$KPRX
KIORA PHARMACEUTICALS INC

2023 Q4 Form 10-Q Financial Statement

#000137251423000158 Filed on November 09, 2023

View on sec.gov

Income Statement

Concept 2023 Q4 2023 Q3
Revenue $0.00 $0.00
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $880.6K $1.420M
YoY Change -68.3% -30.17%
% of Gross Profit
Research & Development $1.112M $1.085M
YoY Change 32.08% -18.55%
% of Gross Profit
Depreciation & Amortization $11.80K $10.00K
YoY Change 14.67% -2.63%
% of Gross Profit
Operating Expenses $2.119M $5.919M
YoY Change -19.6% 59.83%
Operating Profit -$5.919M
YoY Change 59.83%
Interest Expense $34.40K $50.00K
YoY Change 40.52% -103.53%
% of Operating Profit
Other Income/Expense, Net -$65.65K $155.6K
YoY Change 6884.04% -110.99%
Pretax Income -$2.178M -$5.760M
YoY Change -16.59% 12.51%
Income Tax $90.32K
% Of Pretax Income
Net Earnings -$2.269M -$5.763M
YoY Change -9.2% 12.57%
Net Earnings / Revenue
Basic Earnings Per Share -$0.89
Diluted Earnings Per Share -$0.30 -$0.89
COMMON SHARES
Basic Shares Outstanding 7.689M shares 7.247M shares
Diluted Shares Outstanding 7.107M shares

Balance Sheet

Concept 2023 Q4 2023 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $2.455M $5.400M
YoY Change -58.85% 12.46%
Cash & Equivalents $2.500M $5.400M
Short-Term Investments
Other Short-Term Assets $233.4K $240.0K
YoY Change -31.97% -7.7%
Inventory
Prepaid Expenses $233.4K $239.4K
Receivables $0.00
Other Receivables
Total Short-Term Assets $4.738M $6.983M
YoY Change -38.31% 5.42%
LONG-TERM ASSETS
Property, Plant & Equipment $8.065K $38.62K
YoY Change -85.38% -34.76%
Goodwill
YoY Change
Intangibles $8.814M $8.820M
YoY Change -17.96% -17.95%
Long-Term Investments
YoY Change
Other Assets $40.77K $32.00K
YoY Change 23.54% -3.11%
Total Long-Term Assets $8.974M $8.913M
YoY Change -18.4% -19.25%
TOTAL ASSETS
Total Short-Term Assets $4.738M $6.983M
Total Long-Term Assets $8.974M $8.913M
Total Assets $13.71M $15.90M
YoY Change -26.59% -10.0%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $206.3K $125.4K
YoY Change -79.54% -83.26%
Accrued Expenses $1.381M $1.462M
YoY Change -24.8% -18.79%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $1.634M $2.101M
YoY Change -50.07% -29.84%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities $5.189M $5.000M
YoY Change 56.8% 49.51%
Total Long-Term Liabilities $5.968M $5.692M
YoY Change 49.27% 37.26%
TOTAL LIABILITIES
Total Short-Term Liabilities $1.634M $2.101M
Total Long-Term Liabilities $5.968M $5.692M
Total Liabilities $7.602M $7.792M
YoY Change 4.56% 9.12%
SHAREHOLDERS EQUITY
Retained Earnings -$147.0M -$144.7M
YoY Change 9.32% 9.65%
Common Stock $77.08K $76.92K
YoY Change 328.54% 612.84%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $6.110M $8.104M
YoY Change
Total Liabilities & Shareholders Equity $13.71M $15.90M
YoY Change -26.59% -10.0%

Cashflow Statement

Concept 2023 Q4 2023 Q3
OPERATING ACTIVITIES
Net Income -$2.269M -$5.763M
YoY Change -9.2% 12.57%
Depreciation, Depletion And Amortization $11.80K $10.00K
YoY Change 14.67% -2.63%
Cash From Operating Activities -$2.577M -$2.530M
YoY Change 21.04% -14.75%
INVESTING ACTIVITIES
Capital Expenditures
YoY Change
Acquisitions
YoY Change
Other Investing Activities $0.00 $0.00
YoY Change
Cash From Investing Activities $0.00 $0.00
YoY Change
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -483.9K 0.000
YoY Change -114.92% -100.0%
NET CHANGE
Cash From Operating Activities -2.577M -2.530M
Cash From Investing Activities 0.000 0.000
Cash From Financing Activities -483.9K 0.000
Net Change In Cash -3.061M -2.530M
YoY Change -374.72% -204.98%
FREE CASH FLOW
Cash From Operating Activities -$2.577M -$2.530M
Capital Expenditures
Free Cash Flow
YoY Change

