If $\mathcal{E}$ is a Grothendieck topos on a small base, then it is locally presentable, and hence is equivalent to the category of models of some limit theory.

Is there a characterization of limit theories $\mathcal{T}$ such that the category of models of $\mathcal{T}$ is a topos? The category of models of a $\mathcal{T}$ is locally presentable and hence a reflective subcategory of presheaves on $\mathcal{T}$. If there is a characterization of these theories, is it automatic that the reflector is finitely continuous, and hence gives the theories that underly Grothendieck toposes?

I know that Johnstone characterizes the product theories whose models are toposes. Here $\mathcal{T}$ must have no pseudoconstants and be sufficiently unary. I guess I'm curious if anyone has generalized this result.