EX-99.2 3 tm2622368d1_ex99-2.htm EXHIBIT 99.2

Exhibit 99.2

|  | Courageous Innovation Dedicated to Bringing Game-Changing Gene Therapies to Market and Working Even Harder to Provide Access to Patients Globally

|  | 2 Pipeline A quarter of execution across three programs Ocugen – Second Quarter Business Update OCU410ST Stargardt Disease 100K U.S.+EU patients · No approved therapy ODD · RPDD · OMPD · ATMP Current Stage Phase 2/3 GARDian3 — Enrollment complete Ph1 Ph2 Ph3 BLA Approved Next Catalysts Interim outcome analysis: 3Q 2026 Topline data: 2Q 2027 BLA target: Mid-2027 BLA 2027 OCU400 Retinitis Pigmentosa 300K U.S.+EU patients · 298K untreated RMAT · ODD · ATMP · OMPD Current Stage Phase 3 — Enrollment Complete Ph1 Ph2 Ph3 BLA Approved Next Catalysts Topline data: 1Q 2027 BLA target: 2Q 2027 BLA 2027 OCU410 Geographic Atrophy 2–3M U.S.+EU patients · No gene therapy approved RMAT · ATMP (EMA) Current Stage Phase 2 ARMADA Complete Ph1 Ph2 Ph3 BLA Approved Next Catalysts Phase 3 initiation: 3Q 2026 BLA target: 2028 BLA 2028

|  | 3 Current GA therapy targets the lesion; none target the vision — OCU410 was designed to do both 31% Lesion growth reduction vs. control (p<0.05) OCU410 Phase 2 ARMADA (12 months) Pivotal P3 population: (lesion size ≥2.5 mm2 and ≤17.5 mm2 ) 27% EZ preservation (correlates to visual function) Pivotal P3 population: (lesion size ≥2.5 mm2 and ≤17.5 mm2 ) ~15–22% Lesion reduction shown by Izervay (12 months) + Syfovre (24 months) no functional benefit Lesion reduction — OCU410 vs. approved therapies (12/24 months) OCU410 31% Syfovre (Apellis/Biogen) 22% Izervay (Astellas) 15% * Approved options require monthly, or every other month, intravitreal injections with no meaningful functional improvement. OCU410 = single subretinal injection. Why OCU410 can win in GA Functional wins, not just structural Patients with GA want to see better. OCU410 data shows EZ preservation — that's what drives adoption and reimbursement. One injection vs. monthly burden Syfovre and Izervay require monthly, or every other month, intravitreal injections indefinitely. A single subretinal injection is a fundamentally different value proposition. First-mover in gene therapy for GA No gene therapy is approved for GA. Phase 3 start in Q3 2026 gives OCU410 a clean path to first-in-class before any competitor arrives. OCU410 is outperforming the standard-of-care with a single injection vs. monthly chronic dosing References: Apellis OAKS/DERBY (Heier et al, Lancet, Product Insert), Khanani A, Patel S, Staurenghi G et al. Efficacy and safety of avacincaptad pegol in patients with geographic atrophy (GATHER2): 12-month results from a randomised, double-masked, phase 3 trial The Lancet, 2023; 402, 1449-1458 OCU410 · Geographic Atrophy Ocugen – Second Quarter 2026 Business Update

|  | Proposed Endpoints Primary • Rate of change (slope) of square root-transformed GA lesion area (√mm²/year) from baseline to Month 12, treated eyes vs control eyes as assessed by FAF Secondary • Proportion of subjects with LLVA ≥15 Letter Loss from Baseline to M12 as assessed by ETDRS visual charts at two consecutive visits. • Rate of change of EZ area loss through Month 12, by SD-OCT Phase 3 Trial Design Study Design Population • Patients ≥55 years of age or older with clinical diagnosis of GA secondary to dry AMD Key Eligibility Criteria • BCVA ≥25 letters but ≤80 letters (ETDRS chart) • Total GA area ≥2.5 and ≤17.5 mm2 ; foveal or non-foveal GA with uni-or multifocal lesion • If GA is multifocal, at least one lesion must be ≥1.25mm2 • Presence of CNV in fellow eye is non exclusionary OCU410 Global Phase 3 (ArMaDa 3) Trial Design for GA OCU410 · Geographic Atrophy Ocugen – Second Quarter 2026 Business Update Received FDA alignment on the Phase 3 study design; in discussions with EMA

