Categories Earnings, Health Care

Ocugen (OCGN) posts narrower-than-expected loss in FY19

Ocugen is assessing the potential impact of ongoing Covid-19 pandemic-related events on its programs and plans

Ocugen, Inc. (NASDAQ: OCGN) reported a wider loss in fiscal 2019 due to expenses related to the change in fair value of derivative liabilities, amidst the Covid-19 crisis. The bottom line was narrower than the analysts’ expectations. The company has been focusing on the innovative therapies pipeline that addresses rare and underserved eye diseases.

Net loss was $20.2 million or $1.46 per share compared to a loss of $18.2 million or $3.67 per share in the previous year. Analysts had expected a loss of $3.67 per share for the full year.

Image for representation. Courtesy: PublicDomainPictures from Pixabay

Research and development expenses fell by 21% to $8.1 million while general and administrative expenses increased by 5% to $6.1 million. The decline in research and development expenses represents the company’s continued focus on existing clinical and preclinical programs amidst the Covid-19 crisis.

Ocugen ended the year on December 31, 2019, with cash, cash equivalents and restricted cash totaling $7.6 million compared to $1.8 million at December 31, 2018.

In December 2019, the company announced a 50% enrollment in its phase 3 trial for OCU300, an orphan drug candidate for ocular graft versus host disease. As of March 20, 2020, Ocugen has completed over 95% of the planned enrollment. Based on current enrollment, the company anticipates topline results by the end of the year.

The company continues to advance IND-enabling studies toward bringing this potential breakthrough modifier gene therapy platform to patients in a phase 1/2a clinical trial for OCU400 in 2021. This will treat multiple retinal degenerative diseases and potentially serve as a broad-spectrum therapy for retinitis pigmentosa.

Also Read:  Biogen (BIIB) might need to revisit pipeline after Alzheimer's drug setback

Similar to the situation with virtually all other biopharmaceutical companies, Ocugen is also assessing the potential impact of ongoing Covid-19 pandemic-related events on its programs and plans.

The shares ended Thursday’s regular session up 15.32% at $0.35. The stock is down over 3% in the pre-market session. The shares remained overvalued at the current levels with a bullish pattern trend. The performance outlook is positive in the near-term and neutral in the long-term.

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