Stock market today: S&P 500 climbs as health care, tech gain; Nvidia earnings loom
Today, Kiora Pharmaceuticals, Inc. (NASDAQ:KPRX), a $10 million market cap biotech company, announced the results of its annual shareholder meeting. The meeting, held in Encinitas, California, saw shareholders vote on several key proposals. According to InvestingPro data, the company’s stock has shown strong momentum with a 30% return over the past week, though it remains significantly below its 52-week high of $5.55.
The election of Carmine Stengone and Brian M. Strem, Ph.D. as Class I Directors was confirmed. Both directors will serve a three-year term, continuing until the 2028 annual meeting or until their successors are elected and qualified. The voting results showed 1,155,217 votes in favor of Stengone and 1,156,954 for Strem, with 80,548 and 78,811 votes withheld, respectively. There were 411,877 broker non-votes for each candidate. The directors face significant challenges ahead, as InvestingPro analysis indicates the company is quickly burning through cash despite maintaining more cash than debt on its balance sheet.
Shareholders also approved, on a non-binding advisory basis, the compensation of the company’s named executive officers. The vote resulted in 1,144,829 votes in favor, 82,389 against, and 8,547 abstentions. Additionally, there were 411,877 broker non-votes.
Furthermore, the appointment of Haskell & White LLP as Kiora Pharmaceuticals’ independent registered public accounting firm for the fiscal year ending December 31, 2025, was ratified. The vote tallied 1,567,427 votes in favor, 78,598 against, and 1,617 abstentions, with no broker non-votes recorded.
This information is based on a press release statement and the official SEC filing of the company.
In other recent news, Kiora Pharmaceuticals has announced a significant deal with Senju Pharmaceutical (TADAWUL:2070) Co., Ltd., potentially valued at $110 million. This exclusive option agreement focuses on the development and commercialization of KIO-301, a treatment for ophthalmic diseases, in Asian markets such as Japan and China. As part of the agreement, Senju has already paid Kiora a $1.25 million option fee, with additional payments contingent on further developments. The deal includes milestones related to development, regulatory, and commercial achievements, alongside tiered royalties on sales. This collaboration is contingent upon the results of the ongoing ABACUS-2 Phase 2 clinical trial for KIO-301. If Senju exercises the option, it will assume responsibility for all activities in the licensed territories. This partnership with Senju builds on Kiora’s existing global partnership with Théa Open Innovation, excluding Asia, and could significantly bolster Kiora’s financial standing. The agreement is expected to extend Kiora’s cash runway into late 2027, surpassing the projected outcomes of two ongoing Phase 2 clinical trials.
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