Cash flow Ocugen, Inc.

Equities

OCGN

US67577C1053

Biotechnology & Medical Research

Market Closed - Nasdaq Other stock markets 02:30:00 17/01/2026 am IST			5-day change	1st Jan Change
1.690 ^USD	+4.32%		+12.67%	+25.19%

06/11	Ocugen, Inc., Q3 2025 Earnings Call, Nov 05, 2025
05/11	Ocugen, Inc. Reports Earnings Results for the Third Quarter and Nine Months Ended September 30, 2025	CI

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Published financial data: OCUGEN, INC.

Annual

Quarterly

Halfyear

YTD

LTM

Fiscal Period: December	2020	2021	2022	2023	2024
Revenues	42.62T	-	-	60.36L	40.55L
Total Revenues	42.62T	-	-	60.36L	40.55L
Cost of Goods Sold, Total	51.42L	3.51Cr	4.98Cr	3.96Cr	3.21Cr
Gross Profit	-50.99L	-3.51Cr	-4.98Cr	-3.35Cr	-2.81Cr
Selling General & Admin Expenses, Total	77.74L	2.29Cr	3.51Cr	3.2Cr	2.67Cr
R&D Expenses	3L	-	-	-	-
Other Operating Expenses, Total	80.86L	2.29Cr	3.51Cr	3.2Cr	2.67Cr
Operating Income	-1.32Cr	-5.8Cr	-8.49Cr	-6.55Cr	-5.48Cr
Interest Expense, Total	-7L	-79T	-	-	-
Interest And Investment Income	1.06T	-	14L	25L	13L
Net Interest Expenses	-7L	-79T	14L	25L	13L
Other Non Operating Income (Expenses)	2L	25T	21.17L	-47T	-6L
EBT, Excl. Unusual Items	-1.37Cr	-5.81Cr	-8.14Cr	-6.31Cr	-5.41Cr
Restructuring Charges	-11L	-	-	-	-
In Process R&D Expenses	-70L	-	-	-	-
Other Unusual Items	-	-3L	-	-	-
EBT, Incl. Unusual Items	-2.18Cr	-5.84Cr	-8.14Cr	-6.31Cr	-5.41Cr
Income Tax Expense	-	-52T	-	-	-
Earnings From Continuing Operations	-2.18Cr	-5.84Cr	-8.14Cr	-6.31Cr	-5.41Cr
Net Income to Company	-2.18Cr	-5.84Cr	-8.14Cr	-6.31Cr	-5.41Cr
Net Income - (IS)	-2.18Cr	-5.84Cr	-8.14Cr	-6.31Cr	-5.41Cr
Preferred Dividend and Other Adjustments	1.25Cr	-	-	-	-
Net Income to Common Incl Extra Items	-3.44Cr	-5.84Cr	-8.14Cr	-6.31Cr	-5.41Cr
Net Income to Common Excl. Extra Items	-3.44Cr	-5.84Cr	-8.14Cr	-6.31Cr	-5.41Cr
Per Share Items
Net EPS - Basic	-0.31	-0.3	-0.38	-0.26	-0.2
Basic EPS - Continuing Operations	-0.31	-0.3	-0.38	-0.26	-0.2
Basic Weighted Average Shares Outstanding	11Cr	20Cr	21Cr	24Cr	27Cr
Net EPS - Diluted	-0.31	-0.3	-0.38	-0.26	-0.2
Diluted EPS - Continuing Operations	-0.31	-0.3	-0.38	-0.26	-0.2
Diluted Weighted Average Shares Outstanding	11Cr	20Cr	21Cr	24Cr	27Cr
Normalized Basic EPS	-0.08	-0.19	-0.24	-0.16	-0.12
Normalized Diluted EPS	-0.08	-0.19	-0.24	-0.16	-0.12
Supplemental Items
EBITDA	-1.31Cr	-5.78Cr	-8.44Cr	-6.48Cr	-5.28Cr
EBITA	-1.32Cr	-5.8Cr	-8.49Cr	-6.55Cr	-5.48Cr
EBIT	-1.32Cr	-5.8Cr	-8.49Cr	-6.55Cr	-5.48Cr
EBITDAR	-1.28Cr	-5.73Cr	-8.35Cr	-6.37Cr	-5.15Cr
Total Revenues (As Reported)	42.62T	-	-	60.36L	40.55L
Effective Tax Rate - (Ratio)	-	0.09	-	-	-
Total Deferred Taxes	-	-52T	-	-	-
Normalized Net Income	-85.76L	-3.63Cr	-5.08Cr	-3.94Cr	-3.38Cr
Interest on Long-Term Debt	-	-	-	-	-
Supplemental Operating Expense Items
General and Administrative Expenses	77.74L	2.29Cr	3.51Cr	3.2Cr	2.67Cr
Research And Development Expense From Footnotes	1.34Cr	3.51Cr	4.98Cr	3.96Cr	3.21Cr
Net Rental Expense, Total	3L	5L	9L	11.26L	12.48L
Imputed Operating Lease Interest Expense	8L	1L	-	-	-
Imputed Operating Lease Depreciation	-5L	4L	-	-	-
Stock-Based Comp., COGS (Total)	-	20.49L	27.64L	23.41L	21.58L
Stock-Based Comp., R&D Exp. (Total)	3L	-	-	-	-
Stock-Based Comp., G&A Exp. (Total)	3L	49.09L	77.77L	68.76L	52.69L
Stock-Based Comp., Other (Total)	-	-	-	-	-
Total Stock-Based Compensation	7L	69.58L	1.05Cr	92.17L	74.27L

