Ocugen Inc Financials
This page shows Ocugen Inc (OCGN) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 12 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).
Ocugen’s business still operates as a cash-funded development platform, with tiny revenue far from covering the annual burn.
From FY2024 to FY2025, cash burn outpaced new financing: operating cash outflow was$57.0M while financing brought in only$17.3M . That mismatch pulled cash down from$58.8M to$18.9M and helps explain why equity flipped negative to-$12.2M even though long-term debt stayed near$27.5M .
FY2025 revenue was only
The balance sheet still shows a current ratio of 1.1x, but that is much tighter than 2.9x in FY2024 because cash reserves were heavily consumed. Over FY2023 to FY2025, shares outstanding rose from 256.6M to 312.4M while free cash flow remained negative, indicating operations have depended on outside capital rather than internally generated cash.
Financial Health Signals
Based on FY2025 annual data, averaged across the last 3 years for performance metrics (most-recent year weighted highest). How this score is calculated →
Health score ≠ stock price. This rates the quality of Ocugen Inc's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.
Ocugen Inc has an operating margin of -1425.7%, meaning the company retains $-1426 of operating profit per $100 of revenue. This below-average margin results in a low score of 0/100, suggesting thin profitability after operating expenses. This is down from -1350.4% the prior year.
Ocugen Inc's revenue grew 8.8% year-over-year to $4.4M, a solid pace of expansion. This earns a growth score of 9/100.
Ocugen Inc carries a low D/E ratio of -2.26, meaning only $-2.26 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 83/100, indicating a strong balance sheet with room for future borrowing.
Ocugen Inc's current ratio of 1.06 is below the typical benchmark, resulting in a score of 16/100. However, the company holds substantial cash reserves (82% of current liabilities), which buffers actual liquidity risk. Large mature operators often run tight current ratios by design.
While Ocugen Inc generated -$57.0M in operating cash flow, capex of $185K consumed most of it, leaving -$57.1M in free cash flow. This results in a low score of 0/100, reflecting heavy capital investment rather than weak cash generation.
Ocugen Inc passes 2 of 9 financial strength tests. 1 of 4 profitability signals pass, no leverage/liquidity signals pass (rising debt, declining liquidity, or share dilution), both operating efficiency signals pass.
For every $1 of reported earnings, Ocugen Inc generates $0.84 in operating cash flow (-$57.0M OCF vs -$68.0M net income). This low ratio suggests earnings are primarily driven by accounting accruals rather than cash generation, which may not be sustainable.
Ocugen Inc earns $-12.1 in operating income for every $1 of interest expense (-$62.9M vs $5.2M). This narrow margin raises concern about the company's ability to service its debt if operating income declines.
Key Financial Metrics
Earnings & Revenue
Ocugen Inc generated $4.4M in revenue in fiscal year 2025. This represents an increase of 8.8% from the prior year.
Ocugen Inc's EBITDA was -$60.5M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents a decrease of 14.5% from the prior year.
Ocugen Inc reported -$68.0M in net income in fiscal year 2025. This represents a decrease of 25.9% from the prior year.
Cash & Balance Sheet
Ocugen Inc generated -$57.1M in free cash flow in fiscal year 2025, representing cash available after capex. This represents a decrease of 25.5% from the prior year.
Ocugen Inc held $18.9M in cash against $27.5M in long-term debt as of fiscal year 2025.
Ocugen Inc had 312M shares outstanding in fiscal year 2025. This represents an increase of 7.2% from the prior year.
Margins & Returns
Ocugen Inc's operating margin was -1425.7% in fiscal year 2025, reflecting core business profitability. This is down 75.3 percentage points from the prior year.
Ocugen Inc's net profit margin was -1540.9% in fiscal year 2025, showing the share of revenue converted to profit. This is down 209.2 percentage points from the prior year.
Capital Allocation
Ocugen Inc invested $39.8M in research and development in fiscal year 2025. This represents an increase of 23.7% from the prior year.
Ocugen Inc invested $185K in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents a decrease of 94.5% from the prior year.
