OKYO

Company Overview — What Does OKYO Pharma Ltd Do?

We are a preclinical biopharmaceutical company developing next-generation therapeutics to improve the lives of patients suffering from inflammatory eye diseases and ocular pain. Our research program is focused on a novel G Protein-Coupled Receptor, or GPCR, which we believe plays a key role in the pathology of these inflammatory eye diseases of high unmet medical need. Our therapeutic approach is focused on targeting inflammatory and pain modulation pathways that drive these conditions. We are presently developing OK-101, our lead preclinical product candidate, for the treatment of dry-eye disease. We also plan to evaluate its potential in benefiting patients with ocular neuropathic pain, uveitis and allergic conjunctivitis. We have also been evaluating OK-201, a bovine adrenal medulla, or BAM, lipidated-peptide preclinical analogue candidate that is currently in developmental stage. On February 21, 2018, we announced that we successfully obtained (via assignment from Panetta Partners Ltd., a related party) a license from On Target Therapeutics LLC, or OTT, to patents owned or controlled by OTT and a sub-license from OTT to certain patents licensed by OTT from Tufts Medical Center Inc., or TMC, to support our ophthalmic disease drug programs. These licenses gave us the right to exploit the intellectual property, or IP estate which is directed to compositions-of-matter and methodologies for treating ocular inflammation, DED, with chemerin or lipid-linked chemerin analogues. We also have a license from TMC to a separate IP estate for treating symptoms of ocular neuropathic pain and uveitis associated pain. On August 6, 2019, we signed a collaborative agreement with TMC on a research program focused on ocular neuropathic pain. On January 7, 2021, we announced the appointment of Mr. Gabriele Cerrone as Non-Executive Chairman and Director, and Gary S. Jacob, Ph.D. as Chief Executive Officer and Director. The addition of these two individuals was a significant step for us, highlighting a careful realignment of the strategic focus of our research and development program, with the aim of facilitating advancement of both of our preclinical programs. We believe this realignment will allow us to file investigational new drug, or IND, applications on our drug candidates with the U.S. Food and Drug Administration, or FDA, in the shortest time possible. OK-101 OK-101, our lead preclinical product candidate, is focused on keratoconjunctivitis sicca, commonly referred to as dry eye disease, or DED, which is a multifactorial disease caused by an underlying inflammation resulting in the lack of lubrication and moisture in the surface of the eye. DED is one of the most common ophthalmic conditions encountered in clinical practice. Symptoms of DED include constant discomfort and irritation accompanied by inflammation of the ocular surface, visual impairment and potential damage to the ocular surface. There are presently approximately 20 million people suffering from DED in the U.S. alone (Farrand et al. AJO 2017; 182:90), with the disease affecting approximately up to 34% of the population aged 50+ (Dana et al. AJO 2019; 202:47), and with women representing approximately two-thirds of those affected (Matossian et al. J Womens Health (Larchmt) 2019; 28:502–514). Prevalence of DED is anticipated to increase substantially in the next 10-20 years due to aging populations in the U.S., Europe, Japan and China and use of contact lenses in the younger population. We believe this increase in prevalence of dry eye syndrome represents a major expanding economic burden to public healthcare. According to Market Research Report, Dry Eye Syndrome, December 2020, the global DED market in 2019 was approximately $5.22 billion, with the market size expected to reach $6.54 billion by 2027. In addition, DED causes approximately $3.8 billion annually in healthcare costs and represents a major economic burden to public healthcare, accounting for more than $50 billion to the U.S. economy annually. At present, there are essentially three major prescription drugs used to treat DED: 1) Restasis (cyclosporine), 2) Xiidra (lifitegrast), and 3) Tyrvaya (Varenicline). However, DED continues to be a major unmet medical need due to the large number of patients not well served by the treatments available to them through the medical community. The development of new drugs to treat DED has been particularly challenging due to the heterogeneous nature of the patient population suffering from DED, and due to the difficulties in demonstrating an improvement in both signs and symptoms of the disease in well-controlled clinical trials. The evidence from over 40 years of scientific literature, however, suggests inflammation as the most common underlying cause of DED. An increase in the levels of inflammatory cytokines in both conjunctiva and tears is known to cause the chronic inflammation associated with DED. Consequently, development of new therapeutic agents that target inflammatory pathways is crucial in improving symptoms in DED patients. OK-101 is focused on an anti-inflammatory pathway for treating dry eye. The chemerin receptor (CMKLR1 or ChemR23) is a chemokine like GCPR expressed on select populations of cells including inflammatory mediators as well as epithelial and endothelial cells. Activation of CMKLR1 by chemerin has been shown to resolve the inflammation in animal models of asthma. We have been pioneering the development of OK-101, a lipidated-chemerin analogue, which is an agonist of CMKLR1, in treating DED and other ocular inflammatory conditions. OK-101 was first identified in a program