Ocugen, Inc. (OCGN): Business Model Canvas [Dec-2025 Updated]

You're looking at the blueprint for a high-stakes race: the Business Model Canvas for Ocugen, Inc. As a seasoned analyst, I can tell you this isn't about product sales yet; it's a classic clinical-stage biotech model where every move hinges on pipeline milestones and managing the cash runway. We need to see how they are funding the critical Phase 3 liMeliGhT trial while burning through cash-Q3 2025 R&D hit $11.2 million against a September 30, 2025 cash balance of $32.9 million. Below, we break down the key partnerships, the value proposition of their one-time, gene-agnostic therapy approach, and exactly where the costs are landing, so you can map the near-term risks to their path toward potential 2026/2027 regulatory filings.

Ocugen, Inc. (OCGN) - Canvas Business Model: Key Partnerships

You're mapping out Ocugen, Inc.'s strategic alliances, which are critical for advancing their pipeline and getting therapies to market. Honestly, these partnerships are where a lot of the near-term value realization hinges, especially for their gene therapies.

Regional Commercialization and Manufacturing Alliances

The deal with Kwangdong Pharmaceutical Co., Ltd. for the exclusive Korean rights to OCU400, the modifier gene therapy for Retinitis Pigmentosa (RP), is a prime example of their regional strategy. This agreement, finalized in September 2025, sets up a clear financial structure for Ocugen, Inc. while leveraging Kwangdong's local market strength. Kwangdong is one of Korea's top five pharmaceutical companies, so this is a solid anchor for globalizing the platform.

Here's the quick math on the OCU400 Korean deal:

This structure means Ocugen, Inc. gets immediate, non-dilutive funding and retains manufacturing revenue, which is a good position to be in. Still, the bulk of the financial upside is tied to Kwangdong's commercial success in treating the estimated 7,000 RP individuals in South Korea. Ocugen, Inc. is targeting a Biologics License Application (BLA) rolling submission in the first half of 2026, which Kwangdong will use for their local regulatory filing.

Ocugen, Inc. explicitly stated they will continue to pursue financing opportunities along with strategic business development to fund the Company into commercialization, suggesting more regional partnerships are definitely on the horizon for OCU400 and OCU410ST.

Government and Academic Research Collaborations

For OCU500, the inhaled vaccine candidate for COVID-19, the partnership with the National Institute of Allergy and Infectious Diseases (NIAID) is a major de-risking factor. NIAID, part of the National Institutes of Health, is sponsoring and conducting the entire Phase 1 trial, covering the full cost, including operations and analysis. This collaboration is part of the $5 billion multi-government agency initiative called Project NextGen.

The Phase 1 trial for OCU500, which uses technology licensed from Washington University in St. Louis, is structured to evaluate safety, tolerability, and immunogenicity across different delivery routes. The trial was anticipated to start in the second quarter of 2025 and will enroll 80 adult participants between the ages of 18 and 64 years.

Key aspects of the OCU500/NIAID relationship include:

• - NIAID sponsors and conducts the Phase 1 trial.
• - NIAID covers the full cost of the Phase 1 trial.
• - Ocugen, Inc. provides clinical trial materials.
• - Ocugen, Inc. retains full right of reference to the findings.
• - OCU500 technology was licensed from Washington University in St. Louis.

Clinical Trial Management and Site Networks

Managing late-stage trials like the Phase 3 liMeliGhT trial for OCU400 requires robust external support, typically through Clinical Research Organizations (CROs). While specific CRO names aren't always public, the scale of the trial dictates this partnership. The liMeliGhT trial for OCU400 is designed to enroll approximately 150 participants across 15 sites in the US, with enrollment reported as nearing completion as of the third quarter of 2025. This operational scale necessitates established CRO relationships for site management, monitoring, and data collection.

Similarly, the OCU410ST pivotal confirmatory Phase 2/3 GARDian3 trial is progressing, with 50% enrollment completed to date, aiming for completion in the first quarter of 2026. These large, multi-site studies are fundamentally dependent on external clinical operations expertise.

The academic and clinical centers form the backbone of the trial execution, providing the patient access and specialized care required for these gene therapies. For OCU400, the trial is gene-agnostic, open to patients with mutations in the RHO gene (75 participants planned) and other genes (another 75 participants planned), requiring broad clinical site participation.

Finance: draft 13-week cash view by Friday.

