The company's financial position appears increasingly vulnerable, with the debt-to-equity ratio surging to 5.74 in 2026Q1 compared to 0.17 in 2024Q3.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 |
|---|
| Total Current Assets | 38.55M | 24.34M | 61.68M | 42.97M | 98.49M | 102.65M | 25.88M | 15.77M | 16.4M | 8.18M | 32.08M | 31.24M | 58.86M | 10.35M | 15.08M |
| Cash & Short-Term Investments | 31.86M | 18.57M | 58.51M | 39.46M | 90.93M | 94.96M | 24.04M | 7.44M | 15.54M | 7.98M | 31.91M | 30.91M | 58.06M | 8.73M | 14.72M |
| Cash Only | 31.86M | 18.57M | 58.51M | 39.46M | 77.56M | 94.96M | 24.04M | 7.44M | 15.54M | 7.08M | 31.91M | 30.91M | 58.06M | 8.73M | 14.72M |
| Short-Term Investments | 0 | 0 | 0 | 0 | 13.37M | 0 | 0 | 0 | 0 | 900K | 0 | 0 | 0 | 0 | 0 |
| Accounts Receivable | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Days Sales Outstanding | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Days Inventory Outstanding | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Current Assets | 6.7M | 5.77M | 3.17M | 3.51M | 7.56M | 0 | 0 | 7M | 172K | 122K | 78K | 279K | 729K | 1.13M | 340K |
| Total Non-Current Assets | 18.35M | 19.18M | 20.76M | 21.58M | 10.14M | 3.12M | 1.5M | 1.04M | 1.03M | 2.86M | 4M | 5.55M | 6.64M | 4.45M | 5.96M |
| Property, Plant & Equipment | 13.83M | 14.39M | 16.55M | 17.29M | 6.05M | 1.16M | 633K | 222.46K | 141K | 2.72M | 3.86M | 5.21M | 4.88M | 2.28M | 2.31M |
| Fixed Asset Turnover | 0.30x | 0.31x | 0.24x | 0.35x | 0.41x | - | 0.07x | - | - | - | - | - | - | 0.00x | 0.01x |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 200K | 510K | 570K | 630K |
| Long-Term Investments | 634K | 0 | 0 | 0 | 0 | 0 | 0 | 151.02K | 150.48K | 137K | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Assets | 4.21M | 4.78M | 4.21M | 4.29M | 4.09M | 1.95M | 865K | 667.75K | 736.52K | 0 | 137K | 137K | 604K | 539K | 540K |
| Total Assets | 56.91M | 43.52M | 82.44M | 64.55M | 108.63M | 105.76M | 27.38M | 16.81M | 17.43M | 11.04M | 36.08M | 36.79M | 65.5M | 14.8M | 21.04M |
| Asset Turnover | 0.08x | 0.10x | 0.05x | 0.09x | 0.02x | - | 0.00x | - | - | - | - | - | - | 0.00x | 0.00x |
| Asset Growth % | -32.81% | -47.22% | 27.72% | -40.58% | 2.71% | 286.33% | 62.88% | -3.56% | 57.93% | -69.41% | -1.92% | -43.84% | 342.68% | -29.69% | - |
| Total Current Liabilities | 20.71M | 23.04M | 21.59M | 17.09M | 28.53M | 7M | 3.61M | 4.54M | 2.87M | 3.81M | 5.17M | 6.36M | 8.25M | 5.09M | 4.4M |
| Accounts Payable | 3.24M | 6.2M | 4.24M | 3.17M | 8.06M | 2.31M | 395K | 1.9M | 1.59M | 776K | 1.95M | 2.25M | 4.89M | 2.53M | 1.04M |
| Days Payables Outstanding | - | 947.56 | 786.94 | 1.64K | - | - | 22.69 | 85.57 | 11.7K | 184.64 | 425 | 509.51 | - | - | - |
| Short-Term Debt | 5.86M | 1.25M | 1.33M | 0 | 0 | 0 | 234K | 0 | 0 | 178K | 583K | 583K | 405K | 0 | 0 |
| Deferred Revenue (Current) | 18.19M | 5.91M | 8.37M | 10.53M | 11.22M | 0 | 0 | 2.27M | 10M | 2.02M | 2.13M | 2.98M | 2.83M | 0 | 0 |
| Other Current Liabilities | 11.61M | 6.69M | 5.25M | 1.03M | 3.11M | 1.72M | 1.68M | -2.06M | 948K | 1.18M | 1.24M | 2.77M | 2.22M | 1.69M | 1.14M |
