Ocugen(OCGN) - 2024 Q4 - Annual Results

Financial Performance - Ocugen reported a net loss per common share of $0.05 for Q4 2024, compared to a loss of $0.04 in Q4 2023; for the full year, the net loss per share was $0.20, down from $0.26 in 2023[12][18] - Total revenue for the three months ended December 31, 2024, was $764 million, a decrease of 45.7% compared to $1,409 million in the same period of 2023[23] - Net loss for the three months ended December 31, 2024, was $13,880 million, compared to a net loss of $10,970 million in the same period of 2023, indicating a 26.5% increase in losses[23] - Net loss per share attributable to common shareholders was $0.05 in Q4 2024, compared to $0.04 in Q4 2023, indicating a worsening loss per share[23] Expenses - Fourth quarter 2024 research and development expenses were $8.3 million, up from $7.8 million in Q4 2023; general and administrative expenses increased to $6.3 million from $5.2 million[12] - Full year 2024 research and development expenses totaled $32.1 million, a decrease from $39.6 million in 2023; general and administrative expenses fell to $26.7 million from $32.0 million[18] - Research and development expenses rose to $8,290 million in Q4 2024, up 6.5% from $7,779 million in Q4 2023[23] - Total operating expenses for the year ended December 31, 2024, were $58,812 million, down 17.8% from $71,567 million in 2023[23] Financing and Cash Position - The company has secured $65 million in equity/debt financing in the second half of 2024 to extend its cash runway into Q1 2026[10] - Ocugen's cash and restricted cash totaled $58.8 million as of December 31, 2024, compared to $39.5 million a year earlier[18] Clinical Trials and Product Development - The Phase 2/3 clinical trial for OCU410ST for Stargardt disease will randomize 51 subjects, with a BLA filing planned for 2027[3] - Preliminary 9-month efficacy data for OCU410 in geographic atrophy patients showed a 44% slower lesion growth from baseline and a clinically meaningful 2-line improvement in visual function[4] - Two-year data from the Phase 1/2 OCU400 clinical trial for retinitis pigmentosa demonstrated a statistically significant (p=0.005) improvement in visual function in all evaluable treated subjects[5] - The company aims for three potential BLA submissions in 2026, 2027, and 2028 for treatments targeting retinitis pigmentosa, Stargardt disease, and geographic atrophy, respectively[11] - OCU200 is currently in Phase 1 clinical trials for diabetic macular edema, targeting the 30-40% of patients who do not respond to current anti-VEGF therapies[8] Assets and Liabilities - Total assets increased to $82,442 million in 2024 from $64,547 million in 2023, representing a growth of 27.5%[21] - Long-term debt increased significantly to $27,345 million in 2024 from $2,800 million in 2023, reflecting a rise of 875.5%[21] - Total current liabilities rose to $21,588 million in 2024, up 26.5% from $17,089 million in 2023[21] - Stockholders' equity decreased to $29,632 million in 2024 from $40,564 million in 2023, a decline of 27.0%[21] Shareholder Information - The weighted average shares used in calculating net loss per common share increased to 290,924,531 in Q4 2024 from 256,506,387 in Q4 2023[23]