Ocugen Provides Business Update with Second Quarter 2025 Financial Results
Ocugen (NASDAQ: OCGN) reported significant progress in Q2 2025 across its gene therapy pipeline. The company initiated dosing in the OCU410ST Phase 2/3 GARDian3 pivotal trial for Stargardt disease and continues actively dosing patients in the OCU400 Phase 3 liMeliGhT trial for retinitis pigmentosa, targeting 2026 BLA filing.
Key developments include a binding term sheet for Korean rights to OCU400 worth up to $11 million in upfront and milestone payments, plus 25% royalties. The company also announced a strategic reverse merger of OrthoCellix with Carisma Therapeutics to unlock value from its NeoCart technology. Financial results show $27.3 million in cash as of June 30, 2025, providing runway into Q1 2026, with a quarterly net loss of $0.05 per share.
The company's OCU410 demonstrated promising Phase 1 results, showing 23% slower geographic atrophy lesion growth and a 2-line gain in visual acuity.Ocugen (NASDAQ: OCGN) ha riportato progressi significativi nel secondo trimestre 2025 nel suo portafoglio di terapie geniche. L'azienda ha iniziato la somministrazione nella fase 2/3 dello studio pivotale GARDian3 su OCU410ST per la malattia di Stargardt e continua attivamente a trattare pazienti nello studio di fase 3 liMeliGhT su OCU400 per la retinite pigmentosa, puntando a presentare la domanda BLA nel 2026.
Tra gli sviluppi chiave vi 猫 un accordo vincolante per i diritti coreani su OCU400 del valore fino a 11 milioni di dollari tra pagamenti iniziali e milestone, oltre a royalty del 25%. L'azienda ha inoltre annunciato una fusione inversa strategica di OrthoCellix con Carisma Therapeutics per valorizzare la tecnologia NeoCart. I risultati finanziari mostrano 27,3 milioni di dollari in cassa al 30 giugno 2025, garantendo liquidit脿 fino al primo trimestre 2026, con una perdita netta trimestrale di 0,05 dollari per azione.
Il candidato OCU410 ha mostrato risultati promettenti nella fase 1, evidenziando una riduzione del 23% nella crescita delle lesioni di atrofia geografica e un miglioramento di 2 linee nell'acuit脿 visiva.
Ocugen (NASDAQ: OCGN) report贸 avances significativos en el segundo trimestre de 2025 en su cartera de terapias g茅nicas. La compa帽铆a inici贸 la dosificaci贸n en el ensayo pivotal de fase 2/3 GARDian3 con OCU410ST para la enfermedad de Stargardt y contin煤a activamente dosificando pacientes en el ensayo de fase 3 liMeliGhT con OCU400 para retinitis pigmentosa, con la meta de presentar la solicitud BLA en 2026.
Entre los desarrollos clave se incluye una hoja de t茅rminos vinculante para los derechos coreanos de OCU400 por hasta 11 millones de d贸lares en pagos iniciales y por hitos, adem谩s de regal铆as del 25%. La empresa tambi茅n anunci贸 una fusi贸n inversa estrat茅gica de OrthoCellix con Carisma Therapeutics para potenciar el valor de la tecnolog铆a NeoCart. Los resultados financieros muestran 27,3 millones de d贸lares en efectivo al 30 de junio de 2025, proporcionando liquidez hasta el primer trimestre de 2026, con una p茅rdida neta trimestral de 0,05 d贸lares por acci贸n.
El candidato OCU410 demostr贸 resultados prometedores en fase 1, mostrando una reducci贸n del 23% en el crecimiento de lesiones de atrofia geogr谩fica y una ganancia de 2 l铆neas en agudeza visual.
