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Ocugen, Inc.

OCGN Healthcare Biotechnology

Ocugen, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $4.4 million, up 8.83% from fiscal 2024.

Revenue: +11.4%
EPS: +84.9%
Free cash flow: −22.2%
Total debt: −93.7%

Quarter to September 2026, against a year earlier

Insider buying

0.93 0.11 +13.41%

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Market cap: $276.9M
P/E: 0.0×
Fwd P/E: −3.6×
Dividend yield: —
F-score: 2/9
Altman Z: −13.40
Beneish M: n/a
Dividend safety: n/a

Overview

Insider Decisions last twelve months

Bought, $m 0.03

Sold, $m 1.09

Trades a month
	Jan 26			Apr 26			Jul 26			Oct 26
Buy	—	—	—	—	—	—	1	—	—	—	—	—
Sell	—	—	—	—	—	—	—	—	—	1	1	—

Insider Ownership 2.37%

Capital & Financial Ratios $m

Size

Market Cap 276.88

Revenue ttm 4.78

Net income ttm (65.36)

Free cash flow ttm (63.90)

Net debt Q (82.48)

Valuation

P/E 0.00

Forward P/E (3.58)

Price / sales 66.01

Forward P/S Powerpack

Price / FCF 0.00

Price / book 0.00

Financial health

Current ratio Q 0.77

Debt / equity Q (0.10)

Interest coverage Q (5.75)

Growth

Revenue growth Q +11.36%

Operating income growth Q −0.73%

EPS, this year −4.35%

EPS, next year A −12.50%

Revenue, next year A +12.33%

EPS, past 5 yrs —

EPS, next 5 yrs A +52.28%

Green and red mark values outside typical ranges; (Q) is the latest quarter, (A) analysts’ estimates. How we judge →

Valuation vs history

EV/Sales, ten years

P/S against its own 10 years 55.04%

10-year low 10-year high

EV/Sales against its own 10 years 43.30%

10-year low 10-year high

Dividends

Yield: —
Annual rate: —
Payout ratio: —

Assets vs Liabilities $m

	2023	2024	2025	Q'26
Cash	39	59	19	84
Receivables	—	—	—	—
Inventory	—	—	—	—
Other	—	—	—	—
	43	62	24	91

	2023	2024	2025	Q'26
Payables	3	4	6	5
ST’ Debt	—	1	1	0
Other	—	—	—	17
	17	22	23	119

Compound Annual Growth %

	10y	5y	3y
Sales	—	—	21.05%
Cash Flow	0.00%	0.00%	0.00%
Earnings	0.00%	0.00%	0.00%
Book Value	0.00%	0.00%	0.00%

Earnings Trends EPS, adjusted, against the consensus

Q3 FY26 Estimate −0.06 Actual −0.06

−0.07 −0.07 −0.06 −0.05 −0.05

Q4 FY25 Met 0.00

Q1 FY26 Miss −0.01

Q2 FY26 Miss −0.02

Q3 FY26 Met 0.00

Q4 FY26 — Mar 3

Earnings per share against the consensus, by quarter
Quarter	Estimate	Reported	Result
Q4 FY25	−0.06	−0.06	Met by 0.00
Q1 FY26	−0.05	−0.06	Miss by 0.01
Q2 FY26	−0.05	−0.07	Miss by 0.02
Q3 FY26	−0.06	−0.06	Met by 0.00
Q4 FY26	−0.07	—	Reports 3 March 2027

EPS $

	Mar	Jun	Sep	Dec	Year
’26	(0.06)	(0.07)	(0.01)	—	—
’25	(0.05)	(0.05)	(0.07)	(0.06)	(0.23)
’24	(0.05)	(0.06)	(0.05)	(0.05)	(0.20)
’23	(0.07)	(0.10)	(0.05)	(0.04)	(0.26)
’22	(0.09)	(0.09)	(0.10)	(0.10)	(0.38)
’21	(0.04)	(0.13)	(0.05)	(0.07)	(0.30)
’20	(0.07)	(0.19)	(0.07)	0.00	(0.31)

Fiscal quarters ending in the months shown.

