Ocugen, Inc. OCGN
Ocugen is aiming to redefine the future of vision through game-changing gene therapies with the potential to address significant, unmet medical needs. Our First-in-class, breakthrough modifier gene therapy platform presents a potential paradigm shift in treating inherited retinal diseases and blindness diseases affecting millions across the globe.
•OCU400- Based on the use of nuclear hormone receptors ("NHRs"), we believe our novel modifier gene therapy platform has the potential to address major blindness diseases, including rare genetic diseases such as RP (OCU400), with a gene-agnostic approach. OCU400 is intended for early to advanced cases of RP including clinical and/or genetic diagnosis with both syndromic and non-syndromic forms of the disease. In January 2025, we announced positive two-year data for multiple mutations from the Phase 1/2 clinical trial for OCU400. In February 2025, we announced that the European Commission ("EC") has provided a positive opinion from the European Medicines Agency's ("EMA") Committee for Advanced Therapies for OCU400 Advanced Therapy Medicinal Product ("ATMP") classification.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $4.4M | $4.1M | $6.0M | $2.5M | $0 | $43.0K | $0 | $0 | $0 | $0 |
| R&D | $39.8M | $32.1M | $39.6M | — | — | — | $8.1M | $10.3M | $15.6M | $21.6M |
| SG&A | $27.6M | $26.7M | $32.0M | $35.4M | $22.9M | $8.0M | $6.1M | $5.8M | $9.4M | $8.5M |
| Total operating expenses | $67.3M | $58.8M | $71.6M | $91.6M | $58.0M | $21.3M | $14.2M | $16.1M | $24.9M | $30.3M |
| Operating income | -$62.9M | -$54.8M | -$65.5M | -$89.1M | -$58.0M | -$21.3M | -$14.2M | -$16.1M | -$24.9M | -$30.3M |
| Interest expense | $5.2M | $688.0K | — | — | $79.0K | $721.0K | $1.8M | $3.8M | — | $60.0K |
| Pre-tax income | -$67.8M | -$54.1M | -$63.1M | -$86.8M | -$58.4M | -$21.8M | -$20.2M | -$8.6M | -$26.4M | -$16.2M |
| Income tax | $0 | $0 | $0 | $0 | $52.0K | $0 | $0 | — | — | — |
| Net income | -$68.0M | -$54.0M | -$63.0M | -$86.8M | -$58.4M | -$21.8M | -$20.2M | -$18.2M | -$26.4M | -$16.2M |
| EPS, basic | — | — | -0.26 | -0.40 | -0.30 | -0.31 | -1.46 | -0.23 | -0.99 | -0.97 |
| EPS, diluted | — | — | -0.26 | -0.40 | -0.30 | -0.31 | -1.46 | -3.67 | -0.99 | -2.18 |
| Shares, diluted (wtd. avg.) | — | — | 244.3M | 214.6M | 195.0M | 112.2M | 13.9M | 37.1M | 22.7M | 14.4M |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $18.9M | $58.8M | $39.5M | $77.6M | $129.8M | $24.2M | $7.6M | $1.8M | $6.3M | $31.9M |
| Short-term investments | — | — | $0 | $0 | $0 | — | — | — | $900.0K | — |
| Total current assets | $24.3M | $61.7M | $43.0M | $122.6M | $138.0M | $25.9M | $15.8M | $1.9M | $8.2M | $32.1M |
| Property, plant and equipment | $14.4M | $16.6M | $17.3M | $3.2M | $1.9M | $633.0K | $222.5K | $245.8K | $2.7M | $3.9M |
| Total assets | $43.5M | $82.4M | $64.5M | $130.1M | $141.7M | $27.4M | $16.8M | $2.5M | $11.0M | $36.1M |
| Accounts payable | $6.2M | $4.2M | $3.2M | $5.9M | $3.9M | $395.0K | $1.9M | $3.3M | $776.0K | $1.6M |
| Short-term debt | $1.2M | $1.3M | $0 | $0 | $0 | $234.0K | $0 | $7.5M | — | — |
| Total current liabilities | $23.0M | $21.6M | $17.1M | $18.0M | $13.3M | $3.6M | $4.5M | $14.1M | $3.8M | $5.2M |
