The company exhibits no operating leverage, as evidenced by the persistent absence of commercial revenue and quarterly operating losses that reached $3.4 million in 2024Q4.
| 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 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 |
|---|
| Sales/Revenue | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1.18M | 939.93K | 1.03M | 1.33M | 1.44M | 1.31M | 641.28K | 233.54K | 133.09K | 66.18K | 0 | 196.21K | 0 |
| Revenue Growth % | - | - | - | - | - | - | - | - | - | - | -100% | 25.12% | -8.92% | -22.52% | -7.76% | 10.31% | 104.12% | 174.59% | 75.48% | 101.11% | - | -100% | - | - |
| Cost of Goods Sold | 0 | 0 | 0 | 0 | 0 | 0 | 22.11M | 62.62K | 30.11K | 65.8K | 75.04K | 481.74K | 369.6K | 343.35K | 878.46K | 713.63K | 911.79K | 460.96K | 14.86K | 0 | 0 | 0 | 0 | 0 |
| COGS % of Revenue | - | - | - | - | - | - | - | - | - | - | - | 40.96% | 39.32% | 33.27% | 65.95% | 49.42% | 69.66% | 71.88% | 6.36% | - | - | - | - | - |
| Gross Profit | 0 | 0 | 0 | 0 | 0 | 0 | -22.11M | -62.62K | -30.11K | -65.8K | -75.04K | 694.1K | 570.33K | 688.88K | 453.3K | 730.82K | 397.12K | 180.33K | 218.68K | 133.09K | 66.18K | 0 | 196.21K | 0 |
| Gross Margin % | - | - | - | - | - | - | - | - | - | - | - | 59.02% | 60.68% | 66.75% | 34.03% | 50.61% | 30.34% | 28.12% | 93.64% | 100% | 100% | - | 100% | - |
| Gross Profit Growth % | - | - | - | - | - | 100% | -35203.19% | -107.98% | 54.24% | 12.31% | -110.81% | 21.7% | -17.21% | 51.97% | -37.97% | 84.03% | 120.22% | -17.54% | 64.31% | 101.11% | - | -100% | - | - |
| Operating Expenses | 9.59M | 9.36M | 10.56M | 20.9M | 14.42M | 15.77M | 4.53M | 15.88M | 9.99M | 6.72M | 8.54M | 12.35M | 6.39M | 16.9M | 12.89M | 8.08M | 8.3M | 6.75M | 6.01M | 2.47M | 3.03M | 3.26M | 3.32M | 1.67M |
| OpEx % of Revenue | - | - | - | - | - | - | - | - | - | - | - | 1049.83% | 679.5% | 1637.5% | 967.42% | 559.35% | 634.07% | 1052.89% | 2575.16% | 1857.42% | 4575.67% | - | 1692.55% | - |
| Selling, General & Admin | 6.9M | 6.97B | 6.44M | 5.45M | 4.48M | 5.27M | 4.53M | 3.76M | 4.02M | 3.18M | 3.79M | 3.54M | 3.32M | 7.54M | 5.03M | 5.63M | 6.29M | 4.92M | 4.31M | 902.65K | 1M | 1.17M | 1.33M | 738.6K |
| SG&A % of Revenue | - | - | - | - | - | - | - | - | - | - | - | 301.28% | 353.41% | 730.63% | 377.25% | 389.75% | 480.14% | 766.9% | 1846.37% | 678.24% | 1517.32% | - | 677.84% | - |
| Research & Development | 2.7M | 2.39B | 4.11M | 15.49M | 10.07M | 10.59M | 22.11M | 12.12M | 5.97M | 3.54M | 4.75M | 8.8M | 3.07M | 9.36M | 7.86M | 2.45M | 2.02M | 1.83M | 1.96M | 1.57M | 2.02M | 2.1M | 1.99M | 929.36K |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - | - | 748.55% | 326.1% | 906.88% | 590.17% | 169.6% | 153.93% | 285.99% | 837.12% | 1179.67% | 3058.35% | - | 1014.72% | - |
| Other Operating Expenses | 0 | -9.35B | 0 | -37.65K | -131.52K | -86.99K | -22.11M | 2K | 446 | -3.1K | -4.8K | -4.7K | 0 | 0 | 0 | 0 | 0 | 4.92B | 4.31B | 0 | 0 | 0 | 0 | 0 |
