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Excerpts from Preliminary Offering Memorandum Overview We are a biotechnology company focused on discovering, developing, and commercializing novel gene therapies that improve health and offer hope for patients across th

Key Takeaway: Ocugen, Inc. (OCGN) has published an overview of its biotechnology offerings, particularly focusing on its gene therapy pipelines. The company is making strides with OCU400, which has received favorable opinions from the EMA and is currently enrolled in Phase 3 trials. They anticipate a rolling Biologics License Application (BLA) submission for OCU400 in Q3 2026, with Phase 3 data expected in Q1 2027. Additionally, they are advancing OCU410ST into pivotal trials and aim to submit several BLAs by 2028.
Price reaction · baseline $1.8 (2026-05-01 close) · 2 other OCGN headline(s) in the window, move may be shared
day 0 close · peak
+2.8%

Market Sentiment Analysis

POSITIVE FACTORS

  • Positive opinion from EMA for OCU400's ATMP classification.
  • Promising safety and efficacy data from OCU400's clinical trials.
  • Plans to file multiple BLAs by 2028, indicating a robust pipeline.

BiopharmaWatch Analysis

From our catalyst data and publicly available data · not financial advice
Best trade, last catalyst
+79%
120-day peak, hindsight
Typical move
3.6%
average across 4 past catalysts
Cash runway
~24 mo
Low dilution risk
Lead asset
OCU200
Phase 1 · Center Involved Diabetic Macular Edema

Full Press Release Details

Excerpts from Preliminary Offering Memorandum
We are a biotechnology company focused on discovering,
developing, and commercializing novel gene therapies that improve health and offer hope for patients across the globe.
Our technology pipeline includes:
OCU400 - Based on the use of
nuclear hormone receptors ("NHRs"), we believe our novel modifier gene therapy platform has the potential to address major blindness
diseases, including rare genetic diseases such as Retinitis Pigmentosa ("RP") (OCU400), with a gene-agnostic approach. OCU400
is intended for early to advanced cases of RP including clinical and/or genetic diagnosis with both syndromic and non-syndromic forms
of the disease. In February 2025, we announced that the European Commission has provided a positive opinion from the European Medicines
Agency's ("EMA") Committee for Advanced Therapies for OCU400 Advanced Therapy Medicinal Product ("ATMP") classification.
We have completed enrollment in the Phase 3 liMeliGhT clinical trial for OCU400. Positive long-term, 3-year Phase 1/2 data for OCU400
were recently assessed in evaluable subjects and builds on prior 2-year results showing consistent clinically meaningful, approximately
2-line LLVA gain across mutations. OCU400 maintained a favorable durability, safety and tolerability profile with no new treatment-related
serious adverse events or adverse events of interest emerged. We expect to begin a rolling BLA submission in the third quarter of 2026.
Topline Phase 3 data expected in the first quarter of 2027, advancing OCU400 towards potential approval in 2027 as a treatment option
for early- to late-stage RP.
OCU410ST - We initiated dosing in
GARDian3 pivotal confirmatory trial for OCU410ST in July 2025. The OCU410ST Phase 2/3 pivotal confirmatory trial represents our second
late-stage clinical program. We plan to submit a BLA for OCU410ST by mid-2027 in alignment with our strategic goal of filing three BLAs
by 2028. In May 2025, we announced that the U.S. Food and Drug Administration ("FDA") has granted Rare Pediatric Disease
Designation for OCU410ST for the treatment of ABCA4-associated retinopathies including Stargardt disease, retinitis pigmentosa
19, and cone-rod dystrophy 3 ("CORD3"). In November 2024, the EMA granted orphan medicinal product designation for OCU410ST
for the treatment of ABCA4-associated retinopathies (>1200 mutations) including Stargardt disease, RP 19, and CORD3. In June 2025,
we announced that the FDA has cleared the Investigational New Drug ("IND") amendment to initiate a Phase 2/3 pivotal confirmatory
trial of OCU410ST, a modifier gene therapy candidate being developed for all Stargardt disease (ABCA4-associated retinopathies).
In August, 2025, we announced that the Committee for Medicinal Products for Human Use of the EMA reviewed the study design, endpoints
and planned statistical analysis of the ongoing pivotal confirmatory OCU410ST Phase 2/3 GARDian3 clinical trial for Stargardt disease
and provided acceptability of a single U.S.-based trial for submission of a MAA. In April 2026, we announced early completion
of dosing in the Phase 2/3 pivotal confirmatory trial.
OCU410 - We completed dosing in Phase
2 of the Phase 1/2 ArMaDa clinical trial for OCU410 for the treatment of geographic atrophy ("GA"), an advanced form of dAMD.
In March 2025, OCU410 and OCU410ST received ATMP classification from the EMA. In March 2026, we announced positive 12-month
topline data from the Phase 2 ArMaDa clinical trial. We expect to meet with FDA/EMA to align on the Phase 3 study design and reach agreement
by the third quarter of 2026.
We estimate that our cash, cash equivalents, and
restricted cash were approximately $32.2 million as of March 31, 2026. This amount is unaudited and preliminary and is subject to
completion of financial closing procedures, including the completion of management's reviews. As a result, this amount reflects
our preliminary estimate with respect to such information, based on information currently available to management, and may vary
from our actual financial position as of March 31, 2026. Further, this preliminary estimate is not a comprehensive statement or estimate
of our financial data or financial condition as of March 31, 2026. The preliminary financial data included in this offering memorandum
have been prepared by, and are the responsibility of, our management team. PricewaterhouseCoopers LLP has not audited, reviewed, examined,
compiled, nor applied agreed-upon procedures with respect to the preliminary financial data. Accordingly, PricewaterhouseCoopers LLP does
not express an opinion or any other form of assurance with respect thereto. It is possible that we may identify items that require us
to make adjustments to the financial information set forth above. This preliminary estimate should not be viewed as a substitute for financial
statements prepared in accordance with generally accepted accounting principles in the United States and it is not necessarily indicative
of the balance to be achieved in any future period. Additional information and disclosure would be required for a more complete understanding
of our financial position and results of operations as of March 31, 2026. Accordingly, you should not place undue reliance on this
preliminary estimate. This preliminary estimate should be read together with the sections titled "Risk Factors" and "Cautionary
Note Regarding Forward-looking Statements," and under similar headings included in this offering memorandum, and in the documents
incorporated by reference into this offering memorandum as well as our financial statements, related notes and other financial information
incorporated by reference in this offering memorandum. We expect to complete our financial statements for the quarter ended March 31,
2026 subsequent to the completion of this offering, and consequently such financial statements will not be available to you prior to investing
Description of Capital Stock
As of March 31, 2026, there were 338,318,899 shares of common
stock outstanding, excluding treasury shares, and no shares of preferred stock outstanding.

Frequently Asked Questions

What is OCU400 aimed at treating?

OCU400 targets major blindness diseases, particularly Retinitis Pigmentosa.

What progress has been made with OCU410ST?

OCU410ST is in a pivotal Phase 2/3 trial and FDA has granted Rare Pediatric Disease Designation.

When is OCU400 expected to file for approval?

OCU400 aims to begin rolling BLA submission in Q3 2026, targeting potential approval in 2027.

What financial status was reported as of March 2026?

As of March 31, 2026, cash and equivalents were estimated at approximately $32.2 million.

How many shares of common stock were outstanding?

There were 338,318,899 shares of common stock outstanding as of March 31, 2026.

Last updated: May 4, 2026