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Ocugen, Inc. (OCGN) stock

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NASDAQ: OCGN Nasdaq Biotechnology Next results ~November 4, 2026

D Fundamentals grade

Ocugen, Inc. is a US-listed company in the biotechnology industry. Its financial year ends in December.

Stock price today

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Third-party market data · may be delayed

Model estimate per share

~$0.2

Growth cash-flow model

Base case. Range ~$0.2–$0.2. Revenue for this year and next from analysts' consensus, then growth fading to 2.5%; the operating margin moving to profitable peers'; investment needed per dollar of growth from peers; reduced by a failure probability.

Price vs value

No Buy/Hold/Sell rating is issued: valued with our growth model, which doesn't carry a Buy/Hold/Sell rating yet.

Ocugen, Inc. valuation: adjust assumptions and compare models →

Who’s trading

What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.

  • Insiders1 buying, 1 selling1 purchase and 4 sales by directors and officers, last 12 monthsInsider trades
  • Funds89 adding, 58 cuttingOf 22 active managers that changed their stake, 9 added; quarter to June 30, 2026Fund buyers and sellers

Value diary

Our note on each quarter Ocugen files

Where Ocugen stands after its latest 10-Q

Ocugen has little or no product revenue yet; it used $61m of cash in the twelve months to June 2026. Against its peers on growth, profitability, cash generation and balance sheet, it grades C. It passes 2 of our 5 financial-health checks.

Source: 10-Q filed August 6, 2026 on SEC EDGAR · Financials · Valuation

Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.

The Fundamentalytics view

Next results ~November 4, 2026 (estimated)

Ocugen, Inc.'s trailing-twelve-month revenue fell 3.7% year on year, with a free-cash-flow margin of -1332.4%. Where it stands out: long-term debt as % of assets of 1.4% ranks 15 of 78 biotechnology companies we cover. Where it lags: stock pay as % of revenue of 201.1% ranks 154 of 179 biotechnology companies we cover.

Current signal Balance sheet growing far ahead of sales: Total assets grew 132% year over year while revenue fell 4% — the balance sheet is expanding 135 points faster than the business it supports.

Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.

Highlights

How we pick these

Strengths

  • Net cash. Cash exceeds long-term debt by $0.1bn.

Things to watch

  • Revenue shrinking. Revenue fell 3.7% over the last 12 months.
  • Loss-making. Operating margin is -1504.4%: costs exceed revenue.
  • Margins narrowing. Operating margin is down 339.4 points on a year ago.
  • Burning cash. Free cash flow was -1332.4% of revenue over the last 12 months.
  • Heavy stock-based pay. Stock pay equals 201.1% of revenue, against a median of 19.2% for biotechnology companies we cover: a real cost that cash-flow figures leave out.
  • Share dilution. Diluted shares rose 14.1% in a year.

Latest results: FY2026 Q2

Filed August 6, 2026
Earnings per share
-$0.06 against an average estimate of -$0.05: missed by 16.9%
Revenue
$1m, up 8.4% on a year earlier
Share reaction
0.0% in the first session after the results on August 6, 2026, against +0.5% for the S&P 500
Next report
November 4, 2026; average EPS estimate -$0.05

Ocugen's figures from its SEC filings and results release; estimates are the analysts' average. Not a recommendation.

Price chart

  • 1 day+3.1%
  • 1 week+2.4%
  • 1 month-28.9%
  • This year-46.3%
  • 1 year-53.5%
  • 5 years-94.3%
  • S&P 500 this year+11.2%

Closing prices to 2026-11-02. Price change only, dividends excluded.

Loading chart…

Third-party market data · may be delayed

At a glance

Trailing twelve months, from SEC filings

Profitability

Revenue (TTM)
$4.6M
Operating margin
-1504.4%
Net margin
-1786.3%

Growth

Revenue growth
−3.7%
Change in growth rate
−2.4 pts

Cash

Free cash flow (TTM)
-$61M
FCF margin
-1332.4%
Stock pay % of revenue
201.1%

Earnings

Last results
August 6, 2026

News & updates

Updated October 31, 2026

Company announcements, filed results and changes that matter to shareholders.

