13. Subsequent Events

On October 21, 2021, the Company closed on the acquisition of Bayon Therapeutics, Inc. (“Bayon”) adding to its pipeline a potential vision-restoring small molecule, which acts as a “photoswitch” specifically designed to restore vision in patients with inherited and age-related degenerative retinal diseases. Under the terms of the agreement, Bayon became a wholly-owned subsidiary of Kiora. The consideration from Kiora (subject to certain adjustments) is $0.097 million at close for paying off indebtedness and transaction expenses of Bayon and 33,798 shares of the Company’s common stock.The former stockholders of Bayon are eligible to receive potential earnout consideration of up to approximately $7.1 million and/or, at the Company’s discretion, up to approximately 2.2 million shares of the Company’s common stock subject to certain limitations, based on the achievement of successive milestones based on clinical trial data and regulatory approval of Bayon products. Kiora’s CEO, Brian Strem, was a Co-Founder and Managing Director of Bayon, and thus a related party.