OKYO Pharma Announces Transition of At-The-Market Equity Offering Facility to Leerink Partners

OKYO Pharma (Nasdaq: OKYO) transitioned its At-The-Market (ATM) equity offering facility to Leerink Partners as exclusive sales agent, replacing B. Riley Securities.

Rhea-AI Summary

OKYO Pharma (Nasdaq: OKYO) transitioned its At-The-Market (ATM) equity offering facility to Leerink Partners as exclusive sales agent, replacing B. Riley Securities. The ATM lets OKYO sell common shares opportunistically at prevailing market prices to support clinical development, including lead candidate urcosimod.

Leerink will receive a 3.0% commission on gross proceeds. Any sales will be made pursuant to a prospectus supplement and base prospectus filed with the SEC. The company emphasized the move enhances financial flexibility without committing to a fixed equity raise.

Positive

• Transitioned ATM facility to Leerink Partners as exclusive sales agent
• ATM preserves financial flexibility for ongoing clinical development
• Leerink commission set at 3.0% of gross proceeds, disclosed upfront

Negative

• ATM share sales may dilute existing shareholders if shares are issued
• Proceeds depend on market conditions, creating fundraising uncertainty
• Sales will incur a 3.0% commission, reducing net capital raised

Argus Feb 11 session

-6.70% close to close Open Argus

Details

News Market Reaction – OKYO

On Feb 11, the day this news came out, OKYO closed 6.70% below the previous close.

Data tracked by StockTitan Argus for the Feb 11 session.

Market Context

On Feb 11, the day this news came out, the stock closed 6.7% below the previous close. A negative re...

Analysis

On Feb 11, the day this news came out, the stock closed 6.7% below the previous close. A negative reaction despite the operational continuity of an ATM program would fit concerns around dilution and financing needs. The company’s Form F-3 allows offerings up to $200,000,000, and the ATM prospectus describes capacity up to $50,000,000, with an illustrative increase from 40,555,197 to 65,680,825 shares. Such structures, while improving flexibility, also highlight ongoing losses and the possibility of meaningful equity issuance.

Key Figures

ATM program size: $50,000,000 ATM commission: 3.0% Shelf registration size: $200,000,000 +5 more

ATM program size

$50,000,000

6-K and 424B5 ATM program through Leerink Partners

ATM commission

3.0%

Commission on gross proceeds to Leerink Partners

Shelf registration size

$200,000,000

Form F-3 shelf filed 2026-02-02

Illustrative share price

$1.99

Example used in 424B5 ATM dilution scenario

Current shares outstanding

40,555,197

Starting point in 424B5 illustrative dilution table

Illustrative shares post-ATM

65,680,825

Potential shares in 424B5 example after full ATM usage

Cash on hand

$4.2M

As of 31 March 2025 per 6-K

Total comprehensive loss

$3.0M

Six months ended 30 September 2025

Historical Context

5 past events · Latest: Feb 10

5 events

1. Feb 10

   Executive appointment

   24h Move

   +5.0%

   Appointment of experienced CMO to lead urcosimod clinical and regulatory strategy.

2. Jan 30

   Clinical data update

   24h Move

   +0.5%

   Phase 2 urcosimod abstract accepted for ASCRS presentation with efficacy and safety data.

3. Jan 28

   Regulatory meeting

   24h Move

   +2.8%

   Successful FDA Type C meeting confirming Phase 2b/3 trial design for urcosimod.

4. Jan 23

   Compassionate use

   24h Move

   -6.3%

   FDA authorizes single-patient expanded access IND for urcosimod 0.05% in NCP.

5. Jan 05

   Executive appointment

   24h Move

   +7.6%

   New CEO with extensive ophthalmology commercialization experience appointed to lead OKYO.

24h Move is the share-price change in the day after each event; other market factors may also have contributed.