Ocugen, Inc. (OCGN) - Canvas Business Model: Key Activities

You're looking at the core engine of Ocugen, Inc. (OCGN) right now-the activities that consume capital but are designed to deliver multi-billion dollar assets. For a clinical-stage biotech, Key Activities are almost entirely focused on R&D execution and strategic financing to keep the lights on until commercialization. Honestly, the late 2025 picture is defined by pushing two lead candidates across the finish line while managing a tight cash runway.

The main operational focus is on advancing the modifier gene therapy platform, which is capital-intensive, as reflected in the latest financials. For the three months ended September 30, 2025, Research and Development expenses hit $11.2 million, a notable jump from $8.1 million in the same period last year. This burn is the cost of running these late-stage trials. Total operating expenses for that quarter were $19.4 million.

Clinical Trial Execution and Advancement

The company's primary activities revolve around the two late-stage assets, OCU400 and OCU410ST. Success here directly dictates future revenue potential.

• - Executing the Phase 3 liMeliGhT trial for OCU400 (Retinitis Pigmentosa).
• - Advancing the Phase 2/3 GARDian3 trial for OCU410ST (Stargardt disease).

For OCU400, the Phase 3 liMeliGhT trial, which is the only known broad, gene-agnostic trial for RP, is nearing completion for enrollment. The goal is to support Biologics License Application (BLA) and Marketing Authorization Application (MAA) submissions in 2026. This trial is designed to potentially treat the approximately 300,000 people living with RP in the U.S. and EU combined.

OCU410ST is also moving fast, with the Phase 2/3 GARDian3 pivotal confirmatory trial reportedly 50% enrolled as of the third quarter of 2025. Management believes recruitment will wrap up in the first quarter of 2026, setting up a planned BLA filing in the first half of 2027. The Phase 1 data supporting this showed a 48.2% reduction in lesion growth at 12 months.

Research, Development, and Regulatory Strategy

The R&D activity is the lifeblood, but the regulatory path is what translates science into potential revenue. Securing regulatory milestones is a critical, non-negotiable activity.

• - Research and Development (R&D) of the modifier gene therapy platform.
• - Securing regulatory approvals (BLA/MAA filings targeted for 2026/2027).

The R&D spend is clearly accelerating to support these late-stage efforts. The company is committed to filing three BLAs in the next three years, which is an aggressive goal for a company of this size. For OCU410ST, the European Medicines Agency (EMA) has confirmed the acceptability of using a single U.S.-based trial to support the MAA, which helps maintain timeline and budget efficiencies in Europe.

Business Development and Financial Sustainability

Since product sales are not yet a factor, securing non-dilutive capital and maximizing the value of existing assets through partnerships is a core, ongoing activity.

• - Negotiating and closing regional licensing and collaboration deals.

Ocugen, Inc. recently closed a key deal activity: the exclusive licensing agreement with Kwangdong Pharmaceutical for OCU400 in South Korea. This deal structure is designed to bring in immediate, non-dilutive cash while setting up long-term upside. Here are the specifics of that licensing activity:

To bridge the gap until potential 2026/2027 revenue, the company executed a financing activity, closing a $20 million registered direct offering in the third quarter of 2025. As of September 30, 2025, the cash, cash equivalents, and restricted cash stood at $32.9 million. What this estimate hides is that this cash position only provides an operational runway into the second quarter of 2026, meaning another capital-raising activity will be necessary before then, likely contingent on positive OCU400 data readouts.

Ocugen, Inc. (OCGN) - Canvas Business Model: Key Resources

You're looking at the core assets Ocugen, Inc. is counting on to drive value, especially as they push two late-stage gene therapy programs toward potential approvals. Honestly, for a company at this stage, the intellectual property and the cash on hand are the two things that keep the lights on and the science moving.

The most significant resource is definitely the Modifier Gene Therapy Platform. This isn't just one drug; it's a platform technology based on the nuclear receptor gene approach, which is key because it's gene-agnostic, meaning it can potentially treat different forms of inherited retinal diseases (IRDs) by targeting underlying pathways rather than specific mutations. This platform underpins their three lead candidates:

• - OCU400 for retinitis pigmentosa (RP).
• - OCU410ST for Stargardt disease.
• - OCU410 for geographic atrophy (GA).

