Ocugen Reports 21.3% Rise in Operating Expenses

By Chris Stiles • Tuesday, May 05 13:57 • Permanent Link

Ocugen said first-quarter 2026 operating expenses rose to $19.4 million from $16.0 million a year earlier, an increase of 21.3%, as research and development spending climbed to $11.3 million from $9.5 million and general and administrative costs increased to $8.1 million from $6.5 million.

The company reported a net loss per common share of $(0.06) for the quarter, compared with $(0.05) in the first quarter of 2025.

Cash, cash equivalents and restricted cash stood at $32.2 million at March 31, 2026, up from $18.9 million at the end of 2025, a gain of $13.3 million, or 70.4%. Ocugen said it received $37.5 million in gross proceeds in the quarter, including $15 million from exercised warrants.

The company also said a private offering of $115 million in convertible senior notes, or $130 million if the overallotment is exercised, is expected to close May 7. Including the planned retirement of Avenue debt, Ocugen said it expects cash, cash equivalents and restricted cash of $112.1 million at closing. If remaining Janus Henderson warrants are exercised, that figure would rise to $127.1 million.

On the clinical side, Ocugen said 12-month data from its OCU410 phase 2 ARMADA trial showed a 31% reduction in lesion growth versus control at the optimal dose, with 27% ellipsoid zone preservation. The company said about 20% of patients showed no disease progression and 75% had more than 30% reduction in lesion growth versus control.

Enrollment was completed in two late-stage programs: OCU400 for retinitis pigmentosa, with 140 subjects, and OCU410ST for Stargardt disease, with 63 subjects. Ocugen plans to begin a rolling BLA submission for OCU400 in the third quarter of 2026 and complete it by the second quarter of 2027. For OCU410ST, the company expects an interim analysis in the third quarter of 2026, topline results in the second quarter of 2027, and a BLA submission by mid-2027.

Ocugen had 338.3 million shares outstanding at March 31, 2026. The market has reacted to these announcements by moving the company's shares -19.73% to a price of $1.485. For the full picture, make sure to review Ocugen's 8-K report.

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