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KIORA PHARMACEUTICALS Kiora Pharmaceuticals , Inc. NASDAQ : KPRX Q2 2026 Corporate Overview
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2 Forward Looking Statements Some of the statements in this presentation are "forward-looking" and are made pursuant to the safe harbor provision of the Private Securities Litigation Reform Act of 1995. These "forward-looking" statements include statements relating to, among other things, the development and commercialization efforts and other regulatory or marketing approval efforts pertaining to Kiora's development-stage products, including KIO-301 and KIO-104, as well as the success thereof, with such approvals or success may not be obtained or achieved on a timely basis or at all, the potential ability of KIO-301 to restore vision in patients with RP, the expecting timing of enrollment, dosing and topline results for the ABACUS study, the ability to develop KIO-301 for Choroideremia and Stargardt Disease and KIO-104 for retinal inflammatory diseases, the ability to utilize strategic relationships to develop certain product candidates, Kiora’s ability to maintain the listing of our common stock on a national securities exchange, and Kiora's ability to achieve the specific milestones described herein. These statements involve risks and uncertainties that may cause results to differ materially from the statements set forth in this presentation, including, among other things, the ability to conduct clinical trials on a timely basis, the ability to obtain any required regulatory approvals, market and other conditions and certain risk factors described under the heading "Risk Factors" contained in Kiora's Annual Report on Form 10-K filed with the SEC on March 25, 2026, or described in Kiora's other public filings. Kiora's results may also be affected by factors of which Kiora is not currently aware. The forward-looking statements in this presentation speak only as of the date of this presentation. Kiora expressly disclaims any obligation or undertaking to release publicly any updates or revisions to such statements to reflect any change in its expectations with regard thereto or any changes in the events, conditions, or circumstances on which any such statement is based, except as required by law.
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3 Corporate Highlights Two Innovative Drugs KIO-301 Ion channel modulator, acting as photoswitch, to restore inherited vision loss KIO-104 Anti-inflammatory, disease modifying drug for retinal inflammation Significant Patient Need KIO-301 100K+ patients in US with RP and other IRDs KIO-104 1.2M patients in US with key retinal inflammatory diseases Validating Partnerships While Retaining Significant Upside KIO-301 ▪ Théa: global commercial rights (outside Asia) ▪ Kiora reimbursed for R&D: $7MM+ to date ▪ Up to $285 MM in milestones + up to 20%+ royalties ▪ Senju: owns option to Asia – up to $110 MM in + tiered royalties KIO-104 Kiora owns worldwide rights Strong Balance Sheet Kiora has cash runway into late 2028
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4 Targeting the Retina to Slow, Stop, or Restore Vision Loss Development Pipeline of Proprietary Small Molecule Therapeutics Product Indication Preclinical Phase 1 Phase 2 Phase 3 Commercial Rights KIO-301 Intravitreal Retinitis Pigmentosa (Mutation Agnostic)* Théa Open Innovation (global less Asia) Senju Pharmaceutical holds exclusive option rights in key Asian countries Choroideremia Stargardt Disease KIO-104 Intravitreal Macular Edema due to Retinal Inflammation Kiora Pharmaceuticals Proliferative Vitreoretinopathy * Orphan Disease Designation granted in the USA and EU
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5 KIO-301 Small Molecule "Photoswitch" Modulates Ion Channels Targeting Vision Restoration in Inherited Retinal Diseases
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6 In Patients with RP, Downstream Neurons Remain Viable ▪ Many Inherited Retinal Diseases, including Retinitis Pigmentosa (RP), result in death of photoreceptors ▪ Bipolar Cells and Retinal Ganglion Cells (RGCs) remain intact and retain ability to send signals to the brain Photoreceptors (rods and cones) sense light and pass the signal to special transmitting cells Bipolar cells and RGCs relay signal from rods and cones to the brain, where the image is “processed” RGC Bipolar Cell To the brain (connection intact) Cone Rod Rod Cone
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7 Neuron. 92, 100-113 (2016) trans cis ▪ When photoreceptors die ⟶ downstream neurons (RGCs) are not capable of being activated ▪ KIO-301 preferentially enters these RGCs and turns them “ON” in the presence of light* ‡ P2X7 is solely expressed on RGCs and amacrine cells in the retina * Visual light causes reversible isomeric shift, altering ion flux through Kv/HCN channels Intracellular KIO-301 P2X7‡ Extracellular KV/HCN Channels • KIO-301 lodges inside ion channels KIO-301 (MOA): Turns RGCs “ON” in the Presence of Light • In presence of light, alters ion flow, causing cell activation
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8 KIO-301 Reanimates the Retina & Changes Behavior Extensive Validation in Preclinical Models Neuron 2014: 81, 800-813. Light Dark Before KIO-301 After KIO-301
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9 Market Opportunity ▪ ~100k patients in US (Provider: Retina Specialists [~3k]) ▪ Estimated total cost to US healthcare system in 2019: $3.7B Clinical Presentation ▪ Night blindness, reduced visual field range and eventual loss of central vision ▪ Visual acuity declines ▪ 50% of patients are not qualified to drive by age 37 and legally blind by 55 Etiology ▪ 50+ genetically distinct subtypes from 150+ mutations ▪ Inherited disease Retinitis Pigmentosa A Disease with No Available Treatments Normal Vision Vision Declines over Time IOVS: Visual Field Progression in Retinitis Pigmentosa, AAO, Clin Ophtha 2021,:15. 2855–2866.
