Kiora Pharmaceuticals, Inc.
KPRXHealthcare|Biotechnology|US
$1.44
-0.06 (-4.00%)
DCF Value
$2.55
Tangible Book / Share
$2.39
Cash / Share
$2.73
Financials
Financial Snapshot
Market Cap
$6.4M
Enterprise Value
-$372.4K
Revenue (TTM)
$0.00
Net Income (TTM)
-$11.0M
Cash & Investments
$16.8M
Net Cash
$16.5M
Free Cash Flow (TTM)
-$8.6M
Operating CF (TTM)
-$8.5M
Debt/Equity
0.02
Cash Runway & Burn Rate
Cash on Hand
$16.8M
Quarterly Burn
$2.1M
Monthly Burn
$708.9K
Est. Runway
~7.9 quarters
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Investments | $3.6M | $7.8M | $8.0M | $3.8M | $1.2M | $7.9M | $6.0M | $2.5M | $26.8M | $17.1M | $16.8M | |
| Operating Cash Flow | -$8.4M | -$6.5M | -$10.8M | -$8.2M | -$7.3M | -$10.7M | -$10.4M | -$9.6M | $8.6M | -$10.0M | -$8.5M | |
| Free Cash Flow | -$8.4M | -$6.5M | -$11.1M | -$8.2M | -$7.3M | -$10.7M | -$10.4M | -$9.6M | $8.6M | -$10.1M | -$8.6M | |
| Capital Expenditure | -$11.0K | -$37.0K | -$270.0K | $0.00 | -$20.1K | -$63.9K | $0.00 | $0.00 | -$6.3K | -$110.8K | -$107.1K | |
| Financing Cash Flow | $3.5M | $10.7M | $11.3M | $3.9M | $5.0M | $17.6M | $8.6M | $6.0M | $15.5M | $265.7K | $4.9M |
R&D Spending
R&D (TTM)
$6.4M
R&D Intensity
—
R&D Growth vs Prior
-40.2%
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $669.3K | $407.5K | $1.7M | $2.7M | $12.1K | $0.00 | $0.00 | $0.00 | $16.0M | $0.00 | $0.00 | |
| R&D Expense | $8.4M | $10.3M | $8.1M | $5.4M | $3.6M | $5.4M | $3.4M | $4.0M | $4.9M | $10.8M | $6.4M | |
| R&D % of Revenue | 1258.5% | 2534.9% | 487.5% | 200.6% | 29571.6% | — | — | — | 30.6% | — | — | |
| SG&A | $5.6M | $4.6M | $4.4M | $4.4M | $4.2M | $5.3M | $8.3M | $4.7M | $5.5M | $5.7M | $5.9M |
Income Statement
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $669.3K | $407.5K | $1.7M | $2.7M | $12.1K | $0.00 | $0.00 | $0.00 | $16.0M | $0.00 | $0.00 | |
| Cost of Revenue | $8.4M | $10.3M | $8.1M | $4.9K | $3.3M | $0.00 | $0.00 | $0.00 | $0.00 | $24.8K | $42.0K | |
| Gross Profit | -$7.8M | -$9.9M | -$6.4M | $2.7M | -$3.3M | $0.00 | $0.00 | $0.00 | $16.0M | -$24.8K | -$42.0K | |
| R&D | $8.4M | $10.3M | $8.1M | $5.4M | $3.6M | $5.4M | $3.4M | $4.0M | $4.9M | $10.8M | $6.4M | |
| SG&A | $5.6M | $4.6M | $4.4M | $4.4M | $4.2M | $5.3M | $8.3M | $4.7M | $5.5M | $5.7M | $5.9M | |
| Operating Income | -$13.3M | -$14.6M | -$10.8M | -$7.0M | -$6.9M | -$14.2M | -$12.3M | -$12.6M | $4.5M | -$9.5M | -$12.8M | |
