OCGN

MKT CAP:$537M

Ocugen, Inc.

Market Cap

$537M

Healthcare·Biotechnology·🇺🇸 United States·NASDAQ

Healthcare·Biotechnology·🇺🇸·NASDAQ

Stock Price

$1.85+$0.47 (+34.06%)

Apr 20, 2026

Company Details

Ocugen, Inc., a clinical-stage biopharmaceutical company, focuses on the developing gene therapies to cure blindness diseases. The company's pipeline product includes OCU400, a novel gene therapy product candidate restoring retinal integrit...

CEO

Shankar Musunuri

IPO Date

Dec 3, 2014

Website

www.ocugen.com

Key Metrics TTM

Revenue

$4M

+8.8% YoY

Net Income

-$68M

EPS (Diluted)

-$0.23

Free Cash Flow

-$57M

Revenue / Share

$0.01

Gross Margin

100.0%

Operating Margin

-1425.7%

Net Margin

-1537.4%

FCF Margin

-1295.0%

P/S

121.6x

P/E

—

Earnings Reports

Q1 2026

May 8, 2026

PENDING

FY 2025

Mar 4, 2026

$4M+8.8%EPS -$0.23

Q4 2025

Mar 4, 2026

-$193.0K-125.3%EPS -$0.06

Q3 2025

Nov 5, 2025

$2M+54.2%EPS -$0.07

Q2 2025

Aug 4, 2025

$1M+20.3%EPS -$0.05

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q3 21	$0	$0	-$11M
Q4 21	$0	$0	-$15M
Q1 22	$0	$0	-$18M
Q2 22	$0	$0	-$20M
Q3 22	$0	$0	-$23M
Q4 22	$0	$0	-$24M
Q1 23	$443.0K	-$10M	-$18M
Q2 23	$485.0K	-$14M	-$24M
Q1 24	$1M	$1M	-$12M
Q2 24	$1M	$1M	-$15M
Q3 24	$1M	$1M	-$13M
Q4 24	$764.0K	$764.0K	-$14M
Q1 25	$1M	$1M	-$15M
Q2 25	$1M	$1M	-$14M
Q3 25	$2M	$2M	-$18M
Q4 25	-$193.0K	-$193.0K	-$17M

Valuation

Quarter	P/S	P/E
Q3 21	—	—
Q4 21	—	—
Q1 22	—	—
Q2 22	—	—
Q3 22	—	—
Q4 22	—	—
Q1 23	1211.1x	—
Q2 23	578.2x	—
Q1 24	276.3x	—
Q2 24	174.0x	—
Q3 24	142.1x	—
Q4 24	132.3x	—
Q1 25	118.7x	—
Q2 25	112.9x	—
Q3 25	99.9x	—
Q4 25	121.6x	—

Operating Cash Flow

Quarter	Operating CF	Free CF
Q3 21	-$8M	-$8M
Q4 21	-$13M	-$13M
Q1 22	-$15M	-$15M
Q2 22	-$14M	-$15M
Q3 22	-$14M	-$15M
Q4 22	-$17M	-$19M
Q1 23	-$18M	-$20M
Q2 23	-$19M	-$22M
Q1 24	-$11M	-$13M
Q2 24	-$10M	-$10M
Q3 24	-$11M	-$12M
Q4 24	-$10M	-$10M
Q1 25	-$19M	-$19M
Q2 25	-$11M	-$11M
Q3 25	-$13M	-$13M
Q4 25	-$14M	-$14M

Capital Expenditures

Quarter	CapEx
Q3 21	$223.0K
Q4 21	$192.0K
Q1 22	$223.0K
Q2 22	$1M
Q3 22	$844.0K
Q4 22	$2M
Q1 23	$2M
Q2 23	$3M
Q1 24	$2M
Q2 24	$513.0K
Q3 24	$507.0K
Q4 24	$13.0K
Q1 25	$16.0K
Q2 25	$43.0K
Q3 25	$91.0K
Q4 25	$35.0K

