The company exhibits a lack of commercial traction, having generated zero revenue in nine of the last ten quarters, with operating losses consistently mounting to $2.5M in 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 |
|---|
| Sales/Revenue | 0 | 0 | 16M | 0 | 0 | 0 | 12.06K | 2.69M | 1.65M | 407.52K | 669.26K | 0 | 0 | 0 | 0 |
| Revenue Growth % | - | -100% | - | - | - | -100% | -99.55% | 62.54% | 305.51% | -39.11% | - | - | - | - | - |
| Cost of Goods Sold | 41.98K | 24.8K | 0 | 0 | 0 | 0 | 3.27M | 4.89K | 8.06M | 10.33M | 8.42M | 1.26K | 0 | 0 | 0 |
| COGS % of Revenue | - | - | - | - | - | - | 27138.66% | 0.18% | 487.48% | 2534.94% | 1258.49% | - | - | - | - |
| Gross Profit | -41.98K | -24.8K | 16M | 0 | 0 | 0 | -3.26M | 2.68M | -6.4M | -9.92M | -7.75M | -1.26K | 0 | 0 | 0 |
| Gross Margin % | - | - | 100% | - | - | - | -27038.66% | 99.82% | -387.48% | -2434.94% | -1158.49% | - | - | - | - |
| Gross Profit Growth % | - | -100.16% | - | - | - | 100% | -221.61% | 141.87% | 35.47% | -27.98% | -616708.51% | - | - | - | - |
| Operating Expenses | 12.96M | 9.43M | 11.49M | 12.59M | 12.31M | 14.24M | 3.61M | 9.8M | 12.5M | 14.97M | 14.02M | 6.68M | 2.46M | 3.1M | 5.85M |
| OpEx % of Revenue | - | - | 71.81% | - | - | - | 29921.85% | 364.67% | 756.25% | 3672.66% | 2094.27% | - | - | - | - |
| Selling, General & Admin | 5.87M | 5.75M | 5.54M | 4.66M | 8.28M | 5.32M | 4.24M | 4.41M | 4.44M | 4.64M | 5.59M | 3.96M | 1.93M | 2.09M | 2.82M |
| SG&A % of Revenue | - | - | 34.64% | - | - | - | 35200.01% | 164.02% | 268.77% | 1137.72% | 835.78% | - | - | - | - |
| Research & Development | 5.27M | 10.78M | 4.9M | 4.03M | 3.45M | 5.35M | 3.57M | 5.39M | 8.06M | 10.33M | 8.42M | 2.72M | 531.12K | 1.01M | 3.03M |
| R&D % of Revenue | - | - | 30.61% | - | - | - | 29571.65% | 200.65% | 487.48% | 2534.94% | 1258.49% | - | - | - | - |
| Other Operating Expenses | -862.22K | -7.09M | 1.05M | 3.9M | 582.61K | 3.56M | -4.2M | 0 | 0 | 4.64M | 0 | 0 | 0 | 0 | 0 |
| Operating Income | -13M | -9.46M | 4.51M | -12.59M | -12.31M | -14.24M | -6.87M | -7M | -10.84M | -14.56M | -13.35M | -6.68M | -2.46M | -3.1M | -5.85M |
| Operating Margin % | - | - | 28.19% | - | - | - | -56960.51% | -260.65% | -656.25% | -3572.66% | -1994.27% | - | - | - | - |
| Operating Income Growth % | - | -309.73% | 135.83% | -2.25% | 13.53% | -107.25% | 1.89% | 35.44% | 25.51% | -9.08% | -99.87% | -171.22% | 20.52% | 47.06% | - |
| EBITDA | -12.94M | -9.43M | 4.53M | -12.54M | -12.27M | -14.19M | -6.84M | -6.79M | -10.81M | -14.54M | -13.34M | -6.68M | -2.46M | -3.09M | -5.84M |
| EBITDA Margin % | - | - | 28.31% | - | - | - | -56683.55% | -252.68% | -653.92% | -3567.93% | -1993.5% | - | - | - | - |
| EBITDA Growth % | -17.32% | -308.29% | 136.13% | -2.18% | 13.55% | -107.6% | -0.71% | 37.19% | 25.68% | -8.98% | -99.83% | -171.36% | 20.44% | 47.08% | - |
| D&A (Non-Cash Add-back) | 66.46K | 24.8K | 19.2K | 51.8K | 41.61K | 45.3K | 33.4K | 213.93K | 38.48K | 19.29K | 5.18K | 1.26K | 1.72K | 5.46K | 9.09K |
| EBIT | -12.54M | -9.46M | 5.68M | -12.41M | -13.69M | -13.96M | -7.51M | -7M | -10.72M | -14.56M | -13.34M | -6.68M | -2.25M | -3.1M | -5.84M |