| Interest Expense | $275.00 | $1.2K | $1.0K | $325.00 | $4.2K | $6.9K | $8.6K | $11.1K | $21.4K | $20.0K | $0.00 | |
| Pretax Income | -$13.3M | -$14.6M | -$10.7M | -$7.0M | -$6.8M | -$14.0M | -$13.7M | -$12.4M | $5.7M | -$12.1M | -$12.3M | |
| Net Income | -$13.3M | -$13.2M | -$10.8M | -$7.1M | -$6.9M | -$13.8M | -$13.6M | -$12.5M | $3.6M | -$10.8M | -$11.0M | |
| EPS (Diluted) | -906.30 | -556.17 | -182.81 | -89.24 | -70.50 | -68.00 | -18.55 | -24.25 | 0.87 | -2.64 | -2.50 | |
| EBITDA | -$13.3M | -$14.5M | -$10.7M | -$6.8M | -$7.5M | -$13.9M | -$13.6M | -$12.4M | $5.7M | -$12.1M | -$12.2M | |
| Shares Out. (M) | 0.01 | 0.02 | 0.06 | 0.08 | 0.11 | 0.24 | 0.73 | 0.54 | 4.13 | 4.10 | 6.18 |
Balance Sheet
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $3.6M | $7.8M | $8.0M | $3.8M | $1.2M | $7.9M | $6.0M | $2.5M | $3.8M | $8.7M | $7.1M | |
| Short-Term Investments | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $23.0M | $8.4M | $9.8M | |
| Total Current Assets | $4.2M | $8.5M | $8.5M | $4.3M | $1.7M | $9.0M | $7.7M | $4.7M | $29.7M | $21.7M | $21.3M | |
| Total Assets | $9.7M | $14.3M | $14.3M | $10.1M | $15.3M | $20.1M | $18.7M | $13.7M | $36.5M | $24.3M | $23.8M | |
| Total Current Liabilities | $7.3M | $14.8M | $3.9M | $1.4M | $2.0M | $1.6M | $3.3M | $1.6M | $6.0M | $3.6M | $2.4M | |
| Long-Term Debt | $0.00 | $0.00 | $0.00 | $0.00 | $278.2K | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Total Liabilities | $10.1M | $16.2M | $5.3M | $3.5M | $5.6M | $5.6M | $7.3M | $7.6M | $10.7M | $8.1M | $6.9M | |
| Stockholders' Equity | -$329.4K | -$1.9M | $8.9M | $6.6M | $9.7M | $14.6M | $11.4M | $6.1M | $25.8M | $16.1M | $16.9M | |
| Retained Earnings | -$78.6M | -$91.8M | -$93.2M | -$100.2M | -$107.1M | -$120.9M | -$134.5M | -$147.0M | -$143.4M | -$154.2M | -$158.7M |
Cash Flow Statement
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$8.4M | -$6.5M | -$10.8M | -$8.2M | -$7.3M | -$10.7M | -$10.4M | -$9.6M | $8.6M | -$10.0M | -$8.5M | |
| Capital Expenditure | -$11.0K | -$37.0K | -$270.0K | $0.00 | -$20.1K | -$63.9K | $0.00 | $0.00 | -$6.3K | -$110.8K | -$107.1K | |
| Free Cash Flow | -$8.4M | -$6.5M | -$11.1M | -$8.2M | -$7.3M | -$10.7M | -$10.4M | -$9.6M | $8.6M | -$10.1M | -$8.6M | |
| Investing Cash Flow | $149.7K | -$37.0K | -$270.0K | $0.00 | -$244.4K | -$157.0K | $6.4K | $0.00 | -$22.7M | $14.4M | $9.6M | |
| Financing Cash Flow | $3.5M | $10.7M | $11.3M | $3.9M | $5.0M | $17.6M | $8.6M | $6.0M | $15.5M | $265.7K | $4.9M | |
