Kiora Pharmaceuticals is a clinical-stage specialty pharmaceutical company developing novel small-molecule therapies for retinal diseases, including inherited degenerative conditions, inflammatory diseases, and autoimmune-related ocular manifestations. The company's three primary candidates—KIO-301 (a photoswitch for inherited retinal diseases and age-related macular degeneration), KIO-104 (a DHODH inhibitor for inflammatory retinal conditions like diabetic macular edema and uveitis), and KIO-101 (a topical formulation for autoimmune ocular disease)—address large unmet medical needs in markets with limited or no current treatment options. Kiora generates revenue through development-stage partnerships structured around upfront payments, research funding commitments, milestone payments upon achievement of clinical and regulatory achievements, and tiered royalties on future product sales, supported by a portfolio of composition-of-matter and method-of-use patents with expiration timelines extending well into the 2040s.