Estimated readout windows: registry primary-completion date + 6-12 weeks. Windows already open are shown from "Now". Drug names link to ClinicalTrials.gov.
Phase 2 · ActiveModality: small molecule photoswitch
Aliases B-203
Target potassium and hyperpolarization-activated, cyclic nucleotide-gated voltage-gated ion channels
Partnerships Théa Open Innovation, TOI (sister company of Laboratories Théa; license agreement January 2024, $16M upfront; all KIO-301 expenses reimbursed); Choroideremia Research Foundation (MOU supporting KIO-301 development in choroideremia)
Indications
retinitis pigmentosa (vision restoration)(Stage not disclosed)
choroideremia (potential)(Stage not disclosed)
Status note Small-molecule photoswitch designed to restore vision in inherited and age-related degenerative retinal diseases. ABACUS-2 Phase 2 study in retinitis pigmentosa ongoing.
KIO-104
Phase 2 · ActiveModality: small molecule
Aliases PP-001
Target dihydroorotate dehydrogenase (DHODH)
Indications
diabetic macular edema(Stage not disclosed)
posterior non-infectious uveitis(Stage not disclosed)
retinal inflammation(Stage not disclosed)
Status note Non-steroidal small-molecule DHODH inhibitor formulated for intravitreal delivery. Acquired via the Panoptes Pharma acquisition.
KIO-101
Phase 1 · ActiveModality: ophthalmic topical eye drop
Status note Uses the same active compound as KIO-104 formulated as a topical eye drop. Development paused; asset available for partnership.
Per-asset detail extracted from the 10-Q filed 2026-08-07. Fields the filing does not state are marked "not disclosed" rather than filled from other sources.
Sponsor-matched active trials from ClinicalTrials.gov (2 as sponsor, 0 as collaborator); "Sponsor" = company is the lead sponsor, "Collaborator" = company is a collaborator. The BP column flags big-pharma involvement as lead sponsor or collaborator (excluding the company itself). The Mgmt guide column shows what management guided for readout timing when a guided program matches the trial (hover for the quote, click for the source). Trial listings are not a company pipeline slide.
Institutional holder positions from 13F filings. Q/Q change is vs the prior quarter's filing; % of portfolio is the fund's own reported portfolio weight.
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