Q3 2025 Ocugen Inc Earnings Call
Speaker #1: Good morning and welcome to Ocugen, Inc. . S third Quarter 2025 Financial results and Business Update . Please note that this call is being recorded at this time .
Speaker #1: All participant lines are in a listen only mode . Following the speaker's commentary , there will be a question and answer session . I will now turn the call over to Tiffany Hamilton Ocugen, Inc. , Head of Corporate Communications .
Speaker #1: You may begin .
Speaker #2: Thank you . Operator . Good morning everyone . Joining me on today's call and webcast is Doctor Shankar Musunuri Ocugen, Inc. , chairman , CEO and co-founder , who will provide a business update and an overview of our clinical and operational progress .
Speaker #2: Ramesh Ramachandran . Our chief accounting officer is also on the call to provide a financial update for the quarter ended September 30th , 2025 .
Speaker #2: Doctor Kumar , Chief Medical Officer , will be available to answer questions following the presentation . This morning , we issued a press release detailing associated business and operational highlights for the third quarter of 2025 .
Speaker #2: We encourage listeners to review the press release , which is available on our website at oxygen.com . This call is being recorded and a replay with the accompanying slide presentation will be available on the investor section of the website approximately 45 days .
Speaker #2: This presentation contains forward looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 , which are subject to risks and uncertainties .
Speaker #2: This presentation contains forward looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 , which are subject to risks and for We may in some cases use terms such as predicts , believes , potential , proposed , continue estimates , anticipates , expects , plans , intends , may , could , might , will , should or other words that convey uncertainty of future events or outcomes .
Speaker #2: To identify these forward looking statements . Such statements include , but are not limited to , statements regarding our clinical development activities and related anticipated timelines .
Speaker #2: Such statements are subject to numerous important factors . Risks and uncertainties that may cause actual events or results to differ materially from our current expectations .
Speaker #2: These and other risks and uncertainties are more fully described in our periodic filings with the Securities and Exchange Commission . The SEC , including the risk factors described in the section entitled Risk Factors in the Quarterly and Annual reports that we filed with the SEC .
Speaker #2: Any forward looking statements that we make in this presentation speak only as of the date of this presentation . Except as required by law , we assume no obligation to update forward looking statements contained in this presentation , whether as a result of new information , future events or otherwise .
Speaker #2: After the date of this presentation . Finally , quarterly Report on Form 10-q covering the third quarter of 2025 will be filed today .
Speaker #2: I will now turn the call over to Doctor Mercenary .
Speaker #3: Thank you . Tiffany . Thank you all for joining us today . I'm pleased to share an update on our modifier gene therapy platform and would like to in just over three years , we brought our lead candidate , Q4 hundred , from initial phase one two dosing to nearing phase three enrollment completion .
Speaker #3: The Q4 phase two three . Confirmatory trial is following recognize that close behind , and we're on track to complete enrollment in the first quarter of 2026 .
Speaker #3: Lining up for our planned biological licensing application , bla submission in the first half of 2027 for Q4 dynasty . This rapid progress is somewhat unheard of in industry , and not only reinforces our commitment to Fi three Blas in the next three years , but it also brings us closer to addressing the incredible unmet medical needs that exist for patients facing vision loss .
Speaker #3: While all three programs are moving along on schedule , we received additional positive news in the third quarter that the Committee for Medicinal Products for Human Use of the European Medicines Agency confirmed the acceptability of a single US based trial for submission of Maa in Europe for Arc 14 SD .
Speaker #3: This alignment allows us to maintain the same timeline and budget efficiencies in Europe as we have with the occupy trials to fund clinical trial progress , we continue to pursue opportunities to increase our working capital , and in August , close the registered direct offering with the Janus Henderson .
Speaker #3: The gross proceeds were approximately 20 million , which we anticipate will extend our runway through the second quarter of 2026 . And we will receive 30 million of additional gross proceeds if the warrants are exercised in full .
Speaker #3: Extending our runway into 27 . The 400 phase three limelight clinical trial remains on track for Bla and Maa submissions in 2026 . This is only broad retinitis pigmentosa gene agnostic trial to address multiple genetic mutations with a single therapeutic approach .
Speaker #3: And it's important to note that this is the largest known phase three orphan gene therapy trial . There are approximately 300 thousand people in the US and Europe combined , living with RBP , which affects more than 100 genes .