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Business, Presentation and Recent Accounting Pronouncements<div style="margin-top:12pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Overview</span></div><div style="margin-top:12pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Kiora Pharmaceuticals, Inc. (“Kiora” or the “Company”) was formed as a Delaware corporation on December 28, 2004. Kiora is a clinical-stage specialty pharmaceutical company developing and commercializing therapies for the treatment of orphan retinal diseases.</span></div><div style="margin-top:12pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Since its inception, Kiora has devoted substantially all its efforts to business planning, research and development, and raising capital.</span></div><div style="margin-top:12pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Unaudited Interim Financial Information</span></div><div style="margin-top:12pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The accompanying unaudited condensed consolidated financial statements of the Company have been prepared in accordance with accounting principles generally accepted in the United States (“U.S. GAAP”) for interim financial information and with the instructions to Form 10-Q and Rule 10-01 of Regulation S-X. Pursuant to these rules and regulations, they do not include all information and notes required by U.S. GAAP for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring adjustments) considered necessary for a fair presentation of the Company’s consolidated financial condition and results of operations have been included. Operating results for the periods presented are not necessarily indicative of the results that may be expected for the full year. We believe that the disclosures provided herein are adequate to make the information presented not misleading when these unaudited interim condensed consolidated financial statements are read in conjunction with the audited consolidated financial statements and notes previously distributed in the Company’s 2022 Annual Report on Form 10-K dated March 23, 2023. The balance sheet as of December 31, 2022 was derived from audited consolidated financial statements of the Company but does not include all the disclosures required by U.S. GAAP.</span></div><div style="margin-top:12pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Reverse Stock Split</span></div><div style="margin-top:12pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">On September 23, 2022, the Company filed a Certificate of Amendment to its Restated Certificate of Incorporation (the “Amendment”) with the Secretary of State of the State of Delaware to effect a one-for-forty ("1-for-40") reverse stock split of its outstanding common stock. The Amendment was approved by the Company’s stockholders at the Company’s 2022 Annual Meeting of Stockholders held on September 23, 2022, and by the Company’s board of directors. The amendment became effective on September 27, 2022.</span></div><div style="margin-top:12pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The reverse stock split affected all shares of the Company’s common stock outstanding immediately prior to the effective time of the Amendment. As a result of the reverse stock split, proportionate adjustments were made to the per share exercise price and/or the number of shares issuable upon the exercise or vesting of all stock options, and restricted stock awards issued by the Company and outstanding immediately prior to the effective time of the Amendment, which resulted in a proportionate decrease in the number of shares of the Company’s common stock reserved for issuance upon exercise or vesting of such stock options, and restricted stock awards, and, in the case of stock options, a proportionate increase in the exercise price of all such stock options. In addition, the number of shares reserved for issuance under the Company’s equity compensation plans immediately prior to the effective time of the Amendment was reduced proportionately. The reverse stock split did not affect the number of shares or par value of common stock authorized for issuance under the Company’s Amended and Restated Certificate of Incorporation, which remained at 50,000,000 shares.</span></div><div style="margin-top:12pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">No fractional shares were issued as a result of the reverse stock split. Stockholders of record who would otherwise have been entitled to receive a fractional share received a cash payment in lieu thereof. The reverse stock split affected all stockholders proportionately and did not affect any stockholder’s percentage ownership of the Company’s common stock (except to the extent that the reverse stock split results in any stockholder owning only a fractional share). As a result of the reverse stock split, the number of the Company’s outstanding shares of common stock as of September 27, 2022 decreased from 43,163,123 (pre-split) shares to 1,079,045 (post-split) shares. </span></div><div style="margin-top:12pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">All share and per share amounts in the accompanying condensed consolidated financial statements, related footnotes, and management’s discussion and analysis have been adjusted retroactively to reflect the reverse stock split as if it had occurred at the beginning of the earliest period presented. While the number of warrants outstanding did not change, the underlying shares did and are presented reflecting the split. The Company’s common stock began trading on The Nasdaq Capital Market on a split-adjusted basis when the market opened on September 27, 2022.</span></div><div style="margin-top:12pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Going Concern</span></div><div style="margin-top:12pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The accompanying condensed consolidated financial statements have been prepared assuming that Kiora will continue as a going concern, which contemplates the realization of assets and satisfaction of liabilities in the normal course of business. As of September 30, 2023, Kiora had unrestricted Cash and Cash Equivalents of $5.4 million, and an Accumulated Deficit of $144.7 million. Kiora has incurred losses and negative cash flows since inception, and future losses are anticipated. Based on the cash on hand as of September 30, 2023, the Company anticipates having sufficient cash to fund planned operations into May 2024, however, the acceleration or reduction of cash outflows by Company management can significantly impact the timing for the need to raise additional capital to complete development of its products. To continue development, Kiora