Ocugen announced an underwritten public offering of 15 million common shares at $1.50 each, representing gross proceeds of $22.5 million before underwriting fees and offering expenses. The financing is led by RTW Investments, with additional participation from both new and existing institutional investors. Oppenheimer & Co. is serving as the sole book-running manager. Closing is expected on January 22, 2026, subject to customary conditions.

Ocugen intends to allocate the net proceeds toward general corporate purposes, including capital expenditures, working capital requirements and general and administrative expenses. The company’s balance sheet as of September 30, 2025, reflected cash and cash equivalents of approximately $18 million and total liabilities of $12 million. This infusion aims to extend runway through key clinical milestones in its modifier gene therapy pipeline for retinitis pigmentosa, Stargardt disease and geographic atrophy.

Shares of Ocugen plunged more than 25% on the first trading session following the offering announcement, reflecting dilution concerns and signaling investor apprehension about near-term funding needs. Average daily trading volume jumped to 20 million shares, more than three times the three-month average, as institutional and retail participants adjusted positions ahead of closing.

With approximately 10 programs in its gene-agnostic modifier platform targeting complex blindness diseases, Ocugen faces pivotal data readouts in mid-2026 for its lead candidate in retinitis pigmentosa and a Phase 2 trial initiation for geographic atrophy in the second half of the year. The fresh capital is expected to underwrite those trials, reduce dependence on potential partner milestones and position the company for a potential strategic collaboration or royalty financing by year-end.