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Jun 30, 2024
Ocuphire Q2 2024 Earnings Report
Ocuphire reported financial results for Q2 2024 and provided a corporate update.
Key Takeaways
Ocuphire Pharma reported a net loss of $7.8 million, or $(0.30) per share, for the second quarter ended June 30, 2024. The company's cash and cash equivalents totaled $41.4 million as of June 30, 2024, which is expected to fund operations into mid-2025. License and collaborations revenue was $1.1 million for the quarter.
VEGA-3 Phase 3 study of Phentolamine Ophthalmic Solution in Presbyopia is recruiting patients with top-line data expected in 2025.
LYNX-2 Phase 3 Study of Phentolamine Ophthalmic Solution continues enrollment with top-line data expected in 2025.
Preparatory steps towards Phase 2/3 with APX3330 in Diabetic Retinopathy are ongoing.
Cash position of $41.4 million provides runway anticipated into mid-2025.
Ocuphire
Ocuphire
Forward Guidance
Based on current projections, management believes that the cash on hand will be sufficient to fund operations for the next twelve months.