| Current Ratio | 1.86x | 1.06x | 2.86x | 2.51x | 3.45x | 14.66x | 7.16x | 3.47x | 5.71x | 2.15x | 6.20x | 4.91x | 7.13x | 2.03x | 3.42x |
| Quick Ratio | 1.86x | 1.06x | 2.86x | 2.51x | 3.45x | 14.66x | 7.16x | 3.47x | 5.71x | 2.15x | 6.20x | 4.91x | 7.13x | 2.03x | 3.42x |
| Cash Conversion Cycle | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Total Non-Current Liabilities | 30.39M | 32.64M | 31.22M | 6.89M | 6.12M | 2.94M | 2.21M | 1.25M | 15.01M | 18.5M | 17.34M | 2.23M | 3.04M | 85.26M | 36.35M |
| Long-Term Debt | 24.19M | 27.54M | 27.34M | 2.8M | 2.29M | 1.71M | 1.82M | 1.07M | 1.02M | 0 | 178K | 761K | 1.34M | 0 | 0 |
| Capital Lease Obligations | 14.4M | 3.49M | 3.31M | 3.57M | 3.59M | 1.23M | 389K | 163.2K | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Tax Liabilities | 773K | 0 | 0 | 918K | 0 | 0 | 0 | 0 | -1.02M | 0 | 0 | 0 | 651K | 0 | 0 |
| Other Non-Current Liabilities | 2.95M | 1.6M | 564K | 527K | 244K | 0 | 0 | 9.76K | 4M | 18.5M | 17.16M | 1.47M | 1.05M | 85.26M | 36.35M |
| Total Liabilities | 51.1M | 55.68M | 52.81M | 23.98M | 34.65M | 9.94M | 5.83M | 5.79M | 17.89M | 22.3M | 22.51M | 8.59M | 11.29M | 90.35M | 40.76M |
| Total Debt | 33.3M | 33.14M | 32.5M | 6.94M | 6.37M | 3.31M | 2.49M | 1.41M | 238K | 178K | 761K | 1.34M | 1.75M | 0 | 0 |
| Net Debt | 1.44M | 14.57M | -26.01M | -32.52M | -71.19M | -91.65M | -21.55M | -6.04M | -15.3M | -6.9M | -31.15M | -29.57M | -56.31M | -8.73M | -14.72M |
| Debt / Equity | 5.74x | - | 1.10x | 0.17x | 0.09x | 0.03x | 0.12x | 0.13x | - | - | 0.06x | 0.05x | 0.03x | - | - |
| Debt / EBITDA | -0.52x | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Net Debt / EBITDA | -0.02x | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Interest Coverage | -13.42x | -12.13x | - | - | - | -734.53x | -19.81x | -8.01x | -88.77x | -197.12x | -217.47x | -239.78x | -149.95x | - | -18.76x |
| Total Equity | 5.8M | -12.17M | 29.63M | 40.56M | 73.98M | 95.82M | 21.55M | 11.02M | -458K | -11.27M | 13.57M | 28.2M | 54.21M | -75.55M | -19.71M |
| Equity Growth % | -377.85% | -141.06% | -26.95% | -45.17% | -22.79% | 344.63% | 95.58% | 2505.77% | 95.94% | -183.05% | -51.89% | -47.98% | 171.74% | -283.31% | - |
| Book Value per Share | 0.02 | -0.04 | 0.11 | 0.17 | 0.34 | 0.49 | 0.19 | 0.79 | -0.74 | -29.82 | 56.57 | 127.87 | 2120.07 | -355.35 | -92.71 |
| Total Shareholders' Equity | 5.8M | -12.17M | 29.63M | 40.56M | 73.98M | 95.82M | 21.55M | 11.02M | -458K | -11.27M | 13.57M | 28.2M | 54.21M | -75.55M | -19.71M |
| Common Stock | 3.38M | 3.13M | 2.92M | 2.57M | 2.22M | 2M | 1.84M | 527.47K | 513K | 159K | 159K | 132K | 127K | 6K | 6K |
| Retained Earnings | -427.24M | -408.07M | -340.22M | -286.17M | -223.09M | -131.67M | -73.3M | -51.48M | -216.83M | -208.19M | -181.77M | -165.56M | -133.54M | -110.75M | -85.04M |
| Treasury Stock | -48K | -48K | -48K | -48K | -48K | -48K | -48K | -47.86K | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accumulated OCI | 164K | 61K | 48K | 20K | 26K | 0 | 0 | 0 | -10.29M | -10.92M | -9.39M | -7.99M | -6.38M | -5.65M | -5.15M |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Imminent Capital Exhaustion Risk
