Ocugen, Inc. reported GAAP revenue of $1.373 million for the second quarter of 2025, marking a 20% increase from the same period in 2024. The net loss per share (GAAP) narrowed to $(0.05), an improvement from $(0.06) in Q2 2024. Operating expenses (GAAP) decreased by 8.6% year-over-year, with research and development expenses falling 5.6% and general and administrative costs down 11.7%.
Despite the improved net loss per share, the company's liquidity position saw a significant decline, with total cash, cash equivalents, and restricted cash at $27.3 million as of June 30, 2025, down from $58.8 million on December 31, 2024. Management stated that existing cash and equivalents should last into early 2026. This ongoing cash burn indicates that additional funding will be necessary to sustain operations and advance its pipeline.
Operationally, Ocugen achieved several key milestones, including a proposed reverse merger of its OrthoCellix subsidiary with Carisma Therapeutics, and a binding term sheet for exclusive Korean rights to OCU400. The FDA granted Rare Pediatric Disease Designation for OCU410ST, and the first patient was dosed in its Phase 2/3 pivotal trial. Positive preliminary data was also reported for OCU410 and OCU400, and NIAID intends to initiate the OCU500 Phase 1 clinical trial in Q3 2025.
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