The company continues to record zero revenue while maintaining a high fixed cost structure, evidenced by a $2.8M operating loss in 2026Q2.
| Metric | TTM | Mar'25 | Mar'24 | Mar'23 | Mar'22 | Mar'21 | Mar'20 | Mar'19 | Mar'18 | Mar'17 | Mar'16 | Mar'15 | Mar'14 | Mar'13 | Mar'12 | Mar'11 | Mar'10 | Mar'09 | Mar'08 |
|---|
| Sales/Revenue | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Revenue Growth % | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Cost of Goods Sold | 6.82K | 2.56K | 3.87K | 3.8K | 2.42K | 13.09K | 5.97K | 219 | 0 | 0 | 0 | 0 | 0 | 0 | 77.24K | 0 | 0 | 0 | 0 |
| COGS % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Gross Profit | -6.82K | -2.56K | -3.87K | -3.8K | -2.42K | -13.09K | -5.97K | -219 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Gross Margin % | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Gross Profit Growth % | - | 33.7% | -1.82% | -56.71% | 81.48% | -119.16% | -2626.48% | - | - | - | - | - | - | - | - | - | - | - | - |
| Operating Expenses | 9.98M | 7.19M | 15.69M | 6.34M | 6.22M | 3.37M | 1.51M | 4.54M | 985.82K | 363.27K | 1.1M | 1.75M | 4.77M | 4.67M | 5.41M | 1.7M | 1.02M | 2.23M | 3.17M |
| OpEx % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Selling, General & Admin | 7.77M | 4.93M | 7.45M | 6.75M | 4.93M | 2.97M | 995.42K | 1.85M | 573.43K | 363.2K | 1.05M | 1.74M | 4.61M | 4.67M | 5.16M | 834.01K | 4.52K | 63.03K | 73.42K |
| SG&A % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Research & Development | 2.21M | 2.25M | 8.24M | 6.34M | 1.61M | 348.35K | 517.46K | 3.04M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 0 | 0 | 0 | -6.75M | -320K | 43.65K | 0 | -15.81K | -12.43K | 0 | 48.57K | 0 | 0 | -65.73K | 0 | 0 | 0 | 0 | 0 |
| Operating Income | -9.99M | -7.19M | -15.69M | -13.09M | -6.23M | -4.13M | -1.52M | -4.54M | -28.29M | -363K | -1.1M | -1.75M | -4.77M | -4.92M | -5.11M | -1.7M | -1.02M | 15.1M | -3.52M |
| Operating Margin % | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Operating Income Growth % | - | 54.2% | -19.92% | -110.03% | -50.75% | -172.14% | 66.54% | 83.95% | -7692.29% | 67% | 37.11% | 63.36% | 3.01% | 3.64% | -199.94% | -67.45% | -106.74% | 529.5% | - |
| EBITDA | -9.98M | -7.19M | -15.69M | -13.08M | -6.23M | -4.12M | -1.51M | -4.54M | 76.32M | -310.48K | -1.06M | 4.52M | 3.94M | -4.9M | -5.09M | -1.7M | 28.61M | 15.1M | -3.17M |
| EBITDA Margin % | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| EBITDA Growth % | -44.48% | 54.2% | -19.93% | -110.05% | -51.17% | -172.34% | 66.67% | -105.95% | 24680.65% | 70.68% | -123.44% | 14.52% | 180.55% | 3.75% | -198.79% | -105.95% | 89.53% | 577% | - |
| D&A (Non-Cash Add-back) | 4.72K | 2.56K | 3.87K | 3.8K | 2.33K | 13.11K | 5.97K | 218 | 104.61M | 52.52K | 0 | 6.27M | 8.72M | 24.44K | 19.61K | 0 | 0 | 0 | 0 |
| EBIT | -9.6M | -7.09M | -15.75M | -13.19M | -6.22M | -3.37M | -1.5M | -4.53M | 0 | -365K | -1.06M | -8.76M | -13.92M | -4.84M | -5.68M | -1.56M | 13.4M | 16.9M | -3.01M |
| Net Interest Income | -963.81K | -878.17K | -1.05M | -96.69K | 0 | -1.12K | 46.91K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Income | 5.47K | 5.47K | 0 | 0 | 0 | 0 | 48.06K | 0 | 0 | 4.42K | 12.36K | 17.29K | 0 | 93.22K | 20.67K | 141.41K | 1.51K | 381.07K | 345.28K |
| Interest Expense | 969.28K | 883.65K | 1.05M | 96.69K | 0 | 1.12K | 1.16K | 0 | 0 | 0 | 0 | 0 | 4.14K | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Income/Expense | -575.56K | -781.2K | -1.11M | -196.62K | 13.58K | 754.85K | -99.49K | -363K | -12.44K | 121.34K | 96K | 250.07K | -9.33M | 78.74M | -591K | 0 | 0 | 0 | 0 |
| Pretax Income | -10.56M | -7.97M | -16.8M | -13.28M | -6.22M | -3.38M | -1.62M | -4.9M | -28.27M | -242K | -1.01M | -1.49M | -13.93M | -4.84M | -5.7M | -1.62M | 12.67M | 14.34M | -2.98M |
| Pretax Margin % | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Income Tax | -3.26M | -3.26M | 22.41K | -12.2K | -787K | -24.99K | -76.19K | 0 | 0 | 0 | -190K | 6.76M | 4.14K | 0 | -895K | 0 | 0 | 0 | 0 |
| Effective Tax Rate % | 30.89% | 40.95% | -0.13% | 0.09% | 12.66% | 0.74% | 4.71% | 0% | 0% | 0% | 18.81% | -452.54% | -0.03% | 0% | 15.7% | 0% | 0% | 0% | 0% |
| Net Income | -7.3M | -4.71M | -16.83M | -13.27M | -5.43M | -3.35M | -1.54M | -4.89M | -28.3M | -243K | -820K | -8.26M | -13.95M | -4.84M | -4.8M | -1.62M | 12.67M | 14.34M | -2.98M |
