$KPRX
KIORA PHARMACEUTICALS INC

2022 Q3 Form 10-Q Financial Statement

#000141057822002336 Filed on August 12, 2022

View on sec.gov

Income Statement

Concept 2022 Q3 2022 Q2 2022 Q1
Revenue $0.00 $0.00 $0.00
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $2.033M $1.802M $1.665M
YoY Change 51.9% 37.98% 28.05%
% of Gross Profit
Research & Development $1.332M $567.2K $707.9K
YoY Change -18.2% -60.61% -44.7%
% of Gross Profit
Depreciation & Amortization $10.27K $10.28K $10.77K
YoY Change 113.65% 61.79% 1.64%
% of Gross Profit
Operating Expenses $3.703M $2.402M $3.569M
YoY Change 24.8% -14.81% 77.57%
Operating Profit -$3.703M -$2.402M -$3.569M
YoY Change 24.8% -14.81% 77.57%
Interest Expense -$1.417M $1.240K $220.00
YoY Change -545192.31% -39.01% -67.93%
% of Operating Profit
Other Income/Expense, Net -$1.416M $1.237K $4.428K
YoY Change -546935.52% -99.55% -1115.6%
Pretax Income -$5.119M -$2.401M -$3.565M
YoY Change 72.55% -2.77% 77.31%
Income Tax
% Of Pretax Income
Net Earnings -$5.119M -$2.401M -$3.565M
YoY Change 72.55% -5.59% 77.31%
Net Earnings / Revenue
Basic Earnings Per Share -$6.03 -$0.18 -$0.27
Diluted Earnings Per Share -$6.03 -$0.18 -$0.27
COMMON SHARES
Basic Shares Outstanding 36.76M 13.07M 13.06M
Diluted Shares Outstanding 848.5K 13.07M 13.06M

Balance Sheet

Concept 2022 Q3 2022 Q2 2022 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $4.802M $2.428M $5.067M
YoY Change -56.77% -33.72% -23.34%
Cash & Equivalents $4.802M $2.428M $5.067M
Short-Term Investments
Other Short-Term Assets $260.0K $1.399M $930.4K
YoY Change -23.89% 217.44% 298.45%
Inventory
Prepaid Expenses $260.0K $1.399M $930.3K
Receivables
Other Receivables
Total Short-Term Assets $6.624M $4.380M $6.550M
YoY Change -44.19% -0.8% -6.31%
LONG-TERM ASSETS
Property, Plant & Equipment $59.19K $63.23K $67.30K
YoY Change -24.91% -24.44% -79.42%
Goodwill
YoY Change
Intangibles $10.75M $10.76M $10.76M
YoY Change 10.69% 10.68%
Long-Term Investments
YoY Change
Other Assets $33.02K $39.37K $53.82K
YoY Change -25.37% -14.27% -42.74%
Total Long-Term Assets $11.04M $11.08M $11.09M
YoY Change -18.98% -19.01% -18.66%
TOTAL ASSETS
Total Short-Term Assets $6.624M $4.380M $6.550M
Total Long-Term Assets $11.04M $11.08M $11.09M
Total Assets $17.66M $15.46M $17.64M
YoY Change -30.72% -14.57% -14.47%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $749.2K $785.8K $302.3K
YoY Change 76.33% 168.8% -33.91%
Accrued Expenses $1.800M $1.631M $1.833M
YoY Change 29.56% 67.48% 89.3%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $2.994M $2.857M $2.521M
YoY Change 52.86% 98.87% 76.87%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change -100.0%
Other Long-Term Liabilities $3.344M $3.042M $3.055M
YoY Change -38.72% -44.5% -44.49%
Total Long-Term Liabilities $4.146M $3.844M $3.857M
YoY Change -32.97% -38.09% -33.28%
TOTAL LIABILITIES
Total Short-Term Liabilities $2.994M $2.857M $2.521M
Total Long-Term Liabilities $4.146M $3.844M $3.857M
Total Liabilities $7.141M $6.701M $6.378M
YoY Change -12.33% -12.36% -19.62%
SHAREHOLDERS EQUITY
Retained Earnings -$132.0M -$126.8M -$124.4M
YoY Change 13.42% 11.87%
Common Stock $10.79K $130.7K $126.6K
YoY Change -91.45% 84.1%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $10.52M $8.762M $11.26M
YoY Change
Total Liabilities & Shareholders Equity $17.66M $15.46M $17.64M
YoY Change -30.72% -14.57% -14.47%

Cashflow Statement

Concept 2022 Q3 2022 Q2 2022 Q1
OPERATING ACTIVITIES
Net Income -$5.119M -$2.401M -$3.565M
YoY Change 72.55% -5.59% 77.31%
Depreciation, Depletion And Amortization $10.27K $10.28K $10.77K
YoY Change 113.65% 61.79% 1.64%
Cash From Operating Activities -$2.968M -$2.499M -$2.832M
YoY Change 30.73% -5.25% 10.21%
INVESTING ACTIVITIES
Capital Expenditures $0.00 $0.00 $0.00
YoY Change -100.0% -100.0%
Acquisitions
YoY Change
Other Investing Activities $0.00 $0.00 $6.380K
YoY Change
Cash From Investing Activities $0.00 $0.00 $6.375K
YoY Change -100.0% -110.97%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $0.00
YoY Change -100.0%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 5.378M 0.000 0.000
YoY Change -44.88% -100.0% -100.0%
NET CHANGE
Cash From Operating Activities -2.968M -2.499M -2.832M
Cash From Investing Activities 0.000 0.000 6.375K
Cash From Financing Activities 5.378M 0.000 0.000
Net Change In Cash 2.410M -2.499M -2.787M
YoY Change -67.81% -14.46% -151.38%
FREE CASH FLOW
Cash From Operating Activities -$2.968M -$2.499M -$2.832M
Capital Expenditures $0.00 $0.00 $0.00
Free Cash Flow -$2.968M -$2.499M -$2.832M
YoY Change 30.73% -5.04% 7.77%

