Kiora Pharmaceuticals, Inc. (KPRX), a clinical-stage biotechnology company, announced that it has closed on a private placement on Monday, providing up to $24 million in gross proceeds, consisting of $5.0 million in upfront funding and up to an additional $19 million upon the exercise of accompanying milestone-based warrants.
Following the news, KPRX is up 18.87% at $2.37.
The sole investors in the private placement are Perceptive Advisors and ADAR1 Capital Management.
As per the terms of the agreement, each share of common stock, or pre-funded warrant, was sold together with four accompanying short-term Tranche A-1 common warrants and one accompanying Tranche A-2 common warrant at a combined purchase price of $2.543 per share.
Kiora intends to use the upfront proceeds from the private placement for general corporate purposes, including business operations, strategic business development, and ongoing research and development.
All of the common warrants are immediately exercisable at a price of $1.94 per share, representing potential aggregate gross proceeds of up to approximately $19 million if exercised in full.
The Tranche A-1 warrants can be used for up to 9 months, but if Kiora completes a major deal that significantly expands its market opportunity, that time period shortens to just 30 days.
The Tranche A-2 common warrants have an initial term of up to 4 years, which is reduced to 30 days upon any Kiora assets completing enrollment in a Phase 3 clinical trial.
Kiora develops therapies for retinal disease. It is developing KIO-301 initially for etinitis pigmentosa, with potential to expand into choroideremia and Stargardt disease, and KIO-104 is being developed for retinal inflammatory diseases, including macular edema and uveitis.
For the full year 2025, the firm reported incurring a net loss of $10.8 million compared with net income of $3.6 million in 2024.
Kiora ended 2025 with $17.1 million in cash, cash equivalents, and short-term investments.
KPRX has traded between $1.76 and $4.18 in the last year. The stock closed Monday's trade at $2.00.
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