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10 KIO-301: Phase 1b Study Design (ABACUS) Open Label, Single Ascending Dose Trial – 2 Sites (Australia) ▪ Two Cohorts, non-randomized, open-label, single IVT injection per eye ▪ Cohort 1 – NLP/BLP patients; Cohort 2 – HM/CF patients ▪ Primary – AEs, PK & labs ▪ Secondary – Assessment days (shown only for Cohort 1 above) is repeated for each cohort per eye; intensity & contrast assessment, kinetic perimetry, functional MRI, etc. ▪ Safety review conducted by Investigators between after sentinel subject Study Design Endpoints Review N=6 3/cohort Binocular Day 90 Cohort 1: KIO-301 (7.5 µg) Day -30 to -2 Visit 1-Screening Day 29-30 Visit 5 Day 60 Day 120 Cohort 1: KIO-301 Contralateral (25 µg) Cohort 2: KIO-301 (25 µg) Cohort 2: KIO-301 Contralateral (50 µg) Day 1-3 Visit 2 Day 7-8 Visit 3 Day 14-15 Visit 4 Day -120 to -30 fMRI feasibility NLP – No Light Perception, BLP – Bare Light Perception, HM – Hand Motion, CF – Counting Fingers
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11 Changes in Vision & Patient QoL -20 -10 0 10 20 30 40 D2-BL D7-BL D14-BL D29-BL Degrees of Change from Baseline * *p<0.05 0 10 20 30 1.50 1.75 2.00 2.25 2.50 Day logMAR Off-Chart CF HM 0 30 35 40 45 50 Day VFQ-25 Composite Score 0 10 20 30 0 20 40 60 80 100 Day Response Rate (%) Kinetic Visual Field Mean Change from BL ± 80% CL Visual Acuity Mean ± SEM High Contrast Room Exit Test Mean ± SEM Quality of Life Survey
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12 Functional MRI Significantly Increased of Cortical Activity NLP – No Light Perception, BLP – Bare Light Perception, CF – Counting Fingers 2 14 28 0 500 1000 1500 2000 2500 Occipital Cortex (Mean ± SEM) Day Voxels (Change from Baseline) * * * * p<0.05 All Eyes (n=12)
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13 Patient Testimonials www.youtube.com/@kiorapharma Additional videos available at https:/ /kiorapharma.com/inherited-retinal-diseases/
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14 KIO-301-2101: Phase 2 ABACUS-2 Multiple Dose (6 wk interval), Bilateral Injection, Double-Masked, 36-Patient, Randomized, Controlled Trial Recruitment in each Cohort begins with 6 patients (1:1) for SRC review and escalation/de-escalation recommendation Cohort 2 (Dose Escalated): ▪ Same as Cohort 1 but dosed at 100 µg Cohort 1 (Start Dose): ▪ RP patients who are ⨠ NLP (logMAR ≥ 3.0 OU) (n=6, Cohort 1A) ⨠ ULV (logMAR 1.6 – 3.0 OU) (n=12, Cohort 1B) ▪ Randomized 2:1 to receive ⨠ 50 µg KIO-301 OR ⨠ Control (saline) injection ▪ 3 months of follow-up visits Cohort 3 (Dose De-escalated): ▪ Same as Cohort 1 but dosed at 25 µg --- OR --- Status: 50% enrolled as of May2026
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15 Ion Channel Modulators: Value in Ophthalmic and Beyond Vision (Partnered) Epilepsy Chronic pain Pulmonary Cardiology Neuro KIO-300 Family
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16 KIO-104 Intravitreal Small Molecule DHODH Inhibitor Steroid-Sparing Approach to Retinal Inflammation
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17 DHODH Inhibition Causes Nucleotide Starvation in Activated T-Cells Pyrimidines are key co-factor for glycoprotein, glycolipid, and phospholipid synthesis Homeostasis Normal Cell Function Salvage Pathway (Recycling of Pyrimidines) Active Inflammation De Novo Pathway of Pyrimidine Synthesis Nucleotides (New RNA/DNA) Protein & Lipid Glycosylation Phospholipid Metabolism ↓ T-Cell Count ↓ Proinflammatory Cytokines ↓ T-Cell Function Cell Proliferation Cell Adhesion Protein Stability Cellular Signaling Cell Membrane Synthesis ↓ Inflammation DHODH Mitochondrion KIO-104 DNA (RNA) A G T(U) C Purines Pyrimidines Aubagio® and Arava® are 1st generation DHODH inhibitors (Sanofi)
