Ocugen
OCGN on Nasdaq. Ocugen sells gene therapies for inherited retinal diseases to people with vision loss. Market value $353m.
Price checks use the past 12 months to June 2026. Quality checks use five annual reports, the latest for the year to December 2025.
Should I look at this?
Look carefully before going further
Why it could be worth it
Read the warning sign in its own filings
This is not advice. Check the numbers below.
For every $100 of what the whole company costs, it produced $-17.30 of spare cash in the past 12 months. A savings account pays about $4.
The filings do not give us enough to work this out.
The filings do not give us enough to work this out.
Quality score: 30 of 100. Price score: 0 of 100. Our list needs 70 on quality and 60 on price.
$1.04 a share, 7% above its 1-year low
Over the past year the price has ranged from $0.97 to $2.72.
Pays no dividend
Prices from Tuesday’s close (6 October).
Five years of cash, in billions
| Revenue | |||||
| Revenue | $0 | $2m | $6m | $4m | $4m |
| Operating margin | |||||
| Operating margin | n/a | -3580.0% | -1085.7% | -1350.4% | -1425.7% |
| Debt to equity | |||||
| Debt to equity | 0.02 | 0.03 | 0.07 | 0.97 | n/a |
| Shares outstanding | |||||
| Shares outstanding | 0.22bn | 0.26bn | 0.29bn | 0.31bn | 0.34bn |
Health checks
- Free cash flow positive0 of 5 years
- Accounting checksSkipped: company is not yet profitable
- DebtUnknown
- Revenue growth, five yearsStrong, 152.5% a year
- Buying back its own sharesNo, 55% more shares since 2021
The quarter to June 2026
How the business did, compared with the same quarter a year earlier.
- Sales: $1 million last quarter, about the same as a year ago.
- A loss of $25 million, compared with a loss of $15 million a year ago.
- It loses 1504 cents on each $1 of sales, compared with 1165 cents a year earlier.
- Over the past 12 months it spent $61 million more cash than it brought in, compared with $52 million a year earlier.
- 16% more shares than a year ago. Each share owns a bit less of the company.
- It has $98 million more cash than debt. A year ago debt was $1 million more than cash.
- Sales grew on a year ago in 3 of the last 4 quarters.
| Quarter to | Amount |
|---|---|
| September 2024 | $1m |
| December 2024 | $764,000 |
| March 2025 | $1m |
| June 2025 | $1m |
| September 2025 | $2m |
| December 2025 | -$193,000 |
| March 2026 | $2m |
| June 2026 | $1m |
| Quarter to | Amount |
|---|---|
| September 2024 | -$13m |
| December 2024 | -$14m |
| March 2025 | -$15m |
| June 2025 | -$15m |
| September 2025 | -$20m |
| December 2025 | -$18m |
| March 2026 | -$19m |
| June 2026 | -$25m |
From the company's quarterly reports to the SEC.
Dates
- Next results (estimated)
- n/a
- Last annual report (10-K)
- 4 March 2026
- Next quarterly (estimated, 10-Q)
- 5 November 2026
Who owns it
None of the long-term investors we follow own it. 147 funds in all.
Largest holders overall
- BlackRock$41mAdded
- State Street$33mAdded
- Vanguard Capital Management$22mAdded
- Millennium Management$21m
- Geode Capital Management$14mAdded
- RTW Investments, LP$10m
- UBS Group AG$8mCut
- Ikarian Capital$6m
- GMT Capital$5m
- Marshall Wace, LLP$5mCut
From 13F filings for the quarter ended 30 June 2026.
Big holders and activists
3 investors own more than 5%.
