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Ocugen (OCGN) earnings and revenue breakdown

Latest: Q3 2026 · 10-Q filed Nov 4, 2026 · Ocugen (OCGN) Q3 2026 earnings results →

Q3 2026 Revenue up 11% year over year to $2.0M · 184¢ of every $1 of revenue lost · operating margin -909.9%

Ocugen made $2.0M in Q3 2026 (+11% Y/Y). Operating margin -909.9%, net loss $3.6M. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Nov 4, 2026.

Revenue$2.0M
Year over year+11%
Operating margin-909.9%
Net earnings−$3.6M
Operating cash flow−$15.7M

Drawing the Sankey…

Open the interactive Sankey → click any line for what the company wrote about it, compare Y/Y and Q/Q, export as PNG or PDF

What changed this quarter

Revenue was $2.0M in Q3 2026, up 11% year over year and up 31% from the previous quarter.

Operating costs exceeded revenue by $17.8M, an operating margin of -909.9%. Total costs grew 2% against revenue growth of 11%. The fastest-growing cost line was Research & development (+12%). The quarter ended with a net loss of $3.6M, narrower than the previous quarter's $24.9M loss. Non-operating items added $14.2M, -393% of pre-tax earnings, so the bottom line overstates operating performance.

Operating cash flow was −$15.7M. Non-cash charges added back $500K of depreciation and $2.0M of share-based compensation. Working capital and other items used $14.6M. Capital expenditures of $149K exceeded it, leaving free cash flow of −$15.9M.

Quarterly history

Ocugen revenue by quarterOcugen revenue by quarter$1.5MQ1 2025$1.4MQ2 2025$1.8MQ3 2025$1.5MQ1 2026$1.5MQ2 2026$2.0MQ3 2026
Ocugen net earnings by quarterOcugen net earnings by quarter−$15.3MQ1 2025−$14.7MQ2 2025−$20.1MQ3 2025−$19.2MQ1 2026−$24.9MQ2 2026−$3.6MQ3 2026
QuarterFormFiledRevenueY/YOp. marginNet earningsOp. cash flow
Q3 202610-QNov 4, 2026$2.0M+11%-909.9%−$3.6M−$15.7M
Q2 202610-QAug 6, 2026$1.5M+8%n/m−$24.9M−$12.2M
Q1 202610-QMay 8, 2026$1.5M+4%n/m−$19.2M−$21.8M
Q3 202510-QNov 5, 2025$1.8M+54%n/m−$20.1M−$12.9M
Q2 202510-QAug 4, 2025$1.4M+20%n/m−$14.7M−$10.7M
Q1 202510-QMay 9, 2025$1.5M+46%-979.1%−$15.3M−$19.4M

Charts

Ocugen: revenue growth, year over year and quarter over quarterOcugen: revenue growth, year over year and quarter over quarterY/YQ/Q+46%Q1 2025+20%-7%Q2 2025+54%+28%Q3 2025+4%-12%Q1 2026+8%-3%Q2 2026+11%+31%Q3 2026
Latest (Q3 2026): Y/Y +11%, Q/Q +31%.
Ocugen: where the cash came from (+) and went (−), TTM to Q3 2026Ocugen: where the cash came from (+) and went (−), TTM to Q3 2026Other financing$90.6MOperating cash flow−$63.7MOther investing−$59.6MShares issued$24.9MCash drawn (+) / kept (−)$7.9MCapital spending−$211KExchange rates$87K
From the cash-flow statement as filed (SEC XBRL). Cash is fungible: the bars do not say which dollar paid for what.
Ocugen: profit against cash, quarter by quarterOcugen: profit against cash, quarter by quarterNet incomeOperating cash flow−$13.9M−$10.4MQ4 2024−$15.3M−$19.4MQ1 2025−$14.7M−$10.7MQ2 2025−$20.1M−$12.9MQ3 2025−$17.7M−$14.0MQ4 2025−$19.2M−$21.8MQ1 2026−$24.9M−$12.2MQ2 2026−$3.6M−$15.7MQ3 2026
Latest (Q3 2026): Net income −$3.6M, Operating cash flow −$15.7M.
Ocugen: diluted shares by fiscal yearOcugen: diluted shares by fiscal year112MFY2020195MFY2021215MFY2022244MFY2023
+117.7% since FY2020: more shares outstanding (issuance, stock pay).
Ocugen: long-term debt falling due (FY2025)Ocugen: long-term debt falling due (FY2025)$1.2M2026$16.0M2027$13.8M2028
Cash $18.6M, short-term investments $0, long-term debt — at 2025-12-31.
Ocugen in its industry: growth against margin (76 companies, SIC 2836)Ocugen in its industry: growth against margin (76 companies, SIC 2836)revenue growth, year over year →↑ operating marginmedian +9%median -100%AMGNGILDBIIBMRNANBIXEXELHALOMGTXTECHVIRRGENTARSBCRXALECADMAKRYSIOVATWSTIPSCIMCRVISKVCELADPTNVAXKYMRGLUEIBRXAUTLAGENDNAPLXRXRXFENCCSBRCHRSIVVDCRSPEDITDTILVXRTSTRORGNXCCCCBSEMSCLXACOGTSHASRZNVYGRFDMTLENZALGSXFORELUTFATESCTXCRBUCGONDBVTINBXMGXLCTXTCRXDYAIPRMEATRAVitro Biopharma, Inc.HUMARLAYPLURBEAMPROKCRDFAIMVIVSOCGN (+11%, -100%)
Biological Products, (No Diagnostic Substances); dot size is quarterly revenue; dashed lines are the industry's medians.

