Cover
Cover - shares | 6 Months Ended | |
Jun. 30, 2024 | Aug. 07, 2024 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Jun. 30, 2024 | |
Document Transition Report | false | |
Entity File Number | 001-36672 | |
Entity Registrant Name | KIORA PHARMACEUTICALS, INC. | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 98-0443284 | |
Entity Address, Address Line One | 332 Encinitas Blvd. | |
Entity Address, Address Line Two | Suite 102 | |
Entity Address, City or Town | Encinitas | |
Entity Address, State or Province | CA | |
Entity Address, Postal Zip Code | 92024 | |
City Area Code | 858 | |
Local Phone Number | 224-9600 | |
Title of 12(b) Security | Common Stock, $0.01 par value | |
Trading Symbol | KPRX | |
Security Exchange Name | NASDAQ | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 2,970,545 | |
Entity Central Index Key | 0001372514 | |
Document Fiscal Year End Date | --12-31 | |
Document Fiscal Year Focus | 2024 | |
Document Fiscal Period Focus | Q2 | |
Amendment Flag | false |
CONDENSED CONSOLIDATED BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) | Jun. 30, 2024 | Dec. 31, 2023 |
Current Assets: | ||
Cash and Cash Equivalents | $ 6,575,394 | $ 2,454,684 |
Short-Term Investments | 21,242,671 | 0 |
Prepaid Expenses and Other Current Assets | 339,646 | 233,382 |
Collaboration Receivables | 1,341,297 | 0 |
Tax and Other Receivables | 2,331,797 | 2,049,965 |
Total Current Assets | 31,830,805 | 4,738,031 |
Non-Current Assets: | ||
Property and Equipment, Net | 63,487 | 8,065 |
Restricted Cash | 4,179 | 4,267 |
Intangible Assets and In-Process R&D, Net | 8,801,350 | 8,813,850 |
Operating Lease Assets with Right-of-Use | 82,322 | 106,890 |
Other Assets | 32,122 | 40,767 |
Total Assets | 40,814,265 | 13,711,870 |
Current Liabilities: | ||
Accounts Payable | 268,638 | 206,260 |
Accrued Expenses | 1,345,192 | 1,380,666 |
Operating Lease Liabilities | 42,126 | 47,069 |
Total Current Liabilities | 1,655,956 | 1,633,995 |
Non-Current Liabilities: | ||
Contingent Consideration | 5,236,999 | 5,128,959 |
Deferred Tax Liability | 779,440 | 779,440 |
Operating Lease Liabilities | 40,197 | 59,822 |
Total Non-Current Liabilities | 6,056,636 | 5,968,221 |
Total Liabilities | 7,712,592 | 7,602,216 |
Commitments and Contingencies (Note 8) | ||
Stockholders’ Equity: | ||
Preferred Stock | 4 | 4 |
Common Stock, $0.01 Par Value: 150,000,000 and 50,000,000 shares authorized; 2,970,545 and 856,182 shares issued and outstanding at June 30, 2024 and December 31, 2023, respectively | 267,373 | 77,078 |
Additional Paid-In Capital | 168,825,325 | 153,192,228 |
Accumulated Deficit | (135,745,294) | (146,976,855) |
Accumulated Other Comprehensive Loss | (245,735) | (182,801) |
Total Stockholders’ Equity | 33,101,673 | 6,109,654 |
Total Liabilities and Stockholders’ Equity | $ 40,814,265 | $ 13,711,870 |
CONDENSED CONSOLIDATED BALANC_2
CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares | Jun. 30, 2024 | Dec. 31, 2023 |
Preferred stock, par value (in usd per share) | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized (in shares) | 10,000,000 | 10,000,000 |
Common stock, par value (in usd per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized (in shares) | 150,000,000 | 50,000,000 |
Common stock, shares, issued (in shares) | 2,970,545 | 856,182 |
Common stock, shares, outstanding (in shares) | 2,970,545 | 856,182 |
Series A Preferred Stock | ||
Preferred stock designated shares (in shares) | 3,750 | 3,750 |
Preferred stock, shares issued (in shares) | 0 | 0 |
Preferred stock, shares outstanding (in shares) | 0 | 0 |
Series B Preferred Stock | ||
Preferred stock designated shares (in shares) | 10,000 | 10,000 |
Preferred stock, shares issued (in shares) | 0 | 0 |
Preferred stock, shares outstanding (in shares) | 0 | 0 |
Series C Preferred Stock | ||
Preferred stock designated shares (in shares) | 10,000 | 10,000 |
Preferred stock, shares issued (in shares) | 0 | 0 |
Preferred stock, shares outstanding (in shares) | 0 | 0 |
Series D Preferred Stock | ||
Preferred stock designated shares (in shares) | 20,000 | 20,000 |
Preferred stock, shares issued (in shares) | 7 | 7 |
Preferred stock, shares outstanding (in shares) | 7 | 7 |
Series E Preferred Stock | ||
Preferred stock designated shares (in shares) | 1,280 | 1,280 |
Preferred stock, shares issued (in shares) | 0 | 0 |
Preferred stock, shares outstanding (in shares) | 0 | 0 |
Series F Preferred Stock | ||
Preferred stock designated shares (in shares) | 3,908 | 3,908 |
Preferred stock, shares issued (in shares) | 420 | 420 |
Preferred stock, shares outstanding (in shares) | 420 | 420 |
CONDENSED CONSOLIDATED STATEMEN
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Revenue: | ||||
Collaboration Revenue | $ 0 | $ 0 | $ 16,000,000 | $ 0 |
Grant Revenue | 20,000 | 0 | 20,000 | 0 |
Total Revenue | 20,000 | 0 | 16,020,000 | 0 |
Operating Expenses: | ||||
General and Administrative | 1,537,973 | 1,097,294 | 2,834,414 | 2,366,752 |
Research and Development | 906,680 | 1,392,099 | 2,400,339 | 1,830,382 |
Change in Fair Value of Contingent Consideration | 120,234 | 143,619 | 108,040 | 352,545 |
Total Operating Expenses | 2,564,887 | 2,633,012 | 5,342,793 | 4,549,679 |
Operating Income (Loss) | (2,544,887) | (2,633,012) | 10,677,207 | (4,549,679) |
Other Income, Net: | ||||
Interest Income, Net | 342,102 | 45,087 | 565,149 | 78,552 |
Other Income, Net | (18,861) | (25,888) | (10,795) | (11,222) |
Total Other Income, Net | 323,241 | 19,199 | 554,354 | 67,330 |
Net Income (Loss) | $ (2,221,646) | $ (2,613,813) | $ 11,231,561 | $ (4,482,349) |
Net Income (Loss) per Common Share - Basic (in usd per share) | $ (0.53) | $ (7.15) | $ 3.19 | $ (15.63) |
Weighted Average Shares Outstanding - Basic (in shares) | 4,170,627 | 365,530 | 3,526,211 | 286,729 |
Net Income (Loss) per Common Share - Diluted (in usd per share) | $ (0.53) | $ (7.15) | $ 2.79 | $ (15.63) |
Weighted Average Shares Outstanding - Diluted (in shares) | 4,170,627 | 365,530 | 4,031,174 | 286,729 |
Other Comprehensive Income (Loss): | ||||
Net Income (Loss) | $ (2,221,646) | $ (2,613,813) | $ 11,231,561 | $ (4,482,349) |
Unrealized Loss on Marketable Securities | (2,828) | 0 | (2,828) | 0 |
Foreign Currency Translation Adjustments | 21,467 | (10,449) | (60,106) | (43,120) |
Comprehensive Income (Loss) | $ (2,203,007) | $ (2,624,262) | $ 11,168,627 | $ (4,525,469) |
CONDENSED CONSOLIDATED STATEM_2
CONDENSED CONSOLIDATED STATEMENT OF STOCKHOLDERS' EQUITY - USD ($) | Total | Public Offering | Private Placement | Equity Line Of Credit | Preferred Stock | Preferred Stock Public Offering | Common Stock | Common Stock Public Offering | Common Stock Private Placement | Common Stock Equity Line Of Credit | Additional Paid-In Capital | Additional Paid-In Capital Public Offering | Additional Paid-In Capital Private Placement | Additional Paid-In Capital Equity Line Of Credit | Accumulated Deficit | Accumulated Other Comprehensive Loss |
Beginning balance (in shares) at Dec. 31, 2022 | 7 | 199,608 | ||||||||||||||
Beginning balance at Dec. 31, 2022 | $ 11,407,600 | $ 0 | $ 17,986 | $ 146,035,314 | $ (134,462,959) | $ (182,741) | ||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||||
Stock-Based Compensation | 307,736 | 307,736 | ||||||||||||||
Issuance of common stock (in shares) | 3,908 | 244,181 | 5,866 | 13,889 | ||||||||||||
Issuance of Common Stock | $ 5,595,962 | $ 115,715 | $ 442,310 | $ 39 | $ 21,976 | $ 528 | $ 1,250 | $ 5,573,947 | $ 115,187 | $ 441,060 | ||||||
Conversion of Preferred Stock into Common Stock (in shares) | (2,958) | 298,758 | ||||||||||||||
Conversion of Preferred Stock into Common Stock | 0 | $ (29) | $ 26,889 | (26,859) | ||||||||||||
Issuance of Common Stock from Warrant Exercises (in shares) | 5,556 | |||||||||||||||
Issuance of Common Stock from Warrant Exercises | 298,500 | $ 500 | 298,000 | |||||||||||||
Unrealized Loss in Marketable Securities | 0 | |||||||||||||||
Foreign Currency Translation Adjustment | (43,120) | (43,120) | ||||||||||||||
Net Income (Loss) | (4,482,349) | (4,482,349) | ||||||||||||||
Ending balance (in shares) at Jun. 30, 2023 | 957 | 767,858 | ||||||||||||||
Ending balance at Jun. 30, 2023 | 13,642,355 | $ 10 | $ 69,129 | 152,744,385 | (138,945,308) | (225,861) | ||||||||||
Beginning balance (in shares) at Mar. 31, 2023 | 7 | 213,252 | ||||||||||||||
Beginning balance at Mar. 31, 2023 | 10,155,509 | $ 0 | $ 19,214 | 146,683,202 | (136,331,495) | (215,412) | ||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||||
Stock-Based Compensation | 171,795 | 171,795 | ||||||||||||||
Issuance of common stock (in shares) | 3,908 | 244,181 | 11,667 | |||||||||||||
Issuance of Common Stock | $ 5,595,962 | $ 343,350 | $ 39 | $ 21,976 | $ 1,050 | $ 5,573,947 | $ 342,300 | |||||||||
Conversion of Preferred Stock into Common Stock (in shares) | (2,958) | 298,758 | ||||||||||||||
Conversion of Preferred Stock into Common Stock | 0 | $ (29) | $ 26,889 | (26,859) | ||||||||||||
Unrealized Loss in Marketable Securities | 0 | |||||||||||||||
Foreign Currency Translation Adjustment | (10,449) | (10,449) | ||||||||||||||
Net Income (Loss) | (2,613,813) | (2,613,813) | ||||||||||||||
Ending balance (in shares) at Jun. 30, 2023 | 957 | 767,858 | ||||||||||||||
Ending balance at Jun. 30, 2023 | 13,642,355 | $ 10 | $ 69,129 | 152,744,385 | (138,945,308) | (225,861) | ||||||||||
Beginning balance (in shares) at Dec. 31, 2023 | 427 | 856,182 | ||||||||||||||
Beginning balance at Dec. 31, 2023 | 6,109,654 | $ 4 | $ 77,078 | 153,192,228 | (146,976,855) | (182,801) | ||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||||
Stock-Based Compensation | 325,238 | 325,238 | ||||||||||||||
Issuance of common stock (in shares) | 1,755,556 | |||||||||||||||
Issuance of Common Stock | 13,808,815 | $ 158,000 | 13,650,815 | |||||||||||||
Issuance of Common Stock from Warrant Exercises (in shares) | 358,831 | |||||||||||||||
Issuance of Common Stock from Warrant Exercises | 1,689,339 | $ 32,295 | 1,657,044 | |||||||||||||
Adjustments Due to the Rounding Impact from the Reverse Stock Split for Fractional Shares (in shares) | (24) | |||||||||||||||
Unrealized Loss in Marketable Securities | (2,828) | (2,828) | ||||||||||||||
Foreign Currency Translation Adjustment | (60,106) | (60,106) | ||||||||||||||
Net Income (Loss) | 11,231,561 | 11,231,561 | ||||||||||||||
Ending balance (in shares) at Jun. 30, 2024 | 427 | 2,970,545 | ||||||||||||||
Ending balance at Jun. 30, 2024 | 33,101,673 | $ 4 | $ 267,373 | 168,825,325 | (135,745,294) | (245,735) | ||||||||||
Beginning balance (in shares) at Mar. 31, 2024 | 427 | 2,917,355 | ||||||||||||||
Beginning balance at Mar. 31, 2024 | 34,904,363 | $ 4 | $ 262,584 | 168,429,797 | (133,523,648) | (264,374) | ||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||||
Stock-Based Compensation | 149,795 | 149,795 | ||||||||||||||
Issuance of Common Stock from Warrant Exercises (in shares) | 53,213 | |||||||||||||||
Issuance of Common Stock from Warrant Exercises | 250,522 | $ 4,789 | 245,733 | |||||||||||||
Adjustments Due to the Rounding Impact from the Reverse Stock Split for Fractional Shares (in shares) | (23) | |||||||||||||||
Unrealized Loss in Marketable Securities | (2,828) | (2,828) | ||||||||||||||
Foreign Currency Translation Adjustment | 21,467 | 21,467 | ||||||||||||||
Net Income (Loss) | (2,221,646) | (2,221,646) | ||||||||||||||
Ending balance (in shares) at Jun. 30, 2024 | 427 | 2,970,545 | ||||||||||||||
Ending balance at Jun. 30, 2024 | $ 33,101,673 | $ 4 | $ 267,373 | $ 168,825,325 | $ (135,745,294) | $ (245,735) |
CONDENSED CONSOLIDATED STATEM_3
CONDENSED CONSOLIDATED STATEMENT OF STOCKHOLDERS' EQUITY (Parenthetical) - USD ($) | 3 Months Ended | 6 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Public Offering | |||
Offering costs | $ 729,038 | $ 729,038 | |
Private Placement | |||
Offering costs | $ 1,200,000 | $ 84,285 |
CONDENSED CONSOLIDATED STATEM_4
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) | 6 Months Ended | |
Jun. 30, 2024 | Jun. 30, 2023 | |
Operating Activities: | ||
Net Income (Loss) | $ 11,231,561 | $ (4,482,349) |
Adjustments to Reconcile Net Income (Loss) to Net Cash Provided by (Used in) Operating Activities: | ||
Depreciation and Amortization of Intangible Assets | 11,198 | 32,555 |
Reduction of Right-of-Use Assets | 22,891 | 66,999 |
Stock-Based Compensation | 325,238 | 307,736 |
Change in Fair Value of Contingent Consideration | 108,040 | 352,545 |
Accretion of Discount on Marketable Securities | (88,505) | 0 |
Change in Accrued Interest on Marketable Securities | 17,246 | 0 |
Net Realized Loss on Marketable Securities | (624) | 0 |
Changes in Operating Assets and Liabilities: | ||
Prepaid Expenses and Other Current Assets | (120,052) | 74,544 |
Collaboration Receivables | (1,341,297) | 0 |
Tax Receivables | (311,643) | 556,178 |
Other Assets | 8,322 | 714 |
Accounts Payable | 66,427 | (863,663) |
Accrued Expenses | (14,495) | (432,773) |
Operating Lease Liabilities | (22,891) | (66,999) |
Net Cash Provided by (Used in) Operating Activities | 9,891,416 | (4,454,513) |
Investing Activities: | ||
Purchase of Property and Equipment | (51,287) | 0 |
Purchases of Marketable Securities | (21,289,268) | 0 |
Sales of Marketable Securities | 14,790 | 0 |
Maturities of Marketable Securities | 100,861 | 0 |
Net Cash Used in Investing Activities | (21,224,904) | 0 |
Financing Activities: | ||
Proceeds from issuance of common stock, net of offering costs | 0 | 442,310 |
Gross Proceeds from Private Placement | 14,998,865 | 200,000 |
Exercise of Warrants | 1,689,339 | 298,500 |
Net Cash Provided by Financing Activities | 15,498,155 | 6,452,487 |
Effect of Exchange Rate Changes on Cash, Cash Equivalents and Restricted Cash | (44,045) | (55,990) |
Net Increase in Cash, Cash Equivalents and Restricted Cash | 4,120,622 | 1,941,984 |
Cash, Cash Equivalents and Restricted Cash, Beginning of Period | 2,458,951 | 6,013,816 |
Cash, Cash Equivalents and Restricted Cash, End of Period | 6,579,573 | 7,955,800 |
Supplemental Disclosures of Noncash Operating and Financing Activities | ||
Conversion of Preferred Stock into Common Stock | 0 | 26,889 |
Public Offering | ||
Financing Activities: | ||
Proceeds from issuance of common stock, net of offering costs | 0 | 6,325,000 |
Issuance Costs | 0 | (729,038) |
Equity Line Of Credit | ||
Financing Activities: | ||
Issuance Costs | $ (1,190,049) | $ (84,285) |
Business, Presentation and Rece
Business, Presentation and Recent Accounting Pronouncements | 6 Months Ended |
Jun. 30, 2024 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Business, Presentation and Recent Accounting Pronouncements | Business, Presentation and Recent Accounting Pronouncements Overview Kiora Pharmaceuticals, Inc. (“Kiora” or the “Company”) was formed as a Delaware corporation on December 28, 2004. Kiora is a clinical-stage specialty pharmaceutical company developing and commercializing therapies for the treatment of ophthalmic diseases. Since its inception, Kiora has devoted substantially all its efforts to business planning, research and development, and raising capital. Unaudited Interim Financial Information The accompanying unaudited condensed consolidated financial statements of the Company have been prepared in accordance with accounting principles generally accepted in the United States (“U.S. GAAP”) for interim financial information and with the instructions to Form 10-Q and Rule 8-03 of Regulation S-X. Pursuant to these rules and regulations, they do not include all information and notes required by U.S. GAAP for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring adjustments) considered necessary for a fair presentation of the Company’s financial condition and results of operations have been included. Operating results for the periods presented are not necessarily indicative of the results that may be expected for the full year. We believe that the disclosures provided herein are adequate to make the information presented not misleading when these unaudited interim condensed consolidated financial statements are read in conjunction with the audited consolidated financial statements and notes previously distributed in the Company’s 2023 Annual Report on Form 10-K dated March 25, 2024. The balance sheet as of December 31, 2023 was derived from audited consolidated financial statements of the Company but does not include all the disclosures required by U.S. GAAP. Reverse Stock Split On June 6, 2024, the Company filed a Certificate of Amendment to its Restated Certificate of Incorporation (the “Amendment”) with the Secretary of State of the State of Delaware to effect a one-for-nine ("1-for-9") reverse stock split of its outstanding common stock. The Amendment was approved by the Company’s stockholders at the Company’s 2024 Annual Meeting of Stockholders held on May 1, 2024, and by the Company’s board of directors. The amendment became effective on June 11, 2024, the effective date of the reverse stock split. The reverse stock split proportionally adjusted all shares of the Company’s common stock outstanding and shares of common stock underlying outstanding options and warrants immediately prior to the effective date of the Amendment. As a result of the reverse stock split, proportionate adjustments were made