- BlackRock, Inc.Passive investor8.0%+6.1 ptsSince 30 June 2026
- STATE STREET CORPORATIONPassive investor6.3%+4.3 ptsSince 30 June 2026
- Millennium Management LLCPassive investorat least 5.2%(filed with 2 related holders)Since 9 April 2026
- JANUS HENDERSON GROUP Ltd.Passive investorSold down below 5%Since 30 June 2026
- The Vanguard GroupPassive investorSold down below 5%Since 13 March 2026
| Holder | Stake | Since | |
|---|---|---|---|
BlackRock, Inc. Passive investor | 8.0%+6.1 pts | 30 June 2026 | |
STATE STREET CORPORATION Passive investor | 6.3%+4.3 pts | 30 June 2026 | |
Millennium Management LLC Passive investor | at least 5.2% (filed with 2 related holders) | 9 April 2026 | |
JANUS HENDERSON GROUP Ltd. Passive investor | Sold down below 5% | 30 June 2026 | |
The Vanguard Group Passive investor | Sold down below 5% | 13 March 2026 |
From Schedule 13D and 13G filings: anyone owning more than 5% must file one.
What insiders did
In the last 12 months, 1 insider bought $25,830 of shares on the open market. 1 sold $589,110, $589,110 of it under preset trading plans.
- Musunuri ShankarChief Executive Officer, DirectorSoldunder a preset trading plan
- Date
- 9 September 2026
- Shares
- 525,991
- Price
- $1.12
- Value
- $589,110
- Johnson-Greene Treerita EssalimaChief Financial OfficerBought
- Date
- 15 June 2026
- Shares
- 21,000
- Price
- $1.23
- Value
- $25,830
| Date | Who | Did | Shares | Price | Value |
|---|---|---|---|---|---|
| 9 September 2026 | Musunuri Shankar Chief Executive Officer, Director | Sold under a preset trading plan | 525,991 | $1.12 | $589,110 |
| 15 June 2026 | Johnson-Greene Treerita Essalima Chief Financial Officer | Bought | 21,000 | $1.23 | $25,830 |
From Form 4 filings: insiders must report trades in their own company's shares within two days.
Warning signs in its filings
Problems the company itself reported to the SEC, in its own words.
1 serious warning sign in Ocugen’s filings.
We look for five warning signs: doubt it can keep going, weak checks on its own accounts, a notice that its past accounts can't be relied on, a change of auditor, and one customer bringing in a big share of sales. We don't check lawsuits, investigations or debt yet.
We checked the auditor's report, internal controls, restatement notices, auditor changes and big customers in the 10-K filed 4 Mar 2026, plus the 10-Q filed 6 Aug 2026 and 14 later 8-Ks.
Doubt it can keep going
SeriousThe company or its auditor warned it may not have enough money to last the next year.
“After evaluating these conditions and management’s plans, the Company has concluded that there is substantial doubt about the Company’s ability to continue as a going concern within one year after the date these condensed consolidated financial statements are issued.”
Show the full paragraph
After evaluating these conditions and management’s plans, the Company has concluded that there is substantial doubt about the Company’s ability to continue as a going concern within one year after the date these condensed consolidated financial statements are issued. Management continues to evaluate and pursue plans to mitigate these conditions, which may include raising additional capital, managing the timing and scope of operating expenditures, pursuing strategic partnerships or licensing arrangements, and/or other financing or corporate transactions. There can be no assurance that such plans will be successfully implemented, that additional financing will be available on acceptable terms, or at all, or that the Company will be able to execute its strategic plans within the required timeframe. If the Company is unable to obtain additional funding or otherwise successfully execute its plans when needed, it may be required to delay, reduce, or eliminate certain research and development programs and commercialization activities, consider various strategic alternatives, including a merger or sale, or cease its operations.
From the 10-Q filed 6 August 2026, Part I, Item 1. Financial Statements. Read it in the filing
A 10-K is the yearly report every US company files with the SEC. An 8-K is a short notice of a big event.
What could go wrong
- It owes more than it owns on paper (negative equity). Often that's from borrowing to buy back shares.
Whether the price already reflects the risks is what the deep dive is for.
The deep dive
Everything above is arithmetic on public filings. The deep dive reads the last ten years of annual reports, the proxy statements, and the earnings calls, then argues the case the way Buffett, Klarman, and Hohn would, and checks every claim against the source.
- What the business is worth, as a range, and the margin of safety at today’s price
- Prices to start buying, buy, and buy hard
- The three things that would make this a mistake
- Every number footnoted to the filing it came from
Your first deep dive is free.
Not advice. Numbers on this page come from SEC filings and are updated each night; prices are updated again after the US market closes. The five-year figures are rounded.