According to the most recent balance sheet data, Ocugen's cash position has dwindled to $31.9M as of 2026Q1, representing a significant decline from the $58.5M reported in 2024Q4, which underscores the company's precarious liquidity runway as it funds intensive Phase 3 clinical trial development activities.
The current ratio of 1.86 suggests a superficial level of coverage, yet this metric is heavily influenced by the timing of clinical expenditures and potential milestone receipts. Investors should monitor the rapid depletion of cash reserves, which appears to necessitate further dilutive financing to maintain operational continuity.
Based on reported financial statements, Ocugen's debt-to-equity ratio has surged to 5.74 in 2026Q1, a dramatic shift from the 0.17 observed in 2024Q3, reflecting a reliance on debt financing to bridge the widening gap between R&D-heavy cash outflows and the absence of sustainable commercial revenue.
The accumulation of $33.3M in total debt against a shrinking equity base indicates that the company is increasingly leveraging its balance sheet to survive the pre-commercial phase. This trend warrants investigation into the terms of these obligations and the potential for future debt-for-equity swaps that could further dilute existing shareholders.
As indicated by the company's balance sheet, retained earnings have plummeted to -$427.2M by 2026Q1, illustrating a long-term trend of value destruction that has left the company with a thin equity cushion of only $5.8M to support its ongoing research and development initiatives.
The volatility in equity, which briefly turned negative in 2025Q4, highlights the extreme sensitivity of the company's capital structure to operating losses. This precarious equity position suggests that the firm is highly susceptible to market volatility and may struggle to absorb any further negative clinical or regulatory outcomes.
Financial disclosures reveal that the company's reliance on non-recurring milestone payments and the absence of deferred revenue in 2026Q1 suggest a lack of forward-looking commercial visibility, leaving the balance sheet exposed to the binary outcomes of its unproven modifier gene therapy platform and clinical trial milestones.
The absence of deferred revenue, which stood at $10.5M in 2023Q4, indicates that the company has exhausted its previous partnership-driven revenue pipeline. This shift forces a total reliance on external capital markets, making the balance sheet highly vulnerable to shifts in investor sentiment toward speculative biotechnology firms.
Quick answers to the most common questions about buying OCGN stock.
As of 2025, Ocugen, Inc. (OCGN) had total assets of $43.5M including $24.3M in current assets.
Ocugen, Inc. (OCGN) carries total debt of $33.1M, offset by $18.6M in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Ocugen, Inc. (OCGN) has total shareholders' equity (book value) of $-12.2M ($-0.04 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Ocugen, Inc. (OCGN) reported a current ratio of 1.06x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.