Ocugen, Inc. (NASDAQ: OCGN)

Sector: Healthcare Industry: Biotechnology CIK: 0001372299
Market Cap 387.04 Mn
P/B 109.55
P/E -6.05
P/S 72.07
ROIC (Qtr) -165.15
Div Yield % 0.00
Rev 1y % (Qtr) 54.23
Total Debt (Qtr) 32.96 Mn
Debt/Equity (Qtr) 9.33

About

Ocugen, Inc., a biotechnology company with the ticker symbol OCGN, operates in the gene and cell therapy as well as vaccine development industry. The company is dedicated to discovering, developing, and commercializing novel gene and cell therapies and vaccines that aim to improve health and provide hope for patients worldwide. Ocugen's technology pipeline includes four main platforms: Modifier Gene Therapy Platform, Novel Biologic Therapy for Retinal Diseases, Regenerative Medicine Cell Therapy Platform, and Inhaled Mucosal Vaccine Platform. The...

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Price action

Investment thesis

Bull case

  • Healthy cash reserves of 32.88M provide 38.45x coverage of short-term debt 855000, demonstrating strong liquidity position and minimal refinancing risk.
  • Cash position of 32.88M provides exceptional 16439.50x coverage of minority interest expenses 2000, indicating strong liquidity.
  • Robust tangible asset base of 57.60M provides 3.33x coverage of working capital 17.28M, indicating strong operational backing.
  • Cash reserves of 32.88M provide robust 1.61x coverage of current liabilities 20.36M, indicating strong short-term solvency.
  • Strong cash position of 32.88M provides 2.20x coverage of other current liabilities 14.93M, indicating excellent liquidity.

Bear case

  • Investment activities of (289000) provide weak support for R&D spending of 37.37M, which is -0.01x, suggesting potentially insufficient investment in innovation relative to other capital deployment.
  • The company's operating cash flow of (53.37M) shows concerning coverage of stock compensation expenses of 7.58M, with a -7.04 ratio indicating potential earnings quality issues.
  • Free cash flow of (53.53M) provides weak coverage of capital expenditures of 163000, with a -328.40 ratio suggesting additional external financing needs for growth initiatives.
  • Operating earnings of (60.74M) show weak coverage of depreciation charges of 4.55M, with a -13.35 ratio indicating high capital intensity and potential reinvestment needs.
  • Free cash flow of (53.53M) represents just -1.90x of debt issuance 28.19M, suggesting concerning reliance on leverage rather than internal cash generation for growth.

Collaborative Arrangement and Arrangement Other than Collaborative Breakdown of Revenue (2024)

Collaborative Arrangement and Arrangement Other than Collaborative Breakdown of Revenue (2024)

Peer comparison

Companies in the Biotechnology
S.No. Ticker Company Market Cap P/E P/S Total Debt (Qtr)
1 SMMT Summit Therapeutics Inc. 1,151.25 Bn -1,249.17 0.00 0.01 Bn
2 ONC BeOne Medicines Ltd. 485.22 Bn 7,078.40 97.58 1.90 Bn
3 VRTX Vertex Pharmaceuticals Inc / Ma 122.74 Bn 33.40 10.47 1.83 Bn
4 REGN Regeneron Pharmaceuticals, Inc. 82.16 Bn 18.24 5.73 2.71 Bn
5 ARGX Argenx Se 48.85 Bn 32.43 25,472.44 -
6 ALNY Alnylam Pharmaceuticals, Inc. 46.12 Bn 1,058.58 14.37 3.21 Bn
7 BNTC Benitec Biopharma Inc. 42.24 Bn -1,010.00 0.00 0.00 Bn
8 INSM INSMED Inc 28.75 Bn -24.29 64.32 0.74 Bn

Industry comparisons

Current Valuation Value Ind Avg Percentile
EV to Assets EV to Assets 6.82 11.11
EV to Cash from Ops. EV/CFO -7.36 26.32
EV to Debt EV to Debt 11.91 688.48
EV to EBIT EV/EBIT -6.46 -10.97
EV to EBITDA EV/EBITDA -7.11 8.32
EV to Free Cash Flow [EV/FCF] EV/FCF -7.33 25.03
EV to Market Cap EV to Market Cap 1.01 163.46
EV to Revenue EV/Rev 73.10 148.57
Price to Book Value [P/B] P/B 109.55 20.73
Price to Earnings [P/E] P/E -6.05 -0.34
Dividend Metrics Value Ind Avg Percentile
Dividend Coverage Ratio Div Coverage (Qtr) 0.00 -12.47
Dividend Payout Ratio % Div Payout % (Qtr) 0.00 0.17
Dividend per Basic Share Div per Share (Qtr) 0.00 0.01
FCF Dividend Payout Ratio % FCF Div Payout % (Qtr) 0.00 -0.14
Interest Coverage Int. cover (Qtr) -18.48 860.86
Growth Metrics Value Ind Avg Percentile
Capex Growth (1y) % Capex 1y % (Qtr) 97.33 -26.99
Cash and Equivalents Growth (1y) % Cash & Equiv 1y % (Qtr) -15.70 756.75
Dividend Growth (1y) % Dividend Growth (1y) % 0.00 0.01
EBIAT Growth (1y) % EBIAT 1y % (Qtr) -17.83 -53.03
EBITDA Growth (1y) % EBITDA 1y % (Qtr) -10.15 -4.42
EBIT Growth (1y) % EBIT 1y % (Qtr) -17.83 -62.56
EBT Growth (1y) % EBT 1y % (Qtr) -25.29 -19.19
EPS Growth (1y) % EPS 1y % (Qtr) -10.00 -4.07
FCF Growth (1y) % FCF 1y % (Qtr) -8.86 -33.40
Gross Profit Growth (1y) % Gross Profit 1y % (Qtr) 14.26 264.38
Liquidity Ratios Value Ind Avg Percentile
Asset Utilization Ratio Asset Util Ratio (Qtr) 0.09 0.14
Cash Payout Ratio Cash Payout (Qtr) 0.00 0.00
Cash Ratio Cash Ratio (Qtr) 1.61 3.81
Current Ratio Curr Ratio (Qtr) 1.85 7.25
Debt to Equity Ratio Debt/Equity (Qtr) 9.33 0.43
Interest Cover Ratio Int Coverage (Qtr) -18.48 860.86
Times Interest Earned Times Interest Earned (Qtr) -18.48 860.86
Profitability Value Ind Avg Percentile
EBITDA Margin % EBITDA Margin % (Qtr) -1,046.30 -17,746.13
EBIT Margin % EBIT Margin % (Qtr) -1,131.02 -18,101.92
EBT Margin % EBT Margin % (Qtr) -1,192.22 -18,961.86
Gross Margin % Gross Margin % (Qtr) 100.00 -9.24
Net Profit Margin % Net Margin % (Qtr) -1,192.20 -18,911.61