to the per share exercise price and/or the number of shares issuable upon the exercise or vesting of all warrants, stock options, and restricted stock awards issued by the Company and outstanding immediately prior to the effective date of the Amendment, which resulted in a proportionate decrease in the number of shares of the Company’s common stock reserved for issuance upon exercise or vesting of such warrants, stock options, and restricted stock awards, and, in the case of warrants and stock options, a proportionate increase in the exercise price of all such warrants and stock options. In addition, the number of shares reserved for issuance under the Company’s equity compensation plans immediately prior to the effective date of the Amendment was reduced proportionately. The reverse stock split did not affect the number of shares or par value of common stock authorized for issuance under the Company’s Amended and Restated Certificate of Incorporation, which remained at 150,000,000 shares. No fractional shares were issued as a result of the reverse stock split. Stockholders of record who would otherwise have been entitled to receive a fractional share received a cash payment in lieu thereof. The reverse stock split affected all stockholders proportionately and did not affect any stockholder’s percentage ownership of the Company’s common stock (except to the extent that the reverse stock split results in stockholders owning fractional shares). As a result of the reverse stock split, the number of the Company’s outstanding shares of common stock as of June 11, 2024 decreased from 26,735,116 (pre-split) shares to 2,970,545 (post-split) shares. All share and per share amounts in the accompanying financial statements and related footnotes have been adjusted retroactively to reflect the reverse stock split as if it had occurred at the beginning of the earliest period presented. While the number of warrants outstanding did not change, the underlying shares did and are presented reflecting the split. The Company’s common stock began trading on The Nasdaq Capital Market on a split-adjusted basis when the market opened on June 11, 2024 . Liquidity and Capital Resources At June 30, 2024, the Company had unrestricted Cash and Cash Equivalents of $6.6 million and Short-term Investments of $21.2 million, and an Accumulated Deficit of $135.7 million. Kiora has incurred annual losses and negative cash flows since inception, and future losses are anticipated. However, Management believes that its capital resources as of June 30, 2024 will be sufficient to fund the Company's planned operations for at least 12 months after the date that these unaudited condensed consolidated financial statements are issued. Significant Accounting Policies Cash and Cash Equivalents The Company considers all highly liquid investments with original maturities of three months or less when purchased to be cash equivalents. Cash and cash equivalents include cash in readily available checking accounts, savings accounts, money market funds, marketable securities with maturities of 3 months or less when acquired. The carrying amounts reported in the unaudited condensed balance sheets for cash and cash equivalents are valued at cost, which approximates fair value. Short-Term Investments Short-term investments primarily consist of treasuries, corporate debt securities, and government and agency securities. The Company has classified these investments as available-for-sale securities, as the sale of such investments may be required prior to maturity to implement management strategies, and therefore has classified all investments with maturity dates beyond three months at the date of purchase as current assets in the accompanying unaudited condensed consolidated balance sheets. Any premium or discount arising at purchase is amortized and/or accreted to interest income as an adjustment to yield using the straight-line method over the life of the instrument. Investments are reported at their estimated fair value. Unrealized gains and losses are included in accumulated other comprehensive income (loss) as a component of stockholders' equity until realized. Allowance for Credit Losses For available-for-sale securities in an unrealized loss position, the Company first assesses whether it intends to sell, or if it is more likely than not that it will be required to sell, the security before recovery of its amortized cost basis. If either of the criteria regarding intent or requirement to sell is met, the security’s amortized cost basis is written down to fair value through earnings. For available-for-sale securities that do not meet the aforementioned criteria, the Company evaluates whether the decline in fair value has resulted from credit losses or other factors. In making this assessment, the Company considers the severity of the impairment, any changes in interest rates, market conditions, changes to the underlying credit ratings and forecasted recovery, among other factors. The credit-related portion of unrealized losses, and any subsequent improvements, are recorded in interest income through an allowance account. Any impairment that has not been recorded through an allowance for credit losses is included in other comprehensive income (loss) on the condensed consolidated balance sheets. The Company excludes the applicable accrued interest from both the fair value and amortized cost basis of available-for-sale securities for purposes of identifying and measuring an impairment. Accrued interest receivable on available-for-sale securities is recorded within prepaid expenses and other current assets on the condensed consolidated balance sheets. The Company’s accounting policy is to not measure an allowance for credit loss for accrued interest receivable and to write-off any uncollectible accrued interest receivable as a reversal of interest income in a timely manner, which is considered to be in the period in which it is determined the accrued interest will not be collected. Revenue Recognition In accordance with FASB’s ASC 606, Revenue from Contracts with Customers, or ASC 606, the Company recognizes revenue when its customer obtains control of promised goods or services, in an amount that reflects the consideration which the entity expects to receive in exchange for those goods or services. To determine revenue recognition for arrangements that the Company determines are within the scope of ASC 606, it performs the following five steps: (i) identify the contract(s) with a customer; (ii) identify the performance obligations in the contract; (iii) determine the transaction price; (iv) allocate the transaction price to the performance obligations in the contract; and (v) recognize revenue when (or as) the entity satisfies a performance obligation. The Company applies the five-step model to contracts when it determines that it is probable it will collect the consideration it is entitled to in exchange for the goods or services it transfers to the customer. At contract inception, once the contract is determined to be within the scope of ASC 606, the Company assesses the goods or services promised within each contract and determines those that are performance obligations, and assesses whether each promised good or service is distinct. The Company then recognizes as revenue the amount of the transaction price that is allocated to the respective performance obligation when (or as) the performance obligation is satisfied. In a contract with multiple performance obligations, we must develop estimates and assumptions that require judgment to determine the underlying stand-alone selling price for each performance obligation which determines how the transaction price is allocated among the performance obligation. The estimation of the stand-alone selling price(s) may include estimates regarding forecasted revenues or costs, development timelines, discount rates, and probabilities of technical and regulatory success. We evaluate each performance obligation to determine if it can be satisfied at a point in time or over time. Any change made to estimated progress towards completion of a performance obligation and, therefore, revenue recognized will be recorded as a change in estimate. In addition, variable consideration must be evaluated to determine if it is constrained and, therefore, excluded from the transaction price. Amounts received prior to satisfying the revenue recognition criteria are recognized as deferred revenue in the Company’s balance sheet. Amounts expected to be recognized as revenue within the twelve months following the balance sheet date are classified as the current portion of deferred revenue. Amounts not expected to be recognized as revenue within the twelve months following the balance sheet date are classified as deferred revenue, net of current portion. As of June 30, 2024 and 2023, the Company did not have a deferred revenue balance. Collaboration Revenue If a license to our intellectual property is determined to be distinct from the other performance obligations identified in a contract, we recognize revenues from the transaction price allocated to the license when the license is transferred to the licensee and the licensee is able to use and benefit from the license. For licenses that are bundled with other promises, we utilize judgment to assess the nature of the combined performance obligation to determine whether the combined performance obligation is satisfied over time or at a point in time and, if over time, the appropriate method of measuring progress for purposes of recognizing revenue from the allocated transaction price. We evaluate the measure of progress at each reporting period and, if necessary, adjust the measure of performance and related revenue or expense recognition as a change in estimate. At the inception of each arrangement that includes milestone payments, we evaluate whether the milestones are considered probable of being reached. If it is probable that a significant revenue reversal would not occur, the associated milestone value is included in the transaction price. Milestone payments that are not within our or a collaboration partner’s control, such as regulatory approvals, are generally not considered probable of being achieved until those approvals are received. At the end of each reporting period, we re-evaluate the probability of achievement of milestones that are within our or a collaboration partner’s control, such as operational development milestones and any related constraint, and, if necessary, adjust our estimate of the overall transaction price. Any such adjustments are recorded on a cumulative catch-up basis, which will affect collaboration revenues and earnings in the period of adjustment. Revisions to our estimate of the transaction price may also result in negative collaboration revenues and earnings in the period of adjustment. For arrangements that include sales-based royalties, including commercial milestone payments based on the level of sales, and a license is deemed to be the predominant item to which the royalties relate, we will recognize revenue at the later of (i) when the related sales occur, or (ii) when the performance obligation to which some or all of the royalty has been allocated has been satisfied, or partially satisfied. In January 2024, we entered into a strategic development and commercialization agreement ("License Agreement") with Théa Open Innovation ("TOI"), a sister company of the global ophthalmic specialty company Laboratoires Théa ("Théa"). Under the agreement, Kiora granted TOI exclusive worldwide development and commercialization rights, excluding certain countries in Asia, to KIO-301 for the treatment of degenerative retinal diseases (the "License"). We concluded that the Licensing Agreement contains one material performance obligation, the License. The transaction price includes the upfront, non-refundable payment of $16.0 million (the "License Access Fee"). The Company did not include any development or regulatory milestones in the transaction price because it is probable that changes in the estimate of receiving those milestones would result in significant reversals of cumulative revenue in future periods, due to the inherent risks and uncertainties in the drug development process. The sales-based milestones and royalties are not included in the transaction price per ASC 606-10-32-11 and ASC 606-10-55-65. There is no financing component in the License Agreement. The initial transaction price will be allocated to the one performance obligation identified (i.e., the License), which was transferred to TOI at the execution of the License Agreement and the entire $16.0 million transaction price was recognized in the first quarter of 2024 upon the satisfaction of the license performance obligations. The variable consideration for development and regulatory milestones, commercial milestones, and royalties will be allocated to each development license performance obligation, if and when it is included in the transaction price. When it is probable that including milestones in the transaction price will not result in significant reversals of cumulative revenue in future periods, the Company will recognize the revenue for the milestones immediately since the license performance obligation to which the milestones relate has already been fully satisfied when the change in estimate of the variable consideration occurs. Since the reimbursement for the development activities clearly relates to those activities and are accounted for under ASC 808, the Company will recognize those amounts that are due from TOI as contra-R&D expense. The License Access Fee was earned at a point in time (first quarter of 2024) and, as a result, the associated contract costs specifically, sublicense fees, were expensed at the same point in time (first quarter of 2024). All further revenue sources that may lead to sublicense fee payments will not be recognized until earned. As such, sublicense fees will be expensed in the same period as the revenue of the respective milestone or royalties are earned. See Note 8 to the condensed consolidated financial statements for additional information. Collaboration Agreements The Company has entered into a research agreement that falls under the scope of ASC 808, Collaborative Arrangements. Reimbursements from a collaboration partner are recorded as a reduction to research and development expense in the condensed consolidated statements of operations and comprehensive income (loss). Similarly, amounts that are owed to a collaboration partner are recognized as research and development expense in the condensed consolidated statements of operations and comprehensive income (loss). Refunds for Research and Development |
Balance Sheet Information
Balance Sheet Information | 6 Months Ended |
Jun. 30, 2024 | |
Balance Sheet Related Disclosures [Abstract] | |
Balance Sheet Information | Balance Sheet Information Cash, Cash Equivalents and Restricted Cash A summary of cash and cash equivalents and restricted cash is as follows: June 30, 2024 December 31, 2023 Cash and Cash Equivalents $ 6,575,394 $ 2,454,684 Restricted Cash, Non-current 4,179 4,267 Total Cash, Cash Equivalents and Restricted Cash $ 6,579,573 $ 2,458,951 Non-current restricted cash consists of deposits with financial institutions for corporate credit cards. Short-term Investments The following table summarizes short-term investments: As of June 30, 2024 Unrealized Amortized Cost Gains Losses Estimated Fair Value US Treasuries $ 3,272,169 $ — $ (320) $ 3,271,849 Government Agency Securities 13,359,394 805 (3,391) 13,356,808 Corporate Debt Securities 4,181,391 740 (1,980) 4,180,151 Asset Backed Securities 432,590 1,288 (15) 433,863 Total Short-term Investments $ 21,245,544 $ 2,833 $ (5,706) $ 21,242,671 The following table summarizes the maturities of the Company's short-term investments at June 30, 2024: Amortized Cost Estimated Fair Value Due in one year or less $ 20,812,954 $ 20,808,808 Due in one to five years 432,590 433,863 Total Short-term Investments $ 21,245,544 $ 21,242,671 The following table shows the Company's available-for-sale investments' gross unrealized losses and fair value aggregated by investment category and length of time that individual securities have been in a continuous loss position, at June 30, 2024: As of June 30, 2024 Less than 12 months Count Fair Value Unrealized Losses US Treasuries 2 $ 3,271,849 $ (320) Government Agency Securities 12 10,091,878 (3,391) Corporate Debt Securities 27 3,148,969 (1,980) Asset Backed Securities 1 98,384 (15) Total 42 $ 16,611,080 $ (5,706) The Company reviews its investments to identify and evaluate investments that have an indication of possible other-than-temporary impairment. Factors considered in determining whether a loss is other-than-temporary include the length of time and extent to which fair value has been less than the cost basis, any changes to the underlying credit risk of the investment, and the Company’s intent and ability to hold the investment for a period of time sufficient to allow for any anticipated recovery in market value. The unrealized losses in the Company’s investments were caused by changes in interest rates resulting from changing economic conditions, and not from a decline in credit of their underlying issuers. The Company may be required to sell these investments prior to maturity to implement management strategies, however, it is not likely that the Company will sell these investments before recovery of their amortized cost basis. As such, the Company has classified these losses as temporary in nature. Prepaid Expenses and Other Current Assets Prepaid expenses and other current assets consist of the following: June 30, 2024 December 31, 2023 Prepaid Research and Development $ 143,824 $ 23,066 Prepaid General and Administrative 115,566 73,109 Prepaid Insurance 80,256 123,807 Other — 13,400 Total Prepaid Expenses and Other Current Assets $ 339,646 $ 233,382 Tax and Other Receivables Tax and other receivables consist of the following: June 30, 2024 December 31, 2023 Research Tax Credits $ 1,610,570 $ 1,899,880 Other Tax Receivables 136,593 150,085 Vendor Credits 336,114 — Accrued Collaboration Credit 248,520 $ — Total Tax and Other Receivables $ 2,331,797 $ 2,049,965 Accrued Expenses Accrued expenses consist of the following: June 30, 2024 December 31, 2023 Payroll and Benefits $ 677,598 $ 875,254 Professional Fees 93,679 43,387 Clinical Trials 412,153 397,465 Taxes 100,000 — Other 61,762 64,560 Total Accrued Expenses $ 1,345,192 $ 1,380,666 |
