Announcement • Jun 09
Ocumension Therapeutics, Annual General Meeting, Jun 30, 2026 Ocumension Therapeutics, Annual General Meeting, Jun 30, 2026, at 10:00 China Standard Time. Location: 56th floor, one museum place office building, no. 669 xinzha road, shanghai China Reported Earnings • Mar 27
Full year 2025 earnings: EPS and revenues miss analyst expectations Full year 2025 results: CN¥0.20 loss per share (improved from CN¥0.39 loss in FY 2024). Revenue: CN¥804.4m (up 93% from FY 2024). Net loss: CN¥158.8m (loss narrowed 41% from FY 2024). Revenue missed analyst estimates by 2.5%. Earnings per share (EPS) also missed analyst estimates by 14%. Revenue is forecast to grow 26% p.a. on average during the next 3 years, compared to a 10% growth forecast for the Pharmaceuticals industry in Hong Kong. Over the last 3 years on average, earnings per share has increased by 33% per year but the company’s share price has fallen by 10% per year, which means it is significantly lagging earnings. Announcement • Mar 10
Ocumension Therapeutics to Report Fiscal Year 2025 Results on Mar 26, 2026 Ocumension Therapeutics announced that they will report fiscal year 2025 results at 12:30 PM, China Standard Time on Mar 26, 2026 Major Estimate Revision • Feb 07
Consensus EPS estimates fall by 13% The consensus outlook for fiscal year 2025 has been updated. 2025 expected loss increased from -CN¥0.155 to -CN¥0.175 per share. Revenue forecast unchanged at CN¥825.0m. Pharmaceuticals industry in Hong Kong expected to see average net income growth of 17% next year. Consensus price target down from HK$10.78 to HK$9.92. Share price fell 5.4% to HK$6.99 over the past week. Announcement • Jan 20
Ocumension Therapeutics Completes Enrollment in the Real-World Study of OT-703 The board of directors of the Ocumension Therapeutics announced that one of the Group 's products, OT-703 (ILUVIEN ®, fluocinolone intravitreal implant), an injectable, non-biodegradable fluocinolone acetate intravitreal implant for the treatment of diabetic macular edema (DME), has recently completed the enrollment of a total of 195 patients for the real-world study in Boao Lecheng International Medical Tourism Pilot Zone in Hainan Province, in People's Republic of China. OT-703, namely the 190 microgram fluocinolone acetonide intravitreal implant in applicator (0.19 mg), is an injectable, non-biodegradable fluocinolone acetate intravitreal implant and used for treatment of DME by continuously releasing a microdose of the non-proprietary corticosteroid fluocinolone acetonide (FAc) in the eye, for up to 36 months. It has received the regulatory approval from the United States Food and Drug Administration (FDA) and marketed under the trade name "ILUVIEN®". It is the only FDA-approved corticosteroid intraocular implant for the treatment of DME with a three-year sustained-release period. In April 2021, the Company and Alimera Sciences Inc. ("Alimera") entered into an exclusive license agreement, pursuant to which the Company obtained the exclusive licensed rights from Alimera in relation to the development and commercialization of ILUVIEN® in Greater China, South Korea and 11 countries in Southeast Asia. In December 2023, OT-703 obtained an approval from the Pharmacy and Poisons Board of Hong Kong for its registration as a pharmaceutical product in Hong Kong in accordance with the Pharmacy and Poisons Ordinance (Cap. 138 of the Laws of Hong Kong). Reported Earnings • Sep 27
First half 2025 earnings: EPS and revenues miss analyst expectations First half 2025 results: CN¥0.17 loss per share (improved from CN¥0.23 loss in 1H 2024). Revenue: CN¥294.0m (up 75% from 1H 2024). Net loss: CN¥132.3m (loss narrowed 13% from 1H 2024). Revenue missed analyst estimates by 7.4%. Earnings per share (EPS) also missed analyst estimates by 42%. Revenue is forecast to grow 31% p.a. on average during the next 3 years, compared to a 11% growth forecast for the Pharmaceuticals industry in Hong Kong. Over the last 3 years on average, earnings per share has increased by 21% per year but the company’s share price has fallen by 7% per year, which means it is significantly lagging earnings. Major Estimate Revision • Aug 28
Consensus EPS estimates fall by 58% The consensus outlook for earnings per share (EPS) in fiscal year 2025 has deteriorated. 2025 revenue forecast decreased from CN¥835.8m to CN¥804.7m. Losses expected to increase from CN¥0.12 per share to CN¥0.19. Pharmaceuticals industry in Hong Kong expected to see average net income growth of 20% next year. Consensus price target up from HK$9.87 to HK$10.52. Share price fell 25% to HK$8.96 over the past week. Reported Earnings • Aug 23
First half 2025 earnings: EPS and revenues miss analyst expectations First half 2025 results: CN¥0.17 loss per share (improved from CN¥0.23 loss in 1H 2024). Revenue: CN¥294.0m (up 75% from 1H 2024). Net loss: CN¥132.3m (loss narrowed 13% from 1H 2024). Revenue missed analyst estimates by 7.4%. Earnings per share (EPS) also missed analyst estimates by 42%. Revenue is forecast to grow 32% p.a. on average during the next 3 years, compared to a 9.8% growth forecast for the Pharmaceuticals industry in Hong Kong. Over the last 3 years on average, earnings per share has increased by 21% per year but the company’s share price has fallen by 5% per year, which means it is significantly lagging earnings. Announcement • Aug 12
Ocumension Therapeutics to Report First Half, 2025 Results on Aug 21, 2025 Ocumension Therapeutics announced that they will report first half, 2025 results on Aug 21, 2025 Major Estimate Revision • Jul 09
Consensus estimates of losses per share improve by 23% The consensus outlook for earnings per share (EPS) in fiscal year 2025 has improved. 2025 revenue forecast increased from CN¥826.4m to CN¥835.8m. EPS estimate increased from -CN¥0.155 per share to -CN¥0.12 per share. Pharmaceuticals industry in Hong Kong expected to see average net income growth of 19% next year. Consensus price target up from HK$7.41 to HK$8.73. Share price fell 6.0% to HK$8.90 over the past week. Announcement • Jul 03
Ocumension Therapeutics Announces Change in Composition of the Nomination Committee The board (the "Board") of directors (the "Directors") of Ocumension Therapeutics (the "Company")
announced that, in response to the amendments to the Corporate Governance Code as set out in Appendix C1 to the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited, which will become effective from July 1, 2025, Dr. Qin XIE, a non-executive Director, and Mr. Ting Yuk Anthony WU, an independent non-executive Director, have been appointed as new members of the nomination committee of the Company (the "Nomination Committee") with effect from June 30, 2025. Following this appointment, the Nomination Committee comprises three independent non-executive Directors (namely Mr. Ting Yuk Anthony WU, Mr. Yiran HUANG and Mr. Zhenyu Zhang) and two non-executive Directors (namely Dr. Lian Yong CHEN and Dr. Qin XIE), with Dr. Lian Yong CHEN remaining as the chairman. New Risk • Jun 09
