Ocugen, Inc. reported collaborative arrangement revenue of $1.481 million for the first quarter ended March 31, 2025, an increase from $1.014 million in the same period of 2024. The company's operating expenses significantly outpaced revenue, totaling $15.982 million for Q1 2025, up from $13.230 million in Q1 2024. This increase was primarily driven by a rise in research and development expenses, which reached $9.529 million in Q1 2025 compared to $6.826 million in Q1 2024.
The net loss for Q1 2025 was $15.350 million, compared to a net loss of $11.924 million for Q1 2024. As of March 31, 2025, Ocugen held $37.8 million in cash, which is expected to fund operations only into the first quarter of 2026. This financial position indicates a continued need for additional funding to sustain its ambitious clinical programs and operations.
Operationally, Ocugen achieved several key milestones, including positive two-year data for OCU400 in Retinitis Pigmentosa, FDA alignment on a Phase 2/3 pivotal trial for OCU410ST in Stargardt disease, and dosing completion in the Phase 2 portion of the OCU410 trial for geographic atrophy. All three modifier gene therapies received Advanced Therapy Medicinal Product (ATMP) classification from the EMA. Additionally, the first patient was dosed in the OCU200 Phase 1 clinical trial, and the IND for OCU500, an inhaled COVID-19 vaccine, became effective.
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