MALVERN, Pa. — May 5, 2026 — Leads & Copy — Ocugen, Inc., a biotechnology company specializing in gene therapies for blindness diseases, has released its first quarter 2026 financial results and provided a business update. The company also announced positive 12-month data from its OCU410 Phase 2 ArMaDa clinical trial for geographic atrophy (GA).
The OCU410 Phase 2 ArMaDa clinical trial indicated a statistically significant 31% reduction in lesion size and 27% ellipsoid zone (EZ) preservation in the optimal dose for Phase 3. Approximately 20% of patients showed no disease progression, and 75% demonstrated a reduction in lesion growth greater than 30% compared to the control group, with a favorable safety and tolerability profile. This data supports a registrational Phase 3 trial design, potentially combining U.S. and EU trials with 300 subjects and an adaptive design powered at over 95%.
Enrollment is complete for the OCU400 trial for retinitis pigmentosa (RP) and the OCU410ST trial for Stargardt disease registration. Ocugen anticipates completing two Biologics License Application (BLA) submissions by 2027.
The company expects the closing of a private offering of $115 million aggregate principal amount (or $130 million if the overallotment is exercised) of 6.75% convertible senior notes due 2034, with a conversion premium of 45%, to extend its cash runway into 2028. This is subject to customary closing conditions. Ocugen plans to use $32.7 million of the net proceeds from the notes to retire the Avenue debt, which carries a 12.5% interest rate.
As of March 31, 2026, Ocugen had 338.3 million shares of common stock outstanding.
According to the company, the recent offering is expected to bring Ocugen’s cash, cash equivalents, and restricted cash to $112.1 million at closing, including the Avenue debt payoff. The remaining net proceeds will be used for general corporate purposes. If the remaining Janus Henderson warrants are exercised, Ocugen will receive an additional $15 million in gross proceeds, increasing the expected cash position to $127.1 million.
Dr. Shankar Musunuri, Chairman, Chief Executive Officer, and Co-Founder of Ocugen, stated that the company has completed enrollment for two late-stage programs and is working towards initiating its first BLA submission for RP and a registration trial for dry AMD later in 2026. He emphasized the company’s productivity, adequate cash runway, and milestone achievements in creating long-term value for patients and shareholders.
Enrollment for the liMeliGhT Phase 3 clinical trial for broad RP patients (N=140) is complete. The trial includes representation of a wide range of genetic mutations associated with early to advanced stages of RP. Ocugen plans to initiate the rolling BLA submission for OCU400 in the third quarter of 2026 and complete the BLA submission by the second quarter of 2027. Manufacturing readiness for OCU400 is underway, with process performance qualification (PPQ) batches expected to be completed in the second quarter of 2026. OCU400 is intended for early to advanced cases of RP, potentially receiving approval in the fourth quarter of 2027.
Enrollment and dosing for the GARDian3 Phase 2/3 clinical trial evaluating OCU410ST in patients with all mutations of Stargardt disease were completed ahead of schedule. The study enrolled 63 subjects, with the primary endpoint evaluating the reduction in atrophic lesion size at 12 months. Interim outcome analysis of 24 subjects at 8 months post-OCU410ST is planned for the third quarter of 2026, with topline results expected in the second quarter of 2027 and the BLA submission by mid-2027. OCU410ST is a potential one-time modifier gene therapy for the 100,000 patients in the U.S. and Europe with Stargardt disease.
First quarter 2026 financial results show the company received $37.5 million in gross proceeds, inclusive of $15 million from exercised warrants. Cash, cash equivalents, and restricted cash totaled $32.2 million as of March 31, 2026, compared to $18.9 million as of December 31, 2025.
Total operating expenses for the three months ended March 31, 2026 were $19.4 million, including research and development expenses of $11.3 million and general and administrative expenses of $8.1 million. Ocugen reported a $(0.06) net loss per common share for the three months ended March 31, 2026.
Executive leadership has participated in investor and industry conferences, including the U.S. Department of Commerce 2026 Certified Trade Mission to Singapore, Oppenheimer’s 3rd Annual Innovation on the Island Biotech Summit, and the 2026 Cell & Gene Meeting on the Mediterranean.
The Company received $37.5 million in gross proceeds inclusive of $15 million, due to exercised warrants, in the first quarter of 2026. The Company’s cash, cash equivalents, and restricted cash totaled $32.2 million as of March 31, 2026, compared to $18.9 million as of December 31, 2025. With the recent offering, the Company is expected to have cash, cash equivalents, and restricted cash of $112.1 million, at closing, which includes the Avenue debt payoff.
Total operating expenses for the three months ended March 31, 2026 were $19.4 million and included research and development expenses of $11.3 million and general and administrative expenses of $8.1 million, compared to total operating expenses for the three months ended March 31, 2025 of $16.0 million that included research and development expenses of $9.5 million and general and administrative expenses of $6.5 million.
Ocugen reported a $(0.06) net loss per common share for the three months ended March 31, 2026 compared to a $(0.05) net loss per common share for the three months ended March 31, 2025.
A conference call and webcast were scheduled for 8:30 a.m. ET today to discuss the financial results and recent business highlights. A replay of the call and archived webcast will be available for approximately 45 days following the event on the Ocugen investor site.
Ocugen, Inc. is focused on gene therapies for blindness diseases, with programs in development for retinitis pigmentosa, Stargardt disease, and geographic atrophy.
Source: Ocugen, Inc.
