Detailed financial statements for Kiora Pharmaceuticals, Inc. (KPRX): income statement, balance sheet and cash-flow summary. Track margins, debt, liquidity and profitability trends year over year with up to 20 years of history.
Kiora Pharmaceuticals, Inc., a specialty pharmaceutical firm operating at the clinical stage, is dedicated to the creation and commercialization of treatments for various ophthalmic conditions across the United States. Its flagship therapeutic candidate, KIO-301, is a groundbreaking small molecule undergoing Phase 1 clinical trials.
Analysis Summary
Trailing-twelve-month margins: gross margin 0.0%, operating margin 0.0%, net margin 0.0%.
At the current price of $2.60, KPRX has negative trailing earnings (P/E not meaningful) and an ROE of -63.39%. Market capitalisation stands at $12M.
Balance sheet quality for KPRX: current ratio of 6.0, net cash position of $16.7M. A debt-to-equity below 1.0 typically signals conservative capital structure, while a current ratio above 1.5 indicates comfortable short-term liquidity.
Income Statement (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Revenue | $669259 | $407518 | $1.7M | $2.7M | $12059 | 0 | 0 | 0 | $16.0M | 0 |
| Cost of Revenue | $8.4M | $10.3M | $8.1M | $4889 | $3.3M | 0 | 0 | 0 | 0 | $24801 |
| Gross Profit | -$7.8M | -$9.9M | -$6.4M | $2.7M | -$3.3M | 0 | 0 | 0 | $16.0M | -$24801 |
| Research & Development | $8.4M | $10.3M | $8.1M | $5.4M | $3.6M | $5.4M | $3.4M | $4.0M | $4.9M | $10.8M |
| Selling, General & Admin | $5.6M | $4.6M | $4.4M | $4.4M | $4.2M | $5.3M | $8.3M | $4.7M | $5.5M | $5.7M |
| Operating Expenses | $14.0M | $15.0M | $12.5M | $9.8M | $3.6M | $14.2M | $12.3M | $12.6M | $11.5M | $9.4M |
| Operating Income | -$13.3M | -$14.6M | -$10.8M | -$7.0M | -$6.9M | -$14.2M | -$12.3M | -$12.6M | $4.5M | -$9.5M |
| EBITDA | -$13.3M | -$14.5M | -$10.7M | -$6.8M | -$7.5M | -$13.9M | -$13.6M | -$12.4M | $5.7M | -$12.1M |
| Interest Expense | $275 | $1215 | $1040 | $325 | $4186 | $6851 | $8599 | $11132 | $21446 | $19960 |
| Pre-tax Income | -$13.3M | -$14.6M | -$10.7M | -$7.0M | -$6.8M | -$14.0M | -$13.7M | -$12.4M | $5.7M | -$12.1M |
| Income Tax | $3684 | -$1.3M | $86045 | $95396 | $12055 | -$192603 | -$113010 | $90319 | $2.1M | -$1.3M |
| Net Income | -$13.3M | -$13.2M | -$10.8M | -$7.1M | -$6.9M | -$13.8M | -$13.6M | -$12.5M | $3.6M | -$10.8M |
| EPS | $-906.30 | $-556.17 | $-182.81 | $-89.24 | $-70.50 | $-68.00 | $-18.55 | $-24.25 | $0.93 | $-2.64 |
| EPS (Diluted) | $-906.30 | $-556.17 | $-182.81 | $-89.24 | $-70.50 | $-68.00 | $-18.55 | $-24.25 | $0.87 | $-2.64 |
| Shares Outstanding (Diluted) | $14723 | $23766 | $59139 | $79525 | $114787 | $241099 | $732303 | $538007 | $4.1M | $4.1M |
Income Statement (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Revenue | 0 | 0 | 0 | 0 |
| Gross Profit | 0 | 0 | -$41979 | 0 |
| Operating Income | -$794437 | -$7.3M | -$2.5M | -$2.2M |
| EBITDA | -$2.5M | -$5.3M | -$2.4M | -$2.1M |
| Net Income | $26806 | -$6.5M | -$2.4M | -$2.1M |
| EPS | $0.01 | $-1.59 | $-0.58 | $-0.34 |
| EPS (Diluted) | $0.01 | $-1.59 | $-0.58 | $-0.34 |
Balance Sheet (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Cash & Equivalents | $3.6M | $7.8M | $8.0M | $3.8M | $1.2M | $7.9M | $6.0M | $2.5M | $3.8M | $8.7M |
