Ocuphire Pharma, Inc. Reports Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2023
March 08, 2024 at 08:22 am
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Ocuphire Pharma, Inc. reported earnings results for the fourth quarter and full year ended December 31, 2023. For the fourth quarter, the company reported net loss was USD 4.8 million compared to net income of USD 33.94 million a year ago. Basic loss per share from continuing operations was USD 0.21 compared to basic earnings per share from continuing operations of USD 1.63 a year ago. Diluted loss per share from continuing operations was USD 0.21 compared to diluted earnings per share from continuing operations of USD 1.58 a year ago.
For the full year, net loss was USD 9.99 million compared to net income of USD 17.89 million a year ago. Basic loss per share from continuing operations was USD 0.46 compared to basic earnings per share from continuing operations of USD 0.9 a year ago. Diluted loss per share from continuing operations was USD 0.46 compared to diluted earnings per share from continuing operations of USD 0.87 a year ago.
Ocuphire Pharma, Inc. is a clinical-stage biopharmaceutical company. The Company is focused on developing and commercializing therapies for the treatment of refractive and retinal eye disorders. The Companyâs lead retinal product candidate, APX3330, is a small-molecule inhibitor of Ref-1 (reduction oxidation effector factor-1 protein). Ref1 is a regulator of transcription factors such as HIF-1α and NF-B. The Inhibiting REF-1 reduces levels of vascular endothelial growth factor (VEGF) and inflammatory cytokines which are known to play key roles in ocular angiogenesis and inflammation. APX3330 is an oral tablet to be administered twice per day for the treatment of DR. The Companyâs pipeline candidates include APX2009 and APX2014. The Company is initially pursuing APX3330 for the DR indication as first-line therapy and may explore opportunities for clinical benefit as monotherapy or adjunctive therapy for other retinal indications such as DME, wAMD, and GA.