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Hong Kong stocks, typically moving 12% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Minor Risks Share price has been volatile over the past 3 months (12% average weekly change). Shareholders have been diluted in the past year (17% increase in shares outstanding). Announcement • Apr 28
Ocumension Therapeutics, Annual General Meeting, Jun 19, 2025 Ocumension Therapeutics, Annual General Meeting, Jun 19, 2025, at 10:00 China Standard Time. Location: 56th floor, one museum place office building, no. 669 xinzha road, shanghai China Major Estimate Revision • Apr 17
Consensus EPS estimates fall by 19% The consensus outlook for fiscal year 2025 has been updated. 2025 expected loss increased from -CN¥0.13 to -CN¥0.155 per share. Revenue forecast of CN¥826.4m unchanged since last update. Pharmaceuticals industry in Hong Kong expected to see average net income growth of 13% next year. Consensus price target down from HK$7.36 to HK$7.19. Share price rose 2.1% to HK$4.77 over the past week. Major Estimate Revision • Apr 07
Consensus revenue estimates fall by 15% The consensus outlook for revenues in fiscal year 2025 has deteriorated. 2025 revenue forecast decreased from CN¥967.7m to CN¥826.4m. Forecast losses increased from -CN¥0.085 to -CN¥0.13 per share. Pharmaceuticals industry in Hong Kong expected to see average net income growth of 13% next year. Consensus price target down from HK$8.03 to HK$7.40. Share price rose 2.6% to HK$5.19 over the past week. Reported Earnings • Apr 01
Full year 2024 earnings released: CN¥0.39 loss per share (vs CN¥0.58 loss in FY 2023) Full year 2024 results: CN¥0.39 loss per share (improved from CN¥0.58 loss in FY 2023). Revenue: CN¥417.3m (up 69% from FY 2023). Net loss: CN¥268.3m (loss narrowed 29% from FY 2023). Revenue is forecast to grow 32% p.a. on average during the next 3 years, compared to a 9.1% growth forecast for the Pharmaceuticals industry in Hong Kong. Over the last 3 years on average, earnings per share has increased by 6% per year but the company’s share price has fallen by 19% per year, which means it is significantly lagging earnings. New Risk • Mar 30
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended June 2024. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. Currently, the following risks have been identified for the company: Minor Risks Latest financial reports are more than 6 months old (reported June 2024 fiscal period end). Shareholders have been diluted in the past year (18% increase in shares outstanding). Announcement • Mar 17
Ocumension Therapeutics to Report Fiscal Year 2024 Results on Mar 31, 2025 Ocumension Therapeutics announced that they will report fiscal year 2024 results on Mar 31, 2025 Announcement • Jan 16
Ocumension Therapeutics Announces Change of Non-Executive Director Ocumension Therapeutics announced that Dr. Wei LI, after more than six years of service, has tendered his resignation from the position as a non-executive Director with immediate effect due to his desire to devote more time to his other engagements. The Board further announces that Dr. Qin XIE has been appointed as a non-executive Director with effect from January 16, 2025. The biographical details of Dr. Xie are as follows: Dr. Qin XIE, aged 44, has more than 10 years of extensive experience in pharmaceuticals-related industry. Since September 2017, Dr. Xie has been working in Frontline BioVentures (Shanghai) Limited and Suzhou 6 Dimensions Venture Capital Partnership L.P., each a controlling shareholder of the Company), where she currently serves as a managing partner, primarily responsible for overseeing the overall strategic development. Dr. Xie was also advisor from February 2018 to December 2020. From January 2016 to August 2017, she worked at 6 Dimensions Venture Consultant (Shanghai) Co. Ltd. From September 2013 to December 2015, she had served as a business development manager in Huizheng (Shanghai) Pharmaceutical Technology Co. Ltd. a subsidiary of Zhejiang Hisun Pharmaceutical Co. Ltd. From November 2010 to December 2012, Dr. Xie served as a senior investment manager in Shanghai Pharmaceuticals Holding Co. Ltd. Dr. Xie served as a director from August 2019 to November 2022 and was redesignated as a non-executive director in November 2022 of Cutia Therapeutics. Dr. Xie obtained her bachelor's degree in clinical medicine from the Xi'an Jiaotong University in the PRC in July 2003. She then received her master's degree in pharmacology and doctorate degree in pharmacology from University of Oxford in the United Kingdom in September 2004 and April 2011, respectively. Dr. Xie enters into a service agreement with the Company with an initial term of three years commencing from January 16, 2025, which is subject to etirement by rotation and re-election. Announcement • Dec 03
Ocumension Therapeutics Announces Patient Enrollment Completed in the Second Phase III Clinical Trial of OT-301 in China The board of directors of Ocumension Therapeutics announce that one of the Group's key drug candidates, OT-301 (NCX 470), a first-in-class, nitric oxide (NO)-donating prostaglandin analog under joint development by Nicox S.A. (‘Nicox’) and the Group, has completed the enrollment of over 140 patients for its second phase III clinical trial (the ‘Denali trial’) in China recently. The first phase III clinical trial of NCX 470, namely the Mont Blanc trial, was initiated by Nicox in the United States in June 2020, in which the 0.1% dose was selected over the 0.65% dose through an adaptive design, demonstrating robust efficacy and safety in topline results. The Denali trial is a three-month phase III multi-regional clinical trial evaluating the safety and efficacy of OT-301 (NCX 470) ophthalmic solution, 0.1%, versus the current standard of care, latanoprost ophthalmic solution, 0.005%, for the lowering of intraocular pressure (IOP) in patients with open-angle glaucoma or ocular hypertension. The Denali trial, which includes a long-term safety extension, has enrolled more than 670 patients at approximately 90 clinical sites in the United States and China. OT-301 (NCX 470) is a new chemical entity invented by Nicox and designed to release both bimatoprost, a United States Food and Drug Administration approved prostaglandin analog, and NO, for the lowering of intraocular pressure in patients with open-angle glaucoma and ocular hypertension. The Group obtained an exclusive license from Nicox to develop, make, have made, import, export and sell OT-301 (NCX 470) in greater China in December 2018, and extended the exclusive right to Korea and 12 countries in Southeast Asia in March 2020. Announcement • Oct 21
