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Financials · OCGN

Ocugen Inc. (OCGN) financials

For fiscal 2025 (ended Dec 31, 2025), Ocugen Inc. reported $4.41M of revenue and -$67.85M of net income.

Revenue, FY2025
$4.41M
Revenue growth, YoY
+8.8%
Net income, FY2025
-$67.85M
Net margin
-1537.4%
Free cash flow, FY2025
-$57.15M
Cash
$24.63M
Total debt
$1.78M
P/S
73.20
Market cap
$323.0M
Annual revenue$4.41M
FY2016FY2025
Annual net income-$67.85M
FY2016FY2025
Annual free cash flow-$57.15M
FY2016FY2025

OCGN revenue and earnings growth

OCGN revenueQ3 2026$1.95M

Quarter YoY
+11.4%
QoQ
+31.1%
FY YoY
+8.8%
5Y CAGR
+152.5%

OCGN revenue was $1.95M in fiscal Q3 2026 (ended Sep 30, 2026), up 11.4% from a year earlier and up 31.1% from the prior quarter. For the full fiscal 2025 it was $4.41M, up 8.8% from fiscal 2024. Compound annual growth was +152.5% over 5 years. It rose in 2 of the last 3 fiscal years.

OCGN net incomeQ3 2026-$3.60M

OCGN net income was -$3.60M in fiscal Q3 2026 (ended Sep 30, 2026), compared with -$20.05M a year earlier. For the full fiscal 2025 it was -$67.85M, compared with -$54.05M in fiscal 2024.

OCGN EPSQ3 2026-$0.01

OCGN diluted EPS was -$0.01 in fiscal Q3 2026 (ended Sep 30, 2026), compared with -$0.07 a year earlier. For the full fiscal 2023 it was -$0.26, compared with -$0.40 in fiscal 2022.

OCGN free cash flowQ3 2026-$15.89M

OCGN free cash flow was -$15.89M in fiscal Q3 2026 (ended Sep 30, 2026), compared with -$13.01M a year earlier. For the full fiscal 2025 it was -$57.15M, compared with -$45.53M in fiscal 2024.

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Income statement

Income statement
Line item
FY2025
Dec 31, 2025
FY2024
Dec 31, 2024
FY2023
Dec 31, 2023
FY2022
Dec 31, 2022
FY2021
Dec 31, 2021
FY2020
Dec 31, 2020
FY2019
Dec 31, 2019
FY2018
Dec 31, 2018
FY2017
Dec 31, 2017
FY2016
Dec 31, 2016
Revenue$4.41M$4.05M$6.04M$2.49M$0$43.0K$0$0$0$0
Research and development$39.75M$32.13M$39.57M$56.16M$35.11M$6.35M$8.09M$10.32M$15.57M$21.58M
Selling, general and admin$27.58M$26.69M$31.99M$35.40M$22.92M$7.97M$6.08M$5.82M$9.38M$8.53M
Operating income-$62.92M-$54.76M-$65.53M-$89.07M-$58.03M-$21.29M-$14.16M-$16.14M-$24.95M-$30.31M
Interest expense$5.19M$688.0K--$79.0K$721.0K$1.77M$3.75M-$60.0K
Pre-tax income-$67.85M-$54.05M-$63.08M-$86.80M-$58.42M-$21.82M-$20.24M-$8.64M-$26.41M-$16.21M
Income tax$0$0$0$0-$52.0K$0$0---
Net income-$67.85M-$54.05M-$63.08M-$86.80M-$58.37M-$21.82M-$20.24M-$18.22M-$26.41M-$16.21M
EPS, basic---$0.26-$0.40-$0.30-$0.31-$1.46-$3.67-$0.99-$0.97
EPS, diluted---$0.26-$0.40-$0.30-$0.31-$1.46-$3.67-$0.99-$2.18
Diluted shares--244.3M214.6M195.0M112.2M13.9M5.0M22.7M14.4M

Balance sheet

Balance sheet
Line item
FY2025
Dec 31, 2025
FY2024
Dec 31, 2024
FY2023
Dec 31, 2023
FY2022
Dec 31, 2022
FY2021
Dec 31, 2021
FY2020
Dec 31, 2020
FY2019
Dec 31, 2019
FY2018
Dec 31, 2018
FY2017
Dec 31, 2017
FY2016
Dec 31, 2016
Cash and equivalents$18.57M$58.82M$39.46M$77.56M$95.11M$24.19M$7.59M$1.78M$6.30M$32.05M
Current assets$24.34M$61.68M$42.97M$98.49M$102.65M$25.88M$15.77M$1.94M$8.18M$32.08M
Total assets$43.52M$82.44M$64.55M$108.63M$105.76M$27.38M$16.81M$2.45M$11.04M$36.08M
Current liabilities$23.04M$21.59M$17.09M$28.53M$7.00M$3.61M$4.54M$14.11M$3.81M$5.17M
Short-term debt$1.25M$1.33M$0$0$0$234.0K$0$7.48M--
Long-term debt$27.54M$27.34M$2.80M$2.29M$1.71M$1.82M$1.07M$1.02M--
Total debt$28.79M$28.67M$2.80M$2.29M$1.71M$2.06M$1.07M$8.50M--
Total liabilities$55.68M$52.81M$23.98M$34.65M$9.94M$5.83M$5.79M$15.16M$22.30M$22.51M
Shareholders' equity-$12.17M$29.63M$40.56M$73.98M$91.20M$21.55M$11.02M-$12.71M$4.43M$13.57M