Financially, you need to know where the capital stands. As of September 30, 2025, Ocugen, Inc. reported cash and restricted cash of $32.9 million. That's down from $58.8 million at the end of 2024, which shows the burn rate from ongoing R&D, but a recent financing was intended to extend that runway. Here's a quick look at the cash position change:

The regulatory status of these assets is a critical resource, as designations can accelerate review or offer market exclusivity. The lead candidates have secured important stamps of approval:

• - Regulatory designations include RMAT (Regenerative Medicine Advanced Therapy) from the FDA for at least one candidate, and ATMP (Advanced Therapy Medicinal Product) classification from the EMA for all three modifier gene therapies.
• - OCU410ST also received Rare Pediatric Disease Designation (RPDD) and Orphan Drug Designation (ODD) from the FDA for ABCA4-associated retinopathies.

Next up is the manufacturing capability. For a gene therapy company, owning the process is huge. Ocugen, Inc. retains global manufacturing rights for OCU400, which is a significant asset as they plan for commercialization. They are also actively pursuing additional regional partnerships to support this global supply chain for their AAV-based gene therapies.

Finally, the Intellectual property portfolio is anchored by the underlying science. Specifically, the OCU410ST program is based on the Nuclear Hormone Receptor (NHR) RORA, which regulates pathways linked to Stargardt disease. This proprietary approach is what differentiates the platform.

To give you a clearer picture of the pipeline assets and their associated timelines, which are tied directly to these key resources, look at this summary:

The company is actively working to secure its runway; the recent $20 million financing in Q3 2025 was aimed at funding operations through the second quarter of 2026, so managing that cash balance against R&D spend is paramount. Finance: draft 13-week cash view by Friday.

Ocugen, Inc. (OCGN) - Canvas Business Model: Value Propositions

You're looking at the core value Ocugen, Inc. (OCGN) offers to patients and the market, which centers on its modifier gene therapy platform. This platform is designed to deliver a one-time, gene-agnostic therapy for inherited retinal diseases. That gene-agnostic aspect is key; it means the therapy aims to treat the underlying disease mechanism rather than being limited to a single faulty gene. This approach is reinforced by positive Phase 1/2 long-term data for OCU400, showing consistent safety and significant improvements in visual function for Retinitis Pigmentosa (RP) patients across various genetic mutations.

The sheer scale of the potential patient base is a major value driver. For RP, there are approximately 300,000 people in the US and Europe combined living with the condition, which is caused by greater than 100 genes. Ocugen, Inc. emphasizes that OCU400 has the potential to address the ~98-99% of RP patients not covered by single-gene therapies. This broad applicability is a significant differentiator in a space often focused on rare, single-mutation diseases.

Beyond RP, Ocugen, Inc. is addressing other significant unmet needs in ocular diseases. Stargardt disease, which affects approximately 100,000 people in the U.S. and Europe combined, currently has no FDA-approved treatment available. Similarly, Geographic Atrophy (GA), the late-stage dry age-related macular degeneration, impacts an estimated 2-3 million people in the U.S. & EU combined. The company's modifier gene therapy platform is positioned to offer a potential one-time treatment for life for these patient groups.

The value proposition is further solidified by regulatory recognition and pipeline momentum, which suggests a clear path to market. The European Medicines Agency (EMA) granted Advanced Therapy Medicinal Product (ATMP) classification for OCU400, OCU410ST, and OCU410, which helps expedite regulatory review timelines in Europe. The company is targeting BLA and MAA submissions for OCU400 in 2026. It's a defintely ambitious schedule, but the clinical progress supports it.

Here's a quick look at the patient populations and where the key programs stand as of late 2025:

The core offering is a single therapeutic approach for multiple genetic mutations, which is the essence of the gene-agnostic platform. This is what allows OCU400 to target the entire disease spectrum in RP, rather than being restricted to a single gene defect. The company's cash position as of September 30, 2025, stood at $32.9 million, with an expected operational runway into the second quarter of 2026, which must support these late-stage clinical activities. Total operating expenses for Q3 2025 were $19.4 million, with Research and Development expenses accounting for $11.2 million of that.

The value propositions can be summarized by the potential impact on patient numbers and the unique treatment modality:

• - One-time, gene-agnostic therapy for inherited retinal diseases.
• - Potential to treat over 300,000 RP patients in the US and Europe.
• - Addressing significant unmet needs in Stargardt disease and Geographic Atrophy.
• - A single therapeutic approach for multiple genetic mutations.

Ocugen, Inc. (OCGN) - Canvas Business Model: Customer Relationships

You're hiring before product-market fit, which means your relationships with key stakeholders-patients, specialists, and the capital markets-are everything right now. For Ocugen, Inc., customer relationships are less about mass marketing and more about deep, targeted engagement to de-risk the pipeline and secure the next tranche of funding.

