Loan & DebtMay 5, 2026, 11:46 AM
Ocugen Prices $115M Convertible Senior Notes; Q1 Net Loss $(0.06)/Share
AI Summary
Ocugen announced the pricing of a private offering of $115 million aggregate principal amount of 6.75% Convertible Senior Notes due 2034, with an option for an additional $15 million. The estimated net proceeds of $99.5 million will be used to repay $32.7 million of existing high-interest debt and for general corporate purposes, extending the cash runway into 2028. The company also reported a Q1 2026 net loss of $(0.06) per common share and provided positive business updates, including 12-month data from the OCU410 Phase 2 trial for geographic atrophy and completion of enrollment for OCU400 and OCU410ST registration trials.
Key Highlights
- Ocugen priced $115 million aggregate principal amount of 6.75% Convertible Senior Notes due 2034.
- Initial purchaser has an option to buy up to an additional $15 million in notes.
- Estimated net proceeds are $99.5 million, or $112.6 million if the option is fully exercised.
- Approximately $32.7 million of proceeds will repay existing Avenue debt at 12.5% interest.
- The offering is expected to extend the company's cash runway into 2028.
- Q1 2026 net loss was $(0.06) per common share, compared to $(0.05) in Q1 2025.
- Total operating expenses for Q1 2026 increased to $19.4 million from $16.0 million in Q1 2025.
- OCU410 Phase 2 trial showed a statistically significant 31% reduction in lesion size.