Ocugen (OCGN) AI Stock Analysis

• Market Cap: $324.80M
• Dividend Yield: N/A
• Average Volume (3M): 2.62M
• Price to Earnings (P/E): ―
• Beta (1Y): 1.37
• Revenue Growth: 33.39%
• EPS Growth: -7.11%
• Country: US
• Employees: 95
• Sector: Healthcare
• Sector Strength: 47
• Industry: Biotechnology
• EPS (TTM): -0.05
• Shares Outstanding: 312,304,750
• 10 Day Avg. Volume: 1,867,733
• 30 Day Avg. Volume: 2,620,544
• PEG Ratio: N/A
• Price to Book (P/B): N/A
• Price to Sales (P/S): N/A
• P/FCF Ratio: N/A
• Enterprise Value/Market Cap: 0.89
• Enterprise Value/Revenue: 60.84
• Enterprise Value/Gross Profit: 60.84
• Enterprise Value/Ebitda: -5.53
• 1Y Price Target: $6.33
• Price Target Upside: 508.65% Upside
• Rating Consensus: Strong Buy
• Number of Analyst Covering: 3

• Rating: 47 Neutral
• Price Target: $1.00 ▼(-3.85% Downside)

Ocugen's overall stock score is primarily impacted by its precarious financial performance, which poses significant risks. While technical analysis and valuation also reflect challenges, recent earnings call highlights and positive corporate events provide some optimism for future growth and strategic positioning.

Positive Factors

Pipeline Developments

The Phase 3 pivotal study liMeliGhT for retinitis pigmentosa is ongoing without any reported serious adverse events, indicating a positive safety profile.

Strategic Transactions

Ocugen has entered into agreements for multiple potentially value-creating transactions such as the Orthocellix spinout and the Definitive Agreement for OCU400 partnering in Korea.

Negative Factors

Financial Performance

Ocugen reported 2Q25 results with a net loss of ($14.7M) and a cash position of $27.0M.

Operational Risks

There is limited insight into the terms of funds raise, complete design of pivotal study, and the management team that would be responsible for the development of NeoCart.

Ocugen Business Overview & Revenue Model

Company Description

Ocugen, Inc. is a biopharmaceutical company focused on discovering, developing, and commercializing innovative gene therapies to treat eye diseases. The company operates primarily in the biotechnology sector, with a core focus on developing therapies for retinal diseases and other ocular conditions. Ocugen's lead product candidate, OCU300, is designed to treat ocular diseases, leveraging its proprietary modifier gene therapy platform.

How the Company Makes Money

Ocugen generates revenue primarily through partnerships and collaborations with other pharmaceutical companies, as well as through the development and commercialization of its product candidates. The company may enter into licensing agreements that provide upfront payments and milestone payments based on the achievement of specific development and regulatory milestones. Additionally, Ocugen could potentially earn royalties on sales of any products that are successfully commercialized through these partnerships. The company is also engaged in clinical trials, which could attract funding from investors or grants, contributing to its financial resources.

Ocugen Financial Statement Overview

Summary

Ocugen faces significant financial challenges, with persistent losses and reliance on financing activities. The company struggles with high operating losses, declining equity, and inconsistent revenue growth.

Income Statement

Ocugen's income statement reveals significant challenges, with consistent negative net income and EBIT over the years. The gross profit margin is positive due to minimal revenue, but the company is struggling with high operating losses. Revenue growth has been inconsistent, particularly with a decline from 2023 to 2024.

Balance Sheet

The balance sheet indicates a relatively low debt-to-equity ratio, suggesting manageable leverage. However, the equity position has declined, reducing financial stability. The equity ratio remains moderate, but the decline in stockholders' equity is concerning.

Cash Flow

Cash flow analysis shows negative operating cash flows and free cash flows, indicating difficulties in generating cash from core operations. While financing activities have supported liquidity, reliance on external funding is high, which could pose risks in the future.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	4.75M	4.05M	6.04M	2.49M	0.00	43.00K
Gross Profit	4.75M	2.09M	5.33M	2.01M	-589.00K	36.27K
EBITDA	-52.34M	-52.79M	-64.83M	-88.59M	-58.03M	-21.00M
Net Income	-56.94M	-54.05M	-63.08M	-86.80M	-58.37M	-21.82M
Balance Sheet
Total Assets	53.59M	82.44M	64.55M	108.63M	105.76M	27.38M
Cash, Cash Equivalents and Short-Term Investments	27.01M	58.51M	39.46M	90.93M	94.96M	24.04M
Total Debt	32.82M	32.50M	6.94M	6.37M	3.31M	2.49M
Total Liabilities	50.54M	52.81M	23.98M	24.58M	9.94M	5.83M
Stockholders Equity	3.05M	29.63M	40.56M	84.05M	95.82M	21.55M
Cash Flow
Free Cash Flow	-52.30M	-45.53M	-72.53M	-64.54M	-48.88M	-15.02M
Operating Cash Flow	-51.72M	-42.14M	-62.05M	-60.08M	-47.94M	-14.71M
Investing Cash Flow	-710.00K	-3.38M	3.08M	-16.97M	-1.82M	-306.82K
Financing Cash Flow	63.77M	64.86M	20.88M	59.48M	120.68M	31.61M

