Revenue volatility remains extreme, evidenced by a 125.3% decline in 2025Q4, while R&D costs of $11.3M in 2026Q1 continue to dwarf the company's $1.5M in quarterly revenue.
Ocugen, Inc. (OCGN) annual income statement — 14-year revenue, gross profit & net income history
| 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 |
|---|
| Sales/Revenue | 4.58M | 4.41M | 4.05M | 6.04M | 2.49M | 0 | 43K | 0 | 0 | 0 | 0 | 0 | 0 | 8K | 26K |
| Revenue Growth % | -3.66% | 8.83% | -32.82% | 142.6% | - | -100% | - | - | - | - | - | - | -100% | -69.23% | - |
| Cost of Goods Sold | 0 | 2.39M | 1.97M | 704K | 0 | 0 | 6.35M | 8.09M | 49.62K | 1.53M | 1.67M | 1.61M | 0 | 0 | 0 |
| COGS % of Revenue | - | 54.14% | 48.53% | 11.66% | - | - | 14776.74% | - | - | - | - | - | - | - | - |
| Gross Profit | 4.58M | 2.02M | 2.09M | 5.33M | 2.49M | 0 | -6.31M | -8.09M | -49.62K | -1.53M | -1.67M | -1.61M | 0 | 8K | 26K |
| Gross Margin % | 100% | 45.86% | 51.47% | 88.34% | 100% | - | -14676.74% | - | - | - | - | - | - | 100% | 100% |
| Gross Profit Growth % | - | -3.02% | -60.86% | 114.31% | - | 100% | 21.95% | -16194.86% | 96.77% | 8.31% | -3.66% | - | -100% | -69.23% | - |
| Operating Expenses | 73.48M | 64.94M | 56.84M | 70.86M | 91.56M | 58.03M | 14.97M | 6.08M | 25.84M | 24.95M | 30.11M | 31.51M | 32.6M | 16.79M | 14.99M |
| OpEx % of Revenue | - | 1471.56% | 1401.82% | 1174.01% | 3680.02% | - | 34823.26% | - | - | - | - | - | - | 209912.5% | 57669.23% |
| Selling, General & Admin | 29.72M | 27.58M | 26.69M | 31.99M | 35.4M | 22.92M | 7.97M | 6.08M | 10.2M | 9.38M | 8.53M | 8.27M | 6.75M | 4.85M | 3.05M |
| SG&A % of Revenue | - | 624.95% | 658.1% | 530.05% | 1422.83% | - | 18544.19% | - | - | - | - | - | - | 60587.5% | 11742.31% |
| Research & Development | 43.76M | 39.75M | 32.13M | 39.57M | 56.16M | 35.11M | 13.35M | 8.09M | 15.63M | 15.57M | 21.58M | 23.24M | 25.86M | 11.95M | 11.94M |
| R&D % of Revenue | - | 900.75% | 792.26% | 655.62% | 2257.19% | - | 31055.81% | - | - | - | - | - | - | 149325% | 45926.92% |
| Other Operating Expenses | 0 | -2.39M | -1.97M | -704K | 0 | 0 | -6.35M | -8.09M | 0 | -116K | -248K | -72K | 13K | -52K | -30K |
| Operating Income | -68.9M | -62.92M | -54.76M | -65.53M | -89.07M | -58.03M | -21.29M | -14.16M | -30.11M | -24.95M | -30.31M | -31.82M | -32.66M | -16.84M | -14.97M |
| Operating Margin % | -1504.43% | -1425.7% | -1350.36% | -1085.67% | -3580.02% | - | -49500% | - | - | - | - | - | - | -210562.5% | -57569.23% |
| Operating Income Growth % | - | -14.9% | 16.44% | 26.43% | -53.5% | -172.62% | -50.29% | 52.96% | -20.67% | 17.68% | 4.75% | 2.58% | -93.9% | -12.54% | - |
| EBITDA | -70.72M | -60.53M | -52.79M | -64.83M | -88.59M | -57.8M | -21.18M | -14.1M | -30.06M | -23.42M | -28.63M | -30.2M | -31.94M | -16.28M | -14.33M |
| EBITDA Margin % | -1544.16% | -1371.56% | -1301.82% | -1074.01% | -3560.73% | - | -49262.79% | - | - | - | - | - | - | -203487.5% | -55115.38% |
| EBITDA Growth % | -35.12% | -14.66% | 18.57% | 26.82% | -53.27% | -172.86% | -50.21% | 53.08% | -28.37% | 18.22% | 5.2% | 5.42% | -96.18% | -13.6% | - |
| D&A (Non-Cash Add-back) | 2.14M | 2.39M | 1.97M | 704K | 480K | 229K | 102K | 61K | 49.62K | 1.53M | 1.67M | 1.61M | 726K | 566K | 638K |
| EBIT | -72.85M | -62.66M | -54.05M | -63.08M | -86.8M | -58.34M | -14.29M | -14.16M | -14.47M | -26.41M | -13.05M | -31.89M | -22.64M | -16.79M | -14.97M |
| Net Interest Income | -7.56M | -4.27M | 1.3M | 2.5M | 1.4M | -79K | -719.9K | -1.77M | 0 | 0 | 0 | 0 | 0 | 0 | -798K |
| Interest Income | 878K | 922K | 1.3M | 2.5M | 1.4M | 0 | 1.06K | 1.21K | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 8.44M | 5.19M | 0 | 0 | 0 | 79K | 720.96K | 1.77M | 163K | 134K | -60K | -133K | -151K | 0 | 798K |
| Other Income/Expense | -12.91M | -4.93M | 703K | 2.45M | 2.27M | -389K | -537K | -6.08M | 11.89M | -1.46M | 14.1M | -205K | 9.87M | -8.87M | -1.97M |
| Pretax Income | -81.81M | -67.85M | -54.05M | -63.08M | -86.8M | -58.42M | -21.82M | -20.24M | -8.64M | -26.41M | -16.21M | -32.02M | -22.79M | -25.71M | -16.93M |
| Pretax Margin % | -1786.27% | -1537.41% | -1333.02% | -1045.03% | -3488.91% | - | -50748.84% | - | - | - | - | - | - | -321400% | -65134.62% |
| Income Tax | 0 | 0 | 0 | 0 | 0 | -52K | 0 | 0 | -15.76M | -186K | 0 | 0 | 0 | 0 | 0 |
| Effective Tax Rate % | 0% | 0% | 0% | 0% | 0% | 0.09% | 0% | 0% | 182.36% | 0.7% | 0% | 0% | 0% | 0% | 0% |
| Net Income | -81.81M | -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 |
| Net Margin % | -1786.27% | -1537.41% | -1333.02% | -1045.03% | -3488.91% | - | -50748.84% | - | - | - | - | - | - | -321400% | -65134.62% |
| Net Income Growth % | -43.68% | -25.52% | 14.31% | 27.33% | -48.73% | -167.46% | -7.8% | -134.21% | 67.28% | -62.97% | 49.39% | -40.5% | 11.35% | -51.83% | - |
