OCGN Stock — Ocugen Inc.: Cash, EV, Pipeline

What they do

Our First-in-class, breakthrough modifier gene therapy platform presents a potential paradigm shift in treating inherited retinal diseases and blindness diseases affecting millions across the globe.

Source: 10-K FY2025 via SEC EDGAR

Share price

$0.94

Market cap

$317.5M

Cash

$84.2M

Enterprise value

$235.0M

Balance sheet

Cash	$84.2M
Debt	$1.8M
Net cash	$82.5M
Enterprise value	$235.0M
Basic shares	339.3M shares
Fully diluted shares	461.5M shares
Fully diluted market cap	$433.8M
Cash per share	$0.25
Quarterly burn	$12.2M
Cash runway	6.9 quarters

Cash figures as of 2026-09-30. Database snapshot: 2026-11-11.

Share structure

Common

339.1M

Pre-funded warrants

0.0M

Options

30.0M

RSUs

14.2M

Warrants

10.6M

Converts

67.6M

Conv preferred

0.0M

ESPP reserve

0.0M

FDSO

461.5M

Cap table as of 2026-06-30.

Price history

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Next catalyst

OCU410ST · Now - Dec 21, 2026 Now · Phase 2/3 · Stargardt Disease

Recently reported

OCU400 Phase 3 Mixed · 2026-09-25

retinitis pigmentosa, leber congenital amaurosis

Source release →

Upcoming catalysts

Expected	Drug	Phase	Indication	Mgmt guide
Now - Dec 21, 2026 Now	OCU410ST	Phase 2/3	Stargardt Disease	Q2 2027 Est. Apr 1, 2027 · PCD + 6 wks (Apr 1-Apr 1)
Mar 26 - May 7 in 4 mo	Sub-Retinal Administration of OCU400-301	Phase 3	Retinitis Pigmentosa	Q1 2027 Est. Mar 26, 2027 · PCD + 6 wks (Mar 12-Mar 31)
Sep 10 - Oct 22 in 22 mo	OCU410	Phase 3	Dry Age-related Macular Degeneration	—

Estimated readout windows: registry primary-completion date + 6-12 weeks. Windows already open are shown from "Now". Drug names link to ClinicalTrials.gov.

Full readout calendar →

Pipeline assets

OCU400

Phase 3 · Active Modality: modifier gene therapy (AAV5)

Target NR2E3

Partnerships CanSinoBIO (co-development/commercialization, 2019; amended for OCU410/OCU410ST); Kwangdong Pharmaceutical (exclusive development/commercialization in South Korea, Sept 2025); Roots Pharmaceutical (binding term sheet July 2026 for MENA rights in RP)

Indications

retinitis pigmentosa (RP) (Phase 3)
Leber congenital amaurosis (LCA) (Stage not disclosed)

Catalysts

— not dated

Status note Delivers functional NR2E3 gene to retina. Phase 3 liMeliGhT trial in RP completed enrollment (N=140). Holds FDA RMAT and Orphan Drug designations for RP, plus EMA orphan medicinal product designation.

OCU410

Phase 2 · Active Modality: modifier gene therapy (AAV5, single subretinal injection)

Target RORA

Partnerships CanSinoBIO (co-development/commercialization)

Indications

geographic atrophy (GA) secondary to dry age-related macular degeneration (dAMD) (Phase 2)

Catalysts

— July 2026

Status note Delivers human RORA gene to retinal tissue. Completed dosing in Phase 2 of Phase 1/2 ArMaDa trial for GA secondary to dAMD. One-time therapy vs multi-injection competitors.

OCU410ST

Phase 2/3 · Active Modality: modifier gene therapy (AAV5)

Target RORA

Partnerships CanSinoBIO (co-development/commercialization)

Indications

Stargardt disease (Phase 2/3)

Status note Phase 2/3 pivotal confirmatory trial in Stargardt disease; company's second late-stage program. Delivers human RORA gene to retinal tissue.

Per-asset detail extracted from the 10-Q filed 2026-08-06. Fields the filing does not state are marked "not disclosed" rather than filled from other sources.

Pipeline

Lead drug	OCU410ST
Lead indication	Stargardt Disease
Lead phase	Phase 3
Active trials	6

Active clinical trials

Trial	Phase	Status	Role	Sponsor	BP	Condition(s)	Mgmt guide
NCT06388200	Phase 3	Active, not recruiting	Sponsor	Ocugen	—	Retinitis Pigmentosa	Q1 2027 Est. Mar 26, 2027 · PCD + 6 wks (Mar 12-Mar 31)
NCT07770828	Phase 3	Recruiting	Sponsor	Ocugen	—	Dry Age-related Macular Degeneration	—
NCT05956626	Phase 2/3	Active, not recruiting	Sponsor	Ocugen	—	Stargardt Disease	Q2 2027 Est. Apr 1, 2027 · PCD + 6 wks (Apr 1-Apr 1)
NCT05203939	Phase 1/2	Active, not recruiting	Sponsor	Ocugen	—	Retinitis Pigmentosa; Leber Congenital Amaurosis	—
NCT06018558	Phase 1/2	Active, not recruiting	Sponsor	Ocugen	—	Geographic Atrophy	—
NCT05802329	Phase 1	Recruiting	Sponsor	Ocugen	—	Center Involved Diabetic Macular Edema; Diabetic Macular Edema	—

Sponsor-matched active trials from ClinicalTrials.gov (6 as sponsor, 0 as collaborator); "Sponsor" = company is the lead sponsor, "Collaborator" = company is a collaborator. The BP column flags big-pharma involvement as lead sponsor or collaborator (excluding the company itself). The Mgmt guide column shows what management guided for readout timing when a guided program matches the trial (hover for the quote, click for the source). Trial listings are not a company pipeline slide.

View all 6 active trials for Ocugen on ClinicalTrials.gov

Specialist fund holders

Tracked specialist funds: ADAR1 Capital Management, Aisling Capital, Ally Bridge Group, Avoro Capital Advisors, BVF Partners, Baker Bros. Advisors, Boxer Capital, Braidwell LP, Casdin Capital, Cormorant Asset Management, DAFNA Capital, Deerfield Management, EcoR1 Capital, Frazier Life Sciences, Great Point Partners, Ikarian Capital, Logos Global Management, OrbiMed Advisors, Perceptive Advisors, RA Capital Management, RTW Investments, Sphera Biotech, Stonepine Capital, Tang Capital Partners, Vivo Capital.

Fund	Shares	Q/Q change	% of portfolio	Filing
RTW Investments	6,666,666	no change	0.09%	2026-08-14
Ikarian Capital	3,962,972	no change	0.99%	2026-08-14

Specialist-fund positions from 13F filings. Q/Q change is vs the prior quarter's filing; % of portfolio is the fund's own reported portfolio weight.

Latest news

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OCGN — Ocugen Inc. ☆

What they do

Balance sheet

Share structure

Price history

Next catalyst

Recently reported

Upcoming catalysts

Pipeline assets

Pipeline

Active clinical trials

Specialist fund holders

Latest news

OCGN — Ocugen Inc.