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欤检殧 臧滊皽 靷暛鞙茧電� 斓滊寑 1,100毵� 雼煬鞚� 靹犼笁旮� 氚� 毵堨澕鞀ろ啢 歆�旮夑臣 25% 搿滌棿韹半ゼ 韽暔頃橂姅 OCU400鞚� 頃滉淡 甓岆Μ鞐� 雽�頃� 甑啀霠� 鞛堧姅 臁瓣贝靹�臧� 鞛堨姷雼堧嫟. 霕愴暅 須岇偓電� NeoCart 旮办垹鞚� 臧�旃橂ゼ 攴闺寑頇旐晿旮� 鞙勴暣 OrthoCellix鞕� Carisma Therapeutics鞚� 鞝勲灥鞝� 鞐暕氤�鞚� 氚滍憸頄堨姷雼堧嫟. 鞛 瓴瓣臣鞐� 霐半ゴ氅� 2025雲� 6鞗� 30鞚� 旮办 順勱笀 2,730毵� 雼煬毳� 氤挫湢頃橁碃 鞛堨溂氅� 2026雲� 1攵勱赴旯岇 鞖挫榿 鞛愱笀鞚� 頇曤炒頄堨溂氅� 攵勱赴雼� 欤茧嫻 靾滌啇鞁れ潃 0.05雼煬鞛呺媹雼�.
須岇偓 頉勲炒氍检 OCU410鞚� 1靸侅棎靹� 鞙犽頃� 瓴瓣臣毳� 氤挫榾鞙茧┌, 歆�毽爜 鞙勳稌 氤戨硛 靹膘灔毳犾澊 23% 電愲牑歆�瓿� 鞁滊牓霃� 2霛检澑 頄レ儊霅橃棃鞀惦媹雼�.
Ocugen (NASDAQ : OCGN) a annonc茅 des progr猫s significatifs au deuxi猫me trimestre 2025 dans son portefeuille de th茅rapies g茅niques. La soci茅t茅 a commenc茅 le dosage dans l'essai pivot de phase 2/3 GARDian3 avec OCU410ST pour la maladie de Stargardt et continue d'administrer activement des traitements dans l'essai de phase 3 liMeliGhT avec OCU400 pour la r茅tinite pigmentaire, visant un d茅p么t de BLA en 2026.
Parmi les d茅veloppements cl茅s figure une lettre d'intention contraignante pour les droits cor茅ens d'OCU400 d'une valeur allant jusqu'脿 11 millions de dollars en paiements initiaux et jalons, plus 25 % de redevances. La soci茅t茅 a 茅galement annonc茅 une fusion invers茅e strat茅gique d'OrthoCellix avec Carisma Therapeutics pour lib茅rer la valeur de sa technologie NeoCart. Les r茅sultats financiers montrent 27,3 millions de dollars en tr茅sorerie au 30 juin 2025, assurant une tr茅sorerie jusqu'au premier trimestre 2026, avec une perte nette trimestrielle de 0,05 dollar par action.
Le candidat OCU410 a montr茅 des r茅sultats prometteurs en phase 1, avec une ralentissement de 23 % de la croissance des l茅sions d'atrophie g茅ographique et un gain de 2 lignes en acuit茅 visuelle.
Ocugen (NASDAQ: OCGN) meldete im zweiten Quartal 2025 bedeutende Fortschritte in seiner Gentherapie-Pipeline. Das Unternehmen begann mit der Dosierung in der OCU410ST Phase 2/3 GARDian3 Schl眉sselstudie f眉r die Stargardt-Krankheit und dosiert weiterhin aktiv Patienten in der OCU400 Phase 3 liMeliGhT-Studie f眉r Retinitis pigmentosa, mit dem Ziel einer BLA-Einreichung im Jahr 2026.
Zu den wichtigsten Entwicklungen geh枚rt ein verbindliches Term Sheet f眉r die koreanischen Rechte an OCU400 im Wert von bis zu 11 Millionen US-Dollar an Voraus- und Meilensteinzahlungen sowie 25% Lizenzgeb眉hren. Das Unternehmen k眉ndigte zudem eine strategische Reverse Merger von OrthoCellix mit Carisma Therapeutics an, um den Wert der NeoCart-Technologie freizusetzen. Die Finanzzahlen zeigen 27,3 Millionen US-Dollar an Barmitteln zum 30. Juni 2025, was den Betrieb bis ins erste Quartal 2026 sichert, mit einem quartalsweisen Nettoverlust von 0,05 US-Dollar je Aktie.