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18 Need for steroid-sparing anti-inflammatory delivered locally to the eye Retinal Inflammation: Posterior Non-Infectious Uveitis T Cell Driven Inflammation in the Back of the Eye Can Lead to Vision Loss Major Causes Autoimmune disorders (i.e., lupus, multiple sclerosis, psoriasis, rheumatoid arthritis, ulcerative colitis) where signs & symptoms occur in eye Limitations of Current Treatments Extended steroid use can lead to glaucoma & cataracts among other complications Systemic autoimmune disease drugs can compromise immunity with minimal impact in the eye Incidence Estimated 400,000 in U.S. alone (121 per 100,000*) Complications Recurring flareups can cause vision loss and irreversible damage * JAMA Ophthalmol. 2016;134(11):1237-1245
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19 Phase 1/2a SAD Study Design Posterior Non-Infectious Uveitis ▪ Safety and tolerability ▪ Improvement of inflammation ▪ Blood PK of KIO-100 ▪ Single intravitreal injection of 0.3 μg, 0.6 μg, and 1.2 μg ▪ Patients with chronic, posterior non-infectious uveitis ▪ Prospective, open label, multi-center, dose escalating, 4 patients in each Cohort, 12 patients in total Duration [Study Days] -14 -7 0 2 7 14 21 28 Tasks Screening / Baseline KIO-104 Injection Exam Exam Exam Exam Exam Study Design Objectives KIO-104 Administration
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20 Phase 1/2a Results: KIO-104 Improved Visual Acuity and Reduced Cystoid Macular Edema * Historical Controls (Yeh et al, Retina 00, 1-9, 2018; Suhler et al. Visual III, Ophthalmology 125, 7, 2018.) IVT - Intravitreal 0 2 4 6 8 10 12 14 16 0.3 μg 0.6 μg 1.2 μg Steroids* Humira* Mean Change in Letters from Baseline at D28 N=4 N=4 N=4 Visual Acuity Day 28 (421µm) Baseline (558µm) Cystoid Macular Edema‡ ‡ 40% of eyes with vision threatening cystoid macular edema at baseline had clinically meaningful improvement
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21 KIO-104: Phase 2 MAD Study Design (KLARITY) – Macular Edema 2-Step, Randomized, Open-Label, Steroid-Sparing, Dose Expansion Trial ▪ Part A: Dose informing short-term study in macular edema (multiple clinical indications) ▪ Part B: Dose expansion with highest tolerated dose ▪ Primary: AEs, PK, labs ▪ Secondary: BCVA, CST, PROs Study Design Endpoints N=8 Macular Edema* Low Dose (3.5 μg) HTD, E2W, Single Dx High Dose (10 μg) HTD, E4W, Single Dx N=20 Day 1 3 doses E2W Day 90-120Day 90 Day 1 3 doses @ E2W or E4W Day -30 to -1 Screening // * Indications include Posterior Non-Infectious Uveitis, Diabetic Macular Edema, others
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22 Proliferative vitreoretinopathy (PVR) is a rare inflammatory disorder of the retina that leads to severe retinal scarring and blindness. It is the leading cause of failure of retinal reattachment surgery. PVR Overview • Stage 1: • BRB breakdown • INFLAMMATORY reaction • Influx of blood-derived cells and factors • cytokines, chemokines, growth factors (e.g., TNFa) • Stage 2: • Cell PROLIFERATION • Cell migration to retina surface • Epithelial to mesenchymal transition of cells • Cells include RPE, glial (Muller), fibrocytes, macrophages • Stage 3: • Matrix deposition/remodeling • Membrane formation • Stage 4: • Cellular contraction Int Ophthalmol Clin. 2019 ; 59(1): 221–240.
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23 KIO-104: Proliferative Vitreoretinopathy Rabbit Model of Retinal Detachment Vehicle KIO-104 Low Dose KIO-104 High Dose 0 20 40 60 80 100 Percentage of Eyes with Scars (%) Vehicle KIO-104 Low Dose KIO-104 High Dose 0 5 10 15 20 25 Number of Scars Vehicle KIO-104 Low Dose KIO-104 High Dose 0 50 100 150 Mean Scar Length (μm)
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