Ocugen (OCGN) AI Stock Analysis

• Market Cap: $446.60M
• Dividend Yield: N/A
• Average Volume (3M): 5.85M
• Price to Earnings (P/E): ―
• Beta (1Y): 1.36
• 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: 312,304,750
• 10 Day Avg. Volume: 2,987,049
• 30 Day Avg. Volume: 5,853,609
• 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: $9.00
• Price Target Upside: 529.37% Upside
• Rating Consensus: Strong Buy
• Number of Analyst Covering: 3
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 45 Neutral
• Price Target: $1.00 ▼(-30.07% Downside)

Ocugen's overall stock score is primarily impacted by its challenging financial performance, characterized by ongoing losses and high leverage. Technical analysis indicates bearish momentum, while valuation metrics reflect the company's financial struggles. Despite these challenges, the earnings call provided some optimism due to advancements in gene therapy programs and strategic partnerships, which slightly offset the negative factors.

Positive Factors

Advancement of Gene Therapy Programs

The progress in gene therapy programs, particularly OCU400 and OCU410ST, positions Ocugen to potentially capture significant market share in treating retinal diseases, enhancing long-term growth prospects.

Strategic Partnerships

Strategic partnerships, like the one with Kwangdong Pharmaceutical, provide Ocugen with additional revenue streams and expand its market presence, supporting long-term financial stability.

Positive Regulatory Progress

Regulatory progress in Europe for OCU410ST enhances Ocugen's ability to efficiently enter new markets, potentially accelerating revenue growth and market penetration.

Negative Factors

High Leverage

High leverage indicates financial risk, potentially limiting Ocugen's ability to invest in growth opportunities and increasing vulnerability to economic downturns.

Increased Operating Expenses

Rising operating expenses could strain Ocugen's financial resources, impacting its ability to sustain R&D investments and achieve profitability in the long term.

Cash Position Decline

A declining cash position reduces Ocugen's financial flexibility, potentially hindering its capacity to fund ongoing operations and future strategic initiatives.

Ocugen Business Overview & Revenue Model

Company Description

Ocugen, Inc. is a biotechnology company focused on developing innovative therapies to treat and prevent eye diseases. Primarily operating in the biopharmaceutical sector, Ocugen's core products include its lead candidate, OCU300, an innovative gene therapy for retinal diseases, and a partnership with Bharat Biotech to develop and commercialize COVAXIN, a COVID-19 vaccine, for the U.S. market. The company aims to leverage its expertise in gene therapies and vaccines to address unmet medical needs in ophthalmology and infectious diseases.

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: Negative
• Last Price: 1.43
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Positive
• MACD: Positive
• RSI: Positive
• STOCH: Positive

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For OCGN, the sentiment is Negative. The current price of 1.43 is above the 20-day moving average (MA) of 1.39, below the 50-day MA of 1.48, and above the 200-day MA of 1.01, indicating a neutral trend. The MACD of -0.10 indicates Positive momentum. The RSI at 26.56 is Positive, neither overbought nor oversold. The STOCH value of 7.41 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for OCGN.

Ocugen Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
GLUE	52 Neutral	$920.77M	46.30	9.28%	―	1112.27%	―
Sector *	51 Neutral	$7.86B	-0.30	-43.30%	2.27%	22.53%	-2.21%
XOMA	51 Neutral	$392.73M	-21.06	16.22%	―	118.02%	―
SVA	50 Neutral	$460.27M	-4.93	―	0.00%	―	―
ADCT	47 Neutral	$497.99M	―	―	―	6.35%	39.57%
OCGN	45 Neutral	$446.60M	―	-289.93%	―	14.26%	-23.34%
ABSI	43 Neutral	$430.06M	―	-55.68%	―	-33.09%	3.38%

Ocugen Corporate Events

Ocugen Reports Progress in Gene Therapy Trials Amid Financial Losses

Ocugen, Inc. is a biotechnology company specializing in gene therapies for blindness diseases, utilizing a unique gene-agnostic approach to address complex diseases caused by multiple gene networks. In its latest earnings report, Ocugen highlighted significant progress in its clinical trials and strategic partnerships, despite reporting a net loss for the third quarter of 2025. The company is advancing its OCU410ST and OCU400 trials, with plans for Biologics License Application filings in 2026 and 2027, and has secured a licensing agreement with Kwangdong Pharmaceutical for OCU400 in South Korea, projecting significant sales milestones and royalties. Financially, Ocugen closed a $20 million direct offering and anticipates additional proceeds if warrants are exercised, extending its cash runway into 2027. Looking ahead, Ocugen remains focused on advancing its clinical programs and exploring financing opportunities to support its path towards commercialization, with several key data releases and regulatory filings expected in the coming years.

