Ocugen reports Q2 2025 results; cash $27.3M; initiates OCU410ST Phase 2/3 trial

Ocugen, Inc.

Cash, cash equivalents and restricted cash $27.3M as of June 30, 2025, down from $58.8M at Dec 31, 2024; cash runway into Q1 2026.
Net loss $0.05 per share for Q2 2025, compared to $0.06 per share in Q2 2024; total operating expenses $15.2M.
Initiated dosing in Phase 2/3 GARDian3 trial for OCU410ST (Stargardt disease) after FDA clearance; received Rare Pediatric Disease Designation.
Signed binding term sheet for exclusive Korean rights to OCU400 with up to $11M in upfront and milestone payments.
Announced planned reverse merger of OrthoCellix with Carisma to spin off NeoCart, with OrthoCellix valued at $135M.

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