Ocugen Secures $20 Million in Registered Direct Offering, Extending Cash Runway into 2026

Ocugen has closed a $20 million registered direct offering of common stock and warrants to purchase up to 20 million shares. The gross proceeds extend the company's cash runway into Q2 2026, with the possibility of up to $30 million in additional proceeds if the warrants are exercised. The offering was led by Janus Henderson Investors and Noble Capital Markets acted as the sole placement agent.

MALVERN, Pa., Aug. 12, 2025 (GLOBE NEWSWIRE) — Ocugen, Inc. (NASDAQ: OCGN), a pioneering biotechnology leader in gene therapies for blindness diseases, has successfully closed its $20 million registered direct offering of common stock and warrants. The offering was led by Janus Henderson Investors and Noble Capital Markets, Inc. acted as the sole placement agent.

The offering involved the sale of 20,000,000 shares of common stock and warrants to purchase up to an aggregate of 20,000,000 shares of common stock at a purchase price of $1.00 per share. The warrants have an exercise price of $1.50 per share, are exercisable immediately upon issuance, and will expire two years following the date of issuance. They are callable by the Company when the VWAP of the Company’s common stock exceeds $2.50 per share for at least five of a trailing 30 trading day period [1].

The gross proceeds to the Company were approximately $20 million before deducting the placement agent fees and other estimated offering expenses. This funding will extend the Company’s cash runway into the second quarter of 2026. Additionally, if the warrants are exercised in full, the Company may receive up to $30 million in additional gross proceeds, potentially extending the cash runway into the first quarter of 2027 [2].

The offering was made pursuant to an effective shelf registration statement on Form S-3 (File No. 333-278774) previously filed with the U.S. Securities and Exchange Commission (SEC), which was declared effective on May 1, 2024. The offering was conducted only by means of a prospectus forming a part of the effective registration statement relating to the offering. A prospectus supplement relating to the shares of common stock and warrants has been filed by the Company with the SEC. Copies of the prospectus supplement relating to the registered direct offering, together with the accompanying prospectus, can be obtained at the SEC's website at www.sec.gov or from Noble Capital Markets, Inc., 150 East Palmetto Park Rd., Suite 110, Boca Raton, FL 33432 [2].

Ocugen, Inc. is a pioneering biotechnology leader in gene therapies for blindness diseases. Its breakthrough modifier gene therapy platform has the potential to address significant unmet medical needs for large patient populations through a gene-agnostic approach. Unlike traditional gene therapies and gene editing, Ocugen’s modifier gene therapies address the entire disease—complex diseases that are potentially caused by imbalances in multiple gene networks. Currently, the Company has programs in development for inherited retinal diseases and blindness diseases affecting millions across the globe, including retinitis pigmentosa, Stargardt disease, and geographic atrophy—late stage dry age-related macular degeneration [1].

References:
[1] https://ir.ocugen.com/news-releases/news-release-details/ocugen-inc-announces-20-million-registered-direct-offering
[2] https://www.stocktitan.net/news/OCGN/ocugen-inc-announces-closing-of-20-million-registered-direct-bmoq6jmj9i05.html