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Jun 30, 2025
Ocugen Q2 2025 Earnings Report
Ocugen reported a narrower net loss in Q2 2025 with continued progress in its gene therapy pipeline and strategic licensing developments.
Key Takeaways
Ocugen's Q2 2025 results showed a slight year-over-year improvement in net loss as the company maintained momentum across multiple clinical trials. Key milestones included the start of pivotal trials for OCU410ST, continued dosing in OCU400, and progress on a Korean licensing agreement. Operating expenses declined slightly, and cash runway was extended into early 2026.
Reported revenue of $1.37 million from a collaborative arrangement in Q2 2025.
Net loss of $14.74 million, or $0.05 per share, improved from $15.26 million in Q2 2024.
Operating expenses decreased to $15.2 million, reflecting cost discipline.
Cash and cash equivalents stood at $27.3 million, providing runway into Q1 2026.
Revenue by Segment
Forward Guidance
Ocugen expects continued clinical progress across its modifier gene therapy programs and plans to initiate additional clinical trials and regulatory filings in late 2025 and 2026.
Positive Outlook
- OCU410ST Phase 2/3 pivotal trial for Stargardt disease underway.
- OCU400 Phase 3 trial on track for BLA/MAA submissions in 2026.
- Signed binding term sheet for Korean licensing deal for OCU400.
- FDA granted Rare Pediatric Disease Designation to OCU410ST.
- NIAID to initiate OCU500 Phase 1 trial in Q3 2025.
Challenges Ahead
- Continued net losses with no commercialized product revenue.
- Significant R&D spend continues to impact cash flow.
- Cash reserves reduced from $58.8M to $27.3M since year-end 2024.
- Merger with OrthoCellix may create integration risks.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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