Ocugen Inc. Earnings Call: Gene Therapy Advances Amid Financial Challenges

Ocugen Inc. recently held its earnings call, revealing a mix of promising advancements and financial challenges. The company showcased significant progress in its gene therapy programs and strategic partnerships, supported by encouraging clinical data. However, increased operating expenses and a declining cash position were notable concerns. Despite these financial hurdles, the overall sentiment of the call was optimistic, driven by positive advancements and strategic positioning.

Ocugen’s Promising Phase 2/3 Trial for Stargardt Disease: A Potential Game-Changer

Study Overview: Ocugen Inc. is conducting a Phase 2/3 trial titled A Phase 2/3 Trial to Assess the Efficacy and Safety of OCU410ST for Stargardt Disease. The study aims to evaluate the safety and efficacy of OCU410ST, a potential treatment for Stargardt Disease, a genetic eye disorder causing vision loss. This trial is significant as it could lead to a new therapeutic option for patients with this condition.

Ocugen’s Phase 3 Gene Therapy Trial: A Potential Game-Changer for Retinitis Pigmentosa

Ocugen Inc. is currently conducting a Phase 3 clinical study titled ‘A Phase 3, Multi-Center, Randomized Study to Assess The Efficacy, Safety and Tolerability of Subretinal OCU400 Gene Therapy for the Treatment of Retinitis Pigmentosa.’ The study aims to evaluate the effectiveness and safety of OCU400 gene therapy in patients with retinitis pigmentosa (RP), a genetic disorder that causes vision loss. This research is significant as it targets RP associated with RHO mutations and other mutations, potentially offering a new treatment avenue for this debilitating condition.

Ocugen’s OCU200 Study: A Potential Game-Changer for Diabetic Macular Edema

Study Overview: Ocugen Inc. is conducting a Phase 1 study titled ‘A Phase 1 Study To Assess The Safety And Efficacy Of OCU200 For Center-Involved Diabetic Macular Edema.’ The study aims to evaluate the safety and efficacy of OCU200, a potential treatment for diabetic macular edema, a condition affecting the eyes of diabetic patients. This study is significant as it could lead to new treatment options for those suffering from this vision-impairing condition.

Ocugen Faces Merger Termination with Carisma Therapeutics

On June 22, 2025, Ocugen and its subsidiary OrthoCellix entered into a merger agreement with Carisma Therapeutics and its subsidiary. However, on September 16, 2025, Carisma terminated the merger due to Ocugen’s failure to secure $25 million in investments, attributed to poor market conditions and a tight Nasdaq compliance deadline. Ocugen plans to continue focusing on gene therapies and exploring alternatives beneficial for its shareholders.

The most recent analyst rating on (OCGN) stock is a Hold with a $1.50 price target. To see the full list of analyst forecasts on Ocugen stock, see the OCGN Stock Forecast page.

Ocugen Signs Exclusive License Agreement with Kwangdong

On September 11, 2025, Ocugen, Inc. entered into an Exclusive License Agreement with Kwangdong Pharmaceutical Co., Ltd., granting Kwangdong rights to commercialize OCU400 in South Korea. Ocugen will receive upfront and milestone payments, along with royalties, while Kwangdong will manage regulatory submissions and commercialization efforts in the region.

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.

Ocugen Enters Subscription Agreement with Carisma Therapeutics

On August 29, 2025, Ocugen, Inc. entered into a subscription agreement with Carisma Therapeutics Inc. as part of a merger plan involving its subsidiary, OrthoCellix, and Carisma. This agreement is part of a larger $25 million investment plan, with Ocugen committing $5 million to purchase shares of Carisma. This strategic move is expected to strengthen Ocugen’s market position by expanding its investment portfolio and aligning with Carisma’s growth trajectory.

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.