Der OCU410-Kandidat zeigte vielversprechende Phase-1-Ergebnisse mit einer um 23 % verlangsamten Ausbreitung der geografischen Atrophie-L盲sionen und einer Verbesserung der Sehsch盲rfe um 2 Linien.
- Secured Korean licensing deal for OCU400 worth up to $11M plus 25% royalties
- OCU410ST Phase 1 showed 48% slower lesion growth and 9-letter BCVA improvement
- OCU410 Phase 2 interim data showed 27% slower lesion growth
- Strategic reverse merger to unlock value from NeoCart technology
- Reduced net loss per share to $0.05 from $0.06 year-over-year
- Cash runway extended into Q1 2026
- Cash position decreased to $27.3M from $58.8M in December 2024
- Significant quarterly operating expenses of $15.2M
Insights
Ocugen shows promising clinical progress on gene therapies but concerning cash burn with only 2-3 quarters of runway remaining.
Ocugen's Q2 update reveals significant progress across its modifier gene therapy platform targeting blindness diseases. The company has two late-stage clinical trials advancing: OCU400 for retinitis pigmentosa (actively dosing in Phase 3) and OCU410ST for Stargardt disease (initiated dosing in Phase 2/3 pivotal trial after receiving Rare Pediatric Disease Designation).
The data readouts are encouraging. OCU410ST showed 48% slower lesion growth at 12 months in treated eyes versus untreated ones, with a statistically significant 2-line/9-letter gain in visual acuity. Similarly, OCU410 for geographic atrophy demonstrated 23% slower lesion growth in Phase 1 and 27% slower growth in preliminary Phase 2 results.
Strategically, Ocugen is taking two notable actions to strengthen its financial position: 1) A proposed reverse merger of its OrthoCellix subsidiary with Carisma Therapeutics to create a separate Nasdaq-listed company focused on regenerative cell therapies, potentially unlocking value from its NeoCart technology; and 2) A regional licensing deal for OCU400 in Korea with upfront fees and milestones totaling up to $11 million, plus substantial royalties (25%) and sales milestones.
The financial picture reveals challenges. Cash position has declined from $58.8 million (December 2024) to $27.3 million (June 2025), providing runway only into Q1 2026. With quarterly operating expenses of $15.2 million, the burn rate remains significant, creating a tight timeline for achieving clinical milestones before requiring additional funding.
The company's BLA filing timeline for OCU400 in 2026 becomes critical, as does potential revenue from partnerships, to address the narrowing cash runway. While clinical progress is impressive, the financial constraints create execution risk for this promising pipeline.
Ocugen's rapidly depleting cash position creates near-term financing pressure despite clinical progress and strategic restructuring efforts.
Ocugen's financial position presents serious concerns despite its clinical progress. The company's cash balance has declined precipitously by $31.5 million in just six months, from $58.8 million (December 2024) to $27.3 million (June 2025). With quarterly operating expenses of $15.2 million ($8.4M R&D, $6.8M G&A), the current burn rate projects runway only into Q1 2026 鈥� leaving just 2-3 quarters before a potential cash crunch.
The company's strategy appears to be two-pronged: restructuring via spin-offs and securing licensing deals. The proposed OrthoCellix reverse merger with Carisma Therapeutics could potentially reduce cash burn by offloading the NeoCart regenerative medicine platform while creating separate shareholder value. However, the announcement lacks details on any cash infusion Ocugen might receive from this transaction.
The Korean licensing deal for OCU400 provides some near-term capital relief with up to $11 million in upfront and milestone payments, plus an attractive 25% royalty on future sales. This regional partnership approach is financially prudent, preserving rights to larger markets while generating immediate capital.
