Companies /Healthcare

Ocugen Inc

NASDAQ: OCGN Biotechnology
$1.03
▼ $0.04 (−3.76%) today
Markets open · 11:05am ET

Q2 2026 Earnings

Reported Aug 6, 2026, 8:30am ET · SEC source
$-0.07
Miss −34.62%
EPS · est. $-0.05 GAAP

Includes $2.383 million loss on extinguishment of debt from retiring Avenue Capital loan and $1.891 million loss from change in fair value of derivative liability related to convertible notes

$1.5M
Beat +67.41%
Revenue · est. $888,830
+7.6%
Beating market
OCGN vs S&P since report
4 quarters
Consecutive EPS misses

Market Reaction

% change · around the report
−6%−3%0Aug 6Aug 7report 8:30am ETearnings−0.0%−1.6%
−6%−3%0Aug 6Aug 7earnings−0.0%−1.6%
OCGN −1.6%S&P 500 −0.0%
−6%−3%0Aug 6Aug 7report 8:30am ETearnings+0.7%−1.6%
−6%−3%0Aug 6Aug 7earnings+0.7%−1.6%
OCGN −1.6%NASDAQ +0.7%
−5%0+5%+10%Aug 5Aug 14report 8:30am ETearnings+1.0%+2.7%
−5%0+5%+10%Aug 5Aug 14earnings+1.0%+2.7%
OCGN +2.7%S&P 500 +1.0%
−5%0+5%+10%Aug 5Aug 14report 8:30am ETearnings+2.7%+2.7%
−5%0+5%+10%Aug 5Aug 14earnings+2.7%+2.7%
OCGN +2.7%NASDAQ +2.7%
−3.13%
Day of report
+3.23%
Next session
+8.87%
One week
+7.26%
30 days

S&P 500 over the same 30 days: −0.34%.

Did OCGN Beat Earnings? Q2 2026 Results

Ocugen delivered a mixed second quarter for fiscal 2026, beating revenue estimates while falling short on the bottom line as surging non-operating charges weighed heavily on results. The gene therapy developer posted GAAP EPS of $-0.07, missing the $-0.052 consensus by 34.62%; that figure includes a $2.38 million loss on extinguishment of debt tied to retiring the Avenue Capital loan and a $1.89 million charge from the change in fair value of a derivative liability on new convertible notes. Revenue from collaborative arrangements reached $1.49 million, clearing the $888.83 thousand consensus by 67.41% and rising 8.4% year over year, though the top-line beat was overshadowed by a net loss that widened to $24.88 million from $14.74 million a year ago. The defining event of the quarter was the closing of $130.00 million in 6.75% convertible senior notes, extending the company's cash runway into 2028 and funding three concurrent late-stage gene therapy programs, with OCU400 topline data expected in Q1 2027 and a BLA filing targeted for Q2 2027.

Key Takeaways
  • Revenue from collaborative arrangement with licensing partners
  • R&D spending increase driven by advancement of three late-stage clinical programs
  • Higher interest expense from $130 million convertible senior notes at 6.75%
  • Loss on extinguishment of debt from retiring Avenue Capital loan
  • Change in fair value of derivative liability related to convertible notes

“The second quarter of 2026 marked a pivotal inflection point for Ocugen. We closed $130 million convertible senior notes financing, extending our cash runway into 2028, and signed a binding term sheet for exclusive license of OCU400 in retinitis pigmentosa across the Middle East and North Africa region.”

Ocugen CEO, on the earnings call

Forward Guidance & Outlook

Ocugen expects to initiate the OCU410 Phase 3 trial for geographic atrophy in Q3 2026, with an interim outcome analysis for the OCU410ST GARDian3 trial also expected in Q3 2026. Topline data for OCU400 in retinitis pigmentosa is anticipated in Q1 2027, followed by OCU410ST topline data in Q2 2027. The company targets BLA submissions for OCU400 in Q2 2027, OCU410ST in mid-2027, and OCU410 in 2028, with potential approvals and launches for OCU400 and OCU410ST in 2028. Cash runway extends into 2028 following the $130 million convertible notes financing.

OCGN YoY Financials

Q2 2026 vs Q2 2025 · SEC filings Q2 2025 Q2 2026
$-90,000,000$-60,000,000$-30,000,000$0$1.4M$1.5MRevenue$-20,351,485$-16,444,000Operating Income$-79,682,896$-24,877,000Net Income
$-90,000,000$-60,000,000$-30,000,000$0RevenueOperating IncomeNet Income

OCGN Revenue by Segment

Collaborative Arrangement Revenue

Figures from SEC filings and company reports. Not investment advice.