Fair Value Disclosures
Fair Value Disclosures | 6 Months Ended |
Jun. 30, 2024 | |
Fair Value Disclosures [Abstract] | |
Fair Value Disclosures | Fair Value Disclosures The accounting guidance defines fair value, establishes a consistent framework for measuring fair value, and expands disclosure for each major asset and liability category measured at fair value on either a recurring or nonrecurring basis. Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. As such, fair value is a market-based measurement that should be determined based on assumptions that market participants would use in pricing an asset or liability. As a basis for considering such assumptions, the accounting guidance establishes a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value as follows: Level 1 - Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities. Level 2 - Quoted prices for similar assets and liabilities in active markets, quoted prices in markets that are not active, or inputs which are observable, either directly or indirectly, for substantially the full term of the asset or liability. Level 3 - Prices or valuation techniques that require inputs that are both significant to the fair value measurement and unobservable (i.e., supported by little or no market activity). The following table summarizes the Company's financial instruments measured at fair value on a recurring basis as of June 30, 2024. There were no financial instruments measured at fair value as of December 31, 2023. Fair Value Measurements at Reporting Date Using Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant Unobservable Inputs Total (Level 1) (Level 2) (Level 3) As of June 30, 2024 Cash Equivalents: Money Market Funds $ 3,131,374 $ 3,131,374 $ — $ — US Treasury Securities 1,835,590 — 1,835,590 — Total Cash Equivalents Measured at Fair Value $ 4,966,964 $ 3,131,374 $ 1,835,590 $ — Short-term Investments: US Treasuries $ 3,271,849 $ — $ 3,271,849 $ — Government Agency Securities 13,356,808 — 13,356,808 — Corporate Debt Securities 4,180,151 — 4,180,151 — Asset Backed Securities 433,863 — 433,863 — Total Short-term Investments Measured at Fair Value $ 21,242,671 $ — $ 21,242,671 $ — Total Assets Measured at Fair Value $ 26,209,635 $ 3,131,374 $ 23,078,261 $ — In connection with historical acquisitions, additional consideration may be paid related to the achievement of certain milestones and such contingent consideration is required by U.S. GAAP to be presented at fair value. The following table provides information for liabilities measured at fair value on a recurring basis using Level 3 inputs: June 30, 2024 December 31, 2023 Contingent Consideration: Non-current $ 5,236,999 $ 5,128,959 Total Contingent Consideration $ 5,236,999 $ 5,128,959 The Company initially values contingent consideration related to business combinations using a probability-weighted calculation of potential payment scenarios discounted at rates reflective of the risks associated with the expected future cash flows for certain milestones. Key assumptions used to estimate the fair value of contingent consideration include projected financial information, market data and the probability and timing of achieving the specific milestones. After the initial valuation, the Company generally uses its best estimate to measure contingent consideration at each subsequent reporting period using the following unobservable Level 3 inputs: Valuation Technique Unobservable Inputs June 30, 2024 December 31, 2023 Discounted cash flow Payment discount rate 15.0 % 13.1 % Bayon Payment period 2025 - 2027 2025 - 2027 Panoptes Payment period 2026 - 2028 2026 - 2028 Jade Payment period 2027 2027 Bayon Probability of success for payment 42% - 71% 42% - 71% Panoptes Probability of success for payment 30% - 33% 30% - 33% Jade Probability of success for payment 56% 56% Significant changes in these assumptions could result in a significantly higher or lower fair value. The contingent consideration reported in the above table is adjusted quarterly based upon the passage of time or the anticipated success or failure of achieving certain milestones. The change in fair value of contingent consideration of $108.0 thousand for the six months ended June 30, 2024, was primarily driven by a decreased discount period. The change in fair value of contingent consideration of $0.4 million for the six months ended June 30, 2023 was primarily driven by a decreased discount rate. The change in fair value of contingent consideration is recorded within operating expenses on the accompanying condensed consolidated statements of operation and comprehensive income (loss). The Company records in-process R&D projects acquired in asset acquisitions that have not reached technological feasibility and which have no alternative future use at estimated fair value. For in-process R&D projects acquired in business combinations, the Company capitalizes the in-process R&D project as an indefinite-lived intangible asset and evaluates this asset annually for impairment until the R&D process has been completed. Once the R&D process is complete, the Company amortizes the R&D asset over its remaining useful life. ASC 350 allows an entity to first assess qualitative factors to determine whether events and circumstances indicate that it is more likely than not (that is, a likelihood of more than 50 percent) that an indefinite-lived intangible asset is impaired. If it is more likely than not that the asset is impaired, the entity must calculate the fair value of the asset and record an impairment charge if the carrying amount exceeds fair value. If an entity concludes that there is a less than 50 percent likelihood that the asset is impaired, no further action is required. An indefinite-lived intangible asset should be tested for impairment if events or changes in circumstances indicate that it is more likely than not that the asset is impaired. If such events or changes have occurred, a quantitative assessment is required. If an entity bypasses the qualitative assessment or determines from its qualitative assessment that an indefinite-lived intangible asset is more likely than not impaired, a quantitative impairment test should be performed. The quantitative impairment test compares the fair value of an indefinite-lived intangible asset with the asset’s carrying amount. If the fair value of the indefinite-lived intangible asset is less than the carrying amount, an impairment loss should be recognized in an amount equal to the difference in accordance with ASC 350-30-35-19. The Company values in-process R&D related to asset acquisitions using the Income Approach which measures the value of an asset by the present value of its future economic benefits. These benefits can include interest and principal payments, earnings, cost savings, tax deductions, or proceeds from its disposition. Value indications are developed by discounting expected cash flows at a rate of return that incorporates the risk-free rate for the use of funds, the expected rate of inflation, and risks associated with the particular investment. The selected discount rate is generally based on rates of return available from alternative investments of similar type and quality. The Company engaged a third-party valuation firm to complete a quantitative assessment of in-process R&D as of August 31, 2023, which includes the following unobservable Level 3 inputs: Valuation Technique Unobservable Inputs Discount Rate KIO-101 Relief from Royalty Method Probability of success for next development phase 17% 30 % KIO-104 Multi-Period Excess Earnings Method Probability of success for next development phase 17% to 18% 25 % KIO-201 Relief from Royalty Method Probability of success for next development phase 17% to 47% 30 % KIO-301 Multi-Period Excess Earnings Method Probability of success for next development phase 17% to 67% 25 % As of June 30, 2024, the Company assessed qualitative factors to determine whether events and circumstances indicate impairment, and concluded that it is not more likely than not that any assets are impaired. |
Capital Stock
Capital Stock | 6 Months Ended |
Jun. 30, 2024 | |
Equity [Abstract] | |
Capital Stock | Capital Stock All amounts of shares of common stock in the transactions described below have been adjusted to reflect post Amendment adjusted shares of common stock of the Company. On February 3, 2023, the Company completed a private placement with Lincoln Park Capital, LLC ("Lincoln Park") for 5,866 shares of common stock and warrants to purchase up to 11,733 shares of common stock. The total net proceeds from the private placement were approximately $0.1 million. The warrants have an exercise price of $31.842 per share, subject to adjustments as provided under the terms of the warrants, and became exercisable on the six-month anniversary of the closing date. The warrants are exercisable for five years from the issuance date. On February 3, 2023, the Company also entered into a purchase agreement with Lincoln Park, pursuant to which Lincoln Park has agreed to purchase from the Company up to an aggregate of $10.0 million of common stock (subject to certain limitations), from time to time and at the Company's sole discretion over the term of the purchase agreement. On February 22, 2023, the Company completed its first issuance under this agreement for a total of 20,000 shares sold to Lincoln Park for proceeds of $0.1 million. In April 2023, the Company completed additional issuances for a total of 11,667 shares sold to Lincoln Park for proceeds of $0.3 million. On January 31, 2024, the Company terminated the purchase agreement with Lincoln Park. During February 2023, 5,556 shares were issued upon the exercise of inducement warrants issued in November 2022. On March 30, 2023, the Company entered into an underwriting agreement to issue and sell stock and warrants in a public offering. On June 6, 2023, the public offering closed, and the Company issued and sold (i) 244,181 shares of common stock (including 750,000 shares of common stock sold pursuant to the exercise of the over-allotment option), (ii) 3,908 shares of Series F Convertible Preferred Stock convertible into up to 3,552,372 shares of common stock, (iii) 638,889 Class C Warrants (including 83,333 Class C Warrants sold pursuant to the exercise of the over-allotment option), and (iv) 638,889 Class D Warrants (including 83,333 Class D Warrants sold pursuant to the exercise of the over-allotment option). The public offering price of $9.90 per share of common stock, Class C Warrant and Class D Warrant, and $8,999 per share of Series F Convertible Preferred Stock, 101 Class C Warrants and 101 Class D Warrants, resulted in net proceeds to the Company of approximately $5.6 million net of underwriting discount and commissions of $0.5 million and other expenses of $0.2 million. On June 6, 2023, the underwriter fully exercised the over-allotment option granted by the Company to purchase stock and warrants. Each Class C Warrant and Class D Warrant is exercisable at a price per share of common stock of $9.90. The Class C Warrants will expire on June 6, 2028 and the Class D Warrants expired on June 6, 2024. The exercise prices of the warrants are subject to appropriate adjustment in the event of recapitalization events, stock dividends, stock splits, stock combinations, reclassifications, reorganizations or similar events affecting the Company’s common stock. In addition, on August 7, 2023, the first business day after the 60th calendar day immediately following the initial exercise day, the exercise price of the warrants was reduced to $4.7079 per share pursuant to the reset provision which stated that the warrants would be reduced to the lesser of (i) the exercise price then in effect and (ii) 90% of the average of the volume weighted average price of the Company's common stock for the five (5) trading day period immediately prior to the reset date. In accordance with ASU 2021-04, the warrant reset of the exercise price was evaluated as a modification of equity-classified written call options. Modifications or exchanges that are not related to debt or equity financings, compensation for goods or services, or other exchange transactions within the scope of other guidance should be recognized as a dividend consistent with ASC 815-40-35-17(d). The dividend amount is measured as the excess, if any, of the fair value of the modified or exchanged instrument over the fair value of that instrument immediately before it is modified or exchanged in accordance with ASC 815-40-35-16. The Company considered the guidance in paragraphs 815-40-35-14 through 35-17 and determined that the circumstances of the warrant modification indicate that the modification is executed separate from a new equity offering, debt origination or debt modification. As such, on August 7, 2023, the date on which the modification became effective, the incremental change in the fair value of the 1,277,778 outstanding warrants was recognized as a deemed dividend totaling $0.5 million that increases net loss attributable to common stockholders in accordance with paragraph 815-40-35-17(d) and ASC 260-10-45-15. During November 2023, 911 shares of common stock were issued upon the exercise of Class C Warrants and 911 shares of common stock were issued upon the exercise of Class D Warrants for $8.6 thousand in aggregate exercise proceeds. In February 2024, 101,684 shares of common stock were issued upon exercise of Class C Warrants at $4.7079 per share for aggregate proceeds of approximately $0.4 million. Additionally, 203,934 shares of common stock were issued upon exercise of Class D Warrants at $4.7079 per share for aggregate proceeds of approximately $1.0 million. During June 2024, 53,213 shares of common stock were issued upon the exercise of Class D Warrants at $4.7079 per share for aggregate proceeds of approximately $0.3 million. During June 2023, 2,958 shares of Series F Convertible Preferred Stock were converted into 2,688,822 shares of common stock. During July and August 2023, 530 shares of Series F Convertible Preferred Stock were converted into 481,770 shares of common stock. On January 31, 2024, the Company entered into a private placement with Maxim Group LLC serving as placement agent for 1,755,556 shares of common stock, pre-funded warrants to purchase up to 1,261,582 shares of common stock, and accompanying Tranche A and Tranche B warrants to purchase up to an aggregate of 5,486,066 shares of common stock. The total net proceeds from the private placement were approximately $13.8 million. The exercise of the accompanying warrants (excluding the pre-funded warrants) was subject to shareholder approval. The Tranche A warrants are exercisable for up to 2,743,033 shares of common stock at an exercise price of $5.4684 per share for an aggregate of up to approximately $15.0 million and will expire at the earlier of (i) 30 days following the announcement of full data (expected in the second quarter of 2025) from the Company's Phase 2 clinical trial (ABACUS-2) of KIO-301 in patients with retinitis pigmentosa and the daily VWAP of the Company's common stock equaling or exceeding $9.9432 per share for 30 consecutive trading days following the announcement and (ii) five years from the date of shareholder approval of the warrants. The Tranche B warrants are exercisable for up to 2,743,033 shares of common stock at an exercise price of $5.4684 per share for an aggregate of up to approximately $15.0 million and will expire at the earlier of (i) 30 days following the announcement of topline data (expected in 2026) from the planned Phase 2 trial of KIO-104 in posterior non-infectious uveitis and the daily VWAP of the Company's common stock equaling or exceeding $12.4290 per share for 30 consecutive trading days following the announcement and (ii) five years from the date of shareholder approval of the warrants. On May 1, 2024, the Company held its 2024 Annual Meeting of Stockholders (the "Annual Meeting") where the Company's stockholders voted to approve various proposals including (i) adoption of a new Equity Incentive Plan, the "2024 Equity Incentive Plan", (ii) an amendment to the Company’s Restated Certificate of Incorporation to increase the number of authorized shares of Common Stock to 150,000,000, which the Company filed with the Secretary of State for the State of Delaware on May 1, 2024 and (iii) the approval, as contemplated by Nasdaq Listing Rule 5635, of the issuance of up to 5,486,066 shares of Common Stock upon the exercise of Tranche A Warrants and Tranche B Warrants issued in the private placement completed in February 2024. |
