjustmentMemberkprx:ReportableSegmentMember2026-01-012026-03-310001372514kprx:KIO104NetOfAdjustmentMemberkprx:ReportableSegmentMember2025-01-012025-03-310001372514kprx:KIO301Memberkprx:ReportableSegmentMember2026-01-012026-03-310001372514kprx:KIO301Memberkprx:ReportableSegmentMember2025-01-012025-03-310001372514kprx:UnallocatedResearchAndDevelopmentMemberkprx:ReportableSegmentMember2026-01-012026-03-310001372514kprx:UnallocatedResearchAndDevelopmentMemberkprx:ReportableSegmentMember2025-01-012025-03-310001372514kprx:TOICollaborationAgreementMember2025-12-310001372514kprx:TOICollaborationAgreementMember2024-12-310001372514kprx:TOICollaborationAgreementMember2026-01-012026-03-310001372514kprx:TOICollaborationAgreementMember2025-01-012025-03-310001372514kprx:TOICollaborationAgreementMember2026-03-310001372514kprx:TOICollaborationAgreementMember2025-03-310001372514kprx:TOICollaborationAgreementMember2025-04-012025-06-300001372514kprx:TOICollaborationAgreementMember2025-07-012025-09-300001372514kprx:TOICollaborationAgreementMember2025-10-012025-12-310001372514kprx:TOICollaborationAgreementMember2025-01-012025-12-310001372514us-gaap:SubsequentEventMember2026-04-062026-04-060001372514kprx:PreFundedWarrantsMemberus-gaap:SubsequentEventMember2026-04-060001372514kprx:TrancheA1AndTrancheA2WarrantsMemberus-gaap:SubsequentEventMember2026-04-060001372514kprx:TrancheA1WarrantsMemberus-gaap:SubsequentEventMember2026-04-060001372514kprx:TrancheA1WarrantsMemberus-gaap:SubsequentEventMember2026-04-062026-04-060001372514kprx:TrancheA2WarrantsMemberus-gaap:SubsequentEventMember2026-04-060001372514kprx:TrancheA2WarrantsMemberus-gaap:SubsequentEventMember2026-04-062026-04-060001372514kprx:TOICollaborationAgreementPhase3Member2025-02-012025-02-280001372514kprx:TOICollaborationAgreementPhase3Member2025-01-012025-03-310001372514kprx:TOICollaborationAgreementQ42024CollaborationReceivableMember2024-10-012024-12-310001372514kprx:TOICollaborationAgreementPhase3Member2025-08-012025-08-310001372514kprx:TOICollaborationAgreementPhase3Member2025-07-012025-09-30\n\n[Table of Contents](#i0c6f9439d9f548028359cf9328d1fd98_7)\n\nUNITED STATES\n\nSECURITIES AND EXCHANGE COMMISSION\n\nWASHINGTON, D.C. 20549\n\nFORM 10-Q\n\nxQUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934\n\nFor the quarterly period ended March 31, 2026\n\noTRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934\n\nFor the transition period from ___________ to ___________\n\nCommission File No. 001-36672\n\nKIORA PHARMACEUTICALS, INC.\n\n(Exact Name of Registrant as Specified in Its Charter)\n\nDelaware98-0443284\n\n(State or other jurisdiction of\nIncorporation or organization)(I.R.S. Employer\nIdentification No.)\n\n169 Saxony Rd.\n\nSuite 212\n\nEncinitas, CA 92024\n\n(Address of Principal Executive Offices, including zip code)\n\n(858) 224-9600\n\n(Registrant’s telephone number, including area code)\n\nSecurities registered pursuant to Section 12(b) of the Act:\n\nTitle of each classTrading symbol(s)Name of each exchange on which registered\n\nCommon Stock, $0.01 par valueKPRX\nThe Nasdaq Capital Market\n\nIndicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. x Yes o No\n\nIndicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit). x Yes o No\n\nIndicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer”, “accelerated filer”, “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.\n\nLarge Accelerated fileroAccelerated filero\n\nNon-accelerated filerxSmaller reporting companyx\n\nEmerging growth companyo\n\nIf an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o\n\nIndicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act.)\n\no Yes x No\n\nOn May 6, 2026, there were 4,431,940 shares of the registrant’s common stock outstanding.