Interactive views

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💵Where each $1 goesinteractive

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🌏Named in Asian annual reportsinteractive

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🔄Rotation against the market and its industry (RRG)interactive

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🔍Earnings qualityinteractive

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⚖️Fair value by methodinteractive

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🔭Outlook & guidanceinteractive

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📈Investments: gains and what it boughtinteractive

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🏭Its industry’s money flow (input-output)interactive

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About Ocugen

Ocugen is aiming to redefine the future of vision through game-changing gene therapies with the potential to address significant, unmet medical needs. Our First-in-class, breakthrough modifier gene therapy platform presents a potential paradigm shift in treating inherited retinal diseases and blindness diseases affecting millions across the globe. • OCU400 - Based on the use of nuclear hormone receptors ("NHRs"), we believe our novel modifier gene therapy platform has the potential to address major blindness diseases, including rare genetic diseases such as RP (OCU400), with a gene-agnostic approach. OCU400 is intended for early to advanced cases of RP including clinical and/or genetic diagnosis with both syndromic and non-syndromic forms of the disease. In January 2025, we announced positive two-year data for multiple mutations from the Phase 1/2 clinical trial for OCU400.

In its own words, from its 10-K, filed Mar 4, 2026.

Ocugen against its Biological Products, (No Diagnostic Substances) peers

The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: +11% against the peers' median +11%. Operating margin: -909.9% against the peers' median 35.8%.

CompanyQuarterRevenueY/YOp. margin
OCGN OcugenQ3 2026$2.0M+11%-909.9%
AMGN AmgenQ3 2026$10.4B+8%35.8%
GILD Gilead SciencesQ3 2026$8.3B+7%41.7%
BIIB BiogenQ3 2026$2.8B+11%-0.3%
MRNA ModernaQ3 2026$1.3B+29%9.9%
NBIX Neurocrine BiosciencesQ3 2026$1.1B+41%29.5%
EXEL ExelixisQ3 2026$659M+10%40.8%
HALO Halozyme TherapeuticsQ3 2026$493M+39%59.8%
MGTX MeiraGTx HoldingsQ2 2026$321M87×76.0%

Source: Ocugen 10-Q on SEC EDGAR · CIK 1372299 · Biological Products, (No Diagnostic Substances)

Guidance and outlook

Ocugen: what its forward-looking statements are about (10-Q filed 2026-11-04)Ocugen: what its forward-looking statements are about (10-Q filed 2026-11-04)Other4Legal & regulation2Products1
7 statements; tone -0.14 (−1 all cautious, +1 all confident); 3 hedged.
Ocugen: outlook statements against the filing beforeOcugen: outlook statements against the filing beforeConfident1Cautious2

13F: who owns OCGN and who is buying

Largest holders of OCGN (13F)Largest holders of OCGN (13F)BlackRock$41.3MState Street$32.8MVanguard Group$22.2MVanguard Capital Management LLC$22.0MMillennium Management LLC$21.3MGeode Capital Management, LLC$13.6MRTW Investments, LP$10.2MUBS Group AG$7.9MIkarian Capital, LLC$6.1MGMT Capital$5.4M
Funds' net buying of OCGN by quarter (13F)Funds' net buying of OCGN by quarter (13F)$5.1M2024-09−$422K2024-12$3.8M2025-03−$23.7M2025-06−$10.3M2025-09$22.0M2025-12$87.3M2026-03$49.8M2026-06
Value of shares 13F filers added minus the value they sold, each quarter (quarters with most filings in).

More on OCGN

History

Every quarter: Q3 2026 results · Q2 2026 results · Q1 2026 results · Q3 2025 results · Q2 2025 results · Q1 2025 results

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中文版：Ocugen（OCGN）财报

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