Detailed financial statements for Ocugen, Inc. (OCGN): income statement, balance sheet and cash-flow summary. Track margins, debt, liquidity and profitability trends year over year with up to 20 years of history.
Ocugen, Inc. is a biopharmaceutical company in the clinical development phase, primarily dedicated to pioneering gene therapies aimed at treating various ophthalmic conditions leading to blindness. The company's developmental pipeline features several key candidates: OCU400: An innovative gene therapy designed to reinstate both the function and structural integrity of the retina across a broad spectrum of genetically diverse inherited retinal diseases, such as retinitis pigme...
Analysis Summary
Ocugen, Inc. reported revenue of $4.4M in the most recent fiscal year, growing at a 5-year CAGR of 152.5%.
Trailing-twelve-month margins: gross margin 100.0%, operating margin -15.0%, net margin -17.9%.
At the current price of $1.00, OCGN has negative trailing earnings (P/E not meaningful) and an ROE of 16.88%. Market capitalisation stands at $339M.
Balance sheet quality for OCGN: current ratio of 1.1, net debt of $14.6M. A debt-to-equity below 1.0 typically signals conservative capital structure, while a current ratio above 1.5 indicates comfortable short-term liquidity.
Income Statement (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | 0 | 0 | 0 | 0 | $43000 | 0 | $2.5M | $6.0M | $4.1M | $4.4M |
| Cost of Revenue | $1.7M | $1.5M | $49623 | $8.1M | $6.4M | 0 | 0 | $704000 | $2.0M | $2.4M |
| Gross Profit | -$1.7M | -$1.5M | -$49623 | -$8.1M | -$6.3M | 0 | $2.5M | $5.3M | $2.1M | $2.0M |
| Research & Development | $21.6M | $15.6M | $15.6M | $8.1M | $13.4M | $35.1M | $56.2M | $39.6M | $32.1M | $39.8M |
| Selling, General & Admin | $8.5M | $9.4M | $10.2M | $6.1M | $8.0M | $22.9M | $35.4M | $32.0M | $26.7M | $27.6M |
| Operating Expenses | $30.1M | $24.9M | $25.8M | $6.1M | $15.0M | $58.0M | $91.6M | $70.9M | $56.8M | $64.9M |
| Operating Income | -$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 |
| Interest Expense | -$60000 | $134000 | $163000 | $1.8M | $720963 | $79000 | 0 | 0 | 0 | $5.2M |
| Pre-tax Income | -$16.2M | -$26.4M | -$8.6M | -$20.2M | -$21.8M | -$58.4M | -$86.8M | -$63.1M | -$54.1M | -$67.8M |
| Income Tax | 0 | -$186000 | -$15.8M | 0 | 0 | -$52000 | 0 | 0 | 0 | 0 |
| Net Income | -$16.2M | -$26.4M | -$8.6M | -$20.2M | -$21.8M | -$58.4M | -$86.8M | -$63.1M | -$54.1M | -$67.8M |
| EPS | $-68.21 | $-69.91 | $-13.98 | $-1.53 | $-0.31 | $-0.30 | $-0.40 | $-0.26 | $-0.20 | $-0.23 |
| EPS (Diluted) | $-67.58 | $-69.91 | $-13.98 | $-1.53 | $-0.31 | $-0.30 | $-0.40 | $-0.26 | $-0.20 | $-0.23 |
| Shares Outstanding (Diluted) | $239824 | $377837 | $618182 | $13.9M | $112.2M | $195.0M | $214.6M | $244.3M | $271.0M | $300.2M |
Income Statement (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Revenue | $1.8M | -$193000 | $1.5M | $1.5M |
| Gross Profit | $1.8M | -$193000 | $1.5M | $1.5M |
| Operating Income | -$17.6M | -$17.0M | -$17.8M | -$16.4M |
| EBITDA | -$17.8M | -$15.3M | -$17.3M | -$19.8M |
| Net Income | -$20.1M | -$17.7M | -$19.2M | -$24.9M |
| EPS | $-0.07 | $-0.06 | $-0.06 | $-0.07 |
| EPS (Diluted) | $-0.07 | $-0.06 | $-0.06 | $-0.07 |