Speaker #3: Oxygen's gene approach has the potential to treat multiple gene mutations associated with RP , with a single one time subretinal injection . Currently the only approved gene therapy for RP targets a single gene , RBP 65 , which accounts for 22% of RP patient population .
Speaker #3: This product achieved peak sales of 52,000,000 in 2023 , with a patient population of approximately 2000 . We believe ACV hundred has far greater commercial potential as it is intended to provide a therapeutic option for the remaining 98 to 99% of patients .
Speaker #3: We anticipate commercialization in 2027 . Process validation and manufacturing activities are progressing well in support of the Bla brand planning and marketing initiatives led by Abhi Gupta , our EVP of Commercial and Business Development , are scaling up as well .
Speaker #3: We will begin rolling submission of the 400 Bla in the first half of 2026 and release phase three . Top line data in the fourth quarter of 2026 .
Speaker #3: In line with our commitments as we prepare for what will ultimately be a global rollout for 400 . But pursuing regional partnerships that preserve oxygen's rights to larger geographies to maximize total patient reach , while also generating return for our shareholders in September , we announced an exclusive licensing agreement with Kwangdong pharmaceutical Company Limited for the rights to OCU 400 .
Speaker #3: In South Korea . Under the agreement , the company will receive up to $7.5 million in upfront and development milestone payments by sales milestones of $1.5 million for every $15 million of sales in South Korea , projected to reach 180 million or more in the first ten years of commercialization .
Speaker #3: We will also earn a 25% royalty on net sales generated by Kwangdong , and will be responsible for manufacturing and supplying OCU 400 .
Speaker #3: There are an estimated 7000 individuals in the Republic of Korea , with RP , which represents approximately 7% of the US market . Hockey 400 provides the opportunity for our partner to help thousands of patients facing vision loss upon regulatory approval of Aqp4 hundred .
Speaker #3: In Korea , we believe Kwangdong will become a leader in the field of gene therapy in South Korea . Now , let's move on to Aki for Tennessee , Aki for Tennessee has the potential to target over 1200 pathogen mutations in the Abca4 gene .
Speaker #3: Associated with Stargardt disease and other abca4 related retinopathies with a single quantum subretinal injection . As I mentioned earlier , enrollment in the phase two three Guardian three clinical trial is ahead of schedule .
Speaker #3: The strong response underscores the significant unmet medical need amongst our patients , who currently have no approved treatment options available . Stargardt disease affects approximately 100,000 people in the US and Europe combined , and approximately 1 million people globally , with cGMP acceptance of US trial data for the Maa submission will maximize resources and streamline development efforts , with the goal of bringing Oxford Street to patients in Europe sooner than originally anticipated .
Speaker #3: The 12 month data from all available phase one subjects showed highly encouraging results , with a 48.2% reduction in lesion growth and a meaningful online six letter gain in visual acuity in available treated eyes .
Speaker #3: Compared with untreated eyes . All treated eyes also demonstrated stabilization or improvement in visual function highlighting . A consistent and tangible therapeutic benefit .
Speaker #3: Interim data from ongoing phase two three study is expected mid 2026 . Further advancing our goal of bringing RK 14 to patients in need .
Speaker #3: Finally , active 14 is specifically designed to address multiple pathways implicated in the pathogenesis of dry age related macular degeneration and offers a promising advantage over current treatment options that target only one pathway .
Speaker #3: The complement system , which does not fully address the disease progression and underlying causes of vision loss , currently approved treatment options require frequent intravitreal injections .
Speaker #3: About 6 to 12 doses per year , and are accompanied by various safety risks . For example , roughly 12% of patients develop AMD following treatment with approximately 2 to 3 million geographic atrophy .
Speaker #3: Patients in the US and Europe combined Aki for ten represents a significant market opportunity . Current therapies have notable limitations , and there are no treatments approved for GA in Europe .
Speaker #3: As existing FDA approved options fail to demonstrate meaningful functional outcomes , archive 14 is therefore well to address this critical unmet medical need .
Speaker #3: At 12 months evaluable subjects in the phase one study showed a 23% reduction in lesion growth along with a two line or ten letter civilization or gain in visual acuity in treated eyes .
Speaker #3: Preliminary results from six month interim analysis demonstrated a 27% reduction in lesion growth and preservation of retinal tissue in the treated eyes when compared to untreated control .
