Ocugen, Inc.

Listed Company

OCGNCIK 0001372299NasdaqNon-AcceleratedSmaller ReportingBiological Products, (No Diagnostic Substances)DelawareFY ends Dec 31

Period

FY 2025

Revenue

$4.41M

Net Income

$-67.80M

Total Assets

$43.52M

Equity

$-12.17M

Shares Out

327.90M

Op. Cash Flow

$-56.96M

Business

Ocugen, Inc. is a biotechnology company that discovers, develops, and commercializes gene and cell therapies, biologics, and vaccines for retinal, cartilage, and respiratory diseases. Its main products and candidates include a modifier gene therapy portfolio (OCU400, OCU410, OCU410ST), a novel fusion biologic for retinal vascular disease (OCU200), a regenerative cell therapy NeoCart for knee cartilage repair, and an inhaled mucosal vaccine series (OCU500, OCU510, OCU520). The company organizes operations around four platforms: modifier gene therapy, novel biologics, regenerative cell therapy, and inhaled mucosal vaccines, supported by partnerships and in‑house manufacturing capabilities. It pursues clinical development and regulatory interactions primarily in the United States, Canada, and the European Union, and targets broader global vaccine and commercialization territories (including Japan, South Korea, Australia, China, and Hong Kong) through collaborations and trial networks.

Summary from filing dated 2025-03-05

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Total revenue	4	4	6	2	—
Research and development	40	32	40	—	—
General and administrative	28	27	32	35	23
Total operating expenses	67	59	72	92	58
Loss from operations	−63	−55	−66	−89	−58
Interest income	900,000	1	—	—	—
Interest expense	−5	−688,000	—	—	—
Other (expense) income, net	−664,000	140,000	—	—	−310,000
Total other (expense) income	−5	703,000	2	2	−389,000
Net loss	−68	−54	−63	−87	−58
Foreign currency translation adjustment	13,000	28,000	−5,000	25,000	0
Comprehensive loss	−68	−54	−63	−87	−58

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2023 2023-09-30	FY 2023 2023-06-30
Cash	19	59	39	—	—
Prepaid expenses and other current assets	6	3	4	3	3
Total current assets	24	62	43	57	73
Property and equipment, net	14	17	17	14	12
Restricted cash	316,000	307,000	0	—	—
Other assets	4	4	4	4	4
Total assets	44	82	65	75	89
Accounts payable	6	4	3	3	4
Accrued expenses and other current liabilities	15	16	13	15	19
Operating lease obligations	858,000	519,000	574,000	540,000	526,000
Current portion of long term debt	1	1	0	—	—
Total current liabilities	23	22	17	20	24
Operating lease obligations, less current portion	3	3	4	3	3
Long term debt, net	28	27	3	1	1
Other non-current liabilities	2	564,000	527,000	497,000	455,000
Total non-current liabilities	33	31	7	5	5
Total liabilities	56	53	24	25	30
Commitments and contingencies (Note 16)	—	—	—	—	—
Series B Convertible Preferred Stock; zero shares issued and outstanding at December 31, 2025 and 2024	0	0	1,000	—	—
Common stock; $0.01 par value; 390,000,000 shares authorized; 312,501,472 and 291,489,058 shares issued, and 312,379,972 and 291,367,558 shares outstanding at December 31, 2025 and 2024, respectively	3	3	3	3	3
Treasury stock, at cost, 121,500 shares at December 31, 2025 and 2024	−48,000	−48,000	−48,000	−48,000	−48,000
Additional paid-in capital	393	367	324	322	320
Accumulated other comprehensive income	61,000	48,000	20,000	27,000	22,000
Accumulated deficit	−408	−340	−286	−275	−263
Total stockholders' equity	−12	30	41	50	59
Total liabilities and stockholders' equity	44	82	65	75	89

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Depreciation and amortization expense	2	2	704,000	480,000	—
Amortization of Debt Issuance Costs	1	16,000	—	—	—
Non-cash interest expense	100,000	100,000	116,000	83,000	78,000
Non-cash lease expense	1	856,000	538,000	—	—
Non-cash expense (income) from collaborative arrangements, net	−2	−2	—	—	—
Stock-based compensation expense	8	7	9	11	7
Other	1	37,000	46,000	−671,000	26,000
Prepaid expenses and other current assets	−3	361,000	−296,000	91,000	−742,000
Accounts payable and accrued expenses	3	4	−12	9	3
Lease obligations	−1	−833,000	−517,000	−383,000	−366,000
Net cash used in operating activities	−57	−42	−62	−60	−48
Purchases of property and equipment	−185,000	−3	−10	−4	−939,000
Payment of security deposits	−126,000	0	—	—	—
Net cash (used in) provided by investing activities	−311,000	−3	3	−17	−2
Proceeds from issuance of common stock	20	39	21	60	129
Payment of equity issuance costs	−2	−3	−355,000	−549,000	−9
Proceeds from issuance of debt	0	30	500,000	500,000	—
Payments of debt issuance costs	0	−809,000	−68,000	−43,000	0
Payment of EB-5 loan	−1	0	—	—	—
Net cash provided by financing activities	17	65	21	59	121
Effect of changes in exchange rate on cash and restricted cash	13,000	28,000	−5,000	25,000	0
Net (decrease) increase in cash and restricted cash	−40	19	−38	−18	71
Right-of-use assets related to operating leases	1	103,000	572,000	—	—
Series B Convertible Preferred Stock reacquisition	0	−1,000	0	—	—
Issuance of common stock for Avenue Capital agreement	0	1	0	—	0

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