Balance Sheet (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $31.9M | $7.1M | $15.5M | $7.4M | $24.0M | $95.0M | $77.6M | $39.5M | $58.5M | $18.6M |
| Short-term Investments | 0 | $900000 | 0 | 0 | 0 | 0 | $13.4M | 0 | 0 | 0 |
| Receivables | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Current Assets | $32.1M | $8.2M | $16.4M | $15.8M | $25.9M | $102.6M | $98.5M | $43.0M | $61.7M | $24.3M |
| Property, Plant & Equipment | $3.9M | $2.7M | $141000 | $222464 | $633000 | $1.2M | $6.1M | $17.3M | $16.6M | $14.4M |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Assets | $36.1M | $11.0M | $17.4M | $16.8M | $27.4M | $105.8M | $108.6M | $64.5M | $82.4M | $43.5M |
| Accounts Payable | $1.9M | $776000 | $1.6M | $1.9M | $395000 | $2.3M | $8.1M | $3.2M | $4.2M | $6.2M |
| Short-term Debt | $583000 | $178000 | 0 | 0 | $234000 | 0 | 0 | 0 | $1.3M | $1.2M |
| Total Current Liabilities | $5.2M | $3.8M | $2.9M | $4.5M | $3.6M | $7.0M | $28.5M | $17.1M | $21.6M | $23.0M |
| Long-term Debt | $178000 | 0 | $1.0M | $1.1M | $1.8M | $1.7M | $2.3M | $2.8M | $27.3M | $27.5M |
| Total Liabilities | $22.5M | $22.3M | $17.9M | $5.8M | $5.8M | $9.9M | $34.7M | $24.0M | $52.8M | $55.7M |
| Retained Earnings | -$181.8M | -$208.2M | -$216.8M | -$51.5M | -$73.3M | -$131.7M | -$223.1M | -$286.2M | -$340.2M | -$408.1M |
| Total Equity | $13.6M | -$11.3M | -$458000 | $11.0M | $21.6M | $95.8M | $74.0M | $40.6M | $29.6M | -$12.2M |
| Total Debt | $761000 | $178000 | $238000 | $1.4M | $2.5M | $3.3M | $6.4M | $6.9M | $32.5M | $33.1M |
| Net Debt | -$31.1M | -$7.8M | -$15.3M | -$6.0M | -$21.5M | -$91.7M | -$84.6M | -$32.5M | -$26.0M | $14.6M |
| Working Capital | $26.9M | $4.4M | $13.5M | $11.2M | $22.3M | $95.6M | $70.0M | $25.9M | $40.1M | $1.3M |
Balance Sheet (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Cash & Equivalents | $32.6M | $18.6M | $31.9M | $100.1M |
| Total Assets | $57.6M | $44.3M | $56.9M | $124.2M |
| Total Liabilities | $54.1M | $56.5M | $51.1M | $140.8M |
| Total Equity | $3.5M | -$12.2M | $5.8M | -$16.6M |
| Total Debt | $33.0M | $33.1M | $33.3M | $88.0M |
Cash Flow (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net Income | -$16.2M | -$26.4M | -$8.6M | -$20.2M | -$21.8M | -$58.4M | -$86.8M | -$63.1M | -$54.1M | -$67.8M |
| Depreciation & Amortization | $1.7M | $1.5M | $450000 | $60608 | $102110 | $229000 | $480000 | $704000 | $2.0M | $2.4M |
| Stock-based Compensation | $1.5M | $1.6M | $1.6M | $884089 | $660000 | $7.0M | $10.5M | $9.2M | $7.4M | $7.7M |
| Change in Working Capital | $2.0M | -$706000 | -$2.8M | -$3.1M | -$1.2M | $2.5M | $9.2M | -$13.2M | $3.7M | -$523000 |
| Operating Cash Flow | -$25.7M | -$23.0M | -$15.8M | -$16.9M | -$14.7M | -$47.9M | -$60.1M | -$62.1M | -$42.1M | -$57.0M |
| Capital Expenditure | -$320000 | -$276000 | -$2.0M | -$29446 | -$306825 | -$939000 | -$4.5M | -$10.5M | -$3.4M | -$185000 |
| Acquisitions | 0 | 0 | 0 | -$2.3M | 0 | 0 | 0 | 0 | 0 | 0 |
| Stock Repurchased | 0 | 0 | 0 | -$48000 | 0 | 0 | 0 | 0 | 0 | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Free Cash Flow | -$26.1M | -$23.3M | -$17.8M | -$16.9M | -$15.0M | -$48.9M | -$64.5M | -$72.5M | -$45.5M | -$57.1M |
Cash Flow (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Operating Cash Flow | -$12.9M | -$14.0M | -$21.8M | -$12.6M |
