Fri, May 9, 1:44 PM (2 days ago)
### Ocugen, Inc. (OCGN) Q1 2025 Financial Summary **Financial Health and Performance:** - **Revenue:** Collaborative arrangement revenue increased by $0.5 million to $1.5 million for Q1 2025 compared to $1.0 million in Q1 2024. - **Operating Expenses:** Total operating expenses rose by $2.8 million to $16.0 million in Q1 2025, driven by increased research and development (R&D) costs, particularly for OCU410/410ST and OCU400 clinical activities. - **Net Loss:** Net loss widened to $15.4 million in Q1 2025 from $11.9 million in Q1 2024, primarily due to higher R&D expenses and increased interest expenses. - **Cash Flow:** Net cash used in operating activities increased to $19.4 million in Q1 2025 from $10.6 million in Q1 2024, reflecting higher operational costs and changes in working capital. **Profit Margins and Cash Flow:** - **Operating Margin:** The company operates at a significant loss, with operating margins deeply negative due to high R&D and general administrative expenses. - **Cash Flow:** The company experienced a substantial increase in cash used in operating activities, indicating high operational burn rates. **Earnings and Trends:** - **Earnings Changes:** The net loss per share remained stable at $0.05 for both periods, despite the increase in net loss due to a higher number of outstanding shares. - **Trends:** The company is focusing on advancing its modifier gene therapy platform, particularly OCU400, OCU410, and OCU410ST, with ongoing clinical trials and regulatory progress. **Uncertainties and Future Operations:** - **Funding:** The company has $37.8 million in cash but faces significant funding needs. It plans to secure additional financing through equity/debt offerings, strategic partnerships, or government funding. - **Operational Impact:** The company's ability to continue operations depends on securing additional funding. Failure to do so may result in delays, scaling back, or elimination of R&D programs and commercialization efforts. **Key Metrics:** - **Cash and Cash Equivalents:** $37.8 million as of March 31, 2025. - **Total Assets:** $64.5 million. - **Total Liabilities:** $48.5 million. - **Accumulated Deficit:** $355.6 million. **Conclusion:** Ocugen, Inc. is in a critical phase of development, with significant investments in R&D and clinical trials. The company's financial health is precarious, with high operational burn rates and a need for substantial additional funding to sustain operations and advance its product candidates. The success of its modifier gene therapy platform and other product candidates will be crucial for its future financial viability.