Revenue $m

	Mar	Jun	Sep	Dec	Year
’26	2	1	2	—	—
’25	1	1	2	0	4
’24	1	1	1	1	4
’23	0	0	4	1	6
’22	—	—	—	—	2

Fiscal quarters ending in the months shown.

Operating Cash Flow $m

	Mar	Jun	Sep	Dec	Year
’26	(22)	(12)	(16)	—	—
’25	(19)	(11)	(13)	(14)	(57)
’24	(11)	(10)	(11)	(10)	(42)
’23	(18)	(19)	(14)	(11)	(62)
’22	(15)	(14)	(14)	(17)	(60)
’21	(5)	(22)	(8)	(13)	(48)
’20	(5)	(3)	(3)	(4)	(15)

Fiscal quarters ending in the months shown.

Free Cash Flow $m

	Mar	Jun	Sep	Dec	Year
’26	(22)	(12)	(16)	—	—
’25	(19)	(11)	(13)	(14)	(57)
’24	(13)	(10)	(12)	(10)	(46)
’23	(20)	(22)	(17)	(14)	(73)
’22	(15)	(15)	(15)	(19)	(65)
’21	(6)	(22)	(8)	(13)	(49)
’20	(5)	(3)	(3)	(5)	(15)

Fiscal quarters ending in the months shown.

Group	Line	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025	TTM Sep ’26	Trend	10 yrs	2026e	2027e	2028e	Next 3/yr
													Ten-year view		Analyst estimates Powerpack
Income, $m
Income, $m	Revenue	—	—	—	—	0	—	2	6	4	4	5		+152.5%	5	6	147	+221.8%
	Gross margin, %	—	—	—	—	100.00	—	100.00	100.00	100.00	100.00	100.00		0.0 pt	Powerpack Ocugen, Inc.’s next three years, line by line Analysts expect revenue to grow 221.8% a year to 2028 — faster than the 152.5% of the last 5 years. See the consensus for every other line: earnings, margins, cash flow, valuation and returns. Unlock estimates Try Powerpack free for 7 days, then $99 / year ($8.25 a month). Cancel any time. Also in Powerpack: every quarter, Excel exports, API & MCP access. Compare plans
	EBT	(16)	(26)	(18)	(20)	(22)	(58)	(87)	(63)	(54)	(68)	(65)		+17.2%
	EBT margin, %	0.00	0.00	0.00	0.00	(50,748.84)	0.00	(3,488.91)	(1,045.03)	(1,333.02)	(1,537.41)	(1,367.61)		(1,537.4) pt
	Net income	(16)	(26)	(18)	(20)	(22)	(58)	(87)	(63)	(54)	(68)	(65)		+17.2%
Per share, $
Per share, $	Revenue	0.00	0.00	0.00	0.00	0.00	0.00	0.01	0.02	0.02	0.01	0.01		n/m
	Earnings	(58.08)	(59.28)	(3.67)	(1.46)	(0.31)	(0.30)	(0.38)	(0.26)	(0.20)	(0.23)	(0.20)		(45.9%)
	Cash flow	(108.09)	(60.80)	(2.34)	(1.22)	(0.13)	(0.25)	(0.28)	(0.25)	(0.16)	(0.19)	(0.19)		(50.6%)
	Capex	(1.34)	(0.73)	(0.02)	0.00	0.00	0.00	(0.02)	(0.04)	(0.01)	0.00	0.00		(57.6%)
	Free cash flow	(109.43)	(61.53)	(2.36)	(1.22)	(0.13)	(0.25)	(0.30)	(0.30)	(0.17)	(0.19)	(0.19)		(50.6%)
	Book value	56.98	(29.76)	(2.56)	0.79	0.19	0.49	0.34	0.17	0.11	(0.04)	(0.05)		n/m
	Shares, m	0	0	5	14	112	195	215	244	271	300	326		+121.1%
Valuation, ×
Valuation, ×	P/E	—	—	—	—	0.00	—	0.00	0.00	0.00	0.00	0.00		0.0
	P/S	—	—	—	—	0.00	—	0.00	26.72	54.13	91.83	66.01		34.5
	P/B	—	—	—	—	9.53	—	3.63	3.98	7.41	0.00	0.00		4.9
	EV/Sales	—	—	—	—	0.00	—	0.00	20.85	46.77	94.14	48.75		32.4
	EV/FCF	—	—	—	—	(12.21)	—	(2.79)	(1.74)	(4.17)	(7.27)	(3.65)		(5.6)
Cash, $m
Cash, $m	Operating cash flow	(26)	(23)	(12)	(17)	(15)	(48)	(60)	(62)	(42)	(57)	(64)		+9.2%
	Capex	0	0	0	0	0	(1)	(4)	(10)	(3)	0	0		(5.9%)
	Free cash flow	(26)	(23)	(12)	(17)	(15)	(49)	(65)	(73)	(46)	(57)	(64)		+9.1%
Balance, $m
Balance, $m	Working capital	27	4	(12)	11	22	96	70	26	40	1	(27)		(28.6%)
	Net debt	(31)	(8)	7	(6)	(22)	(93)	(89)	(37)	(30)	10	(82)		n/m
	Shareholders’ equity	14	(11)	(13)	11	22	96	74	41	30	(12)	(18)		n/m
Returns, %
Returns, %	ROA	(38.05)	(95.51)	(270.14)	(210.19)	(155.57)	(87.68)	(80.98)	(72.85)	(73.55)	(107.73)	(78.91)		(69.7) pt
	ROIC	0.00	0.00	0.00	(183.70)	0.00	(1,410.09)	0.00	(1,049.64)	0.00	0.00	0.00		0.0 pt
	ROE	(66.39)	(1,957.29)	151.97	2,394.06	(211.05)	(99.46)	(102.24)	(110.14)	(154.01)	(776.89)	923.92		(710.5) pt
People
People	Employees	47	45	49	16	15	56	84	65	95	116	—		+10.6%
	Revenue/emp, $m	0.00	0.00	0.00	0.00	0.00	0.00	0.03	0.09	0.04	0.04	—		n/m

