OKYO Pharma (OKYO) Q4 2024 earnings summary

Executive summary

• Clinical-stage biopharma focused on inflammatory eye diseases and ocular pain, with lead candidate OK-101 targeting dry eye disease (DED) and neuropathic corneal pain (NCP).

• Completed Phase 2b trial for OK-101 in DED, showing statistically significant efficacy and favorable safety profile; Phase 3 trials planned.

• IND cleared by FDA for OK-101 in NCP; Phase 2 trial to begin Q3 2024.

• No product revenue to date; business model relies on ongoing R&D and external financing.

Financial highlights

• Net loss for year ended March 31, 2024: $16.8 million, up from $13.3 million in 2023.

• R&D expenses increased to $8.2 million (from $6.3 million in 2023), driven by OK-101 clinical activities.

• General and administrative expenses rose to $7.5 million (from $6.8 million in 2023), mainly due to increased public and investor relations costs.

• Cash and cash equivalents at March 31, 2024: $0.8 million; working capital deficit of $5.9 million.

• Accumulated deficit as of March 31, 2024: $143 million.

Outlook and guidance

• Significant doubt exists about ability to continue as a going concern beyond December 2024 without additional funding.

• Plans to raise further equity and defer liabilities; ongoing cost reductions.

• Expenses expected to increase with advancement of clinical programs and regulatory filings.