  1. Announcement
  2. Agreement
  3. Shareholder vote
  4. Shareholder vote
  5. Announcement
  6. Results
  7. Announcement

Refreshed hourly when new source data is available. Summaries are checked against company releases and SEC filings. Company announcement headlines are labelled when a checked summary is unavailable.

Valuation

Ocugen, Inc. valuation models and calculator

Fundamentalytics rating

model v1.6 · 2026-11-03

Not rated: valued with our growth model, which doesn't carry a Buy/Hold/Sell rating yet.

Valuation models

We value Ocugen, Inc. as an operating company, with every model that fits that kind of business. Cost of equity 10.2%: the 10-year Treasury yield (4.9%) plus a beta of 1.17 times a 4.5% equity risk premium.

Value per share by model
Model Value per share In the combined value?
Growth cash-flow model Revenue for this year and next from analysts' consensus, then growth fading to 2.5%; the operating margin moving to profitable peers'; investment needed per dollar of growth from peers; reduced by a failure probability. For young or fast-growing companies. The starting margin is normalized to between -100% and 60%; net margin is a proxy when operating income is not tagged. Uses analysts' consensus estimates (third-party data), not our forecasts. ~$0.2 ~$0.2–$0.2 Primary model, counts double
Price-to-earnings vs peers Earnings per share times peers' typical (harmonic-mean) price-to-earnings. — Does not apply: no positive earnings in the latest twelve months
Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. — Does not apply: book value or earnings not available
Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. — Does not apply: return on equity is not positive
Forward price-to-sales vs peers Next year's consensus sales per share times peers' typical forward price-to-sales; only when earnings are negative. Uses analysts' consensus estimates (third-party data), not our forecasts. ~$0.1 ~$0.1–$0.2 Left out: out of range vs price (0.07x)
Revenue-to-maturity model Revenue grown to maturity with the cash margin moving to the industry's; for companies not yet profitable. — Does not apply: revenue and margins don't support a positive value
Combined value Weighted average of the models that apply: the primary model (growth cash-flow model) counts double. Models more than 5x or less than 0.2x the share price, or more than 3x away from the other models' median, are left out. ~$0.2 ~$0.2–$0.2 1 model

Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Ocugen, Inc. with Biotechnology in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.

Valuation multiples over time Market data may be delayed

At fiscal year end 201520162017201820192020202120222023
Share price$210.00$100.20$123.00$5.28$0.52$1.83$4.55$1.30$0.57
Market value$22.2bn$11.5bn$22.3bn$1.6bn$58m$205m$887m$279m$140m
+ Net debt (− = net cash)−$31m−$32m−$7m$7m−$6m−$22m−$93m−$75m−$37m
Enterprise value$22.2bn$11.5bn$22.3bn$1.6bn$51m$184m$794m$204m$104m
Multiples
Price / sales —————n/m—112.1x23.3x
Price / earnings —————————
Price / free cash flow —————————
EV / EBITDA —————————

Market value uses the period's diluted share count; figures for each fiscal year use that year's results and the price at year end. "Now" uses today's price and the last twelve months.

Moat

8 /100

Weak moat

How hard Ocugen's competitive advantage looks for rivals to wear away, judged from 10 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

  • Returns on capital 0 / 20

    Net income has been a median -86.5% of total assets over 10 years.

  • Durability 10 / 20

    Operating margin has been a median -1504.4%; its worst year was -5771.4%.

  • Cash conversion 0 / 20

    Free cash flow was positive in 0 of 5 years, at a median -1332.4% of revenue.

  • Discipline 0 / 20

    The diluted share count rose 1838.0% over five years; stock-based pay has been a median 201.1% of revenue.

AI disruption exposure: Medium. In this industry, AI could change how the product is made or sold, without replacing the core asset. The score above includes a 5-point deduction for that exposure (12 before it).