Fiscal Period: December	2020	2021	2022	2023	2024
Assets
Cash And Equivalents	2.4Cr	9.5Cr	7.76Cr	3.95Cr	5.85Cr
Short Term Investments	-	-	1.34Cr	-	-
Total Cash And Short Term Investments	2.4Cr	9.5Cr	9.09Cr	3.95Cr	5.85Cr
Inventory	-	49.88L	-	-	-
Prepaid Expenses	18.38L	27L	75.58L	35.09L	31.68L
Other Current Assets, Total	-	-	-	-	-
Total Current Assets	2.59Cr	10Cr	9.85Cr	4.3Cr	6.17Cr
Gross Property Plant And Equipment	12.92L	31.25L	1.06Cr	2.25Cr	2.33Cr
Accumulated Depreciation	-2L	-4L	-6L	-12.3L	-31.6L
Net Property Plant And Equipment	10.67L	27.51L	99.63L	2.12Cr	2.02Cr
Other Long-Term Assets, Total	4L	4L	2L	3L	6L
Total Assets	2.74Cr	11Cr	11Cr	6.45Cr	8.24Cr
Liabilities
Accounts Payable, Total	4L	23.12L	80.62L	31.72L	42.43L
Accrued Expenses, Total	29.3L	43.25L	99L	26.67L	43.1L
Short-term Borrowings	-	-	-	-	-
Current Portion of Long-Term Debt	2L	-	-	-	13.26L
Current Portion of Leases	44.25T	4L	5L	6L	5L
Unearned Revenue Current, Total	-	-	-	1.05Cr	83.68L
Other Current Liabilities	9.76T	-	-	2L	28.22L
Total Current Liabilities	36.14L	70L	1.85Cr	1.71Cr	2.16Cr
Long-Term Debt	18.23L	17.12L	22.89L	28L	2.73Cr
Long-Term Leases	4L	12.31L	35.87L	35.67L	33.13L
Other Non Current Liabilities	-	-	2L	5L	6L
Total Liabilities	58.26L	99.43L	2.46Cr	2.4Cr	5.28Cr
Preferred Stock Convertible	-	1T	1T	1T	-
Total Preferred Equity	-	1T	1T	1T	-
Common Stock, Total	18.41L	19.95L	22.17L	25.67L	29.15L
Additional Paid In Capital	9.31Cr	23Cr	29Cr	32Cr	37Cr
Retained Earnings	-7.33Cr	-13Cr	-21Cr	-29Cr	-34Cr
Treasury Stock	-47.86T	-48T	-48T	-48T	-48T
Comprehensive Income and Other	-	-	26T	20T	48T
Total Common Equity	2.16Cr	9.58Cr	8.41Cr	4.06Cr	2.96Cr
Total Equity	2.16Cr	9.58Cr	8.41Cr	4.06Cr	2.96Cr
Total Liabilities And Equity	2.74Cr	11Cr	11Cr	6.45Cr	8.24Cr
Supplemental Items
ECS Total Shares Outstanding on Filing Date	19Cr	20Cr	23Cr	26Cr	29Cr
ECS Total Common Shares Outstanding	18Cr	20Cr	22Cr	26Cr	29Cr
Book Value / Share	0.12	0.48	0.38	0.16	0.1
Tangible Book Value	2.16Cr	9.58Cr	8.41Cr	4.06Cr	2.96Cr
Tangible Book Value Per Share	0.12	0.48	0.38	0.16	0.1
Total Debt	24.91L	33.06L	63.74L	69.41L	3.25Cr
Net Debt	-2.15Cr	-9.17Cr	-8.46Cr	-3.25Cr	-2.6Cr
Debt Equivalent Oper. Leases	21.94L	37.2L	74.56L	90.08L	99.84L
Account Code - Inventory Valuation	3	3	3	3	3
Machinery, Total	6L	11.39L	20.22L	18.94L	36.25L
Full Time Employees	15	56	84	65	95
Assets under Capital Lease - Gross	-	-	-	-	-
Assets under Capital Lease - Accumulated Depreciation	-	-	-	-	-

