Ocugen, Inc.
OCGNHealthcare|Biotechnology|US
$0.93
+0.11 (+13.29%)
Cash / Share
$0.25
Financials
Financial Snapshot
Market Cap
$313.7M
Enterprise Value
$377.6M
Revenue (TTM)
$4.8M
Net Income (TTM)
-$65.4M
Cash & Investments
$84.3M
Net Cash
-$4.3M
Free Cash Flow (TTM)
-$63.9M
Operating CF (TTM)
-$63.7M
Debt/Equity
-5.01
Cash Runway & Burn Rate
Cash on Hand
$84.3M
Quarterly Burn
$15.9M
Monthly Burn
$5.3M
Est. Runway
~5.3 quarters
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Investments | $31.9M | $8.0M | $15.5M | $7.4M | $24.0M | $95.0M | $90.9M | $39.5M | $58.5M | $18.6M | $84.3M | |
| Operating Cash Flow | -$25.7M | -$23.0M | -$15.8M | -$16.9M | -$14.7M | -$47.9M | -$60.1M | -$62.1M | -$42.1M | -$57.0M | -$63.7M | |
| Free Cash Flow | -$26.1M | -$23.3M | -$17.8M | -$16.9M | -$15.0M | -$48.9M | -$64.5M | -$72.5M | -$45.5M | -$57.1M | -$63.9M | |
| Capital Expenditure | -$320.0K | -$276.0K | -$2.0M | -$29.4K | -$306.8K | -$939.0K | -$4.5M | -$10.5M | -$3.4M | -$185.0K | -$211.0K | |
| Financing Cash Flow | $27.0M | -$577.0K | $25.4M | $25.1M | $31.6M | $120.7M | $59.5M | $20.9M | $64.9M | $17.3M | $115.5M |
R&D Spending
R&D (TTM)
$45.1M
R&D Intensity
944.0%
R&D Growth vs Prior
+13.5%
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $0.00 | $0.00 | $0.00 | $0.00 | $43.0K | $0.00 | $2.5M | $6.0M | $4.1M | $4.4M | $4.8M | |
| R&D Expense | $21.6M | $15.6M | $15.6M | $8.1M | $13.4M | $35.1M | $56.2M | $39.6M | $32.1M | $39.8M | $45.1M | |
| R&D % of Revenue | — | — | — | — | 31055.8% | — | 2257.2% | 655.6% | 792.3% | 900.7% | 944.0% | |
| SG&A | $8.5M | $9.4M | $10.2M | $6.1M | $8.0M | $22.9M | $35.4M | $32.0M | $26.7M | $27.6M | $28.7M |
Income Statement
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $0.00 | $0.00 | $0.00 | $0.00 | $43.0K | $0.00 | $2.5M | $6.0M | $4.1M | $4.4M | $4.8M | |
| Cost of Revenue | $1.7M | $1.5M | $49.6K | $8.1M | $6.4M | $0.00 | $0.00 | $704.0K | $2.0M | $2.4M | $548.0K | |
| Gross Profit | -$1.7M | -$1.5M | -$49.6K | -$8.1M | -$6.3M | $0.00 | $2.5M | $5.3M | $2.1M | $2.0M | $4.2M | |
| R&D | $21.6M | $15.6M | $15.6M | $8.1M | $13.4M | $35.1M | $56.2M | $39.6M | $32.1M | $39.8M | $45.1M | |
| SG&A | $8.5M | $9.4M | $10.2M | $6.1M | $8.0M | $22.9M | $35.4M | $32.0M | $26.7M | $27.6M | $28.7M | |
| Operating Income | -$30.3M | -$24.9M | -$30.1M | -$14.2M | -$21.3M | -$58.0M | -$89.1M | -$65.5M | -$54.8M | -$62.9M | -$69.0M | |
| Interest Expense | -$60.0K | $134.0K | $163.0K | $1.8M | $721.0K | $79.0K | $0.00 | $0.00 | $0.00 | $5.2M | $10.2M | |
