Ocugen, Inc. remains a clinical-stage biopharmaceutical company specializing in gene therapies for ocular diseases with no revenues reported since 2020. The financials show consistent operating losses and negative cash flows, reflecting ongoing investments in clinical trials and R&D. Recent capital raises extend the company's cash runway into late 2026, underpinning continued development of its Phase 1 and Phase 2 programs targeting dry age-related macular degeneration. While clinical progress is notable, significant risks around trial outcomes and regulatory approval persist alongside operational challenges such as cybersecurity oversight. Capital allocation focuses on sustaining operations without dividends or buybacks.