Fiscal Period: December	2020	2021	2022	2023	2024
Net Income	-2.18Cr	-5.84Cr	-8.14Cr	-6.31Cr	-5.41Cr
Depreciation & Amortization - CF	1L	2L	5L	7L	19.68L
Depreciation & Amortization, Total	1L	2L	5L	7L	19.68L
(Gain) Loss From Sale Of Asset	-	-	-	4L	-
(Gain) Loss on Sale of Investments - (CF)	-	-	-99T	-2L	-
Asset Writedown & Restructuring Costs	70L	-	-	-	-
Stock-Based Compensation (CF)	7L	69.58L	1.05Cr	92.17L	74.27L
Other Operating Activities, Total	6L	7L	11.55L	40.78L	-11.48L
Change In Accounts Payable	-5L	34.98L	94.87L	-1.23Cr	41.37L
Change in Other Net Operating Assets	-7L	-10.08L	-3L	-8L	-5L
Cash from Operations	-1.47Cr	-4.79Cr	-6.01Cr	-6.21Cr	-4.21Cr
Capital Expenditure	-3L	-10.66L	-44.57L	-1.05Cr	-33.85L
Cash Acquisitions	-	-	-	-	-
Investment in Marketable and Equity Securities, Total	-	-	-1.33Cr	1.36Cr	-
Other Investing Activities, Total	-	-8L	8L	-	-
Cash from Investing	-3L	-18.16L	-1.7Cr	30.77L	-33.85L
Long-Term Debt Issued, Total	9L	-	5L	5L	3Cr
Total Debt Issued	9L	-	5L	5L	3Cr
Long-Term Debt Repaid, Total	-56.49L	-10T	-	-	-
Total Debt Repaid	-56.49L	-10T	-	-	-
Issuance of Common Stock	3.78Cr	13Cr	5.96Cr	2.08Cr	3.86Cr
Repurchase of Common Stock	-	-	-	-	-
Other Financing Activities, Total	-14.84L	-85.25L	-6L	-4L	-36.98L
Cash from Financing	3.16Cr	12Cr	5.95Cr	2.09Cr	6.49Cr
Foreign Exchange Rate Adjustments	-	-	25T	-5T	28T
Net Change in Cash	1.66Cr	7.09Cr	-1.75Cr	-3.81Cr	1.94Cr
Supplemental Items
Levered Free Cash Flow	-27.88L	-3.27Cr	-3.5Cr	-4.9Cr	-2.46Cr
Unlevered Free Cash Flow	-23.38L	-3.27Cr	-3.5Cr	-4.9Cr	-2.46Cr
Change In Net Working Capital	-54.47L	25.48L	-1.15Cr	74.69L	-35.69L
Net Debt Issued / Repaid	-47.27L	-10T	5L	5L	3Cr