Ocumension Therapeutics Announces Resignation of Yumeng Wang as Non-Executive Director The board of directors of Ocumension Therapeutics announced that Ms. Yumeng WANG (Ms. Wang) has resigned as a non-executive Director on the date of this announcement with immediate effect, as she decided to devote more time to her other engagements. Ms. Wang has confirmed that she has no disagreement with the Board and there is no other matter in connection with her resignation as a non-executive Director that needs to be brought to the attention of the shareholders of the Company or The Stock Exchange of Hong Kong Limited (the Stock Exchange). Her resignation will not affect the operation of the Board and the Company. New Risk • Oct 20
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 19% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. This is currently the only risk that has been identified for the company. Announcement • Sep 24
Ocumension Therapeutics Announces New Drug Application of OT-502 Accepted by the National Medical Products Administration The board of directors of the Ocumension Therapeutics announced that the new drug application for OT-502 (DEXYCU, dexamethasone implant), a new drug for the treatment of postoperative inflammation indication, has been accepted by the National Medical Products Administration of the People's Republic of China (the PRC) recently. OT-502 (DEXYCU ®, dexamethasone implant) is a single-dose, sustained-release solution of dexamethasone, a corticosteroid, for the treatment of postoperative inflammation. To date, OT- 502 is the first and only single-dose, sustained-release intracameral steroid for the treatment of postoperative inflammation that was approved by the United States Food and Drug Administration. The Group is developing OT-502 as a potential first-in-class treatment for postoperative inflammation associated with cataract surgery in China. The phase III clinical trial of OT-502 is designed to be a randomized, double-masked, placebo-controlled, parallel-group, multi-center clinical and pharmacokinetic study to evaluate the efficacy and safety of 9% dexamethasone implant in the treatment of post-cataract surgery inflammation, which has achieved its primary endpoints in the PRC in April 2024. Announcement • Sep 19
Ocumension Therapeutics Announces New Drug Application of OT-1001 Approved by the National Medical Products Administration Ocumension Therapeutics announced that the new drug application for OT-1001 (ZERVIATE ®), a potent and highly selective histamine-1 receptor antagonist with anti-allergic properties, has been approved by the Center for Drug Evaluation of the National Medical Products Administration (the "NMPA") of the People's Republic of China (the "PRC") recently. OT-1001 (ZERVIATE®), developed by Nicox Ophthalmics Inc. ("Nicox"), has been approved by the United States Food and Drug Administration (FDA) for use in patients aged two years and older. The Group obtained an exclusive license from Nicox to develop, make, have made, import, export, use, distribute, market, promote, offer for sale and sell (or otherwise commercialize) OT- 1001 (ZERVIATE ®) in the Greater China region in March 2019, and extended the exclusive rights to 11 countries in Southeast Asia in March 2020. OT-1001 is the first and only eye drop formulation of the antihistamine cetirizine, the active ingredient in ZYRTEC®, and is currently commercialized in the United States for ocular itching associated with allergic conjunctivitis. It is believed that the approval for marketing of OT-1001 (ZERVIATE®), which addresses unmet medical needs or has the potential to offer significant improvements over existing treatment options, will benefit patients suffering from the same symptoms in the PRC. Cautionary Statement: The Company cannot guarantee that OT-1001 (ZERVIATE ®) will ultimately be successfully marketed. Shareholders of the Company and potential investors are advised to exercise caution when dealing in the shares of the Company. New Risk • Aug 15
New minor risk - Profitability The company is currently unprofitable and not forecast to become profitable over the next 2 years. Trailing 12-month net loss: CN¥323m Forecast net loss in 2 years: CN¥37m This is considered a minor risk. Companies that are not profitable are more likely to be burning through cash and less likely to be well established. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. Without profits, the company is under pressure to grow significantly while potentially having to reduce costs and possibly needing to take on debt or raise capital to remain afloat. This is currently the only risk that has been identified for the company. Reported Earnings • Aug 14
First half 2024 earnings released: CN¥0.23 loss per share (vs CN¥0.32 loss in 1H 2023) First half 2024 results: CN¥0.23 loss per share (improved from CN¥0.32 loss in 1H 2023). Revenue: CN¥167.6m (up 62% from 1H 2023). Net loss: CN¥151.3m (loss narrowed 27% from 1H 2023). Revenue is forecast to grow 40% p.a. on average during the next 3 years, compared to a 9.4% growth forecast for the Pharmaceuticals industry in Hong Kong. Over the last 3 years on average, earnings per share has increased by 11% per year but the company’s share price has fallen by 34% per year, which means it is significantly lagging earnings. Announcement • Jul 30
Ocumension Therapeutics to Report First Half, 2024 Results on Aug 12, 2024 Ocumension Therapeutics announced that they will report first half, 2024 results on Aug 12, 2024 Announcement • Jul 17
Ocumension Therapeutics Announces Biologic License Application for OT-702 Accepted by the National Medical Products Administration The board of directors of the Ocumension Therapeutics announced that biologic license application (BLA) for OT-702 (Aflibercept Intravitreous Injection, EYLEA® biosimilar) has been accepted by the Center for Drug Evaluation (“CDE”) of the National Medical Products Administration of the People’s Republic of China (the “PRC”) recently. OT-702 was co-developed by the Group and its partner Shandong Boan Biotechnology Co. Ltd. Pursuant to the cooperation and exclusive promotion agreement entered into by both parties in October 2020, the Group, together with Boan Bio, shall co-advance the phase III clinical trial of OT-702, and the Group was granted the exclusive right to promote and commercialize the product in the PRC. OT-702, as a soluble trapping receptor, can bind to cytokines such as VEGF-A, VEGF-B and P1GF, inhibit the downstream signaling pathway of VEGFR, inhibit neovascularization, and reduce vascular permeability, thereby treating pathological neovascularization of the retina and choroid eye diseases. OT-702 is a biosimilar to EYLEA®, the globally approved indications of which include neovascular (wet) age-related macular degeneration (nAMD), diabetic macular edema (DME), macular edema secondary to retinal vein occlusion (RVO), diabetic