will need to raise additional capital through equity financing, license agreements, and/or grants. Although historically the Company has been successful at raising capital, most recently raising net proceeds of approximately $5.6 million in a public offering that closed on June 6, 2023, as well as an equity line of credit that provides an additional $9.6 million (subject to certain limitations), additional capital may not be available on terms favorable to Kiora, if at all. The Company does not know if any future offerings will succeed. Accordingly, no assurances can be given that Company management will succeed in these endeavors. The factors described above have caused management to determine there is substantial doubt about the Company’s ability to continue as a going concern. The accompanying condensed consolidated financial statements do not include any adjustments to reflect the possible future effects on the recoverability and classification of assets or the amounts and classification of liabilities or any other adjustments that might be necessary should the Company be unable to continue as a going concern.</span></div><div style="margin-top:12pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Significant Accounting Policies</span></div><div style="margin-top:12pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Refunds for Research and Development</span></div><div style="margin-top:12pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Kiora, through its Kiora Pharmaceuticals GmbH and Kiora Pharmaceuticals Pty Ltd subsidiaries, is entitled to receive certain refundable tax incentives associated with eligible research and development expenses in Austria and Australia, respectively. These refunds are realized in the form of a cash payment in the year following the incurred research and development expenses. The Company records estimates of the refundable payment as a tax receivable and a reduction in expense in the period in which the research and development expenses are incurred. </span></div><div style="margin-top:12pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">In-Process Research and Development</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Company records in-process R&amp;D projects acquired in asset acquisitions that have not reached technological feasibility and which have no alternative future use. For in-process R&amp;D projects acquired in business combinations, the Company capitalizes the in-process R&amp;D project as an indefinite-lived intangible asset and evaluates this asset annually for impairment until the R&amp;D process has been completed. Once the R&amp;D process is complete, the Company amortizes the R&amp;D asset over its remaining useful life. The Company performed an annual evaluation of its indefinite-lived intangible assets for impairment as of August 31, 2023 with a quantitative analysis using the Income Approach. As of September 30, 2023, the estimated fair value of the KIO-101 and KIO-201 assets was less than their carrying value due to the strategic decision to stop development leading to commercialization and seek partnership for all future development. Accordingly, the Company recognized an impairment loss of $1.9 million which is shown in the Condensed Consolidated Statement of Operations and Comprehensive Loss in the line In-process R&amp;D Impairment. At September 30, 2023 and 2022, there was $8.7 million and $10.6 million, respectively, of in-process R&amp;D as part of intangible assets and in-process R&amp;D, net on the Condensed Consolidated Balance Sheets.</span></div>Related-Party TransactionsFor the nine months ended September 30, 2023, the Company made payments totaling approximately $0.13 million for services to a related party vendor, Ora, Inc., who is providing the Company with clinical study services for KIO-301. One of the Company’s directors is an executive at Ora, Inc.
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CY2023Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
4.61
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P9Y7M6D
CY2023Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestExercisableNumber
149764 shares
CY2023Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Exercisable Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestExercisableWeightedAverageExercisePrice
16.58
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested And Expected To Vest Exercisable Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedAndExpectedToVestExercisableWeightedAverageRemainingContractualTerm1
P9Y9M10D
CY2023Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Aggregate Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingAggregateIntrinsicValue
1184 usd
CY2023Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Exercisable Aggregate Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestExercisableAggregateIntrinsicValue
1184 usd
CY2023Q3 us-gaap Share Price
SharePrice
0.57
CY2023Q3 us-gaap Lease Cost
LeaseCost
50482 usd
CY2022Q3 us-gaap Lease Cost
LeaseCost
39511 usd
us-gaap Lease Cost
LeaseCost
121159 usd
us-gaap Lease Cost
LeaseCost
120274 usd
CY2023Q3 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
18725 usd
CY2023Q3 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
18725 usd
CY2023Q3 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
18725 usd
CY2023Q3 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
0 usd
kprx Number Of License Agreements
NumberOfLicenseAgreements
7 licenseagreement
CY2020Q2 kprx Payment Of Annual Fee
PaymentOfAnnualFee
5000 usd
CY2023Q3 us-gaap Business Combination Contingent Consideration Liability
BusinessCombinationContingentConsiderationLiability
18799451 usd
CY2023Q3 us-gaap Contingent Consideration Classified As Equity Fair Value Disclosure
ContingentConsiderationClassifiedAsEquityFairValueDisclosure
5497505 usd
CY2023Q3 ecd Non Rule10b51 Arr Adopted Flag
NonRule10b51ArrAdoptedFlag
false
CY2023Q3 ecd Rule10b51 Arr Adopted Flag
Rule10b51ArrAdoptedFlag
false
CY2023Q3 ecd Non Rule10b51 Arr Trmntd Flag
NonRule10b51ArrTrmntdFlag
false
CY2023Q3 ecd Rule10b51 Arr Trmntd Flag
Rule10b51ArrTrmntdFlag
false

Files In Submission

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0001372514-23-000158-index-headers.html Edgar Link pending
0001372514-23-000158-index.html Edgar Link pending
0001372514-23-000158.txt Edgar Link pending
0001372514-23-000158-xbrl.zip Edgar Link pending
exhibit102-ucregentslicens.htm Edgar Link pending
exhibit103-bayonuc_amendme.htm Edgar Link pending
Financial_Report.xlsx Edgar Link pending
kprx-20230930.htm Edgar Link pending
kprx-20230930.xsd Edgar Link pending
kprx-20230930xexx311.htm Edgar Link pending
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