$OCGN

Ocugen, Inc.

CIK:0001372299|SEC Filings

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Total revenue	$ 1,488	$ 1,373	$ 3,022	$ 2,854
Operating expenses
Research and development	10,690	8,402	21,945	17,932
General and administrative	7,242	6,766	15,359	13,218
Total operating expenses	17,932	15,168	37,304	31,150
Loss from operations	(16,444)	(13,795)	(34,282)	(28,296)
Interest income	395	227	526	571
Interest expense	(4,476)	(1,285)	(5,796)	(2,543)
Loss on extinguishment of debt	(2,383)	0	(2,383)	0
Change in fair value of derivative liability	(1,891)	0	(1,891)	0
Other (expense) income, net	(78)	114	(228)	179
Total other (expense) income	(8,433)	(944)	(9,772)	(1,793)
Net loss	(24,877)	(14,739)	(44,054)	(30,089)
Other comprehensive income (loss)
Foreign currency translation adjustment	49	(28)	152	(36)
Comprehensive loss	(24,828)	(14,767)	(43,902)	(30,125)
Net loss attributable to common shareholders — basic	(24,877)	(14,739)	(44,054)	(30,089)
Net loss attributable to common shareholders — diluted	$ (24,877)	$ (14,739)	$ (44,054)	$ (30,089)
Weighted shares used in calculating net loss per share - basic (in shares)	338,679,856	292,067,192	333,142,618	292,032,072
Weighted shares used in calculating net loss per share - diluted (in shares)	338,679,856	292,067,192	333,142,618	292,032,072
Net loss per share attributable to shareholders - basic (in USD per share)	$ (0.07)	$ (0.05)	$ (0.13)	$ (0.10)
Net loss per share attributable to shareholders - diluted (in USD per share)	$ (0.07)	$ (0.05)	$ (0.13)	$ (0.10)
Collaborative Arrangements
Total revenue	$ 1,488	$ 1,373	$ 3,022	$ 2,854
Operating expenses
Research and development	$ 400	$ 300	$ 1,300	$ 1,100

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Cash flows from operating activities
Net loss	$ (44,054)	$ (30,089)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization expense	1,176	1,836
Amortization of debt issuance cost	642	0
Amortization of note issuance costs	1,651	0
Non-cash interest expense	50	50
Non-cash lease expense	645	620
Non-cash income from collaborative arrangements, net	(1,737)	(1,766)
Stock-based compensation expense	5,231	3,730
Change in fair value of derivative liability	1,891	0
Loss on extinguishment of debt	2,383	0
Other	21	20
Changes in assets and liabilities:
Prepaid expenses and other current assets	(900)	(2,708)
Accounts payable and accrued expenses	(356)	(1,184)
Lease obligations	(635)	(596)
Net cash used in operating activities	(33,992)	(30,087)
Cash flows from investing activities
Purchases of property and equipment	(27)	(59)
Payment of security deposits	0	(131)
Net cash used in investing activities	(27)	(190)
Cash flows from financing activities
Proceeds from issuance of common stock, net	23,175	(184)
Proceeds from issuance of common stock upon exercise of warrants	15,000	0
Payment of equity issuance costs	(1,779)	0
Payment of warrant issuance costs	(825)	0
Payment of long term debt	(32,745)	(1,000)
Proceeds from issuance of convertible notes, net of discount	117,000	0
Payment of convertible note issuance costs	(4,474)	0
Net cash provided by (used in) financing activities	115,352	(1,184)
Effect of changes in exchange rate on cash and restricted cash	151	(36)
Net increase (decrease) in cash, cash equivalents and restricted cash	81,484	(31,497)
Cash, cash equivalents and restricted cash at beginning of period	18,887	58,821
Cash, cash equivalents and restricted cash at end of period	100,371	27,325
Supplemental disclosure of non-cash investing and financing transactions:
Purchases of property and equipment	0	19
Right-of-use asset related to operating leases	$ 0	$ 1,353

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Current assets
Cash and cash equivalents	$ 100,051	$ 18,571
Prepaid expenses and other current assets	6,670	5,769
Total current assets	106,721	24,340
Property and equipment, net	13,347	14,392
Restricted cash	320	316
Other assets	3,818	4,468
Total assets	124,206	43,516
Current liabilities
Accounts payable	5,140	6,202
Accrued expenses and other current liabilities	11,014	14,733
Operating lease obligations	839	858
Convertible notes	82,359	0
Derivative liability	33,708	0
Current portion of long term debt	20	1,250
Total current liabilities	133,080	23,043
Non-current liabilities
Operating lease obligations, less current portion	3,039	3,494
Long term debt, net	1,729	27,542
Other non-current liabilities	2,914	1,603
Total non-current liabilities	7,682	32,639
Total liabilities	140,762	55,682
Commitments and contingencies (Note 15)
Stockholders' equity
Preferred stock; $0.01 par value; 10,000,000 shares authorized at June 30, 2026 and December 31, 2025; zero shares issued and outstanding at June 30, 2026 and December 31, 2025, respectively	0	0
Common stock; $0.01 par value; 390,000,000 shares authorized, 339,166,393 and 312,501,472 shares issued, and 339,044,893 and 312,379,972 shares outstanding at June 30, 2026 and December 31, 2025, respectively	3,390	3,125
Treasury stock, at cost, 121,500 shares at June 30, 2026 and December 31, 2025	(48)	(48)
Additional paid-in capital	432,010	392,763
Accumulated other comprehensive income	213	61
Accumulated deficit	(452,121)	(408,067)
Total stockholders' equity	(16,556)	(12,166)
Total liabilities and stockholders' equity	$ 124,206	$ 43,516