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Segment Information | 9 Months Ended
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Sep. 30, 2025
Segment Reporting [Abstract] |
Segment Information | Segment Information The Company operates in and reports as a single reportable segment, focused on the development of innovative ophthalmic pharmaceutical products. Our Chief Operating Decision Maker "CODM" is our President and Chief Executive Officer. The CODM does not evaluate profitability nor evaluate performance or allocate resources below the level of the consolidated Company. The accounting policies of the segment are the same as those described in the summary of significant accounting policies. The CODM reviews operating expenses and net (loss) income presented on a consolidated basis for purposes of allocating resources and evaluating financial performance. These metrics serve as benchmarks to evaluate the business, measure performance, identify trends, prepare financial projections, and make strategic decisions. The CODM does not evaluate performance or allocate resources based on segment assets data; therefore, total segment assets are not presented. As part of the adoption of ASU 2023-07, the comparative prior period segment information has been disclosed herein to align with the current period’s presentation. The following table presents the revenue, significant expenses, and net (loss) income for the Company’s single reportable segment:
| Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2025 |  | 2024 |  | 2025 |  | 2024
Total Revenue | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 16,020,000 |
Less: Significant and Other Segment Expenses |  |  |  |  |  |  |
General and Administrative | 1,443,827 |  |  | 1,380,997 |  |  | 4,287,075 |  |  | 4,215,411 |
Research and Development |  |  |  |  |  |  |
KIO-101 | 11,223 |  |  | 8,525 |  |  | 18,017 |  |  | 21,609 |
KIO-1041 | 255,085 |  |  | 611,722 |  |  | 532,106 |  |  | 637,619 |
KIO-201 | — |  |  | — |  |  | — |  |  | 30,875 |
KIO-301 | 2,057,678 |  |  | 743,842 |  |  | 6,285,162 |  |  | 2,850,958 |
KIO-301 Collaboration Credit | (1,658,248) |  |  | (867,760) |  |  | (5,310,288) |  |  | (2,200,298) |
Unallocated R&D Expenses2 | 405,905 |  |  | 820,902 |  |  | 1,016,981 |  |  | 2,376,807 |
In-Process R&D Impairment | — |  |  | 2,008,000 |  |  | — |  |  | 2,008,000 |
Change in Fair Value of Contingent Consideration | (1,721,033) |  |  | (1,103,991) |  |  | (1,308,067) |  |  | (995,951) |
Interest Income, Net | (201,822) |  |  | (248,840) |  |  | (703,692) |  |  | (813,989) |
Other Segment Expenses3 | 23,708 |  |  | 59,929 |  |  | 133,517 |  |  | 70,724 |
Income Tax Benefit | (643,129) |  |  | — |  |  | (632,179) |  |  | — |
Net (Loss) Income | $ | 26,806 |  |  | $ | (3,413,326) |  |  | $ | (4,318,633) |  |  | $ | 7,818,235 |

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- Definition The entire disclosure for reporting segments including data and tables. 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