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Forecasts and guidance

Next results: November 4, 2026, before the open. Analysts expect revenue of $780000 and EPS of −$0.05 (range −$0.07 to −$0.04) for the quarter.

Analysts' consensus

Fiscal yearEPSGrowthRevenueGrowth
Current −$0.24 −3% $5m +12%
Next −$0.25 −7% $6m +11%

How the EPS forecast has moved

The consensus EPS forecast for the current fiscal year is +6.0% on 90 days ago. In the last 30 days, 1 analyst raised Ocugen, Inc.'s forecast and 0 cut it.

Consensus EPS forecast Ocugen, Inc., last 90 days
−$0.30 −$0.20 −$0.10 $0.00 90 days ago 60 days ago 30 days ago 7 days ago Now Current fiscal year, 90 days ago: −$0.22 Current fiscal year, 60 days ago: −$0.22 Current fiscal year, 30 days ago: −$0.27 Current fiscal year, 7 days ago: −$0.24 Current fiscal year, Now: −$0.24 −$0.24 Next fiscal year, 90 days ago: −$0.23 Next fiscal year, 60 days ago: −$0.23 Next fiscal year, 30 days ago: −$0.27 Next fiscal year, 7 days ago: −$0.27 Next fiscal year, Now: −$0.25 −$0.25

Average of analysts' published estimates (third-party data).

View chart data
Period Current fiscal yearNext fiscal year
90 days ago −$0.22−$0.23
60 days ago −$0.22−$0.23
30 days ago −$0.27−$0.27
7 days ago −$0.24−$0.27
Now −$0.24−$0.25

Earnings against estimates

Quarter toEstimateActualSurprise
Jun 2026 −$0.05 −$0.06 −16.9%
Mar 2026 −$0.05 −$0.06 −15.4%
Dec 2025 −$0.06 −$0.06 −4.3%
Sept 2025 −$0.06 −$0.07 −21.7%

Adjusted EPS as companies report it, against the average analyst estimate.

Analyst recommendations

6 analysts, Oct 2026
Buy6100%
Hold00%
Sell00%

Monthly trend

  1. Oct 2026156
  2. Sep 2026156
  3. Aug 2026156
  4. Jul 2026156

Counts of recommendations published by analysts covering Ocugen, Inc., by month. Source: Aggregated broker recommendations (third-party data). Aggregated counts only: we do not reproduce any firm's recommendation or price target, and these are not Fundamentalytics ratings.

Positioning

Short interest
31.6%
of tradable shares
Days to cover
14.33
at average volume
Short interest, 1 month
+1%
to October 15, 2026
Held by institutions
44%
of shares
Held by insiders
1.4%
of shares
Employees
116
full time

Consensus figures average analysts' published estimates (third-party data); guidance is the company's own. Neither is our forecast. Short interest is reported twice a month and lags. Market data may be delayed.

This section is general information, not investment advice or a personal recommendation, and it does not take account of your objectives or circumstances. Forecasts and guidance are estimates, not promises: companies miss their own guidance and analysts' figures are often revised. Prices can fall as well as rise, and you can lose money. See our disclaimer.

Share-price performance

Market data may be delayed

What moved the share price

Last 12 months −53.5%

$1.56 on October 31, 2025 to $0.72

ThenNowEffect
Revenue (last 12 months) $5m $5m −3.7%
P/S multiple 90.1x 49.5x −45.1%
Share count 275m 313m −12.1%

Biggest factor: p/s multiple. Loss-making at one end, so the split uses price/sales.

Last 3 years +88.3%

$0.39 on November 3, 2023 to $0.72

ThenNowEffect
Revenue (last 12 months) $2m $5m +101.5%
P/S multiple 38.1x 49.5x +29.7%
Share count 225m 313m −28.0%

Biggest factor: revenue. Loss-making at one end, so the split uses price/sales.

The effects multiply back to the price change exactly. Results are the last 12 months as known on each date (filings assumed public 45 days after quarter end).

