Ocuphire Pharma, Inc. (OCUP) stock plummeted 3.16% in the after-hours trading session at the price of $5.21 following the announcement of participation in three upcoming healthcare conferences. OCUP is a clinical-stage ophthalmic biopharmaceutical company. It produces and commercializes therapies to treat various eye disorders. The company’s pipeline comprises two small-molecule product candidates that target the front and backside of the eye.
OCUP to Present at Three Upcoming Healthcare Conferences
On 27th September 2021, OCUP published that President and Chief Executive Officer Mina Sooch will be presenting business updates at three upcoming healthcare conferences. The Benzinga Healthcare Small-Cap Conference will take place from 29th to 30th September 2021 at 9:50 AM. The Ophthalmology Futures Forums: 2021 European Virtual Forum Key Topics will be on Thursday, 7th October 2021. Mina Sooch will also present at the Treatment Age-Related Diseases Panel on 13th October 2021 at Alliance Global Partners Biotech & Specialty Pharma Conference.
Inducement Grant Under Nasdaq Listing Rule 5635
On 3rd September 2021, OCUP published that its Board of Directors approved an equity award under the company’s Inducement Plan. The equity award became effective on 1st September 2021. It had approved under Nasdaq Listing Rule 5635, which requires public notification of equity awards that are not under a stockholder-approved equity plan. The new individual entering into employment with OCUP will have an option to purchase 45,000 shares of the company’s common stock at an exercise price of $4.49 per share.
OCUP Second Quarter 2021 Financial Results
On 12th August 2021, OCUP published financial results for the second quarter ended 30th June 2021, and provided business updates. The company reported $24.2 million in cash and cash equivalents as of 30th June 2021. Net cash from operating activities was $4.3 million and $10.1 million, respectively, for the three and six months ended 30th June 2021. Collaborations revenue for the three and six months ended 30th June 2021 was $0.1 million. There was no collaborations revenue during the same periods of the previous year.
OCUP reported a total operating loss of $7.1 million and $12.3 million, respectively, for the three and six months ended 30th June 2021. Total loss from operations were $1.3 million and $4.0 million, respectively, for the three and six months of 2020. Non-cash stock-based compensation expenses were $0.5 million and $1.0 million during the three and six months ended 30th June 2021, respectively. For the same period of the last year, non-cash stock-based compensation expenses were $0.3 million and $0.4 million.