Speaker #3: Eyes . This reduction is over twice that observed with currently approved intravitreal therapies at six months monthly and every other month Pegcetacoplan injections , which showed only 13% and 12% reductions respectively .
Speaker #3: Highlighting a potential to provide a significant and meaningful therapeutic benefit to patients with a one time treatment . In addition to the greater lesion reduction , a single subretinal injection of Q4 ten demonstrates greater efficacy in preserving retinal tissue surrounding GA lesions compared with monthly , and every other month .
Speaker #3: Pegcetacoplan treatments . We plan to provide full 12 month data from the phase two study , including both structural and functional outcomes . In the first quarter of 2026 , and anticipate initiating a phase three study next year .
Speaker #3: I will now turn the call over to Ramesh Ramachandran to provide an update on our financial results for the quarter ended September 30th , 2025 .
Speaker #3: Thank you . Shankar . The company's cash cash equivalents and restricted cash totaled $32.9 million as of September 30th , 2025 , compared to $58.8 million as of December 31st , 2020 .
Speaker #3: For with the recent $20 million financing in the third quarter , we believe our current cash position provides sufficient runway to operate through the second quarter of 2026 .
Speaker #3: Total operating expenses for the three months ended September 30th , 2025 were $19.4 million and included research and development expenses of $11.2 million and general and administrative expenses of $8.2 million .
Speaker #3: This compares to total operating expenses for the three months ended September 30th , 2020 . Four of $14.4 million . That included research and development expenses of $8.1 million and general and administrative expenses of $6.3 million .
Speaker #3: That concludes my update for the quarter . Tiffany , back to you .
Speaker #2: Thank you . Ramesh . We will now open the call for questions . Operator .
Speaker #1: At this time , I would like to remind everyone , in order to ask a question , please press star . Then one on your telephone keypad .
Speaker #1: We'll pause for just a moment to compile the Q&A roster . Your first question comes from the line of Michael Ocugen, Inc. with Maxim Group .
Speaker #1: Please go ahead .
Speaker #4: Hey , guys . Thank you so much for taking my questions today . And congratulations on all the progress .
Speaker #3: Thank you .
Speaker #4: Michael . So I guess to just start out , I'd like to ask a little bit about accu 400 . And in particular the timing of the Bla completion .
Speaker #4: You mentioned that you're going to be starting that in the first half of 26 or rolling bla . But then how quickly do we believe that you can turn around the pivotal data over to the FDA and complete that ?
Speaker #3: As soon as kitchen I think I mean , we're nearing completion . As we stated . And so we will have resources ready to turn around in weeks .
Speaker #4: All right . It's great to hear . And then in terms of your manufacturing , filing any other items that you need to do to get ready for commercial manufacturing are there you can start submitting that and start the rolling Bla process ?
Speaker #4: before
Speaker #3: Yeah , we're
Speaker #3: good question . Our PBC , our process validation runs are going very well . They're on target . In fact , all the material we're making in support of the registration , they can be commercialized .
Speaker #3: So we will have lots made ready to go .
Speaker #4: All right. Thank you. And then just one more from me, and I'll hop back into the Q for ten seconds with the upcoming interim readout.
Speaker #4: What endpoints are you expecting to release , or is that going to be an internal dsmb review ?
Speaker #3: I mean , for endpoint for the phase two . Yes , it's already in the clinical protocol . We're looking at lesion growth compared to untreated control group .
Speaker #3: We do have untreated control group . And the secondary we're looking at visual acuity .
Speaker #4: But I'm specifically referring to the interim release that you're expecting mid-year 2026. Will that be publicly released, or is that going to be internal?
Speaker #3: That's a that's a good point . Yeah . There'll be limited information publicly . The DMC looks at it and then we'll be informing the agency and however we will give you some indications about the clinical trial .
Speaker #4: All right . Thank you very much . I appreciate the update . And it looks like there's a lot to look forward to at Ocugen .
Speaker #5: Thank you .
Speaker #1: Your next question comes from the line of Boris Peaker with Titan Partners. Please go ahead.
Speaker #6: Good morning . A couple of questions for me . Maybe let's start with the 400 . Can you just remind us exactly what the statistical kind of design of the limelight study is ?
Speaker #6: What the assumptions were . And I'm just curious if you've had kind of recent discussion with the FDA to make sure that it's still acceptable .
