Ocugen Inc Financials

OCGN

Source SEC Filings (10-K/10-Q) Updated Sep 30, 2025 Currency USD FYE December

Financial Health Signals

Financial Profile 34/100

Based on FY2024 annual data. Scores normalized against common benchmarks. How we calculate these scores

Profitability

Ocugen Inc has an operating margin of -1350.4%, meaning the company retains $-1350 of operating profit per $100 of revenue. This below-average margin results in a low score of 0/100, suggesting thin profitability after operating expenses. This is down from -1085.7% the prior year.

Growth

Ocugen Inc's revenue declined 32.8% year-over-year, from $6.0M to $4.1M. This contraction results in a growth score of 0/100.

Leverage

Ocugen Inc carries a low D/E ratio of 0.92, meaning only $0.92 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 77/100, indicating a strong balance sheet with room for future borrowing.

Liquidity

With a current ratio of 2.86, Ocugen Inc holds $2.86 in current assets for every $1 of short-term obligations. This comfortable liquidity earns a score of 94/100.

Cash Flow

While Ocugen Inc generated -$42.1M in operating cash flow, capex of $3.4M consumed most of it, leaving -$45.5M in free cash flow. This results in a low score of 0/100, reflecting heavy capital investment rather than weak cash generation.

Piotroski F-Score Weak

3/9

Ocugen Inc passes 3 of 9 financial strength tests. 2 of 4 profitability signals pass, 1 of 3 leverage/liquidity signals pass, neither operating efficiency signal passes.

Earnings Quality Low Quality

0.78x

For every $1 of reported earnings, Ocugen Inc generates $0.78 in operating cash flow (-$42.1M OCF vs -$54.1M net income). This low ratio suggests earnings are primarily driven by accounting accruals rather than cash generation, which may not be sustainable.

This page shows Ocugen Inc (OCGN) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 11 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).

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Key Financial Metrics

Revenue

$4.1M

YoY-32.8%

Ocugen Inc generated $4.1M in revenue in fiscal year 2024. This represents a decrease of 32.8% from the prior year.

EBITDA

-$54.6M

YoY+15.8%

Ocugen Inc's EBITDA was -$54.6M in fiscal year 2024, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 15.8% from the prior year.

Free Cash Flow

-$45.5M

YoY+37.2%

Ocugen Inc generated -$45.5M in free cash flow in fiscal year 2024, representing cash available after capex. This represents an increase of 37.2% from the prior year.

Net Income

-$54.1M

YoY+14.3%

Ocugen Inc reported -$54.1M in net income in fiscal year 2024. This represents an increase of 14.3% from the prior year.

EPS (Diluted)

N/A

Cash & Debt

$58.8M

YoY+49.1%

5Y CAGR+51.2%

10Y CAGR+0.1%

Ocugen Inc held $58.8M in cash against $27.3M in long-term debt as of fiscal year 2024.

Dividends Per Share

N/A

Shares Outstanding

291M

YoY+13.6%

Ocugen Inc had 291M shares outstanding in fiscal year 2024. This represents an increase of 13.6% from the prior year.

Gross Margin

N/A

Operating Margin

-1350.4%

YoY-264.7pp

Ocugen Inc's operating margin was -1350.4% in fiscal year 2024, reflecting core business profitability. This is down 264.7 percentage points from the prior year.

Net Margin

-1333.0%

YoY-288.0pp

Ocugen Inc's net profit margin was -1333.0% in fiscal year 2024, showing the share of revenue converted to profit. This is down 288.0 percentage points from the prior year.

Return on Equity

N/A

R&D Spending

$32.1M

YoY-18.8%

5Y CAGR+31.8%

10Y CAGR+2.1%

Ocugen Inc invested $32.1M in research and development in fiscal year 2024. This represents a decrease of 18.8% from the prior year.

