Estados financieros detallados de Ocugen, Inc. (OCGN): cuenta de resultados, balance general y flujo de caja. Sigue la evolución de márgenes, deuda, liquidez y rentabilidad año a año con hasta 20 años de histórico.
Resumen del Análisis
Ocugen, Inc. registró ingresos de $4.4M en el último ejercicio fiscal, con un CAGR de 5 años del 152.5%.
Márgenes de los últimos 12 meses: margen bruto 100.0%, margen operativo -15.0%, margen neto -17.9%.
Al precio actual de $1.00, OCGN presenta beneficios negativos (P/E no significativo) y un ROE del 16.88%. La capitalización bursátil es de $339M.
Cuenta de Resultados (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Ingresos | 0 | 0 | 0 | 0 | $43000 | 0 | $2.5M | $6.0M | $4.1M | $4.4M |
| Coste de Ventas | $1.7M | $1.5M | $49623 | $8.1M | $6.4M | 0 | 0 | $704000 | $2.0M | $2.4M |
| Beneficio Bruto | -$1.7M | -$1.5M | -$49623 | -$8.1M | -$6.3M | 0 | $2.5M | $5.3M | $2.1M | $2.0M |
| I+D | $21.6M | $15.6M | $15.6M | $8.1M | $13.4M | $35.1M | $56.2M | $39.6M | $32.1M | $39.8M |
| Generales y Administrativos | $8.5M | $9.4M | $10.2M | $6.1M | $8.0M | $22.9M | $35.4M | $32.0M | $26.7M | $27.6M |
| Gastos Operativos | $30.1M | $24.9M | $25.8M | $6.1M | $15.0M | $58.0M | $91.6M | $70.9M | $56.8M | $64.9M |
| Beneficio Operativo | -$30.3M | -$24.9M | -$30.1M | -$14.2M | -$21.3M | -$58.0M | -$89.1M | -$65.5M | -$54.8M | -$62.9M |
| EBITDA | -$11.4M | -$24.9M | -$14.4M | -$14.1M | -$14.2M | -$58.1M | -$86.3M | -$62.4M | -$52.1M | -$60.3M |
| Gastos por Intereses | -$60000 | $134000 | $163000 | $1.8M | $720963 | $79000 | 0 | 0 | 0 | $5.2M |
| Beneficio Antes de Impuestos | -$16.2M | -$26.4M | -$8.6M | -$20.2M | -$21.8M | -$58.4M | -$86.8M | -$63.1M | -$54.1M | -$67.8M |
| Impuestos | 0 | -$186000 | -$15.8M | 0 | 0 | -$52000 | 0 | 0 | 0 | 0 |
| Beneficio Neto | -$16.2M | -$26.4M | -$8.6M | -$20.2M | -$21.8M | -$58.4M | -$86.8M | -$63.1M | -$54.1M | -$67.8M |
| BPA | $-68.21 | $-69.91 | $-13.98 | $-1.53 | $-0.31 | $-0.30 | $-0.40 | $-0.26 | $-0.20 | $-0.23 |
| BPA Diluido | $-67.58 | $-69.91 | $-13.98 | $-1.53 | $-0.31 | $-0.30 | $-0.40 | $-0.26 | $-0.20 | $-0.23 |
| Acciones en Circulación (Diluidas) | $239824 | $377837 | $618182 | $13.9M | $112.2M | $195.0M | $214.6M | $244.3M | $271.0M | $300.2M |
Cuenta de Resultados (Trimestral)
| Año | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Ingresos | $1.8M | -$193000 | $1.5M | $1.5M |
| Beneficio Bruto | $1.8M | -$193000 | $1.5M | $1.5M |
| Beneficio Operativo | -$17.6M | -$17.0M | -$17.8M | -$16.4M |
| EBITDA | -$17.8M | -$15.3M | -$17.3M | -$19.8M |
| Beneficio Neto | -$20.1M | -$17.7M | -$19.2M | -$24.9M |
| BPA | $-0.07 | $-0.06 | $-0.06 | $-0.07 |
| BPA Diluido | $-0.07 | $-0.06 | $-0.06 | $-0.07 |
Balance (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Caja y Equivalentes | $31.9M | $7.1M | $15.5M | $7.4M | $24.0M | $95.0M | $77.6M | $39.5M | $58.5M | $18.6M |
| Inversiones a Corto | 0 | $900000 | 0 | 0 | 0 | 0 | $13.4M | 0 | 0 | 0 |
| Cuentas por Cobrar | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Inventario | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Activos Corrientes | $32.1M | $8.2M | $16.4M | $15.8M | $25.9M | $102.6M | $98.5M | $43.0M | $61.7M | $24.3M |