Quarterly net loss improved marginally to $0.05 per share versus $0.06 in Q2 2024, but with 292.2 million shares outstanding, the company's market capitalization appears high relative to its cash position and burn rate. Without explicit mention of planned financing activities, investors should anticipate potential dilutive events in late 2025 or early 2026.
The critical inflection point will be OCU400's BLA filing in 2026, as regulatory approval could substantially enhance Ocugen's financing options. Until then, management must carefully balance advancing three clinical programs against a dwindling cash position, making resource allocation decisions particularly crucial in the coming quarters.
Conference Call and Webcast Today at 8:30 a.m. ET
- Initiated dosing in OCU410ST Phase 2/3 GARDian3 pivotal confirmatory clinical trial
- Actively dosing patients in OCU400 Phase 3 liMeliGhT clinical trial and on track for 2026 BLA filing
- OrthoCellix reverse merger intended to unlock the value of NeoCart/regenerative cell therapies and enable the Company to focus capital on modifier gene therapy platform
- Signed binding term sheet for exclusive Korean rights to OCU400 with upfront fees and near-term development milestone payments totaling up to
$11 million
MALVERN, Pa., Aug. 01, 2025 (GLOBE NEWSWIRE) -- Ocugen, Inc. (Ocugen or the Company) (NASDAQ: OCGN), a pioneering biotechnology leader in gene therapies for blindness diseases, today reported second quarter 2025 financial results along with a business update.
鈥淲hile our modifier gene therapy clinical trials advance鈥攏ow with two in late-stage鈥攚e are securing strategic partnerships and evolving the business to support three successful Biologics License Application (BLA) filings over the next three years,鈥� said Dr. Shankar Musunuri, Chairman, CEO, and Co-founder of Ocugen. 鈥淲e have also made important appointments to our Board of Directors, Retina Scientific Advisory Board, and Leadership Team to provide the Company with scientific and strategic know-how to bring us closer to delivering paradigm-changing gene therapies to millions of people with blindness diseases.鈥�
In June, the Company announced a proposed reverse merger with OrthoCellix, a wholly-owned subsidiary, and Carisma Therapeutics, Inc. to create a Nasdaq-listed, late clinical-stage regenerative cell therapy company with a first-in-class technology platform, focused on orthopedic diseases. The combined company will focus on the development of OrthoCellix鈥檚 NeoCart庐 technology for the treatment of articular knee cartilage defects. Previously, NeoCart庐 received Regenerative Medicine Advanced Therapy (RMAT) designation and concurrence from the U.S. Food and Drug Administration (FDA) on a single, confirmatory Phase 3 clinical trial to enable submission of a BLA.
Aligned with Ocugen鈥檚 business development strategy to pursue regional partnerships for OCU400, the Company signed a binding term sheet to negotiate and enter into a licensing agreement with a well-established leader in the pharmaceutical and healthcare sector in Korea for exclusive Korean rights to OCU400. Pursuant to the term sheet, under the license agreement, in addition to the upfront and milestone fees, the Company will be entitled to sales milestones of
Following the FDA鈥檚 agreement to proceed with a Phase 2/3 GARDian3 pivotal confirmatory trial for OCU410ST for Stargardt disease, the agency granted Rare Pediatric Disease Designation (RPDD) to OCU410ST in May. This designation underscores the urgent need to address Stargardt disease, which remains a significant unmet medical need. Stargardt disease is an inherited retinal disorder that typically presents in childhood and affects approximately 100,000 people in the U.S. and Europe combined, and approximately 1 million globally. Currently, there is no FDA-approved treatment available for Stargardt disease.
The OCU410ST Phase 2/3 GARDian3 clinical trial is progressing well with the first patient dosed in July after FDA clearance in June. The GARDian3 clinical trial builds upon encouraging results and positive data from the Phase 1 GARDian trial, which demonstrated
Positive preliminary efficacy and safety data from the OCU410 Phase 1 ArMaDa clinical trial at 12 months demonstrated no drug-related serious adverse events (SAEs),
Patients are actively being recruited in the United States and Canada for the OCU400 Phase 3 liMeliGhT clinical trial, which remains on track for BLA and MAA submissions in 2026. This is the only broad retinitis pigmentosa (RP) gene-agnostic trial to address multiple genetic mutations with a single therapeutic approach. In addition, the European Medicines Agency has granted eligibility to submit the OCU400 Marketing Authorization Application (MAA) through the centralized procedure, based on the current study design and statistical analysis plan.