Warrants
Warrants | 6 Months Ended |
Jun. 30, 2024 | |
Warrants | |
Warrants | Warrants The following is a summary of warrant activity for the Company’s equity-classified warrants for the six months ended June 30, 2024: Number of Common Shares Weighted Average Weighted Average Outstanding at December 31, 2023 1,451,589 $ 25.21 2.43 Issued 6,747,648 $ 4.45 5.93 Exercised (358,831) $ 4.71 Expired (380,831) $ 4.71 Outstanding at June 30, 2024 7,459,575 $ 7.76 5.33 |
Net Income (Loss) per Share - B
Net Income (Loss) per Share - Basic and Diluted | 6 Months Ended |
Jun. 30, 2024 | |
Earnings Per Share [Abstract] | |
Net Income (Loss) per Share - Basic and Diluted | Net Income (Loss) per Share - Basic and Diluted Basic and diluted net income (loss) per share is computed by dividing net income (loss) available to common shareholders by the weighted-average number of common shares outstanding for the time period, which for basic net income (loss) per share, does not include the weighted-average unvested restricted common stock that has been issued and is subject to forfeiture totaling 24,094 and 7,478 shares for the three and six months ended June 30, 2024 and 2023. Dilutive common equivalent shares consist of stock options, warrants, and preferred stock and are calculated using the treasury stock method, which assumes the repurchase of common shares at the average market price during the period. Under the treasury stock method, options and warrants will have a dilutive effect when the average price of common stock during the period exceeds the exercise price of options or warrants. Common equivalent shares do not qualify as participating securities. In periods where the Company records a net loss, unvested restricted common stock and potential common stock equivalents are not included in the calculation of diluted net income (loss) per share as their effect would be anti-dilutive. The following is a summary of potentially dilutive securities excluded from the calculation of diluted net income (loss) per share as of June 30: 2024 2023 Common Stock Warrants, Excluding Pre-funded Warrants 6,197,993 1,457,054 Employee Stock Options 88,993 23,505 Restricted Stock 24,094 7,478 Preferred Stock, as Converted into Common Stock 42,426 95,956 Common Stock Reserved for Future Issuance 555,556 1,680 Total 6,909,062 1,585,672 |
Stock-Based Compensation
Stock-Based Compensation | 6 Months Ended |
Jun. 30, 2024 | |
Share-Based Payment Arrangement [Abstract] | |
Stock-Based Compensation | Stock-Based Compensation Equity Incentive Plans The Company's Board of Directors (the "Board") adopted the 2014 Equity Incentive Plan (the "2014 Plan") and the Employee Stock Purchase Plan (the “ESPP”) and the Company's Stockholders approved the 2014 Plan and ESPP in February 2015. The Board subsequently adopted the 2024 Equity Incentive Plan (the "2024 Plan") and the Company's Stockholders approved the Plan in May 2024. Following adoption of the 2024 Plan, no further grants were made under the 2014 Plan. Consistent with the 2014 Plan, the 2024 Plan provides for the granting of stock options (incentive and nonqualified), restricted stock or other stock-based awards to employees, officers, directors, consultants, and advisors. The Board is responsible for administration of the 2024 Plan. The Company’s Board determines the term of each option, the option exercise price, the number of shares for which each option is granted and the rate at which each option is exercisable. Incentive stock options may be granted to any officer or employee at an exercise price per share of not less than the fair value per common share on the date of the grant (not less than 110% of fair value in the case of holders of more than 10% of the Company’s voting stock) and with a term not to exceed ten years from the date of the grant (five years for incentive stock options granted to holders of more than 10% of the Company’s voting stock). Nonqualified stock options may be granted to any officer, employee, consultant, or director at an exercise price per share of not less than the par value per share. As of June 30, 2024, the maximum number of shares of Common Stock that may be issued pursuant to the 2024 Plan was 733,100 of which 555,556 shares were available for awards. Stock-based compensation expense is presented in the same expense line items as cash compensation paid and for the three and six months ended June 30 is as follows: Three months ended June 30 Six months ended June 30 2024 2023 2024 2023 Research and Development $ 94,092 $ 66,226 $ 188,663 $ 130,913 General and Administrative 55,703 105,569 136,575 176,823 Total Stock-Based Compensation Expense $ 149,795 $ 171,795 $ 325,238 $ 307,736 Stock Options The Company grants time-based stock options which generally vest one-third of the underlying shares on the one-year anniversary of the grant date and the remainder ratably over a 24-month period. The fair value of time-based stock options is determined using the Black-Scholes Option Pricing Model, with such value recognized as expense over the service period, which is typically three years, net of actual forfeitures. A summary of the Company’s assumptions used in determining the fair value of the stock options granted during the six months ended June 30, 2024 and 2023 is shown in the following table. Note there were no options granted during the six months ended June 30, 2024: Six months ended June 30 2024 2023 Risk-Free Interest Rate N/A 4.26 % Expected Life (years) N/A 5.00 Expected Stock Price Volatility N/A 142 % Expected Dividend Yield — % — % The weighted-average grant date fair value of options granted during the six months ended June 30, 2023 was $29.30. The expected term of the options granted is based on management's estimate. Expected volatility is based on the historical volatility of the Company’s common stock. The risk-free interest rate is determined based upon a constant U.S. Treasury security rate with a contractual life that approximates the expected term of the option. Unamortized compensation expense related to the options amounted to $0.5 million as of June 30, 2024 and is expected to be recognized over a weighted average period of approximately 1.74 years. Following is a summary of stock option activity for the six months ended June 30, 2024: Number of Weighted- Average Weighted- Average Outstanding at December 31, 2023 90,382 $ 41.43 9.29 Expired (423) $ 980.89 Forfeited (966) $ 8.37 Outstanding at June 30, 2024 88,993 $ 37.32 8.93 Exercisable and vested at June 30, 2024 27,701 $ 96.70 8.59 The stock options outstanding and exercisable as of June 30, 2024 had no aggregate intrinsic value. The aggregate intrinsic value is calculated as the difference between the exercise price of the underlying options and the market price of the Company’s common stock for options that had exercise prices lower than $4.20, the closing price of the Company’s stock on June 30, 2024. Restricted Stock Awards Restricted stock compensation expense is recognized over the vesting period, which is typically one-third of the underlying shares on the one-year anniversary of the grant date and the remainder ratably over a 24-month period. Unamortized compensation expense related to the restricted stock awards amounted to $0.2 million as of June 30, 2024 and is expected to be recognized over a weighted average period of approximately 2.09 years. The following is a summary of restricted stock activity for the six months ended June 30, 2024: Number of Weighted- Average Weighted- Average Non-vested Outstanding at December 31, 2023 25,493 $ 14.75 2.57 Released (1,371) $ 34.45 Forfeited (28) $ 34.20 Non-vested Outstanding at June 30, 2024 24,094 $ 13.60 2.09 Employee Stock Purchase Plan The Company has a non-qualified ESPP, which provides for the issuance of shares of the Company’s common stock to eligible employees of the Company that elect to participate in the plan and purchase shares of common stock through payroll deductions at a discounted price. Six month offering periods are made at the Board’s discretion. The ESPP provides for 32 aggregate shares of the Company’s common stock for participants to purchase. As of June 30, 2024 and 2023, the remaining shares reserved for future offerings was 23. |
Commitments and Contingencies
Commitments and Contingencies | 6 Months Ended |
Jun. 30, 2024 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies Leases The Company is party to three real property operating leases for the rental of office space. In February 2022, the Company entered into an 18-month lease for an office facility in Encinitas, California (the "Encinitas Lease"), which is now used for its corporate headquarters. The Encinitas Lease commenced in May 2022 and was amended to extend its lease term through April 30, 2025. The Company recorded a right-of use ("ROU") asset and lease liability upon lease commencement and lease amendment in May 2022 and November 2023, respectively. In May 2022, the Company entered into a 12-month lease for office space in Adelaide, Australia (the "Adelaide Lease") which expired in May 2023. Following expiration, the landlord agreed to extend the Adelaide Lease on a month-month basis, whereby the Company must provide 90-day notice of termination. The Adelaide Lease is a short-term lease which is exempt for ROU asset and lease liability reporting. The Company also entered into a lease for 910 square feet of office space in Vienna, Austria (the "Vienna Lease"). The Vienna Lease commenced on October 15, 2023 with a term of 5 years through October 14, 2028. The Company recorded a ROU asset and lease liability upon lease commencement in October 2023. The remaining lease terms range from less than 0.83 to 4.29 years. Operating lease expense, consisting of the reduction of the right-of-use asset and the imputed interest on the lease liability totaled $18,354 and $40,654 for the three months ended June 30, 2024 and 2023, respectively. Future annual minimum lease payments under non-cancellable operating leases as of June 30, 2024 are as follows: Years Ending December 31, 2024 (remaining months) $ 26,771 2025 27,142 2026 13,942 2027 13,942 2028 11,038 Total Lease Liabilities 92,835 Less Amounts Representing Interest (10,513) Total 82,322 Less Current Portion (42,126) $ 40,197 License and Exclusive Rights Agreements The Company is a party to seven license agreements as described below. These license agreements require the Company to pay or receive royalties or fees to or from the licensor based on revenue or milestones related to the licensed technology. On July 2, 2013, the Company (through its subsidiary, Kiora Pharmaceuticals, GmbH) entered into a patent and know-how assignment agreement with 4SC Discovery GmbH (“4SC”) transferring to the Company all patent rights and know-how to the compound used in KIO-101 and KIO-104. The Company is responsible for paying royalties of 3.25% on net sales of KIO-101, KIO-104 or any other therapeutic product that uses the compound. On July 2, 2013, the Company (through its subsidiary, Kiora Pharmaceuticals, GmbH) entered into an out-license agreement with 4SC granting 4SC the exclusive worldwide right to commercialize the compound used in KIO-101 and KIO-104 for rheumatoid arthritis and inflammatory bowel disease, including Crohn’s Disease and Ulcerative Colitis. The Company is eligible to receive milestone payments totaling up to €155 million, upon and subject to the achievement of certain specified developmental and commercial milestones. The Company has not received any milestones payments from 4SC. In addition, the Company is eligible to receive royalties of 3.25% on net sales of any product commercialized by 4SC using the compound in KIO-101 and KIO-104. On September 12, 2013, the Company (through its subsidiary, Jade Therapeutics, Inc.) entered into an agreement with Lineage Cell Therapeutics, Inc. (“Lineage”), formerly known as BioTime, Inc. granting to the Company the exclusive worldwide right to commercialize cross-linked thiolated carboxymethyl hyaluronic acid (“modified HA”) for ophthalmic treatments in humans. The agreement requires the Company to pay an annual fee of $30,000 and a royalty of 6% on net sales of KIO-201 to Lineage based on revenue relating to any product incorporating the modified HA technology. The agreement expires when patent protection for the modified HA technology lapses in August 2027. On November 17, 2014, the Company (through its subsidiary Kiora Pharmaceuticals GmbH) entered into an intellectual property and know-how licensing agreement with Laboratoires Leurquin Mediolanum S.A.S. (“Mediolanum”) for the commercialization of KIO-101, KIO-104 or any other therapeutic product that uses the compound (the “Mediolanum agreement”) in specific territories. Under the Mediolanum agreement, the Company out-licensed rights to commercialize KIO-101, KIO-104 or any other therapeutic product that uses the compound (the "KIO-100 family of products") for uveitis, dry eye and viral conjunctivitis in Italy, and France. This Agreement was amended on December 10, 2015 to also include Belgium and The Netherlands. Under the Mediolanum Agreement, Mediolanum is obligated to pay up to approximately €20 million in development and commercial milestones and a 7% royalty on net sales of (the KIO-100 family of products in the territories through the longer of the expiry of the valid patents covering the KIO-100 family of products or 10 years from the first commercial sale. The royalty is reduced to 5% after patent expiry. On September 7, 2023, the Company (through its subsidiary Kiora Pharmaceuticals GmbH) agreed to a settlement agreement with Mediolanum to terminate the existing out-licensing rights by Mediolanum to commercialize the KIO-100 family of products for uveitis, dry eye and viral conjunctivitis in Italy, France, Belgium and Netherlands including all related commercial milestone payments and royalty obligations. The Company agreed to pay a termination fee of $0.1 million, of which $50,000 was paid upon execution of the agreement, and $50,000 is payable on the one year anniversary of the termination and is accrued for in the accompanying condensed consolidated financial statements. On September 26, 2018, the Company entered into an intellectual property licensing agreement (the “SentrX Agreement”) with SentrX, a veterinary medical device company that develops and manufactures veterinary wound care products. Under the SentrX Agreement, the Company in-licensed the rights to trade secrets and know-how related to the manufacturing of KIO-201. The SentrX Agreement enables the Company to pursue a different vendor with a larger capacity for manufacturing and an FDA-inspected facility for commercialization of a product for human use. Under the SentrX Agreement, SentrX is eligible to receive milestone payments totaling up to $4.75 million, upon and subject to the achievement of certain specified developmental and commercial milestones. The term of the agreement is until the product is no longer in the commercial marketplace. In addition, on June 7, 2023, the Company entered into a new exclusive license agreement (the "New SentrX Agreement") with SentrX, whereby the Company out-licensed certain KIO-201 patents for use in animal health and veterinary medicine. Under the New SentrX Agreement, SentrX is obligated to pay the Company a flat low single-digit royalty on net sales, and is effective until the last licensed patent terminates. In August 2023, SentrX was acquired by Dômes Pharma. On May 1, 2020, the Company (through its subsidiary, Bayon Therapeutics, Inc.) entered into an agreement with the University of California (“UC”) granting to the Company the exclusive rights to its pipeline of photoswitch molecules. The agreement requires the Company to pay an annual fee to UC of $5,000, as well as payments to UC upon the achievement of certain development milestone and royalties based on revenue relating to any product incorporating KIO-301. The Company is obligated to pay royalties on net sales of two percent (2%) of the first $250 million of net sales, one and a quarter percent (1.25%) of net sales between $250 million and $500 million, and one half of one percent (0.5%) of net sales over $500 million. In addition, the agreement requires the Company to pay sublicense fees for the grant of rights under a sublicense agreement at 8% of sublicense revenue prior to enrolling the first patient in any Phase 1 or Phase II (if Phase I is not performed) clinical trial of a licensed product, 6% of sublicense revenue prior to enrolling the