| Operating Income | -9.59M | -9.36M | -10.56M | -20.9M | -14.42M | -15.77M | -26.64M | -15.88M | -9.99M | -6.72M | -8.54M | -11.65M | -5.82M | -16.21M | -12.43M | -7.35M | -7.9M | -6.33M | -6.05M | -2.34M | -2.96M | -3.26M | -3.12M | -1.67M |
| Operating Margin % | - | - | - | - | - | - | - | - | - | - | - | -990.82% | -618.82% | -1570.74% | -933.33% | -508.73% | -603.74% | -987.39% | -2590.15% | -1757.48% | -4475.67% | - | -1592.55% | - |
| Operating Income Growth % | - | 11.33% | 49.49% | -44.96% | 8.56% | 40.8% | -67.79% | -58.88% | -48.76% | 21.35% | 26.69% | -100.33% | 64.12% | -30.39% | -69.23% | 7.05% | -24.81% | -4.68% | -158.61% | 21.03% | 9.26% | -4.46% | -87.34% | - |
| EBITDA | -6.37M | -9.36M | -10.54M | -20.88M | -14.38M | -15.73M | -26.59M | -15.82M | -9.96M | -6.65M | -8.47M | -11.58M | -5.79M | -16.13M | -12.36M | -7.27M | -7.86M | -6.09M | -5.8M | -2.07M | -2.68M | -3M | -3.08M | -1.66M |
| EBITDA Margin % | - | - | - | - | - | - | - | - | - | - | - | -984.77% | -615.88% | -1563.32% | -927.69% | -503.22% | -600.48% | -950.01% | -2481.45% | -1552.18% | -4051.19% | - | -1571.16% | - |
| EBITDA Growth % | 36.99% | 11.16% | 49.52% | -45.22% | 8.61% | 40.84% | -68.13% | -58.73% | -49.78% | 21.43% | 26.88% | -100.06% | 64.12% | -30.56% | -70.05% | 7.55% | -29.02% | -5.13% | -180.53% | 22.95% | 10.74% | 2.58% | -86.22% | - |
| D&A (Non-Cash Add-back) | 3.12M | 0 | 0 | 27.39K | 44.67K | 41.24K | 51.7K | 62.62K | 30.11K | 65.8K | 75.04K | 71.15K | 27.67K | 76.49K | 75.19K | 79.52K | 42.73K | 239.76K | 253.86K | 273.23K | 280.9K | 260.64K | 41.99K | 12.54K |
| EBIT | -9.43M | -9.36M | -10.54M | -20.63M | -14.27M | -15.7M | -26.64M | -15.56M | -9.91M | -6.72M | -8.49M | -11.76M | -5.79M | -16.05M | -12.44M | -7.35M | -8.51M | -5.47M | -6.01M | -2.31M | -2.96M | -3.22M | -3.12M | -1.67M |
| Net Interest Income | -377.63K | -603.7K | 16.07K | 179.8K | 120.8K | 60.09K | 78.61K | 312.71K | 80.74K | -206.11K | 35.97K | -55.29K | 32.97K | 6.01K | -640K | -331K | -30.2K | -43.37K | 22.46K | 29.39K | 24.08K | 12.7K | 46.86K | -5K |
| Interest Income | 212.9K | 182.23K | 45.9K | 179.8K | 135.9K | 75.85K | 89.29K | 320.01K | 86.53K | 10.22K | 40.09K | 21.38K | 37K | 23.55K | 15.16K | 1.04K | 3.66K | 922 | 32.51K | 29.39K | 24.93K | 41.88K | 47.31K | 7.87K |
| Interest Expense | 590.53K | 785.93K | 29.83K | 0 | 15.1K | 15.76K | 10.69K | 7.3K | 5.79K | 216.33K | 4.12K | 76.67K | 4.03K | 17.54K | 655.56K | 332.35K | 33.86K | 44.29K | 10.05K | 0 | 855 | 29.18K | 442 | 12.88K |
| Other Income/Expense | -394.07K | -616.89K | -9.1K | 249.17K | 132.38K | 59.4K | 210.76K | 311.57K | 80K | -13.21K | 45.19K | -59.21K | 26.98K | 141.48K | -658K | -333K | -636K | 812.15K | 27.32K | 27.41K | 26.1K | 12.7K | 46.86K | 0 |
