<?xml version="1.0" encoding="UTF-8"?><edgarSubmission xmlns="http://www.sec.gov/edgar/schedule13g" xmlns:com="http://www.sec.gov/edgar/common">
  <schemaVersion>X0202</schemaVersion>
<headerData>
    <submissionType>SCHEDULE 13G/A</submissionType>
    <previousAccessionNumber>0001274173-25-000339</previousAccessionNumber>
    <filerInfo>
      <filer>
        <filerCredentials>
          <cik>0001274173</cik>
          <ccc>XXXXXXXX</ccc>
        </filerCredentials>
      </filer>
      <liveTestFlag>LIVE</liveTestFlag>


    </filerInfo>
  </headerData>
  <formData>
    <coverPageHeader>
      <amendmentNo>1</amendmentNo>
      <securitiesClassTitle>Common Stock</securitiesClassTitle>
      <eventDateRequiresFilingThisStatement>06/30/2026</eventDateRequiresFilingThisStatement>
      <issuerInfo>
        <issuerCik>0001372299</issuerCik>
        <issuerName>OCUGEN, INC.</issuerName>
        <issuerCusips>
          <issuerCusipNumber>67577C105</issuerCusipNumber>
        </issuerCusips>
        <issuerPrincipalExecutiveOfficeAddress>
          <com:street1>11 GREAT VALLEY PARKWAY</com:street1>
          <com:city>MALVERN</com:city>
          <com:stateOrCountry>PA</com:stateOrCountry>
          <com:zipCode>19355</com:zipCode>
        </issuerPrincipalExecutiveOfficeAddress>
      </issuerInfo>
      <designateRulesPursuantThisScheduleFiled>
        <designateRulePursuantThisScheduleFiled>Rule 13d-1(b)</designateRulePursuantThisScheduleFiled>
      </designateRulesPursuantThisScheduleFiled>
    </coverPageHeader>
    <coverPageHeaderReportingPersonDetails>

      <reportingPersonName>JANUS HENDERSON GROUP Ltd.</reportingPersonName>
      <citizenshipOrOrganization>Y9</citizenshipOrOrganization>
      <reportingPersonBeneficiallyOwnedNumberOfShares>
        <soleVotingPower>0</soleVotingPower>
        <sharedVotingPower>10000000</sharedVotingPower>
        <soleDispositivePower>0</soleDispositivePower>
        <sharedDispositivePower>10000000</sharedDispositivePower>
      </reportingPersonBeneficiallyOwnedNumberOfShares>
      <reportingPersonBeneficiallyOwnedAggregateNumberOfShares>10000000</reportingPersonBeneficiallyOwnedAggregateNumberOfShares>
      <classPercent>3.0</classPercent>
      <typeOfReportingPerson>HC</typeOfReportingPerson>
    </coverPageHeaderReportingPersonDetails>
    <items>
      <item1>
        <issuerName>OCUGEN, INC.</issuerName>
        <issuerPrincipalExecutiveOfficeAddress>11 GREAT VALLEY PARKWAY
MALVERN, PA 19355</issuerPrincipalExecutiveOfficeAddress>
      </item1>
      <item2>
        <filingPersonName>Janus Henderson Group Ltd.