| Net Interest Income | 756.71K | 874.04K | 1.23M | 162.86K | 48.29K | -5.71K | 19.15K | 107.74K | 119.32K | -651 | 3.41K | -1.93M | -440.62K | -609.2K | 0 |
| Interest Income | 756.71K | 894K | 1.25M | 173.99K | 56.89K | 1.14K | 23.34K | 108.07K | 120.36K | 564 | 3.68K | 947 | 1.1K | 2.19K | 11.13K |
| Interest Expense | 0 | 19.96K | 21.45K | 11.13K | 8.6K | 6.85K | 4.19K | 325 | 1.04K | 1.22K | 275 | 1.93M | 441.72K | 611.39K | 0 |
| Other Income/Expense | 538.17K | -2.66M | 1.15M | 163.32K | -1.39M | 272.48K | 19.15K | 107.74K | 119.32K | -91.7K | 3.41K | 1.01M | 709.82K | -584.68K | 11.13K |
| Pretax Income | -12.47M | -12.12M | 5.66M | -12.42M | -13.7M | -13.96M | -6.85M | -7M | -10.73M | -14.56M | -13.34M | -8.39M | -1.55M | -3.68M | -5.81M |
| Pretax Margin % | - | - | 35.37% | - | - | - | -56801.68% | -260.66% | -649.03% | -3572.82% | -1993.76% | - | - | - | - |
| Income Tax | -1.41M | -1.28M | 2.07M | 90.32K | -113.01K | -192.6K | 12.05K | 95.4K | 86.05K | -1.34M | 3.68K | 1.94M | 664.2K | 0 | 0 |
| Effective Tax Rate % | 11.27% | 10.58% | 36.49% | -0.73% | 0.83% | 1.38% | -0.18% | -1.36% | -0.8% | 9.22% | -0.03% | -23.12% | -42.81% | 0% | 0% |
| Net Income | -11.06M | -10.84M | 3.59M | -12.51M | -13.58M | -13.77M | -6.86M | -7.1M | -10.81M | -13.22M | -13.34M | -8.39M | -1.77M | -3.88M | -6.03M |
| Net Margin % | - | - | 22.47% | - | - | - | -56901.65% | -264.21% | -654.24% | -3243.52% | -1993.76% | - | - | - | - |
| Net Income Growth % | 8.23% | -401.42% | 128.73% | 7.88% | 1.36% | -100.69% | 3.31% | 34.36% | 18.21% | 0.94% | -58.98% | -373.12% | 54.27% | 35.71% | - |
| Net Income (Continuing) | -11.06M | -10.84M | 3.59M | -12.51M | -13.58M | -13.77M | -6.86M | -7.1M | -10.81M | -13.22M | -13.34M | -8.39M | -1.55M | -3.68M | -5.81M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 6.78M | 6.56M | 6.35M |
| EPS (Diluted) | -2.65 | -2.64 | 0.87 | -24.25 | -18.55 | -68.00 | -70.50 | -89.24 | -182.81 | -556.17 | -906.30 | -817.01 | -153.35 | -436.38 | -678.75 |
| EPS Growth % | 17.32% | -403.45% | 103.59% | -30.73% | 72.72% | 3.55% | 21% | 51.18% | 67.13% | 38.63% | -10.93% | -432.77% | 64.86% | 35.71% | - |
| EPS (Basic) | - | -2.60 | 0.93 | -24.25 | -18.55 | -68.00 | -70.50 | -89.24 | -182.81 | -556.17 | -906.30 | -817.01 | -153.35 | -436.38 | -678.75 |
| Diluted Shares Outstanding | 4.17M | 4.1M | 4.13M | 538.01K | 732.3K | 241.1K | 114.79K | 79.53K | 59.14K | 23.77K | 14.72K | 10.27K | 11.57K | 8.89K | 8.89K |
| Basic Shares Outstanding | 4.17M | 4.17M | 3.87M | 538.01K | 732.3K | 241.1K | 114.79K | 79.53K | 59.14K | 23.77K | 14.72K | 10.27K | 11.57K | 8.89K | 8.89K |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Imminent liquidity and dilution risk
As indicated by the company's financial statements, Kiora has generated zero revenue in nine of the last ten quarters, with the singular $16.0M inflow in 2024Q1 appearing to be an isolated, non-recurring event that does not reflect an established commercial trajectory for its clinical-stage ophthalmic pipeline.