Speaker #6: And I think this question comes in a context of what we've seen just recently with Unicure , where it sounds like the FDA may have moved the goalposts a little bit in their gene therapy .
Speaker #6: So, I think we just want to get a sense to make sure that a similar dynamic doesn't happen here.
Speaker #3: Good question . I'll start then . Huma will chime in . So first and foremost , I want to distinguish all our clinical trials , including our phase two trials .
Speaker #3: We have a control arm within the study . Typically FDA , that has been a tradition . Most of the clinical trials FDA really looks for control within the study , not using some external controls or very rarely , natural history .
Speaker #3: So I think I really want to differentiate that from what you mentioned about Unicure . So we do have our four . Hundred active for ten total trials , including even active for Tengah clinical trial .
Speaker #3: We have control untreated control subjects in the clinical trial . So that's what we're using to compare and humor . Go ahead on the clinical trial design .
Speaker #7: Yeah . Thank you Shankar . So the clinical trial design is we have 150 subjects that we're planning to enroll for the study 100 in the treatment and 50 in the control , 75 in the rhodopsin and 75 in the gene agnostic arm , with 50 being active and 25 in the control .
Speaker #7: We have 97% power for this study . We have assumed 50% and 10% treatment effect in the treated and the untreated eyes and there is a two into one randomization , which means there is we are treating both the eyes as they meet the inclusion exclusion criteria , where they were being dosed first .
Speaker #7: This is the only trial that is globally available with clinical and or genetic diagnosis of RP , with syndromic and non-syndromic forms .
Speaker #6: Got it . That's very helpful . And maybe a question on accu 200 . You mentioned the milestone that we'll see completion of enrollment by the end of the year in the in phase one .
Speaker #6: Can you comment when we'll see the data and what would that initial data include ?
Speaker #5: Yeah .
Speaker #7: So we are on track for our 200 enrollment for our phase one . Our periodic safety updates . Are there . There are no serious adverse events related to the product listed as of right now .
Speaker #7: Yes . In the beginning of next year , we will be providing some more updates on the safety and efficacy of okay 200 .
Speaker #7: As soon as it becomes available . But as this is a phase one first in human , there are no serious adverse events related to the investigational product reported as of right now .
Speaker #6: And how many patients will you have in that initial update?
Speaker #7: So we have a dose ranging dose escalation portion of the study . So that would be almost 9 to 12 subjects .
Speaker #6: Great . Thank you very much for taking my questions .
Speaker #1: Here next question comes from the line of Swayam Bakula with H.C. Wainwright . Please go ahead .
Speaker #8: Thank you . Good morning Shankar and team . So a couple of quick questions . The first one on October 4th hundred as you know , as you're nearing to the point where you're putting not only your application together but also thinking about commercialization , you know , what sort of investments are you making within the commercial infrastructure ?
Speaker #8: So that you know , you're allocating appropriately within your budget for pre-commercial activities . Yeah . Let me start with that .
Speaker #5: Yeah . Good morning . Thank you . Yeah , I think .
Speaker #3: I mean , based on 2027 launch next year , we will be ramping up slowly for us commercialization . Obviously our goal is to continue to look for partnerships just like we announced one in South Korea .
Speaker #3: In other regional partnerships in Europe , Japan and elsewhere . But the US , we are looking still into because it's a it's a good market .
Speaker #3: We have a good handle . We created a lot of the centers for excellence , which will be part of the commercialization for sub retinal delivery .
Speaker #3: Therefore , we will have more information provided next year . But we'll slowly ramp up . We'll be allocating carefully limited budget starting with .
Speaker #3: But we're looking into other venues to beef that up next year .
Speaker #8: Okay . And then on the AST , you know with with with with the comment that , you know , it's reaching 50% enrollment on the Guardian three trial .
Speaker #8: What's what's the cadence of enrollment . There . Are you and are you having just trying to understand how the enrollment is going ?
Speaker #8: Is there any geographic . Yeah . Are there any geographies where , you know , you're you're seeing less of a enrollment and if if you know what's what's how many patients you need to you're screening so that you get moving .
Speaker #3: Yeah . I'll let you take that .
Speaker #7: Thank you . Thank you Shankar . So hi . So this trial includes 51 subjects , 34 in . The treatment . 17 in the control .
Speaker #7: We are almost 50% and above in our enrollment . We have completed that and we are on track . So there are no geographical restrictions here .