| Pretax Income | -$16.2M | -$26.4M | -$8.6M | -$20.2M | -$21.8M | -$58.4M | -$86.8M | -$63.1M | -$54.1M | -$67.8M | -$65.4M | |
| Net Income | -$16.2M | -$26.4M | -$8.6M | -$20.2M | -$21.8M | -$58.4M | -$86.8M | -$63.1M | -$54.1M | -$67.8M | -$65.4M | |
| EPS (Diluted) | -67.58 | -69.91 | -13.98 | -1.53 | -0.31 | -0.30 | -0.40 | -0.26 | -0.20 | -0.23 | -0.20 | |
| EBITDA | -$11.4M | -$24.9M | -$14.4M | -$14.1M | -$14.2M | -$58.1M | -$86.3M | -$62.4M | -$52.1M | -$60.3M | -$69.5M | |
| Shares Out. (M) | 0.24 | 0.38 | 0.62 | 13.89 | 112.24 | 195.01 | 214.60 | 244.33 | 271.00 | 300.17 | 339.21 |
Balance Sheet
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $31.9M | $7.1M | $15.5M | $7.4M | $24.0M | $95.0M | $77.6M | $39.5M | $58.5M | $18.6M | $24.6M | |
| Short-Term Investments | $0.00 | $900.0K | $0.00 | $0.00 | $0.00 | $0.00 | $13.4M | $0.00 | $0.00 | $0.00 | $59.6M | |
| Total Current Assets | $32.1M | $8.2M | $16.4M | $15.8M | $25.9M | $102.6M | $98.5M | $43.0M | $61.7M | $24.3M | $91.4M | |
| Total Assets | $36.1M | $11.0M | $17.4M | $16.8M | $27.4M | $105.8M | $108.6M | $64.5M | $82.4M | $43.5M | $108.1M | |
| Total Current Liabilities | $5.2M | $3.8M | $2.9M | $4.5M | $3.6M | $7.0M | $28.5M | $17.1M | $21.6M | $23.0M | $118.9M | |
| Long-Term Debt | $178.0K | $0.00 | $1.0M | $1.1M | $1.8M | $1.7M | $2.3M | $2.8M | $27.3M | $27.5M | $1.7M | |
| Total Liabilities | $22.5M | $22.3M | $17.9M | $5.8M | $5.8M | $9.9M | $34.7M | $24.0M | $52.8M | $55.7M | $125.7M | |
| Stockholders' Equity | $13.6M | -$11.3M | -$458.0K | $11.0M | $21.6M | $95.8M | $74.0M | $40.6M | $29.6M | -$12.2M | -$17.7M | |
| Retained Earnings | -$181.8M | -$208.2M | -$216.8M | -$51.5M | -$73.3M | -$131.7M | -$223.1M | -$286.2M | -$340.2M | -$408.1M | -$455.7M |
Cash Flow Statement
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$25.7M | -$23.0M | -$15.8M | -$16.9M | -$14.7M | -$47.9M | -$60.1M | -$62.1M | -$42.1M | -$57.0M | -$63.7M | |
| Capital Expenditure | -$320.0K | -$276.0K | -$2.0M | -$29.4K | -$306.8K | -$939.0K | -$4.5M | -$10.5M | -$3.4M | -$185.0K | -$211.0K | |
| Free Cash Flow | -$26.1M | -$23.3M | -$17.8M | -$16.9M | -$15.0M | -$48.9M | -$64.5M | -$72.5M | -$45.5M | -$57.1M | -$63.9M | |
| Investing Cash Flow | -$320.0K | -$1.2M | -$1.1M | -$2.4M | -$306.8K | -$1.8M | -$17.0M | $3.1M | -$3.4M | -$311.0K | -$59.8M | |
| Financing Cash Flow | $27.0M | -$577.0K | $25.4M | $25.1M | $31.6M | $120.7M | $59.5M | $20.9M | $64.9M | $17.3M | $115.5M | |