retinopathy (DR), myopic choroidal neovascularization (mCNV) and retinopathy of prematurity (ROP). According to Technical Guidelines for Similarity Evaluation and Indication Extrapolation of Biosimilars issued by CDE, OT-702 is eligible to apply for approval for all indications approved for EYLEA® in the PRC. The completed pre-clinical head-to-head comparison study of OT-702 to EYLEA® (Aflibercept Intravitreous Injection) showed OT-702 shared a high degree of similarity in both physical and chemical properties and biological activities with EYLEA®. The results of the phase I clinical trial of OT-702 showed that the safety and tolerability of OT-702 demonstrated in the trial group were consistent with and comparable to those of the original reference drug demonstrated in the original reference drug group. The phase III clinical trial of OT-702, a randomized, double-blind, parallel-controlled and multicenter clinical study to compare the efficacy and safety of OT-702 to EYLEA® in the treatment of wet age-related macular degeneration, was completed in April 2024. The results of the phase III clinical trial demonstrated clinically significant improvement in the eye’s best corrected visual acuity (BCVA) under study at weeks 4, 8, 12, 16, 20 and 24 compared with the baseline (by using the early treatment of diabetic retinopathy study (ETDRS) visual acuity chart) for the patients in both trial group and original reference drug group. The therapeutic effectiveness of OT-702 and the original reference drug is highly comparable, where the onset of action of both is rapid and lasting, signifying the fulfillment of all clinical trial endpoints. Announcement • May 25
Ocumension Therapeutics, Annual General Meeting, Jun 20, 2024 Ocumension Therapeutics, Annual General Meeting, Jun 20, 2024, at 10:00 China Standard Time. Location: 56th floor, one museum place office building, no. 669 xinzha road, shanghai China Reported Earnings • Apr 30
Full year 2023 earnings: EPS exceeds analyst expectations while revenues lag behind Full year 2023 results: CN¥0.58 loss per share (improved from CN¥0.64 loss in FY 2022). Revenue: CN¥246.4m (up 55% from FY 2022). Net loss: CN¥379.8m (loss narrowed 5.7% from FY 2022). Products in clinical trials Phase I: 2 Phase II: 1 Phase III: 4 Revenue missed analyst estimates by 5.5%. Earnings per share (EPS) exceeded analyst estimates by 4.2%. Revenue is forecast to grow 35% p.a. on average during the next 3 years, compared to a 10.0% growth forecast for the Pharmaceuticals industry in Hong Kong. Over the last 3 years on average, earnings per share has increased by 90% per year but the company’s share price has fallen by 30% per year, which means it is significantly lagging earnings. Major Estimate Revision • Mar 28
Consensus revenue estimates decrease by 14%, EPS upgraded The consensus outlook for fiscal year 2024 has been updated. 2024 revenue forecast fell from CN¥512.9m to CN¥443.6m. EPS estimate increased from -CN¥0.459 to -CN¥0.36 per share. Pharmaceuticals industry in Hong Kong expected to see average net income growth of 18% next year. Consensus price target down from HK$10.43 to HK$9.98. Share price fell 7.5% to HK$5.78 over the past week. Reported Earnings • Mar 23
Full year 2023 earnings: EPS exceeds analyst expectations while revenues lag behind Full year 2023 results: CN¥0.59 loss per share (improved from CN¥0.64 loss in FY 2022). Revenue: CN¥246.4m (up 55% from FY 2022). Net loss: CN¥379.8m (loss narrowed 5.7% from FY 2022). Revenue missed analyst estimates by 5.5%. Earnings per share (EPS) exceeded analyst estimates by 4.2%. Revenue is forecast to grow 34% p.a. on average during the next 3 years, compared to a 11% growth forecast for the Pharmaceuticals industry in Hong Kong. Over the last 3 years on average, earnings per share has increased by 89% per year but the company’s share price has fallen by 35% per year, which means it is significantly lagging earnings. Announcement • Mar 14
Ocumension Therapeutics Announces Phase II Clinical Trial of OT-202 Ocumension Therapeutics announced that, the phase II clinical trial of OT-202 (tyrosine kinase inhibitor), a first-in-class new drug self-developed by the Company for the treatment of dry eye, has successfully completed the unblinding with all related data collected, which marks OT-202 has achieved the primary clinical endpoint of phase II clinical trial, i.e., the group that received the treatment with the drug exhibited greater improvement in corneal staining scores from baseline compared to the placebo group by day 56. The drug has also demonstrated positive results in safety and efficacy. The Company expects to launch phase III clinical trial of OT-202 in the near future. OT-202 (tyroine kinase inhibitor) is a first-in-class New drug self-developed by the company for the treatment of moderate to severe dry eye. The mechanism of action of OT-202 is that the dualtargeted inhibitor of spleen tyrosine kinase (Syk) and vascular endothelial growth factor receptor-2 achieves a synergistic effect in the treatment of dry eye diseases and inhibits the inflammatory response. OT-202 demonstrated good safety and tolerability profile in healthy adult subjects in the phase I clinical trial successfully completed in February 2023. The phase II clinical trial of OT -202, which was launched in February 2023 and designed to be a randomized, double-masked, placebo-controlled clinical trial on the safety and efficacy of the drug, has completed the enrollment of a total of 213 patients for the phase II clinical trial in China in November 2023. Announcement • Mar 08
Ocumension Therapeutics to Report Fiscal Year 2023 Results on Mar 21, 2024 Ocumension Therapeutics announced that they will report fiscal year 2023 results on Mar 21, 2024 Announcement • Dec 14
Ocumension Therapeutics (SEHK:1477) commences an Equity Buyback for 69,071,128 shares, representing 10% of its issued share capital, under the authorization approved on June 16, 2023. Ocumension Therapeutics (SEHK:1477) commences share repurchases on November 30, 2023, under the program mandated by the shareholders in the Annual General Meeting held on June 16, 2023. As per the mandate, the company is authorized to repurchase up to 69,071,128 shares, representing 10% of its issued share capital. The repurchases will result in an increase in the net asset value and/or earnings per share. The repurchase program will be funded out of funds legally available for the purpose in accordance with the Articles of Association, the Listing Rules and the applicable laws and regulations of the Cayman Islands. The authority shall expire at the earliest of the next Annual General Meeting, the date on which the next Annual General Meeting is required to be held or the date on which the authority is varied or revoked in a General Meeting. As at June 16, 2023, the company has 690,711,280 shares in issue.
