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Ocugen (OCGN) investor relations material
Ocugen Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary5 Nov, 2025
Executive summary
Advanced OCU400 and OCU410ST gene therapy programs toward late-stage regulatory milestones, with BLA/MAA filings targeted for 2026 and 2027 and strong clinical trial enrollment progress.
Entered exclusive licensing agreement with Kwangdong for OCU400 in South Korea, including up to $7.5 million in upfront and milestone payments, $1.5 million sales milestones per $15 million in sales, and 25% royalty on net sales.
Secured $20 million in equity financing in Q3 2025, extending cash runway through Q2 2026, with potential for an additional $30 million if warrants are exercised.
Terminated planned NeoCart business merger due to insufficient investment commitments.
Financial highlights
Cash, cash equivalents, and restricted cash totaled $32.9 million as of September 30, 2025, down from $58.8 million at year-end 2024.
Net loss for Q3 2025 was $20.1 million, compared to $13.0 million in Q3 2024; operating expenses for Q3 2025 were $19.4 million, up from $14.4 million in Q3 2024.
Collaborative arrangement revenue was $1.8 million for Q3 2025, up from $1.1 million in Q3 2024.
R&D expenses for Q3 2025 were $11.2 million; G&A expenses were $8.2 million.
Accumulated deficit reached $390.4 million as of September 30, 2025.
Outlook and guidance
OCU400 BLA rolling submission to begin in H1 2026, with top-line Phase 3 data expected in Q4 2026 and commercialization targeted for 2027.
OCU410ST Phase 2/3 interim data expected mid-2026, with full 12-month data for OCU410 Phase 2 in Q1 2026 and Phase 3 initiation planned.
Cash runway expected through Q2 2026, with potential extension into 2027 if warrants are exercised; additional funding actively pursued.
OCU400 EU commercialization strategy
OCU410 GA market differentiation strategy
Funding plans if OCU400 warrants not exercised
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Q4 20252 Mar, 2026
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Frequently asked questions
Ocugen, Inc., a clinical-stage biopharmaceutical company, focuses on the development of gene therapies to cure blindness diseases. The company's lead product candidate is OCUL-001, an adeno-associated virus vector-based gene therapy for the treatment of wet age-related macular degeneration. The company is also engaged in the discovery, design, development and clinical trial advancement of additional AAV and complementary non-AAV gene therapies for retinal diseases, including EIPAO-203 and EPAC1. The company is headquartered in Malvern, Pennsylvania.
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