12:34 PM EDT, 04/02/2024 (MT Newswires) -- Ocugen ( OCGN ) shares tumbled more than 12% in recent Tuesday trading after the company said it will restate its 2022 consolidated financial statements due to accounting errors.

The biotech company said it will include restated financial information for each of the first three quarters of 2023 and 2022 in its 2023 Form 10-K.

"The identified errors...relate to the company's non-cash accounting for the estimated costs in one of its collaboration arrangements," Ocugen ( OCGN ) said, adding that it does not expect the errors to result in any impact on its cash position, cash runway, or financial projections.

Ocugen ( OCGN ) said it had $39.5 million in cash, cash equivalents, and investments as of Dec. 31, 2023, which could fund its operations through Q4 of 2024.

Price: 1.35, Change: -0.19, Percent Change: -12.34