Shares of Ocugen Inc. (NASDAQ:OCGN) are remaining flat Thursday morning as investors continue to weigh disappointing interim clinical trial data.

• Ocugen stock is gaining positive traction. Why are OCGN shares climbing?

Interim Analysis Shows Negative Treatment Effect in Key Gene Therapy Trial

The primary catalyst behind this week’s volatility was an interim analysis released Wednesday for Ocugen’s Phase 2/3 trial evaluating OCU410ST, a modifier gene therapy targeting Stargardt disease. Data from 26 participants revealed a negative treatment effect in the primary cohort.

An independent Data Monitoring Committee meanwhile recommended continuing the study over the next eight months.

Balance Sheet Pressures Amplified by Elevated Cash Burn

The clinical setback has heightened investor anxiety surrounding Ocugen’s financial runway. In its second-quarter report released on Aug. 6, Ocugen generated $1.48 million in revenue but posted an expanded net loss of 7 cents per share, missing consensus estimates by two cents.

Although the company closed June with approximately $100.1 million in cash, it carries $133.1 million in current liabilities, including $82.4 million in short-term debt, leaving working capital in negative territory.

OCGN Stock Pauses Thursday

OCGN Price Action: Ocugen shares were flat at $1.06 at the time of publication on Thursday. The stock is near its 52-week low of $1.01, according to Benzinga Pro data.

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