The firm's financial position appears increasingly vulnerable, as evidenced by an accumulated deficit of $156.6M and a contraction in total assets to $21.2M as of 2026Q1.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 |
|---|
| Total Current Assets | 18.68M | 21.75M | 29.71M | 4.74M | 7.68M | 8.99M | 1.73M | 4.32M | 8.48M | 8.46M | 4.15M | 9.45M | 218.78K | 558.65K | 2.05M |
| Cash & Short-Term Investments | 13.87M | 17.09M | 26.79M | 2.45M | 5.96M | 7.85M | 1.19M | 3.78M | 8M | 7.81M | 3.64M | 8.39M | 167K | 501.17K | 1.97M |
| Cash Only | 10.96M | 8.7M | 3.79M | 2.45M | 5.96M | 7.85M | 1.19M | 3.78M | 8M | 7.81M | 3.64M | 8.39M | 167K | 501.17K | 1.97M |
| Short-Term Investments | 2.92M | 8.39M | 23M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accounts Receivable | 0 | 3.32M | 601.2K | 2.05M | 1.37M | 529.56K | 90.97K | 4.86K | 18.44K | 23.68K | 53.83K | 932.59K | 25.34K | 35.12K | 38.72K |
| Days Sales Outstanding | - | - | 13.71 | - | - | - | 2.75K | 0.66 | 4.07 | 21.21 | 29.36 | - | - | - | - |
| Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Days Inventory Outstanding | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Current Assets | 4.81M | 0 | 270.25K | 233.38K | 343.07K | 0 | 0 | 83.93K | 455.76K | 629.59K | 0 | 0 | 26.44K | 0 | 0 |
| Total Non-Current Assets | 2.54M | 2.5M | 6.78M | 8.97M | 11M | 11.14M | 13.58M | 5.79M | 5.8M | 5.85M | 5.58M | 58.59K | 1.19M | 133.55K | 289.71K |
| Property, Plant & Equipment | 388.3K | 377.5K | 62.4K | 114.95K | 172.17K | 283.41K | 114.49K | 16.85K | 43.52K | 55.75K | 38.04K | 0 | 1.26K | 2.98K | 8.44K |
| Fixed Asset Turnover | 0.00x | - | 256.40x | - | - | - | 0.11x | 159.44x | 37.97x | 7.31x | 17.59x | - | - | - | - |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 0 | 3.63M | 1.53M | 1.53M | 0 | 5.44M | 0 | 0 | 0 | 0 |
| Intangible Assets | 2.06M | 2.06M | 0 | 8.81M | 10.74M | 10.77M | 9.73M | 4.13M | 4.16M | 5.44M | 0 | 0 | 0 | 0 | 0 |
| Long-Term Investments | 4.46K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 45K | 45K | 103.82K | 0 | 0 | 0 | 0 |
| Other Non-Current Assets | 92.84K | 64.25K | 6.72M | 45.03K | 82.26K | 87.96K | 102.07K | 114.4K | 76.71K | 352.13K | 100.31K | 58.59K | 1.19M | 130.57K | 281.28K |
| Total Assets | 21.23M | 24.25M | 36.48M | 13.71M | 18.68M | 20.13M | 15.3M | 10.11M | 14.28M | 14.31M | 9.73M | 9.51M | 1.41M | 692.19K | 2.34M |
| Asset Turnover | 0.00x | - | 0.44x | - | - | - | 0.00x | 0.27x | 0.12x | 0.03x | 0.07x | - | - | - | - |
| Asset Growth % | -115.31% | -33.52% | 166.08% | -26.59% | -7.21% | 31.53% | 51.34% | -29.19% | -0.17% | 47.01% | 2.34% | 576% | 103.19% | -70.45% | - |
| Total Current Liabilities | 2.8M | 3.63M | 6.01M | 1.63M | 3.27M | 1.61M | 1.98M | 1.41M | 3.86M | 14.83M | 7.31M | 3.42M | 5.02M | 2.57M | 747.08K |
| Accounts Payable | 594.87K | 1.06M | 415.59K | 206.26K | 1.01M | 160.62K | 434.76K | 210.29K | 63.65K | 706.09K | 1.41M | 417.7K | 565.95K | 13.69K | 109.75K |
| Days Payables Outstanding | 4.74K | 15.6K | - | - | - | - | 48.49 | 15.7K | 2.88 | 24.95 | 61.2 | 121.29K | - | - | - |
| Short-Term Debt | 178.22K | 164.46K | 0 | 0 | 0 | 0 | 212.28K | 0 | 0 | 0 | 0 | 0 | 3.21M | 2.03M | 34.2K |
| Deferred Revenue (Current) | 3.75M | 1.25M | 0 | 0 | 0 | 0 | 0 | 0 | 2.69M | 12.31M | 4.22M | 1.91M | 949.46K | 0 | 0 |
