--- title: "OKYO Pharma files for up to $15,500,000 at-the-market share sales" url: "https://aibio.space/news/okyo-pharma-files-up-15-500-000-market-share-sales/" publisher: "aibio.space (Biotech Investor Relations News)" date: "2025-06-11" section: "Financings" tickers: "NASDAQ:OKYO" source: "https://www.sec.gov/Archives/edgar/data/1849296/000164117225014579/form424b5.htm" summary: "OKYO Pharma Limited says it sold $3,999,911 under an earlier $4,000,000 supplement and will make no more sales under it. The new program is with B. Riley S" --- By the aibio.space news desk. Sources - [OKYO Pharma Limited 424B5 (2025-06-11)](https://www.sec.gov/Archives/edgar/data/1849296/000164117225014579/form424b5.htm) - [OKYO Pharma Limited financial data (SEC XBRL)](https://www.sec.gov/Archives/edgar/data/1849296/000164117225020240/) [OKYO](https://aibio.space/companies/okyo-pharma/) 2025-06-11 # OKYO Pharma files for up to $15,500,000 at-the-market share sales Tickers [OKYO](https://aibio.space/companies/okyo-pharma/) OKYO Pharma Limited says it sold $3,999,911 under an earlier $4,000,000 supplement and will make no more sales under it. The new program is with B. Riley Securities. ## Key facts - **Company**: OKYO Pharma Limited (NASDAQ: OKYO) - **News type**: Financings - **Primary source**: [OKYO Pharma Limited 424B5 (2025-06-11)](https://www.sec.gov/Archives/edgar/data/1849296/000164117225014579/form424b5.htm) *Two people shaking hands across a table. Photo: Kristin Hardwick, CC0, via StockSnap. The picture shows the field, not the companies named.* OKYO Pharma Limited (Nasdaq: [OKYO](https://aibio.space/companies/okyo-pharma/)) filed a prospectus supplement on June 11, 2025 for up to $15.5 million of ordinary shares, to be sold through B. Riley Securities, Inc. B. Riley acts as sales agent or principal under an At Market Issuance Sales Agreement that the two parties signed earlier. In an at-the-market program, shares are sold into the market over time, and the agent is not required to sell any set amount. ## The banks and counsel B. Riley Securities, Inc. is the sales agent. Its compensation is a commission of up to 3.0% of the gross sales price of each share sold. The supplement says B. Riley will be treated as an underwriter under the Securities Act, and OKYO agreed to indemnify it against certain liabilities. Orrick, Herrington & Sutcliffe (UK) LLP and Carey Olsen (Guernsey) LLP pass on matters for the company, and Sheppard, Mullin, Richter & Hampton LLP covers U.S. federal law. Duane Morris LLP represents B. Riley. ## A program that replaces an almost fully used one In December 2023, OKYO filed a supplement for up to $4,000,000 of shares under the same agreement. The company says it has sold $3,999,911 under that supplement and will make no further sales under it. The limit on the new program comes from the company's public float. The supplement puts the float, meaning the market value of shares held by non-affiliates, at $58,589,465. That figure uses 27,899,745 shares and a price of $2.10, the June 9, 2025 closing price and the highest close in the prior 60 days. Under General Instruction I.B.5 of Form F-3, while the float is below $75,000,000, the company cannot sell in a public primary offering more than one-third of its float in any 12-month period. The company says the $3,999,911 sold in the prior 12 months counts toward that limit, which is why the new program is capped at $15.5 million. ## Dilution The supplement gives a pro forma net tangible book value of $(0.09) per share as of September 30, 2024. It estimates that selling 7,380,952 shares at an assumed $2.10 price would produce $15.5 million in gross proceeds. On those assumptions, new investors would face immediate dilution of $1.83 per share, and the adjusted net tangible book value would be $0.27 per share. The supplement notes that options and warrants could add further dilution. ## The lead program OKYO has focused since mid-2024 on urcosimod, formerly called OK-101, for neuropathic corneal pain, a condition the supplement describes as a major unmet need. The Phase 2 trial was designed as single-center, double-masked, randomized and placebo-controlled, with 48 patients planned and pain relief on a visual analog scale as the primary endpoint. The first patient was dosed on October 23, 2024. On April 30, 2025, the company announced it was closing that trial early, with 17 patients having completed the study, so it could unmask the data. It said the analysis should take no longer than 6 weeks. The supplement reports no results from the trial. The FDA granted Fast Track designation for the indication on May 1, 2025. The focus rests on an earlier 240-patient Phase 2 trial in dry eye disease. The company says it showed statistically significant improvement in ocular pain, with p values of 0.03, 0.04 and 0.01 at Days 29, 57 and 85. ## The auditor's warning PKF Littlejohn LLP audited the company's financial statements as of March 31, 2024 and 2023, included in its 20-F annual reports for those years, as amended. The audit report contains an explanatory paragraph about the company's ability to continue as a going concern. The supplement says OKYO expects to finance its cash needs through a combination of equity offerings, debt financings and license agreements, and that any equity sold will dilute existing holders. ## What the money is for The supplement says the net proceeds would go to general corporate purposes and working capital. It also warns that management will have broad discretion over the use of the proceeds, and that investors will not have the chance to assess how the money is spent before they invest. [Report an error](https://aibio.space/reputation/#correction) ## Companies in this story OKYO OKYO Pharma Limited NASDAQ ยท United Kingdom Open the starter desk ## More in Financings Financings ### [INmune Bio raises $4.50 million in registered direct offering with warrants](https://aibio.space/news/inmune-bio-raises-4-50-million-registered-direct-offering-warrants/) Oct 29, 2026 Financings ### [Lexeo Therapeutics files $300 million shelf registration](https://aibio.space/news/lexeo-therapeutics-files-300-million-shelf-registration/) Oct 29, 2026 Financings ### [ProKidney files $650 million shelf with $200 million Jefferies sales program](https://aibio.space/news/prokidney-files-650-million-shelf-200-million-jefferies-sales-program/) Oct 29, 2026 --- Source page: https://aibio.space/news/okyo-pharma-files-up-15-500-000-market-share-sales/. Facts in aibio.space stories are checked against company filings and releases; opinion is labelled. Cite as: aibio.space, "OKYO Pharma files for up to $15,500,000 at-the-market share sales", 2025-06-11, https://aibio.space/news/okyo-pharma-files-up-15-500-000-market-share-sales/