first patient in any Phase III clinical trial of a licensed product, or 4% of sublicense revenue prior to any arms-length first commercial sale of a licensed product. On October 30, 2023, the Company, through its subsidiary, Bayon Therapeutics, Inc., entered into an agreement with UC to amend its licensing agreement dated May 1, 2020 effective November 5, 2023, granting the Company exclusive rights to a patent application covering specific formulations of KIO-301, which was previously jointly owned by UC and Bayon. Further, Bayon has the ability to assign or transfer the agreement providing written notice is given within at least 15 days prior to any such assignment, providing written assignment agreement by successor within 30 days, and by paying an assignment fee of $30,000 within 30 days of the assignment. Per the terms of the agreement, upon execution of the amendment the Company was required to pay UC $15,000. Per these terms, the Company made a payment to UC for $0.7 million related to the upfront payment received from TOI upon execution of the strategic development and commercialization agreement. The agreement expires on the date of the last-to-expire patent included in the licensed patent portfolio which is currently January 2030, however if patents that are currently pending approval are issued, the license expiration would extend into 2041. On May 1, 2020, the Company (through our subsidiary, Bayon Therapeutics, Inc.) entered into an agreement with Photoswitch Therapeutics, Inc. (“Photoswitch”) granting to the Company access to certain patent applications and IP rights with last-to-expire patent terms of January 2030. The agreement calls for payments to Photoswitch upon the achievement of certain development milestones and upon first commercial sale of the product. On January 25, 2024, the Company entered into a license agreement with TOI, a sister company of the global ophthalmic specialty company Théa. Under the agreement, Kiora granted TOI exclusive worldwide development and commercialization rights, excluding certain countries in Asia, to KIO-301 for the treatment of degenerative retinal diseases. In exchange, Kiora received an upfront payment of $16 million; will receive up to $285 million upon achievement of pre-specified clinical development, regulatory and commercial milestones; tiered royalties of up to low 20% on net sales; and reimbursement of certain KIO-301 research and development expenses. For the quarter ending June 30, 2024, the Company recorded offsetting expense credits of $0.2 million related to reimbursable KIO-301 expenses. Grant Funding In April 2024, the Company received grant funding of $20,000 from the Choroideremia Research Foundation ("CRF") in support of validating functional vision assessments for patients with profound blindness. This grant funding will aid in further validation of a suite of tests expected to be used in the upcoming ABACUS-2 Phase 2 clinical trial assessing KIO-301. Contingent Consideration The purchase price of various acquisitions in prior periods included contingent consideration, which consisted of various cash earn-out payments upon the achievement of certain milestones. Below are the maximum obligation payments per the respective agreements and estimated fair value of contingent consideration payments remaining as of June 30, 2024. Maximum Obligation Current Fair Bayon $ 7,135,000 $ 2,435,534 Panoptes 9,500,000 2,011,921 Jade 2,164,451 789,544 $ 18,799,451 $ 5,236,999 Other In the normal course of business, the Company periodically becomes involved in various claims and lawsuits, as well as governmental proceedings and investigations that are incidental to the business. The Company accrues a liability when a loss is considered probable and the amount can be reasonably estimated. When a material loss contingency is reasonably possible but not probable, the Company does not record a liability, but instead discloses the nature and amount of the claim, and an estimate of the possible loss or range of loss, if such an estimate can be made. Legal fees are expensed as incurred. With respect to governmental proceedings and investigations, like other companies in the industry, the Company is subject to extensive regulation by national, state and local governmental agencies in the U.S. and in other jurisdictions in which the Company and its affiliates operate. As a result, interaction with governmental agencies is ongoing. The Company’s standard practice is to cooperate with regulators and investigators in responding to inquiries. The Company currently maintains insurance for risks associated with the operation of its business, provision of professional services and ownership of property. These policies provide coverage for a variety of potential losses, including loss or damage to property, bodily injury, general commercial liability, professional errors and omissions and medical malpractice. |
Subsequent Events
Subsequent Events | 6 Months Ended |
Jun. 30, 2024 | |
Subsequent Events [Abstract] | |
Subsequent Events | Subsequent Events In July 2024, the Company was granted Orphan Medicinal Product Designation by the European Medicines Agency for KIO-301 for the treatment of non-syndromic rod-dominant retinal dystrophies, which includes retinitis pigmentosa, choroideremia, Stargardt disease and others. |
Pay vs Performance Disclosure
Pay vs Performance Disclosure - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Pay vs Performance Disclosure | ||||
Net Income (Loss) | $ (2,221,646) | $ (2,613,813) | $ 11,231,561 | $ (4,482,349) |
Insider Trading Arrangements
Insider Trading Arrangements | 3 Months Ended |
Jun. 30, 2024 | |
Trading Arrangements, by Individual | |
Rule 10b5-1 Arrangement Adopted | false |
Non-Rule 10b5-1 Arrangement Adopted | false |
Rule 10b5-1 Arrangement Terminated | false |
Non-Rule 10b5-1 Arrangement Terminated | false |
Business, Presentation and Re_2
Business, Presentation and Recent Accounting Pronouncements (Policies) | 6 Months Ended |
Jun. 30, 2024 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Unaudited Interim Financial Information | Unaudited Interim Financial Information The accompanying unaudited condensed consolidated financial statements of the Company have been prepared in accordance with accounting principles generally accepted in the United States (“U.S. GAAP”) for interim financial information and with the instructions to Form 10-Q and Rule 8-03 of Regulation S-X. Pursuant to these rules and regulations, they do not include all information and notes required by U.S. GAAP for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring adjustments) considered necessary for a fair presentation of the Company’s financial condition and results of operations have been included. Operating results for the periods presented are not necessarily indicative of the results that may be expected for the full year. We believe that the disclosures provided herein are adequate to make the information presented not misleading when these unaudited interim condensed consolidated financial statements are read in conjunction with the audited consolidated financial statements and notes previously distributed in the Company’s 2023 Annual Report on Form 10-K dated March 25, 2024. The balance sheet as of December 31, 2023 was derived from audited consolidated financial statements of the Company but does not include all the disclosures required by U.S. GAAP. |
Reverse Stock Split | Reverse Stock Split On June 6, 2024, the Company filed a Certificate of Amendment to its Restated Certificate of Incorporation (the “Amendment”) with the Secretary of State of the State of Delaware to effect a one-for-nine ("1-for-9") reverse stock split of its outstanding common stock. The Amendment was approved by the Company’s stockholders at the Company’s 2024 Annual Meeting of Stockholders held on May 1, 2024, and by the Company’s board of directors. The amendment became effective on June 11, 2024, the effective date of the reverse stock split. The reverse stock split proportionally adjusted all shares of the Company’s common stock outstanding and shares of common stock underlying outstanding options and warrants immediately prior to the effective date of the Amendment. As a result of the reverse stock split, proportionate adjustments were made to the per share exercise price and/or the number of shares issuable upon the exercise or vesting of all warrants, stock options, and restricted stock awards issued by the Company and outstanding immediately prior to the effective date of the Amendment, which resulted in a proportionate decrease in the number of shares of the Company’s common stock reserved for issuance upon exercise or vesting of such warrants, stock options, and restricted stock awards, and, in the case of warrants and stock options, a proportionate increase in the exercise price of all such warrants and stock options. In addition, the number of shares reserved for issuance under the Company’s equity compensation plans immediately prior to the effective date of the Amendment was reduced proportionately. The reverse stock split did not affect the number of shares or par value of common stock authorized for issuance under the Company’s Amended and Restated Certificate of Incorporation, which remained at 150,000,000 shares. No fractional shares were issued as a result of the reverse stock split. Stockholders of record who would otherwise have been entitled to receive a fractional share received a cash payment in lieu thereof. The reverse stock split affected all stockholders proportionately and did not affect any stockholder’s percentage ownership of the Company’s common stock (except to the extent that the reverse stock split results in stockholders owning fractional shares). As a result of the reverse stock split, the number of the Company’s outstanding shares of common stock as of June 11, 2024 decreased from 26,735,116 (pre-split) shares to 2,970,545 (post-split) shares. All share and per share amounts in the accompanying financial statements and related footnotes have been adjusted retroactively to reflect the reverse stock split as if it had occurred at the beginning of the earliest period presented. While the number of warrants outstanding did not change, the underlying shares did and are presented reflecting the split. The Company’s common stock began trading on The Nasdaq Capital Market on a split-adjusted basis when the market opened on June 11, 2024 . |
Liquidity and Capital Resources | Liquidity and Capital Resources At June 30, 2024, the Company had unrestricted Cash and Cash Equivalents of $6.6 million and Short-term Investments of $21.2 million, and an Accumulated Deficit of $135.7 million. Kiora has incurred annual losses and negative cash flows since inception, and future losses are anticipated. However, Management believes that its capital resources as of June 30, 2024 will be sufficient to fund the Company's planned operations for at least 12 months after the date that these unaudited condensed consolidated financial statements are issued. |
Cash and Cash Equivalents | Cash and Cash Equivalents The Company considers all highly liquid investments with original maturities of three months or less when purchased to be cash equivalents. Cash and cash equivalents include cash in readily available checking accounts, savings accounts, money market funds, marketable securities with maturities of 3 months or less when acquired. The carrying amounts reported in the unaudited condensed balance sheets for cash and cash equivalents are valued at cost, which approximates fair value. |
Short-Term Investments | Short-Term Investments Short-term investments primarily consist of treasuries, corporate debt securities, and government and agency securities. The Company has classified these investments as available-for-sale securities, as the sale of such investments may be required prior to maturity to implement management strategies, and therefore has classified all investments with maturity dates beyond three months at the date of purchase as current assets in the accompanying unaudited condensed consolidated balance sheets. Any premium or discount arising at purchase is amortized and/or accreted to interest income as an adjustment to yield using the straight-line method over the life of the instrument. Investments are reported at their estimated fair value. Unrealized gains and losses are included in accumulated other comprehensive income (loss) as a component of stockholders' equity until realized. |
Allowance for Credit Losses | Allowance for Credit Losses For available-for-sale securities in an unrealized loss position, the Company first assesses whether it intends to sell, or if it is more likely than not that it will be required to sell, the security before recovery of its amortized cost basis. If either of the criteria regarding intent or requirement to sell is met, the security’s amortized cost basis is written down to fair value through earnings. For available-for-sale securities that do not meet the aforementioned criteria, the Company evaluates whether the decline in fair value has resulted from credit losses or other factors. In making this assessment, the Company considers the severity of the impairment, any changes in interest rates, market conditions, changes to the underlying credit ratings and forecasted recovery, among other factors. The credit-related portion of unrealized losses, and any subsequent improvements, are recorded in interest income through an allowance account. Any impairment that has not been recorded through an allowance for credit losses is included in other comprehensive income (loss) on the condensed consolidated balance sheets. The Company excludes the applicable accrued interest from both the fair value and amortized cost basis of available-for-sale securities for purposes of identifying and measuring an impairment. Accrued interest receivable on available-for-sale securities is recorded within prepaid expenses and other current assets on the condensed consolidated balance sheets. The Company’s accounting policy is to not measure an allowance for credit loss for accrued interest receivable and to write-off any uncollectible accrued interest receivable as a reversal of interest income in a timely manner, which is considered to be in the period in which it is determined the accrued interest will not be collected. |
Revenue Recognition | Revenue Recognition In accordance with FASB’s ASC 606, Revenue from Contracts with Customers, or ASC 606, the Company recognizes revenue when its customer obtains control of promised goods or services, in an amount that reflects the consideration which the entity expects to receive in exchange for those goods or services. To determine revenue recognition for arrangements that the Company determines are within the scope of ASC 606, it performs the following five steps: (i) identify the contract(s) with a customer; (ii) identify the performance obligations in the contract; (iii) determine the transaction price; (iv) allocate the transaction price to the performance obligations in the contract; and (v) recognize revenue when (or as) the entity satisfies a performance obligation. The Company applies the five-step model to contracts when it determines that it is probable it will collect the consideration it is entitled to in exchange for the goods or services it transfers to the customer. At contract inception, once the contract is determined to be within the scope of ASC 606, the Company assesses the goods or services promised within each contract and determines those that are performance obligations, and assesses whether each promised good or service is distinct. The Company then recognizes as revenue the amount of the transaction price that is allocated to the respective performance obligation when (or as) the performance obligation is satisfied. In a contract with multiple performance obligations, we must develop estimates and assumptions that require judgment to determine the underlying stand-alone selling price for each performance obligation which determines how the transaction price is allocated among the performance obligation. The estimation of the stand-alone selling price(s) may include estimates regarding forecasted revenues or costs, development timelines, discount rates, and probabilities of technical and regulatory success. We evaluate each performance obligation to determine if it can be satisfied at a point in time or over time. Any change made to estimated progress towards completion of a performance obligation and, therefore, revenue recognized will be recorded as a change in estimate. In addition, variable consideration must be evaluated to determine if it is constrained and, therefore, excluded from the transaction price. Amounts received prior to satisfying the revenue recognition criteria are recognized as deferred revenue in the Company’s balance sheet. Amounts expected to be recognized as revenue within the twelve months following the balance sheet date are classified as the current portion of deferred revenue. Amounts not expected to be recognized as revenue within the twelve months following the balance sheet date are classified as deferred revenue, net of current