The earnings call highlighted significant advancements in gene therapy programs and strategic partnerships, alongside promising clinical data. However, the company faced increased operating expenses and a decline in cash position. Overall, the positive advancements and strategic positioning contribute to an optimistic outlook.

Company Guidance

During the third quarter of 2025, Ocugen made significant strides in advancing its gene therapy programs, particularly focusing on OCU400 and OCU410ST. OCU400 is nearing completion of Phase 3 enrollment and is on track for Biological Licensing Application (BLA) and Marketing Authorization Application (MAA) submissions in 2026, targeting a broad retinitis pigmentosa (RP) patient population of approximately 300,000 in the U.S. and Europe. OCU410ST, addressing Stargardt disease, is advancing well with its Phase 2/3 trial ahead of schedule and is expected to complete enrollment in the first quarter of 2026. To support these developments, Ocugen secured $20 million through a direct offering, extending their operational runway to the second quarter of 2026, with potential for an additional $30 million from warrant exercises. The company's financial results for the quarter ended September 30, 2025, showed total operating expenses of $19.4 million, supporting their robust research and development efforts. Ocugen's strategic partnerships, such as the licensing agreement with Kwangdong Pharmaceutical for OCU400 in South Korea, are anticipated to generate up to $7.5 million in upfront and milestone payments, further fortifying their financial and operational outlook.

Advancement of Gene Therapy Programs

OCU400 nearing Phase 3 enrollment completion and OCU410ST Phase 2/3 trial is ahead of schedule. Anticipated BLA submission for OCU410ST in the first half of 2027.

Positive Regulatory Progress

European Medicines Agency confirmed the acceptability of a single U.S.-based trial for submission of MAA in Europe for OCU410ST, maintaining timeline and budget efficiencies.

Strategic Partnerships and Financial Position

Exclusive licensing agreement with Kwangdong Pharmaceutical for OCU400 in South Korea, with potential sales milestones and royalty agreement. Recent $20 million financing extends runway into 2026.

Promising Clinical Data

OCU410 Phase 1 study showed a 23% reduction in lesion growth and visual acuity improvements. OCU410ST showed a 48.2% reduction in lesion growth in Phase 1 subjects.

Ocugen (OCGN) Earnings, Revenues Date & History

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OCGN Earnings History

Report Date	Fiscal Quarter	Forecast / EPS	Last Year's EPS	EPS YoY Change	Slides	Play Transcript
Mar 27, 2026	2025 (Q4)	-0.06 / -	-0.05	―	―	―
Nov 05, 2025	2025 (Q3)	-0.06 / -0.07	-0.05	-40.00% (-0.02)	―
Aug 01, 2025	2025 (Q2)	-0.06 / -0.05	-0.04	-25.00% (-0.01)	―
May 09, 2025	2025 (Q1)	-0.06 / -0.05	-0.05	0.00% (0.00)	―
Mar 05, 2025	2024 (Q4)	-0.05 / -0.05	-0.03	-66.67% (-0.02)	―
Nov 08, 2024	2024 (Q3)	-0.06 / -0.05	-0.06	16.67% (<+0.01)
Aug 08, 2024	2024 (Q2)	-0.05 / -0.04	-0.1	60.00% (+0.06)	―
May 14, 2024	2024 (Q1)	- / -0.07	-0.07	7.14% (<+0.01)	―
Apr 02, 2024	2023 (Q4)	-0.06 / -0.05	-0.07	28.57% (+0.02)	―	―
Nov 09, 2023	2023 (Q3)	-0.07 / -0.06	-0.1	40.00% (+0.04)	―

The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.

Beat

Missed

OCGN Earnings-Related Price Changes

Report Date	Price 1 Day Before	Price 1 Day After	Percentage Change
Nov 05, 2025	$1.43	$1.41	-1.40%
Aug 01, 2025	$1.03	$0.99	-3.88%
May 09, 2025	$0.69	$0.67	-2.90%
Mar 05, 2025	$0.59	$0.57	-3.39%

Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.