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Ocugen's Q3 Earnings Match Estimates, Revenues Beat, Stock Rises
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Key Takeaways
Ocugen reported in-line Q3 loss of 6 cents per share, while revenues jumped 11.4% to $1.95 million.
R&D spending rose 12.1% to $12.5 million as Ocugen advanced its late-stage gene therapy programs.
Ocugen expects key OCU400 and OCU410ST data in 2027, targeting three BLA submissions by 2028.
Ocugen (OCGN - Free Report) incurred third-quarter 2026 loss of 6 cents per share (excluding the change in fair value of derivative liability), which was in line with the Zacks Consensus Estimate. In the year-ago quarter, the company had reported a loss of 7 cents per share.
Including the change in fair value of derivative liability, the company reported a loss of 1 cent per share in the third quarter of 2026.
Revenues increased 11.4% year over year to $1.95 million, beating the Zacks Consensus Estimate of $1 million. The company’s top line currently comprises only collaboration revenues.
Shares of Ocugen were up 17.4% yesterday following the announcement of the results.
The stock has declined 35.2% year to date against the industry’s increase of 9.8%.
Image Source: Zacks Investment Research
OCGN's Operating Costs Rise as R&D Spending Grows
Total operating expenses increased 1.7% year over year to $19.7 million. R&D expenses rose 12.1% to $12.5 million from $11.1 million in the year-ago quarter, reflecting increased spending as the company advances its late-stage development programs.
General and administrative expenses declined 12.4% year over year to $7.2 million.
Cash, cash equivalents, restricted cash and short-term investments totaled $84.6 million as of Sept. 30, 2026, down from $100.4 million as of June 30. Management expects the available funds to support operations into 2028, covering two of its three late-stage programs through their anticipated biologics license application (BLA) submissions.
OCGN's Ongoing Pipeline Progress
Ocugen is advancing its ophthalmology gene therapy pipeline, targeting three BLA submissions by 2028. The first half of 2027 is expected to be catalyst-rich, with late-stage top-line data anticipated for OCU400 and OCU410ST.
Ocugen completed enrollment of patients in the phase III liMeliGhT study evaluating OCU400 for retinitis pigmentosa (RP), a rare inherited retinal disorder that can cause blindness. Top-line data are expected in the first quarter of 2027, followed by a planned BLA submission.
The company also completed process performance qualification batches to support the regulatory filing and potential commercial launch.
In October, Ocugen finalized an exclusive licensing agreement with Roots Pharmaceutical covering OCU400 in the Middle East and North Africa. The agreement makes Ocugen eligible for up to $4 million in combined upfront and potential initial development milestone payments.
OCGN is also eligible for up to $255 million in potential sales milestones and a 22% royalty on net sales. The company will manufacture commercial supply. This marks its second regional OCU400 licensing agreement, following its partnership with Kwangdong Pharmaceutical in South Korea.
OCU410ST, an investigational gene therapy for Stargardt disease, is being evaluated in the pivotal phase II/III GARDian study. An independent data monitoring committee recommended continuing the study without modifications following a protocol-specified interim review.
Management expects top-line data in the second quarter of 2027, with a planned BLA submission to follow.
Separately, OCGN initiated patient dosing in the global phase III ArMaDa3 study evaluating OCU410 for geographic atrophy, an advanced form of dry age-related macular degeneration.
The study evaluates a single subretinal injection against an untreated control, with geographic atrophy lesion growth measured over 12 months as the primary endpoint. Management targets enrollment completion in 2027 and a BLA filing in 2028, keeping its broader objective of three BLA submissions by 2028 on track.
Over the past 60 days, estimates for TG Therapeutics’ 2026 earnings per share have risen from 92 cents to 94 cents, while estimates for 2027 have increased from $2.65 to $2.66 during the same time. TGTX shares have surged 103.8% year-to-date.
TG Therapeutics’ earnings beat estimates in one of the trailing four quarters, while missing the same on the remaining three occasions, with the average surprise being 184.65%.
Over the past 60 days, estimates for Tarsus Pharmaceuticals' 2026 loss per share have narrowed from $2.41 to $2.23, while estimates for 2027 have increased from 58 cents to 64 cents during the same time. TARS shares have declined 11.3% year-to-date.
Tarsus Pharmaceuticals’ earnings beat estimates in two of the trailing four quarters, while missing the same on the remaining two occasions, with the average negative surprise being 7.63%.