OCGN Income Statement
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $1.5M | N/A | $1.8M+27.6% | $1.4M-7.3% | $1.5M+93.8% | $764K-32.7% | $1.1M-0.4% | $1.1M |
| Cost of Revenue | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Gross Profit | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| R&D Expenses | $11.3M | N/A | $11.1M+32.7% | $8.4M-11.8% | $9.5M+14.9% | $8.3M+2.2% | $8.1M-8.9% | $8.9M |
| SG&A Expenses | $8.1M | N/A | $8.2M+21.6% | $6.8M+4.9% | $6.5M+2.2% | $6.3M+0.5% | $6.3M-18.3% | $7.7M |
| Operating Income | -$17.8M | N/A | -$17.6M-27.8% | -$13.8M+4.9% | -$14.5M-4.8% | -$13.8M-4.4% | -$13.3M+14.2% | -$15.4M |
| Interest Expense | $1.3M | N/A | $1.3M+8.3% | $1.2M0.0% | $1.2M | N/A | $29K | N/A |
| Income Tax | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Net Income | -$19.2M | N/A | -$20.1M-36.0% | -$14.7M+4.0% | -$15.3M-11.0% | -$13.8M-6.6% | -$13.0M+15.1% | -$15.3M |
| EPS (Diluted) | $-0.06 | N/A | N/A | N/A | $-0.05 | N/A | N/A | $-0.04 |
OCGN Balance Sheet
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $56.9M+30.8% | $43.5M-24.4% | $57.6M+7.5% | $53.6M-16.9% | $64.5M-21.8% | $82.4M+33.1% | $61.9M+52.8% | $40.5M |
| Current Assets | $38.6M+58.4% | $24.3M-35.3% | $37.6M+14.5% | $32.9M-25.2% | $44.0M-28.7% | $61.7M+51.7% | $40.7M+118.5% | $18.6M |
| Cash & Equivalents | $31.9M+68.9% | $18.9M-42.6% | $32.9M+20.3% | $27.3M-27.7% | $37.8M-35.7% | $58.8M+50.8% | $39.0M+148.5% | $15.7M |
| Inventory | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Accounts Receivable | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Goodwill | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Total Liabilities | $51.1M-8.2% | $55.7M+3.0% | $54.1M+7.0% | $50.5M+4.1% | $48.5M-8.1% | $52.8M+147.9% | $21.3M-9.8% | $23.6M |
| Current Liabilities | $20.7M-10.1% | $23.0M+13.2% | $20.4M+13.2% | $18.0M+6.5% | $16.9M-21.8% | $21.6M+37.0% | $15.8M-12.3% | $18.0M |
| Long-Term Debt | $24.2M-12.2% | $27.5M-3.0% | $28.4M+1.3% | $28.0M+1.3% | $27.7M+1.2% | $27.3M+1640.6% | $1.6M+1.2% | $1.6M |
| Total Equity | $5.8M+147.7% | -$12.2M-444.4% | $3.5M+15.8% | $3.1M-80.8% | $15.9M-46.3% | $29.6M-27.1% | $40.6M+140.0% | $16.9M |
| Retained Earnings | -$427.2M-4.7% | -$408.1M-4.5% | -$390.4M-5.4% | -$370.3M-4.1% | -$355.6M-4.5% | -$340.2M-4.3% | -$326.3M-4.1% | -$313.4M |
OCGN Cash Flow Statement
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$21.8M | N/A | -$12.9M-20.4% | -$10.7M+44.6% | -$19.4M-86.8% | -$10.4M+8.1% | -$11.3M-13.7% | -$9.9M |
| Capital Expenditures | $6K | N/A | $91K+111.6% | $43K+168.8% | $16K+23.1% | $13K-97.4% | $507K-1.2% | $513K |
| Free Cash Flow | -$21.8M | N/A | -$13.0M-20.7% | -$10.8M+44.4% | -$19.4M-86.7% | -$10.4M+11.9% | -$11.8M-13.0% | -$10.4M |
| Investing Cash Flow | -$6K | N/A | -$86K+2.3% | -$88K+13.7% | -$102K-684.6% | -$13K+97.4% | -$507K+1.2% | -$513K |
| Financing Cash Flow | $35.0M | N/A | $18.5M+30244.3% | $61K+104.9% | -$1.2M-104.1% | $30.2M-13.3% | $34.8M+77202.2% | $45K |
| Dividends Paid | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Share Buybacks | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
OCGN Financial Ratios
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Operating Margin | -1163.7% | N/A | -1006.0%-1.3pp | -1004.7%-25.6pp | -979.1%+832.4pp | -1811.5%-645.0pp | -1166.5%+187.4pp | -1354.0% |
| Net Margin | -1250.9% | N/A | -1144.5%-71.0pp | -1073.5%-37.0pp | -1036.5%+773.2pp | -1809.7%-668.0pp | -1141.7%+197.5pp | -1339.2% |
| Return on Equity | -330.4% | N/A | -567.5%-84.6pp | -482.9%-386.5pp | -96.5%-49.8pp | -46.7%-14.7pp | -31.9%+58.3pp | -90.3% |
| Return on Assets | -33.7% | N/A | -34.8%-7.3pp | -27.5%-3.7pp | -23.8%-7.0pp | -16.8%+4.2pp | -20.9%+16.8pp | -37.7% |
| Current Ratio | 1.86+0.8 | 1.06-0.8 | 1.85+0.0 | 1.83-0.8 | 2.60-0.3 | 2.86+0.3 | 2.58+1.5 | 1.04 |
| Debt-to-Equity | 4.17+6.4 | -2.26-10.3 | 8.04-1.1 | 9.18+7.4 | 1.74+0.8 | 0.92+0.9 | 0.04-0.1 | 0.09 |
| FCF Margin | -1422.0% | N/A | -742.4%+42.2pp | -784.6%+523.5pp | -1308.1%+50.2pp | -1358.3%-321.4pp | -1036.9%-123.3pp | -913.6% |
Note: Shareholder equity is negative (-$12.2M), which causes debt-to-equity and return on equity ratios to appear negative or not meaningful. This can occur from accumulated losses or large share buyback programs.