Return and risk by year

Calendar year 202120222023202420252026 to date
Return
OCGN+149%−71%−56%+40%+68%−46%
Industry peers (median)−36%−56%−17%−29%−5%−26%
S&P 500+29%−18%+26%+25%+18%+11%
Months that ended higher
OCGN33%17%33%33%58%46%
S&P 50075%42%67%75%75%46%
Largest fall from a high during the year
OCGN−72%−77%−73%−64%−43%−72%
S&P 500−5%−25%−10%−8%−19%−9%

Worst fall since November 3, 2015: 100% from November 10, 2015 to July 14, 2020. Getting back needed a 135206% gain, and the shares have not yet recovered.

Price behaviour

52-week range
$0.70 – $2.48
From 52-week high
−70.8%
vs 50-day average
−29.0%
vs 200-day average
−49.1%
Volatility (1 year)
79%
Beta vs S&P 500
1.60

Volatility is the annualised standard deviation of daily returns. Beta 1.5 means the shares typically moved 1.5% for each 1% move in the S&P 500 over the past year. Prices to November 2, 2026.

Share price after results

Next day
5 up, 7 down
typical move ±6.6%
After a week
6 up, 6 down
typical move ±9.6%
After a month
4 up, 8 down
typical move ±17.0%
Results releasedNext dayS&P 500 next day5 days21 days
August 6, 2026 0.0% +0.5% +5.5% +6.2%
May 7, 2026 +3.8% +0.5% +0.3% −13.4%
May 5, 2026 −21.4% +2.2% −20.5% −25.9%
May 4, 2026 −17.2% +0.4% −17.8% −27.8%
March 4, 2026 −6.5% +0.1% +23.7% −3.8%
November 5, 2025 −3.5% −0.7% −6.3% −14.7%
August 1, 2025 −2.9% −0.1% −3.1% 0.0%
May 9, 2025 +1.6% +3.2% +10.0% +64.0%
March 5, 2025 +6.9% −0.7% −2.2% +8.3%
November 8, 2024 −0.9% +0.5% −13.1% −18.2%
August 8, 2024 +5.9% +2.8% +11.0% +5.9%
May 14, 2024 +8.3% +1.7% +2.2% −16.0%

From the close before the release date to the close 1, 5 and 21 trading days after it, so releases before the open and after the close are both captured. Past moves don't predict future ones.

Ocugen, Inc. in five measures

Fundamentals grade D
Growth Profitability Cash Balance sheet

Growth, profitability, cash generation and balance sheet are percentiles against the companies we cover in the same industry, from SEC filings (100 = best). Value compares the share price with our modelled value range (50 = at our base value; higher = cheaper). A description of reported data and our model — not a quality score or advice.

Fundamentals

Revenue (TTM) Ocugen, Inc.
$4M $5M $6M $7M $8M FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Revenue (TTM), FY23 Q3: $5.5M Revenue (TTM), FY23 Q4: $6M Revenue (TTM), FY24 Q1: $6.6M Revenue (TTM), FY24 Q2: $7.3M Revenue (TTM), FY24 Q3: $4.7M Revenue (TTM), FY24 Q4: $4.1M Revenue (TTM), FY25 Q1: $4.5M Revenue (TTM), FY25 Q2: $4.8M Revenue (TTM), FY25 Q3: $5.4M Revenue (TTM), FY25 Q4: $4.4M Revenue (TTM), FY26 Q1: $4.5M Revenue (TTM), FY26 Q2: $4.6M $4.6M

