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OCGN

Ocugen, Inc.

OCGN

Ocugen, Inc. • NASDAQ
$1.24 ▲ 5.08% (+0.06)
Market Cap $387.28 M
52w High $1.90
52w Low $0.52
Dividend Yield 0%
P/E -5.64
Volume 2.70M
Outstanding Shares 312.32M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $1.752M ▲ $19.377M ▲ $-20.051M ▼ -1.144K% ▼ $-0.066 ▼ $-17.787M ▼
Q2-2025 $1.373M ▼ $15.168M ▼ $-14.739M ▲ -1.073K% ▼ $-0.051 ▲ $-12.868M ▲
Q1-2025 $1.481M ▲ $15.982M ▲ $-15.35M ▼ -1.036K% ▲ $-0.053 ▼ $-13.592M ▼
Q4-2024 $764K ▼ $14.604M ▲ $-13.88M ▼ -1.817K% ▼ $-0.048 ▼ $-13.242M ▼
Q3-2024 $1.136M $14.388M $-12.97M -1.142K% $-0.047 $-12.639M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $32.565M ▲ $57.596M ▲ $54.063M ▲ $3.533M ▲
Q2-2025 $27.013M ▼ $53.594M ▼ $50.542M ▲ $3.052M ▼
Q1-2025 $37.8M ▼ $64.46M ▼ $48.546M ▼ $15.914M ▼
Q4-2024 $58.514M ▲ $82.442M ▲ $52.81M ▲ $29.632M ▼
Q3-2024 $38.696M $61.936M $21.306M $40.63M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $-20.051M ▼ $-12.916M ▼ $-86K ▲ $18.51M ▲ $5.552M ▲ $-13.007M ▼
Q2-2025 $-14.739M ▲ $-10.73M ▲ $-88K ▲ $61K ▲ $-10.784M ▲ $-10.773M ▲
Q1-2025 $-15.35M ▼ $-19.357M ▼ $-102K ▼ $-1.245M ▼ $-20.712M ▼ $-19.373M ▼
Q4-2024 $-13.88M ▼ $-10.364M ▲ $-13K ▲ $30.172M ▼ $19.82M ▼ $-10.377M ▲
Q3-2024 $-12.97M $-11.272M $-507K $34.786M $23.002M $-11.779M

Five-Year Company Overview

Income Statement

Income Statement Ocugen is still a pre‑revenue biotech story. It has essentially no meaningful product sales yet, so its income statement is driven almost entirely by research and operating costs. Those costs have produced steady, ongoing losses over several years, but they have not exploded; they’re more “consistently negative” than rapidly worsening. This is typical for a small clinical‑stage biotech: the business is an R&D engine rather than a commercial enterprise at this stage, and profitability depends almost entirely on whether its lead programs eventually reach approval and commercialization.

Balance Sheet

Balance Sheet The balance sheet is small and relatively simple. Most assets are cash or near‑cash, with only modest other assets. There is some debt, but not a heavy load, and shareholders’ equity is still positive, though lower than in earlier years as losses accumulate. Overall, Ocugen has a limited financial cushion: it is not overburdened with debt, but it does not have a deep pool of resources relative to the scale and cost of late‑stage clinical development. This makes the company sensitive to both trial outcomes and capital market conditions.

Cash Flow

Cash Flow Cash is consistently flowing out of the business to fund operations, especially clinical trials and overhead. Operating cash burn has been steady, not wildly volatile, and capital spending on equipment or facilities is low, so nearly all cash use is tied to people, studies, and ongoing development work. Free cash flow is clearly negative, meaning the company depends on raising money from investors or lenders to keep advancing its pipeline. The current cash level provides some runway, but not enough to carry the company all the way through multiple large trials and potential launches without additional financing.

Competitive Edge

Competitive Edge Ocugen operates in a highly competitive and capital‑intensive corner of biotech but has carved out a distinctive niche in inherited retinal diseases and other eye disorders. Its main edge is a “gene‑agnostic” modifier gene therapy platform that aims to treat many mutations with a single approach, rather than one mutation at a time. That concept, plus regulatory designations like orphan and RMAT status, gives it differentiation and some development advantages. However, it remains a small player facing large, well‑funded competitors in gene therapy and ophthalmology, with no approved products yet. Its competitive position will be defined by whether late‑stage trials deliver clear, compelling benefits versus both existing care and rival experimental therapies.

Innovation and R&D

Innovation and R&D Innovation is the core of Ocugen’s story. The modifier gene therapy platform is scientifically ambitious, aiming to reset broader retinal function rather than simply replacing one gene. Lead programs like OCU400 (for retinitis pigmentosa and LCA) and OCU410/OCU410ST (for geographic atrophy and Stargardt disease) target conditions with few or no approved treatments, which strengthens the strategic logic of the R&D focus. The pipeline is diversified within eye diseases and has some optionality beyond ophthalmology, though prior efforts such as the COVID vaccine highlight both the potential for rapid pivots and the risk that not all avenues will prove commercially viable. Execution risk is high: outcomes of Phase 3 and pivotal Phase 2/3 trials, regulatory feedback, and safety profiles will largely determine whether this innovation translates into real-world impact.

Summary

Ocugen today is a classic early‑stage biotech: scientifically bold, commercially unproven, and financially reliant on external funding. The financial statements show a small company with minimal revenue, recurring but relatively stable losses, and a modest cash base that needs to be replenished over time to support ongoing trials. Strategically, its appeal centers on a differentiated gene therapy platform and a pipeline aimed at serious eye diseases with high unmet need, supported by favorable regulatory designations. The central tension is straightforward: if its late‑stage studies succeed, Ocugen could transform its financial profile and competitive standing; if they disappoint, the lack of diversification in approved products and the limited balance sheet would be significant constraints. Key things to watch are clinical trial readouts, regulatory milestones, partnership activity, and how the company manages its cash burn and fundraising over the next few years.

NEWS

November 20, 2025 · 7:02 AM UTC

Ocugen CEO to Present at NobleCon21—Noble Capital Markets' Twenty-First Annual Emerging Growth Equity Conference

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November 5, 2025 · 6:30 AM UTC

Ocugen Provides Business Update with Third Quarter 2025 Financial Results

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October 23, 2025 · 7:30 AM UTC

Ocugen to Host Webcast on Wednesday, November 5 at 8:30 A.M. ET to Discuss Business Updates and Third Quarter 2025 Financial Results

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September 15, 2025 · 6:03 AM UTC

Ocugen, Inc. and Kwangdong Pharmaceutical Co., Ltd. Complete License Agreement of OCU400 Modifier Gene Therapy for Retinitis Pigmentosa in Korea

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September 2, 2025 · 7:02 AM UTC

Ocugen to Participate in H.C. Wainwright 27th Annual Global Investment Conference & Biotech on Tap 2025

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