Ocugen, Inc. (OCGN)

Nasdaq: OCGN · Biological Products, (No Diagnostic Substances) · Malvern, PA · filing with the SEC since 2006

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Grade4.4

◀ Past 4.4● Present 4.3▶ Future 4.4

2 est.

Overview Business Financials Grade Forecast Sentiment Ownership People Filings Patents Chart

The grade of Ocugen, Inc.

Nine metrics read from its own filings, by tense

Headline grade

4.4/10

◀ Past4.425% of the headline

● Present4.335% of the headline

▶ Future4.440% of the headline

All three tenses have at least two readings, so the archetype blend applies as printed.

Of the nine metrics, 7 read as filed from the record and 2 are SI estimates, each with its reasoning, its confidence and what would change it on its card.

◀ Past

What did they actually do?

4.4/1025% of the headline grade · 2 of 3 filed, 1 estimated

Surviving crises

as filed

0.0/10

Has it survived what it has been through?

20 warning events since 2017; the latest 2025-07-01.

weight 22% of this tense · 0th percentile among 159 sector filers · read for itself

From the record

Ocugen, Inc.'s filings since 2017 show 20 warning events of 4 kinds: a notice about its exchange listing (8-K item 3.01, 14 times, the latest 2025-07-01); a warning not to rely on past financial statements (8-K item 4.02, the latest 2024-04-01); an auditor change (8-K item 4.01, 3 times, the latest 2024-07-08); a late-report notice (Form NT 10-K or NT 10-Q, 2 times, the latest 2024-04-01) (its current reports).

A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.

Track record

as filed

5.5/10

What has it actually done, year after year?

6 filed years; profitable in 0 of 9.

weight 45% of this tense · 55th percentile among 102 sector filers · read for its customers

From the record

Ocugen, Inc.'s 6 filed years say what it did: it rose in 2 of 3 years; the deepest fall was 33% from fiscal 2023 to fiscal 2024; net income was positive in 0 of 9 of those years (its annual reports).

What it rests on

the share of years revenue rosetop 36% of its family
the share of filed years with a profitbottom 31% of its family
the deepest fall from a revenue peak32.8%top 29% of its family

A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.

Shareholder treatment

SI estimate

5.8/10

How has it treated the people who own it?

SI estimate 5.8/10, confidence 20 of 100 (family median).

weight 33% of this tense · 50th percentile among 107 sector filers · read for its shareholders

SI estimate Inferred, not read as filed

Why it is an estimate: Fewer than two of the parts can be read: the share count over the years, and the cash returned against a positive operating cash flow or net income, so the desk assumes the typical reading of its industry family, the median of 107 members with one.
What the record cannot read: Fewer than two of the parts can be read: the share count over the years, and the cash returned against a positive operating cash flow or net income.
How it was reasoned: family median, 107 readings behind it.
Confidence: 20 of 100
What would change it: Its next annual report on file with the inputs replaces this estimate with the filed reading.

From the record

SI estimate, not a filed reading: Ocugen, Inc.'s shareholder treatment is put at 5.8 of 10 with a confidence of 20 of 100, because fewer than two of the parts can be read: the share count over the years, and the cash returned against a positive operating cash flow or net income, so the desk assumes the typical reading of its industry family, the median of 107 members with one. Its next annual report on file with the inputs replaces this estimate with the filed reading.

● Present

What are they doing right now?

4.3/1035% of the headline grade · 2 of 3 filed, 1 estimated

Financial health

SI estimate

4.9/10

Is it financially healthy right now?

SI estimate 4.9/10, confidence 20 of 100 (family median).

weight 45% of this tense · 50th percentile among 152 sector filers · read for itself

SI estimate Inferred, not read as filed

Why it is an estimate: Fewer than two of the four checks can be read, so the desk assumes the typical reading of its industry family, the median of 152 members with one.
What the record cannot read: Fewer than two of the four checks can be read.
How it was reasoned: family median, 152 readings behind it.
Confidence: 20 of 100
What would change it: Its next annual report on file with the inputs replaces this estimate with the filed reading.

From the record

SI estimate, not a filed reading: Ocugen, Inc.'s financial health is put at 4.9 of 10 with a confidence of 20 of 100, because fewer than two of the four checks can be read, so the desk assumes the typical reading of its industry family, the median of 152 members with one. Its next annual report on file with the inputs replaces this estimate with the filed reading.

