OCGN · Ocugen, Inc. - Financials
Annual line items from SEC XBRL filings, sourced from EDGAR's Company Facts API with fallback to the quarterly Financial Statement Data Sets. See issuer overview for Form 4 activity and 10-K signals.
Income Statement
| Line item | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $1.53M | - | $1.75M | $1.37M | $1.48M | - | $1.14M | $1.14M | $1.01M | - |
| Cost of Revenue | - | - | - | - | - | - | - | - | - | - |
| Gross Profit | - | - | - | - | - | - | - | - | - | - |
| R&D | $11.26M | - | $11.15M | $8.90M | $6.83M | - | $8.11M | $8.90M | $6.83M | - |
| SG&A | $8.12M | - | $8.23M | $6.77M | $6.45M | - | $6.28M | $7.69M | $6.40M | - |
| Total Operating Expenses | $19.37M | - | $19.38M | $15.17M | $15.98M | - | $14.39M | $16.59M | $13.23M | - |
| D&A | $600.0K | - | - | - | $600.0K | - | - | - | - | - |
| Operating Income | ($17.84M) | - | ($17.63M) | ($13.79M) | ($14.50M) | - | ($13.25M) | ($15.45M) | ($12.22M) | - |
| Interest Expense | $1.30M | - | $1.30M | $1.20M | $1.20M | - | - | - | - | - |
| Income Tax | - | - | - | - | - | - | - | - | - | - |
| Net Income | ($19.18M) | - | ($20.05M) | ($14.74M) | ($15.35M) | - | ($12.97M) | ($15.28M) | ($11.92M) | - |
| EPS - Basic | ($0.06) | - | - | - | - | - | - | ($0.04) | ($0.05) | - |
| EPS - Diluted | ($0.06) | - | - | - | - | - | - | ($0.04) | ($0.05) | - |
Balance Sheet
| Line item | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $31.90M | $18.89M | $32.88M | $27.32M | $37.80M | $58.82M | $39.00M | $15.70M | $26.38M | $39.46M |
| Accounts Receivable | - | - | - | - | - | - | - | - | - | - |
| Inventory | - | - | - | - | - | - | - | - | - | - |
| Accounts Payable | $3.24M | $6.20M | $4.57M | $4.24M | $3.22M | $4.24M | $1.49M | $3.39M | $1.73M | $3.17M |
| Current Assets | $38.55M | $24.34M | $37.64M | $32.88M | $43.96M | $61.68M | $40.67M | $18.62M | $30.00M | $42.97M |
| Total Assets | $56.91M | $43.52M | $57.60M | $53.59M | $64.46M | $82.44M | $61.94M | $40.54M | $51.79M | $64.55M |
| Current Liabilities | $20.71M | $23.04M | $20.36M | $17.99M | $16.89M | $21.59M | $15.76M | $17.97M | $16.05M | $17.09M |
| Long-term Debt | $24.19M | $27.54M | $28.40M | $28.02M | $27.67M | $27.34M | $1.57M | $1.55M | $1.53M | $2.80M |
| Total Liabilities | $51.10M | $55.68M | $54.06M | $50.54M | $48.55M | $52.81M | $21.31M | $23.61M | $21.53M | $23.98M |
| Stockholders' Equity | $5.80M | ($12.17M) | $3.53M | $3.05M | $15.91M | $29.63M | $40.63M | $16.93M | $30.26M | $40.56M |
| Retained Earnings | ($427.24M) | ($408.07M) | ($390.36M) | ($370.31M) | ($355.57M) | ($340.22M) | ($326.34M) | ($313.37M) | ($298.09M) | ($286.17M) |
Cash Flow
| Line item | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | ($21.79M) | - | - | - | ($19.36M) | - | - | - | ($10.60M) | - |
| Investing Cash Flow | ($6.0K) | - | - | - | ($102.0K) | - | - | - | ($2.35M) | - |
| Financing Cash Flow | $34.98M | - | - | - | ($1.25M) | - | - | - | ($145.0K) | - |
| CapEx | $6.0K | - | - | - | $16.0K | - | - | - | $2.35M | - |
| Free Cash Flow | ($21.80M) | - | - | - | ($19.37M) | - | - | - | ($12.95M) | - |
Ratios
| Metric | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 |
|---|---|---|---|---|---|---|---|---|---|---|
| Profitability | ||||||||||
| Gross margin | - | - | - | - | - | - | - | - | - | - |
| Operating margin | -1163.7% | - | -1006.0% | -1004.7% | -979.1% | - | -1166.5% | -1354.0% | -1204.7% | - |
| EBITDA margin | -1124.5% | - | - | - | -938.6% | - | - | - | - | - |