|  | 5 First-in-Class Gene Therapy for Stargardt Disease OCU410ST · Stargardt Disease 100K U.S. + EU patients No approved therapy globally Q3 2026 GARDian3 enrollment interim outcome Q2 2027 topline data expected EMA accepted single U.S. trial for MAA Stargardt is the most common inherited macular dystrophy — caused by mutations in ABCA4 (1,200+ mutations), causing progressive central vision loss typically beginning in childhood. What sets OCU410ST apart Modifier gene approach covers all 1,200+ ABCA4 mutations with a single therapy. Traditional approaches can't address this genetic complexity. Phase 1 GARDian1 published Results published in EYE journal supports favorable safety and efficacy profile as GARDian3 pivotal confirmatory trial advances. Pivotal confirmatory Phase 2/3 trial. 51 subjects, 2:1 randomized. Primary endpoint: change in atrophic lesion size. One-year data used for BLA filing. ODD + RPDD (FDA) · OMPD + ATMP (EMA). Rare Pediatric Disease Designation adds priority review voucher optionality at approval. Trial: GARDian3 Designations Ocugen – Second Quarter 2026 Business Update

|  | 6 The largest orphan gene therapy trial ever run, targeting approval across all RP mutations OCU400 · Retinitis Pigmentosa 140 patients enrolled in Phase 3 liMeliGhT trial (largest orphan gene therapy Ph3) 100+ RP-causing genes addressed by a single subretinal injection Q1 2027 topline data expected BLA submission to follow POPULATION Early- to late-stage RP, including pediatrics aged 3+ PRIMARY ENDPOINT 12-month change in visual function via LDNA Lux Level RANDOMIZATION 2:1 — treatment vs. untreated control BLA PATHWAY BLA targeted for 2Q 2027 · Single U.S. trial accepted by EMA for MAA Trial Design: Enrolling patients across all mutations — early and late stage, pediatric and adult — means a positive read delivers the broadest possible label. No competitor has attempted this breadth in a single trial. G L O B A L V A L I D A T I O N S I G N A L Kwangdong OCU400 deal — $180M+ projected 10-yr Korean sales + 25% royalties Roots Pharmaceutical binding term sheet signed – up to $255 million + 22% royalties Ocugen – Second Quarter 2026 Business Update

|  | 7 Three indications. 3+ million patients. Multibillion market. Market Opportunity OCU410 — Geographic Atrophy 2–3M patients · U.S. + EU 2.5M+ untreated today $300-600k pricing assumption (market potential)1 Current treatment landscape unable to support visual gain OCU410ST — Stargardt Disease 100K patients · U.S. + EU 100K untreated today $1-2M No current market approved therapies for patients Ocugen – Second Quarter 2026 Business Update per patient per patient pricing assumption (market potential) OCU400 — Retinitis Pigmentosa 300K patients · U.S. + EU 298K untreated today $1-2M OCU400 is gene-agnostic, treats every mutation pricing assumption (market potential)2 per patient 1 ClearView Healthcare Partners analysis of 2037 worldwide sales 2 RETINA vol. 46,4 (2026)

|  | OCU400 US Commercial Roadmap Payer engagement and CMS Center of Excellence Patient Registry Distribution Sales & Marketing • Increased engagement • Setup 25+ COEs • Enhance disease awareness • Frictionless supply • 1Q2026 TLR inflection point Commercial

|  | 9 Milestones Anticipated Milestones – Three BLAs by 2028 Retinitis Pigmentosa Stargardt Disease Geographic Atrophy OCU400 OCU410ST OCU410 Interim outcome analysis1 Phase 3 topline data Initiate Phase 3 2026 2027 1Q 2Q 3Q 4Q Phase 3 topline data BLA Submission Approval/ Launch Approval/ Launch BLA Submission 1H 2H 2028 Phase 3 enrollment completion 1Re-estimation to minimize clinical risk (Outcome -Impact / no-impact to BLA timeline) 1Q 2Q 3Q 4Q BLA Submission Ocugen – Second Quarter 2026 Business Update

|  | Financial Update Statement of Operations Three months ended June 30, 2026 2025 Research and development expense $10.7 $8.4 General and administrative expense $7.2 $6.8 Interest (expense) income, net $(4.1) $(1.1) Other (expense) income, net $(4.4) $0.1 Net loss $(24.9) $(14.7) Balance Sheet Data June 30, 2026 Dec 31, 2025 (Audited) Cash, cash equivalents, and restricted cash $100.4 $18.9 Debt $1.7 $28.8 Convertible Note $116.1 _ Shares outstanding 339,044,893 312,379,972 10 Except as otherwise noted, all amounts are unaudited; in millions, except share amounts Certain amounts may not add due to rounding Ocugen – Second Quarter 2026 Business Update

|  | Financial Update Statement of Operations Six months ended June 30, 2026 2025 Research and development expense $21.9 $17.9 General and administrative expense $15.4 $13.2 Interest (expense) income, net $(5.3) $(2.0) Other (expense) income, net $(4.5) $0.2 Net loss $(44.1) $(30.1) Balance Sheet Data June 30, 2026 Dec 31, 2025 (Audited) Cash, cash equivalents, and restricted cash $100.4 $18.9 Debt $1.7 $28.8 Convertible Note $116.1 _ Shares outstanding 339,044,893 312,379,972 11 Except as otherwise noted, all amounts are unaudited; in millions, except share amounts Certain amounts may not add due to rounding Ocugen – Second Quarter 2026 Business Update