Regarding the Company鈥檚 inhaled vaccines portfolio, the National Institute of Allergy and Infectious Diseases (NIAID) intends to initiate the Phase 1 clinical trial for OCU500 in the third quarter of 2025.
In addition to the notable leadership appointments, Ocugen welcomed the National Security Commission on Emerging Biotechnology (NSCEB) and U.S. Rep. Chrissy Houlahan to its manufacturing facility as part of the NSCEB鈥檚 Biotech Across America events, highlighting biotech innovation in Pennsylvania. Rep. Houlahan subsequently announced the bipartisan BIOTech Caucus to build greater awareness and understanding of biotechnology among lawmakers and support transformative advances in healthcare. Dr. Musunuri supports the formation of this very important bipartisan BIOTech Caucus that includes senior congressional leaders such as Rep. Pete Sessions in addition to local leaders, which will prioritize biotechnology at the national level to ensure U.S. leadership globally.
鈥淭he meaningful progress Ocugen is making across its novel modifier gene therapy platform, along with strategic leadership changes and significant external alliances are evidence of a strong first half of 2025,鈥� said Dr. Musunuri. 鈥淲e look forward to providing critical program updates and data in the coming months.鈥�
Modifier Gene Therapy Platform鈥攁 Novel First-in-Class Platform
- OCU400 for RP 鈥� On track to complete enrollment in support of BLA/MAA filings in 2026. Data and Safety Monitoring Board (DSMB) convened and found no SAEs related to OCU400 and recommended to continue study dosing as planned.
- OCU410ST for Stargardt Disease 鈥� FDA granted RPDD for OCU410ST for the treatment of ABCA4-associated retinopathies including Stargardt disease, retinitis pigmentosa 19, and cone-rod dystrophy 3. FDA cleared the Investigational New Drug (IND) amendment to initiate a Phase 2/3 pivotal confirmatory trial of OCU410ST and dosing has been initiated.
- OCU410 for GA 鈥� Phase 1 data at 12 months demonstrates reduced lesion growth, preservation of retinal tissue, and鈥攎ost importantly鈥攁 positive effect on the functional visual measure of low luminance visual acuity (LLVA). Interim Phase 2 data at 6 months demonstrated very encouraging听results consistent with Phase 1 data.
Ophthalmic Biologic Product
- OCU200 鈥� DSMB approved continuation of dosing in the third cohort and the Company intends to complete the Phase 1 clinical trial in the second half of 2025.
Second Quarter 2025 Financial Results
- The Company鈥檚 cash, cash equivalents, and restricted cash totaled
$27.3 million as of June听30, 2025, compared to$58.8 million as of December听31, 2024, providing cash runway into the first quarter of 2026. The Company had 292.2 million shares of common stock outstanding as of June听30, 2025. - Total operating expenses for the three months ended June 30, 2025 were
$15.2 million and included research and development expenses of$8.4听尘颈濒濒颈辞苍 and general and administrative expenses of$6.8听尘颈濒濒颈辞苍 . This compares to total operating expenses for the three months ended June 30, 2024 of$16.6听尘颈濒濒颈辞苍 that included research and development expenses of$8.9听尘颈濒濒颈辞苍 and general and administrative expenses of$7.7听尘颈濒濒颈辞苍 . - Ocugen reported a
$0.05 net loss per common share for the three months ended June听30, 2025, compared to a$0.06 net loss per common share for the three months ended June听30, 2024.
Conference Call and Webcast Details
Ocugen has scheduled a conference call and webcast for 8:30 a.m. ET today to discuss the financial results and recent business highlights. Ocugen鈥檚 executive leadership team will host the call, which will be open to all listeners. There also will be a question-and-answer session following the prepared remarks.