portion. As of June 30, 2024 and 2023, the Company did not have a deferred revenue balance. Collaboration Revenue If a license to our intellectual property is determined to be distinct from the other performance obligations identified in a contract, we recognize revenues from the transaction price allocated to the license when the license is transferred to the licensee and the licensee is able to use and benefit from the license. For licenses that are bundled with other promises, we utilize judgment to assess the nature of the combined performance obligation to determine whether the combined performance obligation is satisfied over time or at a point in time and, if over time, the appropriate method of measuring progress for purposes of recognizing revenue from the allocated transaction price. We evaluate the measure of progress at each reporting period and, if necessary, adjust the measure of performance and related revenue or expense recognition as a change in estimate. At the inception of each arrangement that includes milestone payments, we evaluate whether the milestones are considered probable of being reached. If it is probable that a significant revenue reversal would not occur, the associated milestone value is included in the transaction price. Milestone payments that are not within our or a collaboration partner’s control, such as regulatory approvals, are generally not considered probable of being achieved until those approvals are received. At the end of each reporting period, we re-evaluate the probability of achievement of milestones that are within our or a collaboration partner’s control, such as operational development milestones and any related constraint, and, if necessary, adjust our estimate of the overall transaction price. Any such adjustments are recorded on a cumulative catch-up basis, which will affect collaboration revenues and earnings in the period of adjustment. Revisions to our estimate of the transaction price may also result in negative collaboration revenues and earnings in the period of adjustment. For arrangements that include sales-based royalties, including commercial milestone payments based on the level of sales, and a license is deemed to be the predominant item to which the royalties relate, we will recognize revenue at the later of (i) when the related sales occur, or (ii) when the performance obligation to which some or all of the royalty has been allocated has been satisfied, or partially satisfied. In January 2024, we entered into a strategic development and commercialization agreement ("License Agreement") with Théa Open Innovation ("TOI"), a sister company of the global ophthalmic specialty company Laboratoires Théa ("Théa"). Under the agreement, Kiora granted TOI exclusive worldwide development and commercialization rights, excluding certain countries in Asia, to KIO-301 for the treatment of degenerative retinal diseases (the "License"). We concluded that the Licensing Agreement contains one material performance obligation, the License. The transaction price includes the upfront, non-refundable payment of $16.0 million (the "License Access Fee"). The Company did not include any development or regulatory milestones in the transaction price because it is probable that changes in the estimate of receiving those milestones would result in significant reversals of cumulative revenue in future periods, due to the inherent risks and uncertainties in the drug development process. The sales-based milestones and royalties are not included in the transaction price per ASC 606-10-32-11 and ASC 606-10-55-65. There is no financing component in the License Agreement. The initial transaction price will be allocated to the one performance obligation identified (i.e., the License), which was transferred to TOI at the execution of the License Agreement and the entire $16.0 million transaction price was recognized in the first quarter of 2024 upon the satisfaction of the license performance obligations. The variable consideration for development and regulatory milestones, commercial milestones, and royalties will be allocated to each development license performance obligation, if and when it is included in the transaction price. When it is probable that including milestones in the transaction price will not result in significant reversals of cumulative revenue in future periods, the Company will recognize the revenue for the milestones immediately since the license performance obligation to which the milestones relate has already been fully satisfied when the change in estimate of the variable consideration occurs. Since the reimbursement for the development activities clearly relates to those activities and are accounted for under ASC 808, the Company will recognize those amounts that are due from TOI as contra-R&D expense. |
Collaborative Agreements | Collaboration Agreements The Company has entered into a research agreement that falls under the scope of ASC 808, Collaborative Arrangements. Reimbursements from a collaboration partner are recorded as a reduction to research and development expense in the condensed consolidated statements of operations and comprehensive income (loss). Similarly, amounts that are owed to a collaboration partner are recognized as research and development expense in the condensed consolidated statements of operations and comprehensive income (loss). |
Refunds for Research and Development | Refunds for Research and Development |
Balance Sheet Information (Tabl
Balance Sheet Information (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Balance Sheet Related Disclosures [Abstract] | |
Schedule of of Cash and Cash Equivalents and Restricted Cash | A summary of cash and cash equivalents and restricted cash is as follows: June 30, 2024 December 31, 2023 Cash and Cash Equivalents $ 6,575,394 $ 2,454,684 Restricted Cash, Non-current 4,179 4,267 Total Cash, Cash Equivalents and Restricted Cash $ 6,579,573 $ 2,458,951 |
Schedule of Restricted Cash | A summary of cash and cash equivalents and restricted cash is as follows: June 30, 2024 December 31, 2023 Cash and Cash Equivalents $ 6,575,394 $ 2,454,684 Restricted Cash, Non-current 4,179 4,267 Total Cash, Cash Equivalents and Restricted Cash $ 6,579,573 $ 2,458,951 |
Schedule of Short term Investments | The following table summarizes short-term investments: As of June 30, 2024 Unrealized Amortized Cost Gains Losses Estimated Fair Value US Treasuries $ 3,272,169 $ — $ (320) $ 3,271,849 Government Agency Securities 13,359,394 805 (3,391) 13,356,808 Corporate Debt Securities 4,181,391 740 (1,980) 4,180,151 Asset Backed Securities 432,590 1,288 (15) 433,863 Total Short-term Investments $ 21,245,544 $ 2,833 $ (5,706) $ 21,242,671 |
Debt Securities, Available-for-Sale | The following table summarizes the maturities of the Company's short-term investments at June 30, 2024: Amortized Cost Estimated Fair Value Due in one year or less $ 20,812,954 $ 20,808,808 Due in one to five years 432,590 433,863 Total Short-term Investments $ 21,245,544 $ 21,242,671 |
Schedule of Available-for-Sale Investements Gross Unrealized Losses and Fair Value | The following table shows the Company's available-for-sale investments' gross unrealized losses and fair value aggregated by investment category and length of time that individual securities have been in a continuous loss position, at June 30, 2024: As of June 30, 2024 Less than 12 months Count Fair Value Unrealized Losses US Treasuries 2 $ 3,271,849 $ (320) Government Agency Securities 12 10,091,878 (3,391) Corporate Debt Securities 27 3,148,969 (1,980) Asset Backed Securities 1 98,384 (15) Total 42 $ 16,611,080 $ (5,706) |
Schedule of Prepaid Expenses and Other Current Assets | Prepaid expenses and other current assets consist of the following: June 30, 2024 December 31, 2023 Prepaid Research and Development $ 143,824 $ 23,066 Prepaid General and Administrative 115,566 73,109 Prepaid Insurance 80,256 123,807 Other — 13,400 Total Prepaid Expenses and Other Current Assets $ 339,646 $ 233,382 |
Schedule of Tax and Other Receivables | Tax and other receivables consist of the following: June 30, 2024 December 31, 2023 Research Tax Credits $ 1,610,570 $ 1,899,880 Other Tax Receivables 136,593 150,085 Vendor Credits 336,114 — Accrued Collaboration Credit 248,520 $ — Total Tax and Other Receivables $ 2,331,797 $ 2,049,965 |
Schedule of Accrued Expenses | Accrued expenses consist of the following: June 30, 2024 December 31, 2023 Payroll and Benefits $ 677,598 $ 875,254 Professional Fees 93,679 43,387 Clinical Trials 412,153 397,465 Taxes 100,000 — Other 61,762 64,560 Total Accrued Expenses $ 1,345,192 $ 1,380,666 |
Fair Value Disclosures (Tables)
Fair Value Disclosures (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Fair Value Disclosures [Abstract] | |
Schedule of Assets Measured on Recurring Basis | The following table summarizes the Company's financial instruments measured at fair value on a recurring basis as of June 30, 2024. There were no financial instruments measured at fair value as of December 31, 2023. Fair Value Measurements at Reporting Date Using Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant Unobservable Inputs Total (Level 1) (Level 2) (Level 3) As of June 30, 2024 Cash Equivalents: Money Market Funds $ 3,131,374 $ 3,131,374 $ — $ — US Treasury Securities 1,835,590 — 1,835,590 — Total Cash Equivalents Measured at Fair Value $ 4,966,964 $ 3,131,374 $ 1,835,590 $ — Short-term Investments: US Treasuries $ 3,271,849 $ — $ 3,271,849 $ — Government Agency Securities 13,356,808 — 13,356,808 — Corporate Debt Securities 4,180,151 — 4,180,151 — Asset Backed Securities 433,863 — 433,863 — Total Short-term Investments Measured at Fair Value $ 21,242,671 $ — $ 21,242,671 $ — Total Assets Measured at Fair Value $ 26,209,635 $ 3,131,374 $ 23,078,261 $ — |
Schedule of Liabilities Measured on Recurring Basis | The following table provides information for liabilities measured at fair value on a recurring basis using Level 3 inputs: June 30, 2024 December 31, 2023 Contingent Consideration: Non-current $ 5,236,999 $ 5,128,959 Total Contingent Consideration $ 5,236,999 $ 5,128,959 |
Schedule of Unobservable Level 3 Inputs | After the initial valuation, the Company generally uses its best estimate to measure contingent consideration at each subsequent reporting period using the following unobservable Level 3 inputs: Valuation Technique Unobservable Inputs June 30, 2024 December 31, 2023 Discounted cash flow Payment discount rate 15.0 % 13.1 % Bayon Payment period 2025 - 2027 2025 - 2027 Panoptes Payment period 2026 - 2028 2026 - 2028 Jade Payment period 2027 2027 Bayon Probability of success for payment 42% - 71% 42% - 71% Panoptes Probability of success for payment 30% - 33% 30% - 33% Jade Probability of success for payment 56% 56% The Company engaged a third-party valuation firm to complete a quantitative assessment of in-process R&D as of August 31, 2023, which includes the following unobservable Level 3 inputs: Valuation Technique Unobservable Inputs Discount Rate KIO-101 Relief from Royalty Method Probability of success for next development phase 17% 30 % KIO-104 Multi-Period Excess Earnings Method Probability of success for next development phase 17% to 18% 25 % KIO-201 Relief from Royalty Method Probability of success for next development phase 17% to 47% 30 % KIO-301 Multi-Period Excess Earnings Method Probability of success for next development phase 17% to 67% 25 % |
Warrants (Tables)
Warrants (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Warrants | |
Schedule of Warrant Activity | The following is a summary of warrant activity for the Company’s equity-classified warrants for the six months ended June 30, 2024: Number of Common Shares Weighted Average Weighted Average Outstanding at December 31, 2023 1,451,589 $ 25.21 2.43 Issued 6,747,648 $ 4.45 5.93 Exercised (358,831) $ 4.71 Expired (380,831) $ 4.71 Outstanding at June 30, 2024 7,459,575 $ 7.76 5.33 |
Net Income (Loss) per Share -_2
Net Income (Loss) per Share - Basic and Diluted (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Earnings Per Share [Abstract] | |
Summary of Potential Common Stock Equivalents are not Included in the Calculation of Diluted Net Loss Per Share | The following is a summary of potentially dilutive securities excluded from the calculation of diluted net income (loss) per share as of June 30: 2024 2023 Common Stock Warrants, Excluding Pre-funded Warrants 6,197,993 1,457,054 Employee Stock Options 88,993 23,505 Restricted Stock 24,094 7,478 Preferred Stock, as Converted into Common Stock 42,426 95,956 Common Stock Reserved for Future Issuance 555,556 1,680 Total 6,909,062 1,585,672 |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Share-Based Payment Arrangement [Abstract] | |
Schedule of Stock-based Compensation Expense | Stock-based compensation expense is presented in the same expense line items as cash compensation paid and for the three and six months ended June 30 is as follows: Three months ended June 30 Six months ended June 30 2024 2023 2024 2023 Research and Development $ 94,092 $ 66,226 $ 188,663 $ 130,913 General and Administrative 55,703 105,569 136,575 176,823 Total Stock-Based Compensation Expense $ 149,795 $ 171,795 $ 325,238 $ 307,736 |
Schedule of Weighted Average Assumptions | A summary of the Company’s assumptions used in determining the fair value of the stock options granted during the six months ended June 30, 2024 and 2023 is shown in the following table. Note there were no options granted during the six months ended June 30, 2024: Six months ended June 30 2024 2023 Risk-Free Interest Rate N/A 4.26 % Expected Life (years) N/A 5.00 Expected Stock Price Volatility N/A 142 % Expected Dividend Yield — % — % |
Schedule of Stock Option Activity | Following is a summary of stock option activity for the six months ended June 30, 2024: Number of Weighted- Average Weighted- Average Outstanding at December 31, 2023 90,382 $ 41.43 9.29 Expired (423) $ 980.89 Forfeited (966) $ 8.37 Outstanding at June 30, 2024 88,993 $ 37.32 8.93 Exercisable and vested at June 30, 2024 27,701 $ 96.70 8.59 |
Schedule of Restricted Stock Activity | The following is a summary of restricted stock activity for the six months ended June 30, 2024: Number of Weighted- Average Weighted- Average Non-vested Outstanding at December 31, 2023 25,493 $ 14.75 2.57 Released (1,371) $ 34.45 Forfeited (28) $ 34.20 Non-vested Outstanding at June 30, 2024 24,094 $ 13.60 2.09 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of Future Annual Minimum Lease Payments Under Non-Cancellable Operating Leases | Future annual minimum lease payments under non-cancellable operating leases as of June 30, 2024 are as follows: Years Ending December 31, 2024 (remaining months) $ 26,771 2025 27,142 2026 13,942 2027 13,942 2028 11,038 Total Lease Liabilities 92,835 Less Amounts Representing Interest (10,513) Total 82,322 Less Current Portion (42,126) $ 40,197 |
Schedule of Maximum Obligation Payments Per Respective Agreements and Estimated Fair Value of Contingent Consideration | Below are the maximum obligation payments per the respective agreements and estimated fair value of contingent consideration payments remaining as of June 30, 2024. Maximum Obligation Current Fair Bayon $ 7,135,000 $ 2,435,534 Panoptes 9,500,000 2,011,921 Jade 2,164,451 789,544 $ 18,799,451 $ 5,236,999 |
Business, Presentation and Re_3
Business, Presentation and Recent Accounting Pronouncements (Details) | 1 Months Ended | 3 Months Ended | |||||
Jun. 11, 2024 shares | Jan. 31, 2024 performance_obligation | Mar. 31, 2024 USD ($) | Jun. 30, 2024 USD ($) shares | Jun. 10, 2024 shares | May 01, 2024 shares | Dec. 31, 2023 USD ($) shares | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||||||
Reverse stock split, conversion ratio | 0.111111111111111 | ||||||
Common stock, shares authorized (in shares) | shares | 150,000,000 | 150,000,000 | 150,000,000 | 50,000,000 | |||
Common stock, shares, outstanding (in shares) | shares | 2,970,545 | 2,970,545 | 26,735,116 | 856,182 | |||
Cash and cash equivalents | $ 6,575,394 | $ 2,454,684 | |||||
Short-term investments | 21,242,671 | 0 | |||||
Accumulated deficit | $ 135,745,294 | $ 146,976,855 | |||||
Number of performance obligations | performance_obligation | 1 | ||||||
Proceeds from collaborators | $ 16,000,000 |
Balance Sheet Information - Cas
Balance Sheet Information - Cash, Cash Equivalents and Restricted Cash (Details) - USD ($) | Jun. 30, 2024 | Dec. 31, 2023 | Jun. 30, 2023 | Dec. 31, 2022 |
Balance Sheet Related Disclosures [Abstract] | ||||
Cash and Cash Equivalents | $ 6,575,394 | $ 2,454,684 | ||
Restricted Cash, Non-current | 4,179 | 4,267 | ||
Total Cash, Cash Equivalents and Restricted Cash | $ 6,579,573 | $ 2,458,951 | $ 7,955,800 | $ 6,013,816 |
Balance Sheet Information - Sho
Balance Sheet Information - Short-term Investments (Details) | Jun. 30, 2024 USD ($) |
Debt Securities, Available-for-Sale [Line Items] | |
Amortized Cost | $ 21,245,544 |
Unrealized Gains | 2,833 |
Unrealized Losses | (5,706) |
Estimated Fair Value | 21,242,671 |
US Treasuries | |
Debt Securities, Available-for-Sale [Line Items] | |
Amortized Cost | 3,272,169 |
Unrealized Gains | 0 |
Unrealized Losses | (320) |