Key Terms

at-the-market (atm) equity offering facility, atm program, prospectus supplement, base prospectus, +4 more

8 terms

at-the-market (atm) equity offering facility financial

"it has transitioned its At-The-Market (ATM) equity offering facility to Leerink"

A at-the-market (ATM) equity offering facility is an arrangement that lets a company sell newly issued shares directly into the open market at prevailing prices over time through a broker, rather than in one large deal. For investors it matters because it gives the company a flexible, on-demand way to raise cash but can dilute existing holdings and affect share price and supply, much like turning a tap on and off versus pouring out a whole jug at once.

atm program financial

"through an ATM program, enabling the sale of common shares directly"

An at-the-market (ATM) program is an arrangement that lets a publicly traded company sell newly issued shares gradually into the open market at prevailing prices, through a designated broker-dealer, instead of raising money in one large offering. It gives the company flexible, lower-cost fundraising; for existing shareholders it matters because each sale adds to the share count, which can dilute their ownership stake.

prospectus supplement regulatory

"pursuant to a prospectus supplement and accompanying base prospectus filed"

A prospectus supplement is an additional document provided alongside a company's main offering details, offering updated or extra information about a specific financial product being sold. It helps investors understand the latest terms, risks, and details of the investment, similar to how an update or revision clarifies or expands on original instructions, ensuring they have current and complete information before making a decision.

base prospectus regulatory

"pursuant to a prospectus supplement and accompanying base prospectus filed"

A base prospectus is a detailed document that provides essential information about a financial offering, such as a bond or share issue. It acts like a comprehensive guide for investors, explaining what the investment involves, the risks involved, and how the process works. This helps investors make informed decisions before committing their money.

u.s. securities and exchange commission (sec) regulatory

"base prospectus filed with the U.S. Securities and Exchange Commission (SEC)."

The U.S. Securities and Exchange Commission (SEC) is the federal agency that writes and enforces rules for buying, selling and reporting information about stocks, bonds and other investments. Think of it as a referee and scoreboard operator: it protects investors by requiring companies to disclose accurate financial information and policing fraud, so investors can compare options and trust the markets are fair.

sales agent financial

"Leerink Partners LLC, a leading healthcare-focused investment bank as the sales agent"

A sales agent is an individual or firm authorized to sell a company’s products or services on its behalf, typically paid by commission or fees rather than a fixed salary. For investors, who a company uses to reach customers and how well those agents perform affects revenue growth and profit margins — like hiring local independent sellers to expand into new neighborhoods without building stores — so agent quality and cost matter to future cash flow and valuation.

commission financial

"Leerink Partners will act as the exclusive sales agent and receive a commission equal"

A commission is a fee paid to a person or company for helping to arrange a transaction, such as buying or selling something. It’s similar to a salesperson earning a percentage of a sale as a reward for their service. For investors, commissions affect the overall cost of trading and can influence how often they buy or sell assets.

View in glossary

jurisdiction regulatory

"unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction."

A jurisdiction is the geographic or legal area whose laws, courts and regulators have authority over a company, transaction or asset—like a playground where one set of rules and referees applies. It matters to investors because those rules determine taxes, reporting standards, investor protections, liability and how disputes are resolved, all of which affect risk, valuation and the ease of doing business.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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LONDON and NEW YORK, Feb. 11, 2026 (GLOBE NEWSWIRE) -- OKYO Pharma Limited (Nasdaq: OKYO), a clinical-stage biopharmaceutical company developing investigational therapies for the treatment of neuropathic corneal pain (NCP) and for inflammatory eye diseases, today announced that it has transitioned its At-The-Market (ATM) equity offering facility to Leerink Partners LLC, a leading healthcare-focused investment bank as the sales agent, replacing its previous ATM facility with B. Riley Securities Inc. This strategic move allows OKYO Pharma to continue accessing the capital markets efficiently through an ATM program, enabling the sale of common shares directly into the market from time to time, at prevailing market prices, subject to market conditions and the Company's discretion.