| Inmovilizado Material | $3.9M | $2.7M | $141000 | $222464 | $633000 | $1.2M | $6.1M | $17.3M | $16.6M | $14.4M |
| Fondo de Comercio | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Activos Intangibles | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Activos Totales | $36.1M | $11.0M | $17.4M | $16.8M | $27.4M | $105.8M | $108.6M | $64.5M | $82.4M | $43.5M |
| Cuentas por Pagar | $1.9M | $776000 | $1.6M | $1.9M | $395000 | $2.3M | $8.1M | $3.2M | $4.2M | $6.2M |
| Deuda a Corto | $583000 | $178000 | 0 | 0 | $234000 | 0 | 0 | 0 | $1.3M | $1.2M |
| Pasivos Corrientes | $5.2M | $3.8M | $2.9M | $4.5M | $3.6M | $7.0M | $28.5M | $17.1M | $21.6M | $23.0M |
| Deuda a Largo | $178000 | 0 | $1.0M | $1.1M | $1.8M | $1.7M | $2.3M | $2.8M | $27.3M | $27.5M |
| Pasivos Totales | $22.5M | $22.3M | $17.9M | $5.8M | $5.8M | $9.9M | $34.7M | $24.0M | $52.8M | $55.7M |
| Reservas | -$181.8M | -$208.2M | -$216.8M | -$51.5M | -$73.3M | -$131.7M | -$223.1M | -$286.2M | -$340.2M | -$408.1M |
| Patrimonio Neto | $13.6M | -$11.3M | -$458000 | $11.0M | $21.6M | $95.8M | $74.0M | $40.6M | $29.6M | -$12.2M |
| Deuda Total | $761000 | $178000 | $238000 | $1.4M | $2.5M | $3.3M | $6.4M | $6.9M | $32.5M | $33.1M |
| Deuda Neta | -$31.1M | -$7.8M | -$15.3M | -$6.0M | -$21.5M | -$91.7M | -$84.6M | -$32.5M | -$26.0M | $14.6M |
| Capital Circulante | $26.9M | $4.4M | $13.5M | $11.2M | $22.3M | $95.6M | $70.0M | $25.9M | $40.1M | $1.3M |
Balance (Trimestral)
| Año | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Caja y Equivalentes | $32.6M | $18.6M | $31.9M | $100.1M |
| Activos Totales | $57.6M | $44.3M | $56.9M | $124.2M |
| Pasivos Totales | $54.1M | $56.5M | $51.1M | $140.8M |
| Patrimonio Neto | $3.5M | -$12.2M | $5.8M | -$16.6M |
| Deuda Total | $33.0M | $33.1M | $33.3M | $88.0M |
Flujo de Caja (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Beneficio Neto | -$16.2M | -$26.4M | -$8.6M | -$20.2M | -$21.8M | -$58.4M | -$86.8M | -$63.1M | -$54.1M | -$67.8M |
| Amortizaciones | $1.7M | $1.5M | $450000 | $60608 | $102110 | $229000 | $480000 | $704000 | $2.0M | $2.4M |
| Compensación en Acciones | $1.5M | $1.6M | $1.6M | $884089 | $660000 | $7.0M | $10.5M | $9.2M | $7.4M | $7.7M |
| Cambio en Capital Circulante | $2.0M | -$706000 | -$2.8M | -$3.1M | -$1.2M | $2.5M | $9.2M | -$13.2M | $3.7M | -$523000 |
| Flujo de Caja Operativo | -$25.7M | -$23.0M | -$15.8M | -$16.9M | -$14.7M | -$47.9M | -$60.1M | -$62.1M | -$42.1M | -$57.0M |
| Inversiones (CapEx) | -$320000 | -$276000 | -$2.0M | -$29446 | -$306825 | -$939000 | -$4.5M | -$10.5M | -$3.4M | -$185000 |
| Adquisiciones | 0 | 0 | 0 | -$2.3M | 0 | 0 | 0 | 0 | 0 | 0 |
| Recompra de Acciones | 0 | 0 | 0 | -$48000 | 0 | 0 | 0 | 0 | 0 | 0 |
| Dividendos Pagados | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Flujo de Caja Libre | -$26.1M | -$23.3M | -$17.8M | -$16.9M | -$15.0M | -$48.9M | -$64.5M | -$72.5M | -$45.5M | -$57.1M |
Flujo de Caja (Trimestral)
| Año | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Flujo de Caja Operativo | -$12.9M | -$14.0M | -$21.8M | -$12.6M |
| Inversiones (CapEx) | -$91000 | -$35000 | -$6000 | -$21000 |
| Flujo de Caja Libre | -$13.0M | -$14.0M | -$21.8M | -$12.6M |
| Dividendos Pagados | 0 | 0 | 0 | 0 |
