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KPIsSections18
| Revenue — GREEN | $3.0M |
|---|---|
| Net income — GREEN | -$44.1M |
| Net margin — GREEN | -1457.8% |
| Operating margin — RED | -1134.4% |
Red flags4 red3 orange
Liquidity5
RED
Negative operating cash flow
operating_cf_burnThe company is burning cash from operations — sustainability depends on financing.
RED
Net margin -1457.8%
net_margin_sharply_negativeNet income margin below -5% — profitability materially negative vs revenue.
RED
Cash conversion (CFO/Rev) -1124.8%
cash_conversion_weakCFO/Revenue below 0 — operating model not generating cash despite revenue.
ORANGE
Current ratio 0.80
current_ratio_lowCurrent assets are below current liabilities — short-term liquidity pressure.
ORANGE
Cash runway ~2.9 years
cash_runway_mediumCash runway is 2–3 years — worth monitoring vs growth plans.
Dilution · capital1
RED
SBC/Revenue 173.1%
sbc_revenue_highStock-based compensation exceeds 25% of revenue — materially dilutive.
Concentration1
ORANGE
R&D/Revenue 726.2%
rd_intensity_highR&D exceeds 40% of revenue — sustainable only if growth trajectory justifies the investment.
Income Statement
| Metric | Value | Flag |
|---|---|---|
| Revenue | $3.0M | GREEN |
| Revenue (quarter) | $1.5M | GREEN |
| Operating Margin | -1134.4% | RED |
| Net Margin | -1457.8% | GREEN |
| Net Income | -$44.1M | GREEN |
| EPS (diluted) | $-0.13 | GREEN |
| R&D % Revenue | 726.2% | GREEN |
Balance Sheet
| Metric | Value | Flag |
|---|---|---|
| Cash | $100.1M | GREEN |
| Broad Liquidity | $100.1M | GREEN |
| Current Ratio | 0.80 | GREEN |
| Total Assets | $124.2M | GREEN |
| Total Equity | -$16.6M | GREEN |
| Debt/Equity | -0.10 | GREEN |
Cash Flow
| Metric | Value | Flag |
|---|---|---|
| Operating CF | -$34.0M | GREEN |
| Cash Conversion (CFO/Rev) | -11.25 | GREEN |
| SBC % Revenue | 173.1% | GREEN |
| Free Cash Flow | -$34.0M | GREEN |
Sections in this filing
Financial Statements (unaudited)
Item 1. Financial Statements OCUGEN, INC. CONDENSED CONSOLIDATED BALANCE SHEETS (in thousands, except share and per share amounts) (Unaudited) June 30, 2026 December 31, 2025 Assets Current assets Cash and cash equivalents $ 100,051 $ 18,571 Prepaid expenses and other current assets 6,670 5,769 Total current assets 106,721 24,340 Property and equipment, net 13,347 14,392 Restricted cash 320 316 Other assets 3,818 4,468 Total assets $ 124,206 43,516 Liabilities and stockholders' equity Current liabilities Accounts payable $ 5,140 $ 6,202 Accrued expenses and other current liabilities 11,014 14,733 Operating lease obligations 839 858 Convertible notes 82,359 — Derivative liability 33,708 — Current portion of long term debt 20 1,250 Total current liabilities 133,080 23,043 Non-current liabilities Operating lease obligations, less current portion 3,039 3,494 Long term debt, net 1,729 27,542 Other non-current liabilities 2,914 1,603 Total non-current liabilities 7,682 32,639 Total liabilities 140,762 55,682 Commitments and contingencies (Note 15) Stockholders' equity Preferred stock; $ 0.01 par value; 10,000,000 shares authorized at June 30, 2026 and December 31, 2025; zero shares issued and outstanding at June 30, 2026 and December 31, 2025, respectively — — Common stock; $ 0.01 par value; 390,000,000 shares authorized, 339,166,393 and 312,501,472 shares issued, and 339,044,893 and 312,379,972 shares outstanding at June 30, 2026 and December 31, 2025, respectively 3,390 3,125 Treasury stock, at cost, 121,500 shares at June 30, 2026 and December 31, 2025 ( 48 ) ( 48 ) Additional paid-in capital 432,010 392,763 Accumulated other comprehensive income 213 61 Accumulated deficit ( 452,121 ) ( 408,067 ) Total stockholders' equity ( 16,556 ) ( 12,166 ) Total liabilities and stockholders' equity $ 124,206 $ 43,516 See accompanying notes to condensed consolidated financial statements. (4) Table of Contents OCUGEN, INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS (in thousands, except share and per share amounts) (Unaudited) Three months ended June 30, Six months ended June 30, 2026 2025 2026 2025 Collaborative arrangement revenue $ 1,488 $ 1,373 $ 3,022 $ 2,854 Total revenue 1,488 1,373 3,022 2,854 Operating expenses Research and development 10,690 8,402 21,945 17,932 General and administrative 7,242 6,766 15,359 13,218 Total operating expenses