Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data Ocugen, Inc. files with the SEC in its annual reports.
In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.
Income statement
FY2016
FY2017
FY2018
FY2019
FY2020
FY2021
FY2022
FY2023
FY2024
FY2025
Revenue
0
0
0
0
0.04
0
2.49
6.04
4.06
4.41
Research and development
21.6
15.6
10.3
8.09
6.35
35.1
56.2
39.6
32.1
39.8
General and administrative
8.53
9.38
5.82
6.08
7.97
22.9
35.4
32
26.7
27.6
Operating expenses
30.3
25
16.1
14.2
21.3
58
91.6
71.6
58.8
67.3
Operating income
-30.3
-25
-16.1
-14.2
-21.3
-58
-89.1
-65.5
-54.8
-62.9
Interest expense
0.06
3.75
1.77
0.72
0.08
0.69
5.19
Interest income
0.02
0
0
1.25
0.92
Other non-operating income
14.1
-1.46
-2.08
-6.08
-0.54
-0.39
2.27
2.45
0.7
-4.93
Pre-tax income
-16.2
-26.4
-8.64
-20.2
-21.8
-58.4
-86.8
-63.1
-54.1
-67.8
Income tax
0
0
-0.05
0
0
0
0
Net income
-16.2
-26.4
-18.2
-20.2
-21.8
-58.4
-86.8
-63.1
-54.1
-67.8
EBITDA
-28.6
-23.4
-16.1
-14.1
-21.2
-57.8
-88.6
-64.8
-52.9
-60.5
EPS, basic
-1.02
-1.04
-0.24
-1.54
-0.33
-0.32
-0.40
-0.26
EPS, diluted
-2.29
-1.04
-0.83
-1.54
-0.33
-0.32
-0.40
-0.26
Shares, basic (weighted)
13.5
21.5
34.6
13.2
107
185
215
244
Shares, diluted (weighted)
13.7
21.5
35.2
13.2
107
185
215
244
Balance sheet
FY2016
FY2017
FY2018
FY2019
FY2020
FY2021
FY2022
FY2023
FY2024
FY2025
Cash and equivalents
31.9
7.08
1.63
7.44
24
95
77.6
39.5
58.8
18.6
Short-term investments
0.9
0
13.4
0
Other current assets
0.07
0.12
0.17
1.32
1.84
7.69
7.56
3.51
0.88
0.44
Total current assets
32.1
8.18
1.94
15.8
25.9
103
98.5
43
61.7
24.3
Property, plant and equipment
3.86
2.72
0.25
0.22
0.63
1.16
6.05
17.3
16.6
14.4
Lease right-of-use assets
0.34
0.43
1.59
3.91
3.94
3.61
4.09
Other non-current assets
0.12
0.67
0.71
1.8
4.09
4.29
3.9
4.47
Total assets
36.1
11
2.45
16.8
27.4
106
109
64.5
82.4
43.5
Accounts payable
1.59
0.78
3.28
1.9
0.4
2.31
8.06
3.17
4.24
6.2
Accrued liabilities
2.1
2.71
1.4
2.27
2.93
4.33
9.9
1.79
2.43
3.3
Short-term debt
7.48
0
0.23
0
0
0
1.33
1.25
Total current liabilities
5.17
3.81
14.1
4.54
3.61
7
28.5
17.1
21.6
23
Long-term debt
1.02
1.07
1.82
1.71
2.29
2.8
27.3
27.5
Lease liabilities
0.16
0.39
1.23
3.59
3.57
3.31
3.49
Other non-current liabilities
0.04
0.01
0
0
0.24
0.53
0.56
1.6
Total liabilities
22.5
22.3
15.2
5.79
5.83
9.94
34.7
24
52.8
55.7
Total debt
1.02
1.07
2.06
1.71
2.29
2.8
28.7
28.8
Paid-in capital
195
197
18.5
62
93.1
226
295
324
367
393
Retained earnings
-182
-208
31.2
-51.5
-73.3
-132
-223
-286
-340
-408
Treasury stock
-0.05
-0.05
-0.05
-0.05
-0.05
-0.05
-0.05
Other comprehensive income
0
0
0.03
0.02
0.05
0.06
Shareholders' equity
13.6
4.43
-12.7
11
21.6
91.2
74
40.6
29.6
-12.2
Total equity
13.6
4.43
-12.7
11
21.6
91.2
74
40.6
29.6
-12.2
Total liabilities and equity
36.1
11
2.45
16.8
27.4
106
109
64.5
82.4
43.5
Shares outstanding
19.6
23.3
4.71
50
175
189
222
257
291
312
Cash flow statement
FY2016
FY2017
FY2018
FY2019
FY2020
FY2021
FY2022
FY2023
FY2024
FY2025
Net income
-16.2
-26.4
-18.2
-20.2
-21.8
-58.4
-81.4
-63.1
-54.1
-67.8
Depreciation and amortization
1.67
1.53
0.05
0.1
0.1
0.23
0.48
0.7
1.9
2.4
Stock-based compensation
1.55
1.57
1.63
0.88
0.66
6.96
10.5
9.22
7.43
7.71
Change in payables
-0.44
-0.85
0.69
-1.63
-0.54
3.5
9.49
-12.3
4.14
3.31
Cash from operations
-25.7
-23
-11.6
-16.9
-14.7
-47.9
-60.1
-62.1
-42.1
-57
Capital expenditures
