Ocugen (OCGN) AI Stock Analysis

• Market Cap: $465.36M
• Dividend Yield: N/A
• Average Volume (3M): 3.60M
• Price to Earnings (P/E): ―
• Beta (1Y): 1.56
• Revenue Growth: 14.26%
• EPS Growth: -23.34%
• Country: US
• Employees: 95
• Sector: Healthcare
• Sector Strength: 45
• Industry: Biotechnology
• EPS (TTM): -0.07
• Shares Outstanding: 312,320,100
• 10 Day Avg. Volume: 3,588,209
• 30 Day Avg. Volume: 3,596,892
• PEG Ratio: 0.17
• Price to Book (P/B): 7.36
• Price to Sales (P/S): 53.80
• P/FCF Ratio: -4.79
• Enterprise Value/Market Cap: 0.00
• Enterprise Value/Revenue: 0.00
• Enterprise Value/Gross Profit: 0.00
• Enterprise Value/Ebitda: 0.00
• 1Y Price Target: $7.67
• Price Target Upside: 414.77% Upside
• Rating Consensus: Strong Buy
• Number of Analyst Covering: 3
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 54 Neutral
• Price Target: $1.50 ▲(0.67% Upside)

Overall score is constrained primarily by weak financial performance (continued losses, high leverage, and negative returns), partially offset by strong technical momentum and a generally optimistic earnings-call outlook driven by advancing gene-therapy programs and partnerships. Valuation remains less supportive due to negative earnings and no dividend data.

Positive Factors

Late-stage gene therapy progress

Advancing lead programs into pivotal stages materially reduces development risk versus earlier-stage assets. Near-Phase 3 status and on-schedule Phase 2/3 enrollment improve probability of regulatory submission and eventual commercialization, strengthening long-term revenue potential and partner interest.

Regulatory pathway efficiency

EMA acceptance of a single U.S. trial for European MAA reduces the need for duplicate studies, lowering development costs and timelines. This structural regulatory clarity improves planning, conserves R&D budget, and accelerates potential market access across multiple regions.

Strategic licensing and partnership deals

Regional licensing and collaborations provide non-dilutive upfronts, milestones, and royalties, de‑risking commercialization and expanding geographic reach. Such deals diversify funding sources, reduce go‑to‑market burden, and can materially extend operational runway if milestones are achieved.

Negative Factors

High leverage and weak equity returns

Very high leverage and deeply negative ROE indicate capital structure stress and poor returns on shareholder equity. This elevates refinancing and covenant risk, limits flexibility to fund costly clinical programs internally, and increases dependence on dilutive financings or partner payments.

Deteriorating cash position and tight runway

A sharp cash decline over the year leaves a narrow funding runway; although a recent $20M offering extends runway into Q2 2026, the company remains reliant on additional financing or milestone receipts to support late‑stage trials and commercialization planning, raising execution risk.

Persistent operating losses and negative margins

Sustained negative profitability and poor operating margins signal structural inability to convert revenue into earnings. Negative operating cash flow relative to net income and reliance on external funding undermine self-sustaining growth, increasing the probability of dilution or partnership dependence to continue operations.

Ocugen Business Overview & Revenue Model

Company Description

Ocugen, Inc., a clinical-stage biopharmaceutical company, focuses on the developing gene therapies to cure blindness diseases. 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, such as retinitis pigmentosa and leber congenital amaurosis; OCU410, gene therapy candidate for the treatment of dry age-related macular degeneration (AMD); and OCU200, a novel fusion protein that is in preclinical development stage for the treatment of diabetic macular edema, diabetic retinopathy, and wet AMD. Ocugen, Inc. has a strategic partnership with CanSino Biologics Inc. for gene therapy co-development and manufacturing; and Bharat Biotech for the commercialization of COVAXIN in the United States market. The company is headquartered in Malvern, Pennsylvania.

How the Company Makes Money

Ocugen generates revenue primarily through strategic partnerships and collaborations, particularly in the development and commercialization of its product candidates. The company has entered into significant agreements, such as its collaboration with Bharat Biotech, which not only provides upfront payments but may also yield milestone payments and royalties on sales. Additionally, Ocugen may earn revenue through government grants and funding for its research initiatives. The company’s focus on advancing its pipeline of therapies, particularly in the ophthalmology space, positions it to potentially earn revenue through product sales once its products are approved and commercialized.

Ocugen Financial Statement Overview

Summary

Ocugen faces significant financial challenges across all verticals. The company is experiencing ongoing losses, high leverage, and negative cash flows. Despite some revenue growth, profitability and financial stability remain concerns. The high debt levels and negative return on equity indicate potential risks, while cash flow improvements are insufficient to offset the broader financial difficulties.