Direct engagement with patient advocacy groups for rare diseases

Ocugen, Inc. focuses its direct engagement on the communities affected by the rare inherited retinal diseases its pipeline targets. This is crucial for trial recruitment and demonstrating patient urgency to regulators. The company is advancing modifier gene therapies for conditions like Retinitis Pigmentosa (RP), Geographic Atrophy (GA), and Stargardt disease, all of which have dedicated patient bases.

• The OCU400 Phase 3 liMeliGhT trial for RP is nearing completion of enrollment, a direct result of engaging with the RP community.
• OCU410ST for Stargardt disease has received Rare Pediatric Disease Designation and Orphan Drug Designation, signaling a focus on patient populations with high unmet need.
• The Phase 2/3 GARDian3 pivotal confirmatory trial for OCU410ST is designed with a patient-centered focus to evaluate both structural and functional outcomes.
• Management notes a real sense of urgency from the FDA in providing treatment options for patients with Stargardt disease, which is a direct reflection of advocacy efforts.

High-touch relationships with key opinion leaders and retinal specialists

Adoption of a novel modifier gene therapy platform requires strong endorsements from the specialists who will ultimately administer the one-time treatments. This relationship management is about education and building confidence in the science.

• Leadership conducts one-on-one meetings at industry events, like the October 2025 Maxim Growth Summit Ophthalmology Panel, to showcase the clinical development strategy.
• The company is advancing three gene therapies: OCU400 (RP), OCU410ST (Stargardt), and OCU410 (GA), each requiring specialized retinal specialist buy-in.
• All three modifier gene therapies have received Advanced Therapy Medicinal Product (ATMP) classification from the European Medicines Agency's Committee for Advanced Therapies, which is a key data point for KOLs.

Investor relations focused on clinical milestones and cash runway

For a clinical-stage biotech, investor relations is a constant balancing act between celebrating scientific progress and transparently managing financial needs. You need to show them the finish line is closer while demonstrating you have enough fuel to get there. Honestly, the numbers tell a clear story of capital deployment against deadlines.

Here's the quick math on the recent financial positioning as of late 2025:

The focus is clearly on hitting the BLA submission targets, with OCU400 targeted for 2026 and OCU410ST for 2027, supporting the overall goal of three BLAs in the next three years. If associated warrants are fully exercised, the runway could extend into 2027, potentially adding $30 million.

Business development outreach for non-dilutive financing and partnerships

To manage the cash burn-which was $19.4 million in Q3 2025-Ocugen, Inc. actively pursues deals that bring in non-dilutive capital and validate the platform globally. This outreach is critical to bridge the gap between current cash levels and expected BLA filings.

• Executed an exclusive licensing agreement with Kwangdong Pharmaceutical for OCU400 rights in South Korea.
• This Korean deal includes potential development and sales milestones projected to reach $180 million or more in the first decade, plus a 25% royalty on net sales.
• The company closed a $20 million registered direct offering in Q3 2025, which included warrants to purchase up to 20 million shares at a $1.50 exercise price.
• The immediate impact of the Q3 financing was significant dilution, pushing total equity to over 330 million shares from 292 million shares outstanding as of June 30, 2025.
• The debt-to-equity ratio spiked to 10.76, up from 1.10 in 2024, underscoring the reliance on capital raises to fund R&D expenses, which hit $11.2 million in Q3 2025.

Finance: draft 13-week cash view by Friday.

Ocugen, Inc. (OCGN) - Canvas Business Model: Channels

You're looking at how Ocugen, Inc. gets its value proposition-gene therapies for blindness-to the patients and the market. As a clinical-stage biotech, the channels are heavily weighted toward clinical execution and strategic partnerships right now, with commercial build-out on the near horizon.

The primary channels for drug development are the specialized clinical trial sites and research hospitals running their ongoing studies. These sites are the gatekeepers to generating the data needed for market authorization.

• - OCU400 Phase 3 liMeliGhT trial enrollment is nearing completion as of late 2025, with completion targeted for the first quarter of 2026.
• - The OCU410ST Phase 2/3 GARDian3 pivotal confirmatory trial has reached 50% enrollment as of the third quarter of 2025, with recruitment completion expected in the first quarter of 2026.
• - The OCU410ST trial is designed to enroll 51 participants total (34 receiving treatment and 17 controls).
• - Dosing for the OCU200 Phase 1 trial initiated in the first quarter of 2025, with completion planned for the second half of 2025.
• - The OCU500 Phase 1 trial was planned to initiate mid-year 2025.

