Ocugen (OCGN) Is Down 7.0% After Mixed Q3 Results and Gene Therapy Milestones – What's Changed

• Ocugen, Inc. recently reported its third-quarter 2025 earnings, showing revenue of US$1.75 million and a net loss of US$20.05 million, alongside notable progress in its gene therapy pipeline and business development activities.
• Significantly, the company advanced its OCU400 program toward Phase 3 enrollment completion, secured a South Korean licensing deal, and extended its cash runway, highlighting material updates across both clinical and financial fronts.
• We'll examine how Ocugen's progress with the OCU400 clinical program and new licensing agreement impacts its overall investment outlook.

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Ocugen Investment Narrative Recap

For shareholders, believing in Ocugen means having confidence in the company’s ability to translate its late-stage gene therapy pipeline, especially OCU400, into eventual regulatory approval and commercial success. The Q3 2025 earnings update increases urgency around the biggest near-term risk: ongoing cash burn and the need for more funding, since the cash runway now extends only into the second quarter of 2026; however, the news does not alter the core catalyst, which remains completing pivotal OCU400 trial enrollment and reaching major regulatory milestones.

Among all recent announcements, the exclusive South Korean licensing agreement for OCU400 with Kwangdong Pharmaceutical stands out. It expands Ocugen’s future global footprint, provides upfront and milestone payments, and supports the investment case that the business can attract external partners that might offset the capital needed in the clinical and pre-commercialization phase.

Yet, while partnership revenue helps, investors should still be aware that funding uncertainty could resurface as...

Read the full narrative on Ocugen (it's free!)

Ocugen's narrative projects $159.7 million revenue and $24.9 million earnings by 2028. This requires 228.1% yearly revenue growth and a $82.4 million increase in earnings from the current -$57.5 million.

Uncover how Ocugen's forecasts yield a $8.20 fair value, a 517% upside to its current price.

Exploring Other Perspectives

Eight fair value estimates from the Simply Wall St Community span US$0.47 to US$102, suggesting a wide split in expectations. Many are watching whether Ocugen’s cash needs and future funding activity will affect existing shareholders or the development timeline, so it is worth considering several points of view before making a decision.

Explore 8 other fair value estimates on Ocugen - why the stock might be a potential multi-bagger!

Build Your Own Ocugen Narrative

Disagree with existing narratives? Create your own in under 3 minutes - extraordinary investment returns rarely come from following the herd.

• A great starting point for your Ocugen research is our analysis highlighting 2 key rewards and 1 important warning sign that could impact your investment decision.
• Our free Ocugen research report provides a comprehensive fundamental analysis summarized in a single visual - the Snowflake - making it easy to evaluate Ocugen's overall financial health at a glance.

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This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.

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