One-glance verdict
Not enough data
Fair value unavailable
Not enough cash-flow history to value this one with our method.
Fundamentals snapshot
Ocugen, Inc.
OCGN · NCM · Healthcare · Biotechnology
Current price
$1.02
52-week range
$0.97 - $2.73
Market cap
$345.89M
Balance sheet
Healthy
-12.13x Concerning
Net cash $12.06M. Interest coverage shows how many times profit covers the interest bill.
What stands out
1 Reward
1 Risk
1 rewards · 1 risks
View details ↓What this company does
Ocugen, Inc.
Ocugen is a biotech company that develops new medical treatments, focusing on gene therapies for rare eye diseases and vaccines for illnesses like the flu and COVID-19. Because its products are still being tested in clinical trials (the required safety and effectiveness studies for new drugs), the company doesn't have significant sales yet. Its financial success depends on whether these potential medicines in its pipeline (the collection of products a company is developing) get approved for sale by regulators.
How the company got here
Founded in 2013, Ocugen started with a focus on developing treatments for rare and underserved eye diseases. A key moment in its history was becoming a publicly traded company in 2019 through a reverse merger with Histogenics, which also added a cartilage repair program to its portfolio. While its primary focus has been on eye diseases, the company gained significant attention for its partnership with Bharat Biotech in 2020 to develop and commercialize COVAXIN, a COVID-19 vaccine, for the U.S. and Canadian markets. This move broadened its scope from solely focusing on gene therapy for blindness to include vaccines.
What it actually does
Ocugen is a biopharmaceutical company working on developing new treatments for diseases. Think of it as a medical research and development company that doesn't have any products to sell yet, so it doesn't generate significant revenue (money from sales). Its main work is focused on creating "gene therapies," which are designed to treat diseases by correcting the underlying genetic problem. A large part of their effort is on inherited eye diseases that can cause blindness. They are also working on vaccines for infectious diseases like COVID-19 and the flu.
Modifier Gene Therapy for Eye Diseases
This is Ocugen's main area of focus, where they are developing treatments for inherited retinal diseases that lead to vision loss. Their approach, called modifier gene therapy, is unique because it aims to use a single product to treat multiple genetic mutations that cause these diseases. Their leading potential product, OCU400, is in the final stages of testing (Phase 3 clinical trials) for a condition called retinitis pigmentosa. The company is not yet making money from this; it is still in the development and testing phase, which is funded by investors.
Vaccines
Ocugen is also developing vaccines to prevent infectious diseases. This part of the business gained prominence through its partnership to bring the COVID-19 vaccine, COVAXIN, to North America. They are also working on other vaccines, including one for the seasonal flu and a combination flu and COVID-19 vaccine. This business line aims to generate revenue by getting these vaccines approved by health regulators and then selling them. Currently, this segment is also in the development and clinical trial stage.
Biologics and Cell Therapy
This is a smaller part of Ocugen's business that explores other types of medical treatments. One of their projects is OCU200, a type of drug called a biologic, for treating eye conditions related to diabetes. Another is NeoCart, a therapy that uses a patient's own cells to repair knee cartilage injuries. These programs are in earlier stages of development compared to their main gene therapy candidates. Like its other segments, this area does not yet generate revenue and relies on funding for research and development.
What management is betting on now
The company's main strategy is to get its gene therapy for eye diseases, particularly its lead candidate OCU400, through the final stages of testing and approved for sale. Management is focused on a "one to many" approach, where a single gene therapy product could treat various retinal diseases. They are also seeking partnerships and licensing deals in markets outside the United States to help fund their work and eventually sell their products globally. Extending their cash runway (the amount of time they can operate before needing more money) is a critical priority to fund their expensive clinical trials (studies to test the safety and effectiveness of new treatments).
Price history
How the share price has moved
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Loading price history…
Earnings history
Last 8 quarters — what happened
Click any quarter to read the call summary and what the numbers say.
