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.
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.
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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