Healthcare · Biotechnology
Price
$1.47
Market Cap
$497.6M
Employees
95
Beta
2.31
Avg Volume
9,032,013
CEO
Shankar Musunuri
Business 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.
Business History
Price Overview
Last updated: May 14, 2026 3:12am (just now)$1.47
+0.00 (+0.00%)
Day Range
$1.45 – $1.49
52-Week Range
$0.64 – $2.73
50-Day MA
$1.84
200-Day MA
$1.49
Volume
4,363,602.00
Analyst Price Targets
Low
$3.50
Consensus
$5.00
High
$6.00
(5 analysts)
Share Structure
Outstanding
338,521,856.00
Float
329,044,399.00
Free Float
97.2%
High free float
— 97.2% of shares trade freely, ~2.8% held by insiders/institutions
Very liquid — most shares trade freely. Low insider ownership can mean less management alignment, but makes large position sizing straightforward.
Price History (1 Year)
Revenue & Net Income Trend
The directional story — useful even when net income is negative.
Revenue
The top line — total sales before any costs or taxes are subtracted. A measure of how much business the company is doing.
Net Income
The bottom line — profit left after subtracting all expenses, interest, and taxes from revenue. Reflects accounting profitability, but includes non-cash items like depreciation, so it isn't the same as cash earned.
Operating Cash Flow
The real cash generated by the day-to-day business — selling products, paying suppliers, collecting from customers. Calculated from net income by adding back non-cash items and adjusting for timing (unpaid bills, unsold inventory). When OCF consistently lags net income, the reported profit may not be converting to real money.
| Period | Revenue | Net Income | Net Margin | YoY/QoQ |
|---|
Key Metrics
API Direct from provider
CALC Derived from statements
P/E Ratio (Price per dollar of earnings)
CALCStock Price / EPS (Diluted)
-6.39
Stock Price: $1.47
EPS (Diluted): -0.23
EPS (Diluted): -0.23
P/B Ratio (Price vs net asset value)
APIStock Price / Book Value Per Share
-33.31
Stock Price: $1.47
Total Equity: -$12.17M
Shares: 300,167,989
Total Equity: -$12.17M
Shares: 300,167,989
EV/EBITDA (Total value vs operating profit)
APIEnterprise Value / EBITDA
-7.69
Market Cap: $497.63M
Total Debt: $28.79M
Cash: $18.57M
EBITDA: -$60.53M
Total Debt: $28.79M
Cash: $18.57M
EBITDA: -$60.53M
Enterprise Value (Takeover price (cap + debt - cash))
APIMarket Cap + Total Debt - Cash
$419.8M
Market Cap: $497.63M
Total Debt: $28.79M
Cash: $18.57M
Total Debt: $28.79M
Cash: $18.57M
Gross Margin (Revenue left after direct costs)
APIGross Profit / Revenue
45.9%
Gross Profit: $2.02M
Revenue: $4.41M
Revenue: $4.41M
Operating Margin (Revenue left after all operations)
APIOperating Income / Revenue
-1,425.7%
Operating Income: -$62.92M
Revenue: $4.41M
Revenue: $4.41M
Net Margin (Revenue left as actual profit)
APINet Income / Revenue
-1,537.4%
Net Income: -$67.85M
Revenue: $4.41M
Revenue: $4.41M
ROE (Profit from shareholder equity)
APINet Income / Total Equity
-127,987.5%
Net Income: -$67.85M
Total Equity: -$12.17M
Total Equity: -$12.17M
ROIC (Profit from all invested capital)
APINOPAT / Invested Capital
-157.6%
Operating Income: -$62.92M
Tax Rate: 0.0%
Equity: -$12.17M
Total Debt: $28.79M
Cash: $18.57M
Tax Rate: 0.0%
Equity: -$12.17M
Total Debt: $28.79M
Cash: $18.57M
Current Ratio (Can it pay short-term bills)
APICurrent Assets / Current Liabilities
1.06
Current Assets: $24.34M
Current Liabilities: $23.04M
Current Liabilities: $23.04M
Debt/Equity (Leverage — debt vs equity)
CALCTotal Debt / Total Equity
-2.37
Short-Term Debt: $1.25M
Long-Term Debt: $27.54M
Total Debt: $28.79M
Total Equity: -$12.17M
Long-Term Debt: $27.54M
Total Debt: $28.79M
Total Equity: -$12.17M
Rev/Share (Top-line per share)
CALCRevenue / Shares Outstanding
$0.01
Revenue: $4.41M
Shares: 300,167,989
Shares: 300,167,989
Book Value/Share (Net assets per share)
CALC(Total Assets - Total Liabilities) / Shares
$-0.04
Total Equity: -$12.17M
Shares: 300,167,989
Shares: 300,167,989
FCF/Share (Real cash generated per share)
CALC(Operating Cash Flow + CapEx) / Shares
$-0.19
Operating CF: -$56.96M
CapEx: -$185,000
Shares: 300,167,989
CapEx: -$185,000
Shares: 300,167,989
CapEx is negative (outflow) — added to OCF to get FCF
Div Yield (Annual income from holding)
APILast Annual Dividend / Stock Price
0.0%
Last Dividend: N/A
Stock Price: $1.47
Stock Price: $1.47
Payout Ratio (Earnings paid out as dividends)
Dividends Paid / Net Income
—
Dividends Paid: N/A
Net Income: -$67.85M
Net Income: -$67.85M
Dividends paid not available in cash flow statement
Industry Benchmarks
Compares OCGN against LLM-researched typical ranges for its
industry. One research call per industry, cached indefinitely — every stock in the same industry
reuses the same baseline.