Estimated Fair Value | 3,271,849 |
Government Agency Securities | |
Debt Securities, Available-for-Sale [Line Items] | |
Amortized Cost | 13,359,394 |
Unrealized Gains | 805 |
Unrealized Losses | (3,391) |
Estimated Fair Value | 13,356,808 |
Corporate Debt Securities | |
Debt Securities, Available-for-Sale [Line Items] | |
Amortized Cost | 4,181,391 |
Unrealized Gains | 740 |
Unrealized Losses | (1,980) |
Estimated Fair Value | 4,180,151 |
Asset Backed Securities | |
Debt Securities, Available-for-Sale [Line Items] | |
Amortized Cost | 432,590 |
Unrealized Gains | 1,288 |
Unrealized Losses | (15) |
Estimated Fair Value | $ 433,863 |
Balance Sheet Information - Mat
Balance Sheet Information - Maturities of Short-term Investments (Details) | Jun. 30, 2024 USD ($) |
Amortized Cost | |
Due in one year or less | $ 20,812,954 |
Due in one to five years | 432,590 |
Amortized Cost | 21,245,544 |
Estimated Fair Value | |
Due in one year or less | 20,808,808 |
Due in one to five years | 433,863 |
Estimated Fair Value | $ 21,242,671 |
Balance Sheet Information - Ava
Balance Sheet Information - Available-for-Sale Investments Gross Unrealized Losses and Fair Value (Details) | Jun. 30, 2024 USD ($) count |
Count | |
Count | count | 42 |
Fair Value | |
Fair Value | $ 16,611,080 |
Unrealized Losses | |
Unrealized Losses | $ (5,706) |
US Treasuries | |
Count | |
Count | count | 2 |
Fair Value | |
Fair Value | $ 3,271,849 |
Unrealized Losses | |
Unrealized Losses | $ (320) |
Government Agency Securities | |
Count | |
Count | count | 12 |
Fair Value | |
Fair Value | $ 10,091,878 |
Unrealized Losses | |
Unrealized Losses | $ (3,391) |
Corporate Debt Securities | |
Count | |
Count | count | 27 |
Fair Value | |
Fair Value | $ 3,148,969 |
Unrealized Losses | |
Unrealized Losses | $ (1,980) |
Asset Backed Securities | |
Count | |
Count | count | 1 |
Fair Value | |
Fair Value | $ 98,384 |
Unrealized Losses | |
Unrealized Losses | $ (15) |
Balance Sheet Information - Pre
Balance Sheet Information - Prepaid Expenses and Other Current Assets (Details) - USD ($) | Jun. 30, 2024 | Dec. 31, 2023 |
Prepaid Expense, Current [Abstract] | ||
Prepaid Research and Development | $ 143,824 | $ 23,066 |
Prepaid General and Administrative | 115,566 | 73,109 |
Prepaid Insurance | 80,256 | 123,807 |
Other | 0 | 13,400 |
Total Prepaid Expenses and Other Current Assets | $ 339,646 | $ 233,382 |
Balance Sheet Information - Sch
Balance Sheet Information - Schedule of Tax and Other Receivables (Details) - USD ($) | Jun. 30, 2024 | Dec. 31, 2023 |
Balance Sheet Related Disclosures [Abstract] | ||
Research Tax Credits | $ 1,610,570 | $ 1,899,880 |
Other Tax Receivables | 136,593 | 150,085 |
Vendor Credits | 336,114 | 0 |
Accrued Collaboration Credit | 248,520 | 0 |
Total Tax and Other Receivables | $ 2,331,797 | $ 2,049,965 |
Balance Sheet Information - Acc
Balance Sheet Information - Accrued Expenses (Details) - USD ($) | Jun. 30, 2024 | Dec. 31, 2023 |
Balance Sheet Related Disclosures [Abstract] | ||
Payroll and Benefits | $ 677,598 | $ 875,254 |
Professional Fees | 93,679 | 43,387 |
Clinical Trials | 412,153 | 397,465 |
Taxes | 100,000 | 0 |
Other | 61,762 | 64,560 |
Total Accrued Expenses | $ 1,345,192 | $ 1,380,666 |
Fair Value Disclosures - Assets
Fair Value Disclosures - Assets at Fair Value (Details) - Recurring | Jun. 30, 2024 USD ($) |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Total Cash Equivalents Measured at Fair Value | $ 4,966,964 |
Total Short-term Investments Measured at Fair Value | 21,242,671 |
Total Assets Measured at Fair Value | 26,209,635 |
US Treasuries | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Total Short-term Investments Measured at Fair Value | 3,271,849 |
Government Agency Securities | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Total Short-term Investments Measured at Fair Value | 13,356,808 |
Corporate Debt Securities | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Total Short-term Investments Measured at Fair Value | 4,180,151 |
Asset Backed Securities | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Total Short-term Investments Measured at Fair Value | 433,863 |
Money Market Funds | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Total Cash Equivalents Measured at Fair Value | 3,131,374 |
US Treasuries | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Total Cash Equivalents Measured at Fair Value | 1,835,590 |
Quoted Prices in Active Markets for Identical Assets | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Total Cash Equivalents Measured at Fair Value | 3,131,374 |
Total Short-term Investments Measured at Fair Value | 0 |
Total Assets Measured at Fair Value | 3,131,374 |
Quoted Prices in Active Markets for Identical Assets | US Treasuries | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Total Short-term Investments Measured at Fair Value | 0 |
Quoted Prices in Active Markets for Identical Assets | Government Agency Securities | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Total Short-term Investments Measured at Fair Value | 0 |
Quoted Prices in Active Markets for Identical Assets | Corporate Debt Securities | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Total Short-term Investments Measured at Fair Value | 0 |
Quoted Prices in Active Markets for Identical Assets | Asset Backed Securities | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Total Short-term Investments Measured at Fair Value | 0 |
Quoted Prices in Active Markets for Identical Assets | Money Market Funds | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Total Cash Equivalents Measured at Fair Value | 3,131,374 |
Quoted Prices in Active Markets for Identical Assets | US Treasuries | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Total Cash Equivalents Measured at Fair Value | 0 |
Significant Other Observable Inputs | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Total Cash Equivalents Measured at Fair Value | 1,835,590 |
Total Short-term Investments Measured at Fair Value | 21,242,671 |
Total Assets Measured at Fair Value | 23,078,261 |
Significant Other Observable Inputs | US Treasuries | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Total Short-term Investments Measured at Fair Value | 3,271,849 |
Significant Other Observable Inputs | Government Agency Securities | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Total Short-term Investments Measured at Fair Value | 13,356,808 |
Significant Other Observable Inputs | Corporate Debt Securities | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Total Short-term Investments Measured at Fair Value | 4,180,151 |
Significant Other Observable Inputs | Asset Backed Securities | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Total Short-term Investments Measured at Fair Value | 433,863 |
Significant Other Observable Inputs | Money Market Funds | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Total Cash Equivalents Measured at Fair Value | 0 |
Significant Other Observable Inputs | US Treasuries | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Total Cash Equivalents Measured at Fair Value | 1,835,590 |
Significant Unobservable Inputs | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Total Cash Equivalents Measured at Fair Value | 0 |
Total Short-term Investments Measured at Fair Value | 0 |
Total Assets Measured at Fair Value | 0 |
Significant Unobservable Inputs | US Treasuries | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Total Short-term Investments Measured at Fair Value | 0 |
Significant Unobservable Inputs | Government Agency Securities | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Total Short-term Investments Measured at Fair Value | 0 |
Significant Unobservable Inputs | Corporate Debt Securities | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Total Short-term Investments Measured at Fair Value | 0 |
Significant Unobservable Inputs | Asset Backed Securities | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Total Short-term Investments Measured at Fair Value | 0 |
Significant Unobservable Inputs | Money Market Funds | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Total Cash Equivalents Measured at Fair Value | 0 |
Significant Unobservable Inputs | US Treasuries | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Total Cash Equivalents Measured at Fair Value | $ 0 |
Fair Value Disclosures - Liabil
Fair Value Disclosures - Liabilities at Fair Value (Details) - USD ($) | Jun. 30, 2024 | Dec. 31, 2023 |
Liabilities, Fair Value Disclosure [Abstract] | ||
Non-current | $ 5,236,999 | $ 5,128,959 |
Recurring | Significant Unobservable Inputs | ||
Liabilities, Fair Value Disclosure [Abstract] | ||
Non-current | 5,236,999 | 5,128,959 |
Total Contingent Consideration | $ 5,236,999 | $ 5,128,959 |
Fair Value Disclosures - Unobse
Fair Value Disclosures - Unobservable Level 3 Inputs (Details) - Discounted cash flow | Jun. 30, 2024 | Dec. 31, 2023 |
Payment discount rate | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Business combination, measurement input, rate | 0.150 | 0.131 |
Probability of success for payment | Bayon | Minimum | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Business combination, measurement input, rate | 0.42 | 0.42 |
Probability of success for payment | Bayon | Maximum | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Business combination, measurement input, rate | 0.71 | 0.71 |
Probability of success for payment | Panoptes | Minimum | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Business combination, measurement input, rate | 0.30 | 0.30 |
Probability of success for payment | Panoptes | Maximum | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Business combination, measurement input, rate | 0.33 | 0.33 |
Probability of success for payment | Jade | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Business combination, measurement input, rate | 0.56 | 0.56 |
Fair Value Disclosures - Narrat
Fair Value Disclosures - Narrative (Details) - USD ($) | 6 Months Ended | |
Jun. 30, 2024 | Jun. 30, 2023 | |
Fair Value Disclosures [Abstract] | ||
Change in fair value of contingent consideration | $ 108,000 | $ 400,000 |
Fair Value Disclosures - Estima
Fair Value Disclosures - Estimate to Measure Contingent Consideration Unobservable Level 3 In-process R&D (Details) | Aug. 31, 2023 |
Probability of success for next development phase | Relief from Royalty Method | KIO-101 | |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |
In-process R&D | 0.17 |
Probability of success for next development phase | Relief from Royalty Method | KIO-201 | Minimum | |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |
In-process R&D | 0.17 |
Probability of success for next development phase | Relief from Royalty Method | KIO-201 | Maximum | |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |
In-process R&D | 0.47 |
Probability of success for next development phase | Multi-Period Excess Earnings Method | KIO-104 | Minimum | |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |
In-process R&D | 0.17 |
Probability of success for next development phase | Multi-Period Excess Earnings Method | KIO-104 | Maximum | |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |
In-process R&D | 0.18 |
Probability of success for next development phase | Multi-Period Excess Earnings Method | KIO-301 | Minimum | |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |
In-process R&D | 0.17 |
Probability of success for next development phase | Multi-Period Excess Earnings Method | KIO-301 | Maximum | |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |
In-process R&D | 0.67 |
Payment discount rate | Relief from Royalty Method | KIO-101 | |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |
In-process R&D | 0.30 |
Payment discount rate | Relief from Royalty Method | KIO-201 | |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |
In-process R&D | 0.30 |
Payment discount rate | Multi-Period Excess Earnings Method | KIO-104 | |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |
In-process R&D | 0.25 |
Payment discount rate | Multi-Period Excess Earnings Method | KIO-301 | |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |
In-process R&D | 0.25 |
Capital Stock (Details)
Capital Stock (Details) | 1 Months Ended | 6 Months Ended | ||||||||||||||||
Jan. 31, 2024 USD ($) day $ / shares shares | Aug. 07, 2023 USD ($) day $ / shares shares | Jun. 06, 2023 USD ($) $ / shares shares | Feb. 22, 2023 USD ($) shares | Feb. 03, 2023 USD ($) $ / shares shares | Jun. 30, 2024 USD ($) $ / shares shares | Feb. 29, 2024 USD ($) $ / shares shares | Nov. 30, 2023 USD ($) shares | Aug. 31, 2023 shares | Jul. 31, 2023 shares | Jun. 30, 2023 shares | Apr. 30, 2023 USD ($) shares | Feb. 28, 2023 shares | Jun. 30, 2024 USD ($) $ / shares shares | Jun. 30, 2023 USD ($) shares | Jun. 11, 2024 shares | May 01, 2024 shares | Dec. 31, 2023 shares | |
Class of Stock [Line Items] | ||||||||||||||||||
Number of warrants issued to purchase the shares (in shares) | 5,486,066 | |||||||||||||||||
Gross Proceeds from Private Placement | $ | $ 14,998,865 | $ 200,000 | ||||||||||||||||
Proceeds from issuance of common stock, net of offering costs | $ | 0 | 442,310 | ||||||||||||||||
Issuance of Common Stock from Warrant Exercises (in shares) | 5,556 | |||||||||||||||||
Net proceeds | $ | $ 5,600,000 | |||||||||||||||||
Underwriting discount and commissions | $ | 500,000 | |||||||||||||||||
Underwriting discount and commissions expenses | $ | $ 200,000 | |||||||||||||||||
Class of warrant or right, outstanding (in shares) | 1,277,778 | |||||||||||||||||
Warrant, down round feature, decrease in net income to common shareholder, amount | $ | $ 500,000 | |||||||||||||||||
Exercise of Warrants | $ | $ 8,600 | $ 1,689,339 | $ 298,500 | |||||||||||||||
Common stock, shares authorized (in shares) | 150,000,000 | 150,000,000 | 150,000,000 | 150,000,000 | 50,000,000 | |||||||||||||
Class C Warrant | ||||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||||
Issuance of Common Stock from Warrant Exercises (in shares) | 911 | |||||||||||||||||
Class D Warrants | ||||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||||
Exercise price (in usd per share) | $ / shares | $ 4.7079 | $ 4.7079 | $ 4.7079 | |||||||||||||||
Issuance of Common Stock from Warrant Exercises (in shares) | 53,213 | 203,934 | 911 | |||||||||||||||
Exercise of Warrants | $ | $ 300,000 | $ 1,000,000 | ||||||||||||||||
Class C Warrants | ||||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||||
Exercise price (in usd per share) | $ / shares | $ 4.7079 | |||||||||||||||||
Issuance of Common Stock from Warrant Exercises (in shares) | 101,684 | |||||||||||||||||
Exercise of Warrants | $ | $ 400,000 | |||||||||||||||||
Common Stock | ||||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||||
Convertible preferred stock, shares issued upon conversion (in shares) | 481,770 | 481,770 | 2,688,822 | 2,688,822 | ||||||||||||||
Series F Convertible Preferred Stock | ||||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||||
Conversion of stock, shares converted (in shares) | 530 | 530 | 2,958 | |||||||||||||||
Lincoln Park | ||||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||||
Proceeds from issuance of common stock, net of offering costs | $ | $ 100,000 | $ 300,000 | ||||||||||||||||
Lincoln Park | Common Stock | ||||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||||
Issuance of common stock (in shares) | 20,000 | 11,667 | ||||||||||||||||
Equity line of credit (up to) | $ | $ 10,000,000 | |||||||||||||||||
Maxim Group LLC | ||||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||||
Net proceeds | $ | $ 13,800,000 | |||||||||||||||||
Sale of stock, number of shares issued in transaction (in shares) | 1,755,556 | |||||||||||||||||
Maxim Group LLC | Pre Funded Warrants | ||||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||||
Number of warrants issued to purchase the shares (in shares) | 1,261,582 | |||||||||||||||||
Maxim Group LLC | Tranche A Warrants and Tranche B Warrants | ||||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||||
Number of warrants issued to purchase the shares (in shares) | 5,486,066 | |||||||||||||||||
Maxim Group LLC | Tranche A Warrants | ||||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||||
Number of warrants issued to purchase the shares (in shares) | 2,743,033 | |||||||||||||||||
Exercise price (in usd per share) | $ / shares | $ 5.4684 | |||||||||||||||||
Warrants and rights outstanding, term | 5 years | |||||||||||||||||
Proceeds from issuance of warrants | $ | $ 15,000,000 | |||||||||||||||||
Class of warrant or right, threshold trading days | day | 30 | |||||||||||||||||
Class of warrant or right, volume weighted average price of common stock (in usd per share) | $ / shares | $ 9.9432 | |||||||||||||||||
Class of warrant or right, threshold consecutive trading days | day | 30 | |||||||||||||||||
Maxim Group LLC | Tranche B Warrants | ||||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||||
Number of warrants issued to purchase the shares (in shares) | 2,743,033 | |||||||||||||||||
Exercise price (in usd per share) | $ / shares | $ 5.4684 | |||||||||||||||||
Warrants and rights outstanding, term | 5 years | |||||||||||||||||
Proceeds from issuance of warrants | $ | $ 15,000,000 | |||||||||||||||||