Share Buybacks

N/A

Capital Expenditures

$3.4M

YoY-67.7%

5Y CAGR+157.3%

10Y CAGR+0.2%

Ocugen Inc invested $3.4M in capex in fiscal year 2024, funding long-term assets and infrastructure. This represents a decrease of 67.7% from the prior year.

OCGN Income Statement

Metric	FY24	FY23	FY22	FY21	FY20	FY19
Revenue	$4.1M-32.8%	$6.0M+142.6%	$2.5M	$0-100.0%	$43K	$0
Cost of Revenue	N/A	N/A	N/A	N/A	N/A	N/A
Gross Profit	N/A	N/A	N/A	N/A	N/A	N/A
R&D Expenses	$32.1M-18.8%	$39.6M-29.5%	$56.2M+60.0%	$35.1M+452.5%	$6.4M-21.4%	$8.1M
SG&A Expenses	$26.7M-16.6%	$32.0M-9.6%	$35.4M+54.5%	$22.9M+187.4%	$8.0M+31.2%	$6.1M
Operating Income	-$54.8M+16.4%	-$65.5M+26.4%	-$89.1M-53.5%	-$58.0M-172.6%	-$21.3M-50.3%	-$14.2M
Interest Expense	N/A	N/A	N/A	$79K-89.0%	$721K-59.2%	$1.8M
Income Tax	$0	$0	$0+100.0%	-$52K	$0	$0
Net Income	-$54.1M+14.3%	-$63.1M+27.3%	-$86.8M-48.7%	-$58.4M-167.5%	-$21.8M-7.8%	-$20.2M
EPS (Diluted)	N/A	$-0.26+35.0%	$-0.40-33.3%	$-0.30+3.2%	$-0.31	$-1.46

Metric	Q3'25	Q2'25	Q1'25	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23
Revenue	$1.8M+27.6%	$1.4M-7.3%	$1.5M+93.8%	$764K-33.0%	$1.1M+12.5%	$1.0M-28.0%	$1.4M-61.9%	$3.7M
Cost of Revenue	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Gross Profit	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
R&D Expenses	$11.1M+32.7%	$8.4M-11.8%	$9.5M+14.9%	$8.3M-6.9%	$8.9M+30.4%	$6.8M-12.3%	$7.8M+10.4%	$7.0M
SG&A Expenses	$8.2M+21.6%	$6.8M+4.9%	$6.5M+2.2%	$6.3M-17.9%	$7.7M+20.0%	$6.4M+24.2%	$5.2M-43.2%	$9.1M
Operating Income	-$17.6M-27.8%	-$13.8M+4.9%	-$14.5M-4.8%	-$13.8M+10.4%	-$15.4M-26.5%	-$12.2M-6.0%	-$11.5M+7.3%	-$12.4M
Interest Expense	$1.3M+8.3%	$1.2M0.0%	$1.2M+4037.9%	$29K	N/A	N/A	N/A	N/A
Income Tax	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Net Income	-$20.1M-36.0%	-$14.7M+4.0%	-$15.3M-10.6%	-$13.9M+9.2%	-$15.3M-28.1%	-$11.9M-8.7%	-$11.0M+6.4%	-$11.7M
EPS (Diluted)	N/A	N/A	N/A	N/A	$-0.04+20.0%	$-0.05-66.7%	$-0.03+40.0%	$-0.05