| Issuance of Stock | $3.8M | $10.6M | $10.1M | $0.00 | $5.0M | $17.7M | $5.4M | $7.0M | $15.0M | $265.7K | $4.9M | |
| Repurchase of Stock | $0.00 | $0.00 | $0.00 | -$2.6K | $0.00 | $0.00 | -$15.6K | $0.00 | $0.00 | $0.00 | $0.00 | |
| Net Debt Issuance | -$2.9K | $0.00 | $0.00 | -$4.7K | $278.2K | -$212.3K | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Stock Based Comp. | $511.0K | $870.3K | $875.3K | $852.2K | $723.9K | $842.5K | $462.4K | $754.9K | $656.6K | $900.2K | $598.2K | |
| Net Change in Cash | -$4.8M | $4.2M | $198.2K | -$4.2M | -$2.6M | $6.7M | -$1.9M | -$3.6M | $1.3M | $4.9M | $6.0M |
Dilution Tracker
Shares outstanding grew 3475.2% over 5 years — significant dilution
Shares Outstanding
4M
5-Year Share Growth
+3475.2%
Stock Issuance (TTM)
$4.9M
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Shares Out. (M) | 0.01 | 0.02 | 0.06 | 0.08 | 0.11 | 0.24 | 0.73 | 0.54 | 4.13 | 4.10 | 6.18 | |
| Change vs Prior % | — | 61.4% | 148.8% | 34.5% | 44.3% | 110.0% | 203.7% | -26.5% | 666.7% | -0.5% | 50.5% | |
| Stock Issuance | $3.8M | $10.6M | $10.1M | $0.00 | $5.0M | $17.7M | $5.4M | $7.0M | $15.0M | $265.7K | $4.9M | |
| Stock Repurchase | $0.00 | $0.00 | $0.00 | -$2.6K | $0.00 | $0.00 | -$15.6K | $0.00 | $0.00 | $0.00 | $0.00 | |
| Stock Based Comp. | $511.0K | $870.3K | $875.3K | $852.2K | $723.9K | $842.5K | $462.4K | $754.9K | $656.6K | $900.2K | $598.2K |
Margins & Profitability
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 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% | — | — | |
| Net Margin % | -1993.8% | -3243.5% | -654.2% | -264.2% | -56901.7% | — | — | — | 22.5% | — | — | |
| EBITDA Margin % | -1992.9% | -3567.8% | -646.6% | -252.7% | -61961.7% | — | — | — | 35.6% | — | — | |
| FCF Margin % | -1258.7% | -1596.4% | -672.6% | -303.6% | -60844.6% | — | — | — | 53.5% | — | — | |
| ROE % | 4050.6% | 686.0% | -121.0% | -107.2% | -70.5% | -94.5% | -119.1% | -204.8% | 14.0% | -67.2% | -63.4% | |
| ROA % | -137.1% | -92.4% | -75.7% | -70.2% | -44.8% | -68.4% | -72.7% | -91.3% | 9.9% | -44.7% | -46.2% | |
| ROIC % | -548.1% | 2556.9% | -104.1% | -79.7% | -50.6% | -75.3% | -78.7% | -103.8% | 9.4% | -40.7% | -53.2% | |
| R&D / Revenue % | 1258.5% | 2534.9% | 487.5% | 200.6% | 29571.6% | — | — | — | 30.6% | — | — |
Growth (Year over Year)
Fiscal years. Rising share count growth means dilution.