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period Revenue (TTM)
FY23 Q3 $5.5M
FY23 Q4 $6M
FY24 Q1 $6.6M
FY24 Q2 $7.3M
FY24 Q3 $4.7M
FY24 Q4 $4.1M
FY25 Q1 $4.5M
FY25 Q2 $4.8M
FY25 Q3 $5.4M
FY25 Q4 $4.4M
FY26 Q1 $4.5M
FY26 Q2 $4.6M
Revenue growth, TTM YoY Ocugen, Inc.
-100% 0% 100% 200% 300% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Revenue growth, TTM YoY, FY23 Q3: 242.2% Revenue growth, TTM YoY, FY23 Q4: 142.6% Revenue growth, TTM YoY, FY24 Q1: 171.8% Revenue growth, TTM YoY, FY24 Q2: 219.5% Revenue growth, TTM YoY, FY24 Q3: -14.6% Revenue growth, TTM YoY, FY24 Q4: -32.8% Revenue growth, TTM YoY, FY25 Q1: -31.6% Revenue growth, TTM YoY, FY25 Q2: -34.5% Revenue growth, TTM YoY, FY25 Q3: 14.3% Revenue growth, TTM YoY, FY25 Q4: 8.8% Revenue growth, TTM YoY, FY26 Q1: -1.3% Revenue growth, TTM YoY, FY26 Q2: -3.7% -3.7%

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period Revenue growth, TTM YoY
FY23 Q3 242.2%
FY23 Q4 142.6%
FY24 Q1 171.8%
FY24 Q2 219.5%
FY24 Q3 -14.6%
FY24 Q4 -32.8%
FY25 Q1 -31.6%
FY25 Q2 -34.5%
FY25 Q3 14.3%
FY25 Q4 8.8%
FY26 Q1 -1.3%
FY26 Q2 -3.7%
Operating margin (TTM) Ocugen, Inc.
-2000% -1500% -1000% -500% 0% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Operating margin (TTM), FY23 Q3: -1405.0% Operating margin (TTM), FY23 Q4: -1085.7% Operating margin (TTM), FY24 Q1: -903.8% Operating margin (TTM), FY24 Q2: -710.7% Operating margin (TTM), FY24 Q3: -1115.8% Operating margin (TTM), FY24 Q4: -1350.4% Operating margin (TTM), FY25 Q1: -1261.4% Operating margin (TTM), FY25 Q2: -1165.1% Operating margin (TTM), FY25 Q3: -1112.9% Operating margin (TTM), FY25 Q4: -1425.7% Operating margin (TTM), FY26 Q1: -1483.9% Operating margin (TTM), FY26 Q2: -1504.4% -1504.4%

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period Operating margin (TTM)
FY23 Q3 -1405.0%
FY23 Q4 -1085.7%
FY24 Q1 -903.8%
FY24 Q2 -710.7%
FY24 Q3 -1115.8%
FY24 Q4 -1350.4%
FY25 Q1 -1261.4%
FY25 Q2 -1165.1%
FY25 Q3 -1112.9%
FY25 Q4 -1425.7%
FY26 Q1 -1483.9%
FY26 Q2 -1504.4%
FCF margin (TTM) Ocugen, Inc.
-1500% -1000% -500% 0% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 FCF margin (TTM), FY23 Q3: -1406.5% FCF margin (TTM), FY23 Q4: -1201.6% FCF margin (TTM), FY24 Q1: -993.3% FCF margin (TTM), FY24 Q2: -749.9% FCF margin (TTM), FY24 Q3: -1046.3% FCF margin (TTM), FY24 Q4: -1122.7% FCF margin (TTM), FY25 Q1: -1148.9% FCF margin (TTM), FY25 Q2: -1100.2% FCF margin (TTM), FY25 Q3: -996.8% FCF margin (TTM), FY25 Q4: -1295.0% FCF margin (TTM), FY26 Q1: -1334.3% FCF margin (TTM), FY26 Q2: -1332.4% -1332.4%

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period FCF margin (TTM)
FY23 Q3 -1406.5%
FY23 Q4 -1201.6%
FY24 Q1 -993.3%
FY24 Q2 -749.9%
FY24 Q3 -1046.3%
FY24 Q4 -1122.7%
FY25 Q1 -1148.9%
FY25 Q2 -1100.2%
FY25 Q3 -996.8%
FY25 Q4 -1295.0%
FY26 Q1 -1334.3%
FY26 Q2 -1332.4%

Data: SEC EDGAR XBRL company facts (as filed in 10-K/10-Q); forms 10-K, 10-K/A, 10-Q. Generated November 3, 2026. Definitions in our methodology.