On November 29, 2023, the company announce a share repurchase program. Under the program, the company will repurchase up to HKD 100 million worth of its shares. The repurchase program will be funded from the company’s existing available cash. The repurchased shares will be cancelled. Announcement • Nov 30
Ocumension Therapeutics Completes Enrollment in the Phase Iii Clinical Trial of OT-502 in China The board of directors of Ocumension Therapeutics announced that OT-502 (dexamethasone implant), a new drug for the treatment of postoperative inflammation indication, has completed the enrollment of a total of 300 patients for the phase III clinical trial in China on November 29, 2023. OT-502 (dexAMethasone implant) is a single-dose, sustained-release solution of dexamethasone, a corticosteroid, for the treatment of postoperativeinflamm. To date, OT-502 is the first and only single-dose, sustained- release intracameral steroid for the treatment of postoperative inflammatory that was approved by the United States Food and Drug Administration. The Group is developing OT-502 as a potential first-in-class treatment for postoperative inflammation associated with cataract surgery in China. The phase III clinical trial of OT-502 is designed to be a randomized, double-masked, placebo-controlled, parallel-group, multi-center clinical and pharmacokinetic study to evaluate the efficacy and safety of 9% dexamethasone implant in the treatment of postoperative inflammation. Announcement • Nov 23
Ocumension Therapeutics Completes Patient Enrollment in the Phase II Clinical Trial of OT-202 in China The board of directors of Ocumension Therapeutics announced that OT-202 (tyrosine kinase inhibitor), a class I new drug self-developed by the Company for the treatment of dry eye, has completed the enrollment of a total of 213 patients for the phase II clinical trial in China on November 21, 2023. OT-202 (tyrosine kinase inhibitor) is a class I innovative drug self-developed by the Company for the treatment of moderate to severe dry eye. The mechanism of action of OT-202 is that the dual-targeted inhibitor of spleen tyrosine kinase (Syk) and vascular endothelial growth factor receptor-2 achieves a synergistic effect in the treatment of dry eye diseases and inhibits the inflammatory response. OT-202 demonstrated good safety and tolerability profile in healthy adult subjects in the phase I clinical trial successfully completed in February 2023. The phase II clinical trial of OT-202, which was launched in February 2023, is designed to be a randomized, double-masked, placebo-controlled clinical trial on the safety and efficacy of the drug. Announcement • Oct 01
Ocumension Therapeutics Announces Executive Changes, Effective September 30, 2023 The board of directors of Ocumension Therapeutics announced that (i) due to personal reasons, Ms. Yun JI ("Ms. JI") has tendered her resignation as a joint company secretary of the Company (the "Joint Company Secretary"), and will cease to act as a Joint Company Secretary with effect from September 30, 2023; and (ii) Ms. CHAU Hing Ling ("Ms. CHAU") has tendered her resignation as (a) a Joint Company Secretary, and (b) an authorized representative of the Company pursuant to Rule 3.05 of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited (the "Stock Exchange") (the "Authorized Representative"), and will cease to act as a Joint Company Secretary and an Authorized Representative with effect from September 30, 2023. Following the cessation of Ms. JI and Ms. CHAU to act as a Joint Company Secretary, respectively, the Board announced that (i) Mr. Tim RUAN and Ms. Tingchan CHEN have been appointed as Joint Company Secretaries in place of Ms. JI and Ms. CHAU with effect from September 30, 2023; and (ii) Mr. RUAN has been appointed as an Authorized Representative in place of Ms. CHAU with effect from September 30, 2023. The biographical details of Mr. RUAN and Ms. CHEN are set out below: MR. RUAN Mr. RUAN, aged 37, has been chief financial officer since January 12, 2023, responsible for financial management and investor relations of the Group. Mr. RUAN has extensive experience of financial management. Prior to joining Group, he served as an executive director of the investment banking division of Goldman Sachs (Asia) L.L.C. from November 2020 to January 2023, primarily responsible for affairs in debt and equity capital markets and M&A. From January 2018 to November 2020, he served as a vice president of the investment banking division of Morgan Stanley Asia Limited. From February 2016 to January 2018, he acted as an associate within the investment banking division of Nomura International (Hong Kong) Limited. From September 2013 to January 2016, he served as associate at Sullivan & Cromwell LLP. Mr. RUAN graduated from The Hong Kong University of Science and Technology in November 2021 with a master's degree of science, majoring in biotechnology. He graduated from The University of New South Wales in December 2009 with bachelor's degree of laws and bachelor's degree of commerce majoring in finance. MS. CHEN Ms. CHEN, aged 29, joined the Company on July 1, 2021 and currently serves as the securities affairs manager of the Company. Ms. CHEN has several years of experience in corporate governance and company secretarial practice. Prior to joining Group, Ms. CHEN served as the senior manager of capital markets and investor relations at Shanghai Fosun High Technology (Group) Co. Ltd., a subsidiary of Fosun International Limited from September 2020 to June 2021. From April 2017 to September 2020, she served as the supervisor of the secretariat to the board at Guangzhou Baiyunshan Pharmaceutical Holdings Co. Ltd. Ms. CHEN obtained her bachelor's degree in business administration from The Chinese University of Hong Kong in November 2016 and her master's degree in corporate governance from Hong Kong Metropolitan University in March 2023. She has been an associate member of The Hong Kong Chartered Governance Institute since July 2023. Major Estimate Revision • Sep 12
Consensus revenue estimates decrease by 13% The consensus outlook for fiscal year 2023 has been updated. 2023 revenue forecast fell from CN¥313.3m to CN¥273.4m. EPS estimate unchanged from -CN¥0.62 per share at last update. Pharmaceuticals industry in Hong Kong expected to see average net income growth of 12% next year. Consensus price target broadly unchanged at HK$12.83. Share price was steady at HK$7.80 over the past week. Major Estimate Revision • Aug 31