-0.32
-0.28
-0.08
-0.03
-0.31
-0.94
-4.46
-10.5
-3.39
-0.19
Purchases of investments
-8
0
-2.33
0
0
-13.3
-3.95
0
Sales and maturities of investments
7.05
0
0
17.5
0
Cash from investing
-0.32
-1.23
-0.08
-2.36
-0.31
-1.82
-17
3.08
-3.39
-0.31
Debt issued
0
0.5
0.5
30
0
Debt repaid
-0.58
-0.58
0
-5.29
-5.63
0
Stock issued
0
0.01
0
1.18
37.8
129
59.6
20.8
38.6
19.9
Share buybacks
0
-0.05
0
0
Cash from financing
27
-0.58
7.18
25.1
31.6
121
59.5
20.9
64.9
17.3
Exchange rate effect
0
0
0
0.03
-0.01
0.03
0.01
Net change in cash
0.99
-24.8
-4.52
5.82
16.6
70.9
-17.5
-38.1
19.4
-39.9
Free cash flow
-26.1
-23.3
-11.7
-16.9
-15
-48.9
-64.5
-72.5
-45.5
-57.1
Interest paid
0.07
0.03
0
Income taxes paid
0.26
0.2
0.11
Key metrics
Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $1.02 on September 25, 2026.
Profitability
Metric
Value
How it is calculated
Operating margin
-1,504.0%
Operating income / revenue.
Net margin
-1,786.0%
Net income / revenue.
FCF margin
-1,332.0%
Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin
-1,329.0%
Cash from operations / revenue.
Return on assets (ROA)
-65.9%
Net income / average total assets.
R&D / revenue
955.5%
Research and development expense / revenue.
Stock-based pay / revenue
201.1%
Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue
3.3%
Capital expenditures / revenue.
Growth
Metric
Value
How it is calculated
Revenue growth, 1y
8.8%
Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y
21.0%
Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y
152.5%
Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y
-141.1%
Book value vs the same period a year earlier. Only from a positive base.
Total assets growth, 1y
-47.2%
Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y
-26.3%
Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y
9.7%
Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Balance sheet health
Metric
Value
How it is calculated
Current ratio
0.80x
Current assets / current liabilities.
Quick ratio
0.75x
(Cash + short-term investments + receivables) / current liabilities.
Cash ratio
0.75x
(Cash + short-term investments) / current liabilities.
Debt / assets
1.4%
Total debt / total assets.
Liabilities / assets
113.3%
Total liabilities / total assets.
Net debt
-$98.3M
Total debt - cash - short-term investments. Negative means more cash than debt.
Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share
$0.01
Revenue / diluted weighted shares.
FCF per share
-$0.18
Free cash flow / diluted weighted shares.
Operating cash flow per share
-$0.18
Cash from operations / diluted weighted shares.
Book value per share
-$0.05
Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Market cap + total debt - cash - short-term investments.
P/S
75.5x
Market cap / revenue.
EV/Sales
54.1x
Enterprise value / revenue.
FCF yield
-17.6%
Free cash flow / market cap.
Earnings yield
-23.7%
Net income / market cap (the inverse of P/E).
What was Ocugen, Inc.'s revenue in fiscal 2025?
Ocugen, Inc. reported revenue of $4.4M for fiscal 2025, 8.8% higher than the year before.
Was Ocugen, Inc. profitable in fiscal 2025?
No. It reported a net loss of $67.8M.
How much free cash flow did Ocugen, Inc. generate in fiscal 2025?
Cash from operations of $57.0M minus capital expenditures of $185.0K left free cash flow of -$57.1M.
Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.