For commercial distribution, Ocugen, Inc. is clearly leaning into a regional partnership model to access specific markets, which is a smart way to manage capital burn before full commercial launch. The South Korea deal serves as the template for this channel strategy.

Regarding a future direct sales force targeting retinal specialists and surgical centers, the data shows the company is focused on manufacturing readiness and regulatory filings first. The commercial build-out is tied directly to these milestones. The Malvern facility is targeted to supply the U.S. post-approval, with OCU400 manufacturing process validation runs on target.

The regulatory pathways define the ultimate channel to market authorization, and Ocugen, Inc. has secured key endorsements that streamline this process, which is critical for a company with cash runway extending only through the second quarter of 2026.

• - OCU400 BLA/MAA filings are targeted for 2026, with a rolling BLA submission planned for the first half of 2026.
• - OCU410ST BLA filing is targeted for the first half of 2027.
• - The EMA's CHMP confirmed acceptability of a single U.S.-based trial for the OCU410ST Marketing Authorization Application (MAA), simplifying the EU pathway.
• - OCU410ST received Rare Pediatric Disease Designation (RPDD) from the U.S. FDA in May 2025.
• - The addressable patient population for Stargardt disease (OCU410ST) is approximately 100,000 in the U.S. and Europe combined.

Ocugen, Inc. (OCGN) - Canvas Business Model: Customer Segments

You're mapping out the core groups Ocugen, Inc. needs to serve to make its gene therapy platform work. For a clinical-stage biotech focused on rare diseases, these segments are highly specialized, spanning from the patients themselves to the capital markets funding the trials.

Patients with inherited retinal diseases (Retinitis Pigmentosa, Stargardt).

This is the ultimate end-user group, and Ocugen, Inc. is targeting specific, high-unmet-need populations with its modifier gene therapies. For OCU400, targeting Retinitis Pigmentosa (RP), the addressable population in the U.S. and Europe combined is stated as approximately 300,000 people, a disease characterized by the loss of rod photoreceptors. RP itself has a variable prevalence ranging from 1 in 750-9000 individuals, depending on the study location. For OCU410ST, targeting Stargardt disease (STGD), the target population in the U.S. and Europe combined is approximately 100,000 people. To be fair, STGD incidence is generally cited around one in every 8,000-10,000 persons, with about 30,000 persons in the United States alone. Furthermore, the OCU410 program for Geographic Atrophy (GA) is aimed at a broader group, potentially covering two to three million atrophy patients across the US and Europe.

Here's a quick look at the patient populations tied to the late-2025 pipeline focus:

Ophthalmologists and retinal surgeons who administer the subretinal injection.

These medical professionals are the gatekeepers and the delivery mechanism for the therapy. Since Ocugen, Inc.'s gene therapies, like OCU400, are administered via a subretinal injection, the customer segment includes specialists trained and equipped to perform this delicate procedure. While the exact number of qualified retinal surgeons in the target markets isn't explicitly stated in the latest filings, their segment is defined by their procedural capability. The success of OCU400 hinges on adoption by these specialists, especially given the gene-agnostic approach which aims to treat multiple genetic mutations with a single approach.

Global pharmaceutical companies seeking late-stage gene therapy assets.

This segment represents potential partners for commercialization or geographic expansion, offering non-dilutive capital and market access. Ocugen, Inc. has already engaged this segment. For example, an exclusive licensing agreement was signed with Kwangdong Pharmaceutical for OCU400 in South Korea. This deal included potential development and sales milestones projected to reach $180 million or more in the first decade, plus a 25% royalty on net sales. The binding term sheet for this deal included upfront fees and near-term development milestone payments totaling up to $11 million. The company's Q3 2025 revenue of $1.75 million was substantially driven by this type of collaborative arrangement revenue.

Institutional and retail investors focused on clinical-stage biotech.

This segment provides the necessary working capital to fund the expensive, late-stage clinical trials. You see their direct involvement in the company's financial structure. As of September 30, 2025, Ocugen, Inc.'s cash, cash equivalents, and restricted cash stood at $32.9 million, down from $58.8 million at the end of 2024. This cash position was bolstered by a $20 million registered direct offering closed in the third quarter of 2025, which management stated provides runway through 2026. The company's total operating expenses for Q3 2025 were $19.4 million, with Research and Development expenses accounting for $11.2 million of that spend. The market's focus on these clinical catalysts-like the expected BLA/MAA submissions for OCU400 in 2026-is what attracts this capital.

