Financial Performance
For the fourth quarter of 2025, Ocugen reported a net loss of $17.7 million, or $0.06 per share, compared to a net loss of $0.05 per share in the prior-year period. The quarter featured negative revenue of $0.19 million due to collaborative arrangement adjustments, a stark contrast to the $0.76 million generated in the fourth quarter of 2024. For the full fiscal year 2025, the company posted a net loss of $67.8 million, or $0.23 per share, deteriorating from a net loss of $54.1 million, or $0.20 per share, in the previous year. Research and development expenses for the full year climbed to $39.8 million from $32.1 million in 2024, reflecting intensified clinical trial activity. General and administrative expenses also edged higher to $27.6 million compared to $26.7 million in the prior year.
Balance Sheet and Liquidity
The company ended 2025 with diminished liquidity, reporting cash and restricted cash of $18.9 million as of December 31, down significantly from $58.8 million at the close of 2024. However, management noted that a subsequent registered direct offering completed in January 2026 yielded $22.5 million in gross proceeds. This post-quarter capital injection, alongside potential warrant exercises, is projected to extend the company’s operational cash runway into the fourth quarter of 2026, providing critical funding as multiple clinical programs advance toward late-stage milestones.
Operational Highlights
Operationally, Ocugen achieved full enrollment of 140 patients in its pivotal Phase 3 liMeliGhT clinical trial for OCU400, a modifier gene therapy targeting retinitis pigmentosa. The company remains on track to initiate a rolling Biologics License Application for the therapy in the third quarter of 2026. Additionally, the company reported positive preliminary 12-month data from the Phase 2 ArMaDa trial evaluating OCU410 for geographic atrophy, demonstrating a 46 percent reduction in lesion growth compared to the control group. Furthermore, Ocugen secured an exclusive licensing agreement with Kwangdong Pharmaceutical to develop and commercialize OCU400 in South Korea, marking its first regional partnership for the candidate.