# Ocugen, Inc. (OCGN)

> Source: Nexqual · https://nexqual.com/OCGN · data as of 2026-10-23 17:00 UTC · cite as "Nexqual, Ocugen, Inc. (OCGN), nexqual.com/OCGN" · informational, not investment advice.

**Price:** USD 0.75 (-4.85% today) · US market open, as of October 23, 2026 at 17:00 UTC; quotes may be delayed. Prev close 0.79 · day 0.74–0.8 · 52w 0.74–2.73 · market cap $255M · NCM

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $4.6M, net income -$81.8M (-1786.3% margin), free cash flow -$61.0M (SEC filings).
- Insider open-market sales, last ~7 months: 2 Form 4 filings, $1.1M; 0 not under a Rule 10b5-1 plan ($0K); 0 by opportunistic insiders, 0 by routine insiders (three-year test, Cohen, Malloy & Pomorski 2012).
- Insider open-market purchases, last ~7 months: 1 Form 4 filing, $26K; 0 by opportunistic insiders, 0 by routine insiders.
- Total return with dividends: 1Y -50.9% vs S&P 500 +14.6%; 5Y -93.7% vs S&P 500 +77.3%.
- Next earnings: 2026-11-04, EPS estimate USD -0.05, revenue estimate $780K.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $0K | $2.5M | $6.0M | $4.1M | $4.4M | $4.6M |
| Operating income | -$58.0M | -$89.1M | -$65.5M | -$54.8M | -$62.9M | -$68.9M |
| Net income | -$58.4M | -$86.8M | -$63.1M | -$54.1M | -$67.8M | -$81.8M |
| EPS (diluted) | -$0.30 | -$0.40 | -$0.26 | — | — | — |
| Free cash flow | -$48.9M | -$64.5M | -$72.5M | -$45.5M | -$57.1M | -$61.0M |
| Operating margin | — | -3580.0% | -1085.7% | -1350.4% | -1425.7% | -1504.4% |
| Net margin | — | -3488.9% | -1045.0% | -1333.0% | -1537.4% | -1786.3% |
| Revenue growth | -100.0% | — | +142.6% | -32.8% | +8.8% | — |
| Cash + short-term investments | $95.0M | $90.9M | $39.5M | — | — | — |
| Total debt | $1.7M | $2.3M | $2.8M | $28.7M | $28.8M | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/S 55.7x · EV/Sales 34.2x · FCF yield -23.94% · Earnings yield -32.09% · Net cash $98.3M · EV $157M

## Insider sales (SEC Form 4, open-market, last ~7 months)
2 of 2 under a Rule 10b5-1 trading plan (scheduled in advance). Unplanned sales were timed by the insider.
| Trade date | Insider | Role | Shares | Value | % of holdings sold | 10b5-1 plan | Insider type |
|---|---|---|---|---|---|---|---|
| 2026-10-09 | Musunuri Shankar | Chief Executive Officer | 525,991 | $500K | 9.4% | Yes (adopted June 5, 2026) | Too little history (no open-market trades in 2024 or 2025) |
| 2026-09-09 | Musunuri Shankar | Chief Executive Officer | 525,991 | $589K | 8.6% | Yes (adopted June 5, 2026) | Too little history (no open-market trades in 2024 or 2025) |
% of holdings sold = shares sold ÷ (shares sold + all holdings the insider reported on that Form 4, direct and through trusts).
Insider type follows Cohen, Malloy & Pomorski (Journal of Finance, 2012). An insider who traded the stock in the same calendar month in each of the past three years is a routine trader; one who traded in each of those years without such a pattern is an opportunistic trader. In their study, trades by opportunistic insiders predicted future returns and trades by routine insiders did not. Counts open-market purchases and sales only (SEC Form 4 codes P and S) by that insider in that company. Not investment advice.

## Insider purchases (SEC Form 4, open-market, last ~7 months)
1 purchase, $26K. Private placements, offerings, dividend reinvestment and employee stock purchase plan buys are excluded.
| Trade date | Insider | Role | Shares | Value | Avg price | Insider type |
|---|---|---|---|---|---|---|
| 2026-06-15 | Johnson-Greene Treerita Essalima | Chief Financial Officer | 21,000 | $26K | 1.23 | Too little history (no open-market trades in 2023–2025) |

## Analysts
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-09-10 | HC Wainwright & Co. | Target lowered | Buy | $10 → $9.5 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-25) |
|---|---|---|
| Total return | -50.9% | -93.7% |
| S&P 500 (SPY) | +14.6% | +77.3% |
| Per year | -50.9% | -42.4% |
| Volatility (annualized) | 78.1% | 85.0% |
| Max drawdown | -69.7% (Mar 2026→Oct 2026) | -97.0% (Oct 2021→Oct 2023) |

