Companies /Healthcare

Ocugen Inc

NASDAQ: OCGN Biotechnology
$1.05
▲ $0.03 (+2.44%) today
Markets open · 11:49am ET

Q4 2025 Earnings

Reported Mar 4, 2026, 11:07am ET · SEC source
$-0.06
Miss −4.35%
EPS · est. $-0.06
$-193,000
Miss −122.44%
Revenue · est. $860,000
−5.9%
Trailing market
OCGN vs S&P since report
4 quarters
Consecutive EPS misses

Market Reaction

% change · around the report
−10%−5%0Mar 4Mar 5report 11:07am ETearnings−0.8%−7.9%
−10%−5%0Mar 4Mar 5earnings−0.8%−7.9%
OCGN −7.9%S&P 500 −0.8%
−10%−5%0Mar 4Mar 5report 11:07am ETearnings−0.4%−7.9%
−10%−5%0Mar 4Mar 5earnings−0.4%−7.9%
OCGN −7.9%NASDAQ −0.4%
−20%0+20%Mar 3Mar 12report 11:07am ETearnings−2.6%+18.3%
−20%0+20%Mar 3Mar 12earnings−2.6%+18.3%
OCGN +18.3%S&P 500 −2.6%
−20%0+20%Mar 3Mar 12report 11:07am ETearnings−2.0%+18.3%
−20%0+20%Mar 3Mar 12earnings−2.0%+18.3%
OCGN +18.3%NASDAQ −2.0%
+5.38%
Day of report
−11.22%
Next session
+17.35%
One week
−9.69%
30 days

S&P 500 over the same 30 days: −3.82%.

Did OCGN Beat Earnings? Q4 2025 Results

Ocugen delivered a deeply disappointing fourth quarter, with revenue coming in at negative $193,000, a -125.3% decline year-over-year that missed consensus estimates by 124.23%, as a reversal in its collaborative arrangement licensing stream erased what analysts had expected to be positive top-line contributions. The company posted an EPS of -$0.06 for the quarter, while its net loss widened to $17.71 million from $13.88 million a year earlier, driven by R&D spending climbing to $10.67 million as Ocugen pressed forward across its gene therapy pipeline. The single most material development overshadowing the weak financials was the completion of enrollment in the OCU400 Phase 3 liMeliGhT trial for retinitis pigmentosa, with topline data expected in Q1 2027 and a rolling BLA submission targeted for Q3 2026. Cash fell sharply to $18.57 million from $58.51 million, though a January 2026 offering raised $22.50 million to extend runway into Q4 2026, with potential extension into Q2 2027 if outstanding warrants are fully exercised. At least one analyst downgraded shares to "Sell" following the results, citing negative margins and the revenue shortfall.

Key Takeaways
  • Increased R&D spending driven by advancement of OCU400 Phase 3 and OCU410ST Phase 2/3 clinical trials
  • Negative Q4 revenue due to collaborative arrangement revenue reversal of $193 thousand
  • Licensing agreement with Kwangdong Pharmaceutical for exclusive Korean rights to OCU400

“Considerable development across all our modifier gene therapy programs, notable licensing and financing agreements to strengthen our financial position, and meaningful appointments to our leadership team made 2025 a transformative year for Ocugen. We are poised to leverage upcoming catalysts and advance the business as we near the first of our three BLA filings.”

Ocugen CEO, on the earnings call

Forward Guidance & Outlook

Ocugen expects to fund operations into Q4 2026 with the January 2026 financing of $22.5 million, with potential extension into Q2 2027 if Janus Henderson warrants are fully exercised. Key upcoming milestones include: OCU400 rolling BLA submission in Q3 2026 with Phase 3 topline data in Q1 2027 and potential approval in 2027; OCU410ST enrollment completion in Q1 2026, interim data in Q3 2026, and topline Phase 2/3 data in Q2 2027 ahead of BLA submission; OCU410 full Phase 2 data in March 2026 with Phase 3 initiation in 2026 and BLA filing targeted for 2028. OCU200 enrollment completion expected in Q1 2026. OCU500 Phase 1 trial to be initiated by NIAID in Q2 2026.

OCGN YoY Financials

Q4 2025 vs Q4 2024 · SEC filings Q4 2024 Q4 2025
$-24,000,000$-16,000,000$-8,000,000$-22,014,249$-16,995,000Operating Income$-24,442,297$-17,706,000Net Income
$-24,000,000$-16,000,000$-8,000,000Operating IncomeNet Income

OCGN Revenue by Segment

Collaborative Arrangement Revenue

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