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Mar 31, 2024
Ocuphire Q1 2024 Earnings Report
Ocuphire reported financial results for Q1 2024 and provided a corporate update.
Key Takeaways
Ocuphire Pharma reported a net loss of $7.1 million for Q1 2024, with license and collaborations revenue of $1.7 million. The company's cash and cash equivalents totaled $47.2 million as of March 31, 2024, expected to fund operations into mid-2025. Viatris launched RYZUMVI™ in April 2024, leading to Ocuphire's first royalty payment.
Submitted Special Protocol Assessment (SPA) to the FDA for APX3330 in diabetic retinopathy (DR).
Viatris launched RYZUMVI™ for pharmacologically-induced mydriasis in April 2024, triggering royalty payments to Ocuphire.
Enrolled first subject in LYNX-2 Phase 3 registration study for PS in treating decreased visual acuity under low light conditions after keratorefractive surgery.
Appointed Nirav Jhaveri as CFO and Ashwath Jayagopal as Chief Scientific and Development Officer in February 2024.
Revenue by Segment
Forward Guidance
Ocuphire anticipates continued discussions with the FDA regarding APX3330 and expects that current cash reserves will be sufficient to fund operations into mid-2025.
Positive Outlook
- Potential approval of APX3330 as an oral treatment for slowing disease progression in non-proliferative DR.
- Opportunity for Viatris to create further value with phentolamine ophthalmic solution in additional indications.
- Ongoing discussions with the FDA regarding APX3330.
- First royalty payment from Viatris on RYZUMVI sales.
- Cash reserves expected to fund operations into mid-2025.
Challenges Ahead
- Risks related to regulatory submissions and clinical trials.
- Potential delays or difficulties in patient enrollment for clinical trials.
- Reliance on third-party partnerships.
- Uncertainties related to commercialization and market acceptance of product candidates.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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