Symbols / OCGN $1.99 Ocugen, Inc.

Healthcare • Biotechnology • United States • NCM
OCGN Chart
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About

Ocugen, Inc., a biopharmaceutical company, focuses on discovering, developing, and commercializing novel gene and cell therapies, biologic, and vaccines that improve patients' health. The company's pipeline product includes OCU400, a novel gene therapy product candidate restoring retinal integrity and function across a range of genetically diverse inherited retinal diseases, currently under Phase 3 trials for the treatment of retinitis pigmentosa and Phase 1/2 trials for the treatment of leber congenital amaurosis; OCU410, a gene therapy under phase 1/2 for the treatment of dry age-related macular degeneration (AMD); and OCU410ST, a gene therapy under phase 1/2 for the treatment of Stargardt disease. It is involved in the development of OCU200, a novel recombinant fusion protein for the treatment of diabetic macular edema, diabetic retinopathy, and wet age-related macular degeneration; and NeoCart, an autologous chondrocyte-derived neocartilage for the repair of knee cartilage injuries in adult. In addition, the company is developing OCU500, a COVID-19 vaccine; OCU510, a seasonal quadrivalent flu vaccine; and OCU520, a combination quadrivalent seasonal flu and COVID-19 vaccine. It has collaboration agreements with National Institute of Allergy and Infectious Diseases for early clinical studies for the OCU500 program; and a strategic partnership with CanSino Biologics Inc. for manufacturing its modifier gene therapy pipeline product candidates. The company was founded in 2013 and is headquartered in Malvern, Pennsylvania.

Fundamentals
Scroll to Statements
Market Cap 652.52M Enterprise Value 667.09M Income -67.85M Sales 4.41M Book/sh -0.04 Cash/sh 0.06
Dividend Yield — Payout 0.00% Employees 116 IPO — P/E — Forward P/E 45.23
PEG — P/S 147.86 P/B -51.03 P/C — EV/EBITDA -10.90 EV/Sales 151.16
Quick Ratio 0.81 Current Ratio 1.06 Debt/Eq — LT Debt/Eq — EPS (ttm) -0.23 EPS next Y 0.04
EPS Growth — Revenue Growth — Earnings 2026-05-07 ROA -63.10% ROE -7.77% ROIC —
Gross Margin 0.00% Oper. Margin 85.59% Profit Margin 0.00% Shs Outstand 327.90M Shs Float 306.13M Short Float 20.03%
Short Ratio 5.20 Short Interest — 52W High 2.73 52W Low 0.64 Beta 2.81 Avg Volume 7.69M
Volume 313.18K Target Price $11.57 Recom Strong_buy Prev Close $0.00 Price $1.99 Change —
Valuation Models

Price estimates from analyst targets and simple models.

1. Analyst consensus
$11.57
Mean price target
2. Current target
$1.86
Latest analyst target
3. DCF / Fair value
$-1.82
Simplified: (Free Cash Flow ÷ Shares) × 18 (P/FCF multiple). Not a …
Ratings
Current target
$1.86
Low
$7.00
High
$22.00
Mean
$11.57