developed by OTT using membrane-tethered ligand technology. To expand our understanding of the structure-activity relationships of the lipidated-chemerin analogues, such as OK-101. as agonists of the chemerin receptor, we synthesized a small library of analogues of OK-101. We screened these analogues in a cell-line based receptor binding assay to characterize the agonist potency of these lipidated-chemerin analogues. This work has also been coupled to an evaluation of a subset of these analogues’ potential in treating DED by using a variety of preclinical studies and dry eye animal model studies. After evaluating a number of our analogues in a mouse model of acute DED by looking at their ability to reduce corneal permeability, a measure of dry-eye effectiveness, as well as the analogues’ impact on immune response, we determined that OK-101 was in fact the most potent analogue in reducing corneal permeability and down-regulating immune response. In addition, in a separate set of animal model experiments, OK-101 was shown to exhibit potent ocular pain-reducing activity in a mouse model of corneal neuropathic pain. Following these studies, we evaluated the ocular tolerance of OK-101 via repeated ocular instillation in rabbits followed by clinical ophthalmic observations. Rabbit ocular tolerance tests on OK-101 showed no adverse signs such as inflammation, chemosis or hyperemia and no signs of local irritation. With potential anti-inflammatory and analgesic characteristics, we are developing OK-101 for the treatment of DED. Based on the results from the DED animal model and ocular tolerance studies, we are moving forward with plans to file an IND in the third or fourth quarter of 2022 on OK-101 to treat DED to enable us to begin clinical trials soon thereafter. During the second quarter of 2021 we successfully manufactured a 25-gram batch of OK-101 drug substance needed for initiating the IND-enabling studies that were begun during the summer of 2021. To support this work, we signed an agreement on April 13, 2021 with Ora, Inc., or Ora, a major clinical research organization, or CRO, specializing in ophthalmic drug development who are providing us the following services: . Preparation of the OK-101 pre-IND briefing document . Support in requesting and preparing for the OK-101 pre-IND meeting with FDA . Support for regulatory publishing and submission of IND in electronic common technical document, or eCTD, format . Providing quality oversight for development of topical formulation for OK-101 . Providing quality oversight for development and qualification of a drug stability analysis method for OK-101 along with conducting stability studies to establish formulated drug product is stable for at least 90 days . Support for completing animal toxicology studies in two animal species We are committed to a major effort to finish all IND enabling activities, and we plan to file an IND on OK-101 to treat DED in the third or fourth quarter of 2022. These activities include: . Completing topical formulation of the OK-101 drug product and initial stability studies . Finalizing the bioanalytical method development to support the OK-101 clinical program . Completing batch manufacture of current good manufacturing practices, or cGMP, OK-101 for clinical trials . Completing toxicokinetic method development . Completing toxicology studies in rabbits and dogs . Completing stability studies of formulated OK-101 We announced on December 6, 2021, based on consultations with Ora, that we are planning to commence the first human study with OK-101 in the fourth quarter of 2022, and because the drug is designed to be administered topically, we plan to skip the standard Phase 1 studies typically expected with orally delivered or injectable drug candidates in non-life-threatening conditions. This first trial is planned to be a Phase 2 efficacy clinical trial in DED patients and is anticipated to be conducted in approximately 200 to 250 DED patients. The study is being designed in conjunction with, and will be managed and monitored by Ora, well known for its leadership of ophthalmic clinical trial activities. The Phase 2 trial is expected to be completed in 6-8 months from enrollment of the first patient. On February 15, 2022, we announced the successful completion of the pre-IND meeting facilitated by Ora with the FDA regarding development plans for OK-101 to treat DED. Both nonclinical and clinical development milestones were covered in the pre-IND meeting, with the FDA agreeing that our first human trial would be a Phase 2 safety and efficacy trial in DED patients. The FDA also provided guidance on the planned protocol for this trial in DED patients, concurring with our decision to designate co-primary efficacy endpoints covering both a sign and a symptom of DED in the clinical protocol of the trial. The decision to designate efficacy endpoints as primary endpoints in this trial is highly significant as should this trial meet its prespecified primary endpoints, this result could accelerate the timeline to a new drug application, or NDA, filing with the FDA. We are presently on track with our pre-IND work on OK-101 and are planning to file the IND to treat DED in the third or fourth quarter of 2022, followed by the planned commencement of a Phase 2 trial in DED patients in the fourth quarter of 2022. --- Additional Applicable Disease Indications for OK-101 A second related ophthalmic disease indication that is the target of our chemerin-based technology is uveitis. Uveitis is the third leading cause of blindness worldwide. The most common type of uveitis is an inflammation of the iris called iritis (anterior uveitis). Uveitis