Ocugen Inc (NASDAQ:OCGN) stock reversed early gains in the pre-open session after reporting first-quarter earnings now.
The company said that net loss during the quarter improved to 4 cents a share from 7 cents a share. cash, cash equivalents, and restricted cash during the quarter stood at $44.9 million, up from $24.2 million a quarter ago
Ocugen is currently in discussions with the FDA regarding the development of COVAXIN and has submitted key information and data to date as a Master File for FDA review prior to a planned EUA application once additional data is received from Bharat Biotech from the ongoing Phase 3 clinical trial.
Ocugen is additionally in discussions with the Biomedical Advanced Research and Development Authority, commonly known as BARDA, regarding the U.S. government’s support of COVAXIN.
OCGN stock was trading higher 4% in the pre-open before the results, however, after the results the stock turns around and now trading lower by 1.50%. The stock has lost about 40% from Monday’s peak price of around $16.
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