Ocugen, Inc.
Financial highlights
| Metric | FY 12/31/25 | FY 12/31/24 | FY 12/31/23 | FY 09/30/23 | FY 06/30/23 |
|---|---|---|---|---|---|
| Income Statement | |||||
| Revenue | $4.4M | $4.1M | $6.0M | — | — |
| Research and development | $39.8M | $32.1M | $39.6M | — | — |
| Operating expenses | $67.3M | $58.8M | $71.6M | — | — |
| Operating income | -$62.9M | -$54.8M | -$65.5M | — | — |
| Interest expense | $5.2M | $688,000 | — | — | — |
| Pretax income | -$67.8M | -$54.1M | -$63.1M | — | — |
| Income tax expense | $0 | $0 | $0 | — | — |
| Net income | -$67.8M | -$54.1M | -$63.1M | — | — |
| Balance Sheet | |||||
| Cash and equivalents | — | — | $39.5M | $53.5M | $70.6M |
| Current assets | $24.3M | $61.7M | $43.0M | $56.6M | $73.5M |
| Total assets | $43.5M | $82.4M | $64.5M | $74.7M | $89.0M |
| Current liabilities | $23.0M | $21.6M | $17.1M | $19.7M | $24.5M |
| Total liabilities | $55.7M | $52.8M | $24.0M | $24.9M | $29.7M |
| Total debt | $31.5M | $32.5M | — | — | — |
| Stockholders' equity | -$12.2M | $29.6M | $40.6M | $49.8M | $59.2M |
| Cash Flow Statement | |||||
| Cash from operations | -$57.0M | -$42.1M | -$62.1M | — | — |
| Depreciation and amortization | $2.4M | $1.9M | $700,000 | — | — |
| Stock-based compensation | $7.7M | $7.4M | $9.2M | — | — |
| Capital expenditure | $185,000 | $3.4M | $10.5M | — | — |
| Free cash flow | -$57.1M | -$45.5M | -$72.5M | — | — |
Shares outstanding 338.5M · Free float 99.1%
Annual filing data through FY ended December 31, 2025; float as of July 13, 2026.