Kiora Pharmaceuticals Inc. Common Stock (KPRX)

FairStock Score: 37/100 — MIXED

Key Financials

AI Analysis

AI-generated, general educational analysis — not personal investment advice.

I approach this as a Graham-style bargain hunter and a Buffett-style business buyer. Kiora is a 13-employee clinical-stage ophthalmic company. Its lead asset, KIO-301, is in Phase 2 for retinitis pigmentosa, choroideremia, and Stargardt disease. That is promising science, but it is not a proven business. In fiscal 2025, the year ended 2025-12-31, the company reported no revenue and a net loss of $10.8 million, or diluted EPS of -$2.64. By contrast, in fiscal 2024 it had revenue of $16.0 million and net income of $3.6 million, but that was followed by renewed losses in fiscal 2025 and in the first half of 2026. In fiscal Q2 2026, the quarter ended 2026-06-30, net loss was $2.1 million, or -$0.34 per diluted share. Free cash flow for the trailing period was -$8.6 million by FairStock's calculation, a -78.8% FCF yield against the $10.9 million market cap. At $2.47 on 2026-10-13, the FairStock P/B is 0.65 and P/E is -1.02. Low debt—D/E 0.02—is a comfort, but the Altman Z-score of -7.44 and Piotroski score of 2/9 point to financial fragility. FairStock calls it a TURNAROUND—loss in latest year after earlier profits. Without revenue, a moat is unproven. This is a lottery ticket on clinical data, not a compounding business. I would demand a much larger margin of safety before considering the equity.

In plain English: Kiora Pharmaceuticals is a tiny clinical-stage eye-disease drug developer with no routine product revenue and ongoing losses. In fiscal 2025, the year ended 2025-12-31, it reported no revenue and a net loss of $10.8 million. The stock at $2.47 on 2026-10-13 looks cheap on paper compared with its accounting net assets, but the business is unproven and burning cash, so it is highly speculative.

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Data as of 2026-10-13 close · note generated 2026-10-15 · model deepseek-flash

Sources (SEC EDGAR): fiscal Q2 2026 10-Q (period ended 2026-06-30) · fiscal Q1 2026 10-Q (period ended 2026-03-31) · fiscal Q3 2025 10-Q (period ended 2025-09-30) · fiscal Q2 2025 10-Q (period ended 2025-06-30) · FY2025 10-K (period ended 2025-12-31) · FY2024 10-K (period ended 2024-12-31) · FY2023 10-K (period ended 2023-12-31)

Fundamentals from company filings and market-data providers; prices are end-of-day, not real-time. AI-generated analysis is general and educational — not personal investment advice. Scoring methodology · Score test · Disclaimer