Ocugen Inc. (NASDAQ: OCGN) stock plunged by 4.12% at last close while the OCGN stock price continues to decline by 4.52% in the pre-market trading. Ocugen is a biopharmaceutical company specializing in the discovery, development, and commercialization of gene therapy to treat blindness and the development of a COVID-19 vaccine. Our ground-breaking modifier gene therapy platform holds the promise of treating many retinal disorders with a single drug.
Financial Results
On May 7, 2021, OCGN announced its first-quarter 2021 financial highlights. Given below is the summary:
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- As of March 31, 2021, Ocugen’s cash, cash reserves, and restricted cash was $44.9 million, up from $24.2 million as of December 31, 2020.
- As of March 31, 2021, Ocugen reported 188.2 million shares of common stock outstanding.
- For the three months ending March 31, 2021, research and development costs were $2.9 million, up from $1.7 million in Q1 2021.
- For the three months ending March 31, 2021, general and administrative expenditures were $4.2 million, compared to $2.3 million for the same period in 2020.
- For the three months ended March 31, 2021, Ocugen announced a $0.04 net loss per share, relative to a $0.07 net loss per share in Q1 2021.
Dr. Shankar Musunuri CEO and Co-Founder of Ocugen commented:
Ocugen’s commitment to saving lives from COVID-19 continues with the launch of COVAXIN in the United States, as well as the advancement of their ophthalmology gene therapy pipeline. OCGN presented the second interim review findings from Bharat Biotech’s Phase 3 clinical trial in India, as well as promising in-vitro evidence on COVAXIN’s potential to neutralize new variants. OCGN is continuing to work on an Emergency Use Authorization for COVAXIN, while also considering therapeutic development in special populations, such as infants, and booster doses. OCGN is also pleased to have raised new capital to support current and prospective activities.