Latest analyst rating changes

Date Action Analyst Rating Change Price Target
2026-03-25 main Chardan Capital Buy → Buy $7
2026-03-25 main HC Wainwright & Co. Buy → Buy $10
2026-03-17 init Canaccord Genuity — → Buy $12
2026-03-11 init Oppenheimer — → Outperform $10
2026-03-05 main Chardan Capital Buy → Buy $7
2026-01-20 main Chardan Capital Buy → Buy $7
2025-09-19 main Chardan Capital Buy → Buy $7
2025-08-04 main Chardan Capital Buy → Buy $7
2025-06-24 main Chardan Capital Buy → Buy $7
2025-06-24 reit HC Wainwright & Co. Buy → Buy $7
2025-05-12 main HC Wainwright & Co. Buy → Buy $7
2025-05-12 main Chardan Capital Buy → Buy $7
2025-03-06 main Chardan Capital Buy → Buy $7
2025-03-06 reit HC Wainwright & Co. Buy → Buy $8
2025-02-13 main Chardan Capital Buy → Buy $6
2025-02-13 main HC Wainwright & Co. Buy → Buy $8
2025-01-23 main Chardan Capital Buy → Buy $6
2025-01-13 reit HC Wainwright & Co. Buy → Buy $7
2024-11-18 main Chardan Capital Buy → Buy $6
2024-11-14 reit HC Wainwright & Co. Buy → Buy $7
News
RSS: Latest OCGN news
Insider Transactions
Filed Date Insider Relationship Transaction Shares Price Value SEC
2026-04-01 ZHANG JUNGE Director — 194,134 $0.46 $154,303
2026-01-02 MUSUNURI SHANKAR PH.D Chief Executive Officer — 3,123,201 $0.00 $0
2026-01-02 RAMACHANDRAN RAMESH Officer — 207,300 $0.00 $0
2024-11-26 FERNANDES PRABHAVATHI Director — 10,000 $0.91 $9,095
2024-11-22 CASTILLO KIRSTEN M Director — 25,000 $0.91 $22,848
Financials
Statement View
Amounts in millions (2 decimals, no suffix) • EPS per share (2 decimals) • Trend = period evolution • YoY Growth = previous period %
Line Item Trend 2025-12-31 2024-12-31 2023-12-31 2022-12-31
Total Revenue
4.41
+8.83%
4.05
-32.82%
6.04
+142.60%
2.49
Operating Revenue
4.41
+8.83%
4.05
-32.82%
6.04
+142.60%
2.49
Operating Expense
67.33
+14.48%
58.81
-17.82%
71.57
-21.84%
91.56
Research And Development
39.75
+23.73%
32.13
-18.82%
39.57
-29.53%
56.16
Selling General And Administration
27.58
+3.35%
26.69
-16.59%
31.99
-9.62%
35.40
General And Administrative Expense
27.58
+3.35%
26.69
-16.59%
31.99
-9.62%
35.40
Other Gand A
27.58
+3.35%
26.69
-16.59%
31.99
-9.62%
35.40
Total Expenses
67.33
+14.48%
58.81
-17.82%
71.57
-21.84%
91.56
Operating Income
-62.92
-14.90%
-54.76
+16.44%
-65.53
+26.43%
-89.07
Total Operating Income As Reported
-62.92
-14.90%
-54.76
+16.44%
-65.53
+26.43%
-89.07
EBITDA
-60.27
-17.26%
-51.40
+20.72%
-64.83
+26.82%
-88.59
Normalized EBITDA
-60.27
-17.26%
-51.40
+20.72%
-64.83
+26.82%
-88.59
Reconciled Depreciation
2.39
+21.39%
1.97
+179.55%
0.70
+46.67%
0.48
EBIT
-62.66
-17.41%
-53.37
+18.56%
-65.53
+26.43%
-89.07
Total Unusual Items
—
—
—
—
Total Unusual Items Excluding Goodwill
—
—
—
—
Special Income Charges
—
—
—
—
Net Income
-67.85
-25.52%
-54.05
+14.31%
-63.08
+27.33%
-86.80
Pretax Income
-67.85
-25.52%
-54.05
+14.31%
-63.08
