Balance Sheet And LiquidityAll secured debt was repaid and new unsecured bond financing extended the cash runway, with management indicating existing cash should provide operations for over 12 months and enable full debt repayment in 2026.
Partner Milestones And RoyaltiesPositive trial outcomes triggered an initial milestone payment from partner Kowa and the company remains eligible for further milestone payments plus royalties on U.S. net sales, supporting upside to future revenue.
Regulatory ProgressNCX 470 met the primary efficacy endpoint in a second Phase 3 glaucoma trial and an NDA submission to the FDA is planned with a pre-submission meeting to support the filing, strengthening approval prospects.