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Dec 31, 2023
Ocuphire Q4 2023 Earnings Report
Ocuphire reported a net loss with revenue driven by milestone payments and research & development services.
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.
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
Historical Earnings Impact
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