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q3 21	—	+6.0%
Q4 21	—	+282.7%
Q1 22	—	+155.5%
Q2 22	—	-23.6%
Q3 22	—	+114.3%
Q4 22	—	+65.7%
Q1 23	—	+2.5%
Q2 23	—	+22.8%
Q1 24	—	-42.8%
Q2 24	—	-31.3%
Q3 24	+156.4%	-22.1%
Q4 24	+57.5%	-39.2%
Q1 25	+46.1%	+20.8%
Q2 25	+20.3%	-8.6%
Q3 25	+54.2%	+34.7%
Q4 25	-125.3%	+15.1%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q3 21	$1M	—
Q4 21	$0	—
Q1 22	$3M	—
Q2 22	$2M	—
Q3 22	$2M	—
Q4 22	$3M	—
Q1 23	$3M	607.0%
Q2 23	$3M	542.7%
Q1 24	$2M	173.7%
Q2 24	$2M	166.3%
Q3 24	$2M	166.5%
Q4 24	$2M	245.5%
Q1 25	$2M	127.3%
Q2 25	$2M	134.4%
Q3 25	$2M	112.7%
Q4 25	$2M	—

OpEx Breakdown

Quarter	R&D	G&A
Q3 21	$6M	$5M
Q4 21	$7M	$7M
Q1 22	$8M	$10M
Q2 22	$9M	$11M
Q3 22	$16M	$7M
Q4 22	$17M	$7M
Q1 23	$10M	$8M
Q2 23	$15M	$9M
Q1 24	$7M	$6M
Q2 24	$9M	$8M
Q3 24	$8M	$6M
Q4 24	$8M	$6M
Q1 25	$10M	$6M
Q2 25	$8M	$7M
Q3 25	$11M	$8M
Q4 25	$11M	$6M

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 22	$130M	$0	$130M
Q2 22	$115M	$0	$115M
Q3 22	$102M	$0	$102M
Q4 22	$78M	$13M	$91M
Q1 23	$68M	$8M	$77M
Q2 23	$71M	$0	$71M
Q3 23	$53M	$0	$53M
Q4 23	$39M	$0	$39M
Q1 24	$26M	$0	$26M
Q2 24	$16M	$0	$16M
Q3 24	$39M	$0	$39M
Q4 24	$59M	$0	$59M
Q1 25	$38M	$0	$38M
Q2 25	$27M	$0	$27M
Q3 25	$33M	$0	$33M
Q4 25	$19M	$0	$19M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q3 21	199M	+1.6%	+40.4%
Q4 21	199M	+0.2%	+40.7%
Q1 22	206M	+3.3%	+10.4%
Q2 22	216M	+4.9%	+10.4%
Q3 22	217M	+0.3%	+9.0%
Q4 22	220M	+1.6%	+10.5%
Q1 23	226M	+2.5%	+9.6%
Q2 23	238M	+5.7%	+10.4%
Q1 24	257M	+7.9%	+18.8%
Q2 24	257M	+0.0%	+16.9%
Q3 24	278M	+8.1%	+23.3%
Q4 24	291M	+4.6%	+22.1%
Q1 25	292M	+0.4%	+13.5%
Q2 25	292M	+0.0%	+13.5%
Q3 25	304M	+4.1%	+9.3%
Q4 25	312M	+2.7%	+7.4%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q3 21	$0	15
Q4 21	$0	56
Q1 22	$0	56
Q2 22	$0	56
Q3 22	$0	56
Q4 22	$0	84
Q1 23	$5.3K	84
Q2 23	$5.8K	84
Q1 24	$15.6K	65
Q2 24	$17.6K	65
Q3 24	$17.5K	65
Q4 24	$8.0K	95
Q1 25	$15.6K	95
Q2 25	$14.5K	95
Q3 25	$18.4K	95
Q4 25	-$1.7K	116

Revenue / Employee