Ocugen Inc. (NASDAQ: OCGN) reported first quarter 2026 financial results and announced the closing of a $115 million private offering of convertible senior notes due 2034. The biotechnology company expects the financing to extend its cash runway into 2028.

The 6.75% convertible senior notes carry a 45% conversion premium and include a $15 million overallotment option. Ocugen plans to use $32.7 million of the net proceeds to retire existing Avenue debt carrying a 12.5% interest rate. The offering is expected to close May 7, 2026, subject to customary closing conditions.

The company completed enrollment for two late-stage clinical trials. The liMeliGhT Phase 3 trial for retinitis pigmentosa enrolled 140 subjects, while the GARDian3 Phase 2/3 trial for Stargardt disease enrolled 63 subjects ahead of schedule. Ocugen expects to submit two Biologics License Applications by 2027.

Ocugen announced 12-month data from its OCU410 Phase 2 ArMaDa trial for geographic atrophy showed a statistically significant 31% reduction in lesion size compared to control. The company plans to initiate a Phase 3 registrational trial in the third quarter of 2026 with a potential combined U.S./EU study design involving 300 subjects.

For the first quarter ended March 31, 2026, Ocugen reported a net loss of $19.2 million, or $0.06 per share, compared to a net loss of $15.4 million, or $0.05 per share, in the same period of 2025. Total operating expenses increased to $19.4 million from $16.0 million year-over-year, driven by higher research and development costs of $11.3 million and general administrative expenses of $8.1 million.

The company's cash and cash equivalents totaled $32.2 million as of March 31, 2026, compared to $18.9 million at December 31, 2025. With the convertible notes offering, Ocugen expects to have $112.1 million in cash, cash equivalents, and restricted cash at closing, including the Avenue debt payoff.

Ocugen had 338.3 million shares of common stock outstanding as of March 31, 2026. The company received $37.5 million in gross proceeds during the first quarter, including $15 million from exercised warrants.