Facts In Submission

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dei Entity Registrant Name
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KIORA PHARMACEUTICALS, INC.
dei Entity Incorporation State Country Code
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dei Entity Tax Identification Number
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dei Security12b Title
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<p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin:0pt 0pt 12pt 0pt;">1. Business, Presentation and Recent Accounting Pronouncements</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><b style="font-weight:bold;">Overview</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:18pt;margin:0pt 0pt 12pt 0pt;">Kiora Pharmaceuticals, Inc. (“Kiora” or the “Company”) was formed as a Delaware corporation December 28, 2004, as amended. Kiora is a clinical-stage specialty pharmaceutical company developing and commercializing therapies for the treatment of ophthalmic diseases.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:18pt;margin:0pt 0pt 12pt 0pt;">Since its inception, Kiora has devoted substantially all of its efforts to business planning, research and development, and raising capital.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:0pt;margin:0pt 0pt 12pt 0pt;"><b style="font-weight:bold;">Going Concern</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:18pt;margin:0pt 0pt 12pt 0pt;">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. At June 30, 2022, Kiora had unrestricted Cash and Cash Equivalents of $2.428 million, and an Accumulated Deficit of $126.845 million. Kiora has incurred losses and negative cash flows since inception, and future losses are anticipated. Based on the cash on hand at June 30, 2022, and the $5.297 million net cash raised in the underwritten public offering that closed on July 26, 2022 (Note 10), the Company anticipates having sufficient cash to fund planned operations through March 2023, 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 additional U.S. government grants. Although historically the Company has been successful at raising capital, most recently raising net proceeds of approximately $5.297 million in a registered direct offering that closed on July 26, 2022, 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 Company’s recurring losses from operations have caused management to determine there is substantial doubt about the Company’s ability to continue as a going concern. The 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.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin:0pt 0pt 12pt 0pt;">Unaudited Interim Financial Information</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:18pt;margin:0pt 0pt 12pt 0pt;">The accompanying unaudited 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 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 financial statements and notes previously distributed in the Company’s 2021 Annual Report on Form 10-K/A dated July 7, 2022. The balance sheet as of December 31, 2021 was derived from audited consolidated financial statements of the Company but does not include all the disclosures required by U.S. GAAP.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:italic;margin:0pt 0pt 12pt 0pt;">Recent Accounting Pronouncements</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:18pt;margin:0pt 0pt 12pt 0pt;">We have evaluated all issued and unadopted Accounting Standards Updates and believe the adoption of these standards will not have a material impact on our condensed consolidated statements of operations and comprehensive loss, balance sheets or cash flows.</p>
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15.71
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P7Y9M25D
CY2021Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestExercisableNumber
198822
CY2021Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Exercisable Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestExercisableWeightedAverageExercisePrice
24.25
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested And Expected To Vest Exercisable Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedAndExpectedToVestExercisableWeightedAverageRemainingContractualTerm1
P6Y5M15D
CY2022Q2 us-gaap Share Price
SharePrice
0.47
CY2022Q2 kprx Lessee Operating Lease Imputed Interest
LesseeOperatingLeaseImputedInterest
165810
CY2022Q2 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
137672
CY2022Q2 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
28138
CY2020Q2 kprx Payment Of Annual Fee
PaymentOfAnnualFee
5000
CY2021 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested And Expected To Vest Outstanding Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingWeightedAverageRemainingContractualTerm1
P1Y1M2D
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested And Expected To Vest Outstanding Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingWeightedAverageRemainingContractualTerm1
P0Y7M2D
CY2020 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested And Expected To Vest Outstanding Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingWeightedAverageRemainingContractualTerm1
P1Y7M28D
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested And Expected To Vest Outstanding Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingWeightedAverageRemainingContractualTerm1
P1Y7M2D
CY2022Q2 us-gaap Operating Lease Cost
OperatingLeaseCost
35000.000
CY2021Q2 us-gaap Operating Lease Cost
OperatingLeaseCost
55000.000
us-gaap Operating Lease Cost
OperatingLeaseCost
81000.000
us-gaap Operating Lease Cost
OperatingLeaseCost
106000
us-gaap Operating Lease Payments
OperatingLeasePayments
88027
us-gaap Operating Lease Payments
OperatingLeasePayments
86387
CY2022Q2 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.0519
CY2021Q4 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.0532
CY2022Q2 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P1Y6M29D
CY2021Q4 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P2Y1M6D
CY2022Q2 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
71057
CY2022Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
105498
CY2022Q2 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
176555
CY2022Q2 us-gaap Operating Lease Liability
OperatingLeaseLiability
10745
CY2022Q2 us-gaap Business Combination Contingent Consideration Liability
BusinessCombinationContingentConsiderationLiability
18799451
CY2022Q2 us-gaap Contingent Consideration Classified As Equity Fair Value Disclosure
ContingentConsiderationClassifiedAsEquityFairValueDisclosure
3315788

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