Ocugen, Inc. (OCGN) reported collaborative arrangement revenue of $4.41 million for the year ended December 31, 2025, compared to $4.06 million for the year ended December 31, 2024, an increase of $0.36 million. The company's net loss for 2025 was $67.85 million, or $0.23 per share, compared to a net loss of $54.05 million, or $0.20 per share, in 2024. Research and development expenses totaled $39.75 million in 2025, up from $32.13 million in 2024, while general and administrative expenses increased to $27.58 million from $26.69 million.
The increase in research and development expenses was primarily driven by a $3.03 million increase in OCU400-related activities and a $1.81 million increase in OCU410 and OCU410ST-related activities, as well as a $3.79 million increase in research and development personnel costs. These increases were partially offset by a $2.05 million reduction related to OCU500. The increase in general and administrative expenses was primarily due to a $0.7 million increase in professional service fees. As of December 31, 2025, Ocugen had cash and cash equivalents of $18.57 million, a decrease from $58.51 million as of December 31, 2024.
Ocugen is advancing its modifier gene therapy platform, with OCU400 currently in a Phase 3 clinical trial and a rolling BLA submission planned for the third quarter of 2026. The company initiated dosing in the GARDian3 pivotal confirmatory trial for OCU410ST in July 2025, with a BLA submission targeted for the first half of 2027. In January 2026, the company announced positive 12-month Phase 1 and 2 ArMaDa results for OCU410, including a 20.2% relative reduction in GA lesion growth from baseline. The company is also developing OCU200, a novel biologic therapy for retinal diseases, with the first subject dosed in a Phase 1 clinical trial in January 2025.
In January 2026, Ocugen closed an underwritten registered direct offering of 15.0 million shares of common stock at $1.50 per share, resulting in gross proceeds of $22.5 million. In September 2025, the company entered into a license agreement with Kwangdong Pharmaceutical, Ltd. for the development and commercialization of OCU400 in South Korea, receiving an initial $0.8 million non-refundable fee. The company estimates that its current cash and cash equivalents will be sufficient to fund operations into the fourth quarter of 2026, requiring additional capital to continue its development programs. As of February 24, 2026, Ocugen had 116 employees.
About Ocugen, Inc.
Ocugen, Inc. is a biotechnology company specializing in gene and cell therapies, biologics, and vaccines for retinal diseases, ocular conditions, and respiratory illnesses. Its core platforms include modifier gene therapy for inherited retinal disorders, regenerative cartilage repair, and inhaled mucosal vaccines. The company develops innovative treatments for blindness, degenerative eye diseases, and respiratory infections, leveraging advanced gene delivery, biologic, and vaccine technologies to address unmet medical needs globally.
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