OKYO Pharma Reports $20.6M Cash Reserves and Plans Phase 3 NEPTUNE Trial Launch in 2026

OKYO Pharma Strengthens Financial Position with $22 Million February 2026 Public Offering

In February 2026, OKYO Pharma completed a public offering generating about $22 million in gross proceeds, including an overallotment option. This capital raise was supported by prominent investment funds and institutional investors, significantly enhancing the company's financial foundation during a critical drug development phase.

Chief Executive Officer Keeren Shah noted that the company raised approximately $25 million in total capital during the fiscal year. The CFO emphasized that this robust cash position ensures sufficient resources to complete the NEPTUNE Phase 3 pivotal trial for urcosimod. Securing this funding positions OKYO Pharma to progress toward potential regulatory approval, a key milestone for creating long-term value for patients and shareholders. The strong institutional backing reflects market confidence in the company’s clinical strategy and pipeline.

$20.6 Million Cash Position Supports Full Funding Through Phase 3 Trial Completion

According to the annual report, OKYO Pharma held approximately $20.6 million in cash and cash equivalents as of 31 March 2026. This capital is allocated to fully support the NEPTUNE Phase 3 pivotal trial for urcosimod targeting neuropathic corneal pain. Management highlighted that this financial strength mitigates near-term capital constraints that could otherwise delay development timelines.

Focusing financial resources on a single pivotal Phase 3 trial allows OKYO Pharma to avoid the complexities and cash burn associated with multiple concurrent programs. This strategic concentration maximizes operational momentum and the likelihood of clinical success. Investors will monitor potential future capital raises or changes in cash burn as indicators of the company’s financial trajectory and trial progress.

NEPTUNE Phase 3 Pivotal Trial Set to Launch in Second Half of 2026

The NEPTUNE trial (Neuropathic Eye Pain Treatment with Urcosimod & Nerve Evaluation) is OKYO Pharma’s primary clinical milestone over the next 18 months. The global Phase 3 study is planned to start in the second half of 2026, enrolling approximately 111 patients in the US and Europe. The trial features a 2:1 randomization to receive either 0.05% urcosimod or placebo in a single-dose regimen. Designed as a potential registrational study, NEPTUNE aims to support an efficient single-trial approval pathway.

OKYO Pharma developed the trial design with input from the U.S. Food and Drug Administration, receiving positive feedback during a Type D meeting. This regulatory engagement strengthens confidence in the trial’s design and relevance. The relatively small enrollment target reflects optimization for statistical power while managing operational complexity. Investors will closely watch trial initiation and enrollment as indicators of timeline feasibility and execution.

Urcosimod’s Unique Dual Mechanism Targets Immune and Nervous Systems

Urcosimod, OKYO Pharma’s lead candidate, is a first-in-class lipid-conjugated chemerin peptide agonist targeting the ChemR23 G-protein-coupled receptor. ChemR23 is expressed on ocular immune cells involved in inflammation, as well as neurons and glial cells in the dorsal root ganglion. This dual targeting enables urcosimod to address both inflammatory and neuropathic components of corneal pain. Preclinical and clinical studies have demonstrated its ocular analgesic and anti-inflammatory activities.

This dual mechanism offers a competitive advantage in ophthalmology, as most analgesics target either inflammatory or neuropathic pathways, but not both. By modulating immune and neurological pathways, urcosimod aims to comprehensively treat neuropathic corneal pain, addressing a significant unmet medical need. The first-in-class status highlights OKYO Pharma’s development of a novel therapeutic with no direct competitors currently approved for this indication.

Addressing Unmet Medical Needs in Neuropathic Corneal Pain

OKYO Pharma’s focus on neuropathic corneal pain (NCP) and anterior segment eye diseases targets a substantial unmet clinical need. NCP affects patients with corneal neuropathy, post-surgical pain, and other anterior segment disorders. Current treatments often provide inadequate relief or have tolerability issues.

This unmet need drives both clinical and commercial rationale for OKYO Pharma’s development strategy. Clinically, patients suffer significant impairment with limited evidence-based options. Commercially, limited competition and a specialized ophthalmology market create an attractive opportunity for a successful therapy. Concentrating the pipeline on this indication enables efficient use of financial and operational resources and reflects confidence in delivering a first-in-class solution.

Clinical-Stage Company Listed on Nasdaq Capital Market

OKYO Pharma Limited is a clinical-stage biopharmaceutical company with no approved products, relying on clinical trial progress and regulatory approvals for revenue generation. Its ordinary shares trade on the Nasdaq Capital Market under the ticker OKYO. As a Nasdaq-listed foreign private issuer, OKYO Pharma complies with U.S. securities regulations, including annual Form 20-F filings with the SEC. This status ensures transparency but also subjects the company to public disclosure obligations.

Being clinical-stage entails elevated risks due to uncertainties in drug development. While Nasdaq listing facilitates capital access and institutional investment, it also subjects the company to ongoing public scrutiny. OKYO Pharma has stated it is fully funded through completion of the Phase 3 NEPTUNE trial, but ultimate success depends on positive trial outcomes.

Annual Report Filing Demonstrates Regulatory Compliance and Transparency

On 20 July 2026, OKYO Pharma filed its Annual Report on Form 20-F for the fiscal year ended 31 March 2026 with the SEC. This filing, mandatory for foreign private issuers on U.S. exchanges, provides detailed disclosure of financial results, operations, risk factors, and material developments. The report is accessible via the SEC’s website and OKYO Pharma’s investor relations page, ensuring public availability.

The comprehensive Form 20-F filing offers investors in-depth insight into OKYO Pharma’s financial health and operational progress. Management’s positive corporate update alongside the filing underscores confidence in the company’s financial strength and clinical momentum. Investors seeking detailed information should consult the full Form 20-F for extensive disclosures beyond the announcement summary.

Forward-Looking Statements and Associated Risks

The announcement includes forward-looking statement disclaimers highlighting risks and uncertainties inherent in OKYO Pharma’s development stage. Projections regarding trial timelines, regulatory pathways, and approvals are expectations subject to change. Known and unknown factors could cause actual results to differ materially. Detailed risk factors are outlined in the company’s SEC filings, including the latest Form 20-F.

Risks specific to OKYO Pharma’s clinical programs include potential failure to meet primary efficacy endpoints in the NEPTUNE trial, slower than anticipated patient enrollment, regulatory demands for additional data, or safety concerns limiting urcosimod’s use. The company also faces industry competition, regulatory changes, and operational risks typical of clinical-stage biopharmaceutical firms with limited cash reserves. The adequacy of the $20.6 million cash position depends on actual trial costs aligning with projections; exceeding costs may necessitate further financing. Investors should thoroughly review all risk disclosures before investing.

CFO Keeren Shah Highlights Financial Strength and Clinical Progress

Keeren Shah, OKYO Pharma’s Chief Financial Officer, emphasized the company’s robust financial position and clinical momentum in the announcement. Shah noted the annual report filing reflects significant operational progress and that the approximately $25 million raised during the fiscal year, including the February 2026 offering, strengthens the cash position to fully fund the NEPTUNE Phase 3 pivotal trial.

Shah underscored that this financial foundation positions OKYO Pharma to advance toward potential regulatory approval, creating long-term value. This commentary provides transparency on management’s view of financial adequacy and strategic direction. Investors should consider these statements alongside the company’s risk factors and inherent drug development uncertainties.