Ocugen posts $19.2M Q1 loss, raises $115M to extend cash runway
OCGN•Ocugen reported a first-quarter net loss of $19.2 million (6 cents per share) on $1.5 million revenue, missing estimates by one penny. The company secured $115 million in 6.75% convertible notes to repay 12.5% Avenue debt and extend its cash runway into 2028 while advancing multiple late-stage gene therapy trials.
1. First-Quarter Results
Ocugen posted a Q1 net loss of $19.2 million, or 6 cents per share, on revenue of $1.5 million, missing the consensus estimate by one penny per share.
2. $115M Convertible Notes to Extend Runway
The company priced $115 million of 6.75% convertible senior notes due 2034, with a $15 million overallotment option, at 90% of par to net approximately $99.5 million to $112.6 million. Approximately $32.7 million of net proceeds will retire its 12.5% Avenue debt, and remaining funds will support general corporate purposes, extending cash runway into 2028.
3. Late-Stage Gene Therapy Progress
Topline Phase 2 ArMaDa data for OCU410 showed a 31% reduction in geographic atrophy lesion growth and 27% ellipsoid zone preservation at the optimal dose, with 20% of patients showing no progression and 75% achieving over 30% lesion reduction. Enrollment for registrational trials OCU400 in retinitis pigmentosa and OCU410ST in Stargardt disease is complete, with Biologics License Application submissions targeted by mid-2027.