OCGN Balance Sheet

Metric	FY24	FY23	FY22	FY21	FY20	FY19
Total Assets	$82.4M+27.7%	$64.5M-40.6%	$108.6M+2.7%	$105.8M+286.3%	$27.4M+62.9%	$16.8M
Current Assets	$61.7M+43.5%	$43.0M-56.4%	$98.5M-4.0%	$102.6M+296.7%	$25.9M+64.1%	$15.8M
Cash & Equivalents	$58.8M+49.1%	$39.5M-49.1%	$77.6M-18.3%	$95.0M+295.0%	$24.0M+222.9%	$7.4M
Inventory	N/A	N/A	N/A	N/A	N/A	N/A
Accounts Receivable	N/A	N/A	N/A	N/A	N/A	N/A
Goodwill	N/A	N/A	N/A	N/A	N/A	N/A
Total Liabilities	$52.8M+120.2%	$24.0M-30.8%	$34.7M+248.5%	$9.9M+70.7%	$5.8M+0.6%	$5.8M
Current Liabilities	$21.6M+26.3%	$17.1M-40.1%	$28.5M+307.6%	$7.0M+93.7%	$3.6M-20.5%	$4.5M
Long-Term Debt	$27.3M+876.6%	$2.8M+22.3%	$2.3M+33.7%	$1.7M-6.1%	$1.8M+70.0%	$1.1M
Total Equity	$29.6M-27.0%	$40.6M-45.2%	$74.0M-18.9%	$91.2M+323.2%	$21.6M+95.6%	$11.0M
Retained Earnings	-$340.2M-18.9%	-$286.2M-28.3%	-$223.1M-69.4%	-$131.7M-79.6%	-$73.3M-42.4%	-$51.5M

Metric	Q3'25	Q2'25	Q1'25	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23
Total Assets	$57.6M+7.5%	$53.6M-16.9%	$64.5M-21.8%	$82.4M+103.3%	$40.5M-21.7%	$51.8M-19.8%	$64.5M-13.6%	$74.7M
Current Assets	$37.6M+14.5%	$32.9M-25.2%	$44.0M-28.7%	$61.7M+231.3%	$18.6M-37.9%	$30.0M-30.2%	$43.0M-24.0%	$56.6M
Cash & Equivalents	$32.9M+20.3%	$27.3M-27.7%	$37.8M-35.7%	$58.8M+274.7%	$15.7M-40.5%	$26.4M-33.2%	$39.5M-26.2%	$53.5M
Inventory	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Accounts Receivable	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Goodwill	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Total Liabilities	$54.1M+7.0%	$50.5M+4.1%	$48.5M-8.1%	$52.8M+123.6%	$23.6M+9.7%	$21.5M-10.2%	$24.0M-3.6%	$24.9M
Current Liabilities	$20.4M+13.2%	$18.0M+6.5%	$16.9M-21.8%	$21.6M+20.1%	$18.0M+12.0%	$16.1M-6.1%	$17.1M-13.4%	$19.7M
Long-Term Debt	$28.4M+1.3%	$28.0M+1.3%	$27.7M+1.2%	$27.3M+1661.9%	$1.6M+1.2%	$1.5M-45.3%	$2.8M+87.3%	$1.5M
Total Equity	$3.5M+15.8%	$3.1M-80.8%	$15.9M-46.3%	$29.6M+75.1%	$16.9M-44.1%	$30.3M-25.4%	$40.6M-18.5%	$49.8M
Retained Earnings	-$390.4M-5.4%	-$370.3M-4.1%	-$355.6M-4.5%	-$340.2M-8.6%	-$313.4M-5.1%	-$298.1M-4.2%	-$286.2M-4.0%	-$275.2M

OCGN Cash Flow Statement

Metric	FY24	FY23	FY22	FY21	FY20	FY19
Operating Cash Flow	-$42.1M+32.1%	-$62.1M-3.3%	-$60.1M-25.3%	-$47.9M-225.9%	-$14.7M+12.9%	-$16.9M
Capital Expenditures	$3.4M-67.7%	$10.5M+135.0%	$4.5M+374.7%	$939K+205.9%	$307K+923.3%	$30K
Free Cash Flow	-$45.5M+37.2%	-$72.5M-12.4%	-$64.5M-32.0%	-$48.9M-225.5%	-$15.0M+11.3%	-$16.9M
Investing Cash Flow	-$3.4M-210.0%	$3.1M+118.1%	-$17.0M-834.3%	-$1.8M-491.5%	-$307K+87.0%	-$2.4M
Financing Cash Flow	$64.9M+210.6%	$20.9M-64.9%	$59.5M-50.7%	$120.7M+281.8%	$31.6M+26.1%	$25.1M
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	N/A	N/A	N/A	$0	$0-100.0%	$48K