| Pretax Income | -9.99M | -9.98M | -10.57M | -20.66M | -14.29M | -15.71M | -26.43M | -15.57M | -9.91M | -6.73M | -8.5M | -11.84M | -5.79M | -16.07M | -13.09M | -7.68M | -8.54M | -5.52M | -6.02M | -2.31M | -2.94M | -3.25M | -3.08M | 0 |
| Pretax Margin % | - | - | - | - | - | - | - | - | - | - | - | -1006.8% | -615.95% | -1557.07% | -982.73% | -531.79% | -652.33% | -860.62% | -2578.58% | -1737.2% | -4436.23% | - | -1568.67% | - |
| Income Tax | -159.53K | -136.91K | 0 | 0 | 0 | 0 | 0 | 7.76K | -80K | 13.21K | 0 | 59.21K | -26.98K | -141K | 0 | 0 | -733K | 0 | -27.32K | 0 | -26.1K | -12.7K | 0 | 5K |
| Effective Tax Rate % | 1.6% | 1.37% | 0% | 0% | 0% | 0% | 0% | -0.05% | 0.81% | -0.2% | 0% | -0.5% | 0.47% | 0.88% | 0% | 0% | 8.58% | 0% | 0.45% | 0% | 0.89% | 0.39% | 0% | - |
| Net Income | -9.83M | -9.84M | -10.57M | -20.66M | -14.29M | -15.71M | -26.43M | -15.57M | -9.91M | -6.73M | -7.01M | -11.71M | -5.79M | -16.07M | -13.09M | -7.68M | -7.8M | -5.52M | -6.02M | -2.31M | -2.94M | -3.25M | -3.08M | -1.67M |
| Net Margin % | - | - | - | - | - | - | - | - | - | - | - | -995.83% | -615.95% | -1557.07% | -982.73% | -531.79% | -596.26% | -860.62% | -2578.58% | -1737.2% | -4436.23% | - | -1568.67% | - |
| Net Income Growth % | 4.91% | 6.86% | 48.84% | -44.56% | 9.06% | 40.56% | -69.71% | -57.09% | -47.28% | 4.02% | 40.11% | -102.28% | 63.97% | -22.76% | -70.46% | 1.61% | -41.42% | 8.35% | -160.47% | 21.25% | 9.7% | -5.62% | -83.98% | - |
| Net Income (Continuing) | -9.83M | -9.84M | -10.57M | -20.66M | -14.29M | -15.71M | -26.43M | 0 | -9.91M | -6.73M | -8.5M | -11.84M | -5.79M | -16.07M | -13.09M | -7.68M | -7.8M | -5.52M | -6.02M | -2.31M | -2.94M | -3.25M | -3.08M | -1.67M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1.48M | 128.75K | 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 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -2.28 | -4.56 | -1.60 | -9.18 | -7.11 | -8.09 | -28.05 | -22.10 | -45.62 | -81.99 | -94.33 | -192.00 | -96.08 | -335.01 | -442.86 | -805.84 | -849.77 | -1020.00 | -2060.83 | -1105.55 | -1758.97 | -2588.68 | -2635.18 | -1509.89 |
| EPS Growth % | -22.2% | -185% | 82.57% | -29.11% | 12.11% | 71.16% | -26.92% | 51.56% | 44.36% | 13.08% | 50.87% | -99.83% | 71.32% | 24.35% | 45.04% | 5.17% | 16.69% | 50.51% | -86.41% | 37.15% | 32.05% | 1.76% | -74.53% | - |
| EPS (Basic) | - | -4.56 | -1.60 | -9.18 | -7.11 | -8.09 | -28.05 | -22.10 | -45.62 | -81.99 | -94.35 | -192.00 | -96.08 | -335.02 | -442.86 | -805.84 | -849.77 | -1020.00 | -2060.83 | -1105.55 | -1758.97 | -2588.68 | -2635.18 | -1509.89 |
| Diluted Shares Outstanding | 4.3M | 2.16M | 6.62M | 2.25M | 2.01M | 1.88M | 942.19K | 704.73K | 217.32K | 82.1K | 74.35K | 61.09K | 60.26K | 47.97K | 29.56K | 9.53K | 9.19K | 5.41K | 2.92K | 2.09K | 1.67K | 1.26K | 1.17K | 1.11K |