can damage vital eye tissue, leading to permanent vision loss. Uveitis is currently treated with corticosteroid eyedrops and injections that reduce inflammation, however, the long-term use of corticosteroids causes risk of cataract and glaucoma, requiring close monitoring for their potential side effects. We believe that OK-101, in addition to its potential to treat DED, should also be evaluated to treat allergic conjunctivitis and uveitis. Correspondingly, once we have an IND on OK-101 in place and are clinically evaluating OK-101 to treat DED, we also plan to explore the drug candidate’s potential to suppress the inflammation associated with allergic conjunctivitis and uveitis. On January 19, 2021, we announced that we submitted a patent application to the United States Patent and Trademark Office covering the use of chemerin and chemerin analogues to treat the cytokine release syndrome associated with COVID-19 infections and other conditions such as acute respiratory distress syndrome, or ARDS. On January 15, 2021, we signed a research and material transfer agreement with the University of Alabama at Birmingham to evaluate the potential of chemerin analogs, including OK-101, to minimize the inflammation triggered by SARS-CoV-2 in a model of lung inflammation. Ex vivo lung tissue will be experimentally induced to produce inflammation, and during the course of inflammation in the absence and presence, respectively, of a chemerin analogue, a panel of cytokines including TNFa, IL-6, IL-1b will be measured. Currently, experiments are underway at the University of Alabama, but we have not reported yet on the results of this study. Assuming the results are encouraging, our plan is to advance this program as a potential prophylaxis to treat COVID-19 infections, and to treat other conditions such as ARDS. We plan this work to be under the direction of Dr. Napoleone Ferrara, a member of our Scientific Advisory Board. OK-201 MAS-Related G Protein-Coupled Receptors, or MRGPRs, mainly expressed in the sensory neurons, are involved in the perception of pain, thus making them a promising analgesic target. Activation of MRGPR by Bovine Adrenal Medulla, or BAM, peptide inhibits pain perception by modulating Ca2+ influx. OK-201, a BAM peptide analogue, licensed from TMC on May 1, 2018, is a potent agonist of human MRGPR and a promising candidate for the treatment of neuropathic and inflammatory pain. On August 6, 2019, we signed a collaborative agreement with TMC and Pedram Hamrah, MD, Professor of Ophthalmology at Tufts University School of Medicine, Boston, MA as Principal Investigator to evaluate OK-201 and other proprietary lead compounds to suppress corneal neuropathic pain using a mouse ocular pain model recently developed in Dr. Hamrah’s laboratory. Our goal was to further develop this lipidated peptide, as well as explore additional analogues, for their potential use in treating ocular pain, and for potentially treating long-term chronic pain. On April 28, 2021, we announced positive results of OK-201, a non-opioid analgesic drug candidate delivered topically in Dr. Hamrah’s mouse neuropathic corneal pain model, as a potential drug to treat acute and chronic ocular pain. Importantly, OK-201 demonstrated a reduced corneal pain response equivalent to that of gabapentin, a commonly used oral drug for neuropathic pain. These observations demonstrated preclinical ‘proof-of-concept’ for the topical administration of OK-201 as a potential non-opioid analgesic for ocular pain. Current treatments for corneal pain are limited to short term non-steroidal anti-inflammatory drugs, or NSAIDs, steroids, and oral gabapentin and opioids in severe cases. Although the results with OK-201 were encouraging, due to subsequent success obtained with OK-101 (see section on OK-101) in follow-on animal model studies utilizing the same mouse neuropathic corneal pain model as for OK-201, we have decided to maintain this drug candidate at the exploratory level while we focus our primary energy on the OK-101 program to treat DED, based on OK-101’s combination of anti-inflammatory and ocular pain-reducing activities in animal models of these conditions. We were originally incorporated in the British Virgin Islands as a British Virgin Islands Business Company on July 4, 2007 under the BVI Business Companies Act 2004 with company number 1415559 under the name Jellon Enterprises, Inc.. Our legal and commercial name was changed to Minor Metals & Mining, Inc. on October 24, 2007, to Emerging Metals Limited on November 28, 2007, to West African Minerals Corporation on December 9, 2011, and to OKYO Pharma Corporation on January 10, 2018. On March 9, 2018, shareholders approved the cancellation of our AIM listing and migration to Guernsey. On July 3, 2018, following the approval of the Guernsey Companies Registry, we were registered under the Guernsey Companies Law under the name OKYO Pharma Limited, as a Guernsey company with limited liability, an indefinite life and company number 65220. We are domiciled in Guernsey. On July 17, 2018, our Ordinary Shares were admitted to listing on the standard segment of the Official List of the FCA and admitted to trading on the Main Market of the London Stock Exchange. We are subject to the Takeover Code. Our registered office is located at Martello Court, Admiral Park, St. Peter Port, Guernsey. OKYO Pharma Ltd (OKYO) is classified as a micro-cap stock in the Healthcare sector, specifically within the Pharmaceutical Products industry. The company is led by CEO Gary S. Jacob and employs approximately 7 people. With a market capitalization of $87M, OKYO is one of the notable companies in the Healthcare sector.