Financial statements

US$ millions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year 2014 Dec 2014 2015 Dec 2015 2016 Dec 2016 2017 Dec 2017 2018 Dec 2018 2019 Dec 2019 2020 Dec 2020 2021 Dec 2021 2022 Dec 2022 2023 Dec 2023 2024 Dec 2024 2025 Dec 2025 LTM Jun 2026
Income
Revenue 0 0 0 0 0 0 0 0 2 6 4 4 5
EBITDA −32 −30 −29 −23 −16 −14 −21 −58 −89 −65 −53 −61 —
Operating income −33 −32 −30 −25 −16 −14 −21 −58 −89 −66 −55 −63 −69
Net income −23 −32 −16 −26 −18 −20 −22 −58 −87 −63 −54 −68 −82
Diluted EPS −$0.86 −$18.15 −$16.35 −$7.42 −$0.10 −$0.18 −$0.31 −$0.30 −$0.40 −$0.26 — — —
Growth (year on year)
Revenue — — — — — — — −100.0% — +142.6% −32.8% +8.8% −3.7%
Margins
EBITDA margin — — — — — — <−999% — <−999% <−999% <−999% <−999% —
Operating margin — — — — — — <−999% — <−999% <−999% <−999% <−999% <−999%
Net margin — — — — — — <−999% — <−999% <−999% <−999% <−999% <−999%
Free-cash-flow margin — — — — — — <−999% — <−999% <−999% <−999% <−999% <−999%
Cash flow
Cash from operations −18 −30 −26 −23 −12 −17 −15 −48 −60 −62 −42 −57 −61
Capital spending 3 2 0 0 0 0 0 1 4 10 3 0 0
Free cash flow −21 −32 −26 −23 −12 −17 −15 −49 −65 −73 −46 −57 −61
Stock-based pay 1 1 2 2 2 1 1 7 11 9 7 8 9
Free cash flow after stock pay −22 −33 −28 −25 −13 −18 −16 −56 −75 −82 −53 −65 −70
Balance sheet
Cash 59 31 32 7 2 7 24 95 78 39 59 19 100
Total debt 0 0 0 0 9 1 2 2 2 3 33 32 2
Net debt (negative = net cash) −59 −31 −32 −7 7 −6 −22 −93 −75 −37 −26 13 −98
Diluted shares 12m 106m 115m 181m 297m 111m 112m 195m 215m 244m — — —
Returned to shareholders
Buybacks — — — — 0 0 0 0 — — — — —
Total returned — — — — 0 0 0 0 — — — — —

Source: SEC EDGAR XBRL company facts (US and foreign periodic filings); column headings link to the filing. EBITDA is operating income plus depreciation and amortisation. Free cash flow is cash from operations minus capital spending. Growth is left blank when last year's figure was a loss or under 2% of revenue. Share counts and EPS are restated for stock splits. A dash means the company didn't report the figure.

Financial health

2 of 5 checks passed · June 30, 2026
What it owns · $124m
Short-term assets $107mLonger-term assets $17m
What it owes, and who funded it · $141m
Short-term liabilities $133mLonger-term liabilities $8mShareholders' equity $-17m
  • Short-term assets cover short-term liabilities $107m of assets due within a year against $133m of liabilities due within a year.
  • Short-term assets cover long-term liabilities $107m short-term assets against $8m of longer-dated liabilities.
  • More cash than debt $100m of cash against $2m of debt.
  • Debt below 40% of shareholders' equity Equity or debt not reported. Not assessable.
  • Debt burden no higher than five years ago Five-year comparison not available. Not assessable.
  • A year's operating cash flow covers at least 20% of debt −$61m of operating cash flow against $2m of debt.
  • Operating profit covers interest at least five times over Operating income of −$69m against $8m of interest.