Deep Analysis
Pre-flight intelligence scans the company first, then routes to the right analytical methods.
0
Company Classification
— What type of company is this?
1
Industry Landscape
— Where is the industry headed?
2
Company Momentum
— Where is this company trending?
3
Forward Projection
— 1Y & 2Y projected metrics (requires Layer 1 + 2)
4a
DCF Valuation
— Present value of future cash flows
4b
Earnings Power Value
— Floor value — worth with zero growth
4c
Anchored PE
— Industry PE adjusted for growth differential
4d
Reverse DCF
— What growth is the market pricing in?
4e
Revenue-Based DCF
— For growth/narrative companies (skip if mature earner)
4f
Anchored P/S
— Price-to-Sales peer comparison (skip if mature earner)
4g
Scenario Analysis
— Bull / Base / Bear (skip if mature earner)
4h
Dividend Discount Model
— For dividend/income stocks only
4i
Book Value Analysis
— For deep value / turnaround stocks only
4j
Insider Activity
— Are insiders buying or selling?
4f
Cash Flow Quality
— How trustworthy is the FCF?
4g
Debt Maturity Risk
— Can it handle its debt?
4h
Macro Environment
— Rates, market valuation, volatility
4i
Sector Intelligence
— How does this company compare within its sector?
4j
Revenue Confidence
— How reliable is the growth projection?
4k
Sensitivity Analysis
— How fragile is the fair value estimate?
4l
Sector Demand Cycle
— Is the sector in a boom, steady state, or contraction?
5
AI Investigation
— Adaptive research engine (Claude)
5b
Thesis Evaluation
— What does the market believe? (narrative/platform stocks only)
6
Valuation Synthesis
— Weighted verdict from all methods (requires Layer 4)
Income Statement (Annual)
Last updated: May 7, 2026 10:48am (6d ago)| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $0 | $2.5M | $6.0M | $4.1M | $4.4M |
| Cost of Revenue | $0 | $0 | $704,000 | $2.0M | $2.4M |
| Gross Profit | $0 | $2.5M | $5.3M | $2.1M | $2.0M |
| Operating Expenses | $58.0M | $91.6M | $70.9M | $56.8M | $64.9M |
| Operating Income | -$58.0M | -$89.1M | -$65.5M | -$54.8M | -$62.9M |
| Net Income | -$58.4M | -$86.8M | -$63.1M | -$54.1M | -$67.8M |
| EBITDA | -$57.8M | -$88.6M | -$64.8M | -$52.8M | -$60.5M |
| EPS | $-0.30 | $-0.40 | $-0.26 | $-0.20 | $-0.23 |
| EPS (Diluted) | — | — | — | — | — |
Balance Sheet (Annual)
Last updated: May 7, 2026 10:48am (6d ago)| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Cash & Equivalents | $95.0M | $77.6M | $39.5M | $58.5M | $18.6M |
| Total Current Assets | $102.6M | $98.5M | $43.0M | $61.7M | $24.3M |
| Total Assets | $105.8M | $108.6M | $64.5M | $82.4M | $43.5M |
| Current Liabilities | $7.0M | $28.5M | $17.1M | $21.6M | $23.0M |
| Long-Term Debt | $1.7M | $2.3M | $2.8M | $27.3M | $27.5M |
| Total Liabilities | $9.9M | $34.7M | $24.0M | $52.8M | $55.7M |
| Total Equity | $95.8M | $74.0M | $40.6M | $29.6M | -$12.2M |
| Retained Earnings | -$131.7M | -$223.1M | -$286.2M | -$340.2M | -$408.1M |
Cash Flow (Annual)
Last updated: May 7, 2026 10:48am (6d ago)| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Operating Cash Flow | -$47.9M | -$60.1M | -$62.1M | -$42.1M | -$57.0M |