Industry position

as filed

4.1/10

How strong is its position in its industry?

bottom 41% of 102 in its family; net margin -1537.4%.

weight 22% of this tense · 41st percentile among 102 sector filers · read for its customers

From the record

Ocugen, Inc.'s standing among 102 graded names in its industry family: revenue of $4 million in fiscal 2025 ranks in the bottom 30% by size; a net margin of -1537.4% ranks in the bottom 29%; revenue growth of 21% a year over the last 3 filed years ranks in the top 34% (its annual reports).

What it rests on

revenue against the family$4.4Mbottom 30% of its family
net margin-1537.4%bottom 29% of its family
three-year revenue growth21.0%top 34% of its family

A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.

Leadership

as filed

3.6/10

What are the people in charge doing?

bottom 36% of 110 in its family for leadership; chief executive since 2019.

weight 33% of this tense · 36th percentile among 110 sector filers · read for its shareholders

From the record

Ocugen, Inc.'s leadership, from its insiders' filings and its current reports: the chief executive on the record is Musunuri, Shankar (Chief Executive Officer, as filed), filing under that title since 2019-12-13, 6.9 years (top 26% of its family); the 8 officers and directors filing in the last fifteen months have been on the record a median of 4.3 years (bottom 25%); 8 officer or director changes were reported on Form 8-K since 2023-11-13, against the 8 people in charge now (bottom 11%; fewer changes for each person reads higher) (the Form 4 record, its Form 8-K reports). Years count from a person's first filing in the SEC's data sets, which begin in 2006, so each is a floor.

What it rests on

officer and director changes on Form 8-K, against the people in charge8 in three years among 8 peoplebottom 11% of its family
the median years the people in charge have filed4.3 yearsbottom 25% of its family
the chief executive's years on the record6.9 yearstop 26% of its family

A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.

▶ Future

What are they set up to do next?

4.4/1040% of the headline grade · 3 of 3 filed

Room to expand

as filed

3.4/10

How much room does it have to grow?

bottom 34% of 92 in its family for room to expand.

weight 33% of this tense · 34th percentile among 92 sector filers · read for itself

From the record

Ocugen, Inc.'s room to grow, from the newest filed statements (fiscal 2025): cash of $19 million against debt of $28 million leaves -19.9% of its assets as net cash, bottom 4% of its family; cash from operations less capital spending is -1295% of revenue (bottom 26%); research spending of 900.7% of revenue (top 27%) (its annual report).

What it rests on

cash less debt against assets-19.9%bottom 4% of its family
cash from operations less capital spending against revenue-1295.0%bottom 26% of its family
research spending against revenue900.7%top 27% of its family

A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.

Growth drivers

as filed

5.0/10

What could actually drive growth from here?

bottom 50% of 100 in its family for growth drivers.

weight 45% of this tense · 50th percentile among 100 sector filers · read for its customers

From the record

Ocugen, Inc.'s growth drivers, from the filed years to fiscal 2025: the newest year grew 8.8% (bottom 45%); research spending grew 30.4% a year (top 8%); capital spending grew -65.4% a year (bottom 13%) (its annual reports). Ocugen, Inc. tags no split of its revenue by line in the annual report on file, so growth by line cannot be read here; research and capital spending are on the trend.

What it rests on

the newest year's revenue growth8.8%bottom 45% of its family
three-year growth of research spending30.4%top 8% of its family
three-year growth of capital spending-65.4%bottom 13% of its family

A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.

Expectations vs reality

as filed

4.8/10

Did its newest year beat what its own record pointed to?

bottom 48% of 72 in its family for expectations against reality.

weight 22% of this tense · 48th percentile among 72 sector filers · read for its shareholders

From the record

Ocugen, Inc.'s newest year against its own record: revenue of $4 million in fiscal 2025 came in 14.7% below the $5 million its prior three years' pace pointed to (bottom 30% of its family); net income of $68 million against a prior three-year average of $68 million (bottom 42%); a net margin of a loss larger than its revenue against losses larger than its revenue before (top 28%) (its annual reports).

What it rests on

revenue against the prior three years' pace-14.7%bottom 30% of its family
net income against the prior three years' average+0%bottom 42% of its family
net margin against its prior averageup more than 100 pointstop 28% of its family

A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.

The grade is the company against its own industry, from its filings. It is not a view on the share price. How the grade is made

SI Assistanton OCGN · research, not advice