Attendees are invited to participate on the call or webcast:
Dial-in Numbers:听(800) 715-9871 for U.S. callers and (646) 307-1963 for international callers
Conference ID:听9627149
Webcast:听Available on the听听section of the Ocugen听
A replay of the call and archived webcast will be available for approximately 45 days following the event on the Ocugen听.
About Ocugen, Inc.
Ocugen, Inc. is a pioneering biotechnology leader in gene therapies for blindness diseases. Our breakthrough modifier gene therapy platform has the potential to address significant unmet medical need for large patient populations through our gene-agnostic approach. Unlike traditional gene therapies and gene editing, Ocugen鈥檚 modifier gene therapies address the entire disease鈥攃omplex diseases that are potentially caused by imbalances in multiple gene networks. Currently we have programs in development for inherited retinal diseases and blindness diseases affecting millions across the globe, including retinitis pigmentosa, Stargardt disease, and geographic atrophy鈥攍ate stage dry age-related macular degeneration. Discover more at听听and follow us on听听补苍诲听.
Cautionary Note on Forward-Looking Statements
This press release contains forward-looking statements within the meaning of The Private Securities Litigation Reform Act of 1995, including, but not limited to, strategy, business plans and objectives for Ocugen鈥檚 clinical programs, plans and timelines for the preclinical and clinical development of Ocugen鈥檚 product candidates, including the therapeutic potential, clinical benefits and safety thereof, expectations regarding timing, success and data announcements of current ongoing preclinical and clinical trials, the ability to initiate new clinical programs; Ocugen鈥檚 financial condition and expected cash runway into the first quarter of 2026, statements regarding qualitative assessments of available data, potential benefits, expectations for ongoing clinical trials, anticipated regulatory filings and anticipated development timelines, and Ocugen鈥檚 negotiations regarding the license agreement with a Korean partner and Ocugen鈥檚 potential merger transaction regarding the OrthoCellix business, which are subject to risks and uncertainties. We may, in some cases, use terms such as 鈥減redicts,鈥� 鈥渂elieves,鈥� 鈥減otential,鈥� 鈥減roposed,鈥� 鈥渃ontinue,鈥� 鈥渆stimates,鈥� 鈥渁nticipates,鈥� 鈥渆xpects,鈥� 鈥減lans,鈥� 鈥渋ntends,鈥� 鈥渕ay,鈥� 鈥渃ould,鈥� 鈥渕ight,鈥� 鈥渨ill,鈥� 鈥渟hould,鈥� or other words that convey uncertainty of future events or outcomes to identify these forward-looking statements. Such statements are subject to numerous important factors, risks, and uncertainties that may cause actual events or results to differ materially from our current expectations, including, but not limited to, the risks that preliminary, interim and top-line clinical trial results may not be indicative of, and may differ from, final clinical data; that unfavorable new clinical trial data may emerge in ongoing clinical trials or through further analyses of existing clinical trial data; that earlier non-clinical and clinical data and testing of may not be predictive of the results or success of later clinical trials; and that that clinical trial data are subject to differing interpretations and assessments, including by regulatory authorities; that a definitive agreement for the license with a Korean partner will be delayed or not executed at all, or that, if executed, it may not be on terms anticipated; that the OrthoCellix merger transaction may not close or, if closed, may not result in the benefits anticipated. These and other risks and uncertainties are more fully described in our annual and periodic filings with the Securities and Exchange Commission (SEC), including the risk factors described in the section entitled 鈥淩isk Factors鈥� in the quarterly and annual reports that we file with the SEC. Any forward-looking statements that we make in this press release speak only as of the date of this press release. Except as required by law, we assume no obligation to update forward-looking statements contained in this press release whether as a result of new information, future events, or otherwise, after the date of this press release.
