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Ocugen, Inc. (OCGN+0.15%) has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing outlines Ocugen's financial statements and operational highlights, including a net loss of $40.2 million for the nine months ended September 30, 2024, compared to a net loss of $52.1 million for the same period in 2023.
Ocugen's cash balance as of September 30, 2024, was $38.7 million, with an accumulated deficit of $326.3 million. The company acknowledges that this amount will not be sufficient to fund operations over the next 12 months.
During the quarter, Ocugen entered into a debt financing transaction with Avenue Capital for net proceeds of $29.2 million, with a maturity date of November 1, 2028, and an interest rate of the greater of the Prime Rate plus 4.25% or 12.25%.
Research and development expenses decreased to $23.8 million for the nine months ended September 30, 2024, from $31.8 million in the previous year, attributed to the termination of the COVAXIN program.
General and administrative expenses also decreased to $20.4 million for the nine months ended September 30, 2024, from $26.8 million in the previous year, primarily due to reduced headcount and professional service fees.
Ocugen continues to focus on its modifier gene therapy platform, with OCU400 entering Phase 3 trials for retinitis pigmentosa, and OCU410 and OCU410ST advancing in clinical trials for age-related macular degeneration and Stargardt disease, respectively.
The company is also developing OCU200 for diabetic macular edema, diabetic retinopathy, and wet age-related macular degeneration, with a Phase 1 clinical trial expected to initiate in the fourth quarter of 2024.
Ocugen's inhaled mucosal vaccine platform, including OCU500 for COVID-19, is being developed with support from the National Institute of Allergy and Infectious Diseases, with plans for a Phase 1 clinical trial.
The filing notes a material weakness in the company's internal controls over financial reporting, specifically related to the accounting for collaborative arrangements, which Ocugen is working to remediate.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Ocugen, Inc. quarterly 10-Q report dated November 14, 2024. To report an error, please email earnings@qz.com.