| Other Current Liabilities | 775.17K | 1.01M | 3.31M | 0 | 322.38K | 0 | 0 | 0 | 387.83K | 1.01M | 989.48K | 652.61K | 1.08M | 41.23K | 494.34K |
| Current Ratio | 6.68x | 5.99x | 4.94x | 2.90x | 2.35x | 5.59x | 0.87x | 3.06x | 2.19x | 0.57x | 0.57x | 2.76x | 0.04x | 0.22x | 2.75x |
| Quick Ratio | 6.68x | 5.99x | 4.94x | 2.90x | 2.35x | 5.59x | 0.87x | 3.06x | 2.19x | 0.57x | 0.57x | 2.76x | 0.04x | 0.22x | 2.75x |
| Cash Conversion Cycle | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Total Non-Current Liabilities | 4.49M | 4.5M | 4.72M | 5.97M | 4M | 3.94M | 3.59M | 2.08M | 1.48M | 1.4M | 2.75M | 0 | 36.41M | 36.41M | 36.41M |
| Long-Term Debt | 195.37K | 203.8K | 0 | 0 | 0 | 0 | 278.19K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Capital Lease Obligations | 535.32K | 0 | 33.81K | 59.82K | 0 | 90.57K | 35.63K | 0 | 0 | 4.86K | 16.07K | 0 | 0 | 0 | 0 |
| Deferred Tax Liabilities | 694.99K | 102.15K | 0 | 779.44K | 689.12K | 802.13K | 728.93K | 365.36K | 269.97K | 183.92K | 1.53M | 0 | 0 | 0 | 0 |
| Other Non-Current Liabilities | 4.2M | 4.19M | 4.68M | 5.13M | 3.31M | 3.05M | 2.55M | 1.71M | 1.21M | 1.21M | 1.21M | 0 | 0 | 36.41M | 36.41M |
| Total Liabilities | 7.29M | 8.13M | 10.72M | 7.6M | 7.27M | 5.55M | 5.57M | 3.49M | 5.34M | 16.23M | 10.06M | 3.42M | 41.43M | 38.98M | 37.16M |
| Total Debt | 373.59K | 368.26K | 57.17K | 106.89K | 105.78K | 209.41K | 574.4K | 83.93K | 4.71K | 16.07K | 28.71K | 0 | 3.21M | 2.03M | 34.2K |
| Net Debt | -10.58M | -8.33M | -3.74M | -2.35M | -5.86M | -7.65M | -611.28K | -3.69M | -8M | -7.79M | -3.61M | -8.39M | 3.04M | 1.53M | -1.94M |
| Debt / Equity | 0.03x | 0.02x | 0.00x | 0.02x | 0.01x | 0.01x | 0.06x | 0.01x | 0.00x | - | - | - | - | - | - |
| Debt / EBITDA | -0.03x | - | 0.01x | - | - | - | - | - | - | - | - | - | - | - | - |
| Net Debt / EBITDA | 0.82x | - | -0.82x | - | - | - | - | - | - | - | - | - | - | - | - |
| Interest Coverage | - | -473.91x | 264.91x | -1115.02x | -1591.82x | -2037.14x | -1792.97x | -21541.46x | -10311.86x | -11982.45x | -48520.59x | -3.45x | -5.08x | -5.06x | - |
| Total Equity | 13.93M | 16.13M | 25.76M | 6.11M | 11.41M | 14.58M | 9.73M | 6.62M | 8.94M | -1.93M | -329.42K | 6.09M | -40.03M | -38.29M | -34.81M |
| Equity Growth % | -137.13% | -37.4% | 321.62% | -46.44% | -21.75% | 49.84% | 46.92% | -25.89% | 563.76% | -484.94% | -105.41% | 115.21% | -4.54% | -9.98% | - |
| Book Value per Share | 3.34 | 3.93 | 6.24 | 11.36 | 15.58 | 60.47 | 84.76 | 83.28 | 151.11 | -81.08 | -22.37 | 592.50 | -3460.08 | -4306.82 | -3915.98 |
| Total Shareholders' Equity | 13.93M | 16.13M | 25.76M | 6.11M | 11.41M | 14.58M | 9.73M | 6.62M | 8.94M | -1.93M | -329.42K | 6.09M | -46.81M | -44.84M | -41.16M |
| Common Stock | 277.61K | 275.29K | 267.68K | 77.08K | 17.99K | 3.17K | 55.56K | 40.78K | 437.94K | 172.57K | 101.31K | 76.57K | 2.02K | 1.84K | 1.83K |
| Retained Earnings | -156.64M | -154.22M | -143.38M | -146.98M | -134.46M | -120.88M | -107.11M | -100.25M | -93.15M | -91.82M | -78.6M | -65.26M | -56.86M | -55.09M | -51.21M |
| Treasury Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -313.35K | 26.02M | 0 |