Income Statement

Ocugen's income statement reveals significant challenges. The company has a negative net profit margin of -11.98% TTM, indicating ongoing losses. Although there is a positive revenue growth rate of 12.96% TTM, the EBIT and EBITDA margins remain deeply negative, reflecting operational inefficiencies. The gross profit margin is 100% TTM, but this is overshadowed by the substantial net losses.

Balance Sheet

The balance sheet shows a high debt-to-equity ratio of 10.75 TTM, indicating significant leverage and potential financial risk. The return on equity is negative at -255.25% TTM, highlighting the company's inability to generate profits from shareholders' equity. The equity ratio is low, suggesting limited financial stability.

Cash Flow

The cash flow statement indicates some improvement in free cash flow growth at 2.35% TTM. However, the operating cash flow to net income ratio is negative, reflecting cash flow challenges. The free cash flow to net income ratio is slightly above 1, suggesting that free cash flow covers net losses, but overall cash flow remains negative.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	5.37M	4.05M	6.04M	2.49M	0.00	43.00K
Gross Profit	5.37M	2.09M	5.33M	2.49M	0.00	-6.31M
EBITDA	-57.49M	-52.79M	-64.83M	-88.59M	-57.80M	-14.18M
Net Income	-64.02M	-54.05M	-63.08M	-86.80M	-58.37M	-21.82M
Balance Sheet
Total Assets	57.60M	82.44M	64.55M	108.63M	105.76M	27.38M
Cash, Cash Equivalents and Short-Term Investments	32.56M	58.51M	39.46M	90.93M	94.96M	24.04M
Total Debt	32.96M	32.50M	6.94M	6.37M	3.31M	2.49M
Total Liabilities	54.06M	52.81M	23.98M	34.65M	9.94M	5.83M
Stockholders Equity	3.53M	29.63M	40.56M	73.98M	95.82M	21.55M
Cash Flow
Free Cash Flow	-53.53M	-45.53M	-72.53M	-64.54M	-48.88M	-15.02M
Operating Cash Flow	-53.37M	-42.14M	-62.05M	-60.08M	-47.94M	-14.71M
Investing Cash Flow	-289.00K	-3.38M	3.08M	-16.97M	-1.82M	-306.82K
Financing Cash Flow	47.50M	64.86M	20.88M	59.48M	120.68M	31.61M

Ocugen Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 1.49
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• MACD: Negative
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For OCGN, the sentiment is Positive. The current price of 1.49 is above the 20-day moving average (MA) of 1.42, above the 50-day MA of 1.34, and above the 200-day MA of 1.12, indicating a bullish trend. The MACD of 0.05 indicates Negative momentum. The RSI at 56.24 is Neutral, neither overbought nor oversold. The STOCH value of 72.65 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for OCGN.

Ocugen Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
GLUE	75 Outperform	$1.65B	82.87	9.28%	―	1112.27%	―
XOMA	57 Neutral	$370.50M	40.13	16.22%	―	118.02%	―
OCGN	54 Neutral	$465.36M	-6.88	-289.93%	―	14.26%	-23.34%
Sector *	51 Neutral	$7.86B	-0.30	-43.30%	2.27%	22.53%	-2.21%
SVA	50 Neutral	$460.27M	―	―	0.00%	―	―
ABSI	49 Neutral	$517.28M	-3.80	-55.68%	―	-33.09%	3.38%
ADCT	47 Neutral	$442.24M	-2.46	―	―	6.35%	39.57%

Ocugen Corporate Events

Ocugen Grants CEO New Performance-Based Equity Award

In the fourth quarter of 2025, Ocugen’s Board, following a review by its Compensation Committee and external consultant, approved an additional grant of 9,369,604 performance restricted stock units to Chief Executive Officer and founder Dr. Shankar Musunuri, beyond his regular annual equity award, to be granted on January 2, 2026. The three-year award, covering a performance period through December 31, 2028, is structured so that two-thirds of the units vest upon achieving specified regulatory milestones and one-third upon reaching a stock performance milestone, with any unachieved units by the end of the period or upon Dr. Musunuri’s termination of service forfeited, underscoring Ocugen’s use of performance-based equity to align executive incentives with operational and market outcomes.

The most recent analyst rating on (OCGN) stock is a Hold with a $1.00 price target. To see the full list of analyst forecasts on Ocugen stock, see the OCGN Stock Forecast page.