Class of warrant or right, threshold trading days | day | 30 | |||||||||||||||||
Class of warrant or right, volume weighted average price of common stock (in usd per share) | $ / shares | $ 12.4290 | |||||||||||||||||
Class of warrant or right, threshold consecutive trading days | day | 30 | |||||||||||||||||
Private Placement | ||||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||||
Issuance of common stock (in shares) | 5,866 | |||||||||||||||||
Number of warrants issued to purchase the shares (in shares) | 11,733 | |||||||||||||||||
Gross Proceeds from Private Placement | $ | $ 100,000 | |||||||||||||||||
Warrants exercisable, anniversary of closing date | 6 months | |||||||||||||||||
Warrants and rights outstanding, term | 5 years | |||||||||||||||||
Private Placement | Common Stock | ||||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||||
Exercise price (in usd per share) | $ / shares | $ 31.842 | |||||||||||||||||
Public Offering | ||||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||||
Proceeds from issuance of common stock, net of offering costs | $ | $ 0 | $ 6,325,000 | ||||||||||||||||
Public Offering | Class C Warrant | ||||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||||
Number of warrants issued to purchase the shares (in shares) | 638,889 | |||||||||||||||||
Public Offering | Class D Warrant | ||||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||||
Number of warrants issued to purchase the shares (in shares) | 638,889 | |||||||||||||||||
Public Offering | Class C and Class D Warrants | ||||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||||
Exercise price (in usd per share) | $ / shares | $ 4.7079 | $ 9.90 | ||||||||||||||||
Warrants exercise price reduction, trading days, threshold, immediately following initial exercise day | day | 60 | |||||||||||||||||
Exercise price reduction percentage of average of the VWAP for trading day period immediately prior to reset date | 90% | |||||||||||||||||
Warrants exercise price reduction, trading days, threshold, prior to reset date | day | 5 | |||||||||||||||||
Public Offering | Common shares | ||||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||||
Issuance of common stock (in shares) | 244,181 | |||||||||||||||||
Number of warrants issued to purchase the shares (in shares) | 3,552,372 | |||||||||||||||||
Public Offering | Series F Convertible Preferred Stock | ||||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||||
Convertible preferred stock, shares issued upon conversion (in shares) | 3,908 | |||||||||||||||||
Public Offering | Series F Convertible Preferred Stock | 909 Class C and 909 Class D Warrants | ||||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||||
Purchase price (in usd per share) | $ / shares | $ 8,999 | |||||||||||||||||
Over-Allotment Option | Class C Warrants, Exercise of Option | ||||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||||
Number of warrants issued to purchase the shares (in shares) | 83,333 | |||||||||||||||||
Over-Allotment Option | Class D Warrant, Exercise Of Option | ||||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||||
Number of warrants issued to purchase the shares (in shares) | 83,333 | |||||||||||||||||
Over-Allotment Option | Common Stock | ||||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||||
Number of warrants issued to purchase the shares (in shares) | 750,000 |
Warrants (Details)
Warrants (Details) - Common Stock Warrants - $ / shares | 6 Months Ended | 12 Months Ended |
Jun. 30, 2024 | Dec. 31, 2023 | |
Number of Common Shares Issuable Upon Exercise of Outstanding Warrants | ||
Outstanding at beginning of year (in shares) | 1,451,589 | |
Issued (in shares) | 6,747,648 | |
Exercised (in shares) | (358,831) | |
Expired (in shares) | (380,831) | |
Outstanding at end of year (in shares) | 7,459,575 | 1,451,589 |
Weighted Average Exercise Price | ||
Outstanding at beginning of year (in usd per share) | $ 25.21 | |
Issued (in usd per share) | 4.45 | |
Exercised (in usd per share) | 4.71 | |
Expired (in usd per share) | 4.71 | |
Outstanding at end of year (in usd per share) | $ 7.76 | $ 25.21 |
Weighted Average Remaining Term in Years | ||
Outstanding | 5 years 3 months 29 days | 2 years 5 months 4 days |
Issued | 5 years 11 months 4 days |
Net Income (Loss) per Share -_3
Net Income (Loss) per Share - Basic and Diluted (Details) - shares | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Weighted-average unvested restricted common stock that has been issued and is subject to forfeiture (in shares) | 24,094 | 7,478 | 24,094 | 7,478 |
Anti-dilutive shares excluded from the calculation of net loss per share (in shares) | 6,909,062 | 1,585,672 | ||
Common Stock Warrants, Excluding Pre-funded Warrants | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Anti-dilutive shares excluded from the calculation of net loss per share (in shares) | 6,197,993 | 1,457,054 | ||
Employee Stock Options | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Anti-dilutive shares excluded from the calculation of net loss per share (in shares) | 88,993 | 23,505 | ||
Restricted Stock | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Anti-dilutive shares excluded from the calculation of net loss per share (in shares) | 24,094 | 7,478 | ||
Preferred Stock, as Converted into Common Stock | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Anti-dilutive shares excluded from the calculation of net loss per share (in shares) | 42,426 | 95,956 | ||
Common Stock Reserved for Future Issuance | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Anti-dilutive shares excluded from the calculation of net loss per share (in shares) | 555,556 | 1,680 |
Stock-Based Compensation - Addi
Stock-Based Compensation - Additional Information (Details) - USD ($) | 6 Months Ended | 12 Months Ended | |
Jun. 30, 2024 | Jun. 30, 2023 | Dec. 31, 2010 | |
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | |||
Options granted (in shares) | 0 | ||
Weighted average fair value of options granted (in usd per share) | $ 29.30 | ||
Unamortized compensation expense related to options | $ 500,000 | ||
Expected weighted average period of recognition of compensation expense | 1 year 8 months 26 days | ||
Aggregate intrinsic value of options exercisable | $ 0 | ||
Aggregate intrinsic value of options outstanding | $ 0 | ||
Share price (in usd per share) | $ 4.20 | ||
2014 Plan | |||
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | |||
Maximum number of shares authorized (in shares) | 733,100 | ||
Number of shares available for awards (in shares) | 555,556 | ||
Employee Stock Purchase Plan | |||
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | |||
Maximum number of shares authorized (in shares) | 32 | ||
Number of shares available for awards (in shares) | 23 | 23 | |
Offering period | 6 months | ||
Employee Stock Options | |||
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | |||
Award service period | 3 years | ||
Employee Stock Options | Tranche One | |||
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | |||
Vesting period | 1 year | ||
Share-based compensation arrangement by share-based payment award, award vesting rights, percentage | 33% | ||
Employee Stock Options | Tranche Two | |||
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | |||
Vesting period | 24 months | ||
Restricted Stock | |||
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | |||
Expected weighted average period of recognition of compensation expense | 2 years 1 month 2 days | ||
Unamortized compensation expense related to restricted stock | $ 200,000 | ||
Restricted Stock | Tranche One | |||
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | |||
Vesting period | 1 year | ||
Share-based compensation arrangement by share-based payment award, award vesting rights, percentage | 33% | ||
Restricted Stock | Tranche Two | |||
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | |||
Vesting period | 24 months | ||
Holders Owing More Than Ten Percentage Voting Rights | |||
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | |||
Vesting period | 5 years | ||
Minimum | Holders Owing More Than Ten Percentage Voting Rights | |||
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | |||
Percentage of exercise price | 110% | ||
Maximum | Holders Owing More Than Ten Percentage Voting Rights | |||
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | |||
Vesting period | 10 years |
Stock-Based Compensation - Comp
Stock-Based Compensation - Compensation Expense (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||||
Total Stock-Based Compensation Expense | $ 149,795 | $ 171,795 | $ 325,238 | $ 307,736 |
Research and Development | ||||
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||||
Total Stock-Based Compensation Expense | 94,092 | 66,226 | 188,663 | 130,913 |
General and Administrative | ||||
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||||
Total Stock-Based Compensation Expense | $ 55,703 | $ 105,569 | $ 136,575 | $ 176,823 |
Stock-Based Compensation - Assu
Stock-Based Compensation - Assumptions (Details) | 6 Months Ended | |
Jun. 30, 2024 | Jun. 30, 2023 | |
Share-Based Payment Arrangement [Abstract] | ||
Risk-Free Interest Rate | 4.26% | |
Expected Life (years) | 5 years | |
Expected Stock Price Volatility | 142% | |
Expected Dividend Yield | 0% | 0% |
Stock-Based Compensation - Stoc
Stock-Based Compensation - Stock Option Activity (Details) - $ / shares | 6 Months Ended | 12 Months Ended |
Jun. 30, 2024 | Dec. 31, 2023 | |
Number of Options | ||
Outstanding at beginning of year (in shares) | 90,382 | |
Expired (in shares) | (423) | |
Forfeited (in shares) | (966) | |
Outstanding at end of year (in shares) | 88,993 | 90,382 |
Exercisable and vested at the end of year (in shares) | 27,701 | |
Weighted- Average Exercise Price | ||
Outstanding at beginning of year (in usd per share) | $ 41.43 | |
Expired (in usd per share) | 980.89 | |
Forfeited (in usd per share) | 8.37 | |
Outstanding at end of year (in usd per share) | 37.32 | $ 41.43 |
Exercisable and vested at end of year (in usd per share) | $ 96.70 | |
Weighted- Average Remaining Term in Years | ||
Outstanding | 8 years 11 months 4 days | 9 years 3 months 14 days |
Exercisable and vested at the end of year | 8 years 7 months 2 days |
Stock-Based Compensation - Rest
Stock-Based Compensation - Restricted Stock Activity (Details) - Restricted Stock - $ / shares | 6 Months Ended | 12 Months Ended |
Jun. 30, 2024 | Dec. 31, 2023 | |
Number of Units | ||
Outstanding at beginning of year (in shares) | 25,493 | |
Released (in shares) | (1,371) | |
Forfeited (in shares) | (28) | |
Outstanding at end of year (in shares) | 24,094 | 25,493 |
Weighted- Average Grant Date Fair Value | ||
Outstanding at beginning of year (in usd per share) | $ 14.75 | |
Released (in usd per share) | 34.45 | |
Forfeited (in usd per share) | 34.20 | |
Outstanding at end of year (in usd per share) | $ 13.60 | $ 14.75 |
Weighted- Average Remaining Term in Years | ||
Beginning of year | 2 years 1 month 2 days | 2 years 6 months 25 days |
End of year | 2 years 1 month 2 days | 2 years 6 months 25 days |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Details) € in Millions | 1 Months Ended | 3 Months Ended | 6 Months Ended | ||||||||||||
Oct. 30, 2023 USD ($) | Sep. 07, 2023 USD ($) | May 01, 2020 USD ($) | Nov. 17, 2014 EUR (€) | Sep. 12, 2013 USD ($) | Jul. 02, 2013 EUR (€) | Apr. 30, 2024 USD ($) | May 31, 2022 | Jun. 30, 2024 USD ($) | Jun. 30, 2023 USD ($) | Jun. 30, 2024 USD ($) licenseAgreement operatingLease | Jun. 30, 2023 USD ($) | Jan. 25, 2024 USD ($) | Oct. 15, 2023 ft² | Sep. 26, 2018 USD ($) | |
Commitments and Contingencies [Line Items] | |||||||||||||||
Number of operating leases | operatingLease | 3 | ||||||||||||||
Total operating lease cost | $ 18,354 | $ 40,654 | |||||||||||||
Number of license agreements | licenseAgreement | 7 | ||||||||||||||
Payment of annual fee | $ 5,000 | ||||||||||||||
Payment for sublicense fee | $ 700,000 | ||||||||||||||
Revenues | 20,000 | $ 0 | $ 16,020,000 | $ 0 | |||||||||||
University Of California | |||||||||||||||
Commitments and Contingencies [Line Items] | |||||||||||||||
Licensing agreement transfer, written notice period | 15 days | ||||||||||||||
Licensing agreement, successor written assignment agreement, notice period | 30 days | ||||||||||||||
Licensing agreement, assignment fee amount | $ 30,000 | ||||||||||||||
Licensing agreement, execution payment amount | $ 15,000 | ||||||||||||||
For The First 250 Million Net Sales | |||||||||||||||
Commitments and Contingencies [Line Items] | |||||||||||||||
Percentage of royalties on net sales | 2% | ||||||||||||||
Between 250 And 500 Million Net Sales | |||||||||||||||
Commitments and Contingencies [Line Items] | |||||||||||||||
Percentage of royalties on net sales | 1.25% | ||||||||||||||
Net Sales Over 500 Million | |||||||||||||||
Commitments and Contingencies [Line Items] | |||||||||||||||
Percentage of royalties on net sales | 0.50% | ||||||||||||||
Sublease Agreement, Scenario One | |||||||||||||||
Commitments and Contingencies [Line Items] | |||||||||||||||
Sublicense agreement, percent of sublicense revenue | 8% | ||||||||||||||
Sublease Agreement, Scenario Two | |||||||||||||||
Commitments and Contingencies [Line Items] | |||||||||||||||
Sublicense agreement, percent of sublicense revenue | 6% | ||||||||||||||
Sublease Agreement, Scenario Three | |||||||||||||||
Commitments and Contingencies [Line Items] | |||||||||||||||
Sublicense agreement, percent of sublicense revenue | 4% | ||||||||||||||
SentrX Animal Care Inc | |||||||||||||||
Commitments and Contingencies [Line Items] | |||||||||||||||
Intangible assets expected milestone payable | $ 4,750,000 | ||||||||||||||
License | |||||||||||||||
Commitments and Contingencies [Line Items] | |||||||||||||||
Cost of goods and services sold | $ 30,000 | € 155 | |||||||||||||
License | Licensing Agreements | |||||||||||||||
Commitments and Contingencies [Line Items] | |||||||||||||||
Percentage of royalties on net sales | 6% | 3.25% | |||||||||||||
KIO-101 | Mediolanum Agreement | |||||||||||||||
Commitments and Contingencies [Line Items] | |||||||||||||||
Percentage of royalties on net sales | 7% | ||||||||||||||
Contractual obligation | € | € 20 | ||||||||||||||
Development and commercial milestones term | 10 years | ||||||||||||||
Percentage of decreasing after patent expiry | 5% | ||||||||||||||
Termination fee | $ 100,000 | ||||||||||||||
Termination fee payment | 50,000 | ||||||||||||||
Termination fee payable | $ 50,000 | ||||||||||||||
KIO-301 | Théa Open Innovation | |||||||||||||||
Commitments and Contingencies [Line Items] | |||||||||||||||
Percentage of royalties on net sales | 20% | ||||||||||||||
Milestone payment earned | $ 16,000,000 | ||||||||||||||
Maximum achievement milestone payment earned | $ 285,000,000 | ||||||||||||||
Expense offset credit | $ 200,000 | ||||||||||||||
Grant | |||||||||||||||
Commitments and Contingencies [Line Items] | |||||||||||||||
Revenues | $ 20,000 | ||||||||||||||
Minimum | |||||||||||||||
Commitments and Contingencies [Line Items] | |||||||||||||||
Remaining lease term | 9 months 29 days | 9 months 29 days | |||||||||||||
Maximum | |||||||||||||||
Commitments and Contingencies [Line Items] | |||||||||||||||
Remaining lease term | 4 years 3 months 14 days | 4 years 3 months 14 days | |||||||||||||
Encinitas Lease | |||||||||||||||
Commitments and Contingencies [Line Items] | |||||||||||||||
Lease term | 18 months | ||||||||||||||
Adelaide Lease | |||||||||||||||
Commitments and Contingencies [Line Items] | |||||||||||||||
Lease term | 12 months | ||||||||||||||
Termination period | 90 days | ||||||||||||||
Vienna Lease | |||||||||||||||
Commitments and Contingencies [Line Items] | |||||||||||||||
Lease term | 5 years | ||||||||||||||
Area of land | ft² | 910 |
Commitments and Contingencies_2
Commitments and Contingencies - Future annual minimum lease payments under non-cancellable operating leases (Details) - USD ($) | Jun. 30, 2024 | Dec. 31, 2023 |
Commitments and Contingencies Disclosure [Abstract] | ||
2024 (remaining months) | $ 26,771 | |
2025 | 27,142 | |
2026 | 13,942 | |
2027 | 13,942 | |
2028 | 11,038 | |
Total Lease Liabilities | 92,835 | |
Less Amounts Representing Interest | (10,513) | |
Total | 82,322 | |
Less Current Portion | (42,126) | $ (47,069) |
Total | $ 40,197 | $ 59,822 |
Commitments and Contingencies_3
Commitments and Contingencies - Maximum obligation payments per respective agreements and estimated fair value of contingent consideration (Details) | Jun. 30, 2024 USD ($) |
Business Acquisition, Contingent Consideration [Line Items] | |
Maximum Obligation per Agreements | $ 18,799,451 |
Current Fair Value Estimated | 5,236,999 |
Bayon | |
Business Acquisition, Contingent Consideration [Line Items] | |
Maximum Obligation per Agreements | 7,135,000 |
Current Fair Value Estimated | 2,435,534 |
Panoptes | |
Business Acquisition, Contingent Consideration [Line Items] | |
Maximum Obligation per Agreements | 9,500,000 |
Current Fair Value Estimated | 2,011,921 |
Jade | |
Business Acquisition, Contingent Consideration [Line Items] | |
Maximum Obligation per Agreements | 2,164,451 |
Current Fair Value Estimated | $ 789,544 |