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Ocugen closed a registered direct offering in August 2025 for 20,000,000 shares of common stock and warrants to purchase up to 20,000,000 shares. On March 12, 2026, the Investor partially exercised the warrants, purchasing 10,000,000 shares for gross proceeds of $15.0 million, anticipated to extend Ocugen's cash runway into the first quarter of 2027.