Free cash flow remains deeply negative at -$21.8M for 2026Q1, reflecting a structural inability to fund operations without consistent external capital injections.
| 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 |
|---|
| Cash from Operations | -59.4M | -56.96M | -42.14M | -62.05M | -60.08M | -47.94M | -14.71M | -16.89M | -15.78M | -23.02M | -25.74M | -30.03M | -18.41M | -15.28M | -12.23M |
| Operating CF Margin % | - | -1290.82% | -1039.26% | -1028.06% | -2414.75% | - | -34206.35% | - | - | - | - | - | - | -191025% | -47046.15% |
| Operating CF Growth % | -70.14% | -35.17% | 32.09% | -3.29% | -25.32% | -225.94% | 12.93% | -7.08% | 31.46% | 10.55% | 14.31% | -63.18% | -20.44% | -24.93% | - |
| Net Income | -71.67M | -67.85M | -54.05M | -63.08M | -86.8M | -58.37M | -21.82M | -20.24M | -8.64M | -26.41M | -16.21M | -32.02M | -22.79M | -25.71M | -16.93M |
| Depreciation & Amortization | 2.07M | 2.39M | 1.97M | 704K | 480K | 229K | 102.11K | 60.61K | 450K | 1.53M | 1.67M | 1.61M | 726K | 566K | 638K |
| Stock-Based Compensation | 9.22M | 7.71M | 7.43M | 9.22M | 10.54M | 6.96M | 660K | 884.09K | 1.63M | 1.57M | 1.55M | 1.23M | 547K | 158K | 14K |
| Deferred Taxes | 0 | 0 | 0 | 0 | 0 | -52K | 0 | 3.19M | -17.14M | 1.54M | -14.21M | 321K | 60K | 80K | 2.43M |
| Other Non-Cash Items | 1.68M | 1.31M | -1.15M | 4.26M | 6.51M | 799K | 7.56M | 2.33M | 10.73M | -543K | -533K | -322K | 672K | 8.36M | 1.57M |
| Working Capital Changes | -700K | -523K | 3.67M | -13.16M | 9.2M | 2.49M | -1.21M | -3.11M | -2.81M | -706K | 1.99M | -851K | 2.38M | 1.27M | 48K |
| Change in Receivables | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Payables | 0 | 0 | 0 | 0 | 0 | 3.5M | -540.85M | -1.63B | -375K | -1.21M | -304K | -2.63M | 2.03M | 804K | -228K |
| Cash from Investing | -215K | -311K | -3.38M | 3.08M | -16.97M | -1.82M | -306.82K | -2.36M | -1.11M | -1.23M | -320K | -1.95M | -3.32M | -554K | -79K |
| Capital Expenditures | -175K | -185K | -3.38M | -10.48M | -4.46M | -939K | -306.82K | -29.45K | -2.01M | -276K | -320K | -1.95M | -3.32M | -604K | -79K |
| CapEx % of Revenue | 3.92% | 4.19% | 83.48% | 173.56% | 179.14% | - | 713.55% | - | - | - | - | - | - | 7550% | 303.85% |
| Acquisitions | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -2.33M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | -40K | -126K | 0 | 0 | 761K | -877K | 0 | -273 | 0 | 0 | 0 | 0 | 0 | 50K | 0 |
| Cash from Financing | 53.56M | 17.33M | 64.86M | 20.88M | 59.48M | 120.68M | 31.61M | 25.07M | 25.35M | -577K | 27.05M | 4.37M | 71.05M | 9.85M | 26.69M |
| Debt Issued (Net) | -1M | -1M | 30M | 500K | 500K | -10K | -4.73M | 1.38M | -178K | -583K | -583K | -406K | 1.75M | 0 | 6.01M |
| Equity Issued (Net) | 56.25M | 18.33M | 38.56M | 20.45M | 59.57M | 129.21M | 37.82M | 23.68M | 25.53M | 0 | 27.63M | 4.74M | 70.76M | 10.26M | 20.68M |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 245K | 0 | 0 | 0 | 0 | 0 | 0 | -48K | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | -1.69M | 0 | -3.7M | -68K | -592K | -8.53M | -1.48M | 0 | 3K | 6K | 2K | 39K | -1.46M | -407K | 0 |
| Net Change in Cash | -5.94M | -39.93M | 19.36M | -38.1M | -17.55M | 70.92M | 16.6M | 5.82M | 8.46M | -24.83M | 993K | -27.61M | 49.33M | -5.98M | 14.38M |
| Free Cash Flow | -59.58M | -57.15M | -45.53M | -72.53M | -64.54M | -48.88M | -15.02M | -16.92M | -17.79M | -23.3M | -26.06M | -31.98M | -21.73M | -15.89M | -12.31M |
| FCF Margin % | -1334.29% | -1295.01% | -1122.74% | -1201.62% | -2593.89% | - | -34919.9% | - | - | - | - | - | - | -198575% | -47350% |