Metric	Q3'25	Q2'25	Q1'25	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23
Operating Cash Flow	-$12.9M-20.4%	-$10.7M+44.6%	-$19.4M-86.8%	-$10.4M-4.6%	-$9.9M+6.5%	-$10.6M+6.3%	-$11.3M+17.5%	-$13.7M
Capital Expenditures	$91K+111.6%	$43K+168.8%	$16K+23.1%	$13K-97.5%	$513K-78.2%	$2.4M-13.6%	$2.7M-19.1%	$3.4M
Free Cash Flow	-$13.0M-20.7%	-$10.8M+44.4%	-$19.4M-86.7%	-$10.4M+0.5%	-$10.4M+19.5%	-$12.9M+7.7%	-$14.0M+17.8%	-$17.1M
Investing Cash Flow	-$86K+2.3%	-$88K+13.7%	-$102K-684.6%	-$13K+97.5%	-$513K+78.2%	-$2.4M+13.6%	-$2.7M+19.1%	-$3.4M
Financing Cash Flow	$18.5M+30244.3%	$61K+104.9%	-$1.2M-104.1%	$30.2M+66948.9%	$45K+131.0%	-$145K-1006.3%	$16K+145.7%	-$35K
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

OCGN Financial Ratios

Metric	FY24	FY23	FY22	FY21	FY20	FY19
Gross Margin	N/A	N/A	N/A	N/A	N/A	N/A
Operating Margin	-1350.4%-264.7pp	-1085.7%+2494.3pp	-3580.0%	N/A	-49500.0%	N/A
Net Margin	-1333.0%-288.0pp	-1045.0%+2443.9pp	-3488.9%	N/A	-50748.8%	N/A
Return on Equity	N/A	N/A	N/A	N/A	N/A	N/A
Return on Assets	-65.6%+32.1pp	-97.7%-17.8pp	-79.9%-24.7pp	-55.2%+24.5pp	-79.7%+40.7pp	-120.4%
Current Ratio	2.86+0.3	2.51-0.9	3.45-11.2	14.66+7.5	7.16+3.7	3.47
Debt-to-Equity	0.92+0.9	0.07+0.0	0.03+0.0	0.02-0.1	0.08-0.0	0.10
FCF Margin	-1122.7%+78.9pp	-1201.6%+1392.3pp	-2593.9%	N/A	-34920.9%	N/A

Metric	Q3'25	Q2'25	Q1'25	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23
Gross Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Operating Margin	-1006.0%-1.3pp	-1004.7%-25.6pp	-979.1%+832.4pp	-1811.5%-457.5pp	-1354.0%-149.3pp	-1204.7%-386.8pp	-818.0%-481.9pp	-336.1%
Net Margin	-1144.5%-71.0pp	-1073.5%-37.0pp	-1036.5%+780.3pp	-1816.8%-477.6pp	-1339.2%-163.2pp	-1175.9%-397.4pp	-778.6%-461.8pp	-316.8%
Return on Equity	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Return on Assets	-34.8%-7.3pp	-27.5%-3.7pp	-23.8%-7.0pp	-16.8%+20.9pp	-37.7%-14.7pp	-23.0%-6.0pp	-17.0%-1.3pp	-15.7%
Current Ratio	1.85+0.0	1.83-0.8	2.60-0.3	2.86+1.8	1.04-0.8	1.87-0.6	2.51-0.4	2.87
Debt-to-Equity	8.04-1.1	9.18+7.4	1.74+0.8	0.92+0.8	0.09+0.0	0.05-0.0	0.07+0.0	0.03
FCF Margin	-742.4%+42.2pp	-784.6%+523.5pp	-1308.1%+50.2pp	-1358.3%-444.7pp	-913.6%+363.2pp	-1276.8%-281.5pp	-995.3%-533.8pp	-461.5%

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Frequently Asked Questions

What is Ocugen Inc's annual revenue?

