Summary by Futu AI
Ocugen reported Q2 2024 financial results with revenue increasing 135% year-over-year to $1.1 million, while net loss narrowed to $15.3 million from $23.1 million in Q2 2023. Operating expenses decreased significantly to $16.6 million from $24.0 million, driven by reduced research and development costs following COVAXIN program termination.The company made significant progress in its gene therapy pipeline, with OCU400 entering Phase 3 trials for retinitis pigmentosa and dosing its first patient in June 2024. Both OCU410 for geographic atrophy and OCU410ST for Stargardt disease advanced in Phase 1/2 trials, completing multiple dose cohorts. The EMA provided positive feedback on OCU400's Phase 3 trial design for potential MAA submission.As of June 30, 2024, Ocugen had $16.0 million in cash and cash equivalents. The company subsequently raised additional capital through a public offering of 30.4 million shares at $1.15 per share in July 2024, expecting to fund operations into Q3 2025. Management continues to explore various funding strategies to advance its pipeline development.