| FCF Growth % | -14.67% | -25.53% | 37.23% | -12.39% | -32.03% | -225.53% | 11.27% | 4.88% | 23.64% | 10.59% | 18.53% | -47.21% | -36.76% | -29.04% | - |
| FCF per Share | -0.19 | -0.19 | -0.17 | -0.30 | -0.30 | -0.25 | -0.13 | -1.22 | -28.78 | -61.66 | -108.65 | -145.03 | -849.73 | -74.72 | -57.90 |
| FCF Conversion (FCF/Net Income) | 0.83x | 0.84x | 0.78x | 0.98x | 0.69x | 0.82x | 0.67x | 0.83x | 1.83x | 0.87x | 1.59x | 0.94x | 0.81x | 0.59x | 0.72x |
| Interest Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1K | 30K | 66K | 94K | 18K | 0 | 0 |
| Taxes Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 105K | 197K | 257K | 79K | 2K | 0 | 0 |
Imminent Capital Exhaustion Risk
According to quarterly financial disclosures, Ocugen consistently reports operating cash outflows that exceed net losses, with the 2026Q1 period showing an OCF/NI ratio of 1.14, indicating that the company's cash burn is accelerating even as it attempts to advance its core gene therapy pipeline.
The persistent gap between net income and operating cash flow suggests that non-cash adjustments are insufficient to offset the underlying cash-based operational burn. Investors should monitor this divergence, as it implies that the company's reliance on cash-intensive R&D activities is outpacing its ability to generate or retain liquidity.
As reported in recent financial statements, Ocugen's free cash flow trajectory remains firmly in negative territory, with the company recording a $21.8M outflow in 2026Q1, reflecting the heavy financial burden of funding late-stage clinical trials without a corresponding stream of sustainable, product-led commercial revenue.
The consistent negative FCF margins suggest that the company is currently in a state of capital consumption that is likely to continue until a commercial product is successfully brought to market. This trajectory necessitates ongoing external financing, which may lead to further dilution for existing shareholders.
Based on reported figures, Ocugen's working capital dynamics exhibit significant quarterly volatility, with a $6.6M outflow in 2026Q1 following a period of positive adjustments, suggesting that the company's cash management is highly sensitive to the timing of milestone payments and clinical trial-related vendor obligations.
This erratic movement in working capital indicates a lack of predictable cash conversion cycles, which is typical for a pre-commercial biotech firm. The reliance on these fluctuations to manage liquidity warrants further investigation into the company's ability to maintain operational stability during periods of high clinical activity.
Financial data indicates that Ocugen utilizes stock-based compensation as a recurring non-cash expense, with $3.4M recorded in 2026Q1, which effectively obscures the true magnitude of the company's cash burn by substituting equity for cash in its compensation structure to preserve limited liquid assets.
While this practice preserves cash in the short term, it creates a structural reliance on equity markets to fund operations. Analysts should interpret this as a signal that the company's cash flow statement is being artificially supported by dilution, which may not be sustainable if market sentiment shifts.
Quick answers to the most common questions about buying OCGN stock.
Ocugen, Inc. (OCGN) generated $-57.0M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Ocugen, Inc. (OCGN) reported negative free cash flow of $57.1M in 2025, indicating capital requirements exceeded cash from operations.
Ocugen, Inc. (OCGN) spent $0.2M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.