Speaker #7: Actually , I would say the , you know , this is basically the disease of the pediatric population . And we are covering early to late stages of stargardt also three years of age and above .
Speaker #7: That's why we are pretty confident we are going to meet the enrollment goal . In fact , we do have almost , you know , half of what we have enrolled .
Speaker #7: More than that in the screening queue . So we are on track for completion of our enrollment , but there is no geographic restrictions .
Speaker #7: There are almost 15 centers that we have equally covered across in us . And all of them have , you know , the screening metrics for those patients as well .
Speaker #7: So we are on track .
Speaker #8: Shankar , if I may , can I can I ask one quick one on aquifer under itself , you know , are there having looked at the data from from the from the earlier studies under the patient characteristics have have you folks identified any of the patients ?
Speaker #8: Obviously there are some who are , high , you know , high responders and some who are non-responders in general . How are you thinking about what the real potential is for aquifer hundred ?
Speaker #8: And you what could your commercial strategy be ? So that , you know , you try to get the best , the highest adoption that you could get ?
Speaker #3: Yeah . So okay , I mean , our design clearly outlines based on the strong scientific basis we're targeting anticorpi from early stage to advanced pediatric to adult .
Speaker #3: And that's the coverage . And I mean , we are including in our phase three clinical trial , all major components of our RP .
Speaker #3: I mean , that means some of the mutations with high prevalence , like rhodopsin or xlp or Usher's and Pde6 , all those mutations are included with good representation .
Speaker #3: So our goal is to look at the data holistic and get the broad indication . So that we provide a treatment potentially for all our patients , not restricted to specific genotype .
Speaker #8: Thank you .
Speaker #3: So the market will be wide open . Yeah . Go ahead . Okay . Please go ahead .
Speaker #8: No no thanks . That's what I said . Thanks for taking .
Speaker #3: My questions .
Speaker #8: Yeah yeah .
Speaker #1: Your next question comes from the line of Robert Leboyer with Noble Capital . Please go ahead .
Speaker #9: Good morning . Just as a follow up from some of the previous questions , my understanding of okay , 400 is that it's a regulatory gene that affects the entire gene network downstream , restoring homeostasis .
Speaker #9: So early-stage, late-stage, child, and adult-specific mutations really wouldn't matter because it's affecting the whole downstream pathway that leads to blindness.
Speaker #9: So please let me know if that is the correct way to think about it .
Speaker #3: Yeah , absolutely . Robert . He stated it .
Speaker #9: Okay . And secondly , the 410 in GA is is also ongoing . And could you just go over some of the endpoints and what to expect in that trial ?
Speaker #3: Yes . Humor .
Speaker #7: Yes . Yes . So hi Robert . So we have completed our Armada enrollment phase 1/2 . The phase one was a typical dose ranging dose escalation three plus three design nine subjects .
Speaker #7: There. And also, we had Phase Two, where we had a high dose, medium dose, and a control, which means that we enrolled 17 subjects in the high dose, 17 in the medium dose, and 17 in the control.
Speaker #7: Also , in terms of the , you know , endpoints in phase two three , which is important . It's a geographic atrophy lesion , growth reduction from baseline .
Speaker #7: And also looking at , you know , low luminance visual acuity over the period of time as well , which is functional . We have been consistently releasing the data on that .
Speaker #7: And we are on track for following up those patients till early part of next year .
Speaker #3: So that's a one year time point , Robert , to clarify , all of our GA trial is one year trial okay .
Speaker #9: Great . Thank you very much for that detail .
Speaker #10: Welcome .
Speaker #1: Your next question comes from the line of Elmer Piros with Lucid Capital Markets . Please go ahead .
Speaker #11: Yes . Good morning . So , Shankar , you talked about active for ten and your agreement . No , I think yes .
Speaker #11: Okay . For ten . Sorry . Your agreement with the European Agency that the US trial would be sufficient . Do you have a similar agreement related to the ORP program as well ?
Speaker #3: Yes .
Speaker #10: Yeah . We have .
Speaker #3: Similar agreement with the EU , EMA on the RP program . Yeah .
Speaker #11: Okay . And what would be the regulatory path in South Korea for 400 .
Speaker #10: Yeah .
Speaker #3: The currently it looks like South Korea and the rest of the world typically for orphan gene therapies . They're following FDA closely . And once we get FDA approval based on the FDA approval , you get approvals in those countries .