| Basic Shares Outstanding | 4.3M | 2.16M | 6.62M | 2.25M | 2.01M | 1.88M | 942.19K | 704.73K | 217.32K | 82.1K | 74.33K | 61.09K | 60.26K | 47.96K | 29.56K | 9.53K | 9.19K | 5.41K | 2.92K | 2.09K | 1.67K | 1.26K | 1.17K | 1.11K |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Imminent liquidity and dilution risk
As indicated by the company's historical financial statements, Oragenics has generated zero revenue over the last ten quarters, confirming its status as a pre-commercial research entity entirely dependent on external capital to fund its ongoing development of intranasal vaccine candidates and lantibiotic platforms.
The lack of top-line growth highlights the binary nature of the company's business model, where value is tied exclusively to clinical trial milestones rather than market adoption. Investors should recognize that without a commercial product, the company's trajectory remains tethered to the success of its R&D pipeline.
According to reported quarterly filings, the company maintains a consistent burn rate with R&D expenses fluctuating between $341.5K and $1.7M, while SG&A costs remain relatively sticky, averaging approximately $1.7M per quarter, reflecting the high fixed costs of maintaining a public biotechnology research operation.
The cost structure is dominated by non-productive overhead and clinical trial expenses, which continue to erode the company's limited cash reserves. This expense profile suggests that management has limited flexibility to reduce costs without compromising the viability of its primary clinical programs.
Based on the provided income statement data, the company exhibits no operating leverage, as operating losses have persisted in every period, with quarterly losses ranging from $1.7M to $3.4M, excluding the anomalous $12.8M loss recorded in the fourth quarter of 2023.
The absence of gross profit means that every dollar spent on operations directly increases the net loss, preventing the realization of any operating leverage. This dynamic underscores the company's reliance on equity financing to bridge the gap between research expenditures and potential future commercialization.
As reported in financial statements, the company's cash position of $4.4 million against consistent quarterly operating losses suggests a precarious financial runway that may necessitate immediate capital raises, potentially leading to significant shareholder dilution or a going concern warning in future regulatory filings.
Short-sellers would likely focus on the mismatch between the company's ambitious clinical pipeline and its rapidly depleting cash reserves. The reliance on equity markets to fund operations in a challenging biotech funding environment poses a material risk to the long-term viability of the current equity structure.
Quick answers to the most common questions about buying OGEN stock.
For fiscal year 2025, Oragenics, Inc. (OGEN) reported total revenue of $0.0M.
Oragenics, Inc. (OGEN) reported a net loss of $9.8M for the fiscal year ending 2025.