From Ocugen, Inc.'s latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Dividends, buybacks and capital spending

R&D spending
955.5%
of revenue

Competitors: side by side with peers

Closest by revenue in biotechnology
Last 12 months unless stated OCGN ENSC TRDA BOLT CRIS RANI Median
Revenue, last 12 months $5m $5m $5m $5m $4m $5m $56m
Revenue growth, last 12 months −3.7% −39.3% −94.1% 12.8% −62.2% 306.4% 12.6%
Revenue growth, 3-year average 26.3% 14.6% — −11.5% −25.0% — 13.7%
Revenue growth, latest quarter 8.4% −15.1% −53.9% −99.7% −100.0% 893.0% 10.2%
Operating margin <−999% −281.3% <−999% −654.5% −203.2% −675.8% −189.4%
Operating margin, 3-year average <−999% −347.6% <−999% −887.4% −341.2% <−999% −363.5%
Net margin <−999% −280.5% <−999% −611.5% −490.3% −618.0% −169.8%
Cash from operations / revenue <−999% −196.8% <−999% −669.2% −709.0% −416.1% −168.0%
Free-cash-flow margin <−999% −197.2% <−999% −669.2% −709.0% −417.0% −162.4%
Free-cash-flow margin, 3-year average <−999% −165.8% <−999% −825.2% −465.5% <−999% −310.0%
Stock pay / revenue 201.1% 1.8% 413.3% 54.1% 66.4% 186.4% 20.0%
Change in share count 14.1% 74.6% −0.6% 1.0% 90.7% — 8.2%

Median of all 184 companies we cover in biotechnology. Shaded: best of the six on that line (lowest for stock pay and share-count growth). 3-year figures average the last three 12-month periods; 3-year growth is compound annual. Source: SEC filings.

Peer comparison

184 biotechnology companies
Measure Company Peer median Rank
Revenue growth Growth -3.7% 12.6% 113 of 172
Change in growth rate Growth -2.4pp -0.1pp 96 of 172
Operating margin Profitability -1504.4% -189.4% 142 of 175
Net margin Profitability -1786.3% -157.3% 148 of 180
Free-cash-flow margin Cash generation -1332.4% -145.4% 145 of 176
Stock pay as % of revenue Cash generation 201.1% 19.2% 154 of 179
Long-term debt as % of assets Balance sheet 1.4% 20.6% 15 of 78

Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).

Who owns it

Funds buying and selling
Reported value
$222M
Institutions reporting
147
Shares held vs prior quarter
▲ 31.0%
Positions opened / closed
43 / 31

Top buyers and sellers, Q2 2026: 89 institutions bought and 58 sold ; the biggest buyer was Blackrock, Inc (+19.7M shares) and the biggest seller Marshall Wace, LLP (−4.6M). See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
Blackrock, Inc. $41.3M 27.0M 18.6% ▲ 269.7%
State Street Corp $32.8M 21.5M 14.8% ▲ 122.0%
Vanguard Capital Management LLC $22M 14.4M 9.9% ▲ 4.1%
Millennium Management LLC $21.3M 13.9M 9.6% ▲ 1.6%
Geode Capital Management, LLC $13.6M 8.9M 6.1% ▲ 109.9%
RTW Investments, LP $10.2M 6.7M 4.6% 0.0%
UBS Group AG $7.9M 5.2M 3.6% ▼ 28.9%
Ikarian Capital, LLC $6.1M 4.0M 2.7% 0.0%
Gmt Capital Corp $5.4M 3.5M 2.4% 0.0%
Marshall Wace, LLP $5.2M 3.4M 2.3% ▼ 57.6%
Vanguard Portfolio Management LLC $5.1M 3.3M 2.3% ▲ 255.8%
Hennion & Walsh Asset Management, Inc. $4.3M 2.8M 1.9% ▲ 121.7%

From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not Ocugen, Inc.'s complete shareholder register. Values are as reported by the filers .

