The earnings call highlighted significant progress in clinical development and strategic partnerships, including FDA and EMA approvals, and successful clinical trial data. However, there are concerns about declining cash reserves and operating expenses.

Company Guidance -

Q3 2025

During the call, Ocugen provided guidance on its gene therapy platform and associated clinical trials. The company is advancing three candidates, with two in late-stage trials, and aims to file three biological licensing applications (BLAs) and market authorization applications (MAAs) within the next three years. Specifically, the OCU400 Phase III liMeliGhT trial for retinitis pigmentosa is recruiting patients in the U.S. and Canada, targeting BLA and MAA filings in 2026. The OCU410ST trial for Stargardt disease, following the Rare Pediatric Disease Designation, has commenced dosing with plans for a BLA filing in 2027. The OCU410 trial for geographic atrophy demonstrated a 27% reduction in lesion growth at six months and plans to provide full 12-month data by Q1 2026. Financially, the company reported cash and equivalents of $27.3 million as of June 30, 2025, with total operating expenses of $15.2 million for the quarter. Ocugen is actively pursuing strategic partnerships, including a regional licensing agreement in Korea for OCU400, to bolster its financial position and expand its global reach.

Progress in Gene Therapy Platform

All three candidates are advancing through the clinic, with two in late-stage development. Aiming for three biological licensing applications and market authorization application filings in the next three years.

FDA and EMA Approvals

FDA agreed to proceed with the Phase II/III GARDian3 trial for OCU410ST for Stargardt disease following Rare Pediatric Disease Designation. EMA granted eligibility to submit the OCU400 Market Authorization Application (MAA) through the centralized procedure.

Strategic Partnerships and Spin-Off

Signed a binding term sheet for the first regional partnership for OCU400 in Korea and announced the spin-off of NeoCart into OrthoCellix to create a NASDAQ-listed company focused on orthopedic diseases.

Positive Clinical Data

Phase I 12-month preliminary data for OCU410ST and OCU410 showed improved structural and functional outcomes. OCU400 Phase III trial targeting multiple genetic mutations with a single therapy.

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
Nov 07, 2025	2025 (Q3)	-0.06 / -	-0.05	―	―	―
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)	―
Aug 21, 2023	2023 (Q2)	-0.07 / -0.10	-0.09	-11.11% (-0.01)	―

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
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%
Nov 08, 2024	$1.08	$0.99	-8.33%

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.