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Ocugen Inc (OCGN)
NASDAQ:OCGN
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Ocugen
(NASDAQ:OCGN)
43Neutral
Positive Factors
Clinical Trial Success
Positive two-year efficacy data from the ongoing Phase 1/2 study demonstrated that in 100% of evaluable patients the treatment with OCU400 achieved improvement or preservation of visual function compared to untreated eyes, indicating both efficacy and durability.
Regulatory Progress
The FDA lifted the clinical hold on OCU200's IND for a Phase 1 study targeting Diabetic Macular Edema, which indicates regulatory progress.
Regulatory Support
OCU400 received Advanced Therapy Medicinal Product (ATMP) classification from the EMA which indicates a vote of confidence from the regulators and could potentially accelerate the regulatory review timeline.
Negative Factors
Financial Performance
Ocugen reported a net loss of ($13.9M) for 4Q24 and ($54.1M) for the full year, with $58.8M in cash, providing runway into 1Q26.
Market Competition
Big Pharma's interest in the DME space, evidenced by Merck's acquisition of EyeBio for its DME asset, suggests increasing interest in Ocugen's developments.
Ocugen (OCGN) vs. S&P 500 (SPY)
Market Cap
$205.15M
Dividend YieldN/A
Average Volume (3M)3.41M
Price to Earnings (P/E)―
Beta (1Y)1.66
Revenue Growth86.63%
EPS Growth22.29%
CountryUS
Employees95
SectorHealthcare
Sector Strength38
IndustryBiotechnology
Share Statistics
EPS (TTM)-0.05
Shares Outstanding292,031,280
10 Day Avg. Volume3,065,660
30 Day Avg. Volume3,414,695
Financial Highlights & Ratios
PEG Ratio0.73
Price to Book (P/B)7.85
Price to Sales (P/S)0.00
P/FCF Ratio-5.13
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
$6.33Price Target Upside791.55% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering3
Ocugen Business Overview & Revenue Model
Company DescriptionOcugen, 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 MoneyOcugen makes money through the development and commercialization of therapies for eye diseases. Its revenue model primarily relies on advancing its pipeline of product candidates through clinical trials and obtaining regulatory approvals, which allows for eventual commercialization through direct sales or partnerships with larger pharmaceutical companies. Additionally, Ocugen forms strategic partnerships and collaborations that may provide upfront payments, milestone payments, and royalties on future sales of co-developed products. Licensing agreements for its proprietary technologies and therapies are also potential revenue streams. The company's financial success is contingent on the successful development and market adoption of its therapeutic candidates.
Ocugen Financial Statement Overview
Summary
Ocugen is facing significant financial challenges with persistent losses, a declining equity position, and a heavy reliance on financing activities. Despite a low debt-to-equity ratio, the company's inconsistent revenue growth and negative cash flows are concerning.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 2024.25
Negative
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.40
Negative
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.30
Negative
| Breakdown | ||||
| Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 | Dec 2020 |
|---|---|---|---|---|
| Income Statement | Total Revenue | |||
| 4.05M | 6.04M | 2.49M | 0.00 | 42.62K | Gross Profit |
| 4.05M | 5.33M | 1.42M | -589.00K | 36.27K | EBIT |
| -54.76M | -65.53M | -84.87M | -58.03M | -21.28M | EBITDA |
| -54.76M | -64.83M | -88.59M | -58.03M | -21.00M | Net Income Common Stockholders |
| -54.05M | -63.08M | -77.83M | -58.37M | -22.62M |
| Balance Sheet | Cash, Cash Equivalents and Short-Term Investments | |||
| 58.51M | 39.46M | 90.93M | 94.96M | 24.04M | Total Assets |
| 82.44M | 64.55M | 108.63M | 105.76M | 27.38M | Total Debt |
| 5.16M | 6.94M | 6.37M | 3.31M | 2.49M | Net Debt |
| -53.36M | -32.52M | -71.19M | -91.65M | -21.55M | Total Liabilities |
| 52.81M | 23.98M | 24.58M | 9.94M | 5.83M | Stockholders Equity |
| 29.63M | 40.56M | 84.05M | 95.82M | 21.55M |
| Cash Flow | Free Cash Flow | |||
| -45.53M | -72.53M | -64.54M | -48.88M | -15.02M | Operating Cash Flow |
| -42.14M | -62.05M | -60.08M | -47.94M | -14.71M | Investing Cash Flow |
| -3.38M | 3.08M | -16.97M | -1.82M | -306.82K | Financing Cash Flow |
| 64.86M | 20.88M | 59.48M | 120.68M | 31.61M |
Ocugen Technical Analysis
Positive
0.71
Price Trends
0.67
Positive
0.70
Positive
0.88
Negative
Market Momentum
<0.01
Positive
51.99
Neutral
39.74
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 0.71 is below the 20-day moving average (MA) of 0.71, above the 50-day MA of 0.67, and below the 200-day MA of 0.88, indicating a neutral trend. The MACD of <0.01 indicates Positive momentum. The RSI at 51.99 is Neutral, neither overbought nor oversold. The STOCH value of 39.74 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for OCGN.