| Capital Expenditure | -$91000 | -$35000 | -$6000 | -$21000 |
| Free Cash Flow | -$13.0M | -$14.0M | -$21.8M | -$12.6M |
| Dividends Paid | 0 | 0 | 0 | 0 |
| Stock-based Compensation | $2.0M | $2.0M | $3.4M | $1.8M |
Growth & Margins (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue Growth (YoY) | -100.0% | +142.6% | -32.8% | +8.8% | ||||||
| Net Income Growth (YoY) | -63.0% | +67.3% | -134.2% | -7.8% | -167.5% | -48.7% | +27.3% | +14.3% | -25.5% | |
| EPS Growth (YoY) | -2.5% | +80.0% | +89.1% | +79.7% | +3.2% | -33.3% | +35.0% | +23.1% | -15.0% | |
| Shares Change (YoY) | +57.5% | +63.6% | +2147.5% | +707.8% | +73.8% | +10.0% | +13.9% | +10.9% | +10.8% | |
| FCF Growth (YoY) | +10.6% | +23.6% | +4.9% | +11.3% | -225.5% | -32.0% | -12.4% | +37.2% | -25.5% | |
| Gross Margin | -14676.7% | 100.0% | 88.3% | 51.5% | 45.9% | |||||
| Operating Margin | -49500.0% | -3580.0% | -1085.7% | -1350.4% | -1425.7% | |||||
| EBITDA Margin | -32983.7% | -3469.6% | -1033.4% | -1284.5% | -1365.7% | |||||
| Net Margin | -50748.8% | -3488.9% | -1045.0% | -1333.0% | -1537.4% | |||||
| FCF Margin | -34919.9% | -2593.9% | -1201.6% | -1122.7% | -1295.0% | |||||
| Effective Tax Rate | -0.0% | 0.7% | 182.4% | -0.0% | -0.0% | 0.1% | -0.0% | -0.0% | -0.0% | -0.0% |
Per-Share Data (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| FCF Per Share | $-108.65 | $-61.66 | $-28.78 | $-1.22 | $-0.13 | $-0.25 | $-0.30 | $-0.30 | $-0.17 | $-0.19 |
| Dividends Per Share | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 |
| Shares Outstanding (Basic) | $237620 | $377830 | $618182 | $13.9M | $112.2M | $195.0M | $214.6M | $244.3M | $271.0M | $300.2M |
What to look at in Biotech
Most small biotechs lose money. Analysing them with P/E makes no sense — look at cash and pipeline.
- Cash Runway — Months of cash at current burn rate. <18 months = urgent dilution risk
- Annual cash burn — Rate at which they burn operating cash. Compare with cash position to project runway
- Total Debt — Biotech with no revenue + debt = recipe for bankruptcy
- R&D / Market cap — How much they invest in pipeline vs the company value — research-intensity indicator
- Market cap / Cash — If it trades near its cash, the market assigns ~0 value to the pipeline — opportunity or trap
Profitability
| Return on Equity | 1688.22% |
| Return on Invested Capital | -92.68% |
| Return on Assets | -65.87% |
| Gross Margin | 100.00% |
| Operating Margin | -1504.43% |
| Net Margin | -1786.27% |
Financial Health
| Debt / Equity | -5.31 |
| Current Ratio | 0.80 |
| Piotroski F-Score | 2 |
| Altman Z-Score | -13.40 |
Key Ratios (10y)
| Year | 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/B | 1.75 | -4.12 | -7.13 | 0.66 | 9.53 | 9.26 | 3.77 | 3.46 | 7.36 | -33.31 |
| P/S | 0.00 | 0.00 | 0.00 | 0.00 | 4776.56 | 0.00 | 112.13 | 23.28 | 53.80 | 91.83 |
| Gross Margin | 0.0% | 0.0% | 0.0% | 0.0% | -14676.7% | 0.0% | 100.0% | 88.3% | 51.5% | 45.9% |
| Operating Margin | 0.0% | 0.0% | 0.0% | 0.0% | -49500.0% | 0.0% | -3580.0% | -1085.7% | -1350.4% | -1425.7% |
| Net Margin | 0.0% | 0.0% | 0.0% | 0.0% | -50748.8% | 0.0% | -3488.9% | -1045.0% | -1333.0% | -1537.4% |
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Explore sector: Healthcare · Biotechnology
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