OKYO Pharma Ltd (OKYO) Stock Rating — Reduce (April 2026)

As of April 2026, OKYO Pharma Ltd receives a Reduce rating with a composite score of 34.9/100 and 2 out of 5 stars from the Blank Capital Research quantitative model.OKYO ranks #3,058 out of 4,446 stocks in our coverage universe. Within the Healthcare sector, OKYO Pharma Ltd ranks #448 of 838 stocks, placing it in the lower half of its Healthcare peers. The rating is generated by a multi-factor model that weighs quality (30%), momentum (25%), value (15%), investment (10%), stability (10%), and short interest (10%).

OKYO Stock Price and 52-Week Range

OKYO Pharma Ltd (OKYO) currently trades at $1.51. The stock lost $0.07 (4.4%) in the most recent trading session. The 52-week high for OKYO is $3.35, which means the stock is currently trading -54.9% from its annual peak. The 52-week low is $1.03, putting the stock 46.6% above its annual trough. Recent trading volume was 177K shares, suggesting relatively thin trading activity.

Is OKYO Overvalued or Undervalued? — Valuation Analysis

OKYO Pharma Ltd (OKYO) carries a value factor score of 29/100 in the Blank Capital model, signaling premium valuation that prices in significant future growth.

At current multiples, OKYO Pharma Ltd trades at a premium to most Healthcare peers. This elevated valuation may be justified if the company can sustain above-average growth rates and profitability, but it also creates downside risk if earnings disappoint expectations.

OKYO Pharma Ltd Profitability — ROE, Margins, and Quality Score

OKYO Pharma Ltd (OKYO) earns a quality factor score of 30/100, signaling below-average profitability metrics relative to the broader market. Return on assets (ROA) comes in at -511.9% versus the sector average of -33.1%.

Profitability is below benchmark levels, which may reflect industry headwinds, elevated reinvestment, or structural challenges.

OKYO Debt, Balance Sheet, and Financial Health

Balance sheet data for OKYO is evaluated through our stability factor. Total debt on the balance sheet is $0. Cash and equivalents stand at $2M.