Ocugen Risk Analysis
Ocugen disclosed 82 risk factors in its most recent earnings report. Ocugen reported the most risks in the “Tech & Innovation” category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Ocugen Peers Comparison
Overall Rating
UnderperformOutperform
Sector (52)
Financial Indicators
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
52 Neutral | $5.04B | 3.15 | -44.58% | 2.85% | 16.08% | -0.27% | |
48 Neutral | $251.10M | ― | -299.58% | ― | -99.35% | -260.33% | |
46 Neutral | $241.27M | ― | 322.49% | ― | -30.66% | 36.48% | |
43 Neutral | $205.15M | ― | -248.97% | ― | 86.63% | 22.29% | |
42 Neutral | $146.82M | ― | -44.21% | ― | ― | ― | |
41 Neutral | $299.98M | ― | -100.13% | ― | ― | -71.53% | |
33 Underperform | $202.28M | ― | -124.74% | ― | ― | -20.39% |
* Healthcare Sector Average
Performance Comparison
OCGN
Ocugen
0.71
-1.27
-64.14%
CDTX
Cidara Therapeutics
21.04
9.04
75.33%
CRVS
Corvus Pharmaceuticals
3.58
1.39
63.47%
FHTX
Foghorn Therapeutics
4.31
-1.50
-25.82%
TVGN
Tevogen Bio Holdings
1.15
0.26
29.21%
ENGN
enGene Holdings
3.40
-10.79
-76.04%
Ocugen Earnings Call Summary
Earnings Call Date:May 09, 2025
(Q1-2025)
| % Change Since: 2.90%|
Next Earnings Date:Aug 01, 2025
Earnings Call Sentiment Positive
The earnings call highlighted significant progress in Ocugen's gene therapy programs, with promising clinical trial results and regulatory advancements. However, increased R&D expenses and a higher net loss indicate financial challenges. Despite these concerns, the overall sentiment leans towards optimism due to the promising pipeline and strategic planning.Q1-2025 Updates
Positive Updates
Advancement of Modifier Gene Therapy Platform
Ocugen is on track to file three Biologics License Applications (BLA) or Market Authorization Applications (MAA) in the next three years for its modifier gene therapy platform, targeting retinal diseases.
Positive Clinical Data for OCU400
Two-year safety and efficacy data from the Phase 1/2 OCU400 clinical trial showed a statistically significant improvement in visual function with a p-value of 0.005, indicating potential to treat approximately 300,000 RP patients in the US and EU and 1.6 million globally.
EMA's MAA Submission Eligibility for OCU400
EMA granted eligibility to submit OCU400 MAA via centralized procedure as an ATMP, signifying recognition of its potential to address unmet medical needs in Europe.
Initiation of OCU410 Phase 3 Trials
Dosing was completed ahead of schedule in the OCU410 Phase 1/2 trial for geographic atrophy, with Phase 3 trials set to begin in 2026, aiming for a BLA submission in 2028.
OCU410ST Progress
Significant improvements were shown in the Phase 1 GUARDIAN trial, and the FDA approved a Phase 2/3 trial for Stargardt disease.
Financial Stability and Strategy
Cash runway is expected to extend into the first quarter of 2026, with ongoing exploration of strategic opportunities to increase working capital.
Negative Updates
Increased Research and Development Expenses
R&D expenses increased to $9.5 million in Q1 2025 from $6.8 million in Q1 2024, indicating higher investment requirements.
Net Loss Increase
Net loss increased to $15.3 million in Q1 2025 from $11.9 million in Q1 2024, reflecting higher operational costs.
Decrease in Cash Reserves
Cash and restricted cash decreased to $38.1 million as of March 31, 2025, from $58.8 million as of December 31, 2024.
Company Guidance
During the call, Ocugen provided guidance on several key metrics and timelines for its gene therapy programs. The company is on track to file three biologics license applications (BLAs) or market authorization applications (MAAs) within the next three years. Specifically, for OCU400, they plan a BLA submission in 2027, and a Phase 3 study will enroll 150 participants divided into two study counts. The company expects to initiate a Phase 3 trial for OCU410 in 2026 with a BLA submission planned for 2028. Ocugen reported research and development expenses of $9.5 million for the quarter ended March 31, 2025, compared to $6.8 million in the same period in 2024. General and administrative expenses were $6.5 million, with a net loss of $15.3 million or $0.05 per share. Cash and restricted cash totaled $38.1 million as of March 31, 2025, providing a runway into the first quarter of 2026.Ocugen Corporate Events
Business Operations and Strategy
Ocugen to Present at Eyecelerator Conference May 2025
Neutral
May 1, 2025
Ocugen, Inc. announced its participation in the Eyecelerator conference in Park City, Utah, on May 2, 2025, where it will present a new presentation. This event is significant for Ocugen as it provides an opportunity to engage with investors, analysts, and other stakeholders, potentially impacting its market presence and investor relations.
Spark’s Take on OCGN Stock
According to Spark, TipRanks’ AI Analyst, OCGN is a Neutral.
Ocugen’s stock score reflects significant financial challenges, with consistent losses and reliance on external funding. Despite this, technical indicators show neutral momentum, and strategic advancements highlighted in the earnings call, such as FDA alignment and a strong cash position, provide some positive outlook. However, the valuation remains challenging due to negative earnings.
To see Spark’s full report on OCGN stock, click here.
Glossary
OutperformA stock rated as "Outperform" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests that the stock is likely to deliver higher returns compared to the average returns of other stocks in the same sector or market index. Investors might consider this stock a good buying opportunity.
NeutralA stock rated as "Neutral" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly attractive nor unattractive for investment. Investors may consider holding onto the stock, as it is not expected to either significantly outperform or underperform the market.
UnderperformA stock rated as "Underperform" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests that the stock may deliver lower returns compared to the average returns of other stocks in the same sector or market index. Investors might consider selling the stock or avoiding it as an investment.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.