## Peers (Biotechnology)
LGND (Ligand Pharmaceuticals Incorpor) USD 311.96 +1.34% · RYTM (Rhythm Pharmaceuticals, Inc.) USD 90.05 -0.94% · IOVA (Iovance Biotherapeutics, Inc.) USD 14.02 -0.85% · PRAX (Praxis Precision Medicines, Inc) USD 254.49 -1.71% · IONS (Ionis Pharmaceuticals, Inc.) USD 43.17 -1.69% · ABVX (Abivax SA) USD 87.84 -2.65%

## More
Full page: https://nexqual.com/OCGN · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Supply chain and relationships (SEC annual reports)

Named in OCGN's own 10-K filed 2026-03-04 (https://www.sec.gov/Archives/edgar/data/1372299/000162828026014435/ocgn-20251231.htm):

| Relationship | Company | Sentence in the filing |
|---|---|---|
| Partner | CanSino Biologics | "We have established a partnership with CanSino Biologics, Inc. ("CanSinoBIO") for our modifier gene therapy platform." |
| Partner | Pfizer (PFE) | "Companies such as Pfizer Inc./BioNTech SE, Moderna, Inc., CureVac N.V in partnership with GSK plc, Vivaldi Biosciences Inc., and Novavax, Inc. are also in the process of developing a combination vaccine that will protect…" |
| Partner | Moderna (MRNA) | "Companies such as Pfizer Inc./BioNTech SE, Moderna, Inc., CureVac N.V in partnership with GSK plc, Vivaldi Biosciences Inc., and Novavax, Inc. are also in the process of developing a combination vaccine that will protect…" |
| Partner | Avenue Capital Management II | "•The terms of our Loan and Security Agreement with Avenue Capital Management II, L.P. and the lenders listed therein as well as our loan agreement with EB5 Life Sciences, L.P. require us to meet certain operating covenan…" |
| Partner | MeiraGTx Holdings plc (MGTX) | "We are aware of several companies focusing on gene therapies for various ophthalmic indications including Applied Genetic Technologies Corporation, as acquired by Beacon Therapeutics, Astellas Pharma Inc., MeiraGTx Holdi…" |
| Partner | REGENXBIO Inc. (RGNX) | "We are aware of several companies focusing on gene therapies for various ophthalmic indications including Applied Genetic Technologies Corporation, as acquired by Beacon Therapeutics, Astellas Pharma Inc., MeiraGTx Holdi…" |
| Partner | NOVARTIS AG (NVS) | "We are aware of several companies focusing on gene therapies for various ophthalmic indications including Applied Genetic Technologies Corporation, as acquired by Beacon Therapeutics, Astellas Pharma Inc., MeiraGTx Holdi…" |
| Partner | KIORA PHARMACEUTICALS INC (KPRX) | "Hoffmann-La Roche AG ("Roche AG"), Kiora Pharmaceuticals, Inc., Genentech, Inc. in partnership with Lineage Cell Therapeutics, Inc., and Luxturna, the product developed by Spark Therapeutics, Inc. and marketed by Roche A…" |
| Partner | Lineage Cell Therapeutics, Inc. (LCTX) | "Hoffmann-La Roche AG ("Roche AG"), Kiora Pharmaceuticals, Inc., Genentech, Inc. in partnership with Lineage Cell Therapeutics, Inc., and Luxturna, the product developed by Spark Therapeutics, Inc. and marketed by Roche A…" |
| Partner | NOVAVAX INC (NVAX) | "Companies such as Pfizer Inc./BioNTech SE, Moderna, Inc., CureVac N.V in partnership with GSK plc, Vivaldi Biosciences Inc., and Novavax, Inc. are also in the process of developing a combination vaccine that will protect…" |
| Partner | The Schepens Eye Research Institute | "In December 2017, we entered into an exclusive license agreement with SERI, which was amended in January 2021 (as amended, the "SERI Agreement")." |
| Partner | EB5 Life Sciences | "•The terms of our Loan and Security Agreement with Avenue Capital Management II, L.P. and the lenders listed therein as well as our loan agreement with EB5 Life Sciences, L.P. require us to meet certain operating covenan…" |

## Company outlook (8-K filed 2026-08-06)

- "Topline results anticipated in the second quarter of 2027, with a BLA submission to follow mid-2027 ·"
- "FDA feedback confirmed that the path to rolling BLA submission remains tied to topline data expected in the first quarter of 2027, and the company is advancing preparation accordingly, including successfully completing Process Performance Qualification (PPQ) batches ·"

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $-0.05 | $-0.05 | +0.0% | $780,000 | 3 |
| Next quarter (ends 2026-12-31) | $-0.06 | $-0.06 | +5.9% | $960,000 | 3 |
| Current fiscal year (ends 2026-12-31) | $-0.24 | $-0.22 | +6.0% | $5.0M | 3 |
| Next fiscal year (ends 2027-12-31) | $-0.25 | $-0.23 | +7.8% | $5.5M | 3 |