The investors are definitely watching the burn rate against the runway. Finance: draft 13-week cash view by Friday.

Ocugen, Inc. (OCGN) - Canvas Business Model: Cost Structure

You're looking at the core expenses driving Ocugen, Inc.'s operations as of late 2025, which is typical for a late-stage clinical biotech company. The costs are heavily weighted toward advancing the late-stage pipeline, which is where the capital is going right now.

The third quarter of 2025 saw total operating expenses hit $19.4 million. This burn rate is what you need to watch closely against the balance sheet.

Here's a breakdown of the major cost drivers:

• - High Research & Development expenses (Q3 2025: $11.2 million).
• - Significant General & Administrative costs (Q3 2025: $8.2 million).
• - Costs associated with running global Phase 3 clinical trials (liMeliGhT).
• - Manufacturing and supply chain costs for AAV vector production.
• - Regulatory filing and compliance expenses (BLA/MAA preparation).

The R&D spend of $11.2 million for the third quarter of 2025 reflects the intensity of running two major programs simultaneously. Honestly, this is the price of progress in gene therapy.

The General & Administrative (G&A) costs were $8.2 million for the same period. This increase from prior years reflects the necessary build-out of pre-commercial functions as Ocugen nears potential regulatory submissions.

Here's a quick look at how the Q3 2025 operating expenses compare to the previous year's third quarter:

The clinical trial expenses are substantial, especially for the two late-stage assets. You're funding the execution of these complex studies, which directly impacts the cash runway. As of September 30, 2025, the cash position was $32.9 million, which management projected extends runway only into the second quarter of 2026.

The costs tied to the clinical programs are detailed below:

• OCU400 Phase 3 liMeliGhT trial: Enrollment is nearing completion, targeting BLA/MAA submissions in 2026. This randomized study is designed to enroll 150 subjects.
• OCU410ST Phase 2/3 GARDian3 trial: Reached approximately 50% enrollment, aiming for a 1H 2027 BLA filing.

Manufacturing and supply chain costs are an emerging, critical component. For the South Korea licensing deal on OCU400, Ocugen is explicitly responsible for manufacturing and supplying OCU400. This means internal costs for AAV vector production, quality control, and process validation runs are baked into the operating expenses and future COGS planning.

Regulatory filing and compliance expenses are front-loaded as the company prepares for submissions. The plan involves a rolling BLA submission for OCU400 targeted for the first half of 2026, and the OCU410ST program has secured European Medicines Agency acceptance for a single U.S.-based trial for its Marketing Authorization Application (MAA) submission. These activities require significant internal and external legal and regulatory consulting fees.

Ocugen, Inc. (OCGN) - Canvas Business Model: Revenue Streams

You're looking at how Ocugen, Inc. brings in cash right now, late in 2025, as they push their gene therapies through late-stage trials. It's a mix of current partnership income and the promise of future product sales.

The most immediate revenue source is from existing deals. For the third quarter of 2025, collaboration and licensing revenue hit $1.75 million. This number beat analyst expectations, showing that these early partnerships are already contributing to the bottom line while the big products are still in development.

The key to future, larger revenue streams is tied up in those regional licensing agreements, like the one signed with Kwangdong Pharmaceutical for OCU400 in South Korea. Here's the quick math on what that deal structure looks like for Ocugen, Inc.:

That royalty rate of 25% is a significant piece of the long-term revenue puzzle, ensuring Ocugen, Inc. gets a substantial cut if OCU400 is successful in the Korean market. Plus, Ocugen, Inc. is responsible for manufacturing the commercial supply, which is another revenue component under a separate supply agreement.

To keep the clinical engine running-funding those Phase 3 trials for OCU400 and the OCU410ST Phase 2/3 trial-the company relies on capital markets. In August 2025, Ocugen, Inc. closed a registered direct offering. This provided immediate cash, and there's more on the table if certain conditions are met:

• Proceeds from the August 2025 offering: Approximately $20 million gross proceeds.
• Potential additional proceeds from warrant exercise: Up to $30 million.

Honestly, these equity proceeds are what bridge the gap between reporting small collaboration revenue now and realizing the massive potential from product royalties later. The $20 million raised was anticipated to extend the cash runway into the second quarter of 2026.

Finance: draft 13-week cash view by Friday.