Financial LossesOcugen reported 3Q25 results with a net loss of ($20.1M), wider than the ($14.7M) in 2Q25, which is due to ramping up of the GARDian study and enrolling the liMeliGhT study in retinitis pigmentosa (RP).
Operational ChallengesThe previously planned merger agreement, effectively a spinout transaction for Ocugen, with Ocugen's Orthcellix subsidiary was terminated due to failure to secure the required funding.
Resource Allocation IssuesOcugen is unlikely to advance the NeoCart program on its own, as it would require resources that could otherwise be used to advance its high-value ophthalmology gene therapy programs.