Ocugen Reports 20% Revenue Growth to $1.37 Million, Faces $14.74 Million Net Loss in Q2 2025

Ocugen, Inc. reported its financial results for the second quarter of 2025, revealing a total revenue of $1.37 million, a 20% increase from $1.14 million in the same period last year. The rise in revenue was attributed to collaborative arrangement revenue, which increased by $232,000 due to a reassessment of co-development services provided to a business partner. Despite this revenue growth, the company incurred a net loss of $14.74 million for the quarter, slightly improved from a net loss of $15.28 million in the prior year. For the first half of 2025, Ocugen's net loss reached $30.09 million, compared to $27.20 million for the same period in 2024.

Operating expenses for the second quarter decreased to $15.17 million from $16.59 million year-over-year, primarily due to reductions in general and administrative expenses, which fell by $922,000. Research and development expenses also saw a decrease of $500,000, reflecting a reduction in preclinical activities and GMP manufacturing costs associated with the OCU500 program. The company reported a total operating loss of $13.80 million for the quarter, an improvement from the $15.45 million loss recorded in the previous year.

In terms of strategic developments, Ocugen is advancing its product pipeline, particularly its modifier gene therapy platform, which includes OCU400 and OCU410ST. The company is actively recruiting patients for the Phase 3 trial of OCU400 for retinitis pigmentosa and has initiated dosing in the pivotal confirmatory trial for OCU410ST. Additionally, Ocugen announced a planned merger with Carisma Therapeutics, which is expected to close in the fourth quarter of 2025, allowing Ocugen to consolidate its regenerative medicine cell therapy platform, including the NeoCart product.

As of June 30, 2025, Ocugen had cash and restricted cash totaling $27.3 million, a decrease from $58.8 million at the end of 2024. The company has indicated that this amount will not be sufficient to fund operations for the next 12 months, raising concerns about its ability to continue as a going concern. Ocugen plans to explore various funding options, including public and private placements of equity and debt, to support its ongoing research and development efforts.

Looking ahead, Ocugen remains focused on advancing its clinical programs and securing additional funding to sustain its operations. The company is optimistic about the potential of its product candidates and the upcoming merger, which it believes will enhance its market position and operational capabilities. However, the company acknowledges the inherent risks and uncertainties associated with biotechnology development and the need for significant capital to achieve its strategic objectives.