Ocugen, Inc.
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Range $3.5 – $6
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About the company
Ocugen, Inc. is a biopharmaceutical company in the clinical development phase, primarily dedicated to pioneering gene therapies aimed at treating various ophthalmic conditions leading to blindness. The company's developmental pipeline features several key candidates: OCU400: An innovative gene therapy designed to reinstate both the function and structural integrity of the retina across a broad spectrum of genetically diverse inherited retinal diseases, such as retinitis pigmentosa and Leber congenital amaurosis.
- CEO
- Shankar Musunuri
- IPO
- 2014
- Employees
- 116
- HQ
- Malvern, PA, US
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Similar companies
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- Market Cap
- $473.87M
- P/E
- -5.53
- Fwd P/E
- 1.59
- PEG
- 0.26
- P/S
- 103.47
- P/B
- -28.59
- EV/EBITDA
- -6.59
- Div Yield
- 0.00%
- Gross Margin
- 100.00%
- Op Margin
- -1504.43%
- Net Margin
- -1786.27%
- ROE
- 1688.22%
- ROIC
- -92.68%
Latest fiscal year · YoY change
- Revenue
- $4.41M+8.8%
- Gross Profit
- $2.02M-3.0%
- Op Income
- $-62,916,000
- Net Income
- $-67,846,000-25.5%
- EPS
- $-0.23-15.0%
- OCF Growth
- -35.2%
- FCF Growth
- -25.5%
- 52W High
- $2.73
- 52W Low
- $0.99
- 50D MA
- $1.34
- 200D MA
- $1.51
- Beta
- 2.20
- RSI (14)
- 54
- Avg Volume
- 6.50M
Earnings call summaries
Pick a quarter — each call distilled into takeaways, results, and a bull vs bear read.
Ocugen said Q2 was a key execution quarter, highlighted by FDA clearance of its GA Phase 3, RMAT for OCU410, and cash runway extended into 2028 after $130 million of convertible notes financing.· August 6, 2026
- FDA cleared OCU410 Phase 3 for geographic atrophy and granted RMAT; the company plans to start ArMaDa3 in September 2026.
- OCU410 Phase II data showed a statistically significant 31% reduction in GA lesion growth and 27% preservation of the ellipsoid zone at the optimal dose.
- OCU410ST Stargardt enrollment is complete (63 participants), with interim data expected in Q3 2026 and top-line data in Q2 2027.
- OCU400 RP enrollment is complete (140 patients), with top-line Phase III data expected in Q1 2027 and potential approval in Q4 2027.
- Cash and liquidity improved after the $130 million convertible notes deal, with cash, cash equivalents, and restricted cash of $100.4 million at June 30, 2026.
Ocugen reported total operating expenses of $17.9 million for Q2 2026 versus $15.2 million in Q2 2025, with R&D of $10.7 million versus $8.4 million and G&A of $7.2 million versus $6.8 million. For the first half of 2026, total operating expenses were $37.3 million versus $31.2 million a year ago, with R&D of $21.9 million versus $17.9 million and G&A of $15.4 million versus $13.2 million. Net loss per common share was $0.07 for Q2 2026 versus $0.05 in Q2 2025. Cash, cash equivalents, and restricted cash were $100.4 million at June 30, 2026, and management said the $130 million convertible notes financing extends runway into 2028. Forward-looking targets included starting OCU410 Phase III in September 2026, OCU410ST interim data in Q3 2026 and top-line data in Q2 2027, and OCU400 top-line data in Q1 2027 with potential approval in Q4 2027; the company reiterated plans to file 3 BLAs by 2028.
Shankar Musunuri framed the quarter as a major validation of Ocugen’s gene-therapy platform, emphasizing that the company is advancing one platform across three late-stage ophthalmology programs rather than three separate drugs. He highlighted the breadth of the target markets, the absence of approved therapies in several of these indications, and said the first half of 2027 should be a catalyst-rich period with top-line data and BLA filings. His tone was confident and strategic, with repeated emphasis on differentiated, one-time treatments and global commercialization potential.
Rita Johnson-Greene focused on operating expenses, reporting $17.9 million of total operating expenses in Q2 2026 and $37.3 million for the first six months of 2026, with R&D making up the majority of spend. She said cash, cash equivalents, and restricted cash totaled $100.4 million at June 30, 2026 after the $130 million convertible notes financing, and stated that the runway extends into 2028. On capital allocation, she said management wants to minimize shareholder dilution while evaluating non-dilutive options such as the OCU410ST PRV, business development deals, and Janus Henderson warrants, while also keeping the option of an equity raise open via an increase in authorized shares.
