KIO-301 is a small molecule commercialized by Kiora Pharmaceuticals, with a leading Phase II program in Retinitis Pigmentosa (Retinitis). According to Globaldata, it is involved in 1 clinical trial, which is ongoing. GlobalData uses proprietary data and analytics to provide a complete picture of KIO-301’s valuation in its risk-adjusted NPV model (rNPV). Buy the model here.

The revenue for KIO-301 is expected to reach an annual total of $23 mn by 2036 globally based off GlobalData’s Expiry Model. The drug’s revenue forecasts along with estimated costs are used to measure the value of an investment opportunity in that drug, otherwise known as net present value (NPV). Applying the drug’s phase transition success rate to remaining R&D costs and likelihood of approval (LoA) to sales related costs provides a risk-adjusted NPV model (rNPV). The rNPV model is a more conservative valuation measure that accounts for the risk of a drug in clinical development failing to progress.

KIO-301 Overview

KIO-301 (B-203) is under development for the treatment of retinitis pigmentosa. It is administered through intravitreal route. The drug candidate is a small molecule and acts as a reversible photoswitch.

Kiora Pharmaceuticals Overview

Kiora Pharmaceuticals (Kiora), formerly EyeGate Pharmaceuticals, is a clinical-stage specialty pharmaceutical and drug delivery company that develops and commercializes products for treating diseases and disorders of the eye. The company’s pipeline consists of three product candidates, including KIO-101, KIO-301, and KIO-201. Its lead product, KIO-301, is a potential vision-restoring small molecule that is designed to restore vision in patients with inherited and age-related degenerative retinal diseases. KIO-101 is a non-steroidal, immuno-modulatory, small-molecule inhibitor of Dihydroorotate Dehydrogenase (DHODH) that focuses on patients with Ocular Presentation of Rheumatoid Arthritis (OPRA). Its KIO-201 is a synthetic modified hyaluronic acid (HA) capable of coating the ocular surface and designed to resist degradation under conditions present in the eye. Kiora is headquartered in Salt lake city, Utah, the US.

The operating loss of the company was US$14 million in FY2021, compared to an operating loss of US$8.1 million in FY2020. The net loss of the company was US$13.8 million in FY2021, compared to a net loss of US$8.1 million in FY2020.

For a complete picture of KIO-301’s valuation, buy the drug’s risk-adjusted NPV model (rNPV) here.


GlobalData, the leading provider of industry intelligence, provided the underlying data, research, and analysis used to produce this article.

To create this model, GlobalData takes into account factors including patent law, known and projected regulatory approval processes, cash flows, drug margins and company expenses. Combining these data points with GlobalData’s world class analysis creates high value models that companies can use to help in evaluation processes for each drug or company.

The rNPV method integrates the probability of a drug reaching a clinical stage into the cash flow at that time, which provides a more accurate valuation, as it considers the probability that the drug never makes it through the clinical pathway to commercialization. GlobalData’s rNPV model uses proprietary likelihood of approval (LoA) and phase transition success rate (PTSR) data for the indication in the highest development stage, which can be found on GlobalData’s Pharmaceutical Intelligence Center.