Ocugen (OCGN) said Tuesday that its experimental gene therapy showed a 31% reduction in lesion growth compared with a control group in a phase 2 clinical trial for a dry age-related macular degeneration treatment.

The 12-month results evaluating the medium dose of the candidate showed a 27% slower rate of structural loss among patients with geographic atrophy, the company said.

The treatment maintained a safety profile with no serious adverse events or related complications reported during the study, Ocugen said.

The company also said it expects to start a phase 3 registrational trial for the therapy in Q3.

Shares of the company were down by more than 10% in Tuesday premarket activity.