Ocugen Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 1.04
• 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 1.04 is above the 20-day moving average (MA) of 1.01, above the 50-day MA of 1.03, and above the 200-day MA of 0.84, indicating a bullish trend. The MACD of <0.01 indicates Negative momentum. The RSI at 53.14 is Neutral, neither overbought nor oversold. The STOCH value of 66.92 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
CDTX	58 Neutral	$1.70B	―	-37.05%	―	-100.00%	55.31%
FHTX	52 Neutral	$312.61M	―	322.49%	―	-31.30%	36.26%
Sector *	51 Neutral	$7.83B	-0.18	-40.10%	2.29%	21.46%	-2.03%
OCGN	47 Neutral	$324.80M	―	-569.99%	―	33.39%	-7.11%
ENGN	42 Neutral	$222.82M	―	-33.97%	―	―	―
CRVS	41 Neutral	$412.81M	―	-68.67%	―	―	-50.83%
TVGN	33 Underperform	$181.17M	―	-124.74%	―	―	-406.67%

Ocugen Corporate Events

Ocugen Announces $20M Securities Purchase Agreement

On August 8, 2025, Ocugen, Inc. announced a Securities Purchase Agreement with Janus Henderson Investors for a registered direct offering of 20,000,000 shares of common stock and warrants to purchase an additional 20,000,000 shares. The offering, priced at $1.00 per share, is expected to generate gross proceeds of approximately $20 million, with potential additional proceeds of $30 million if the warrants are fully exercised. Noble Capital Markets, Inc. acted as the sole placement agent, and the offering is anticipated to close around August 11, 2025. This strategic move aims to bolster Ocugen’s financial position and support its ongoing development programs in gene therapies for blindness diseases.

Ocugen Wins Dismissal of Securities Lawsuit

On July 29, 2025, the U.S. District Court for the Eastern District of Pennsylvania granted Ocugen, Inc.’s motion to dismiss a securities class action lawsuit filed against the company and certain agents. The plaintiffs have 30 days to appeal, and Ocugen intends to continue its defense if an appeal is made.

Ocugen Granted Extension to Meet Nasdaq Listing Requirements

On July 1, 2025, Ocugen, Inc. received a notice from Nasdaq granting an additional 180 days to comply with the minimum bid price requirement of $1.00 per share, crucial for maintaining its listing on the Nasdaq Capital Market. Previously, on December 31, 2024, the company was informed of non-compliance, and it now has until December 29, 2025, to meet the criteria or face potential delisting, with the option to appeal if necessary.

Ocugen Announces Merger with Carisma Therapeutics

On June 22, 2025, Ocugen, Inc. and its subsidiary OrthoCellix, Inc. entered into a merger agreement with Carisma Therapeutics Inc. and its subsidiary, Azalea Merger Sub, Inc. This merger will result in OrthoCellix becoming a wholly-owned subsidiary of Carisma, with the combined company focusing on OrthoCellix’s NeoCart® technology for knee cartilage repair. The merger, expected to close in the second half of 2025, will see Ocugen and investors owning approximately 90% of the combined company, with Carisma stockholders holding the remaining 10%. The transaction aims to create a Nasdaq-listed company dedicated to regenerative cell therapies for orthopedic diseases, with plans to initiate a Phase 3 clinical trial for NeoCart® by the end of 2025.

Ocugen to Release New Investor Presentation

Ocugen, Inc. has announced that it will post a new presentation on its website on June 16, 2025, which may be used in discussions with investors and analysts. This presentation is expected to provide insights into the company’s ongoing projects and potentially impact its engagement with stakeholders, reflecting Ocugen’s strategic communication efforts with the financial community.

Ocugen Signs License Agreement for OCU400 in Korea

On June 5, 2025, Ocugen, Inc. held its 2025 Annual Meeting of Stockholders virtually, where key proposals were voted on, including the election of directors and the ratification of an independent public accountant. Additionally, Ocugen announced the signing of a binding term sheet for the license of its OCU400 modifier gene therapy for retinitis pigmentosa in Korea, which includes upfront fees, development milestones, and sales royalties. This agreement aligns with Ocugen’s strategy to partner with established companies to expand its reach in treating retinitis pigmentosa patients and is expected to enhance its market presence in Korea.