SCHEDULE: Rosalind Funds Disclose 9.9% Potential Stake in Kiora Pharma

Rosalind Advisors and affiliated entities report a 9.9% potential beneficial ownership in Kiora Pharmaceuticals Inc. through warrants, subject to a blocker provision.

Summary

• Rosalind Advisors, Inc., Rosalind Master Fund L.P., Steven Salamon, and Gilad Aharon collectively reported potential beneficial ownership of 464,676 common shares of Kiora Pharmaceuticals Inc.
• This represents 9.9% of the class, calculated based on 3,677,935 common shares outstanding as of November 5th, 2025.
• The reported shares are issuable upon the exercise of warrants.
• A blocker provision in the warrants prevents the holders from exercising them if it would result in beneficial ownership exceeding 9.99% of the Common Stock.
• Due to these blockers, the Reporting Persons were not able to exercise any of the warrants as of the event date (December 31, 2025), resulting in zero sole or shared voting and dispositive power over the common stock.
• The securities were acquired and are held in the ordinary course of business, not for changing or influencing control of the issuer.

Sentiment

Score: 5

Explanation: StockSavvy.ai views this as a neutral filing, primarily a disclosure of a passive investment position. The blocker provision on the warrants mitigates any immediate implications of a large active stake.

Positives

• A significant institutional investor group, Rosalind Advisors and its affiliates, holds a substantial potential stake in Kiora Pharmaceuticals, indicating their interest in the company.

Negatives

• The blocker provision prevents the immediate exercise of warrants, meaning the reported 9.9% beneficial ownership is currently theoretical and not fully exercisable.
• As a direct consequence of the blocker, the reporting persons currently hold zero sole or shared voting and dispositive power over Kiora Pharmaceuticals' common stock.
• The Reporting Persons disclaim beneficial ownership of the shares, despite the filing.

Risks

• The blocker provision limits the ability of Rosalind entities to fully exercise their warrants and potentially influence the company, which could impact their investment strategy.

Future Outlook

The filing does not contain any forward-looking statements or guidance from Kiora Pharmaceuticals Inc. or the reporting persons regarding the company's future operations or financial performance.

Management Comments

• "The securities referred to above were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities."
• "Rosalind Advisors Inc. is the investment advisor to RMF and may be deemed to be the beneficial owner of shares held by RMF. Steven Salamon is the portfolio manager of the Advisor and may be deemed to be the beneficial owner of shares held by RMF. Notwithstanding the foregoing, the Advisor and Mr. Salamon disclaim beneficial ownership of the shares."

Industry Context

StockSavvy.ai notes that Schedule 13G filings are routine disclosures for passive investors holding significant stakes, providing transparency on ownership structures. For biotechnology companies like Kiora Pharmaceuticals, institutional investor interest can signal confidence, though the blocker provision here introduces a unique limitation on immediate control or influence.

Stakeholder Impact

• Shareholders: Provides transparency regarding a significant potential investor group, though their immediate influence is limited by a blocker provision.

Next Steps

• The filing does not mention any specific future actions, events, or milestones for Kiora Pharmaceuticals Inc. or the reporting persons.

Key Dates

Keywords

Kiora Pharmaceuticals, Rosalind Advisors, Schedule 13G, Beneficial Ownership, Warrants, Biotechnology, Pharmaceuticals, Investment, SEC Filing