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Frequently Asked Questions
What is Ocugen Inc's annual revenue?
Ocugen Inc (OCGN) reported $4.4M in total revenue for fiscal year 2025. This represents a 8.8% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.
How fast is Ocugen Inc's revenue growing?
Ocugen Inc (OCGN) revenue grew by 8.8% year-over-year, from $4.1M to $4.4M in fiscal year 2025.
Is Ocugen Inc profitable?
No, Ocugen Inc (OCGN) reported a net income of -$68.0M in fiscal year 2025, with a net profit margin of -1540.9%.
What is Ocugen Inc's EBITDA?
Ocugen Inc (OCGN) had EBITDA of -$60.5M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
How much debt does Ocugen Inc have?
As of fiscal year 2025, Ocugen Inc (OCGN) had $18.9M in cash and equivalents against $27.5M in long-term debt.
What is Ocugen Inc's operating margin?
Ocugen Inc (OCGN) had an operating margin of -1425.7% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.
What is Ocugen Inc's net profit margin?
Ocugen Inc (OCGN) had a net profit margin of -1540.9% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.
What is Ocugen Inc's free cash flow?
Ocugen Inc (OCGN) generated -$57.1M in free cash flow during fiscal year 2025. This represents a -25.5% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.
What is Ocugen Inc's operating cash flow?
Ocugen Inc (OCGN) generated -$57.0M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.
What are Ocugen Inc's total assets?
Ocugen Inc (OCGN) had $43.5M in total assets as of fiscal year 2025, including both current and long-term assets.
What are Ocugen Inc's capital expenditures?
Ocugen Inc (OCGN) invested $185K in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
How much does Ocugen Inc spend on research and development?
Ocugen Inc (OCGN) invested $39.8M in research and development during fiscal year 2025.
What is Ocugen Inc's current ratio?
Ocugen Inc (OCGN) had a current ratio of 1.06 as of fiscal year 2025, which is considered adequate.
What is Ocugen Inc's debt-to-equity ratio?
Ocugen Inc (OCGN) had a debt-to-equity ratio of -2.26 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is Ocugen Inc's return on assets (ROA)?
Ocugen Inc (OCGN) had a return on assets of -156.3% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
What is Ocugen Inc's cash runway?
Based on fiscal year 2025 data, Ocugen Inc (OCGN) had $18.9M in cash against an annual operating cash burn of $57.0M. This gives an estimated cash runway of approximately 4 months at the current burn rate. Cash runway measures how long a company can continue operating before running out of cash, assuming no additional funding.
Why is Ocugen Inc's debt-to-equity ratio negative or unusual?
Ocugen Inc (OCGN) has negative shareholder equity of -$12.2M as of fiscal year 2025, which causes the debt-to-equity ratio to appear negative or not meaningful. This can occur when accumulated losses exceed invested capital, or after large share buyback programs. Other solvency metrics like the current ratio or interest coverage may be more informative.
What is Ocugen Inc's Piotroski F-Score?
Ocugen Inc (OCGN) has a Piotroski F-Score of 2 out of 9, indicating weak financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are Ocugen Inc's earnings high quality?
Ocugen Inc (OCGN) has an earnings quality ratio of 0.84x, considered low quality (accrual-driven). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.
Can Ocugen Inc cover its interest payments?
Ocugen Inc (OCGN) has an interest coverage ratio of -12.1x, meaning it can struggle to cover its interest obligations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.
How financially healthy is Ocugen Inc?
Ocugen Inc (OCGN) scores 18 out of 100 on our Financial Profile, indicating weak overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.