Negative figures in brackets.

estimates

All 10 years →

Fiscal years to Dec 2025 · latest quarter Sep 2026 · fundamentals updated 6 Nov 2026

Company	Market cap	P/E	Fwd P/E	Revenue growth (Q)	EPS growth (Q)	FCF growth (Q)	Gross margin (Q)	EBIT margin (Q)	Compare
KYTX Kyverna Therapeutics, Inc.	$285.1M	— (loss-making)	— (loss-making)	—	n/m	−27.06% (below 0%: shrinking)	—	0.00%	Compare
PRLD Prelude Therapeutics Incorporated	$283.7M	— (loss-making)	— (loss-making)	+42.60% (above 0%: growing)	n/m	+40.32% (above 0%: growing)	100.00%	(270.93%)	Compare
FULC Fulcrum Therapeutics, Inc.	$280.8M	— (loss-making)	— (loss-making)	+27,018.64% (above 0%: growing)	n/m	−13.05% (below 0%: shrinking)	100.00%	0.00%	Compare
OCGN Ocugen, Inc.	$276.9M	— (loss-making)	— (loss-making)	+11.36% (above 0%: growing)	n/m	−22.15% (below 0%: shrinking)	100.00%	(909.94%)
DTIL Precision BioSciences, Inc.	$275.7M	— (loss-making)	— (loss-making)	+37,272.41% (above 0%: growing)	n/m	−0.52% (below 0%: shrinking)	100.00%	0.00%	Compare
NAUT Nautilus Biotechnology, Inc.	$273.9M	— (loss-making)	—	—	n/m	−28.59% (below 0%: shrinking)	89.74%	(7,152.56%)	Compare
IPSC Century Therapeutics, Inc.	$273.4M	— (loss-making)	— (loss-making)	+12,667.72% (above 0%: growing)	n/m	+26.66% (above 0%: growing)	100.00%	0.00%	Compare
TTRX Turn Therapeutics Inc.	$273.0M	— (loss-making)	—	—	n/m	−74.76% (below 0%: shrinking)	—	0.00%	Compare
VOGX Vogenx Inc	$270.8M	—	—	—	n/m	—	—	0.00%	Compare
Median of peers	$274.8M	—	—	+19,843.18%	—	−13.05%	100.00%	0.00%