Ocugen Inc (OCGN) reported $4.1M in total revenue for fiscal year 2024. This represents a -32.8% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.

How fast is Ocugen Inc's revenue growing?

Ocugen Inc (OCGN) revenue declined by 32.8% year-over-year, from $6.0M to $4.1M in fiscal year 2024.

Is Ocugen Inc profitable?

No, Ocugen Inc (OCGN) reported a net income of -$54.1M in fiscal year 2024, with a net profit margin of -1333.0%.

What is Ocugen Inc's EBITDA?

Ocugen Inc (OCGN) had EBITDA of -$54.6M in fiscal year 2024, measuring earnings before interest, taxes, depreciation, and amortization.

How much debt does Ocugen Inc have?

As of fiscal year 2024, Ocugen Inc (OCGN) had $58.8M in cash and equivalents against $27.3M in long-term debt.

What is Ocugen Inc's operating margin?

Ocugen Inc (OCGN) had an operating margin of -1350.4% in fiscal year 2024, reflecting the profitability of core business operations before interest and taxes.

What is Ocugen Inc's net profit margin?

Ocugen Inc (OCGN) had a net profit margin of -1333.0% in fiscal year 2024, representing the share of revenue converted into profit after all expenses.

What is Ocugen Inc's free cash flow?

Ocugen Inc (OCGN) generated -$45.5M in free cash flow during fiscal year 2024. This represents a 37.2% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.

What is Ocugen Inc's operating cash flow?

Ocugen Inc (OCGN) generated -$42.1M in operating cash flow during fiscal year 2024, representing cash generated from core business activities.

What are Ocugen Inc's total assets?

Ocugen Inc (OCGN) had $82.4M in total assets as of fiscal year 2024, including both current and long-term assets.

What are Ocugen Inc's capital expenditures?

Ocugen Inc (OCGN) invested $3.4M in capital expenditures during fiscal year 2024, funding long-term assets and infrastructure.

How much does Ocugen Inc spend on research and development?

Ocugen Inc (OCGN) invested $32.1M in research and development during fiscal year 2024.

How many shares does Ocugen Inc have outstanding?

Ocugen Inc (OCGN) had 291M shares outstanding as of fiscal year 2024.

What is Ocugen Inc's current ratio?

Ocugen Inc (OCGN) had a current ratio of 2.86 as of fiscal year 2024, which is generally considered healthy.

What is Ocugen Inc's debt-to-equity ratio?

Ocugen Inc (OCGN) had a debt-to-equity ratio of 0.92 as of fiscal year 2024, measuring the company's financial leverage by comparing total debt to shareholder equity.

What is Ocugen Inc's return on assets (ROA)?

Ocugen Inc (OCGN) had a return on assets of -65.6% for fiscal year 2024, measuring how efficiently the company uses its assets to generate profit.

What is Ocugen Inc's cash runway?

Based on fiscal year 2024 data, Ocugen Inc (OCGN) had $58.8M in cash against an annual operating cash burn of $42.1M. This gives an estimated cash runway of approximately 17 months at the current burn rate. Cash runway measures how long a company can continue operating before running out of cash, assuming no additional funding.

What is Ocugen Inc's Piotroski F-Score?

Ocugen Inc (OCGN) has a Piotroski F-Score of 3 out of 9, indicating weak financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7–9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Are Ocugen Inc's earnings high quality?

Ocugen Inc (OCGN) has an earnings quality ratio of 0.78x, considered low quality (accrual-driven). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.

How financially healthy is Ocugen Inc?

Ocugen Inc (OCGN) scores 34 out of 100 on our Financial Profile, indicating weak overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.