+27.33%
-86.80
Net Non Operating Interest Income Expense
-4.27
-857.73%
0.56
—
—
Interest Expense Non Operating
5.19
+654.07%
0.69
—
—
Net Interest Income
-4.27
-857.73%
0.56
—
—
Interest Expense
5.19
+654.07%
0.69
—
—
Interest Income Non Operating
0.92
-26.30%
1.25
—
—
Interest Income
0.92
-26.30%
1.25
—
—
Other Income Expense
-0.66
-574.29%
0.14
-94.29%
2.45
+8.20%
2.27
Other Non Operating Income Expenses
-0.66
-574.29%
0.14
-94.29%
2.45
+8.20%
2.27
Tax Provision
—
—
—
0.00
Tax Rate For Calcs
0.00
0.00
0.00
0.00
Tax Effect Of Unusual Items
0.00
0.00
0.00
0.00
Net Income Including Noncontrolling Interests
-67.85
-25.52%
-54.05
+14.31%
-63.08
+27.33%
-86.80
Net Income From Continuing Operation Net Minority Interest
-67.85
-25.52%
-54.05
+14.31%
-63.08
+27.33%
-86.80
Net Income From Continuing And Discontinued Operation
-67.85
-25.52%
-54.05
+14.31%
-63.08
+27.33%
-86.80
Net Income Continuous Operations
-67.85
-25.52%
-54.05
+14.31%
-63.08
+27.33%
-86.80
Normalized Income
-67.85
-25.52%
-54.05
+14.31%
-63.08
+27.33%
-86.80
Net Income Common Stockholders
-67.85
-25.52%
-54.05
+14.31%
-63.08
+27.33%
-86.80
Diluted EPS
—
-0.20
+23.08%
-0.26
+31.58%
-0.38
Basic EPS
—
-0.20
+23.08%
-0.26
+31.58%
-0.38
Basic Average Shares
—
271.00
+10.91%
244.33
+13.85%
214.60
Diluted Average Shares
—
271.00
+10.91%
244.33
+13.85%
214.60
Diluted NI Availto Com Stockholders
-67.85
-25.52%
-54.05
+14.31%
-63.08
+27.33%
-86.80
Line Item Trend 2025-12-31 2024-12-31 2023-12-31 2022-12-31
Total Assets
43.52
-47.22%
82.44
+27.72%
64.55
-40.58%
108.63
Current Assets
24.34
-60.54%
61.68
+43.54%
42.97
-56.37%
98.49
Cash Cash Equivalents And Short Term Investments
18.57
-68.26%
58.51
+48.28%
39.46
-56.60%
90.93
Cash And Cash Equivalents
18.57
-68.26%
58.51
+48.28%
39.46
-49.12%
77.56
Cash Financial
18.57
-68.26%
58.51
+48.28%
39.46
—
Other Short Term Investments
—
—
0.00
-100.00%
13.37
Prepaid Assets
—
—
—
—
Other Current Assets
5.77
+82.10%
3.17
-9.72%
3.51
-53.57%
7.56
Total Non Current Assets
19.18
-7.63%
20.76
-3.78%
21.58
+112.78%
10.14
Net PPE
14.39
-13.06%
16.55
-4.26%
17.29
+185.64%
6.05
Gross PPE
19.91
+0.97%
19.71
+6.45%
18.52
+177.49%
6.67
Accumulated Depreciation
-5.51
-74.46%
-3.16
-156.91%
-1.23
-98.07%
-0.62
Properties
0.00
0.00
0.00
0.00
Machinery Furniture Equipment
3.82
+5.27%
3.62
+91.39%
1.89
-6.33%
2.02
Construction In Progress
—
0.00
-100.00%
14.54
+376.88%
3.05
Leases
16.09
+0.00%
16.09
+671.28%
2.09
+30.13%
1.60
Other Non Current Assets
4.78
+13.74%
4.21
-1.87%
4.29
+4.87%
4.09
Total Liabilities Net Minority Interest
55.68
+5.44%
52.81
+120.20%
23.98
-30.79%
34.65
Current Liabilities
23.04
+6.74%
21.59
+26.33%
17.09
-40.10%
28.53
Payables And Accrued Expenses
8.34
+36.27%
6.12
+51.19%
4.05
-70.46%
13.70
Payables
6.20
+46.17%
4.24
+33.76%
3.17
-60.65%
8.06
Accounts Payable
6.20
+46.17%
4.24
+33.76%
3.17