| Short-term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | $23.0M | $8.4M |
| Receivables | $53833 | $23685 | $18436 | $4857 | $90975 | $529560 | $1.4M | $2.0M | $601197 | $3.3M |
| Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Current Assets | $4.2M | $8.5M | $8.5M | $4.3M | $1.7M | $9.0M | $7.7M | $4.7M | $29.7M | $21.7M |
| Property, Plant & Equipment | $38040 | $55751 | $43518 | $16846 | $114494 | $283410 | $172169 | $114954 | $62402 | $377499 |
| Goodwill | $5.4M | 0 | $1.5M | $1.5M | $3.6M | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 0 | $5.4M | $4.2M | $4.1M | $9.7M | $10.8M | $10.7M | $8.8M | $6.7M | $2.1M |
| Total Assets | $9.7M | $14.3M | $14.3M | $10.1M | $15.3M | $20.1M | $18.7M | $13.7M | $36.5M | $24.3M |
| Accounts Payable | $1.4M | $706089 | $63654 | $210289 | $434763 | $160621 | $1.0M | $206260 | $415590 | $1.1M |
| Short-term Debt | 0 | 0 | 0 | 0 | $212281 | 0 | 0 | $47069 | 0 | $164461 |
| Total Current Liabilities | $7.3M | $14.8M | $3.9M | $1.4M | $2.0M | $1.6M | $3.3M | $1.6M | $6.0M | $3.6M |
| Long-term Debt | 0 | 0 | 0 | 0 | $278190 | 0 | 0 | 0 | 0 | 0 |
| Total Liabilities | $10.1M | $16.2M | $5.3M | $3.5M | $5.6M | $5.6M | $7.3M | $7.6M | $10.7M | $8.1M |
| Retained Earnings | -$78.6M | -$91.8M | -$93.2M | -$100.2M | -$107.1M | -$120.9M | -$134.5M | -$147.0M | -$143.4M | -$154.2M |
| Total Equity | -$329421 | -$1.9M | $8.9M | $6.6M | $9.7M | $14.6M | $11.4M | $6.1M | $25.8M | $16.1M |
| Total Debt | $28714 | $16069 | $4715 | $83926 | $574399 | $209412 | $105782 | $106891 | $57170 | $368259 |
| Net Debt | -$3.6M | -$7.8M | -$8.0M | -$3.7M | -$611278 | -$7.6M | -$5.9M | -$2.3M | -$26.7M | -$16.7M |
| Working Capital | -$3.2M | -$6.4M | $4.6M | $2.9M | -$258387 | $7.4M | $4.4M | $3.1M | $23.7M | $18.1M |
Balance Sheet (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Cash & Equivalents | $5.5M | $8.7M | $11.0M | $7.1M |
| Total Assets | $29.9M | $24.3M | $21.2M | $23.8M |
| Total Liabilities | $7.5M | $8.1M | $7.3M | $6.9M |
| Total Equity | $22.4M | $16.1M | $13.9M | $16.9M |
| Total Debt | $404165 | $368259 | $373586 | $333022 |
Cash Flow (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Net Income | -$13.3M | -$13.2M | -$10.8M | -$7.1M | -$6.9M | -$13.8M | -$13.6M | -$12.5M | $3.6M | -$10.8M |
| Depreciation & Amortization | $5185 | $19288 | $38483 | $213933 | $33399 | $45296 | $41609 | $51798 | $19205 | $24801 |
| Stock-based Compensation | $510995 | $870308 | $875287 | $852230 | $723856 | $842475 | $462450 | $754944 | $656593 | $900236 |
| Change in Working Capital | $4.4M | $7.1M | -$1.0M | -$192542 | -$321209 | -$1.0M | $668513 | -$1.8M | $3.7M | -$3.3M |
| Operating Cash Flow | -$8.4M | -$6.5M | -$10.8M | -$8.2M | -$7.3M | -$10.7M | -$10.4M | -$9.6M | $8.6M | -$10.0M |
| Capital Expenditure | -$11000 | -$36999 | -$270000 | 0 | -$20077 | -$63865 | 0 | 0 | -$6256 | -$110789 |
| Acquisitions | $185746 | 0 | 0 | 0 | -$224361 | -$93155 | 0 | 0 | 0 | 0 |
| Stock Repurchased | 0 | 0 | 0 | -$2614 | 0 | 0 | -$15629 | 0 | 0 | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Free Cash Flow | -$8.4M | -$6.5M | -$11.1M | -$8.2M | -$7.3M | -$10.7M | -$10.4M | -$9.6M | $8.6M | -$10.1M |
Cash Flow (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Operating Cash Flow | -$1.3M | -$2.2M | -$3.2M | -$1.9M |