Consensus revenue estimates fall by 27% The consensus outlook for revenues in fiscal year 2023 has deteriorated. 2023 revenue forecast decreased from CN¥430.5m to CN¥313.3m. Forecast losses increased from -CN¥0.594 to -CN¥0.616 per share. Pharmaceuticals industry in Hong Kong expected to see average net income growth of 12% next year. Consensus price target of HK$13.09 unchanged from last update. Share price fell 5.1% to HK$8.26 over the past week. New Risk • Aug 28
New minor risk - Profitability The company is currently unprofitable and not forecast to become profitable over the next 2 years. Trailing 12-month net loss: CN¥418m Forecast net loss in 2 years: CN¥165m This is considered a minor risk. Companies that are not profitable are more likely to be burning through cash and less likely to be well established. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. Without profits, the company is under pressure to grow significantly while potentially having to reduce costs and possibly needing to take on debt or raise capital to remain afloat. Currently, the following risks have been identified for the company: Minor Risks Currently unprofitable and not forecast to become profitable over next 2 years (CN¥165m net loss in 2 years). Shareholders have been diluted in the past year (2.8% increase in shares outstanding). Reported Earnings • Aug 26
First half 2023 earnings released: CN¥0.32 loss per share (vs CN¥0.31 loss in 1H 2022) First half 2023 results: CN¥0.32 loss per share (further deteriorated from CN¥0.31 loss in 1H 2022). Revenue: CN¥103.7m (up 90% from 1H 2022). Net loss: CN¥208.4m (loss widened 8.2% from 1H 2022). Revenue is forecast to grow 39% p.a. on average during the next 3 years, compared to a 13% growth forecast for the Pharmaceuticals industry in Hong Kong. Over the last 3 years on average, earnings per share has increased by 141% per year but the company’s share price has fallen by 33% per year, which means it is significantly lagging earnings. Announcement • Aug 15
Ocumension Therapeutics to Report First Half, 2023 Results on Aug 24, 2023 Ocumension Therapeutics announced that they will report first half, 2023 results on Aug 24, 2023 Announcement • Jul 23
Ocumension Therapeutics Announces Clinical Trial Authorization for Initiating A Phase III Clinical Trial of Ot-101-S Ocumension Therapeutics announced that a phase III clinical trial authorization for initiating a randomized, double-masked, placebo-controlled, parallel-group, multicenter clinical trial for OT-101-S, a self-developed product of the Group, has recently been accepted by the Center for Drug Evaluation (CDE) of the National Medical Products Administration of the People's Republic of China. OT-101-S (0.01% and 0.05% atropine sulfate eye drop) is a low-concentration (0.01% and 0.05%) atropine sulfate eye drop developed by the Group to retard, or slow down, the progression of myopia in children. The instability of atropine sulfate solutions under physiological (neutral) pHconditions has long been a technical barrier towards commercialization. Studies show that, as compared to the high-concentration (0.5%-1%) atropine sulfate eye drop which has frequently reported adverse events including photophobia and blurred vision, low-concentration atropine sulfate eye drop has demonstrated good tolerability, safety and efficacy results. As compared to OT-101, which is designed to contain two chambers of atropine sulfate lyophilized powder and solvent for each dosage unit, OT-101-S is designed to contain two chambers of atropine sulfate concentrated solution and diluted solution for each dosage unit, thus leading to a higher level ofconvenience for the storage and usage of atropine sulfate. The Group believes OT-101-S will solve the instability of atropine sulfate solutions under physiological (neutral) pH conditions and thus become a reliable treatment method for myopia in children. Breakeven Date Change • Jul 07
Forecast to breakeven in 2025 The 4 analysts covering Ocumension Therapeutics expect the company to break even for the first time. New consensus forecast suggests losses will reduce by 31% per year to 2024. The company is expected to make a profit of CN¥532.3m in 2025. Average annual earnings growth of 60% is required to achieve expected profit on schedule. Announcement • Jun 02
Ocumension Therapeutics Completes Patient Enrollment in Globalmulti-Center Phase III Clinical Trial of OT-101 The board of directors of Ocumension Therapeutics announced that OT-101 (0.01% atropine sulfate eye drop), a self-developed new drug to treat the progression of myopia in children, has completed the enrollment of 678 patients for the global phase III randomized, double-masked, placebo-controlled, parallel-group, multi-center clinical trial on June 1, 2023. OT-101 (0.01% atropine sulfate eye drop) is a low-concentration (0.01%) atropine eye drop developed to retard, or slow down, the progression of myopia in children and adolescents, which is the only Anticholinergic medication to date that has been demonstrated to be consistently effective and safe in controlling myopic progression. However, the instability of low-concentration atropine solutions has long been a technical barrier towards commercialization. In response to these obstacles, OT-101 uses an innovative closed-loop split device of exclusive design to improve the reliability, closure integrity and sterility conditions of the device, so that it can be as close as possible to the current medication environment for the preparations of low-concentration atropine for use in the hospital, thus solving the stability problem of low-concentration atropine solution in neutral environment. Also, the appropriate pH value improves the comfort of patients being treated and medication compliance. The Group believes, the technical breakthroughs in response to the stability issue of low-concentration (0.01%) atropine will be its core competitiveness. The phase III clinical trial of OT-101 is the world's first multi-regional phase III clinical trial for low-concentration atropine and its analogs that includes Chinese population. To date, no low-concentration atropine ophthalmic preparations have been commercialized in the global mainstream pharmaceutical market. In February 2023, the Company has completed the enrollment of 170 patients in China for the global phase III clinical trial of OT-101. The Company believes that the completion of patients enrollment of OT-101 in the global multi-center phase III clinical trial is another important step towards commercialization of the drug, demonstrating the Company's continued business strength. Major Estimate Revision • Apr 06
