OKYO Pharma (OKYO) Q4 2026 earnings summary

Executive summary

• Clinical-stage ophthalmology company focused on corneal and anterior segment diseases, with urcosimod as the lead candidate for neuropathic corneal pain (NCP), a condition with no FDA-approved therapies.

• Urcosimod demonstrated promising results in Phase 2 trials for NCP, showing significant pain reduction and favorable nerve restoration trends, leading to FDA Fast Track designation and advancement to a global Phase 3 trial.

• The company raised $20 million in a public offering in February 2026 to fund the Phase 3 trial and ongoing operations.

• Leadership strengthened with the appointment of a new CEO and CMO, both with extensive ophthalmology and drug development experience.

Financial highlights

• No revenue generated; operations funded by equity offerings and convertible loan notes.

• Net loss for the year ended March 31, 2026 was $8.95 million, compared to $4.71 million in 2025 and $16.83 million in 2024.

• Research and development expenses decreased to $1.81 million in 2026 from $2.25 million in 2025, reflecting the completion of larger trials and focus on smaller NCP studies.

• General and administrative expenses increased to $6.69 million in 2026, mainly due to higher option charges, legal, recruitment, and PR costs.

• Cash and cash equivalents plus short-term investments totaled $20.6 million as of March 31, 2026.

Outlook and guidance

• Phase 3 global trial for urcosimod in NCP planned, with FDA alignment on design and potential for single-trial registration.

• Existing cash expected to fund operations and clinical development for the foreseeable future, but additional capital may be needed for commercialization.

• Continued focus on advancing urcosimod and maintaining a robust intellectual property portfolio.