| Issuance of Stock | $27.6M | $6.0K | $25.5M | $1.2M | $37.8M | $129.2M | $59.6M | $20.8M | $38.6M | $18.3M | $24.4M | |
| Repurchase of Stock | $0.00 | $0.00 | $0.00 | -$48.0K | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Net Debt Issuance | -$583.0K | -$583.0K | -$178.0K | $1.4M | -$4.7M | -$10.0K | $500.0K | $500.0K | $30.0M | -$1.0M | -$1.0M | |
| Stock Based Comp. | $1.5M | $1.6M | $1.6M | $884.1K | $660.0K | $7.0M | $10.5M | $9.2M | $7.4M | $7.7M | $9.2M | |
| Net Change in Cash | $993.0K | -$24.8M | $8.5M | $5.8M | $16.6M | $70.9M | -$17.5M | -$38.1M | $19.4M | -$39.9M | -$7.9M |
Dilution Tracker
Shares outstanding grew 167.4% over 5 years — significant dilution
Shares Outstanding
339M
5-Year Share Growth
+167.4%
Stock Issuance (TTM)
$24.4M
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Shares Out. (M) | 0.24 | 0.38 | 0.62 | 13.89 | 112.24 | 195.01 | 214.60 | 244.33 | 271.00 | 300.17 | 339.21 | |
| Change vs Prior % | — | 57.5% | 63.6% | 2147.5% | 707.8% | 73.8% | 10.0% | 13.9% | 10.9% | 10.8% | 13.0% | |
| Stock Issuance | $27.6M | $6.0K | $25.5M | $1.2M | $37.8M | $129.2M | $59.6M | $20.8M | $38.6M | $18.3M | $24.4M | |
| Stock Repurchase | $0.00 | $0.00 | $0.00 | -$48.0K | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Stock Based Comp. | $1.5M | $1.6M | $1.6M | $884.1K | $660.0K | $7.0M | $10.5M | $9.2M | $7.4M | $7.7M | $9.2M |
Margins & Profitability
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin % | — | — | — | — | -14676.7% | — | 100.0% | 88.3% | 51.5% | 45.9% | 88.5% | |
| Operating Margin % | — | — | — | — | -49500.0% | — | -3580.0% | -1085.7% | -1350.4% | -1425.7% | -1444.5% | |
| Net Margin % | — | — | — | — | -50748.8% | — | -3488.9% | -1045.0% | -1333.0% | -1537.4% | -1367.6% | |
| EBITDA Margin % | — | — | — | — | -32983.7% | — | -3469.6% | -1033.4% | -1284.5% | -1365.7% | -1455.2% | |
| FCF Margin % | — | — | — | — | -34919.9% | — | -2593.9% | -1201.6% | -1122.7% | -1295.0% | -1337.2% | |
| ROE % | -119.5% | 234.4% | 1887.1% | -183.7% | -101.3% | -60.9% | -117.3% | -155.5% | -182.4% | 557.7% | 644.0% | |
| ROA % | -44.9% | -239.4% | -49.6% | -120.4% | -79.7% | -55.2% | -79.9% | -97.7% | -65.6% | -155.9% | -60.5% | |
| ROIC % | -96.2% | -334.4% | 170.4% | -113.9% | -88.5% | -58.5% | -110.5% | -136.4% | -87.3% | -278.6% | -94.4% | |
| R&D / Revenue % | — | — | — | — | 31055.8% | — | 2257.2% | 655.6% | 792.3% | 900.7% | 944.0% |
Growth (Year over Year)
Fiscal years. Rising share count growth means dilution.