-60.65%
8.06
Current Accrued Expenses
2.14
+13.91%
1.88
+114.27%
0.88
-84.47%
5.64
Pensionand Other Post Retirement Benefit Plans Current
3.30
+35.72%
2.43
+35.85%
1.79
-34.92%
2.75
Current Debt And Capital Lease Obligation
2.11
+14.25%
1.84
+221.43%
0.57
+15.26%
0.50
Current Debt
1.25
-5.73%
1.33
—
—
Other Current Borrowings
1.25
-5.73%
1.33
—
—
Current Capital Lease Obligation
0.86
+65.32%
0.52
-9.58%
0.57
+15.26%
0.50
Current Deferred Liabilities
5.91
-29.41%
8.37
-20.49%
10.53
-6.20%
11.22
Current Deferred Revenue
5.91
-29.41%
8.37
-20.49%
10.53
-6.20%
11.22
Other Current Liabilities
3.39
+19.99%
2.82
+1768.87%
0.15
-57.70%
0.36
Total Non Current Liabilities Net Minority Interest
32.64
+4.54%
31.22
+352.89%
6.89
+12.65%
6.12
Long Term Debt And Capital Lease Obligation
31.04
+1.23%
30.66
+381.51%
6.37
+8.36%
5.88
Long Term Debt
27.54
+0.72%
27.34
+876.61%
2.80
+22.32%
2.29
Long Term Capital Lease Obligation
3.49
+5.46%
3.31
-7.12%
3.57
-0.56%
3.59
Other Non Current Liabilities
1.60
+184.22%
0.56
+7.02%
0.53
+115.98%
0.24
Stockholders Equity
-12.17
-141.06%
29.63
-26.95%
40.56
-45.17%
73.98
Common Stock Equity
-12.17
-141.06%
29.63
-26.95%
40.56
-45.17%
73.98
Capital Stock
3.12
+7.20%
2.92
+13.51%
2.57
+15.78%
2.22
Common Stock
3.12
+7.20%
2.92
+13.56%
2.57
+15.79%
2.22
Preferred Stock
0.00
0.00
-100.00%
0.00
+0.00%
0.00
Share Issued
312.50
+7.21%
291.49
+13.56%
256.69
+15.77%
221.72
Ordinary Shares Number
312.38
+7.21%
291.37
+13.56%
256.57
+15.78%
221.60
Treasury Shares Number
0.12
+0.00%
0.12
+0.00%
0.12
+0.00%
0.12
Additional Paid In Capital
392.76
+7.04%
366.94
+13.19%
324.19
+9.94%
294.87
Retained Earnings
-408.07
-19.94%
-340.22
-18.89%
-286.17
-28.27%
-223.09
Gains Losses Not Affecting Retained Earnings
0.06
+27.08%
0.05
+140.00%
0.02
-23.08%
0.03
Treasury Stock
0.05
+0.00%
0.05
+0.00%
0.05
+0.00%
0.05
Other Equity Adjustments
0.06
+27.08%
0.05
+140.00%
0.02
-23.08%
0.03
Total Equity Gross Minority Interest
-12.17
-141.06%
29.63
-26.95%
40.56
-45.17%
73.98
Total Capitalization
15.38
-73.01%
56.98
+31.39%
43.36
-43.14%
76.27
Working Capital
1.30
-96.77%
40.09
+54.91%
25.88
-63.01%
69.96
Invested Capital
16.63
-71.48%
58.30
+34.45%
43.36
-43.14%
76.27
Total Debt
33.14
+1.97%
32.50
+368.28%
6.94
+8.90%
6.37
Net Debt
10.22
—
—
—
Capital Lease Obligations
4.35
+13.57%
3.83
-7.46%
4.14
+1.37%
4.08
Net Tangible Assets
-12.17
-141.06%
29.63
-26.95%
40.56
-45.17%
73.98
Tangible Book Value
-12.17
-141.06%
29.63
-26.95%
40.56
-45.17%
73.98
Preferred Stock Equity
—
—
0.00
+0.00%
0.00
Line Item Trend 2025-12-31 2024-12-31 2023-12-31 2022-12-31
Operating Cash Flow
-56.96
-35.17%
-42.14
+32.09%
-62.05
-3.29%
-60.08
Cash Flow From Continuing Operating Activities
-56.96
-35.17%
-42.14
+32.09%
-62.05
-3.29%
-60.08
Net Income From Continuing Operations
-67.85
-25.52%
-54.05
+14.31%
-63.08
+27.33%
