Slide 1: 3Q 2025 Business Update
Courageous Innovation Dedicated to Bringing Game - Changing Gene Therapies to Market and Working Even Harder to Provide Access to Patients Globally 3 Q 2025 Business Update November 5, 2025
Slide 2: Forward-looking statements
2 This presentation contains forward - looking statements within the meaning of The Private Securities Litigation Reform Act of 1995 , including, but not limited to, strategy, business plans and objectives for Ocugen’s clinical programs, plans and timelines for the precl ini cal and clinical develop
Slide 3: Potential for Three BLAs in the Next Three Years
Potential for Three Biologics License Applications (BLAs) in the Next Three Years Target BLA/MAA Submission U.S./EU Prevalence Status Product Candidate 2026 300,000 Phase 3 in progress, enrollment near completion (largest orphan gene therapy clinical trial) On target to file BLA in 2026 OCU400 Retin
Slide 4: OCU400 First-in-Class Novel Modifier Gene Therapy for RP
OCU400 First - in - Class Novel Modifier Gene Therapy for RP Unmet Need ~300,000 people in the U.S./EU and 1.6 million globally suffer from RP, which affects > 100 genes One approved product (Luxturna ® ), a gene therapy, which can address only one gene ( RPE65 ) 4 2,000 298,000 OCU400 Market Potent
Slide 5: Exclusive licensing agreement with Kwangdong
Executed exclusive licensing agreement with Kwangdong Pharmaceutical Co., Ltd. for South Korean rights to OCU400 Potential sales milestones of $180 million or more in first 10 years of commercialization and royalties equaling 25% of net sales ——~ Kwangdong ocugen. —
Slide 6: OCU410ST First-in-Class Novel Modifier Gene Therapy for Stargardt Disease
OCU410ST First - in - Class Novel Modifier Gene Therapy for Stargardt Disease 6 100,000 OCU410ST Market Potential OCU410ST Pricing for current gene therapies ranges between $1 - 4M/patient Received ODD & OMPD for ABCA4 - associated Retinopathies 2 https://www.rxcinternational.com/monthly - gene - th
Slide 7: OCU410ST Phase 1 Structural and Functional Outcomes at 12M
OCU410ST Phase 1 — Structural and Functional Outcomes at 12M 7 • The GARDian3 clinical trial for ABCA4 - related retinopathies including Stargardt disease builds upon encouraging results and positive data from the Phase 1 GARDian trial, which demonstrated 48.2% slower lesion growth at 12 - month fol
Slide 8: OCU410 First-in-Class Novel Modifier Gene Therapy for GA
OCU410 First - in - Class Novel Modifier Gene Therapy for GA 8 • 2 approved products for GA: FY ‘24 sales SYFOVRE ® (Apellis): $612M IZERVAY (Astellas): $379M • OCU410 has potential to treat 2 - 3 million patients in U.S. and EU • Pricing for current gene therapies ranges between $1 - 4M/patient The
Slide 9: OCU410 Phase 1 Structural and Functional Outcomes at 12M
OCU410 Phase 1 — Structural and Functional Outcomes at 12M 23% slower GA lesion growth in treated eyes versus fellow eyes after single injection Data points at 12M (N=6) 12M 0.0 0.5 1.0 1.5 2.0 M e a n c h a n g e f r o m B a s e l i n e i n G A l e s i o n ( m m 2 ) Treated Eye Untreated Eye 23 % 9
Slide 10: GA Lesion Growth at 6M Phase 2 Interim Data
GA Lesion Growth at 6M — Phase 2 Interim Data • 27% slower GA lesion growth in evaluable treated eyes versus fellow eyes • Reduction in GA lesion growth is greater than published data from approved products, PM* (13% at 6M and up to 22% at 24M) & POEM* (12% at 6M and 18% at 24M) 6M 0.0 0.5 1.0 1.5 M
Slide 11: OCU410 Preserves Retinal Tissue in GA Phase 2 Interim Data at 6M
11 0.14 0.12 0.31 0 0.05 0.1 0.15 0.2 0.25 0.3 0.35 PM (6M) PEOM (6M) OCU410(6M) Difference in Mean GA lesion Size between Treated and Untreated Eyes (mm 2 ) OCU410 Preserves Retinal Tissue in GA — Phase 2 Interim Data at 6M Based on reading from the Chart for OAKS and DERBY study results which used
Slide 12: Financial Update
Financial Update 12
Slide 13: Financial Update: Three months ended September 30, 2025
Financial Update Three months ended September 30, 2025 Statement of Operations 2024 2025 $8.1 $11.2 Research and development expense 6.3 8.2 General and administrative expense 0.3 (1.1) Interest (expense) income, net $(13.0) $(20.0) Net loss $(0.05) $(0.07) Net loss per share of common stock — basic
Slide 14: Questions & Answers
Questions & Answers — ocugen. —
Slide 15: Thank You
Thank You 15