FARMINGTON HILLS, Mich.—Ocuphire Pharma, Inc. (Nasdaq: OCUP), a clinical-stage ophthalmic biopharmaceutical company focused on developing and commercializing small-molecule therapies for the treatment of patients with retinal and refractive eye disorders, has announced financial results for the second quarter ended June 30, 2024. Reported license and collaborations revenue was $1.1 million for the three months ended June 30, 2024 compared with $3.7 million for the same period in 2023. Net loss for the quarter ended June 30, 2024, was $7.8 million compared with a net loss of $5.0 million for the second quarter of 2023, according to the announcement.

As of June 30, 2024, Ocuphire had cash and cash equivalents of $41.4 million. Based on current projections, management said that it believes that the cash on hand will be sufficient to fund operations for the next 12 months.

“APX3330 (a twice-a-day oral tablet currently being developed for diabetic retinopathy and diabetic macular edema) has potential to be the first non-invasive, early treatment to delay vision-threatening complications in millions of patients with non-proliferative diabetic retinopathy who otherwise remain untreated, and we are pleased with the progress on our preparations for the next clinical study," said George Magrath, MD, MBA, MS, CEO of Ocuphire. "We continue to work collaboratively with the U.S. Food and Drug Administration on our submitted Special Protocol Assessment for Phase 2/3 and the overall clinical development plan for APX3330.”

He added, “We are also making progress on additional indications for phentolamine ophthalmic solution. The VEGA-3 Phase 3 trial in presbyopia, funded by our commercial partner, has begun recruiting. Phentolamine ophthalmic solution has demonstrated a differentiated product profile in prior presbyopia studies, and we believe it could be a promising and convenient treatment option for the growing number of people with this condition. The LYNX-2 Phase 3 study in dim light disturbances (“DLD”) has seen strong enrollment and could provide a differentiated product for patients,” Magrath said.