OKYO has a beta of 0.74, meaning it is less volatile than the S&P 500, making it a relatively defensive holding. The stability factor score for OKYO Pharma Ltd is 39/100, suggesting elevated price swings that may be unsuitable for conservative portfolios.

OKYO Pharma Ltd Revenue and Earnings History — Quarterly Trend

In TTM 2026, OKYO Pharma Ltd reported revenue of $0 and earnings per share (EPS) of $-0.20. Net income for the quarter was $-5M. Operating income came in at $-7M.

In FY 2025, OKYO Pharma Ltd reported revenue of $0 and earnings per share (EPS) of $-0.20. Net income for the quarter was $-5M. Operating income came in at $-7M.

In FY 2024, OKYO Pharma Ltd reported revenue of $0 and earnings per share (EPS) of $-0.57. Net income for the quarter was $-17M. Operating income came in at $-16M.

In FY 2023, OKYO Pharma Ltd reported revenue of $0 and earnings per share (EPS) of $-0.61. Net income for the quarter was $-13M. Operating income came in at $-13M.

Over the past 6 quarters, OKYO Pharma Ltd has experienced revenue contraction from $0 to $0. Investors analyzing OKYO stock should weigh these quarterly trends alongside the valuation and quality metrics discussed above.

OKYO Dividend Yield and Income Analysis

OKYO Pharma Ltd (OKYO) does not currently pay a dividend. This is common among smaller companies in the Pharmaceutical Products industry that prefer to reinvest cash flows into business expansion rather than returning capital to shareholders. Income-focused investors looking for Healthcare dividend stocks may want to explore other Healthcare stocks or use the stock screener to filter by dividend yield.

OKYO Momentum and Technical Analysis Profile

OKYO Pharma Ltd (OKYO) has a momentum factor score of 39/100, signaling weak relative price performance. Stocks with low momentum scores have historically tended to continue underperforming in the near term. The investment factor score is 16/100, which measures capital allocation efficiency and asset growth patterns. The short interest score of 65/100 reflects moderate short selling activity.

OKYO vs Competitors — Healthcare Sector Ranking and Peer Comparison

Within the Healthcare sector, OKYO Pharma Ltd (OKYO) ranks #448 out of 838 stocks based on the Blank Capital composite score. This places OKYO in the lower half of all Healthcare stocks in our coverage universe. Key competitors and sector peers include ASTRAZENECA PLC (AZN) with a score of 61.4/100, Sol-Gel Technologies Ltd. (SLGL) with a score of 56.6/100, VIEMED HEALTHCARE, INC. (VMD) with a score of 53.4/100, Innoviva, Inc. (INVA) with a score of 52.7/100, and JOHNSON & JOHNSON (JNJ) with a score of 51.7/100.

Comparing OKYO against the S&P 500 benchmark is also instructive for understanding relative performance. Investors can view the full OKYO vs S&P 500 (SPY) comparison to assess how OKYO Pharma Ltd stacks up against the broader market across all factor dimensions.

OKYO Next Earnings Date

No upcoming earnings date has been announced for OKYO Pharma Ltd (OKYO) at this time. Check the earnings calendar for the latest scheduling updates across all stocks in our coverage universe.

Should You Buy OKYO? — Investment Thesis Summary

The quantitative profile for OKYO Pharma Ltd suggests caution. The quality score of 30/100 flags below-average profitability. The value score of 29/100 indicates premium valuation. Momentum is weak at 39/100, a headwind for near-term performance. High volatility (stability score 39/100) increases portfolio risk.

In summary, OKYO Pharma Ltd (OKYO) earns a Reduce rating with a composite score of 34.9/100 as of April 2026. The rating is derived from the Blank Capital Research methodology, which combines six factor dimensions into a single quantitative ranking. Investors should consider these quantitative signals alongside their own fundamental research, risk tolerance, and investment time horizon before making buy or sell decisions on OKYO stock.

Related Resources for OKYO Investors

Explore more research and tools: OKYO vs S&P 500 comparison, top Healthcare stocks, stock screener, our methodology, quality factor explained, value factor explained, momentum factor explained. Compare OKYO head-to-head with peers: OKYO vs AZN, OKYO vs SLGL, OKYO vs VMD.