-86.80
Depreciation Amortization Depletion
2.39
+21.39%
1.97
+179.55%
0.70
+46.67%
0.48
Depreciation And Amortization
2.39
+21.39%
1.97
+179.55%
0.70
+46.67%
0.48
Other Non Cash Items
1.31
+214.02%
-1.15
-28800.00%
0.00
-99.94%
6.61
Stock Based Compensation
7.71
+3.77%
7.43
-19.42%
9.22
-12.56%
10.54
Asset Impairment Charge
—
0.00
-100.00%
4.07
0.00
Deferred Tax
—
—
—
0.00
Deferred Income Tax
—
—
—
0.00
Operating Gains Losses
—
—
0.36
—
Gain Loss On Sale Of PPE
—
0.00
-100.00%
0.36
0.00
Change In Working Capital
-0.52
-114.27%
3.67
+127.86%
-13.16
-243.08%
9.20
Change In Prepaid Assets
-2.61
-822.16%
0.36
+221.96%
-0.30
-425.27%
0.09
Change In Payables And Accrued Expense
3.31
-19.97%
4.14
+133.52%
-12.34
-230.10%
9.49
Change In Other Current Assets
—
—
—
0.00
Change In Other Current Liabilities
-1.23
-47.30%
-0.83
-61.12%
-0.52
-34.99%
-0.38
Investing Cash Flow
-0.31
+90.81%
-3.38
-210.01%
3.08
+118.14%
-16.97
Cash Flow From Continuing Investing Activities
-0.31
+90.81%
-3.38
-210.01%
3.08
+118.14%
-16.97
Net PPE Purchase And Sale
-0.18
+94.53%
-3.38
+67.69%
-10.48
-135.05%
-4.46
Purchase Of PPE
-0.18
+94.53%
-3.38
+67.69%
-10.48
-135.05%
-4.46
Capital Expenditure
-0.18
+94.53%
-3.38
+67.69%
-10.48
-135.05%
-4.46
Net Investment Purchase And Sale
-0.13
0.00
-100.00%
13.55
+202.12%
-13.27
Purchase Of Investment
-0.13
0.00
+100.00%
-3.95
+70.26%
-13.27
Sale Of Investment
—
0.00
-100.00%
17.50
0.00
Net Other Investing Changes
—
—
—
0.76
Financing Cash Flow
17.33
-73.28%
64.86
+210.61%
20.88
-64.89%
59.48
Cash Flow From Continuing Financing Activities
17.33
-73.28%
64.86
+210.61%
20.88
-64.89%
59.48
Net Issuance Payments Of Debt
-1.00
-103.33%
30.00
+5900.00%
0.50
+0.00%
0.50
Issuance Of Debt
0.00
-100.00%
30.00
+5900.00%
0.50
+0.00%
0.50
Repayment Of Debt
-1.00
0.00
—
0.00
Long Term Debt Issuance
0.00
-100.00%
30.00
+5900.00%
0.50
+0.00%
0.50
Long Term Debt Payments
-1.00
0.00
—
0.00
Net Long Term Debt Issuance
-1.00
-103.33%
30.00
+5900.00%
0.50
+0.00%
0.50
Net Common Stock Issuance
19.85
-48.51%
38.56
+85.33%
20.80
-65.07%
59.57
Common Stock Payments
—
—
—
—
Repurchase Of Capital Stock
—
—
—
—
Net Other Financing Charges
-1.53
+58.73%
-3.70
-774.23%
-0.42
+28.55%
-0.59
Changes In Cash
-39.95
-306.65%
19.33
+150.74%
-38.10
-116.81%
-17.57
Effect Of Exchange Rate Changes
0.01
-53.57%
0.03
+660.00%
-0.01
-120.00%
0.03
Beginning Cash Position
58.82
+49.06%
39.46
-49.12%
77.56
-18.45%
95.11
End Cash Position
18.89
-67.89%
58.82
+49.06%
39.46
-49.12%
77.56
Free Cash Flow
-57.15
-25.53%
-45.53
+37.23%
-72.53
-12.39%
-64.54
Amortization Of Securities
—
0.00
+100.00%
-0.18
-83.84%
-0.10
Common Stock Issuance
—
—
20.80
-65.07%
59.57
Issuance Of Capital Stock
—
—
20.80
-65.07%
59.57
SEC Filings

Recent 10-K, 10-Q, 8-K, and Form 4 (insider) filings.

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