Ocugen (OCGN) Q2 2026 earnings summary

Executive summary

• FDA cleared phase III trial for OCU410 in geographic atrophy (GA) and granted RMAT designation; phase III to initiate dosing by September 2026.

• Lead gene therapy candidates OCU400, OCU410, and OCU410ST advancing through late-stage clinical trials and regulatory milestones, with completed enrollments for OCU400 and OCU410ST.

• Signed binding term sheet for exclusive OCU400 license in MENA region, with up to $255M in milestones and 22% royalty; global commercialization partnerships advancing.

• $130 million convertible notes financing closed, extending cash runway into 2028 to support all three late-stage programs.

• Over 325 patients treated across pipeline with no drug-related serious adverse events; strengthened leadership with new Chief Medical Officer and Head of Corporate Communications.

Financial highlights

• Q2 2026 total operating expenses were $17.9 million (R&D: $10.7M, G&A: $7.2M), up from $15.2 million in Q2 2025.

• Net loss for Q2 2026 was $24.9 million, or $0.07 per share, compared to $14.7 million, or $0.05 per share, in Q2 2025.

• Cash, cash equivalents, and restricted cash totaled $100.4 million as of June 30, 2026, up from $32.2 million at March 31, 2026.

• Collaborative arrangement revenue was $1.5 million for Q2 2026, up from $1.4 million in Q2 2025.

• 339 million shares of common stock outstanding as of June 30, 2026.

Outlook and guidance

• OCU410ST interim outcome decision expected in Q3 2026; phase III OCU410 trial to initiate in Q3 2026.

• Top-line data for OCU400 (RP) expected in Q1 2027 and for OCU410ST (Stargardt disease) in Q2 2027; BLA submissions for OCU410 and OCU410ST targeted for 2027–2028.

• Three BLAs planned by 2028, with potential commercial launch of OCU400 by end of 2027.

• Management notes substantial doubt about ability to continue as a going concern within one year without additional funding.