OCGN · Ocugen, Inc.

Ocugen completed a $130 million convertible note offering, including full exercise of the $15 million over-allotment option. The notes carry a 6.75% coupon and mature in 2034. Net proceeds of approximately $112.6 million were used to fully repay the $32.7 million outstanding under the Avenue Loan Agreement, with the remainder allocated to general corporate purposes. The company expects its cash runway to extend into 2028, supporting three late-stage programs and planned BLA filings by 2028. The notes are unregistered and sold to QIBs under Rule 144A. Conversion is initially cash-only until the reserved share effective date, after which the company may settle in cash, shares, or a combination. Up to 8.1 million shares could be issued upon conversion. This financing strengthens Ocugen's balance sheet and provides capital to advance its modifier gene therapy pipeline.