Ocugen, Inc.

For OCU410 and geographic atrophy, we continue to advance toward Phase 3 development, following encouraging Phase 2 data, with the program expected to move through Phase 3 enrollment toward BLA submission by 2028. Taken together, these milestones reflect a disciplined, multi-program strategy designed to create value through a series of increasingly important clinical and regulatory readouts. I'll now turn the call over to Rita to provide an update on our financial results for the quarter ended March 31, 2026. Rita?

Thank you, Shankar. Good morning, everyone. Total operating expenses for the three months ended March 31, 2026 were $19.4 million and included research and development expenses of $11.3 million and general and administrative expenses of $8.1 million. compared to total operating expenses for the three months ended March 31, 2025 of $16 million that included research and development expenses of $9.5 million and general and administrative expenses of $6.5 million. Ocugen reported a $0.06 net loss per common share for the three months ended March 31, 2026 compared to a $0.05 net loss per common share for the three months ended March 31, 2025. The company's cash, cash equivalents, and restricted cash totaled $32.2 million as of March 31, 2026, compared to $18.9 million as of March 31, 2025. The company received $37.5 million in gross proceeds inclusive of $15 million due to exercise warrants in the first quarter of 2026. With the recent offering, the company is expected to have cash, cash equivalents, and restricted cash of $112.1 million at closing, which includes the Avenue debt payoff and expects to extend cash runway into 2028. The company had 338.3 million shares of common stock outstanding as of March 31st, 2026. That concludes my financial update. Shankar, back to you.

Thank you, Rita. The first quarter of 2026 was a quarter defined by execution. We delivered positive 12-month phase 2 data for ARCA 410 NGA, completed enrollment and dosing in the Guardian 3 trial well ahead of schedule, and continued advancing ARCA 400 towards its rolling BLA submission later this year. Looking ahead, the remainder of 2026 is poised to be consequential with multiple meaningful inflection points. We expect interim outcome analysis from Guardian III in the third quarter, regulatory alignment with FDA and EMA on the OCU-410 phase III design in the third quarter, and the initiation of our first BLA submission for OCU-400 also in the third quarter. Each of these milestones bring us a step closer to delivering on our commitment of three BLAs by 2028. I want to thank our employees, investigators, and patients who have trusted us with their participation and our shareholders for continued belief in our mission to advance Cures for Blindness. We'll now open the call for questions.