Contact:
Tiffany Hamilton
AVP, Head of Communications
| CONDENSED CONSOLIDATED BALANCE SHEETS | |||||||
| (in thousands, except share and per share amounts) | |||||||
| (Unaudited) | |||||||
| 听 | |||||||
| 听 | June 30, 2025 | 听 | December 31, 2024 | ||||
| Assets | 听 | 听 | 听 | ||||
| Current assets | 听 | 听 | 听 | ||||
| Cash | $ | 27,013 | 听 | 听 | $ | 58,514 | 听 |
| Prepaid expenses and other current assets | 听 | 5,870 | 听 | 听 | 听 | 3,168 | 听 |
| Total current assets | 听 | 32,883 | 听 | 听 | 听 | 61,682 | 听 |
| Property and equipment, net | 听 | 15,445 | 听 | 听 | 听 | 16,554 | 听 |
| Restricted cash | 听 | 312 | 听 | 听 | 听 | 307 | 听 |
| Other assets | 听 | 4,954 | 听 | 听 | 听 | 3,899 | 听 |
| Total assets | $ | 53,594 | 听 | 听 | $听 | 82,442 | 听 |
| Liabilities and stockholders' equity | 听 | 听 | 听 | ||||
| Current liabilities | 听 | 听 | 听 | ||||
| Accounts payable | $ | 4,237 | 听 | 听 | $ | 4,243 | 听 |
| Accrued expenses and other current liabilities | 听 | 12,899 | 听 | 听 | 听 | 15,500 | 听 |
| Operating lease obligations | 听 | 853 | 听 | 听 | 听 | 519 | 听 |
| Current portion of long term debt | 听 | 鈥� | 听 | 听 | 听 | 1,326 | 听 |
| Total current liabilities | 听 | 17,989 | 听 | 听 | 听 | 21,588 | 听 |
| Non-current liabilities | 听 | 听 | 听 | ||||
| Operating lease obligations, less current portion | 听 | 3,945 | 听 | 听 | 听 | 3,313 | 听 |
| Long term debt, net | 听 | 28,025 | 听 | 听 | 听 | 27,345 | 听 |
| Other non-current liabilities | 听 | 583 | 听 | 听 | 听 | 564 | 听 |
| Total non-current liabilities | 听 | 32,553 | 听 | 听 | 听 | 31,222 | 听 |
| Total liabilities | 听 | 50,542 | 听 | 听 | 听 | 52,810 | 听 |
| Stockholders' equity | 听 | 听 | 听 | ||||
| Common Stock | 听 | 2,924 | 听 | 听 | 听 | 2,915 | 听 |
| Treasury stock | 听 | (48 | ) | 听 | 听 | (48 | ) |
| Additional paid-in capital | 听 | 370,474 | 听 | 听 | 听 | 366,938 | 听 |
| Accumulated other comprehensive income | 听 | 12 | 听 | 听 | 听 | 48 | 听 |
| Accumulated deficit | 听 | (370,31 | ) | 听 | 听 | (340,221 | ) |
| Total stockholders' equity | 听 | 3,052 | 听 | 听 | 听 | 29,632 | 听 |
| Total liabilities and stockholders' equity | $ | 53,594 | 听 | 听 | $ | 82,442 | 听 |
| OCUGEN,听INC. | ||||||||||||||||
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| (in thousands, except share and per share amounts) | ||||||||||||||||
| (Unaudited) | ||||||||||||||||
| 听 | ||||||||||||||||
| 听 | 听 | Three months ended June 30, | 听 | Six months ended June 30, | ||||||||||||
| 听 | 听 | 听 | 2025 | 听 | 听 | 2024 | 听 | 听 | 2025 | 听 | 听 | 2024 | ||||
| Collaborative arrangement revenue | 听 | $ | 1,373 | 听 | 听 | $ | 1,141 | 听 | 听 | $ | 2,854 | 听 | 听 | $ | 2,155 | 听 |
| Total revenue | 听 | 听 | 1,373 | 听 | 听 | 听 | 1,141 | 听 | 听 | 听 | 2,854 | 听 | 听 | 听 | 2,155 | 听 |
| Operating expenses | 听 | 听 | 听 | 听 | 听 | 听 | 听 | |||||||||
| Research and development | 听 | 听 | 8,402 | 听 | 听 | 听 | 8,902 | 听 | 听 | 听 | 17,932 | 听 | 听 | 听 | 15,728 | 听 |
