Ocugen
Develops modifier gene therapies for inherited and degenerative blindness diseases.
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Profile
Clinical-stage ophthalmology company developing modifier gene therapies for blindness diseases. Lead programs target retinitis pigmentosa, Stargardt disease, and geographic atrophy caused by dry age-related macular degeneration.
Develops modifier gene therapies for blindness diseases. The lead pipeline includes OCU400 for retinitis pigmentosa, OCU410ST for Stargardt disease, and OCU410 for geographic atrophy secondary to dry age-related macular degeneration. OCU400 and OCU410ST have completed enrollment for late-stage registration studies, while OCU410 remains in clinical development.
Clinical development rather than commercial product sales defines the business: the company had not generated significant revenue and has funded operations through common-stock and warrant sales, convertible notes and debt, and grant proceeds. Personnel are located in the United States, India, and elsewhere. Commercialization depends on completing clinical development and obtaining regulatory authorization.
Company facts
Key statistics
Year to date −4.3% · Average volume (30d) 4.1M
Analysts
Ratings
Target range
Latest analyst notes
No analyst notes in the last 24 months.
Earnings
EPS
Revenue
History
| Report date | EPS est | EPS | Surprise | Revenue est | Revenue | Surprise | Next session |
|---|---|---|---|---|---|---|---|
| Aug 6, 2026Q2 FY26 | −$0.05 | −$0.07 | −31.3% | $888.8K | $1.5M | +67.4% | −3.12% |
| May 5, 2026Q1 FY26 | −$0.05 | −$0.06 | −20.0% | $417.8K | $1.5M | +266.9% | −2.01% |
| Mar 4, 2026Q4 FY25 | −$0.06 | −$0.06 | 0.0% | $1.1M | −$193.0K | −118.0% | −11.22% |
| Nov 5, 2025Q3 FY25 | −$0.06 | −$0.07 | −21.7% | $440.0K | $1.8M | +298.2% | −2.13% |
Financial highlights
| 12 quarters | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | |
|---|---|---|---|---|---|---|---|
| Revenue | $1.5M | $1.4M | $1.8M | −$193.0K | $1.5M | $1.5M | |
| Gross profit | $1.5M | $1.4M | $1.8M | −$193.0K | $1.5M | $1.5M | |
| Operating income | −$14.5M | −$13.8M | −$17.6M | −$17.0M | −$17.8M | −$16.4M | |
| Net income | −$15.4M | −$14.7M | −$20.1M | −$17.7M | −$19.2M | −$24.9M | |
| Diluted EPS | −$0.05 | −$0.05 | −$0.07 | −$0.06 | −$0.06 | −$0.07 | |
| Gross margin | 100.0% | 100.0% | 100.0% | — | 100.0% | 100.0% | |
| Operating margin | -979.1% | -1,004.7% | -1,006.0% | — | -1,163.7% | -1,105.1% |
Fiscal years (4-quarter sums)FY21 $0 · FY22 $0 · FY23 $10.7M · FY24 $4.1M · FY25 $4.4M
Balance sheet, Jun 30, 2026Cash & short-term investments $100.1M · Total debt $88.0M · Total assets $124.2M · Shareholders' equity −$16.6M
Dividends
No dividends on record.
Ownership
Shares outstanding 339.11M · Float 315.73M · 93.1% free float
Top shareholders13F · 13D/G · Form 4
| Holder | Shares | % outstanding | Form | Filed |
|---|---|---|---|---|
| BlackRock, Inc. | 26.95M | 8.00% | 13G | Jul 29, 2026 |
| State Street Corporation | 21.47M | 6.30% | 13G | Aug 7, 2026 |
| Janus Henderson Group PLC | 20.00M | 6.00% | 13G | Dec 8, 2025 |
| Vanguard Capital Management LLC | 14.37M | 4.24% | 13F | Aug 13, 2026 |
| Millennium Management LLC | 13.94M | 4.11% | 13F | Aug 14, 2026 |
Insider tradesForm 4
| Date | Insider | Role | Shares | Avg price |
|---|---|---|---|---|
| Jun 15, 2026 | Treerita Essalima Johnson-Greene | officer: Chief Financial Officer | +21,000 | $1.23 |
Peers
- Biogen
Approved C3 complement therapy for geographic atrophy
- MeiraGTx
Late-stage X-linked retinitis-pigmentosa gene therapy
- Kiora Pharmaceuticals
Mutation-agnostic retinal-disease vision-restoration program
- 4D Molecular Therapeutics
Ocular gene-therapy platform with a geographic-atrophy candidate
- REGENXBIO
Late-stage AAV retinal program for wet AMD and diabetic retinopathy
CompareAfter-hours close
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| Ocugen | $1.35 | +2.27% | $447.6M | — | — | 97.7 | +8.4% |
| Biogen | $218.19 | −0.14% | $32.28B | 38.7 | 16.5 | 3.2 | +3.4% |
| MeiraGTx | $13.82 | 0.00% | $1.28B | 19.5 | — | 3.2 | +8,608.6% |
| Kiora Pharmaceuticals | $2.54 | −1.55% | $11.6M | — | — | — | — |
| 4D Molecular Therapeutics | $14.67 | +0.07% | $766.9M | — | — | 8.3 | +25,106.7% |
| REGENXBIO | $9.65 | −0.21% | $499.4M | — | — | 2.9 | +405.7% |
| Median | 29.1 | 16.5 | 3.2 | +4,507.2% |