| Net margin | -1250.9% | - | -1144.5% | -1073.5% | -1036.5% | - | -1141.7% | -1339.2% | -1175.9% | - |
| Free cash flow margin | -1422.0% | - | - | - | -1308.1% | - | - | - | -1276.8% | - |
| FCF / Net income | 1.14 | - | - | - | 1.26 | - | - | - | 1.09 | - |
| R&D / Revenue | 734.2% | - | 636.4% | 648.4% | 460.9% | - | 713.7% | 780.2% | 673.2% | - |
| SG&A / Revenue | 529.5% | - | 469.6% | 492.8% | 435.7% | - | 552.8% | 673.8% | 631.6% | - |
| Effective tax rate | - | - | - | - | - | - | - | - | - | - |
| Return on assets | -33.7% | - | -34.8% | -27.5% | -23.8% | - | -20.9% | -37.7% | -23.0% | - |
| Return on equity | -330.4% | - | -567.5% | -482.9% | -96.5% | - | -31.9% | -90.3% | -39.4% | - |
| Return on invested capital | - | - | - | - | - | - | - | - | - | - |
| Liquidity | ||||||||||
| Current ratio | 1.86 | 1.06 | 1.85 | 1.83 | 2.60 | 2.86 | 2.58 | 1.04 | 1.87 | 2.51 |
| Quick ratio | 1.86 | 1.06 | 1.85 | 1.83 | 2.60 | 2.86 | 2.58 | 1.04 | 1.87 | 2.51 |
| Cash ratio | 1.54 | 0.82 | 1.61 | 1.52 | 2.24 | 2.72 | 2.47 | 0.87 | 1.64 | 2.31 |
| Leverage | ||||||||||
| Debt / Equity | 4.17 | -2.26 | 8.04 | 9.18 | 1.74 | 0.92 | 0.04 | 0.09 | 0.05 | 0.07 |
| Debt / Assets | 0.43 | 0.63 | 0.49 | 0.52 | 0.43 | 0.33 | 0.03 | 0.04 | 0.03 | 0.04 |
| Debt / EBITDA | - | - | - | - | - | - | - | - | - | - |
| Interest coverage | -13.7x | - | -13.6x | -11.5x | -12.1x | - | - | - | - | - |
| Equity multiplier | 9.80 | -3.58 | 16.30 | 17.56 | 4.05 | 2.78 | 1.52 | 2.40 | 1.71 | 1.59 |
| Liabilities / Assets | 0.90 | 1.28 | 0.94 | 0.94 | 0.75 | 0.64 | 0.34 | 0.58 | 0.42 | 0.37 |
| Efficiency | ||||||||||
| Asset turnover | 0.03 | - | 0.03 | 0.03 | 0.02 | - | 0.02 | 0.03 | 0.02 | - |
| Inventory turnover | - | - | - | - | - | - | - | - | - | - |
| Days sales outstanding | - | - | - | - | - | - | - | - | - | - |
| Days inventory outstanding | - | - | - | - | - | - | - | - | - | - |
| Days payable outstanding | - | - | - | - | - | - | - | - | - | - |
| Cash conversion cycle | - | - | - | - | - | - | - | - | - | - |
| Valuation | ||||||||||
| P / E | - | - | - | - | - | - | - | - | - | - |
| P / B | 91.0x | - | - | - | - | - | - | 23.6x | 13.9x | - |
| P / S | 344.8x | - | - | - | - | - | - | 349.6x | 416.0x | - |
| EV / EBITDA | - | - | - | - | - | - | - | - | - | - |
| Growth | ||||||||||
| Revenue growth (YoY) | 3.5% | - | 54.2% | 20.3% | 46.1% | - | - | - | - | - |
| Revenue CAGR (3y) | - | - | - | - | - | - | - | - | - | - |
| Revenue CAGR (5y) | - | - | - | - | - | - | - | - | - | - |
| Gross profit growth (YoY) | - | - | - | - | - | - | - | - | - | - |
| Operating income growth (YoY) | -23.0% | - | -33.0% | 10.7% | -18.7% | - | 14.1% | 34.9% | 31.2% | - |
| Net income growth (YoY) | -24.9% | - | -54.6% | 3.5% | -28.7% | - | 8.4% | 33.3% | 27.7% | - |
| EPS growth (YoY) | - | - | - | - | - | - | - | 60.0% | 28.6% | - |
| EPS CAGR (3y) | - | - | - | - | - | - | - | - | - | - |
| EPS CAGR (5y) | - | - | - | - | - | - | - | - | - | - |
| FCF growth (YoY) | -12.5% | - | - | - | -49.6% | - | - | - | 34.8% | - |
| FCF CAGR (5y) | - | - | - | - | - | - | - | - | - | - |
| Book value growth (YoY) | -63.5% | - | -91.3% | -82.0% | -47.4% | -27.0% | -30.4% | -75.9% | -60.1% | -51.7% |
Sales by segment
From XBRL dimensional facts in the 10-K period ending 2025-12-31.
Business segments
$4.41M totalReportable Segment$4.41M · 100.0%
Peer comparison
Same SIC group: Biological Products, (No Diagnostic Substances)
Comparing Ocugen against the 5 most active filers in the same SIC group.