Cash flow

Cash flow
Line item
FY2025
Dec 31, 2025
FY2024
Dec 31, 2024
FY2023
Dec 31, 2023
FY2022
Dec 31, 2022
FY2021
Dec 31, 2021
FY2020
Dec 31, 2020
FY2019
Dec 31, 2019
FY2018
Dec 31, 2018
FY2017
Dec 31, 2017
FY2016
Dec 31, 2016
Operating cash flow-$56.96M-$42.14M-$62.05M-$60.08M-$47.94M-$14.71M-$16.89M-$11.63M-$23.02M-$25.74M
Capital expenditures$185.0K$3.38M$10.48M$4.46M$939.0K$307.0K$30.0K$77.4K$276.0K$320.0K
Free cash flow-$57.15M-$45.53M-$72.53M-$64.54M-$48.88M-$15.02M-$16.92M-$11.71M-$23.30M-$26.06M
Investing cash flow-$311.0K-$3.38M$3.08M-$16.97M-$1.82M-$307.0K-$2.36M-$77.4K-$1.23M-$320.0K
Financing cash flow$17.33M$64.86M$20.88M$59.48M$120.68M$31.61M$25.07M$7.18M-$577.0K$27.05M
Share repurchases----$0$0$48.0K$0--
Stock-based compensation-------$1.63M$1.57M$1.55M
Depreciation and amortization---$480.0K$229.0K-----

Key ratios

Key ratios
Line item
FY2025
Dec 31, 2025
FY2024
Dec 31, 2024
FY2023
Dec 31, 2023
FY2022
Dec 31, 2022
FY2021
Dec 31, 2021
FY2020
Dec 31, 2020
FY2019
Dec 31, 2019
FY2018
Dec 31, 2018
FY2017
Dec 31, 2017
FY2016
Dec 31, 2016
Revenue growth, YoY8.8%-32.8%142.6%--100.0%-----
Operating margin-1425.7%-1350.4%-1085.7%-3580.0%--49500.0%----
Net margin-1537.4%-1333.0%-1045.0%-3488.9%--50748.8%----
Free cash flow margin-1295.0%-1122.7%-1201.6%-2593.9%--34920.9%----
Return on equity--182.4%-155.5%-117.3%-64.0%-101.3%-183.7%--595.6%-119.5%
Return on assets-155.9%-65.6%-97.7%-79.9%-55.2%-79.7%-120.4%-742.4%-239.4%-44.9%
Current ratio1.062.862.513.4514.667.163.470.142.156.20
Debt to equity-0.970.070.030.020.100.10---

Source: XBRL data Ocugen Inc. files with the SEC, latest filing dated Nov 4, 2026 (see filings on SEC EDGAR). Provided for information only, not investment advice. Check the filing before relying on a number.

* Worked out from the filings rather than stated in them: Q4 is the full year less the first nine months.

Per-share figures are as filed. The filings show no stock split in these periods.

EPS growth is left out where the share count moved enough to suggest a split the filings do not show. Growth rates need a positive starting figure. CAGR is compound annual growth between fiscal years. The CSV holds every period on file, in full figures, from the same SEC filings.

OCGN peers

CompanyRevenueGrowthNet incomeNet marginMarket cap
OCGN$4.41M+8.8%-$67.85M-1537.4%$323.0M
RGNX$153.91M-4.6%-$175.23M-113.9%$508.5M
FDMT---$140.11M-$688.3M
MGTX$397.50M+948.3%$78.98M19.9%$923.9M
KOD---$241.99M-$6.79B

OCGN FAQ

7 questions
  • What is OCGN revenue?
    Ocugen Inc. (OCGN) reported $4.41M of revenue for fiscal 2025 (ended Dec 31, 2025). That is up 8.8% from the year before.
  • Is OCGN profitable?
    No. Ocugen Inc. reported a net loss of $67.85M for fiscal 2025 (ended Dec 31, 2025).
  • How much cash and debt does OCGN have?
    Ocugen Inc. reported $24.63M in cash and cash equivalents and $1.78M of debt on its most recent balance sheet in SEC filings.
  • How fast is OCGN revenue growing?
    Ocugen Inc.'s revenue changed +8.8% in fiscal 2025, to $4.41M. Its compound annual growth rate was +152.5% over 5 years.
  • What is OCGN free cash flow?
    Ocugen Inc. generated -$57.15M of free cash flow for fiscal 2025 (ended Dec 31, 2025), which is operating cash flow of -$56.96M less capital expenditures.
  • When did OCGN last report financial results?
    The latest statements here come from Ocugen Inc.'s 10-Q filed on Nov 4, 2026, covering the period ended Sep 30, 2026.
  • Where does this OCGN financial data come from?
    Quantisnow builds these statements from the structured XBRL data Ocugen Inc. files with the SEC. It is provided for information only and is not investment advice.