Kiora Pharmaceuticals Inc. reported third quarter 2025 results, ending the period with $19.4 million in cash, cash equivalents, and short-term investments. The company recorded $1.2 million in collaboration receivables from Théa for reimbursable R&D expenses and $1.5 million in tax and research credit receivables, including $1.0 million from income tax receivables. R&D expenses were $2.7 million for the quarter, before $1.7 million in reimbursable expenses from Théa. This represents an increase from $2.1 million in R&D expenses in the third quarter of 2024, which had $0.9 million in offsetting reimbursable expenses. G&A expenses remained stable at $1.4 million, unchanged from the same period last year. Kiora continues recruitment and patient dosing in its KLARITY Phase 2 trial for KIO-104 and ABACUS-2 Phase 2 trial for KIO-301. The company anticipates a cash runway into late 2027, beyond expected readouts for both clinical trials.