OCGN · Ocugen, Inc.

Ocugen announced a private offering of $115 million aggregate principal amount of convertible senior notes due 2034, with an option for an additional $15 million. The offering is intended to strengthen the balance sheet by repaying $32.7 million of outstanding debt under the Avenue Loan Agreement, including accrued interest and prepayment fees, and to fund general corporate purposes, likely supporting its gene therapy pipeline. The company disclosed preliminary unaudited cash, cash equivalents, and restricted cash of approximately $32.2 million as of March 31, 2026, indicating a need for capital. The pipeline includes OCU400 (Phase 3 for retinitis pigmentosa, rolling BLA expected Q3 2026), OCU410ST (Phase 2/3 for Stargardt disease, BLA by mid-2027), OCU410 (Phase 2 for geographic atrophy), OCU200 (Phase 1 completed), and OCU500 (COVID-19 vaccine, Phase 1 expected Q2 2026). The offering is subject to market conditions, and the notes will be unsecured obligations convertible into cash, stock, or a combination. This financing is critical to advance late-stage programs toward potential approvals in 2027-2028.