"We are excited to partner with Leerink Partners to establish this new ATM facility," said Keeren Shah, Chief Financial Officer of OKYO Pharma. "Leerink's deep expertise in the biotech sector, proven track record in executing ATM programs, and strong relationships in the investor community make them an ideal partner as we advance our pipeline, including our lead candidate urcosimod for neuropathic corneal pain. This transition enhances our financial flexibility to support ongoing clinical development and corporate objectives without committing to a fixed equity raise."

The ATM facility provides OKYO Pharma the ability to raise capital opportunistically while minimizing market disruption. Sales under the program, if any, will be made pursuant to a prospectus supplement and accompanying base prospectus filed with the U.S. Securities and Exchange Commission (SEC). Leerink Partners will act as the exclusive sales agent and receive a commission equal to 3.0% of gross proceeds from any shares sold.

This press release does not constitute an offer to sell or the solicitation of an offer to buy any securities, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

About OKYO Pharma

OKYO Pharma Limited (Nasdaq: OKYO) is a clinical-stage biopharmaceutical company developing innovative therapies for the treatment of neuropathic corneal pain (NCP) and inflammatory eye diseases, with ordinary shares listed for trading on the Nasdaq Capital Market. OKYO is focused on the discovery and development of novel molecules to treat neuropathic corneal pain and other ocular diseases. OKYO recently completed a successful phase 2 trial of its flagship drug urcosimod in patients with NCP and plans to initiate a ~150 subject Phase 2b/3 multiple-dose study of urcosimod to treat NCP in the first half of this year.

For further information, please visit www.okyopharma.com.

Forward-Looking Statements

Certain statements made in this announcement are forward-looking statements. These forward-looking statements are not historical facts but rather are based on the Company’s current expectations, estimates, and projections about its industry, its beliefs, and assumptions. Words such as ‘anticipates,’ ‘expects,’ ‘intends,’ ‘plans,’ ‘believes,’ ‘seeks,’ ‘estimates,’ and similar expressions are intended to identify forward-looking statements. These statements are not guarantees of future performance and are subject to known and unknown risks, uncertainties, and other factors, some of which are beyond the Company’s control, are difficult to predict, and could cause actual results to differ materially from those expressed or forecasted in the forward-looking statements. These and additional risks and uncertainties are described more fully in the company’s filings with the SEC, including those factors identified as “Risk Factors” in our most recent Annual Report on Form 20-F, for the fiscal year ended March 31, 2025. The company cautions security holders and prospective security holders not to place undue reliance on these forward-looking statements, which reflect the view of the company only as of the date of this announcement. The forward-looking statements made in this announcement relate only to events as of the date on which the statements are made. The company will not undertake any obligation to release publicly any revisions or updates to these forward-looking statements, except as may be required by law.

For further inquiries:

OKYO Pharma Ltd
Paul Spencer, Business Development, and Investor Relations
+44 (0) 207 495 2379
Email: info@okyopharma.com

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What did OKYO (Nasdaq: OKYO) announce about its ATM facility on February 11, 2026?

OKYO announced it transitioned its ATM equity offering facility to Leerink Partners as exclusive sales agent. According to the company, this replaces B. Riley Securities and lets OKYO sell common shares opportunistically to support clinical programs.

How will the new Leerink Partners ATM affect OKYO's ability to raise capital?

The ATM enables opportunistic sales of common shares into the market at prevailing prices. According to the company, the program is intended to enhance financial flexibility to support clinical development without a fixed equity raise.

What commission will Leerink Partners receive for sales under OKYO's ATM program?

Leerink Partners will receive a commission equal to 3.0% of gross proceeds from any shares sold. According to the company, the commission rate is disclosed and will reduce net proceeds from future sales.

Will OKYO sell shares immediately under the new ATM announced February 11, 2026?

No immediate sales were announced; any future sales will be at management's discretion and market conditions. According to the company, sales, if any, will follow a prospectus supplement and base prospectus filed with the SEC.

What is the stated purpose of OKYO's ATM facility transition to Leerink Partners?

The stated purpose is to support ongoing clinical development, including the lead candidate urcosimod, by improving access to capital. According to the company, the move aims to leverage Leerink's biotech expertise and investor relationships.