| Compensación en Acciones | $2.0M | $2.0M | $3.4M | $1.8M |
Crecimiento y Márgenes (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Crecimiento Ingresos (anual) | | | | | | -100.0% | | +142.6% | -32.8% | +8.8% |
| Crecimiento Beneficio Neto (anual) | | -63.0% | +67.3% | -134.2% | -7.8% | -167.5% | -48.7% | +27.3% | +14.3% | -25.5% |
| Crecimiento BPA (anual) | | -2.5% | +80.0% | +89.1% | +79.7% | +3.2% | -33.3% | +35.0% | +23.1% | -15.0% |
| Cambio en Acciones (anual) | | +57.5% | +63.6% | +2147.5% | +707.8% | +73.8% | +10.0% | +13.9% | +10.9% | +10.8% |
| Crecimiento FCF (anual) | | +10.6% | +23.6% | +4.9% | +11.3% | -225.5% | -32.0% | -12.4% | +37.2% | -25.5% |
| Margen Bruto | | | | | -14676.7% | | 100.0% | 88.3% | 51.5% | 45.9% |
| Margen Operativo | | | | | -49500.0% | | -3580.0% | -1085.7% | -1350.4% | -1425.7% |
| Margen EBITDA | | | | | -32983.7% | | -3469.6% | -1033.4% | -1284.5% | -1365.7% |
| Margen Neto | | | | | -50748.8% | | -3488.9% | -1045.0% | -1333.0% | -1537.4% |
| Margen FCF | | | | | -34919.9% | | -2593.9% | -1201.6% | -1122.7% | -1295.0% |
| Tasa Impositiva Efectiva | -0.0% | 0.7% | 182.4% | -0.0% | -0.0% | 0.1% | -0.0% | -0.0% | -0.0% | -0.0% |
Datos por Acción (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| FCF por Acción | $-108.65 | $-61.66 | $-28.78 | $-1.22 | $-0.13 | $-0.25 | $-0.30 | $-0.30 | $-0.17 | $-0.19 |
| Dividendo por Acción | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 |
| Acciones en Circulación (Básicas) | $237620 | $377830 | $618182 | $13.9M | $112.2M | $195.0M | $214.6M | $244.3M | $271.0M | $300.2M |
Qué mirar en Biotech
La mayoría de biotechs pequeñas pierden dinero. Analizarlas con P/E no tiene sentido — mira caja y pipeline.
- Cash Runway — Meses de caja al ritmo de gasto actual. <18 meses = riesgo de dilución urgente
- Cash burn anual — Ritmo al que queman caja operativa. Comparar con posición de caja para proyectar runway
- Total Debt — Biotech sin ingresos + deuda = receta para bancarrota
- I+D / Capitalización — Cuánto invierten en pipeline vs lo que vale la empresa — indicador de intensidad investigadora
- Market cap / Cash — Si cotiza cerca de su caja, el mercado le da ~0 valor al pipeline — puede ser oportunidad o trampa
Rentabilidad
| Rentabilidad sobre capital | 1688.22% |
| Rentabilidad sobre capital invertido | -92.68% |
| Rentabilidad sobre activos | -65.87% |
| Margen bruto | 100.00% |
| Margen operativo | -1504.43% |
| Margen neto | -1786.27% |
Salud financiera
| Deuda / Patrimonio | -5.31 |
| Ratio corriente | 0.80 |
| Piotroski F-Score | 2 |
| Altman Z-Score | -13.40 |
Ratios Clave (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| P/E | -1.47 | -1.76 | -0.38 | -0.34 | -5.90 | -15.17 | -3.25 | -2.21 | -4.03 | -5.87 |
| P/VC | 1.75 | -4.12 | -7.13 | 0.66 | 9.53 | 9.26 | 3.77 | 3.46 | 7.36 | -33.31 |
| P/V | 0.00 | 0.00 | 0.00 | 0.00 | 4776.56 | 0.00 | 112.13 | 23.28 | 53.80 | 91.83 |
| Margen Bruto | 0.0% | 0.0% | 0.0% | 0.0% | -14676.7% | 0.0% | 100.0% | 88.3% | 51.5% | 45.9% |
| Margen Operativo | 0.0% | 0.0% | 0.0% | 0.0% | -49500.0% | 0.0% | -3580.0% | -1085.7% | -1350.4% | -1425.7% |
| Margen Neto | 0.0% | 0.0% | 0.0% | 0.0% | -50748.8% | 0.0% | -3488.9% | -1045.0% | -1333.0% | -1537.4% |