| Capital Expenditure | $-939,000 | -$4.5M | -$10.5M | -$3.4M | $-185,000 |
| Free Cash Flow | -$48.9M | -$64.5M | -$72.5M | -$45.5M | -$57.1M |
| Acquisitions (net) | $0 | $0 | $0 | $0 | $0 |
| Debt Repayment | — | — | — | — | — |
| Dividends Paid | — | — | — | — | — |
| Stock Buybacks | $0 | $0 | $0 | $0 | $0 |
| Net Change in Cash | $70.9M | -$17.5M | -$38.1M | $19.4M | -$39.9M |
Analyst Estimates (Annual)
Last updated: May 14, 2026 3:12am (just now)| Metric | 2027 | 2028 | 2029 | 2030 |
|---|---|---|---|---|
| Revenue |
$10.2M $3.6M – $21.2M
|
$205.7M $93.8M – $357.6M
|
$590.9M $269.4M – $1.0B
|
$1.2B $561.1M – $2.1B
|
| EBITDA |
-$6.1M -$12.7M – -$2.2M
|
-$123.4M -$214.6M – -$56.3M
|
-$354.5M -$616.3M – -$161.6M
|
-$738.4M -$1.3B – -$336.7M
|
| Net Income |
$2.6M $2.3M – $3.0M
|
$43.8M -$69.2M – $156.4M
|
$230.4M $67.4M – $451.5M
|
$526.0M $154.0M – $1.0B
|
| EPS | — | — | — | — |
Growth Trends (YoY %)
Last updated: May 7, 2026 10:48am (6d ago)| Metric | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Revenue Growth | — | +142.6% | -32.8% | +8.8% |
| Gross Profit Growth | — | +114.3% | -60.9% | -3.0% |
| Operating Income Growth | -53.5% | +26.4% | +16.4% | -14.9% |
| Net Income Growth | -48.7% | +27.3% | +14.3% | -25.5% |
| EBITDA Growth | -53.3% | +26.8% | +18.6% | -14.7% |
Insider Trading (Recent)
| Date | Insider | Type | Shares | Price | Value |
|---|---|---|---|---|---|
| 2026-04-01 | Zhang Junge | M-Exempt | 66,929.00 | $1.42 | $95,039 |
| 2026-04-01 | Zhang Junge | M-Exempt | 112,205.00 | $0.46 | $51,614 |
| 2026-04-01 | Zhang Junge | M-Exempt | 15,000.00 | $0.51 | $7,650 |
| 2026-04-01 | Zhang Junge | M-Exempt | 112,205.00 | $0.46 | $51,614 |
| 2026-04-01 | Zhang Junge | M-Exempt | 15,000.00 | $0.51 | $7,650 |
| 2026-04-01 | Zhang Junge | M-Exempt | 66,929.00 | $1.42 | $95,039 |
| 2026-03-04 | Johnson-Greene Treerita Essalima | 0.00 | $0.00 | $0 | |
| 2026-03-04 | Johnson-Greene Treerita Essalima | 0.00 | $0.00 | $0 | |
| 2026-03-04 | Johnson-Greene Treerita Essalima | 750,000.00 | $1.44 | $1.1M | |
| 2026-01-02 | Musunuri Shankar | A-Award | 3,123,201.00 | $0.00 | $0 |
| 2026-01-02 | Musunuri Shankar | A-Award | 3,123,201.00 | $1.38 | $4.3M |
| 2026-01-02 | Ramachandran Ramesh | A-Award | 310,950.00 | $1.38 | $429,111 |
| 2026-01-02 | Ramachandran Ramesh | A-Award | 207,300.00 | $0.00 | $0 |
| 2025-06-05 | Chandrasekhar Satishchandran | 10,000.00 | $4.25 | $42,500 | |
| 2025-06-05 | Chandrasekhar Satishchandran | 25,000.00 | $2.22 | $55,500 | |
| 2025-06-05 | Chandrasekhar Satishchandran | A-Award | 151,316.00 | $0.95 | $143,750 |
| 2025-06-05 | Coleman Blaise | A-Award | 151,316.00 | $0.95 | $143,750 |
| 2025-06-05 | Castillo Kirsten | A-Award | 151,316.00 | $0.95 | $143,750 |
| 2025-06-05 | Kompella Uday | A-Award | 151,316.00 | $0.95 | $143,750 |
| 2025-06-05 | Zhang Junge | A-Award | 151,316.00 | $0.95 | $143,750 |
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Data via Financial Modeling Prep · Cached for performance · fmp
v1.1.207 · 22a3a690 · 2026-05-13 17:39:54