11 Best Penny Stocks to Invest in Under $1

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9. Ocugen Inc. (NASDAQ:OCGN)

Share Price as of April 10: $0.69

Number of Hedge Fund Holders: 8

Ocugen Inc. (NASDAQ:OCGN) discovers, develops, and commercializes novel gene and cell therapies, biologics, and vaccines for improving patients’ health. Its innovative gene therapy platform has three main programs: OCU400, OCU410ST, and OCU410. These help restore retinal integrity and function across genetically diverse inherited retinal diseases.

OCU400 in particular is a key program for the company’s growth. It targets retinitis pigmentosa and has shown a clinically meaningful 2-line improvement in low-luminance visual acuity at two years in its Phase 1/2 clinical trial. The company is now enrolling patients in a Phase 3 trial, with a target of 150 participants and completion expected in H1 2025. Other than that, OCU410ST is aimed at Stargardt disease, and OCU410 targets dry age-related macular degeneration (dAMD).

In H2 2024, the company secured $65 million in equity and debt financings which helped extend its cash runway into Q1 2026. R&D expenses for 2024 were $32.1 million, which was notably down from $39.6 million in 2023. At the same time, Ocugen Inc.’s  (NASDAQ:OCGN) cash and restricted cash totaled $58.8 million by 2024 year-end, which was an improvement from the $39.5 million at the end of 2023.

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