In accordance with SEC Release No. 34-39538 (January 12, 1998), this Schedule 13G reflects the securities beneficially owned, or deemed to be beneficially owned, by Janus Henderson Group Ltd. It does not include securities, if any, beneficially owned by Janus Henderson Group Ltd.s ultimate parent Jupiter Topco LLC, the direct or indirect owners of Jupiter Topco LLC, or other persons that may be deemed under control of such owners. Any beneficial ownership by such persons has been disaggregated from that of Janus Henderson Group Ltd. in accordance with the release.</filingPersonName>
        <principalBusinessOfficeOrResidenceAddress>201 Bishopsgate
EC2M 3AE, United Kingdom</principalBusinessOfficeOrResidenceAddress>
        <citizenship>Y9</citizenship>
      </item2>
      <item3>
        <notApplicableFlag>N</notApplicableFlag>
        <typeOfPersonFiling>HC</typeOfPersonFiling>
      </item3>
      <item4>
        <amountBeneficiallyOwned>Janus Henderson Group Ltd. (JHG) is the ultimate parent of a number of SEC-registered investment advisers and foreign equivalents thereof, including but not limited to Janus Henderson Investors US LLC, Janus Henderson Investors UK Limited, Janus Henderson Investors Australia Institutional Funds Management Limited, Janus Henderson Investors Middle East Limited, Janus Henderson Investors (Jersey) Limited, Janus Henderson Investors (Japan) Limited, Janus Henderson Investors (Singapore) Limited, Kapstream Capital Pty Limited, Privacore Capital Advisors LLC, Tabula Investment Management Limited, Victory Park Capital Advisors LLC, and Richard Berstein Advisors LLC (each, an Asset Manager and together, the Asset Managers). The Asset Managers generally exercise investment and/or voting discretion on behalf of their clients which include investment companies, other investment advisers, institutional separate accounts and retail separate accounts (collectively referred to herein as Managed Portfolios).

As a result of their exercise of investment and/or voting discretion on behalf of the Managed Portfolios, the Asset Managers may be deemed to be the beneficial owner of 10,000,000 common stock, including 10,000,000 Warrants of Ocugen, Inc.  However, the Asset Managers do not have the right to receive any dividends from, or the proceeds from the sale of, the securities held in the Managed Portfolios and disclaim any ownership associated with such rights.</amountBeneficiallyOwned>
        <classPercent>3.0</classPercent>
        <numberOfSharesPersonHas>
          <solePowerOrDirectToVote>0</solePowerOrDirectToVote>
          <sharedPowerOrDirectToVote>10000000</sharedPowerOrDirectToVote>
          <solePowerOrDirectToDispose>0</solePowerOrDirectToDispose>
          <sharedPowerOrDirectToDispose>10000000</sharedPowerOrDirectToDispose>
        </numberOfSharesPersonHas>
      </item4>
      <item5>
        <notApplicableFlag>Y</notApplicableFlag>
        <classOwnership5PercentOrLess>N</classOwnership5PercentOrLess>
      </item5>
      <item6>
        <notApplicableFlag>N</notApplicableFlag>
        <ownershipMoreThan5PercentOnBehalfOfAnotherPerson>The Managed Portfolios have the right to receive all dividends from, and the proceeds from the sale of, the securities held in their respective accounts.
Of the Managed Portfolios, none own more than five percent of the common stock of Ocugen, Inc.</ownershipMoreThan5PercentOnBehalfOfAnotherPerson>
      </item6>
      <item7>
        <notApplicableFlag>N</notApplicableFlag>
        <subsidiaryIdentificationAndClassification>Please refer to Exhibit 99.</subsidiaryIdentificationAndClassification>
      </item7>
      <item8>
        <notApplicableFlag>N</notApplicableFlag>
        <identificationAndClassificationOfGroupMembers>N/A</identificationAndClassificationOfGroupMembers>
      </item8>
      <item9>
        <notApplicableFlag>N</notApplicableFlag>
        <groupDissolutionNotice>N/A</groupDissolutionNotice>
      </item9>
      <item10>
        <notApplicableFlag>N</notApplicableFlag>
        <certifications>By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under &amp;#167; 240.14a-11.</certifications>
      </item10>
    </items>
    <exhibitInfo>Exhibit 24: Power of Attorney
Exhibit 99: Item 7</exhibitInfo>
    <signatureInformation>
      <reportingPersonName>JANUS HENDERSON GROUP Ltd.</reportingPersonName>
      <signatureDetails>
        <signature>Kristin Mariani</signature>
        <title>Head of North America Compliance</title>
        <date>08/13/2026</date>
      </signatureDetails>
    </signatureInformation>
  </formData>

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