Ocuphire Pharma reports Q1 EPS (29c), consensus (13c)

Reports Q1 revenue $1.71M, consensus $4.25M. As of March 31, Ocuphire had cash and cash equivalents of $47.2M. Based on current projections, management believes that the cash on hand will be sufficient to fund operations into mid-2025. “Ocuphire has made significant progress in 2024, with important developments for both APX3330 and RYZUMVI,” said George Magrath, CEO of Ocuphire. “We have been engaged in productive dialogue with the FDA with respect to our submitted Special Protocol Assessment, or SPA, to formalize the protocol and statistical analysis plan for future Phase 2/3 registrational trials of APX3330 in diabetic retinopathy. If APX3330 is approved, we believe it could be a promising oral treatment option for slowing disease progression in patients with non-proliferative DR who otherwise are monitored and untreated until they progress to sight-threatening disease. The recent commercial launch of RYZUMVI by our partner Viatris, was a major milestone, and an important validation of the clinical development work conducted by the Ocuphire team over the past several years to advance this product and secure FDA approval. Viatris now has the opportunity to create further value as it pursues additional indications for phentolamine ophthalmic solution, including the treatment of decreased low contrast visual acuity under low light conditions as well as presbyopia.”