Analysts focused on ex-U.S. regulatory paths, ArMaDa3 trial design changes, Stargardt pricing, and the timing of rolling BLA submissions. Management said OCU400’s ex-U.S. path is aligned with EMA and other regions and will largely follow the U.S. FDA approval, while ArMaDa3’s smaller 237-patient design was based on updated power calculations using the 31% Phase II effect size and was discussed with FDA. On pricing, management said one-time gene therapies should not be compared directly with chronic therapies and that pricing will depend on data, safety, efficacy, and differentiation. They also clarified that rolling BLA modules for CMC/non-clinical can still be filed ahead of the clinical module, but the PDUFA clock starts only when the clinical section is filed.
The call presented multiple near- and medium-term catalysts: OCU410 Phase III start, OCU410ST interim data, OCU400 top-line data, and multiple BLA submissions. Management also pointed to supportive Phase II data for OCU410, completed enrollment in both OCU410ST and OCU400 pivotal trials, and a cash runway that now extends into 2028. The company believes its gene-agnostic platform and one-time treatment approach can support pricing and commercialization across large underserved retinal disease markets.
The main risks are execution and timing: the company still needs to generate pivotal data, file BLAs, and satisfy regulatory requirements across multiple programs before any approval. Management acknowledged reliance on FDA and agency timing for rolling submissions, and the timeline to approval remains data-dependent. Cash is extended, but the company still discussed multiple financing and dilution-management levers, including a PRV sale, warrants, authorized share increase, and potential equity issuance.
AI summary of the company's earnings call · Paraphrased · Not investment advice
- Free Float
- 93.1%
- Shares Outstanding
- 339.11M
- Float Shares
- 315.73M
of shares held by institutions
146 13F filers
Buy/sell ratio 3.00. Sells can include pre-scheduled 10b5-1 plan sales, not just discretionary selling.
Congressional trading
Senate and House stock disclosures for OCGN, newest first.
| Member | Type | Traded | |
|---|---|---|---|
| Christopher L. JacobsHouse · NY27 | Sell | Nov 8, 22 | Filing → |
Source: public STOCK Act disclosures. Filed weeks after the trade — a lagging signal, not a real-time one.
Top institutional holders
Largest 13F positions, with quarter-over-quarter change.
| Holder | Shares | Δ Quarter |
|---|---|---|
| Blackrock, Inc. | 27.00M | ▲ 19.70M |
| State Street Corp | 21.47M | ▲ 11.80M |
| Vanguard Group Inc | 16.48M | ▲ 1.25M |
| Vanguard Capital Management LLC | 14.37M | ▲ 568.49K |
| Millennium Management LLC | 13.94M | ▲ 216.06K |
| Geode Capital Management, LLC | 8.87M | ▲ 4.64M |
| Rtw Investments, LP | 6.67M | 0 |
| Ubs Group AG | 5.18M | ▼ 2.10M |
| Ikarian Capital, LLC | 3.96M | 0 |
| Gmt Capital Corp | 3.51M | 0 |
| Marshall Wace, Llp | 3.41M | ▼ 4.64M |
| Hennion & Walsh Asset Management, Inc. | 2.83M | ▲ 1.55M |
Held by 116 ETFs
Biggest fund positions in OCGN by dollar value.
Recent insider transactions
Who's buying, who's selling, and how much.
| Date | Insider | Type | Shares |
|---|---|---|---|
| Jun 15, 26 | Johnson-Greene Treerita Essalima | buy | 21,000 |
| Jun 11, 26 | Kompella Uday | other | 170,100 |
| Jun 11, 26 | Chandrasekhar Satishchandran | other | 170,100 |
| Jun 11, 26 | Castillo Kirsten | other | 170,100 |
| Jun 11, 26 | Zhang Junge | other | 170,100 |
| Jun 11, 26 | Coleman Blaise | other | 170,100 |
| Apr 1, 26 | Zhang Junge | other | 66,929 |
| Apr 1, 26 | Zhang Junge | other | 112,205 |
| Apr 1, 26 | Zhang Junge | other | 15,000 |
| Apr 1, 26 | Zhang Junge | other | 15,000 |
A “Sell” may be a pre-scheduled 10b5-1 plan sale rather than a discretionary decision — read insider selling with that in mind.
Our OCGN coverage
Recent articles, reports, and earnings notes.
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Generate OCGN report →Brokerages Set Ocugen, Inc. (NASDAQ:OCGN) Price Target at $9.50
defenseworld.net · Aug 17
Ocugen Targets 2027 BLA Filings as Gene Therapy Programs Near Key Readouts
marketbeat.com · Aug 15
Ocugen's Q2 Earnings Miss Estimates as R&D Costs Rise, Stock Falls
zacks.com · Aug 7
Ocugen Q2 Earnings Call Highlights
marketbeat.com · Aug 7
Ocugen, Inc. (OCGN) Q2 2026 Earnings Call Transcript
seekingalpha.com · Aug 6
Ocugen (OCGN) Reports Q2 Loss, Beats Revenue Estimates
zacks.com · Aug 6
Ocugen Provides Business Update with Second Quarter 2026 Financial Results
globenewswire.com · Aug 6
Ocugen to Participate in Upcoming August Investor Conferences
globenewswire.com · Jul 31
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