| Net Margin % | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Net Income Growth % | -26.38% | 72.03% | -26.77% | -144.37% | -61.93% | -117.49% | 68.5% | 82.7% | -11545.68% | 70.37% | 90.07% | 40.81% | -188.2% | -0.73% | -197.09% | -112.76% | -11.59% | 581.85% | - |
| Net Income (Continuing) | -7.3M | -4.71M | -16.83M | -13.27M | -5.43M | -3.35M | -1.54M | -4.9M | -28.27M | -242K | -820K | -8.26M | -13.93M | -4.66M | -4.8M | -1.62M | 12.67M | 14.34M | -2.98M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 190.41K | -6.78M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 23.59K | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -0.20 | -0.12 | -0.00 | -0.60 | -0.36 | -0.32 | -0.17 | -0.62 | -4.80 | -0.04 | -0.14 | -1.32 | -0.05 | -1.09 | -1.12 | -0.38 | 2.96 | 0.48 | -0.05 |
| EPS Growth % | 47.56% | - | 99.9% | -66.67% | -12.5% | -88.24% | 72.58% | 87.08% | -11522.28% | 70.5% | 89.39% | -2750.97% | 95.75% | 2.68% | -194.74% | -112.84% | 516.67% | 995.52% | - |
| EPS (Basic) | - | -0.12 | -0.00 | -0.60 | -0.36 | -0.32 | -0.17 | -0.62 | -4.80 | -0.04 | -0.17 | -1.32 | -0.05 | -1.09 | -1.12 | -0.38 | 2.96 | 0.48 | -0.05 |
| Diluted Shares Outstanding | 37.42M | 39.49M | 29.34M | 22.26M | 15.06M | 10.35M | 9.16M | 7.91M | 5.89M | 5.86M | 5.86M | 6.27M | 4.63M | 4.43M | 4.28M | 4.28M | 4.28M | 29.99M | 55.69M |
| Basic Shares Outstanding | 37.42M | 39.49M | 29.34M | 22.26M | 15.06M | 10.35M | 9.16M | 7.91M | 5.89M | 5.86M | 4.76M | 6.26M | 4.63M | 4.43M | 4.28M | 4.28M | 4.28M | 29.99M | 55.69M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Binary clinical trial dependency
As reported in recent financial filings, OKYO's expenditure profile remains heavily skewed toward administrative overhead rather than direct R&D, with SG&A costs reaching $2.8M in 2026Q2 while R&D investment was reported at a negligible $44.0K, highlighting a significant disconnect in capital allocation priorities.
The company's cost structure appears to prioritize corporate maintenance over the aggressive advancement of its clinical pipeline. This allocation strategy warrants further investigation, as the minimal R&D spend relative to administrative costs may suggest an inability to accelerate the OK-101 program despite the urgent need for clinical data.
Based on the provided income statement data, OKYO exhibits a high degree of operating leverage risk, as the company consistently records multi-million dollar operating losses without any offsetting revenue, a trend that has persisted across multiple quarters as evidenced by the $2.8M operating loss in 2026Q2.
The absence of revenue means that every dollar of SG&A expense directly erodes the company's limited cash reserves. Investors should monitor whether management can transition to a more efficient operating model, as the current structure appears to lack the scalability required to survive without continuous external financing.
According to historical income statements, the company's net income figures are frequently distorted by non-operating items and stock-based compensation, such as the $4.0M in SBC recorded in 2024Q4, which complicates the assessment of the firm's underlying cash-based operational performance and true burn rate.
The reliance on non-cash compensation and potential warrant revaluations makes it difficult to gauge the actual cash impact of operations. Analysts should focus on the cash-burn-to-milestone ratio rather than reported net income, as the latter appears to be a poor proxy for the company's actual liquidity trajectory.
Based on the reported cash balance of $1.56M, the company faces a precarious financial position that may necessitate immediate dilutive financing, a risk that is underscored by the historical pattern of frequent capital raises required to sustain operations in the absence of any commercial revenue.
Short-sellers would likely focus on the high probability of a capital raise at a depressed valuation, which would further dilute existing shareholders. The lack of a clear path to non-dilutive funding suggests that the company's survival is entirely contingent on market sentiment toward its lead asset, OK-101.
Quick answers to the most common questions about buying OKYO stock.
For fiscal year 2025, OKYO Pharma Limited (OKYO) reported total revenue of $0.0M.
OKYO Pharma Limited (OKYO) reported a net loss of $4.7M for the fiscal year ending 2025.