Ocugen (OCGN) Q3 2026 Earnings
Includes a $16,562 thousand non-cash gain from the change in fair value of derivative liability (embedded derivative on convertible notes); interest expense rose to $3,090 thousand from $1,314 thousand.
How Did OCGN Stock React to Q3 2026 Earnings?
Did OCGN Beat Earnings? Q3 2026 Results
Yes. Ocugen reported Q3 2026 earnings of $-0.01 a share on Nov 4, 2026, beating the $-0.05 consensus estimate by 81.2%. Revenue was $2.0M against a $780,000 estimate.
Ocugen delivered a decisive beat on both the top and bottom lines in the third quarter of 2026, with the gene therapy developer's GAAP loss per share coming in at just $0.01 against a consensus estimate of $0.05, a beat of 81.24%, while revenue of $1.95 million cleared the $780,000 analyst estimate by 150.13% and rose 11.4% from a year ago. The headline profitability figure was materially shaped by a $16.56 million non-cash gain from the change in fair value of a derivative liability tied to the company's convertible notes, alongside interest expense that climbed to $3.09 million from $1.31 million a year earlier; the underlying operating cost base edged only modestly higher, to $19.70 million from $19.38 million. With cash and investments reaching $84.60 million at quarter-end, management said the balance sheet can sustain operations into 2028, a runway that spans three anticipated BLA submissions, including OCU400 Phase 3 topline data expected in the first quarter of 2027 and two additional readouts for Stargardt disease and geographic atrophy programs following close behind.
- $16.6 million non-cash gain from the change in fair value of derivative liability narrowed the net loss
- R&D expense rose to $12.5 million from $11.1 million on Phase 3 activity
- G&A expense declined to $7.2 million from $8.2 million
- Interest expense rose to $3.1 million from $1.3 million due to convertible notes
- Collaborative arrangement revenue increased to $1.951 million from $1.752 million
“With three Phase 3 modifier gene therapy programs underway, Ocugen is executing against a clear strategy of advancing our pipeline and leveraging strategic partnerships to expand global reach and potentially bring our therapies to patients worldwide.”
Ocugen CEO, on the earnings call
What Is Ocugen's Outlook?
Ocugen expects its cash, cash equivalents, restricted cash and short-term investments of $84.6 million to fund operations into 2028. Expected milestones: - **OCU400:** Phase 3 liMeliGhT topline data in 1Q 2027, with a BLA submission targeted for 2Q 2027. LARTA final approval and potential patient enrollment in The Bahamas could come as early as year-end 2026. - **OCU410ST:** Phase 2/3 GARDian3 topline data in 2Q 2027, with a BLA targeted for mid-2027. - **OCU410:** BLA targeted for 2028. The company is aiming for three BLAs by 2028.
OCGN YoY Financials
| Metric | Q3 2026 | Q3 2025 | Year over year |
|---|---|---|---|
| Revenue | $2.0M | $1.8M | +11.4% |
| Operating Income | −$17.8M | −$17.9M | −0.7% |
| Net Income | −$3.6M | −$2.0M | +82.1% |
OCGN Revenue by Segment
Figures from SEC filings and company reports. Not investment advice.