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

Ocugen's overall stock score is primarily impacted by its weak financial performance, characterized by ongoing losses and high leverage. Technical indicators also suggest a bearish trend. While the earnings call and corporate events provide some positive developments, they are insufficient to offset the broader financial and technical challenges.

Positive Factors

Gene Therapy Advancements

Progress in gene therapy programs like OCU400 and OCU410ST enhances Ocugen's pipeline, potentially leading to significant market opportunities in treating retinal diseases.

Strategic Partnerships

The partnership with Kwangdong Pharmaceutical offers financial benefits through upfront payments and royalties, supporting Ocugen's financial stability and market expansion.

Regulatory Progress

Regulatory acceptance for OCU410ST's trial facilitates efficient market entry in Europe, potentially accelerating time to market and reducing costs.

Negative Factors

High Leverage

Significant leverage poses financial risks, potentially limiting Ocugen's ability to invest in growth opportunities and increasing vulnerability to economic downturns.

Ongoing Losses

Continued losses reflect operational inefficiencies and challenge Ocugen's path to profitability, impacting long-term sustainability and investor confidence.

Cash Position Decline

The decline in cash reserves limits Ocugen's financial flexibility, potentially constraining R&D investments and operational capabilities in the near term.

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: Positive
• Last Price: 1.43
• 50DMA: Negative
• 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 1.43 is above the 20-day moving average (MA) of 1.19, above the 50-day MA of 1.42, and above the 200-day MA of 1.05, indicating a neutral trend. The MACD of -0.04 indicates Negative momentum. The RSI at 53.78 is Neutral, neither overbought nor oversold. The STOCH value of 74.07 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
XOMA	58 Neutral	$392.73M	-21.06	16.22%	―	118.02%	―
GLUE	52 Neutral	$1.11B	56.42	9.28%	―	1112.27%	―
Sector *	51 Neutral	$7.86B	-0.30	-43.30%	2.27%	22.53%	-2.21%
SVA	50 Neutral	$460.27M	-4.93	―	0.00%	―	―
ADCT	50 Neutral	$437.29M	―	―	―	6.35%	39.57%
ABSI	49 Neutral	$596.98M	―	-55.68%	―	-33.09%	3.38%
OCGN	46 Neutral	$446.60M	―	-289.93%	―	14.26%	-23.34%

Ocugen Corporate Events

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.

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.