Consensus EPS estimates fall by 24% The consensus outlook for fiscal year 2023 has been updated. 2023 expected loss increased from -CN¥0.469 to -CN¥0.583 per share. Revenue forecast of CN¥325.8m unchanged since last update. Pharmaceuticals industry in Hong Kong expected to see average net income growth of 15% next year. Consensus price target down from HK$15.94 to HK$15.25. Share price fell 6.6% to HK$9.33 over the past week. Reported Earnings • Mar 31
Full year 2022 earnings: EPS and revenues miss analyst expectations Full year 2022 results: CN¥0.64 loss per share (further deteriorated from CN¥0.43 loss in FY 2021). Revenue: CN¥159.0m (up 183% from FY 2021). Net loss: CN¥402.6m (loss widened 55% from FY 2021). Revenue missed analyst estimates by 2.4%. Earnings per share (EPS) also missed analyst estimates by 8.6%. Revenue is forecast to grow 36% p.a. on average during the next 3 years, compared to a 13% growth forecast for the Pharmaceuticals industry in Hong Kong. Announcement • Feb 15
Ocumension Therapeutics Provides Preliminary Unaudited Consolidated Group Earnings Guidance for the Year Ended December 31, 2022 Ocumension Therapeutics provided preliminary unaudited consolidated group earnings guidance for the year ended December 31, 2022. For the year, the group expects to record a total revenue of approximately RMB 155.0 million to RMB 159.0 million, representing an increase of approximately 176% to 183% as compared to the total revenue of approximately RMB 56.1 million for the year ended December 31, 2021; and a gross profit of approximately RMB 100.0 million to RMB 103.0 million, representing an increase of approximately 171% to 179% as compared to the gross profit of approximately RMB 36.9 million for the year ended December 31, 2021. The increase in the total revenue and the gross profit in 2022 is mainly attributable to: the commercialization of the Company's Core Product, OT-401 (fluocinolone intravitreal implant, trade name: Youshiying®; the increase in the revenue generated from sales of ophthalmic products, including Ou Qin® and brimonidine tartrate eye drop, among others; and the increase in the revenue generated from the pharmaceutical products promotion services. Breakeven Date Change • Feb 07
No longer forecast to breakeven The 4 analysts covering Ocumension Therapeutics no longer expect the company to break even during the foreseeable future. The company was expected to make a profit of CN¥34.9m in 2024. New consensus forecast suggests the company will make a loss of CN¥926.0k in 2024. Announcement • Feb 04
Ocumension Therapeutics Provides Update on Phase I Clinical Trial of Ot-202 Ocumension Therapeutics announced that the phase I clinical trial of OT-202 (tyrosine kinase inhibitor), a class I new drug developed by the Company for the treatment of dry eye, has been completed successfully. The phase I clinical trial of OT-202 was designed as a randomized, double-masked, placebo- controlled clinical trial on the safety, tolerability and pharmacokinetic properties for its single/multiple administration on healthy adult subjects in China. A total of 30 subjects were enrolled for the phase I clinical trial in China. OT-202 demonstrated good safety and tolerability profile in healthy adult subjects in the phase I clinical trial. Currently, the Company is in the process of advancing the study for the phase II clinical trial. OT-202 (tyrosine kinase inhibitor) is a class I innovative drug developed by the Company for the treatment of moderate to severe dry eye. The mechanism of action of OT-202 is that the dual- targeted inhibitor of spleen tyrosine kinase (Syk) and vascular endothelial growth factor receptor-2 achieves a synergistic effect in the treatment of dry eye diseases and inhibits the inflammatory response. Announcement • Feb 02
Ocumension Therapeutics Announces Patient Enrollment Complete in the Phase III Clinical Trial of OT-101 in China The board of directors of Ocumension Therapeutics announced that OT-101 (0.01% atropine sulfate eye drop), a self-developed new drug to treat the progression of myopia in children, has completed the enrollment of 170 patients in China for the global phase III randomized, double-masked, placebo-controlled, parallel-group, multicenter clinical trial on January 18, 2023. The phase III clinical trial of OT-101 is the world's first multi-regional phase III clinical trial for low-concentration atropine and its analogs that includes Chinese population. To date, no low-concentration atropine ophthalmic preparations have been commercialized in the global mainstream pharmaceutical market. OT-101 (0.01% atropine sulfate eye drop) is a low-concentration (0.01%) atropine eye drop developed to retard, or slow down, the progression of myopia in children and adolescents, which is the only Anticholinergic medication to date that has been demonstrated to be consistently effective and safe in controlling myopic progression. However, the instability of low-concentration atropine solutions has long been a technical barrier towards commercialization. In response to these obstacles, OT-101 uses an innovative closed-loop split device of exclusive design to improve the reliability, closure integrity and sterility conditions of the device, so that it can be as close as possible to the current medication environment for the preparations of low-concentration atropine for use in the hospital, thus solving the stability problem of low-concentration atropine solution in neutral environment. Also, the appropriate pH value improves the comfort of patients being treated and medication compliance. The Group believes, the technical breakthroughs in response to the stability issue of low-concentration (0.01%) atropine will be its core competitiveness. Buying Opportunity • Jan 30
Now 22% undervalued Over the last 90 days, the stock is up 25%. The fair value is estimated to be HK$12.32, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 181% over the last year. Earnings per share has grown by 41%. Revenue is forecast to grow by 688% in 2 years. Earnings is forecast to grow by 80% in the next 2 years. Buying Opportunity • Jan 12