Fiscal Period: December	2020	2021	2022	2023	2024
Profitability
Return on Assets	-37.3	-54.48	-49.48	-47.3	-46.57
Return on Total Capital	-45.19	-58.89	-55.97	-64.07	-62.43
Return On Equity %	-134	-99.46	-90.46	-110.14	-154.01
Return on Common Equity	-211.05	-99.46	-90.46	-110.14	-154.01
Margin Analysis
Gross Profit Margin %	-11.96T	-	-	-555.62	-692.26
SG&A Margin	18.24T	-	-	530.05	658.1
EBITDA Margin %	-30.7T	-	-	-1.07T	-1.3T
EBITA Margin %	-30.94T	-	-	-1.09T	-1.35T
EBIT Margin %	-30.94T	-	-	-1.09T	-1.35T
Income From Continuing Operations Margin %	-51.2T	-	-	-1.05T	-1.33T
Net Income Margin %	-51.2T	-	-	-1.05T	-1.33T
Net Avail. For Common Margin %	-80.64T	-	-	-1.05T	-1.33T
Normalized Net Income Margin	-20.12T	-	-	-653.14	-833.14
Levered Free Cash Flow Margin	-6.54T	-	-	-811.48	-607.75
Unlevered Free Cash Flow Margin	-5.48T	-	-	-811.48	-607.75
Asset Turnover
Asset Turnover	0	-	-	0.07	0.06
Fixed Assets Turnover	0.05	-	-	0.39	0.2
Short Term Liquidity
Current Ratio	7.16	14.66	5.34	2.51	2.86
Quick Ratio	6.65	13.57	4.93	2.31	2.71
Operating Cash Flow to Current Liabilities	-4.07	-6.85	-3.25	-3.63	-1.95
Average Days Payable Outstanding	81.53	-	38.05	51.81	42.24
Long Term Solvency
Total Debt/Equity	11.56	3.45	7.58	17.11	109.69
Total Debt / Total Capital	10.36	3.34	7.05	14.61	52.31
LT Debt/Equity	10.27	3.07	6.99	15.7	103.46
Long-Term Debt / Total Capital	9.2	2.97	6.5	13.4	49.34
Total Liabilities / Total Assets	21.28	9.4	22.63	37.16	64.06
EBIT / Interest Expense	-18.29	-734.53	-	-	-
EBITDA / Interest Expense	-17.77	-725.75	-	-	-
(EBITDA - Capex) / Interest Expense	-18.19	-739.24	-	-	-
Total Debt / EBITDA	-0.19	-0.06	-0.08	-0.11	-0.63
Net Debt / EBITDA	1.68	1.6	1.01	0.51	0.5
Total Debt / (EBITDA - Capex)	-0.19	-0.06	-0.07	-0.09	-0.59
Net Debt / (EBITDA - Capex)	1.64	1.57	0.96	0.44	0.47
Growth Over Prior Year
Total Revenues, 1 Yr. Growth %	-	-	-	142.6	-32.82
Gross Profit, 1 Yr. Growth %	-32.59	456.3	41.73	-37.51	-16.3
EBITDA, 1 Yr. Growth %	-7.23	307.52	46	-26.82	-18.57
EBITA, 1 Yr. Growth %	-6.9	306.22	46.25	-26.43	-16.44
EBIT, 1 Yr. Growth %	-6.9	306.22	46.25	-26.43	-16.44
Earnings From Cont. Operations, 1 Yr. Growth %	7.8	167.46	39.38	-27.33	-14.31
Net Income, 1 Yr. Growth %	7.8	167.46	39.38	-27.33	-14.31
Normalized Net Income, 1 Yr. Growth %	-31.05	291.86	40.06	-27.33	-14.31
Diluted EPS Before Extra, 1 Yr. Growth %	-78.98	-2.26	26.66	-36.17	-22.74
Net Property, Plant and Equip., 1 Yr. Growth %	88.1	157.83	262.16	113.13	-5.02
Total Assets, 1 Yr. Growth %	62.88	286.33	2.71	-40.58	27.72
Tangible Book Value, 1 Yr. Growth %	95.59	344.63	-12.28	-45.17	-26.95
Common Equity, 1 Yr. Growth %	95.59	344.63	-12.28	-45.17	-26.95
Cash From Operations, 1 Yr. Growth %	-12.93	225.93	25.32	3.29	-32.09
Capital Expenditures, 1 Yr. Growth %	941.99	247.23	318.1	135.05	-67.69
Levered Free Cash Flow, 1 Yr. Growth %	-85.56	841.94	7.12	77.6	-49.69
Unlevered Free Cash Flow, 1 Yr. Growth %	-87.16	980.59	7.12	77.6	-49.69
Compound Annual Growth Rate Over Two Years
Total Revenues, 2 Yr. CAGR %	-	-	-	-	27.66