View the Zacks #1 Rank List
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Ocugen's Q3 Earnings Match Estimates, Revenues Beat, Stock Rises
Key Takeaways
Ocugen (OCGN - Free Report) incurred third-quarter 2026 loss of 6 cents per share (excluding the change in fair value of derivative liability), which was in line with the Zacks Consensus Estimate. In the year-ago quarter, the company had reported a loss of 7 cents per share.
Including the change in fair value of derivative liability, the company reported a loss of 1 cent per share in the third quarter of 2026.
Revenues increased 11.4% year over year to $1.95 million, beating the Zacks Consensus Estimate of $1 million. The company’s top line currently comprises only collaboration revenues.
Shares of Ocugen were up 17.4% yesterday following the announcement of the results.
The stock has declined 35.2% year to date against the industry’s increase of 9.8%.
Image Source: Zacks Investment Research
OCGN's Operating Costs Rise as R&D Spending Grows
Total operating expenses increased 1.7% year over year to $19.7 million. R&D expenses rose 12.1% to $12.5 million from $11.1 million in the year-ago quarter, reflecting increased spending as the company advances its late-stage development programs.
General and administrative expenses declined 12.4% year over year to $7.2 million.
Cash, cash equivalents, restricted cash and short-term investments totaled $84.6 million as of Sept. 30, 2026, down from $100.4 million as of June 30. Management expects the available funds to support operations into 2028, covering two of its three late-stage programs through their anticipated biologics license application (BLA) submissions.
OCGN's Ongoing Pipeline Progress
Ocugen is advancing its ophthalmology gene therapy pipeline, targeting three BLA submissions by 2028. The first half of 2027 is expected to be catalyst-rich, with late-stage top-line data anticipated for OCU400 and OCU410ST.
Ocugen completed enrollment of patients in the phase III liMeliGhT study evaluating OCU400 for retinitis pigmentosa (RP), a rare inherited retinal disorder that can cause blindness. Top-line data are expected in the first quarter of 2027, followed by a planned BLA submission.
The company also completed process performance qualification batches to support the regulatory filing and potential commercial launch.
In October, Ocugen finalized an exclusive licensing agreement with Roots Pharmaceutical covering OCU400 in the Middle East and North Africa. The agreement makes Ocugen eligible for up to $4 million in combined upfront and potential initial development milestone payments.
OCGN is also eligible for up to $255 million in potential sales milestones and a 22% royalty on net sales. The company will manufacture commercial supply. This marks its second regional OCU400 licensing agreement, following its partnership with Kwangdong Pharmaceutical in South Korea.
OCU410ST, an investigational gene therapy for Stargardt disease, is being evaluated in the pivotal phase II/III GARDian study. An independent data monitoring committee recommended continuing the study without modifications following a protocol-specified interim review.
Management expects top-line data in the second quarter of 2027, with a planned BLA submission to follow.
Separately, OCGN initiated patient dosing in the global phase III ArMaDa3 study evaluating OCU410 for geographic atrophy, an advanced form of dry age-related macular degeneration.
The study evaluates a single subretinal injection against an untreated control, with geographic atrophy lesion growth measured over 12 months as the primary endpoint. Management targets enrollment completion in 2027 and a BLA filing in 2028, keeping its broader objective of three BLA submissions by 2028 on track.
Ocugen, Inc. Price, Consensus and EPS Surprise
Ocugen, Inc. price-consensus-eps-surprise-chart | Ocugen, Inc. Quote
Ocugen currently carries a Zacks Rank #2 (Buy).
Some other top-ranked stocks in the biotech sector are TG Therapeutics (TGTX - Free Report) and Tarsus Pharmaceuticals (TARS - Free Report) , each sporting a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Over the past 60 days, estimates for TG Therapeutics’ 2026 earnings per share have risen from 92 cents to 94 cents, while estimates for 2027 have increased from $2.65 to $2.66 during the same time. TGTX shares have surged 103.8% year-to-date.
TG Therapeutics’ earnings beat estimates in one of the trailing four quarters, while missing the same on the remaining three occasions, with the average surprise being 184.65%.
Over the past 60 days, estimates for Tarsus Pharmaceuticals' 2026 loss per share have narrowed from $2.41 to $2.23, while estimates for 2027 have increased from 58 cents to 64 cents during the same time. TARS shares have declined 11.3% year-to-date.
Tarsus Pharmaceuticals’ earnings beat estimates in two of the trailing four quarters, while missing the same on the remaining two occasions, with the average negative surprise being 7.63%.