Ocuphire Q4 2023 Earnings Report
Key Takeaways
Ocuphire Pharma reported financial results for the fourth quarter and full year ended December 31, 2023. The company had cash and cash equivalents of approximately $50.5 million as of December 31, 2023, which is expected to fund operations into mid-2025. License and collaboration revenue was $1.7 million for the quarter, and the net loss was $4.8 million, or ($0.21) per basic and diluted share.
Ocuphire had cash and cash equivalents of approximately $50.5 million as of December 31, 2023.
License and collaboration revenue was $1.7 million for the fourth quarter of 2023, compared to $39.9 million for the fourth quarter of 2022.
Net loss was $4.8 million, or ($0.21) per basic and diluted share for the fourth quarter of 2023, compared to net income of $33.9 million, or $1.63 per basic share for the fourth quarter of 2022.
Management believes the current cash on hand will be sufficient to fund operations into mid-2025.
Ocuphire
Ocuphire
Forward Guidance
Ocuphire is focused on advancing its retina pipeline and preparing its late-stage clinical program to progress APX3330 in diabetic retinopathy. RYZUMVI is expected to launch in the first half of 2024. Viatris is expected to continue Phase 3 development of PS in presbyopia and decreased visual acuity under dim light conditions in the first half of 2024.
Positive Outlook
- Advancing retina pipeline with APX3330 in diabetic retinopathy
- RYZUMVI launch expected in the first half of 2024
- Viatris to continue Phase 3 development of PS in presbyopia
- Viatris to continue Phase 3 development of PS in decreased visual acuity under dim light conditions
- Cash on hand is expected to fund operations into mid-2025
Challenges Ahead
- Success and timing of regulatory submissions and clinical trials are uncertain
- Changes to clinical trial designs and regulatory pathways may occur
- Delays or difficulties in patient enrollment in clinical trials are possible
- Dependence on third parties for development and commercialization
- Future revenue losses and profitability are uncertain