| Accumulated OCI | -228.8K | -246.14K | -282.16K | -182.8K | -182.74K | -86.43K | -802 | 139.47K | 134.33K | 127.47K | 120.19K | 114.79K | 56.54K | 52.92K | 39.11K |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 6.78M | 6.56M | 6.35M |
Imminent liquidity and dilution
As reported in financial statements, Kiora's total assets have contracted from a peak of $42.4M in 2024Q1 to $21.2M by 2026Q1, a trend that underscores the company's reliance on liquidating its balance sheet to fund ongoing clinical development activities in the absence of revenue.
The consistent decline in total assets suggests that the company is consuming its capital base to sustain R&D operations. This trajectory indicates that the firm is moving toward a critical juncture where the current asset mix will no longer support the existing clinical trial infrastructure.
According to recent quarterly filings, Kiora's cash position has dwindled to $8.7M as of 2025Q4, which, when measured against the company's historical quarterly burn rate, suggests a limited runway that may force management to seek dilutive financing solutions within the next twelve months.
While the current ratio remains elevated at 5.99, this metric is somewhat misleading as it is heavily influenced by the remaining cash balance rather than operational efficiency. Investors should monitor the cash-to-burn ratio closely, as any delay in clinical milestones could accelerate the depletion of these remaining liquid assets.
Based on the company's reported figures, accumulated deficit has ballooned to $156.6M as of 2026Q1, reflecting the persistent erosion of shareholder equity through years of operating losses and the necessity of frequent capital raises to maintain the company's clinical-stage research programs.
The significant negative retained earnings highlight the long-term value destruction inherent in the current business model. The reliance on equity financing to offset these losses suggests that existing shareholders face a high probability of continued dilution as the company attempts to reach its next clinical inflection point.
As indicated by the provided balance sheet data, the fluctuation in goodwill—which dropped from $8.8M in 2024Q2 to $2.1M in 2026Q1—suggests that the company has been forced to write down the value of past acquisitions, potentially signaling that previous strategic pivots have failed to deliver expected economic benefits.
The volatility in intangible assets warrants further investigation, as it implies that the carrying value of the company's intellectual property is subject to significant impairment risk. This instability in the asset base complicates the assessment of the company's true book value and its underlying technological worth.
Quick answers to the most common questions about buying KPRX stock.
As of 2025, Kiora Pharmaceuticals, Inc. (KPRX) had total assets of $24.3M including $21.7M in current assets.
Kiora Pharmaceuticals, Inc. (KPRX) carries total debt of $0.4M, offset by $17.1M in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Kiora Pharmaceuticals, Inc. (KPRX) has total shareholders' equity (book value) of $16.1M ($3.93 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Kiora Pharmaceuticals, Inc. (KPRX) reported a current ratio of 5.99x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.