Gross Profit, 2 Yr. CAGR %	-	108.37	180.79	-2.26	-27.68
EBITDA, 2 Yr. CAGR %	-9.83	102.45	143.92	5.91	-22.81
EBITA, 2 Yr. CAGR %	-9.62	102.41	143.74	6.27	-21.59
EBIT, 2 Yr. CAGR %	-9.62	102.41	143.74	6.27	-21.59
Earnings From Cont. Operations, 2 Yr. CAGR %	9.44	69.8	93.08	3.96	-21.09
Net Income, 2 Yr. CAGR %	9.44	69.8	93.08	3.96	-21.09
Normalized Net Income, 2 Yr. CAGR %	-13.22	70.83	134.28	4.21	-21.09
Diluted EPS Before Extra, 2 Yr. CAGR %	-71.13	-54.68	11.26	-7.12	-29.78
Net Property, Plant and Equip., 2 Yr. CAGR %	108.32	120.26	205.57	177.82	42.27
Total Assets, 2 Yr. CAGR %	233.99	150.85	99.2	-21.88	-12.88
Tangible Book Value, 2 Yr. CAGR %	30.22	194.89	97.49	-34.94	-36.71
Common Equity, 2 Yr. CAGR %	30.22	194.89	97.49	-34.94	-36.71
Cash From Operations, 2 Yr. CAGR %	12.46	68.46	102.1	13.77	-16.25
Capital Expenditures, 2 Yr. CAGR %	99.08	496.1	281.02	213.49	-12.85
Levered Free Cash Flow, 2 Yr. CAGR %	-32.9	30.24	217.41	22.4	-5.47
Unlevered Free Cash Flow, 2 Yr. CAGR %	-22.06	34.03	240.23	22.4	-5.47
Compound Annual Growth Rate Over Three Years
Total Revenues, 3 Yr. CAGR %	-	-	-	419.71	-
Gross Profit, 3 Yr. CAGR %	-	-	83.25	74.51	-7.19
EBITDA, 3 Yr. CAGR %	18.95	53.15	81.55	65.96	-2.98
EBITA, 3 Yr. CAGR %	19.18	53.19	81.63	66.16	-1.92
EBIT, 3 Yr. CAGR %	19.18	53.19	81.63	66.16	-1.92
Earnings From Cont. Operations, 3 Yr. CAGR %	40.81	47.41	58.99	42.45	-2.53
Net Income, 3 Yr. CAGR %	40.81	47.41	58.99	42.45	-2.53
Normalized Net Income, 3 Yr. CAGR %	20.64	47.17	59.89	62.05	-2.37
Diluted EPS Before Extra, 3 Yr. CAGR %	-28.11	-56.65	-36.16	-5.53	-12.65
Net Property, Plant and Equip., 3 Yr. CAGR %	90.54	123.69	159.97	170.99	94.26
Total Assets, 3 Yr. CAGR %	60.43	250.59	86.27	33.1	-7.97
Tangible Book Value, 3 Yr. CAGR %	69.38	96.08	96.85	23.47	-32.38
Common Equity, 3 Yr. CAGR %	69.38	96.08	96.85	23.47	-32.38
Cash From Operations, 3 Yr. CAGR %	32.52	60.34	52.64	61.58	-4.21
Capital Expenditures, 3 Yr. CAGR %	21.75	139.69	429.63	224.35	46.98
Levered Free Cash Flow, 3 Yr. CAGR %	-	74.22	21.96	141.53	-8.99
Unlevered Free Cash Flow, 3 Yr. CAGR %	-	104.06	24.38	152.97	-8.99
Compound Annual Growth Rate Over Five Years
Gross Profit, 5 Yr. CAGR %	-	-	-	-	28.26
EBITDA, 5 Yr. CAGR %	-	-	61.11	32.14	30.21
EBITA, 5 Yr. CAGR %	-	-	61.23	32.34	31.06
EBIT, 5 Yr. CAGR %	-	-	61.23	32.34	31.06
Earnings From Cont. Operations, 5 Yr. CAGR %	-	-	59.76	28.19	21.71
Net Income, 5 Yr. CAGR %	-	-	59.76	28.19	21.71
Normalized Net Income, 5 Yr. CAGR %	-	-	59.76	28.19	22.12
Diluted EPS Before Extra, 5 Yr. CAGR %	-	-	-14.39	-41.2	-32.81
Net Property, Plant and Equip., 5 Yr. CAGR %	-	-	130.18	143.95	104.27
Total Assets, 5 Yr. CAGR %	-	-	74.94	92.31	37.45
Tangible Book Value, 5 Yr. CAGR %	-	-	80.11	26.12	21.88
Common Equity, 5 Yr. CAGR %	-	-	80.11	26.12	21.88
Cash From Operations, 5 Yr. CAGR %	-	-	56.89	39.78	20.06
Capital Expenditures, 5 Yr. CAGR %	-	-	92.19	166.85	157.33
Levered Free Cash Flow, 5 Yr. CAGR %	-	-	-	51.23	5.01
Unlevered Free Cash Flow, 5 Yr. CAGR %	-	-	-	66.33	6.25