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | 0.0% | -39.1% | 305.5% | 62.5% | -99.6% | -100.0% | 0.0% | 0.0% | 0.0% | -100.0% | |
| Gross Profit | -616708.5% | -28.0% | 35.5% | 141.9% | -221.6% | 100.0% | 0.0% | 0.0% | 0.0% | -100.2% | |
| Operating Income | -99.9% | -9.1% | 25.5% | 35.4% | 1.9% | -107.3% | 13.5% | -2.3% | 135.8% | -309.7% | |
| Net Income | -59.0% | 0.9% | 18.2% | 34.4% | 3.3% | -100.7% | 1.4% | 7.9% | 128.7% | -401.4% | |
| EPS (Diluted) | -10.9% | 38.6% | 67.1% | 51.2% | 21.0% | 3.5% | 72.7% | -30.7% | 103.6% | -403.4% | |
| Operating Cash Flow | -88.7% | 23.1% | -67.7% | 24.8% | 10.3% | -45.9% | 2.3% | 8.4% | 189.6% | -216.4% | |
| Free Cash Flow | -88.9% | 22.8% | -70.8% | 26.6% | 10.0% | -46.4% | 2.9% | 8.4% | 189.5% | -217.8% | |
| R&D Expense | 210.0% | 22.7% | -22.0% | -33.1% | -33.8% | 50.0% | -35.5% | 16.8% | 21.6% | 120.1% | |
| SG&A Expense | 41.2% | -17.1% | -4.2% | -0.8% | -3.7% | 25.4% | 55.5% | -43.7% | 18.9% | 3.7% | |
| Total Assets | 2.3% | 47.0% | -0.2% | -29.2% | 51.3% | 31.5% | -7.2% | -26.6% | 166.1% | -33.5% | |
| Book Value / Share | -103.8% | -262.4% | 286.4% | -44.9% | 1.8% | -28.7% | -74.2% | -27.1% | -41.4% | -40.9% | |
| Debt | 0.0% | -44.0% | -70.7% | 1680.0% | 584.4% | -63.5% | -49.5% | 1.0% | -46.5% | 544.1% | |
| Diluted Shares | 43.3% | 61.4% | 148.8% | 34.5% | 44.3% | 110.0% | 203.7% | -26.5% | 666.7% | -0.5% |
Valuation
P/E (TTM)At Loss
P/S0.00
10Y Low / Med / High0.80 / 193.63 / 16893.94
P/B0.53
10Y Low / Med / High0.41 / 8.99 / 43.32
EV/EBITDA0.03
EV/Revenue0.00
10Y Low / Med / High0.57 / 188.25 / 16843.24
P/FCFAt Loss
Intrinsic Value Models (per share)
DCF Value
$2.55
Tangible Book / Share
$2.39
Net Current Assets / Share
$3.24
Graham Net-Net
$1.74
Cash / Share
$2.73
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| P/E Ratio | -9.71 | -10.39 | -13.74 | -40.42 | -25.17 | -7.99 | -1.66 | -0.19 | 3.55 | -0.75 | -0.58 | |
| P/S Ratio | 193.63 | 336.97 | 89.88 | 106.80 | 16893.94 | 0.00 | 0.00 | 0.00 | 0.80 | 0.00 | 0.00 | |
| P/B Ratio | -393.39 | -71.26 | 16.62 | 43.32 | 20.94 | 8.99 | 1.98 | 0.41 | 0.50 | 0.50 | 0.53 | |
| EV/EBITDA | -9.45 | -8.91 | -13.15 | -41.72 | -27.18 | -8.87 | -1.23 | -0.01 | 1.59 | 0.02 | 0.03 | |
| EV/Revenue | 188.25 | 317.85 | 85.04 | 105.42 | 16843.24 | 0.00 | 0.00 | 0.00 | 0.57 | 0.00 | 0.00 |
Analyst Estimates & Quality
Altman Z-Score
-9.54
Distress
Piotroski F-Score
2
Weak
Forward Estimates (consensus)
| Metric | FY2026 | FY2027 | FY2028 |
|---|---|---|---|
| Revenue | $1.5M | $28.8M | $22.8M |
| Net Income | -$4.7M | -$3.2M | -$4.0M |
| EPS | $-1.14 | $-0.79 | $-0.97 |
| # Analysts (EPS) | 1 | 1 | 1 |