Insider trading activity

Full insider history and chart
Insider purchases History → $25,830 1 trade by 1 insider, last 12 months Insider sales History → $1.1M 4 trades by 1 insider · 100% under pre-set plans
Net ▼ $1.1M net selling
Insider Date Trade Shares Price Value
Musunuri Shankar Chief Executive Officer October 9, 2026 Sell pre-set plan 57,264 $0.95 $54,401
Musunuri Shankar Chief Executive Officer October 9, 2026 Sell pre-set plan 468,727 $0.95 $445,291
Musunuri Shankar Chief Executive Officer September 9, 2026 Sell pre-set plan 57,264 $1.12 $64,136
Musunuri Shankar Chief Executive Officer September 9, 2026 Sell pre-set plan 468,727 $1.12 $524,974
Johnson-Greene Treerita Essalima Chief Financial Officer June 15, 2026 Buy 21,000 $1.23 $25,830

From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.

Trades by members of Congress

All 2 trades and filings

No trades in Ocugen, Inc. disclosed in the last 12 months; 2 earlier trades on record.

  • Chris Jacobs(R-NY 27):Sale (full), $1,001 - $15,000, traded November 8, 2022, filed December 12, 2022
  • Chris Jacobs(R-NY 27):Purchase, $15,001 - $50,000, traded June 16, 2022, filed July 28, 2022

Value ranges as filed; reports can arrive up to 45 days after a trade.

Earnings dates and SEC filings

Results announcements

Next expected around October 19, 2026 estimated from the company's past filing pattern, not announced

  • August 6, 2026
  • May 7, 2026
  • May 5, 2026
  • May 4, 2026
  • March 4, 2026
  • November 5, 2025

Recent SEC filings

Data status

When each part of this page on Ocugen, Inc. was last updated.

DataLast updatedSource
Share priceExchange closing prices
Financial statementsSEC 10-K and 10-Q filings
News and updatesCompany releases and SEC 8-K filings
Analyst estimatesAggregated analyst estimates
Valuation and scoresOur models, from the filed figures

How we build and check these figures: methodology and data sources.

Ocugen, Inc. in brief

What does Ocugen, Inc. do?
Ocugen, Inc. is a US-listed company in the biotechnology industry. Its financial year ends in December.
What is Ocugen, Inc.'s stock ticker?
Ocugen, Inc. trades under the ticker OCGN on Nasdaq. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is Ocugen, Inc.'s revenue, and how fast is it growing?
Over its most recent trailing twelve months, Ocugen, Inc. reported revenue of $4.6M, 3.7% lower than a year earlier, according to its SEC filings.
What is Ocugen, Inc.'s free cash flow?
Ocugen, Inc.'s free-cash-flow margin is -1332.4% of revenue over the trailing twelve months, ranking 145 of the 176 biotechnology companies we cover.
Who are Ocugen, Inc.'s largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are Blackrock, Inc., State Street Corp and Vanguard Capital Management LLC. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
What is Ocugen, Inc.'s market cap?
On December 29, 2023, Ocugen, Inc.'s market capitalisation was about $140M and net debt of -$36.7M. Market figures come from third-party market data and may be delayed.
Who are Ocugen, Inc.'s competitors?
In our Biotechnology peer group, the companies closest to Ocugen, Inc. are Ensysce Biosciences, Inc., Entrada Therapeutics, Inc., Bolt Biotherapeutics, Inc., Curis Inc and Rani Therapeutics Holdings, Inc. The side-by-side comparison below sets their revenue, margins and growth against Ocugen, Inc.'s.
Are insiders buying or selling Ocugen, Inc. stock?
Over the last 12 months, Ocugen, Inc.'s directors and officers reported 1 open-market purchases and 4 sales on Form 4. The insider trading page charts every trade.
When is Ocugen, Inc.'s next earnings date?
Around November 4, 2026, estimated from the spacing of its past results announcements (8-K filings). That is an estimate, not a confirmed date — Ocugen, Inc. announces its own schedule.