| General and administrative | 听 | 听 | 6,766 | 听 | 听 | 听 | 7,688 | 听 | 听 | 听 | 13,218 | 听 | 听 | 听 | 14,092 | 听 |
| Total operating expenses | 听 | 听 | 15,168 | 听 | 听 | 听 | 16,590 | 听 | 听 | 听 | 31,150 | 听 | 听 | 听 | 29,820 | 听 |
| Loss from operations | 听 | 听 | (13,795 | ) | 听 | 听 | (15,449 | ) | 听 | 听 | (28,296 | ) | 听 | 听 | (27,665 | ) |
| Interest (expense) income, net | 听 | 听 | (1,058 | ) | 听 | 听 | 173 | 听 | 听 | 听 | (1,972 | ) | 听 | 听 | 475 | 听 |
| Other (expense) income, net | 听 | 听 | 114 | 听 | 听 | 听 | (4 | ) | 听 | 听 | 179 | 听 | 听 | 听 | (14 | ) |
| 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 |
| Net loss | 听 | $ | (14,739 | ) | 听 | $ | (15,280 | ) | 听 | $ | (30,089 | ) | 听 | $ | (27,204 | ) |
| 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | |||||||||
| Other comprehensive income (loss) | 听 | 听 | 听 | 听 | 听 | 听 | 听 | |||||||||
| 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 |
| Foreign currency translation adjustment | 听 | 听 | (28 | ) | 听 | 听 | 3 | 听 | 听 | 听 | (36 | ) | 听 | 听 | 8 | 听 |
| 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 |
| Comprehensive loss | 听 | $ | (14,767 | ) | 听 | $ | (15,277 | ) | 听 | $ | (30,125 | ) | 听 | $ | (27,196 | ) |
| 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | ||||||
| Net loss attributable to common shareholders 鈥� basic and diluted | 听 | 听 | (14,739 | ) | 听 | 听 | (15,259 | ) | 听 | 听 | (30,089 | ) | 听 | 听 | (27,157 | ) |
| 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 |
| Weighted shares used in calculating net loss per common share 鈥� basic and diluted | 听 | 听 | 292,067,192 | 听 | 听 | 听 | 257,353,857 | 听 | 听 | 听 | 292,032,072 | 听 | 听 | 听 | 257,293,247 | 听 |
| 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 |
| Net loss per share attributable to common shareholders 鈥� basic and diluted | 听 | $ | (0.05 | ) | 听 | $ | (0.06 | ) | 听 | $ | (0.10 | ) | 听 | $ | (0.11 | ) |
| 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | |||||||||
| Net loss attributable to Series B Convertible Preferred shareholders 鈥� basic and diluted | 听 | 听 | 鈥� | 听 | 听 | 听 | (21 | ) | 听 | 听 | 鈥� | 听 | 听 | 听 | (47 | ) |
| Weighted shares used in calculating net loss per Series B Convertible Preferred Stock 鈥� basic and diluted | 听 | 听 | 鈥� | 听 | 听 | 听 | 54,745 | 听 | 听 | 听 | 鈥� | 听 | 听 | 听 | 54,745 | 听 |
| Net loss per share attributable to Series B Convertible Preferred shareholders 鈥� basic and diluted | 听 | 听 | 鈥� | 听 | 听 | 听 | (0.38 | ) | 听 | 听 | 鈥� | 听 | 听 | 听 | (0.86 | ) |
FAQ
What were Ocugen's (OCGN) key financial results for Q2 2025?
What are the details of Ocugen's Korean licensing deal for OCU400?
What were the clinical results for Ocugen's OCU410ST in Stargardt disease?
When does Ocugen (OCGN) expect to file BLA for OCU400?
What is the status of Ocugen's OrthoCellix reverse merger?