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | -100.0% | 0.0% | 142.6% | -32.8% | 8.8% | |
| Gross Profit | -3.7% | 8.3% | 96.8% | -16194.9% | 22.0% | 100.0% | 0.0% | 114.3% | -60.9% | -3.0% | |
| Operating Income | 4.8% | 17.7% | -20.7% | 53.0% | -50.3% | -172.6% | -53.5% | 26.4% | 16.4% | -14.9% | |
| Net Income | 49.4% | -63.0% | 67.3% | -134.2% | -7.8% | -167.5% | -48.7% | 27.3% | 14.3% | -25.5% | |
| EPS (Diluted) | 53.5% | -3.4% | 80.0% | 89.1% | 79.7% | 3.2% | -33.3% | 35.0% | 23.1% | -15.0% | |
| Operating Cash Flow | 14.3% | 10.6% | 31.5% | -7.1% | 12.9% | -225.9% | -25.3% | -3.3% | 32.1% | -35.2% | |
| Free Cash Flow | 18.5% | 10.6% | 23.6% | 4.9% | 11.3% | -225.5% | -32.0% | -12.4% | 37.2% | -25.5% | |
| R&D Expense | -7.2% | -27.9% | 0.4% | -48.3% | 65.1% | 162.9% | 60.0% | -29.5% | -18.8% | 23.7% | |
| SG&A Expense | 3.2% | 10.0% | 8.7% | -40.4% | 31.2% | 187.4% | 54.5% | -9.6% | -16.6% | 3.3% | |
| Total Assets | -1.9% | -69.4% | 57.9% | -3.6% | 62.9% | 286.3% | 2.7% | -40.6% | 27.7% | -47.2% | |
| Book Value / Share | -55.3% | -152.2% | 97.5% | 207.0% | -75.8% | 155.9% | -29.8% | -51.8% | -34.1% | -137.1% | |
| Debt | -43.4% | -76.6% | 33.7% | 491.4% | 76.9% | 32.8% | 92.8% | 8.9% | 368.3% | 2.0% | |
| Diluted Shares | 8.8% | 57.5% | 63.6% | 2147.5% | 707.8% | 73.8% | 10.0% | 13.9% | 10.9% | 10.8% |
Valuation
P/E (TTM)At Loss
P/S65.64
10Y Low / Med / High23.28 / 91.83 / 4776.56
P/B-17.75
10Y Low / Med / High0.66 / 3.77 / 9.53
EV/EBITDAAt Loss
EV/Revenue79.01
10Y Low / Med / High17.89 / 83.52 / 4275.42
P/FCFAt Loss
Intrinsic Value Models (per share)
Cash / Share
$0.25
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| P/E Ratio | -1.47 | -1.76 | -0.38 | -0.34 | -5.90 | -15.17 | -3.25 | -2.21 | -4.03 | -5.87 | -4.69 | |
| P/S Ratio | 0.00 | 0.00 | 0.00 | 0.00 | 4776.56 | 0.00 | 112.13 | 23.28 | 53.80 | 91.83 | 65.64 | |
| P/B Ratio | 1.75 | -4.12 | -7.13 | 0.66 | 9.53 | 9.26 | 3.77 | 3.46 | 7.36 | -33.31 | -17.75 | |
| EV/EBITDA | 0.65 | -1.59 | 0.83 | -0.08 | -12.96 | -13.69 | -2.41 | -1.73 | -3.69 | -6.97 | -5.43 | |
| EV/Revenue | 0.00 | 0.00 | 0.00 | 0.00 | 4275.42 | 0.00 | 83.52 | 17.89 | 47.38 | 95.13 | 79.01 |
Analyst Estimates & Quality
Altman Z-Score
-6.86
Distress
Piotroski F-Score
2
Weak
Forward Estimates (consensus)
| Metric | FY2026 | FY2027 | FY2028 |
|---|---|---|---|
| Revenue | $5.3M | $7.3M | $147.1M |
| Net Income | -$79.9M | -$89.2M | -$80.2M |
| EPS | $-0.24 | $-0.27 | $-0.03 |
| # Analysts (EPS) | 4 | 3 | 4 |