Companies /Healthcare

Ocugen Inc

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

Q1 2026 Earnings

Reported May 5, 2026, 11:37am ET · SEC source
$-0.06
Miss −16.05%
EPS · est. $-0.05
$1.5M
Beat +328.04%
Revenue · est. $358,140
−16.0%
Trailing market
OCGN vs S&P since report
4 quarters
Consecutive EPS misses

Market Reaction

% change · around the report
0+4%+8%May 5May 6report 11:37am ETearnings+1.4%−2.0%
0+4%+8%May 5May 6earnings+1.4%−2.0%
OCGN −2.0%S&P 500 +1.4%
0+4%+8%May 5May 6report 11:37am ETearnings+2.0%−2.0%
0+4%+8%May 5May 6earnings+2.0%−2.0%
OCGN −2.0%NASDAQ +2.0%
0+9%+18%+27%May 4May 13report 11:37am ETearnings+2.6%−2.0%
0+9%+18%+27%May 4May 13earnings+2.6%−2.0%
OCGN −2.0%S&P 500 +2.6%
0+9%+18%+27%May 4May 13report 11:37am ETearnings+4.8%−2.0%
0+9%+18%+27%May 4May 13earnings+4.8%−2.0%
OCGN −2.0%NASDAQ +4.8%
−19.46%
Day of report
−2.35%
Next session
−1.34%
One week
−14.09%
30 days

S&P 500 over the same 30 days: +1.90%.

Did OCGN Beat Earnings? Q1 2026 Results

Ocugen delivered a mixed first quarter for fiscal 2026, posting a loss per share of $0.06 that missed the $0.05 consensus by 16.05%, while revenue of $1.53 million cleared the $358.14 thousand estimate by a wide margin and edged 3.5% above the year-ago period. The deeper loss, with net losses widening to $19.18 million from $15.35 million a year ago, reflected deliberate investment in advancing its gene therapy pipeline, as R&D spending climbed to $11.26 million from $9.53 million. Shares fell sharply in the initial reaction, though the company simultaneously announced the full close of a $130 million convertible notes offering at 6.75% due 2034, with net proceeds of roughly $112.60 million and approximately $32.70 million earmarked to retire higher-cost Avenue Capital debt. Management expects the financing to extend cash runway into 2028, supporting three planned BLA submissions, including a rolling filing for OCU400 in retinitis pigmentosa beginning Q3 2026. <a href="https://247wallst.com/investing/2026/03/11/oppenheimer-starts-ocugen-ocgn-at-outperform-on-gene-therapy-pipeline/">Analysts covering the gene therapy pipeline</a> will also be watching positive 12-month OCU410 data showing a 31% reduction in geographic atrophy lesion growth, which Ocugen framed as roughly double the effect of currently approved therapies.

Key Takeaways
  • Collaborative arrangement revenue of $1.5 million in Q1 2026
  • Increased R&D spending driven by advancing late-stage clinical programs
  • Warrant exercises generated $37.5 million in gross proceeds including $15 million from exercised warrants in Q1 2026

“In the first few months of 2026, we have completed enrollment of two of our late-stage programs and are diligently working toward initiating our first BLA submission for RP and registration trial for dry AMD later this year.”

Ocugen CEO, on the earnings call

Forward Guidance & Outlook

Ocugen expects its recently announced convertible notes offering to extend cash runway into 2028, with pro forma cash of approximately $112.1 million (or $127.1 million if remaining Janus Henderson warrants are exercised). The company targets three BLA submissions over the next three years: rolling BLA submission for OCU400 (RP) beginning Q3 2026 with completion by Q2 2027 and potential approval in Q4 2027; BLA submission for OCU410ST (Stargardt) by mid-2027; and potential BLA filing for OCU410 (GA) by 2028. The OCU410 Phase 3 registrational trial is planned to initiate in Q3 2026. The company is actively pursuing business development opportunities for global commercialization partnerships.

OCGN YoY Financials

Q1 2026 vs Q1 2025 · SEC filings Q1 2025 Q1 2026
$-24,000,000$-16,000,000$-8,000,000$0$1.5M$1.5MRevenue$-23,173,552$-17,839,000Operating Income$-25,545,491$-19,177,000Net Income
$-24,000,000$-16,000,000$-8,000,000$0RevenueOperating IncomeNet Income

OCGN Revenue by Segment

Collaborative Arrangement Revenue

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