Kiora Pharmaceuticals

Kiora Pharmaceuticals, Inc. (NASDAQ: KPRX) is a clinical-stage ophthalmic company based in Encinitas, California, developing small-molecule therapies for retinal disease. It was incorporated in 1998 and traded as EyeGate Pharmaceuticals until the November 2021 rename. Its lead programme is KIO-301, a photoswitch therapy in Phase 2 (ABACUS-2) for retinitis pigmentosa, choroideremia and Stargardt disease, partnered with Théa Open Innovation, which funds development and holds ex-Asia commercial rights. In October 2026 the company in-licensed ex-Asia rights to KIO-401 (mitucapistat), an oral calpain inhibitor for central retinal artery occlusion that has completed Phase 2 and Phase 3 studies in Japan under Senju Pharmaceutical, and it plans a multinational Phase 3 in CRAO targeted for 2027 plus a Phase 2b in NAION. Development of the DHODH inhibitor KIO-104 was discontinued in October 2026. With 13 employees and a market capitalisation around $11 million, Kiora's ability to fund a registration-scale trial — the company has said it is evaluating financing alternatives — is the central variable in the equity story.