Ocugen

OCGN

Biotechnology · Healthcare

Price

$1.36

-0.01 (-0.73%)

Market Cap

$460.4M

Exchange

NASDAQ

Winston Score

Winston is worried

Weak fundamentals across most pillars.

Share count rising — dilution

+53.9% over 4y

The company has issued more shares over this period, which dilutes each existing shareholder’s stake.

Diluted shares outstanding: 195.0M (2021) → 300.2M (2025)

Ocugen, Inc., a clinical-stage biopharmaceutical company, focuses on the developing gene therapies to cure blindness diseases. The company's pipeline product includes OCU400, a novel gene therapy product candidate restoring retinal integrity and function across a range of genetically diverse inherited retinal diseases, such as retinitis pigmentosa and leber congenital amaurosis; OCU410, gene therapy candidate for the treatment of dry age-related macular degeneration (AMD); and OCU200, a novel fu

Winston Score History

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+3.5% YoY

YoY Growth Rate

Slow revenue growth

EPS Growth

-13.7% YoY

YoY Growth Rate

Earnings declining

R&D Spend

$40M/ year

↑ Rising (+24% vs prior year)

900.7% of revenue

50.0x the sector average (18%)

Investing heavily in future products and technology

Insider Activity

6.4%ownership

↑ Rising

Insiders increasing their stake — aligned with shareholders

Cash Runway

~4 months

$32M cash & investments

Quarterly Free Cash Flow

→ Burn rate stable

Short runway — potential dilution ahead through share issuance

Heavy R&D investment

Ocugen is putting 901% of revenue into R&D and that number is rising. That's 50.0x the sector average.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

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Quality

Gross Margin

100.0%

Premium pricing power — 100.0% gross margin

Operating Margin

-1163.7%

Losing money on operations — -1163.7%

ROCE

-49.8%

Weak — -49.8% return on capital

Negative ROIC means the business is losing money on every dollar invested in it.

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Growth

Sales YoY

-1.3%

Shrinking sales (-1.3% YoY)

EPS YoY

N/A

—

Data not available

EPS Consistency

0/8 quarters

Earnings rarely grow — volatile business

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Cash Flow

Cash Conversion

N/A

—

Data not available

FCF Margin

-1334.3%

Burning cash (-1334.3%)

Free cash flow is negative. They are burning cash, not generating it.

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Stability

Debt / Equity

5.18

Heavy debt load (5.18)

Interest Cover

N/A

Data not available

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Valuation

P/E Ratio (TTM)

N/M

—

Negative earnings — P/E not meaningful

P/E vs Forward

N/A

not available

Data not available

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Dividends

Not applicable for this business.

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