The lack of consistent top-line growth underscores the company's status as a pure-play R&D entity. Investors should interpret the absence of recurring revenue as a signal that the firm remains entirely dependent on external capital markets to fund its ongoing clinical development programs.
Based on reported figures, Kiora's cost structure is dominated by R&D expenditures, which reached $2.1M in 2026Q1, reflecting the high fixed-cost burden of managing clinical trials and laboratory operations without the offsetting benefit of commercial product sales to mitigate the ongoing cash burn.
The consistent allocation of capital toward R&D suggests that management is prioritizing the advancement of KIO-301 over near-term expense discipline. This strategy appears to be a binary bet on clinical success, as the current cost structure offers no operational leverage until a regulatory milestone is achieved.
According to quarterly filings, the company consistently reports negative operating income, with losses reaching $2.5M in 2026Q1, a trend that highlights the absence of operating leverage as the firm continues to scale its clinical trial infrastructure while lacking any meaningful revenue-generating commercial activities.
The persistent operating losses suggest that the company is in a high-intensity investment phase where expenses are decoupled from revenue generation. This structure implies that shareholders should expect continued margin pressure until the company can successfully transition from a development-stage entity to a commercial-stage pharmaceutical provider.
As reported in financial statements, the net income figures exhibit significant volatility, including a $26.8K profit in 2025Q3 followed by a $6.5M loss in 2025Q4, suggesting that reported earnings are heavily influenced by non-operating items rather than core operational performance or sustainable business growth.
The erratic nature of the bottom line warrants further investigation into non-recurring items and stock-based compensation, which may be obscuring the underlying cash burn rate. Investors should focus on cash flow metrics rather than GAAP net income to gauge the true sustainability of the current business model.
Based on the provided data, the company's $8.7M cash balance, when viewed against quarterly operating losses, suggests a precarious financial position that may necessitate dilutive equity financing in the near term to maintain the current pace of clinical development and avoid a potential liquidity crisis.
Short-term observers may focus on the risk that the company's cash runway is insufficient to reach critical clinical inflection points without further shareholder dilution. This potential for capital raises at depressed valuations remains a primary concern for long-term equity holders monitoring the company's financial health.
Quick answers to the most common questions about buying KPRX stock.
For fiscal year 2025, Kiora Pharmaceuticals, Inc. (KPRX) reported total revenue of $0.0M.
Kiora Pharmaceuticals, Inc. (KPRX) reported a net loss of $10.8M for the fiscal year ending 2025.