Ocugen, Inc. (NASDAQ: OCGN)

Sector: Healthcare Industry: Biotechnology CIK: 0001372299
P/B 112.02
P/E -6.18
P/S 73.70
Market Cap 395.77 Mn
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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Analysis

Pros

  • 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.

Cons

  • 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.

Peer Comparison

Companies in the Biotechnology
S.No. Ticker Company Market Cap P/E P/S Total Debt (Qtr)
1 SMMT Summit Therapeutics Inc. 1,349.40 Bn -1,464.17 0.00 0.01 Bn
2 ONC BeOne Medicines Ltd. 437.43 Bn 6,381.20 87.97 1.90 Bn
3 VRTX Vertex Pharmaceuticals Inc / Ma 116.09 Bn 31.59 9.90 1.83 Bn
4 REGN Regeneron Pharmaceuticals, Inc. 78.10 Bn 17.06 5.48 2.71 Bn
5 ALNY Alnylam Pharmaceuticals, Inc. 55.87 Bn 1,282.42 17.40 3.21 Bn
6 ARGX Argenx Se 52.85 Bn 35.08 27,559.65 -
7 BNTC Benitec Biopharma Inc. 41.75 Bn -998.33 0.00 0.00 Bn
8 INSM INSMED Inc 37.80 Bn -31.93 84.56 0.74 Bn

Industry Comparisons

Current Valuation

Metric Value Industry Percentile
EV to Assets 6.97 12.31
EV to Cash from Ops. -7.52 23.25
EV to Debt 12.17 738.44
EV to EBIT -6.61 -9.16
EV to EBITDA -7.27 6.95
EV to Free Cash Flow [EV/FCF] -7.50 21.90
EV to Market Cap 1.01 65.67
EV to Revenue 74.72 227.32
Price to Book Value [P/B] 112.02 22.34
Price to Earnings [P/E] -6.18 -11.77

Dividend Metrics

Metric Value Industry Percentile
Dividend Coverage Ratio 0.00 -11.94
Dividend Payout Ratio % 0.00 0.16
Dividend per Basic Share 0.00 0.01
FCF Dividend Payout Ratio % 0.00 -0.14
Interest Coverage -18.48 841.00

Growth Metrics

Metric Value Industry Percentile
Capex Growth (1y) % 97.33 -27.13
Cash and Equivalents Growth (1y) % -15.70 734.65
Dividend Growth (1y) % 0.00 0.01
EBIAT Growth (1y) % -17.83 -46.93
EBITDA Growth (1y) % -10.15 -1.68
EBIT Growth (1y) % -17.83 -56.45
EBT Growth (1y) % -25.29 -12.70
EPS Growth (1y) % -10.00 -28.31
FCF Growth (1y) % -8.86 -31.90
Gross Profit Growth (1y) % 14.26 226.84

Liquidity Ratios

Metric Value Industry Percentile
Asset Utilization Ratio 0.09 0.14
Cash Payout Ratio 0.00 0.00
Cash Ratio 1.61 3.85
Current Ratio 1.85 7.27
Debt to Equity Ratio 9.33 0.40
Interest Cover Ratio -18.48 841.00
Times Interest Earned -18.48 841.00

Profitability

Metric Value Industry Percentile
EBITDA Margin % -1,046.30 -18,234.31
EBIT Margin % -1,131.02 -18,580.80
EBT Margin % -1,192.22 -19,488.74
Gross Margin % 100.00 -7.59
Net Profit Margin % -1,192.20 -19,439.22