aibioOKYO Pharma files annual report, cites $22 million offering and $20.6 million cash
Tickers OKYO
The company says it raised approximately $25 million in the fiscal year ended March 31, 2026. It says its cash funds the planned Phase 3 trial of urcosimod.
Key facts
- Company
- OKYO Pharma Limited (NASDAQ: OKYO)
- News type
- Financings
- Primary source
- OKYO Pharma Limited 6-K (2026-07-20)
OKYO Pharma Limited (Nasdaq: OKYO) said on July 20, 2026 that it had filed its annual report on Form 20-F for the fiscal year ended March 31, 2026. The company paired the filing with a corporate update that describes a "strengthened" cash position and "ample" resources to finish a Phase 3 trial of its lead candidate, urcosimod.
The February 2026 offering
OKYO completed a public offering in February 2026 that raised approximately $22 million in gross proceeds, including an overallotment. The company says it raised about $25 million over the fiscal year, counting that offering. The release says investment funds and institutional investors took part, and it calls the funds "renowned" without naming them. It does not name the underwriters or placement agents for the February offering.
Cash and the trend behind it
Cash and cash equivalents were approximately $20.6 million at the end of March 2026. The company says that balance funds it through completion of its planned global Phase 3 trial of urcosimod. The release gives no trial budget, cost estimate or enrollment spending, so the statement cannot be checked against a figure.
The earlier figures are less comfortable. In its 20-F for the year ended March 31, 2025, filed July 18, 2025, the company reported a net loss of $4.7 million, down from $16.8 million the year before. Cash used in operations fell to $1.8 million from $9.5 million, and research and development expense fell to $2.3 million from $8.2 million. Year-end cash was $1.6 million at March 31, 2025, and $826,848 a year earlier. The release gives cash for March 2026 but no fiscal 2026 net loss or cash burn, so the year's spending cannot be compared with the balance.
The NEPTUNE trial
The trial, called NEPTUNE, is planned as a Phase 3 study of about 111 patients in the United States and Europe. Patients would be randomized 2:1 to 0.05% urcosimod or placebo in a single-dose regimen, with a start planned for the second half of 2026. The company says the design is FDA-agreed and that positive feedback from a Type D meeting supports it as a potential registrational study. The release does not include the FDA's written feedback or any minutes of that meeting, so the agreement rests on the company's description.
The release describes urcosimod as a first-in-class, lipid-conjugated chemerin peptide agonist of the ChemR23 receptor, with "ocular analgesic and anti-inflammatory" activity. It gives no figures for that activity, and it reports no efficacy results from a trial. The condition the drug targets, neuropathic corneal pain, is described in the release as a significant unmet medical need. The release does not give the size of that patient population.
What the release leaves out
The release gives no fiscal 2026 net loss, no cash burn for the year, no dilution figure for the February offering and no underwriter names. It does not say how much of the $22 million gross went to the company after fees. It refers readers to the risk factors in the 20-F for the fiscal year ended March 31, 2026, and it says the company's cash position is the basis for its plan to finish the Phase 3 trial. The next dated step the release names is the start of the trial in the second half of 2026.