| Capital Expenditure | -$432 | -$78163 | -$5018 | -$23456 |
| Free Cash Flow | -$1.3M | -$2.3M | -$3.2M | -$1.9M |
| Dividends Paid | 0 | 0 | 0 | 0 |
| Stock-based Compensation | $254398 | $234448 | 0 | $109310 |
Growth & Margins (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Revenue Growth (YoY) | | -39.1% | +305.5% | +62.5% | -99.6% | -100.0% | | | | -100.0% |
| Net Income Growth (YoY) | | +0.9% | +18.2% | +34.4% | +3.3% | -100.7% | +1.4% | +7.9% | +128.7% | -401.4% |
| EPS Growth (YoY) | | +38.6% | +67.1% | +51.2% | +21.0% | +3.5% | +72.7% | -30.7% | +103.8% | -383.9% |
| Shares Change (YoY) | | +61.4% | +148.8% | +34.5% | +44.3% | +110.0% | +203.7% | -26.5% | +666.7% | -0.5% |
| FCF Growth (YoY) | | +22.8% | -70.8% | +26.6% | +10.0% | -46.4% | +2.9% | +8.4% | +189.5% | -217.8% |
| Gross Margin | -1158.5% | -2434.9% | -387.5% | 99.8% | -27038.7% | | | | 100.0% | |
| Operating Margin | -1994.3% | -3572.7% | -656.3% | -260.6% | -56960.5% | | | | 28.2% | |
| EBITDA Margin | -1992.9% | -3567.8% | -646.6% | -252.7% | -61961.7% | | | | 35.6% | |
| Net Margin | -1993.8% | -3243.5% | -654.2% | -264.2% | -56901.7% | | | | 22.5% | |
| FCF Margin | -1258.7% | -1596.4% | -672.6% | -303.6% | -60844.6% | | | | 53.5% | |
| Effective Tax Rate | -0.0% | 9.2% | -0.8% | -1.4% | -0.2% | 1.4% | 0.8% | -0.7% | 36.5% | 10.6% |
Per-Share Data (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| FCF Per Share | $-572.18 | $-273.73 | $-187.94 | $-102.53 | $-63.92 | $-44.54 | $-14.24 | $-17.76 | $2.07 | $-2.45 |
| Dividends Per Share | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 |
| Shares Outstanding (Basic) | $14723 | $23766 | $59139 | $79525 | $114787 | $241099 | $732303 | $538007 | $3.9M | $4.1M |
What to look at in Biotech
Most small biotechs lose money. Analysing them with P/E makes no sense — look at cash and pipeline.
- Cash Runway — Months of cash at current burn rate. <18 months = urgent dilution risk
- Annual cash burn — Rate at which they burn operating cash. Compare with cash position to project runway
- Total Debt — Biotech with no revenue + debt = recipe for bankruptcy
- R&D / Market cap — How much they invest in pipeline vs the company value — research-intensity indicator
- Market cap / Cash — If it trades near its cash, the market assigns ~0 value to the pipeline — opportunity or trap
Profitability
| Return on Equity | -63.39% |
| Return on Invested Capital | -53.16% |
| Return on Assets | -46.21% |
| Gross Margin | 0.00% |
| Operating Margin | 0.00% |
| Net Margin | 0.00% |
Financial Health
| Debt / Equity | 0.02 |
| Current Ratio | 8.97 |
Key Ratios (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| P/E | -9.71 | -10.39 | -13.74 | -40.42 | -25.17 | -7.99 | -1.66 | -0.19 | 3.55 | -0.75 |
| P/B | -393.39 | -71.26 | 16.62 | 43.32 | 20.94 | 8.99 | 1.98 | 0.41 | 0.50 | 0.50 |
| P/S | 193.63 | 336.97 | 89.88 | 106.80 | 16893.94 | 0.00 | 0.00 | 0.00 | 0.80 | 0.00 |
| Gross Margin | -1158.5% | -2434.9% | -387.5% | 99.8% | -27038.7% | 0.0% | 0.0% | 0.0% | 100.0% | 0.0% |
| Operating Margin | -1994.3% | -3572.7% | -656.3% | -260.6% | -56960.5% | 0.0% | 0.0% | 0.0% | 28.2% | 0.0% |
| Net Margin | -1993.8% | -3243.5% | -654.2% | -264.2% | -56901.7% | 0.0% | 0.0% | 0.0% | 22.5% | 0.0% |