OKYO Pharma is a clinical-stage company developing urcosimod, an eye drop for neuropathic corneal pain, a condition with no approved treatment; it is not approved.
OKYO's case rests on urcosimod, an eye drop for neuropathic corneal pain, which has no approved treatment, after it reduced pain versus placebo in an 18-patient Phase 2. After an FDA Type D meeting supported a single-trial registration path, OKYO started NEPTUNE, a Phase 3 of about 111 patients, enrolling first patients in October 2026. Cash was $20.6 million at March 31, which OKYO says funds NEPTUNE to completion.
Thesis checklist
0 risks need attention
Why it is in this state
The evidence, what would weaken it and the source filing
Why it is in this state
The evidence, what would weaken it and the source filing
Why it is in this state
The evidence, what would weaken it and the source filing
Next decision point
Tests: NEPTUNE shows urcosimod beats placebo on eye pain
Does urcosimod reduce neuropathic corneal pain more than placebo?
Strong, inconclusive and weak outcomes
What to look for in the result and how each would move the checklist
Price and material events
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OKYO's Phase 3 NEPTUNE trial of urcosimod in neuropathic corneal pain enrolled its first patients in October
Phase 2 NCP win and FDA-validated Phase 3 design position urcosimod for pivotal readout — if $4M cash can fund enrollment to data
Urcosimod's Phase 2b/3 pivotal trial in neuropathic corneal pain tests whether Phase 2 pain signals translate into registrational-quality efficacy
About this history: every entry shows when the Thesis moved and what it said. The reasoning behind each move (the evidence, the analysis and the source filing) and the earnings write-ups are part of a subscription.
Dates, trials and completed outcomes are open to everyone. What each upcoming milestone hinges on is part of a subscription.
Disease areas: Eye diseases
Catalyst calendar · Upcoming FDA decisions · Thesis changes
Competitive landscape
3 peers tracked
Cash: Market-data provider estimate; measurement period unavailable.
Debt: Market-data provider estimate; a complete comparable filing balance is unavailable.
Quarterly burn: Estimated from trailing free cash flow; measurement period unavailable.
Net cash and estimated runway require verified matching measurement periods. Missing debt components are not assumed to be zero.
Runway: No underlying guidance available.