The EPS miss and widening loss are bearish, but the $115M convertible offering and positive OCU410 Phase 2 data provide a floor. Watch for Phase 3 trial initiations (OCU410 in H2 2026) and BLA submission timelines (OCU400 by Q2 2027). The stock may trade on clinical catalysts rather than near-term financials.
Price Chart
Executive Summary
Ocugen reported Q1 2026 EPS of -$0.06, a 16.1% miss vs consensus of -$0.05, with revenue of $1.53M (in line). The miss was offset by positive clinical data (OCU410 Phase 2 GA trial showing 31% lesion reduction) and a $115M convertible note offering that extends cash runway into 2028, but the EPS miss and widening operating loss (-$17.8M vs -$14.5M YoY) are near-term headwinds.
Key Financial Metrics
Key Facts
- Q1 2026 EPS -$0.06 vs consensus -$0.05 (16.1% miss)
- Q1 2026 revenue $1.53M vs consensus $358K (beat, but revenue is immaterial at ~$626M market cap)
- Operating loss widened to -$17.8M from -$14.5M YoY
- Cash, equivalents, and restricted cash $32.2M as of March 31, 2026
- Closed $115M convertible note offering (6.75%, due 2034) expected to extend cash runway into 2028
- Positive 12-month OCU410 Phase 2 data: 31% lesion reduction (p<0.05) in GA; 20% of patients showed no progression
- Phase 3 liMeliGhT trial for RP fully enrolled (N=140); topline data expected Q1 2027
- BLA submissions planned: OCU400 by Q2 2027, OCU410ST by mid-2027, OCU410 by 2028
- 338.3M shares outstanding as of March 31, 2026
Financial Impact
EPS miss of 16.1% vs consensus; operating loss increased $3.3M YoY; $115M convertible offering provides runway into 2028 but adds ~$7.8M annual interest expense
Risk Factors
- EPS miss and widening operating loss signal deteriorating near-term profitability
- Convertible note adds $7.8M annual interest expense and potential dilution if converted
- Clinical trial failures or regulatory delays could impair pipeline value
- High cash burn rate ($19.4M operating expenses in Q1) may require further financing
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 1 press release from GlobeNewswire.
| Document | Accession Number |
|---|---|
| PRESS-RELEASE Data (Synthetic) | press-3287702 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Sep 1, 2026 4w ago | Press Release | $1.33 $1.05 | ▼ −21.05% | ▼ −22.23% | $1.02 (−22.93%) |
Jul 13, 2026 11w ago | 8-K | $1.41 $1.31 | ▼ −7.09% | ▼ −10.28% | $1.02 (−27.30%) |
Jun 11, 2026 16w ago | 8-K | $1.21 $1.47 | ▲ +21.49% | ▲ +19.71% | $1.02 (−15.29%) |
Jun 11, 2026 16w ago | Institutional Cluster | $1.22 $1.47 | ▲ +20.49% | ▲ +18.60% | $1.02 (−15.98%) |
May 5, 2026 21w ago | 8-K | $1.49 $1.34 | ▼ −10.07% | ▼ −15.02% | $1.02 (−31.21%) |
May 5, 2026 21w ago | Press Release | $1.49 $1.34 | ▼ −10.07% | ▼ −15.02% | $1.02 (−31.21%) |
May 5, 2026 21w ago | Press Release | $1.49 $1.34 | ▲ +10.07% | ▲ +15.02% | $1.02 (+31.21%) |
May 4, 2026 21w ago | 8-K | $1.49 $1.34 | ▼ −10.07% | ▼ −15.02% | $1.02 (−31.21%) |
Apr 29, 2026 22w ago | Press Release | $1.68 $1.38 | ▼ −17.86% | ▼ −23.32% | $1.02 (−38.99%) |
Mar 24, 2026 27w ago | Press Release | $1.92 $1.68 | ▼ −12.50% | ▼ −21.40% | $1.02 (−46.61%) |
US Market Status
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