All 621 Biotechnology stocks →

Pay and ownership Proxy statement filed 30 July 2026

Ownership

Directors and executive officers, together 3.95%

BlackRock, Inc. 7.95%

Janus Henderson Investors 5.90%

Millennium Management LLC 5.04%

Ownership is the proxy’s own table: the directors and officers as a group, and every holder of 5% or more. Read the proxy statement

Ocugen, Inc. (OCGN) Latest News

5 Nov

Impact 3 · 7:40 AM · Zacks

Ocugen's Q3 Earnings Match Estimates, Revenues Beat, Stock Rises

4 Nov

Impact 4 · 12:30 PM · The Motley Fool transcript

Ocugen (OCGN) Q3 2026 Earnings Call Transcript

Impact 3 · 4:11 PM · GuruFocus.com

Ocugen Inc (OCGN) Q3 2026 Earnings Call Highlights: Three Gene Therapy Programs Reach Phase 3 ...

Impact 3 · 2:14 PM · MarketBeat transcript

Ocugen Q3 Earnings Call Highlights

Impact 3 · 1:34 PM · Moby transcript

Ocugen, Inc. Q3 2026 Earnings Call Summary

Impact 3 · 7:00 AM · GlobeNewswire

Ocugen Provides Business Update with Third Quarter 2026 Financial Results

22 Oct

Impact 3 · 7:00 AM · GlobeNewswire

Ocugen to Provide Business Update and Third Quarter 2026 Financial Results on November 4

14 Oct

Impact 4 · 6:30 AM · GlobeNewswire

Ocugen and Roots Pharmaceutical Complete License Agreement for OCU400 Modifier Gene Therapy for Retinitis Pigmentosa in the Middle East and North Africa

6 Oct

Impact 4 · 7:02 AM · GlobeNewswire

Ocugen Appoints Industry Executive Jolanda Crombach General Manager of European Affiliate

30 Sep

Impact 3 · 7:02 AM · GlobeNewswire

Ocugen to Participate in Upcoming Scientific Conferences

25 Sep

Impact 4 · 8:51 AM · Stocktwits

Ocugen Eyes Global Access For Gene Therapy After Bahamas Boost — First Eye Disorder Patient Could Be Treated Within 90 Days

Impact 3 · 7:02 AM · GlobeNewswire

Ocugen Receives Provisional Approval and Priority Designation Under the Longevity and Regenerative Therapies Act in The Bahamas to Provide OCU400 to Patients for Treatment of Retinitis Pigmentosa

16 Sep

Impact 4 · 12:02 AM · MarketBeat

Ocugen Targets Three Gene Therapy BLA Filings as Retinal Pipeline Advances

2 Sep

Impact 4 · 10:52 AM

OCGN Advances Gene Therapy OCU410 In Phase III for Geographic Atrophy

1 Sep

Impact 4 · 7:02 AM

Ocugen Announces First Patient Dosed in Phase 3 Registrational Trial of OCU410 Modifier Gene Therapy for Geographic Atrophy Secondary to Dry Age-Related Macular Degeneration

15 Aug

Impact 4 · 9:01 PM · MarketBeat

Ocugen Targets 2027 BLA Filings as Gene Therapy Programs Near Key Readouts

13 Aug

Impact 4 · 2:14 PM · The Motley Fool transcript

Ocugen (OCGN) Q2 2026 Earnings Call Transcript

7 Aug

Impact 3 · 1:18 PM

Ocugen's Q2 Earnings Miss Estimates as R&D Costs Rise, Stock Falls

Impact 3 · 2:04 AM · MarketBeat transcript

Ocugen Q2 Earnings Call Highlights

6 Aug

Impact 4 · 7:15 PM transcript

Ocugen Inc (OCGN) (Q2 2026) Earnings Call Highlights: FDA Clearance for OCU410 Phase 3 Trial ...

