A month has gone by since the last earnings report for Ocugen (OCGN Quick QuoteOCGN - Free Report) . Shares have lost about 10.7% in that time frame, underperforming the S&P 500.

But investors have to be wondering, will the recent negative trend continue leading up to its next earnings release, or is Ocugen due for a breakout? Well, first let's take a quick look at its latest earnings report in order to get a better handle on the recent catalysts for Ocugen, Inc. before we dive into how investors and analysts have reacted as of late.

Q1 Loss Wider Than Expected, Sales Beat Estimates

Ocugen incurred a loss of 6 cents per share in the first quarter of 2026, wider than the Zacks Consensus Estimate as well as the year-ago loss of 5 cents.

Ocugen’s total revenues rose 3.5% year over year to $1.5 million in the first quarter, beating the Zacks Consensus Estimate of $1 million.

The company’s top line currently comprises only collaboration revenues

Q1 Results in Detail

Ocugen’s operating expenses increased during the quarter as the company accelerated clinical development and commercial preparation activities.

Research and development expenses were $11.3 million, up 18.1% from the year-ago quarter’s level. General and administrative expenses totaled $8.1 million, up 25.8% year over year.

The company raised $37.5 million in gross proceeds during the first quarter of 2026, including $15 million from investors exercising their warrants. As a result, its cash, cash equivalents, and restricted cash increased to $32.2 million as of March 31, 2026, up from $18.9 million at the end of 2025.

Following the $115 million offering of convertible senior notes, the company expects to have approximately $112.1 million in cash, cash equivalents, and restricted cash when the transaction closes, which includes the Avenue debt payoff.

How Have Estimates Been Moving Since Then?

Since the earnings release, investors have witnessed a upward trend in fresh estimates.

The consensus estimate has shifted 6.25% due to these changes.

VGM Scores

At this time, Ocugen has a subpar Growth Score of D, a score with the same score on the momentum front. Charting a somewhat similar path, the stock was allocated a score of F on the value side, putting it in the fifth quintile for this investment strategy.

Overall, the stock has an aggregate VGM Score of F. If you aren't focused on one strategy, this score is the one you should be interested in.

Outlook

Estimates have been broadly trending upward for the stock, and the magnitude of these revisions looks promising. Notably, Ocugen has a Zacks Rank #3 (Hold). We expect an in-line return from the stock in the next few months.

Performance of an Industry Player

Ocugen is part of the Zacks Medical - Biomedical and Genetics industry. Over the past month, Axsome Therapeutics (AXSM Quick QuoteAXSM - Free Report) , a stock from the same industry, has gained 4.9%. The company reported its results for the quarter ended March 2026 more than a month ago.

Axsome reported revenues of $191.2 million in the last reported quarter, representing a year-over-year change of +57.4%. EPS of -$1.26 for the same period compares with -$0.80 a year ago.

Axsome is expected to post a loss of $0.83 per share for the current quarter, representing a year-over-year change of +9.8%. Over the last 30 days, the Zacks Consensus Estimate has changed -15.5%.

Axsome has a Zacks Rank #3 (Hold) based on the overall direction and magnitude of estimate revisions. Additionally, the stock has a VGM Score of D.