Friday, August 07, 2026
Robert LeBoyer, Senior Vice President, Equity Research Analyst, Biotechnology, Noble Capital Markets, Inc.
Refer to the full report for the price target, fundamental analysis, and rating.
Ocugen Raised Cash and Prepared To Begin Phase 3. Ocugen reported a 2Q26 loss of $24.9 million, or $(0.07) per share. The Operating Loss of $16.4 million was in line with our estimate, while a Loss on Extinguishment of Debt contributed $2.4 million to the Net Loss. Importantly, the company is planning to start the Phase 3 trial for OCU410 in GA-dAMD during 3Q, consistent with our expectations. In May 2026, the company issued Convertible Notes that raised approximately $112.5 million, ending the quarter with $100.4 million in cash.
Convertible Notes Balance Cash Needs With Dilution. In May 2026, the company issued $130.0 million in 6.75% Convertible Notes, adding net cash of approximately $112.5 million. About $32.7 million of the proceeds were used to repay a 12.25% interest loan. The remaining proceeds brought cash on hand to $100.4 million. This should provide sufficient cash to fund its three products through clinical trials, regulatory approval, and product launches through FY2028.
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