| Net Income (Continuing) | -81.81M | -67.85M | -54.05M | -63.08M | -86.8M | -58.37M | -21.82M | -20.24M | -18.22M | -26.41M | -16.21M | -32.02M | -22.79M | -25.71M | -16.93M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -0.24 | -0.23 | -0.20 | -0.26 | -0.40 | -0.30 | -0.31 | -1.53 | -13.98 | -69.91 | -67.58 | -145.22 | -891.47 | -120.93 | -79.65 |
| EPS Growth % | -27.91% | -15% | 23.08% | 35% | -33.33% | 3.23% | 79.74% | 89.06% | 80% | -3.45% | 53.46% | 83.71% | -637.18% | -51.83% | - |
| EPS (Basic) | - | -0.23 | -0.20 | -0.26 | -0.40 | -0.30 | -0.31 | -1.53 | -13.98 | -69.91 | -68.21 | -145.22 | -891.47 | -120.93 | -79.65 |
| Diluted Shares Outstanding | 338.68M | 300.17M | 271M | 244.33M | 214.6M | 195.01M | 112.24M | 13.89M | 618.18K | 377.84K | 239.82K | 220.52K | 25.57K | 212.62K | 212.62K |
| Basic Shares Outstanding | 338.68M | 300.17M | 271M | 244.33M | 214.6M | 195.01M | 112.24M | 13.89M | 618.18K | 377.83K | 237.62K | 220.52K | 25.57K | 212.62K | 212.62K |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Quick answers to the most common questions about buying OCGN stock.
For fiscal year 2025, Ocugen, Inc. (OCGN) reported total revenue of $4.4M. This represents a 16873.1% increase compared to $0.0M in 2012.
Ocugen, Inc. (OCGN) reported a net loss of $67.8M for the fiscal year ending 2025.
Ocugen, Inc. (OCGN) reported an operating income of $-62.9M, resulting in an operating profit margin of -1425.7%. This margin reflects the operational efficiency of the business before interest and taxes.
Ocugen, Inc. (OCGN) generated $2.0M in gross profit for the year, representing a gross profit margin of 45.9%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
Clinical Trial Funding Shortfall
Metrics are mathematically derived from official filings.
Revenue Volatility Reflects Milestone Dependence
As reported in recent financial filings, Ocugen's revenue trajectory remains highly erratic, characterized by significant quarterly fluctuations such as the 125.3% decline observed in 2025Q4, which underscores the company's reliance on non-recurring milestone payments rather than a stable, product-driven commercial revenue stream for its pipeline.
The lack of consistent top-line growth suggests that the company has yet to establish a repeatable commercial model. Investors should monitor the transition from partnership-linked milestones to potential product-led revenue, as current figures appear to be driven by external collaboration timing rather than organic market demand.
R&D Intensity Outpacing Revenue Generation
Based on the company's income statement data, R&D expenditures consistently dwarf total revenue, with 2026Q1 research costs of $11.3M significantly exceeding the $1.5M in reported revenue, highlighting a structural cost profile that necessitates continuous external capital to sustain ongoing clinical development and corporate operations.
The company's expense discipline appears secondary to the urgent requirement of advancing its gene therapy pipeline through late-stage trials. This high-burn structure implies that operational efficiency is currently secondary to the binary outcome of clinical trial success, leaving little room for error in capital allocation.
Stock-Based Compensation Masks Operating Deficits
According to quarterly income statements, Ocugen consistently utilizes stock-based compensation, with $3.4M recorded in 2026Q1 alone, which effectively serves as a non-cash mechanism to preserve limited liquid assets while simultaneously diluting existing shareholders to fund the company's ongoing, loss-making clinical research and development activities.
The reliance on equity-based incentives suggests that management is prioritizing cash preservation over earnings quality. Analysts should adjust for these non-cash charges when evaluating the true economic burn rate, as the reported net losses likely understate the actual cost of maintaining the current corporate structure.
Binary Risk of Platform Failure
Financial data indicates that Ocugen's entire valuation is tethered to a single, unproven modifier gene therapy platform, creating a high-risk profile where the failure of a single clinical trial could render the company's primary assets worthless, as evidenced by the lack of diversified, revenue-generating commercial products.
Short-sellers may focus on the company's limited cash runway and the potential for further dilutive financing if clinical milestones are delayed. The market's current pricing appears to assume a high probability of success for the modifier platform, which may not be fully supported by the early-stage clinical data.