OCGN · Ocugen, Inc.

Ocugen's Q1 2026 results showed R&D expenses rising to $11.3 million from $9.5 million year-over-year, reflecting ongoing investment in its modifier gene therapy platform for retinal diseases, while G&A increased to $8.1 million from $6.5 million. Other expense worsened slightly to $(1.3) million, driving net loss to $19.2 million or $(0.06) per share from $15.3 million or $(0.05). Balance sheet as of March 31, 2026, held $32.2 million in cash and equivalents with $29.2 million debt, and shares outstanding at 338.3 million. The financing via $115 million (potentially $130 million) 6.75% convertible notes due 2034, priced at 90% of principal with Initial Purchaser Oppenheimer & Co., yields ~$99.5 million net proceeds, funding full repayment of higher-rate (12.5%) Avenue debt using $32.7 million and bolstering cash to ~$112.1 million post-close on May 7, 2026, extending runway into 2028. This deleverages the balance sheet and supports pipeline milestones: OCU400 Phase 3 enrollment complete for retinitis pigmentosa (broad gene-agnostic therapy for ~300,000 patients), targeting rolling BLA in Q3 2026; OCU410ST Phase 2/3 GARDian3 enrollment done for Stargardt (~100,000 patients), interim analysis Q3 2026; OCU410 Phase 2 ArMaDa 12-month data showed statistically significant 30% lesion growth reduction vs control (p<0.05) in geographic atrophy, enabling Phase 3 design in 2026. CEO Musunuri highlighted execution efficiency and value creation amid these advancements.