Speaker #3: So most of these countries don't need any additional clinical trials .
Speaker #11: Yeah , I understand and one housekeeping question , how much of the 7.5 million or up to 7.5 million that you received from Guangdong is included in the cash balance that you reported ?
Speaker #3: The 7.5 million is not included in the cash run at this point of time . It is . It is going to be in future .
Speaker #3: So that's not part of our cash burn at this point of time .
Speaker #11: And could they project some into the fourth quarter in terms of the the initial payment .
Speaker #10: The .
Speaker #3: The 1 million , which we received from Guangdong , that is already in the cash projection , but nothing more than that .
Speaker #11: Okay . 1 million . Okay . And lastly , could you talk about your manufacturing capacity and Shankar , especially when we think about much larger indications such as Rochefort ten for geographic atrophy ?
Speaker #10: Yeah .
Speaker #3: The manufacturing capacity we have ex partner with plenty of capacity . And the goal is to I mean , we have our own facility in our backyard in Malvern , Pennsylvania , and that facility will be ready .
Speaker #3: Our plan is to get that ready by 2027 . And when we get the first approval , it's called prior approval supplement . With the Usfda , we have to add the site and our goal in future is to produce all US supply from our US manufacturing site .
Speaker #11: But you mentioned also that you have an ex US partner as well , manufacturing partner . Yes .
Speaker #3: That's right . Yeah . Yeah . And we have plenty of capacity . Global capacity .
Speaker #11: Okay . Thank you so much .
Speaker #1: Final question comes from the line of Daniel Catalin with Chardon . Please go ahead .
Speaker #12: Yes . Hi . Good morning guys . Thank you for taking my questions . I have a couple here . First on 400 .
Speaker #12: The the trial . As we know you have two arms . One with throw mutations , one with RP , gene agnostic mutations for the gene agnostic arm .
Speaker #12: Are you disclosing how many different mutations are included there ? And in terms of the enrollment , it one arm see a more robust enrollment than the other .
Speaker #10: Go ahead .
Speaker #7: So I can thank you . Thanks for the question . So actually isn't a blinded study . So at this point we can not disclose gene agnostic means that all the major mutations will be covered , which is more than 95% geographically .
Speaker #7: You look at it in US and globally . So we are going to cover that in the gene agnostic and on all forms of rhodopsin are going to be in the rhodopsin arm .
Speaker #7: So that is the first one . And yes , there is a robust enrollment randomization that we are proceeding with . As we stated , clinical and or genetic diagnosis , syndromic as well as non-syndromic forms .
Speaker #12: Okay . Got it . In terms of prep for Bla filing for 400 , what are the outstanding CMC or what is the outstanding CMC work ?
Speaker #12: That is that needs to be completed before you file ?
Speaker #10: Yeah .
Speaker #3: With the with the armored designation . Daniel , we have opportunity to initiate rolling submission . As we stated and the first half of next year .
Speaker #3: And so so you can submit nonclinical and CMC sections . So as for CMC is concerned , we have to complete our process validation runs for drug , substance and drug product .
Speaker #3: And it's progressing really well . And we're on target . So so those sections will be submitted before we submit the clinical section .
Speaker #3: That will be the last one late next year . So somewhere in the middle of next year somewhere we'll be submitting the manufacturing section .
Speaker #3: We'll start with nonclinical followed by CMC followed by clinical . .
Speaker #12: Okay . Got it . Understand . And one last question for LCA is is that on hold for now or is that completely off out of your pipeline or what are your plans for LCA .
Speaker #3: Yeah , that's a from market perspective , Daniel . It's a very small what we'll do is that's that's right . Now it's not in our plan .
Speaker #3: And obviously once the AAP gets into the market we can always look into that for phase four .
Speaker #12: Okay . Got it . All right . Thank you very much for taking my questions .
Speaker #1: This concludes the Q&A portion . I will now turn the call back over to chairman , CEO and co-founder , Doctor Shankar Musunuri .
Speaker #1: Please go ahead .
Speaker #3: Thank you . Operator . The third quarter was marked with important clinical progress . Strategic business development and essential financing accomplishments . We're poised to close 2025 on a strong note and look forward to early 2026 .
Speaker #3: Catalysts that will further advance Oxygen's position as a biotechnology leader in gene therapy for blindness , disease . Have a great day . Thank you .