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Accrued Collaboration Credit
 9 Months Ended
Sep. 30, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Accrued Collaboration Credit Collaboration Agreements
In May 2025, the Company entered into an exclusive option agreement (the "Option Agreement") with Senju Pharmaceutical Co., Ltd ("Senju"). Under the agreement, the Company granted Senju an exclusive option to obtain a license to the development and commercialization rights of KIO-301 for the treatment of ophthalmic diseases in certain key countries in Asia, including Japan and China. The Company concluded that the Option Agreement contains two material performance obligations, the Option and the future License. The Option was deemed a material right per ASC 606 and therefore a separate performance obligation. However, the Company also determined that the Option performance obligation is not capable of being distinct because it is interrelated to the future License Agreement. There is no financing component in the Option Agreement.
The Option Agreement provides for a nonrefundable upfront payment of $1.25 million, which has been deferred and recorded the consideration as a contract liability within the deferred collaboration revenue on the condensed consolidated balance sheet. Revenue associated with the option fee will be recognized at the earlier of the exercise of the option or expiration of the option term.

Similarly, the associated contract costs specifically, sublicense fees, will be included in prepaid expenses and expensed when incurred, at the earlier of the exercise or expiration of the option.
In January 2024, the Company 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, the Company 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"). The Company 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 was allocated to the one performance obligation identified (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. Variable components of consideration related to development and regulatory milestones, commercial milestones, and royalties will be allocated to the transaction price if and when they occur. 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.
Accrued Collaboration Credit
The “Accrued Collaboration Credit” liability on the Condensed Consolidated Balance Sheets represents the cumulative amount of: (i) Deferred Collaboration Credits, which are prepaid R&D expenses that are eligible for reimbursement but for which the related services have not yet been provided to the Company and are currently recognized as “Collaboration Credit” on the Condensed Consolidated Statements of Operations and Comprehensive (Loss) Income as the expenses are incurred, and (ii) Accrued Expense Adjustments, which are research and development ("R&D") expenses that have been incurred but have not yet been invoiced by a third-party vendor and thereby are not yet paid/submitted for reimbursement. The changes in these balances have been included in the table in Note 12 for reference in reconciling the Amount Billed/Submitted for Reimbursement compared to the amount of R&D Expenses Incurred.

Three Months Ended
September 30,		Nine Months Ended September 30,
2025202420252024
Beginning Balance$(219,625)$(201,536)$(981,111)$— 
Prepaid expenses included in reimbursement, not yet incurred10,015 (788,934)424,596 (1,238,990)
Accrued expenses for work performed, not yet invoiced179,141 (126,340)521,402 122,180 
Foreign currency adjustments1,413 (2,781)6,056 (2,781)
Ending Balance$(29,057)$(1,119,591)$(29,057)$(1,119,591)
Roll-forward of TOI Activity
Per the terms of the license and collaboration agreement with TOI, TOI is responsible for all R&D expenses related to KIO-301. This provides for the Company's right to reimbursement upon its submission to TOI of an allowable vendor invoice. Allowable vendor invoices that the Company receives may pertain to services already rendered to the Company, while others may pertain to the prepayment of services that the Company will receive in future periods.

The table below summarizes the R&D expenses submitted for reimbursement and the R&D expenses incurred by the Company related to the collaboration, including the corresponding collaboration credits. These amounts are presented for the most recent relevant periods:
PeriodAmount Billed/ Submitted for ReimbursementAmount Reimbursed/ ReceivedR&D Expenses Incurred Collaboration CreditsVariance (foreign exchange timing)Adjustment to Deferred Collaboration Credits4Adjustment to Accrued Expenses5
Quarter ended March 31, 2024$189,904 $— $189,904 $(190,553)$(649)$— $— 
Quarter ended June 30, 2024$1,341,297 $(189,904)$1,139,761 $(1,141,985)$(2,223)$(450,056)$248,520 
Quarter ended September 30, 2024$1,783,472 $(1,341,297)$868,198 $(867,760)$437 $(788,934)$(126,340)
Quarter ended December 31, 2024$601,197 $(1,783,472)$739,557 $(745,052)$(5,495)$92,546 $45,814 
Fiscal Year ended December 31, 2024$3,915,870 $(3,314,673)$2,937,420 $(2,945,350)$(7,930)$(1,146,444)$167,994 
Quarter ended March 31, 2025$1,727,386  6$(990,979) 7$1,969,270 $(1,966,123)$3,147 $251,304 $(9,420)
Quarter ended June 30, 2025$1,168,022 $(1,337,604)$1,682,980 $(1,685,917)$(2,937)$163,277 $351,681 
Quarter ended September 30, 2025$1,467,935 $(1,422,731)$1,657,091 $(1,658,248)$(1,117)$10,015 $179,141 
4 Change in prepaid expenses that have not yet been incurred but which have been paid/submitted for reimbursement. The Company's contract with TOI allows for reimbursement upon the Company's receipt of an allowable vendor invoice.
5 Change in expenses incurred but not billable to TOI until invoiced by a third-party vendor.
6 Includes $389,782 billed in February 2025 related to Phase 3 activities that were reimbursed by TOI prior to quarter-end March 31, 2025, plus $1,337,604 related to reimbursable first quarter 2025 R&D expenses, subsequently reimbursed in the second quarter of 2025.
7 Includes $601,197 related to fourth quarter 2024 Collaboration Receivable and $389,782 billed and reimbursed by TOI in February 2025.