Ocugen, Inc. (OCGN) Stock

Ocugen, Inc. (OCGN) is a Healthcare stock trading at $1.40 (as of 2026-08-21), with a market capitalization of $474.75M. Figures are sourced from first-party U.S. SEC EDGAR filings and market data.

Ocugen, Inc. is a clinical-stage biopharmaceutical company developing gene therapies for blindness-related conditions. Its pipeline includes gene therapy candidates OCU400 and OCU410 and a preclinical fusion protein, OCU200, aimed at inherited retinal diseases and retinal disorders such as dry age-related macular degeneration.

Understand Ocugen, Inc.: how it makes money

Ocugen develops gene therapy candidates aimed at curing inherited blindness diseases, and it earns revenue mainly through collaborative arrangements tied to clinical development.

As a clinical-stage biotech, Ocugen’s path to future profitability depends on progressing its gene-therapy programs through clinical trials, because current reported collaborative arrangement revenue is shown as 0.0 and operating results are deeply loss-making.

Business quality (Weak): Strong focus on measurable clinical trial activity across multiple retinal programs, but near-term economics are constrained by development-stage losses and reliance on collaborative funding.

Bull case

  • Advancing multiple retinal gene-therapy programs: Pipeline includes OCU400 (Phase 3 for retinitis pigmentosa and leber congenital amaurosis), OCU410 (Phase 2 for dry age-related macular degeneration), and OCU200 (preclinical for diabetic macular edema).
  • Operational momentum in Phase 3 enrollment: liMeliGhT Phase 3 enrollment for OCU400 shows 140.0 enrolled patients.
  • Phase 2 efficacy signals in OCU410: In OCU410 Phase 2 ArMaDa, Ellipsoid Zone Preservation is 27.0 percent and No Disease Progression in Treated Subjects is 20.0 percent, with Phase 2 Lesion Reduction (Medium Dose versus Control) at 54.0 percent.

Bear case

  • No current collaborative arrangement revenue reported: Collaborative Arrangement Revenue is listed as 0.0 USD_B for the latest reported period.
  • Large operating losses: Operating margin for the period ended 2026-03-31 is -1163.7 percent, indicating substantial loss-making at this stage.
  • Some programs are earlier and evidence bases can be limited: OCU200 is in preclinical development, and cumulative subjects with minimum six months follow-up after OCU400 dosing is 12.0, which implies follow-up data may not yet cover a large population.
Valuation — source: SEC EDGAR (first-party)
Price$1.40
Market Cap$474.75M
Price / Sales75.29
FCF Yield-25.4%
Profitability & Growth — source: SEC EDGAR
Revenue (TTM)$4.41M
Net Margin-1537.4%
Revenue Growth (YoY)8.8%
FCF Growth (YoY)25.5%
Financial Health — source: SEC EDGAR
Altman Z-Score-12.82 (distress)
Valuation vs Sector & Industry
Sector P/E (Healthcare)21.7
Industry P/E (Pharmaceutical Products)17.2
Smart-Money Activity — SEC Form 4 / 13F / Congressional disclosures
Top Institutional HolderVANGUARD CAPITAL MANAGEMENT LLC ($24.99M)
Institutional Holders Tracked10
Congressional Trades (recent)2
Company
SectorHealthcare
IndustryPharmaceutical Products
CEOShankar Musunuri
Employees95
CountryUS
IPO Date2014-12-03

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OCGN earnings history · OCGN institutional & insider holders · OCGN KPIs & operating metrics · OCGN financials · OCGN investor presentations & press releases · OCGN SEC filings · OCGN peers · Congress trades · Insider trades · Short interest · Stock screener

Data as of 2026-08-21.

Figures sourced from U.S. Securities and Exchange Commission (SEC EDGAR) filings and market data. Not personalized investment advice.