Ocugen reported a net loss of $20.1 million, or $0.07 per share, for the third quarter of 2025, a wider loss than the consensus estimate of $‑0.06 per share. Revenue for the quarter was $1.75 million to $1.80 million, beating the $1.20 million consensus by roughly $0.55 million, or 46%. The company’s earnings miss was driven primarily by a jump in operating expenses to $19.4 million from $14.4 million in Q3 2024, largely reflecting increased research and development costs and clinical trial expenditures.
The revenue beat was largely a result of the company’s first regional partnership for its OCU400 therapy. On September 15, 2025, Ocugen entered a licensing agreement with Kwangdong Pharmaceutical Co., Ltd. for South Korean rights, which includes up to $7.5 million in upfront and milestone payments and a 25% royalty on net sales. The deal is expected to generate $180 million in sales over ten years, and the upfront cash inflow helped lift the quarter’s top line.
The widening net loss reflects the company’s continued investment in its modifier gene‑therapy pipeline. Operating expenses rose by $5 million year‑over‑year, driven by higher clinical trial costs for OCU400 and OCU410ST and increased R&D spend. No one‑time charges were reported, so the loss expansion is attributable to higher operating outlays rather than a single event.
Ocugen also completed a registered direct offering that raised approximately $20 million in gross proceeds. If the warrants are exercised in full, an additional $30 million could be raised, extending the company’s cash runway into the second quarter of 2026. While the financing provides a critical buffer, it also dilutes existing shareholders and underscores the company’s ongoing capital needs.
The company’s clinical pipeline continues to advance. Enrollment in the OCU400 Phase 3 liMeliGhT trial is nearing completion, the OCU410ST Phase 2/3 GARDian3 trial is 50% enrolled, and the EMA’s Committee for Medicinal Products for Human Use has accepted a single U.S.‑based trial for a marketing authorization application. These milestones bring Ocugen closer to filing Biologics License Applications in 2026 and 2027.
Management disclosed a “substantial doubt” about the company’s ability to continue as a going concern within one year, citing the need for additional funding. The combination of a revenue beat, a widening loss, and the going‑concern warning produced a mixed market reaction, with some investors focusing on the pipeline progress while others remained cautious about the company’s financial sustainability.
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