Ocugen (OCGN) Q3 2026 earnings summary

Executive summary

• Three late-stage modifier gene-therapy programs advanced in pivotal-stage trials; three BLAs are targeted by 2028.

• OCU400 topline data are expected in Q1 2027 and OCU410ST data in Q2 2027; OCU410 ArMaDa3 enrollment is targeted for completion in 2027, with a BLA targeted for 2028.

• Cash runway is projected into 2028, although substantial doubt about continuing as a going concern remains.

Financial highlights

• Q3 revenue was $1.951M vs. $1.752M in Q3 2025; 9M revenue was $4.973M vs. $4.606M.

• Q3 operating expenses were $19.704M vs. $19.377M, including R&D of $12.500M and G&A of $7.204M; 9M operating expenses were $57.0M vs. $50.5M.

• Q3 net loss was $3.598M vs. $20.051M; 9M net loss was $47.653M vs. $50.140M. EPS was $(0.01) vs. $(0.07) for Q3 and $(0.14) vs. $(0.17) for 9M.

• Q3 results included a $16.562M derivative fair-value gain; 9M results included a $14.7M derivative gain and a $2.4M debt-extinguishment loss.

• 9M operating cash use was $49.7M vs. $43.0M.

Outlook and guidance

• OCU400 liMeliGhT topline data are expected in Q1 2027, followed by a planned BLA submission; process performance qualification batches are complete.

• OCU410ST topline data are expected in Q2 2027, followed by a planned BLA submission; study follow-up is planned through month 12.

• OCU410 ArMaDa3 enrollment is targeted for completion in 2027, with a BLA filing targeted for 2028; the FDA aligned on key design elements and a single pivotal-trial pathway.

• OCU400 patient enrollment in The Bahamas could begin by year-end, subject to full LARTA approval and site readiness.

• Further clinical, manufacturing, and commercialization spending is expected; additional capital, partnerships, licensing, or other transactions may be pursued.