Now 22% undervalued after recent price drop Over the last 90 days, the stock is down 11%. The fair value is estimated to be HK$12.26, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 181% over the last year. Earnings per share has grown by 41%. Revenue is forecast to grow by 688% in 2 years. Earnings is forecast to grow by 80% in the next 2 years. Board Change • Nov 16
Less than half of directors are independent There are 5 new directors who have joined the board in the last 3 years. Of these new board members, 3 were independent directors. The company's board is composed of: 3 independent directors. 6 non-independent directors. Independent Non-Executive Director Zhenyu Zhang was the last independent director to join the board, commencing their role in 2022. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Lack of board continuity. Recent Insider Transactions Derivative • Sep 25
Board Member exercised options and sold HK$558k worth of stock On the 21st of September, Zhaopeng Hu exercised options to acquire 41k shares at no cost and sold these for an average price of HK$13.61 per share. This trade did not impact their existing holding. Since September 2021, Zhaopeng's direct individual holding has increased from 2.82m shares to 3.08m. Company insiders have collectively sold HK$831k more than they bought, via options and on-market transactions in the last 12 months. Major Estimate Revision • Sep 02
Consensus forecasts updated The consensus outlook for 2022 has been updated. 2022 revenue forecast increased from CN¥156.8m to CN¥164.2m. Forecast EPS reduced from -CN¥0.47 to -CN¥0.54 per share. Pharmaceuticals industry in Hong Kong expected to see average net income growth of 13% next year. Consensus price target broadly unchanged at HK$16.36. Share price was steady at HK$12.94 over the past week. Reported Earnings • Aug 29
First half 2022 earnings released: CN¥0.31 loss per share (vs CN¥0.12 loss in 1H 2021) First half 2022 results: CN¥0.31 loss per share (down from CN¥0.12 loss in 1H 2021). Revenue: CN¥54.5m (up 162% from 1H 2021). Net loss: CN¥192.7m (loss widened 177% from 1H 2021). Over the next year, revenue is forecast to grow 228%, compared to a 20% growth forecast for the Pharmaceuticals industry in Hong Kong. Recent Insider Transactions • Jul 24
Board Member recently sold HK$246k worth of stock On the 15th of July, Zhaopeng Hu sold around 19k shares on-market at roughly HK$13.13 per share. This was the largest sale by an insider in the last 3 months. Insiders have been net sellers, collectively disposing of HK$273k more than they bought in the last 12 months. Buying Opportunity • Jul 12
Now 24% undervalued Over the last 90 days, the stock is up 46%. The fair value is estimated to be HK$17.16, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 108% over the last 3 years. Earnings per share has grown by 70%. Revenue is forecast to grow by 703% in 2 years. Earnings is forecast to grow by 38% in the next 2 years. Board Change • Apr 27
Less than half of directors are independent There are 6 new directors who have joined the board in the last 3 years. Of these new board members, 3 were independent directors. The company's board is composed of: 3 independent directors. 6 non-independent directors. Independent Non-Executive Director Zhenyu Zhang was the last independent director to join the board, commencing their role in 2022. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Lack of board continuity. Major Estimate Revision • Apr 01
Consensus forecasts updated The consensus outlook for 2022 has been updated. 2022 revenue forecast fell from CN¥218.7m to CN¥163.4m. EPS estimate increased from -CN¥0.69 to -CN¥0.47 per share. Pharmaceuticals industry in Hong Kong expected to see average net income growth of 10% next year. Consensus price target down from HK$20.49 to HK$15.71. Share price was steady at HK$9.80 over the past week. Breakeven Date Change • Mar 30
Forecast to breakeven in 2024 The 4 analysts covering Ocumension Therapeutics expect the company to break even for the first time. New consensus forecast suggests the company will make a profit of CN¥91.3m in 2024. Average annual earnings growth of 54% is required to achieve expected profit on schedule. Reported Earnings • Mar 28
Full year 2021 earnings: EPS and revenues miss analyst expectations Full year 2021 results: CN¥0.43 loss per share (up from CN¥7.49 loss in FY 2020). Net loss: CN¥260.0m (loss narrowed 89% from FY 2020). Revenue missed analyst estimates by 4.2%. Earnings per share (EPS) also missed analyst estimates by 34%. Over the next year, revenue is forecast to grow 290%, compared to a 76% growth forecast for the pharmaceuticals industry in Hong Kong. Major Estimate Revision • Mar 17
Consensus forecasts updated The consensus outlook for 2021 has been updated. 2021 revenue forecast fell from CN¥72.9m to CN¥64.8m. EPS estimate unchanged from -CN¥0.65 per share at last update. Pharmaceuticals industry in Hong Kong expected to see average net income growth of 14% next year. Consensus price target down from HK$29.38 to HK$20.46. Share price rose 9.7% to HK$9.58 over the past week. Major Estimate Revision • Dec 18
Consensus forecasts updated The consensus outlook for 2021 has been updated. 2021 revenue forecast fell from CN¥85.1m to CN¥72.9m. EPS estimate increased from -CN¥0.97 to -CN¥0.65 per share. Pharmaceuticals industry in Hong Kong expected to see average net income growth of 18% next year. Consensus price target down from HK$32.57 to HK$29.55. Share price rose 4.7% to HK$17.22 over the past week. Reported Earnings • Sep 24
First half 2021 earnings released: CN¥0.12 loss per share (vs CN¥27.36 loss in 1H 2020) First half 2021 results: Net loss: CN¥69.6m (loss narrowed 96% from 1H 2020). Reported Earnings • Aug 23
First half 2021 earnings released: CN¥0.12 loss per share (vs CN¥27.36 loss in 1H 2020) First half 2021 results: Net loss: CN¥69.6m (loss narrowed 96% from 1H 2020). Executive Departure • Mar 24
Non-Executive Director has left the company On the 19th of March, Lefei Sun's tenure as Non-Executive Director ended after less than a year in the role. We don't have any record of a personal shareholding under Lefei's name. Lefei is the only executive to leave the company over the last 12 months. Is New 90 Day High Low • Mar 10
New 90-day low: HK$22.50 The company is down 5.0% from its price of HK$23.80 on 10 December 2020. The Hong Kong market is up 9.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Pharmaceuticals industry, which is up 14% over the same period. 
