Ocugen (OCGN) AI Stock Analysis

• Market Cap: $412.24M
• Dividend Yield: N/A
• Average Volume (3M): 2.47M
• Price to Earnings (P/E): ―
• Beta (1Y): 1.41
• Revenue Growth: 33.39%
• EPS Growth: -7.11%
• Country: US
• Employees: 95
• Sector: Healthcare
• Sector Strength: 45
• Industry: Biotechnology
• EPS (TTM): -0.05
• Shares Outstanding: 312,304,750
• 10 Day Avg. Volume: 3,587,810
• 30 Day Avg. Volume: 2,466,638
• 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: 0.70
• Enterprise Value/Revenue: 60.84
• Enterprise Value/Gross Profit: 60.84
• Enterprise Value/Ebitda: -5.53
• 1Y Price Target: $6.33
• Price Target Upside: 352.14% Upside
• Rating Consensus: Strong Buy
• Number of Analyst Covering: 3

• Rating: 61 Neutral
• Price Target: $1.50 ▲(7.14% Upside)

Ocugen's stock score is primarily influenced by its strong technical momentum, despite significant financial challenges and valuation concerns. The earnings call provided positive clinical updates and strategic partnerships, but financial risks persist.

Positive Factors

Gene Therapy Platform Progress

Advancement of gene therapy candidates into late-stage trials indicates strong R&D capabilities and potential for future product launches, enhancing long-term growth prospects.

Strategic Partnerships

Strategic partnerships expand Ocugen's market reach and financial resources, supporting global expansion and revenue diversification over the long term.

FDA and EMA Approvals

Regulatory approvals from FDA and EMA validate Ocugen's clinical approach, potentially accelerating market entry and enhancing competitive positioning in the biotech sector.

Negative Factors

Declining Cash Reserves

Decreasing cash reserves limit Ocugen's operational flexibility and ability to fund ongoing R&D, posing a risk to sustaining long-term development projects.

High Operating Expenses

High operating expenses, despite a slight decrease, strain financial resources and could hinder profitability, affecting long-term financial health.

High Leverage

High leverage increases financial risk, potentially impacting Ocugen's ability to invest in growth initiatives and manage economic downturns effectively.

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 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 across all verticals. The income statement shows persistent losses, the balance sheet indicates high leverage and declining equity, and cash flow statements reveal ongoing cash flow issues. While there are minor improvements in revenue and free cash flow growth, the company's financial position remains precarious, requiring strategic interventions to improve profitability and reduce financial risk.

Income Statement

Ocugen's income statement reveals significant challenges, with persistent negative net profit margins and EBIT margins indicating ongoing losses. Despite a slight revenue growth in the TTM period, the company struggles with profitability, as evidenced by negative EBIT and EBITDA margins. The gross profit margin is positive, but the overall financial health is weakened by substantial net losses.

Balance Sheet

The balance sheet shows a concerning debt-to-equity ratio, particularly in the TTM period, indicating high leverage and potential financial risk. The return on equity is negative, reflecting the company's inability to generate profit from shareholders' equity. The equity ratio has decreased, suggesting a decline in financial stability over time.

Cash Flow

Cash flow analysis highlights negative operating and free cash flows, with a slight improvement in free cash flow growth. However, the operating cash flow to net income ratio remains negative, indicating cash flow challenges. The free cash flow to net income ratio is slightly above 1, suggesting some alignment between cash flow and reported earnings, but overall cash flow health is weak.

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: 1.40
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• MACD: Negative
• RSI: Negative
• STOCH: Negative

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 1.4 is above the 20-day moving average (MA) of 1.08, above the 50-day MA of 1.06, and above the 200-day MA of 0.85, indicating a bullish trend. The MACD of 0.06 indicates Negative momentum. The RSI at 82.27 is Negative, neither overbought nor oversold. The STOCH value of 82.65 is Negative, 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
OCGN	61 Neutral	$412.24M	―	-569.99%	―	33.39%	-7.11%
CDTX	58 Neutral	1.64B	-6.40	-103.99%	―	-100.00%	55.31%
FHTX	45 Neutral	271.34M	-4.14	98.35%	―	-31.30%	36.26%
ENGN	42 Neutral	333.77M	-3.67	0.00%	―	0.00%	0.00%
CRVS	41 Neutral	431.44M	-6.03	0.00%	―	0.00%	-50.83%
TVGN	33 Underperform	165.23M	-4.50	0.00%	―	0.00%	-406.67%
Sector *	51 Neutral	$7.86B	-0.30	-43.30%	2.27%	22.53%	-2.21%

Ocugen Corporate Events

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.

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.

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.