Ocugen, Inc. income statement
In fiscal 2025, Ocugen, Inc. reported revenue of $4.4m, up 8.8% on the year before, operating income of −$62.9m (a -1425.7% margin) and net income of −$67.8m. Every line below comes from the company's 10-K and 10-Q filings; column headings link to the filing.
Income statement
| Fiscal year | 2014Dec 2014 | 2015Dec 2015 | 2016Dec 2016 | 2017Dec 2017 | 2018Dec 2018 | 2019Dec 2019 | 2020Dec 2020 | 2021Dec 2021 | 2022Dec 2022 | 2023Dec 2023 | 2024Dec 2024 | 2025Dec 2025 | LTMJun 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 2 | 6 | 4 | 4 | 5 |
| Research and development | 26 | 23 | 22 | 16 | 10 | 8 | 6 | 35 | 56 | 40 | 32 | 40 | 44 |
| General and administrative | 7 | 8 | 9 | 9 | 6 | 6 | 8 | 23 | 35 | 32 | 27 | 28 | 30 |
| Operating income | −33 | −32 | −30 | −25 | −16 | −14 | −21 | −58 | −89 | −66 | −55 | −63 | −69 |
| Interest expense | 0 | 0 | 0 | — | 4 | 2 | 1 | 0 | — | — | 1 | 5 | 8 |
| Provision for credit losses | — | — | — | — | — | 0 | 0 | 1 | 0 | — | — | — | — |
| Income before tax | −23 | −32 | −16 | −26 | −9 | −20 | −22 | −58 | −87 | −63 | −54 | −68 | — |
| Income tax | — | — | — | — | — | 0 | 0 | −0 | 0 | 0 | 0 | 0 | — |
| 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 | — | — | — |
| Diluted shares (average) | 12m | 106m | 115m | 181m | 297m | 111m | 112m | 195m | 215m | 244m | — | — | — |
| EBITDA | −32 | −30 | −29 | −23 | −16 | −14 | −21 | −58 | −89 | −65 | −53 | −61 | — |
| Quarter | 2024 Q3Sept 2024 | 2024 Q4Dec 2024 | 2025 Q1Mar 2025 | 2025 Q2Jun 2025 | 2025 Q3Sept 2025 | 2025 Q4Dec 2025 | 2026 Q1Mar 2026 | 2026 Q2Jun 2026 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 1 | 1 | 1 | 1 | 2 | −0 | 2 | 1 |
| Research and development | 8 | 8 | 10 | 8 | 11 | 11 | 11 | 11 |
| General and administrative | 6 | 6 | 6 | 7 | 8 | 6 | 8 | 7 |
| Operating income | −13 | −14 | −15 | −14 | −18 | −17 | −18 | −16 |
| Interest expense | 0 | 1 | 1 | 1 | 1 | 1 | 1 | 4 |
| Net income | −13 | −14 | −15 | −15 | −20 | −18 | −19 | −25 |
| Diluted EPS | — | — | −$0.05 | −$0.05 | — | — | −$0.06 | −$0.07 |
| EBITDA | — | — | −14 | −13 | — | — | −17 | −16 |
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