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Ocugen cash flow, quarter by quarter

Latest: Q3 2026 · from the cash-flow statements filed with the SEC

Free cash flow−$15.9M in Q3 2026 · −$63.9M over twelve months

Operating cash flow−$15.7M
Capital spending−$149K
Free cash flow−$15.9M

Analysis

In Q3 2026, Ocugen generated −$15.7M of operating cash flow and spent $149K on capital projects, leaving free cash flow of −$15.9M. That is $2.9M less than in Q3 2025 (−$13.0M).

Over the twelve months to Sep 30, 2026, operating cash flow was −$63.7M; the largest uses were operating cash flow ($63.7M), other investing ($59.6M), capital spending ($211K); besides operations, cash came from other financing ($90.6M), shares issued ($24.9M); the cash balance fell by $7.9M.

Operating cash flow was −$15.7M against net income of −$3.6M. The largest differences: payables +$3.4M, stock-based pay +$2.0M, depreciation & amortization +$500K.

Free cash flow

Ocugen: free cash flow by quarterOcugen: free cash flow by quarter−$10.4MQ4 2024−$19.4MQ1 2025−$10.8MQ2 2025−$13.0MQ3 2025−$14.0MQ4 2025−$21.8MQ1 2026−$12.2MQ2 2026−$15.9MQ3 2026
Operating cash flow less capital spending.
Ocugen: operating cash flow against capital spendingOcugen: operating cash flow against capital spendingOperating cash flowCapital spending−$10.4M$13KQ4 2024−$19.4M$16KQ1 2025−$10.7M$43KQ2 2025−$12.9M$91KQ3 2025−$14.0M$35KQ4 2025−$21.8M$6KQ1 2026−$12.2M$21KQ2 2026−$15.7M$149KQ3 2026
Latest (Q3 2026): Operating cash flow −$15.7M, Capital spending $149K.

Capital allocation, year by year

Ocugen: where the cash came from (up) and went (down), by fiscal yearOcugen: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedCapital spendingFY2021: Operating cash flow −$47.9MFY2021: Net borrowing −$10KFY2021: Shares issued $135MFY2021: Capital spending −$939K$135MFY2021FY2022: Operating cash flow −$60.1MFY2022: Net borrowing $500KFY2022: Shares issued $60.9MFY2022: Capital spending −$4.5M$61.4MFY2022FY2023: Operating cash flow −$62.1MFY2023: Net borrowing $500KFY2023: Shares issued $20.9MFY2023: Capital spending −$10.5M$21.4MFY2023FY2024: Operating cash flow −$42.1MFY2024: Net borrowing $30.0MFY2024: Shares issued $38.8MFY2024: Capital spending −$3.4M$68.8MFY2024FY2025: Operating cash flow −$57.0MFY2025: Net borrowing −$1.0MFY2025: Shares issued $20.0MFY2025: Capital spending −$185K$20.0MFY2025
Over these 5 years operating cash flow totalled −$269M; the largest uses were operating cash flow ($269M) and capital spending ($19.4M). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$84.3M
Debt$1.8M
Net cash$82.5M
Due within a year$1.2M
Cash runway16 months

Ocugen is burning cash: its operations consume cash, a free cash flow of −$63.9M a year at the current rate against $84.3M of cash and investments: a runway of about 16 months; $1.2M of debt also comes due within a year, which the cash covers before any new financing.

Ocugen: debt maturities by year (FY2025)Ocugen: debt maturities by year (FY2025)$1.2MYear 1$16.0MYear 2$13.8MYear 3
Principal due in each year as disclosed in the annual report, against $84.3M of cash and investments now.

Where the cash came from and went

Ocugen: sources (+) and uses (−) of cash, Q3 2026Ocugen: sources (+) and uses (−) of cash, Q3 2026Cash drawn (+) / kept (−)$75.4MOther investing−$59.6MOperating cash flow−$15.7MOther financing$161KCapital spending−$149KExchange rates−$67K
Ocugen: sources (+) and uses (−) of cash, TTM to Q3 2026Ocugen: sources (+) and uses (−) of cash, 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 profit to cash

Ocugen: net income to operating cash flow, Q3 2026Ocugen: net income to operating cash flow, Q3 2026Net income−$3.6MDepreciation & amortization$500KStock-based pay$2.0MOther non-cash−$75KPayables$3.4MPrepaid and other assets−$500KOperating cash flow−$15.7M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.

Every quarter

QuarterOperating cash flowCapital spendingNet borrowing (+) / repaid (−)Shares issuedCash drawn (+) / kept (−)Free cash flow
Q3 2026−$15.7M−$149K——$75.4M−$15.9M
Q2 2026−$12.2M−$21K−$32.7M—−$68.2M−$12.2M
Q1 2026−$21.8M−$6K—$22.5M−$13.3M−$21.8M
Q4 2025−$14.0M−$35K—$1.5M$14.0M−$14.0M
Q3 2025−$12.9M−$91K——−$5.6M−$13.0M
Q2 2025−$10.7M−$43K——$10.8M−$10.8M
Q1 2025−$19.4M−$16K−$1.0M—$20.7M−$19.4M
Q4 2024−$10.4M−$13K$30.0M$981K−$19.8M−$10.4M

Ocugen: income statement and cash flow

Ocugen, Q3 2026: revenue $2.0M (+11% year over year), operating margin -909.9%. The chart follows the revenue to costs, profit and cash.

Ocugen: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.