Why Ocugen (OCGN) Is Up 25.2% After Securing Korean Rights for Gene Therapy OCU400

• On September 15, 2025, Kwangdong Pharmaceutical Co. Ltd. announced an exclusive licensing agreement with Ocugen, Inc., granting it rights to commercialize OCU400, a novel gene therapy for retinitis pigmentosa, in South Korea, including upfront and milestone payments up to US$7.5 million and a 25% royalty on net sales.
• This agreement enables Ocugen to access a new patient population, monetize its gene therapy pipeline internationally, and diversify its revenue streams through recurring royalties and potential sales milestones.
• We'll examine how securing exclusive Korean rights for OCU400 could reshape Ocugen's investment profile and global revenue outlook.

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Ocugen Investment Narrative Recap

To be a shareholder in Ocugen today, you need to believe in the company’s ability to deliver late-stage gene therapy candidates to market before funding runs low. The recent South Korean licensing agreement strengthens Ocugen’s international reach and unlocks recurring revenue potential, but it does not materially change the biggest short-term catalyst, the successful U.S. Biologics License Application (BLA) for OCU400, or the most immediate risk, which is Ocugen’s near-term cash burn and funding concerns.

Among recent announcements, Ocugen’s completion of a US$50 million follow-on equity offering in August stands out as directly relevant. This capital infusion, coming just before the Korean licensing deal, provides some liquidity to help cover operating expenses and advance late-stage trials, but the company remains dependent on successful clinical outcomes and regulatory milestones to secure long-term financial stability.

By contrast, investors should be aware that even with recent partnership revenue, Ocugen’s existing cash runway is only expected to extend into early 2026, and any clinical or regulatory setback could...

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 -$57.5 million.

Uncover how Ocugen's forecasts yield a $6.48 fair value, a 384% upside to its current price.

Exploring Other Perspectives

Eight individual fair value estimates from the Simply Wall St Community for Ocugen range sharply, from as low as US$0.11 to as high as US$6.50 per share. While many see major upside, the company’s dependence on late-stage clinical success and new financing highlights why views on future performance can vary widely, be sure to explore these different perspectives.

Explore 8 other fair value estimates on Ocugen - why the stock might be worth over 4x more than the current price!

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 1 key reward 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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