\n\n[Table of Contents](#i0c6f9439d9f548028359cf9328d1fd98_7)\n\nKIORA PHARMACEUTICALS, INC.\n\nTable of Contents\n\nQUARTERLY REPORT ON FORM 10-Q\n\nFor the Period Ended March 31, 2026\n\nINDEX\n\nPage\n\n[PART I - FINANCIAL INFORMATION](#i0c6f9439d9f548028359cf9328d1fd98_13)\n\n[Item 1.](#i0c6f9439d9f548028359cf9328d1fd98_16)\n\n[Financial Statements](#i0c6f9439d9f548028359cf9328d1fd98_16)\n\n[4](#i0c6f9439d9f548028359cf9328d1fd98_16)\n\n[Condensed Consolidated Balance Sheets as of March 31, 2026 (unaudited) and December 31, 2025](#i0c6f9439d9f548028359cf9328d1fd98_19)\n\n[4](#i0c6f9439d9f548028359cf9328d1fd98_19)\n\n[Condensed Consolidated Statements of Operations and Comprehensive Loss (unaudited) for the Three Months Ended March 31, 2026 and 2025](#i0c6f9439d9f548028359cf9328d1fd98_22)\n\n[5](#i0c6f9439d9f548028359cf9328d1fd98_22)\n\n[Condensed Consolidated Statements of Stockholders’ Equity (unaudited) for the Three Months Ended March 31, 2026 and 2025](#i0c6f9439d9f548028359cf9328d1fd98_25)\n\n[6](#i0c6f9439d9f548028359cf9328d1fd98_25)\n\n[Condensed Consolidated Statements of Cash Flows (unaudited) for the Three Months Ended March 31, 2026 and 2025](#i0c6f9439d9f548028359cf9328d1fd98_31)\n\n[7](#i0c6f9439d9f548028359cf9328d1fd98_31)\n\n[Notes to Condensed Consolidated Financial Statements (unaudited)](#i0c6f9439d9f548028359cf9328d1fd98_34)\n\n[8](#i0c6f9439d9f548028359cf9328d1fd98_34)\n\n[Item 2.](#i0c6f9439d9f548028359cf9328d1fd98_97)\n\n[Management’s Discussion and Analysis of Financial Condition and Results of Operations](#i0c6f9439d9f548028359cf9328d1fd98_97)\n\n[27](#i0c6f9439d9f548028359cf9328d1fd98_97)\n\n[Item 3.](#i0c6f9439d9f548028359cf9328d1fd98_133)\n\n[Quantitative and Qualitative Disclosures about Market Risk](#i0c6f9439d9f548028359cf9328d1fd98_133)\n\n[31](#i0c6f9439d9f548028359cf9328d1fd98_133)\n\n[Item 4.](#i0c6f9439d9f548028359cf9328d1fd98_136)\n\n[Controls and Procedures](#i0c6f9439d9f548028359cf9328d1fd98_136)\n\n[32](#i0c6f9439d9f548028359cf9328d1fd98_136)\n\n[PART II - OTHER INFORMATION](#i0c6f9439d9f548028359cf9328d1fd98_139)\n\n[Item 1.](#i0c6f9439d9f548028359cf9328d1fd98_142)\n\n[Legal Proceedings](#i0c6f9439d9f548028359cf9328d1fd98_142)\n\n[33](#i0c6f9439d9f548028359cf9328d1fd98_142)\n\n[Item 1A.](#i0c6f9439d9f548028359cf9328d1fd98_145)\n\n[Risk Factors](#i0c6f9439d9f548028359cf9328d1fd98_145)\n\n[33](#i0c6f9439d9f548028359cf9328d1fd98_145)\n\n[Item 2.](#i0c6f9439d9f548028359cf9328d1fd98_148)\n\n[Unregistered Sales of Equity Securities and Use of Proceeds](#i0c6f9439d9f548028359cf9328d1fd98_148)\n\n[33](#i0c6f9439d9f548028359cf9328d1fd98_148)\n\n[Item 3.](#i0c6f9439d9f548028359cf9328d1fd98_151)\n\n[Defaults Upon Senior Securities](#i0c6f9439d9f548028359cf9328d1fd98_151)\n\n[34](#i0c6f9439d9f548028359cf9328d1fd98_151)\n\n[Item 4.](#i0c6f9439d9f548028359cf9328d1fd98_154)\n\n[Mine Safety Disclosures](#i0c6f9439d9f548028359cf9328d1fd98_154)\n\n[34](#i0c6f9439d9f548028359cf9328d1fd98_154)\n\n[Item 5.](#i0c6f9439d9f548028359cf9328d1fd98_157)\n\n[Other Information](#i0c6f9439d9f548028359cf9328d1fd98_157)\n\n[34](#i0c6f9439d9f548028359cf9328d1fd98_157)\n\n[Item 6.](#i0c6f9439d9f548028359cf9328d1fd98_160)\n\n[Exhibits](#i0c6f9439d9f548028359cf9328d1fd98_160)\n\n[34](#i0c6f9439d9f548028359cf9328d1fd98_160)\n\n[SIGNATURES](#i0c6f9439d9f548028359cf9328d1fd98_163)\n\n[35](#i0c6f9439d9f548028359cf9328d1fd98_163)\n\n1\n\n[Table of Contents](#i0c6f9439d9f548028359cf9328d1fd98_7)\n\nFORWARD-LOOKING STATEMENTS\n\nThis Quarterly Report on Form 10-Q contains statements that are not statements of historical fact and are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, or the Securities Act, and Section 21E of the Securities Exchange Act of 1934, as