FY2024 Q3
$-11.78M
FY2024 Q4
$-10.38M
FY2025 Q1
$-19.37M
FY2025 Q2
$-10.77M
FY2025 Q3
$-13.01M
FY2025 Q4
$-14.00M
FY2026 Q1
$-21.80M
FY2026 Q2
$-12.22M
Revenue
$1.49M
Net income
$-24.88M
Diluted EPS
-0.07
Operating cash flow
$-12.20M
Free cash flow
$-12.22M
Fetching…
Sources
Revenue
$1.53M
Net income
$-19.18M
Diluted EPS
-0.06
Operating cash flow
$-21.79M
Free cash flow
$-21.80M
Fetching…
Sources
Revenue
$-193.00K
Net income
$-17.71M
Diluted EPS
—
Operating cash flow
$-13.96M
Free cash flow
$-14.00M
Fetching…
Sources
Revenue
$1.75M
Net income
$-20.05M
Diluted EPS
—
Operating cash flow
$-12.92M
Free cash flow
$-13.01M
Fetching…
Sources
Revenue
$1.37M
Net income
$-14.74M
Diluted EPS
-0.05
Operating cash flow
$-10.73M
Free cash flow
$-10.77M
Fetching…
Sources
Revenue
$1.48M
Net income
$-15.35M
Diluted EPS
-0.05
Operating cash flow
$-19.36M
Free cash flow
$-19.37M
Fetching…
Sources
Revenue
$764.00K
Net income
$-13.88M
Diluted EPS
—
Operating cash flow
$-10.36M
Free cash flow
$-10.38M
Fetching…
Sources
Revenue
$1.14M
Net income
$-12.97M
Diluted EPS
—
Operating cash flow
$-11.27M
Free cash flow
$-11.78M
Fetching…
Sources
Is it cheap or expensive?
Fair value — vs current price $1.02
We couldn't calculate a fair value right now.
Is it drowning in debt?
Healthy
Net cash $12.1M - more cash than debt. Interest coverage -12.1x.
Net debt
$-12.06M
Interest coverage
-12.13x
Ocugen, Inc.'s profit covers its interest bill about 0.0 times over. which is weaker than most peers shown here and 5 peers sit below 1x, which is the danger zone where profit does not fully cover the interest bill.
Healthy
Worse cushion
Baseline
Better cushion
OCGN
BASELINE
Ocugen, Inc.
Total debt $87.99M Interest coverage -12.13x This is the baseline the peer rows are being compared against.
Total debt $250.46M Interest coverage -3.58x Neither company has much profit cushion over interest right now.
Total debt $17.46M Interest coverage -46.77x Neither company has much profit cushion over interest right now.
Total debt $39.22M Interest coverage -8.19x Neither company has much profit cushion over interest right now.
Total debt $26.66M Interest coverage -17,024.25x Neither company has much profit cushion over interest right now.
Total debt $73.41M Interest coverage -15.10x Neither company has much profit cushion over interest right now.
What you should know
The case for and against OCGN
1 Reward
1 Risk
Rewards
-
Revenue grew 3.8% last year.
Risks
-
Insider ownership is only 1.5% (peer median: 6.5%).
The numbers
All the key metrics, grouped by purpose
Tap any ? icon to learn what it means.
Valuation
How expensive the stock looks
P/E (TTM)
—
Forward P/E
-3.82x
P/B
-20.82x
P/S
75.51x
EV/EBITDA
-4.97x
PEG ratio
—
Profitability
How much profit each dollar creates
Gross margin
0.0%
Operating margin
-1,105.1%
Net margin
0.0%
ROE
—
ROA
-48.4%
Health
Liquidity and balance-sheet strength
Debt / equity
—
Current ratio
0.80x
Quick ratio
0.75x
Total debt
$87.99M
Total cash
$100.05M
Growth
How the business has been compounding
Revenue TTM
$4.58M
Revenue 5Y CAGR
219.0%
EPS TTM
-0.26
EPS 5Y CAGR
—
Cash flow
How much cash the business throws off
Operating CF TTM
$-60.87M
Free CF TTM
$-57.15M
FCF margin
-1,247.8%
Dividend
Shareholder payout
Yield
—
Payout ratio
0.0%
Last ex-div date
—