OKYO Pharma (OKYO) Q4 2025 earnings summary

Executive summary

• Clinical-stage biopharma focused on inflammatory eye diseases and ocular pain, with lead candidate urcosimod targeting ChemR23 for neuropathic corneal pain (NCP) and dry eye disease (DED).

• Urcosimod received FDA Fast Track designation for NCP in May 2025; Phase 2 NCP trial showed promising pain reduction but was underpowered due to early closure after 18 patients.

• No product revenue to date; operations funded by equity and convertible debt.

Financial highlights

• Net loss for FY ended March 31, 2025: $4.7M, a significant improvement from $16.8M in FY 2024.

• R&D expenses decreased to $2.3M (from $8.2M in FY 2024) due to completion of DED trial and smaller NCP trial.

• General and administrative expenses fell to $4.8M (from $7.5M in FY 2024), reflecting lower bonuses, insurance, and consultancy costs.

• Cash and cash equivalents as of March 31, 2025: $1.6M; working capital deficit: $5.6M.

• Accumulated deficit: $143M as of March 31, 2025.

Outlook and guidance

• Company expects continued significant losses and negative cash flows as clinical development progresses.

• Additional capital required to fund ongoing and future trials; recent $2.7M raised post-year-end via ATM facility.

• Substantial doubt exists about ability to continue as a going concern without further financing.