amended, or the Exchange Act. The forward-looking statements are principally, but not exclusively, contained in “Item 2: Management’s Discussion and Analysis of Financial Condition and Results of Operations.” These statements involve known and unknown risks, uncertainties and other factors that may cause our actual results, performance, or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Forward-looking statements include, but are not limited to, statements about management’s confidence or expectations, and our plans, objectives, expectations, and intentions that are not historical facts. In some cases, you can identify forward-looking statements by terms such as “may,” “will,” “should,” “could,” “would,” “expect,” “plan,” “anticipate,” “believe,” “goal,” \"foreseeable,\" “see,” “estimate,” “project,” “intends,” “think,” “potential,” “objective,” “optimistic,” “strategy,” and similar expressions intended to identify forward-looking statements. These statements reflect our current views with respect to future events and are based on assumptions and subject to risks and uncertainties. Given these uncertainties, you should not place undue reliance on these forward-looking statements. Forward-looking statements include, but are not limited to, statements about:\n\n•the timing and success of preclinical studies and clinical trials conducted by us and our development partners;\n\n•the ability to obtain and maintain regulatory approval of our product candidates, and the labeling for any approved products;\n\n•the scope, progress, expansion, and costs of developing and commercializing our product candidates;\n\n•the size and growth of the potential markets for our product candidates and the ability to serve those markets;\n\n•our expectations regarding our expenses and revenue, the sufficiency of our cash resources and needs for additional financing;\n\n•the rate and degree of market acceptance of any approved products;\n\n•our expectations regarding competition;\n\n•our anticipated growth strategies;\n\n•our ability to attract or retain key personnel;\n\n•our ability to establish and maintain development partnerships;\n\n•our expectations regarding federal, state and foreign regulatory requirements;\n\n•regulatory developments in the U.S. and foreign countries;\n\n•our ability to obtain and maintain intellectual property protection for our product candidates;\n\n•the anticipated trends and challenges in our business and the market in which we operate; and\n\n•our ability to assess the probability of achievement of milestones and other advances in our product candidates.\n\nWe discuss many of these risks in detail under the heading “Item 1A. Risk Factors” beginning on page 17 of our Annual Report on Form 10-K, as filed with the Securities and Exchange Commission, or the SEC, on March 25, 2026, or the Annual Report. You should carefully review all these factors, as well as other risks described in\n\n2\n\n[Table of Contents](#i0c6f9439d9f548028359cf9328d1fd98_7)\n\nour public filings, and you should be aware that there may be other factors, including factors of which we are not currently aware, that could cause these differences.\n\nAlso, these forward-looking statements represent our estimates and assumptions only as of the date of this report. We may not update these forward-looking statements, even though our situation may change in the future, unless we have obligations under the federal securities laws to update and disclose material developments related to previously disclosed information.\n\nKiora Pharmaceuticals, Inc. is referred to herein as “we,” “our,” “us,” and “the Company.”\n\n3\n\n[Table of Contents](#i0c6f9439d9f548028359cf9328d1fd98_7)\n\nPART I - FINANCIAL INFORMATION"}