Ocugen, Inc. (NASDAQ: OCGN) reported advancements in its gene therapy programs for ophthalmic diseases, supported by recent financial milestones. The company's lead candidate, OCU400, is currently in a Phase 3 clinical trial, while OCU410 and OCU410ST are progressing through Phase 1/2 studies.
OCU400 for Retinitis Pigmentosa
The Phase 3 liMeliGhT clinical trial evaluating OCU400 for retinitis pigmentosa (RP) is on track to complete enrollment in the first half of 2025. The trial has expanded into Canada, potentially broadening commercialization opportunities in the U.S. and Europe. OCU400 is designed as a one-time treatment for life for patients with RP, a group of approximately 300,000 individuals in the U.S., Canada, and Europe combined.
According to Dr. Shankar Musunuri, Chairman, CEO, and Co-founder of Ocugen, the expanded access program (EAP) for OCU400 makes it possible to reach a greater segment of the RP patient population. The inclusion of Canadian patients in the Phase 3 trial may allow for broader commercialization with the U.S. and Europe.
OCU410 for Geographic Atrophy
OCU410 is currently in Phase 2 of the Phase 1/2 ArMaDa clinical trial, assessing its safety and efficacy in a larger group of patients with geographic atrophy (GA), an advanced stage of dry age-related macular degeneration (dAMD). The study will randomize patients into medium-dose, high-dose, or control groups. GA affects approximately 2-3 million people in the U.S. & EU. Current FDA-approved treatments address only the complement system and require approximately 6-12 intravitreal injections per year, whereas OCU410 addresses all four pathways linked with dAMD pathophysiology and is delivered through a single subretinal injection. There remains no approved product to treat GA in the EU.
OCU410ST for Stargardt Disease
The Data and Safety Monitoring Board (DSMB) for the OCU410ST GARDian clinical trial has approved enrollment for the second phase of the Phase 1/2 clinical trial, which is testing the safety and efficacy of OCU410ST in patients with Stargardt disease.
Financial Update
Ocugen closed $30 million in debt financing subsequent to the end of the third quarter. With the recent equity and debt financings, the company has sufficient cash-on-hand to continue supporting its robust ophthalmology pipeline and extend its cash runway into 1Q2026. The Company’s cash and restricted cash totaled $39.0 million as of September 30, 2024, compared to $39.5 million as of December 31, 2023.
Total operating expenses for the three months ended September 30, 2024 were $14.4 million and included research and development expenses of $8.1 million and general and administrative expenses of $6.3 million. This compares to total operating expenses for the three months ended September 30, 2023 of $16.1 million that included research and development expenses of $7.0 million and general and administrative expenses of $9.1 million.
Upcoming Data Presentations
Ocugen will present new data from the Phase 1/2 clinical trials for OCU410, OCU410ST, and OCU400 at an upcoming Clinical Showcase on November 12, 2024. The presentations will include preliminary safety and efficacy data from the Phase 1/2 OCU410 ArMaDa clinical trial for geographic atrophy and the Phase 1/2 OCU410ST GARDian clinical trial for Stargardt disease, along with RP and LCA data updates from the OCU400 Phase 1/2 clinical trial.