| Long-term debt | $27.5M | $27.3M | $2.8M | $1.8M | $1.7M | $1.8M | $1.1M | $1.0M | — | — |
| Total liabilities | $55.7M | $52.8M | $24.0M | $23.6M | $16.2M | $5.8M | $5.8M | $15.2M | $22.3M | $22.5M |
| Retained earnings | -$408.1M | -$340.2M | -$286.2M | -$176.8M | -$155.3M | -$73.3M | -$51.5M | $31.2M | -$208.2M | -$181.8M |
| Total equity | -$12.2M | $29.6M | $40.6M | $74.0M | $91.2M | $21.6M | $11.0M | -$12.7M | $4.4M | $13.6M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | -$57.0M | -$42.1M | -$62.1M | -$60.1M | -$47.9M | -$14.7M | -$16.9M | -$11.6M | -$23.0M | -$25.7M |
| Depreciation and amortisation | $2.4M | $1.9M | $700.0K | $480.0K | $229.0K | $100.0K | $100.0K | $49.6K | $1.5M | $1.7M |
| Stock-based compensation | — | — | — | — | — | — | — | $1.6M | $1.6M | $1.5M |
| Capital expenditure | $185.0K | $3.4M | $10.5M | $4.5M | $939.0K | $307.0K | $30.0K | $77.4K | $276.0K | $320.0K |
| Investing cash flow | -$311.0K | -$3.4M | $3.1M | -$17.0M | -$1.8M | -$307.0K | -$2.4M | -$77.4K | -$1.2M | -$320.0K |
| Financing cash flow | $17.3M | $64.9M | $20.9M | $59.5M | $120.7M | $31.6M | $25.1M | $7.2M | -$577.0K | $27.0M |
| Buybacks | — | — | — | — | $0 | $0 | $48.0K | $0 | — | — |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001140361-26-017260.
Plot the figures US dollars
- Revenue
- Gross profit
- Net income
| Fiscal year | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $0 | $0 | $0 | $0 | $43.0K | $0 | $2.5M | $6.0M | $4.1M | $4.4M |
| Gross profit | — | — | — | — | — | — | — | — | — | — |
| Net income | -$16.2M | -$26.4M | -$18.2M | -$20.2M | -$21.8M | -$58.4M | -$86.8M | -$63.0M | -$54.0M | -$68.0M |
Recent filings and events
- Results announced The quarterly or annual earnings release. Arrives four times a year from almost every company here. Item 2.02
- Other event The catch-all. The company chose to disclose something that fits no other item, so the content is whatever it says it is. Item 8.01
- Shareholder vote The results of the annual meeting or a special vote. Item 5.07
- Other event Item 8.01
- Officer or director change Someone at the top arrived or left. The item covers everything from a board retirement to a chief executive being removed, and only the filing itself says which. Item 5.02
- New debt or obligation The company has taken on debt or a comparable obligation. Item 2.03
- Unregistered share sale Shares issued outside a registered offering. Dilution, and for a small company often the way it is funded. Item 3.02
- Officer or director change Item 5.02
- Regulation FD disclosure Something the company told the market and had to tell everyone at once - usually a slide deck or a press release. Item 7.01
- Other event Item 8.01
- Material agreement signed The company entered an agreement outside the ordinary course of business - a large contract, a credit facility, a merger agreement. Item 1.01
- Material agreement terminated An agreement that mattered has ended. Often the other half of a deal that fell through. Item 1.02
Item numbers are Form 8-K's own, and a filing date is up to four business days after the thing it reports. The same feed across the whole market.
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