Ocugen (OCGN) AI Stock Analysis

• Market Cap: $468.46M
• Dividend Yield: N/A
• Average Volume (3M): 6.86M
• 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: 3,614,313
• 30 Day Avg. Volume: 6,864,920
• 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: 0.62
• Enterprise Value/Revenue: 60.84
• Enterprise Value/Gross Profit: 60.84
• Enterprise Value/Ebitda: -5.53
• 1Y Price Target: $8.50
• Price Target Upside: 466.67% Upside
• Rating Consensus: Strong Buy
• Number of Analyst Covering: 4

• Rating: 50 Neutral
• Price Target: $1.50 ▲(0.00% Upside)

Ocugen's overall stock score is primarily impacted by its challenging financial performance, with persistent losses and high leverage posing significant risks. While technical analysis shows some positive momentum, the company's negative valuation metrics and concerns about cash reserves from the earnings call further weigh down the score. Progress in clinical trials and strategic partnerships provide some optimism, but financial stability remains a critical concern.

Positive Factors

Clinical Development Progress

Advancing clinical trials, especially in late stages, indicates strong potential for future product approvals, enhancing long-term revenue prospects.

Strategic Partnerships

Strategic partnerships expand market reach and can provide financial support through upfront payments and royalties, strengthening Ocugen's business model.

Regulatory Approvals

Regulatory approvals for trials enhance credibility and increase the likelihood of eventual product commercialization, supporting long-term growth.

Negative Factors

Declining Cash Reserves

Decreasing cash reserves limit operational flexibility and may necessitate additional financing, which could dilute shareholder value.

High Operating Expenses

Persistent high operating expenses strain financial resources and could hinder profitability, impacting long-term financial stability.

High Leverage

High leverage increases financial risk and limits the company's ability to invest in growth opportunities, affecting long-term sustainability.

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 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: Neutral
• Last Price: 1.50
• 50DMA: Positive
• 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 1.5 is below the 20-day moving average (MA) of 1.65, above the 50-day MA of 1.39, and above the 200-day MA of 0.96, indicating a neutral trend. The MACD of 0.02 indicates Positive momentum. The RSI at 46.69 is Neutral, neither overbought nor oversold. The STOCH value of 18.52 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
ABSI	―	$653.41M	―	-57.39%	―	27.32%	-1.34%
ADCT	―	$498.37M	―	―	―	15.73%	38.73%
GLUE	―	$767.67M	36.23	9.81%	―	2990.57%	―
Sector *	―	$7.86B	-0.30	-43.30%	2.27%	22.53%	-2.21%
XOMA	―	$420.53M	-22.55	-12.42%	―	194.98%	38.01%
OCGN	―	$468.46M	―	-569.99%	―	33.39%	-7.11%
SVA	―	$460.27M	-4.93	―	0.00%	―	―

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.

The most recent analyst rating on (OCGN) stock is a Hold with a $1.50 price target. To see the full list of analyst forecasts on Ocugen stock, see the OCGN Stock Forecast page.

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.

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 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.

Ocugen Reports Progress in Gene Therapy Trials

Ocugen, Inc. is a biotechnology company specializing in gene therapies for blindness diseases, leveraging a unique modifier gene therapy platform to address complex diseases potentially caused by imbalances in multiple gene networks. In its latest earnings report, Ocugen highlighted progress in its clinical trials and strategic business developments, including a reverse merger with OrthoCellix and a licensing agreement for exclusive Korean rights to OCU400. Key financial metrics revealed a net loss of $0.05 per share for the second quarter of 2025, with total operating expenses of $15.2 million. The company continues to advance its late-stage clinical trials, aiming for multiple Biologics License Application filings over the next three years. Looking ahead, Ocugen remains focused on expanding its gene therapy platform and strategic partnerships to deliver innovative treatments for blindness diseases globally.

Ocugen Inc’s Earnings Call: Progress Amid Financial Challenges

Ocugen Inc’s recent earnings call painted a picture of optimism and progress, despite some financial hurdles. The company showcased significant advancements in its gene therapy platform, buoyed by positive clinical trial outcomes and strategic partnerships. While financial challenges were acknowledged, the overall sentiment leaned towards optimism, driven by the promising developments in their clinical programs and collaborations.

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.