Ocugen (OCGN) AI Stock Analysis

• Market Cap: $279.15M
• Dividend Yield: N/A
• Average Volume (3M): 5.41M
• Price to Earnings (P/E): ―
• Beta (1Y): 1.47
• Revenue Growth: 33.39%
• EPS Growth: -7.11%
• Country: US
• Employees: 95
• Sector: Healthcare
• Sector Strength: 38
• Industry: Biotechnology
• EPS (TTM): -0.05
• Shares Outstanding: 292,304,750
• 10 Day Avg. Volume: 3,116,368
• 30 Day Avg. Volume: 5,409,611
• PEG Ratio: N/A
• Price to Book (P/B): 0.00
• Price to Sales (P/S): 0.00
• P/FCF Ratio: 0.00
• Enterprise Value/Market Cap: 1.04
• Enterprise Value/Revenue: 63.96
• Enterprise Value/Gross Profit: 63.96
• Enterprise Value/Ebitda: -5.32
• 1Y Price Target: $6.33
• Price Target Upside: 559.38% Upside
• Rating Consensus: Strong Buy
• Number of Analyst Covering: 3

• Rating: 48 Neutral
• Price Target: $1.00 ▲(4.17% Upside)

Ocugen's overall stock score is weighed down by severe financial challenges, including negative income and cash flow, despite some positive technical and corporate developments. The earnings call provided a cautiously optimistic outlook, but financial weaknesses pose significant risks.

Positive Factors

Clinical Development

The initiation of the OCU410ST pivotal GARDian3 study for Stargardt disease is progressing with patients already dosed, highlighting the company's active clinical development.

Financial Performance

The company reported higher than expected revenues and a lower net loss per share compared to consensus estimates, reflecting a positive financial performance.

Strategic Moves

The transaction is seen as a good strategic move that allows NeoCart to be valued separately while preserving Ocugen shareholders' interests.

Negative Factors

Operational Clarity

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., 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 through a combination of strategic partnerships, licensing agreements, and potentially through the commercialization of its therapeutic products. The company's revenue model primarily relies on collaborations with other pharmaceutical companies for the co-development and distribution of its pipeline products. Revenue streams are likely to include milestone payments from partners, royalties from product sales, and licensing income. Significant partnerships, such as those for the development of vaccines or gene therapies, play a crucial role in providing the financial resources necessary to advance its research and development efforts. Additionally, Ocugen may seek government contracts or grants to support its projects in the public health domain.

Ocugen Financial Statement Overview

Summary

Ocugen faces significant financial challenges, such as consistent negative net income and EBIT, high operating losses, and a declining equity position. The cash flow is negative and heavily reliant on external funding, highlighting severe financial instability.

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	4.52M	4.05M	6.04M	2.49M	0.00	42.62K
Gross Profit	4.52M	4.05M	5.33M	1.42M	-589.00K	36.27K
EBITDA	-54.34M	-52.79M	-64.83M	-88.59M	-58.03M	-21.00M
Net Income	-57.48M	-54.05M	-63.08M	-77.83M	-58.37M	-22.62M
Balance Sheet
Total Assets	64.46M	82.44M	64.55M	108.63M	105.76M	27.38M
Cash, Cash Equivalents and Short-Term Investments	37.80M	58.51M	39.46M	90.93M	94.96M	24.04M
Total Debt	31.82M	32.50M	6.94M	6.37M	3.31M	2.49M
Total Liabilities	48.55M	52.81M	23.98M	24.58M	9.94M	5.83M
Stockholders Equity	15.91M	29.63M	40.56M	84.05M	95.82M	21.55M
Cash Flow
Free Cash Flow	-51.95M	-45.53M	-72.53M	-64.54M	-48.88M	-15.02M
Operating Cash Flow	-50.90M	-42.14M	-62.05M	-60.08M	-47.94M	-14.71M
Investing Cash Flow	-1.14M	-3.38M	3.08M	-16.97M	-1.82M	-306.82K
Financing Cash Flow	63.76M	64.86M	20.88M	59.48M	120.68M	31.61M

Ocugen Technical Analysis

• Technical Analysis Sentiment: Neutral
• Last Price: 0.96
• 50DMA: Negative
• 100DMA: Positive
• 200DMA: Positive
• MACD: Positive
• RSI: Neutral
• STOCH: Positive

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For OCGN, the sentiment is Neutral. The current price of 0.96 is below the 20-day moving average (MA) of 1.06, below the 50-day MA of 1.02, and above the 200-day MA of 0.83, indicating a neutral trend. The MACD of >-0.01 indicates Positive momentum. The RSI at 42.71 is Neutral, neither overbought nor oversold. The STOCH value of 17.37 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for OCGN.

Ocugen Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
CDTX	57 Neutral	$1.37B	―	-299.58%	―	-99.35%	-260.33%
FHTX	51 Neutral	$278.71M	―	322.49%	―	-31.30%	36.26%
Sector *	50 Neutral	AU$2.60B	3.65	-58.14%	2.69%	36.37%	13.78%
OCGN	48 Neutral	$279.15M	―	-569.99%	―	33.39%	-7.11%
ENGN	42 Neutral	$201.35M	―	-33.97%	―	―	―
CRVS	41 Neutral	$330.82M	―	-100.13%	―	―	-71.53%
TVGN	33 Underperform	$185.41M	―	-124.74%	―	―	-20.39%

Ocugen Corporate Events

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.

The most recent analyst rating on (OCGN) stock is a Buy with a $8.00 price target. To see the full list of analyst forecasts on Ocugen stock, see the OCGN Stock Forecast page.

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.

The most recent analyst rating on (OCGN) stock is a Buy with a $8.00 price target. To see the full list of analyst forecasts on Ocugen stock, see the OCGN Stock Forecast page.

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.

The most recent analyst rating on (OCGN) stock is a Buy with a $8.00 price target. To see the full list of analyst forecasts on Ocugen stock, see the OCGN Stock Forecast page.

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.

The most recent analyst rating on (OCGN) stock is a Buy with a $8.00 price target. To see the full list of analyst forecasts on Ocugen stock, see the OCGN Stock Forecast page.

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.

The most recent analyst rating on (OCGN) stock is a Buy with a $8.00 price target. To see the full list of analyst forecasts on Ocugen stock, see the OCGN Stock Forecast page.