Kiora Pharmaceuticals is a clinical-stage specialty pharma company developing treatments for retinal diseases. Kiora has no approved products and no product revenue. Its two active pipeline programs are KIO-301 and KIO-104. KIO-301 is a small molecule "photoswitch" designed to restore vision in patients with advanced retinal degeneration, with an initial focus on retinitis pigmentosa (RP) — a progressive disease that destroys photoreceptor cells. KIO-301 works by entering surviving downstream retinal neurons and acting as a light-sensitive switch, enabling cells that normally don't detect light to do so. KIO-301 completed a Phase 1b trial in 2023 and is currently enrolling patients in a Phase 2 trial. KIO-104 is an intravitreal small molecule inhibitor targeting the enzyme DHODH, designed to suppress T-cell activity and reduce intraocular inflammation in diabetic macular edema and posterior non-infectious uveitis. KIO-104 began dosing patients in its Phase 2 KLARITY trial in 2025. Kiora's business model centers on partnerships to fund development. Théa Open Innovation holds global rights to co-develop and commercialize KIO-301, covering 100% of its R&D costs, with Kiora eligible for up to $285M in milestones plus tiered royalties. Senju holds an option for KIO-301 rights in Asian markets. Kiora funds KIO-104 development independently, making it the primary driver of near-term cash burn. A third asset, KIO-101, uses the same active ingredient as KIO-104 in topical eye drop form, but Kiora is seeking a partner rather than advancing it independently.