Impact 3 · 9:50 AM

Ocugen (OCGN) Reports Q2 Loss, Beats Revenue Estimates

Impact 3 · 7:02 AM

Ocugen Provides Business Update with Second Quarter 2026 Financial Results

29 Jul

Impact 4 · 7:01 AM

Ocugen Announces that the U.S. Food and Drug Administration Has Granted OCU410 Regenerative Medicine Advanced Therapy (RMAT) Designation for Treatment of Geographic Atrophy, Secondary to Dry Age-Related Macular Degeneration

13 Jul

Impact 3 · 7:02 AM

Ocugen, Inc. Announces Binding Term Sheet with Roots Pharmaceutical to License OCU400 Modifier Gene Therapy for Retinitis Pigmentosa in the Middle East and North Africa

10 Jul

Impact 4 · 8:02 PM · MarketBeat

Ocugen Eyes 3 Retinal Gene Therapy Filings as Late-Stage Pipeline Advances

3 Jun

Impact 4 · 11:50 AM

Ocugen's Gene-Agnostic Eye Therapies Could Reshape Late-Stage Care

Impact 4 · 11:39 AM

Is OCGN Stock Worth the Risk Ahead of 2026-27 Eye Gene Therapy Data?

Impact 4 · 11:35 AM

OCGN's Catalyst Calendar for Trial Data and Filings Through 2028

14 May

Impact 4 · 4:30 PM · GlobeNewswire

Ocugen, Inc. Announces Closing for $130.0 Million of 6.75% Convertible Senior Notes

13 May

Impact 3 · 2:21 AM · Insider Monkey

Ocugen (OCGN) Reports Q1 EPS

Ocugen, Inc.

Insider Decisions last twelve months

Capital & Financial Ratios $m

Valuation vs history

Dividends

Assets vs Liabilities $m

Compound Annual Growth %

Earnings Trends EPS, adjusted, against the consensus

EPS $

Revenue $m

Operating Cash Flow $m

Free Cash Flow $m

Target Price Range

Recommendation Rating

Ten years at a glance Fiscal years to December

Ocugen, Inc. vs peers in Biotechnology (Q) = latest quarter vs a year earlier

Pay and ownership Proxy statement filed 30 July 2026

Ownership

Ocugen, Inc. (OCGN) Latest News

5 Nov

4 Nov

22 Oct

14 Oct

6 Oct

30 Sep

25 Sep

16 Sep

2 Sep

1 Sep

15 Aug

13 Aug

7 Aug

6 Aug

29 Jul

13 Jul

10 Jul

3 Jun

14 May

13 May

Insider Decisions last twelve months

Capital & Financial Ratios $m

Valuation vs history

Dividends

Assets vs Liabilities $m

Compound Annual Growth %

Earnings Trends EPS, adjusted, against the consensus

EPS $

Revenue $m

Operating Cash Flow $m

Free Cash Flow $m

Target Price Range

Recommendation Rating

Ten years at a glance Fiscal years to December

Ocugen, Inc. vs peers in Biotechnology (Q) = latest quarter vs a year earlier

Pay and ownership Proxy statement filed 30 July 2026

Ownership

Ocugen, Inc. (OCGN) Latest News

5 Nov

4 Nov

22 Oct

14 Oct

6 Oct

30 Sep

25 Sep

16 Sep

2 Sep

1 Sep

15 Aug

13 Aug

7 Aug

6 Aug

29 Jul

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