OCGN Ocugen, Inc. - Common Stock
$1.33
Price · May 20, 2026
Fundamentals as of May 8, 2026
52W Range
$1–$3
30% of range
Analyst Rating
BUY
13 analysts
Price Target
$12
+770% upside
P/E (TTM)
-5.6
ROE
1488.8%
Net Profit Margin
-1537.4%
OCGN Stock Snapshot Price, market cap, P/E, EPS, ROE, debt/equity, 52-week range
Price
$1.33
Market Cap
$422M
P/E (TTM)
-5.6
EPS (TTM)
$-0.26
Revenue (TTM)
$4M
Div Yield
—
ROE
1488.8%
Debt/Equity
-2.4
52W Range
$1 – $3
OCGN Stock Price Chart Daily OHLCV with technical indicators — pan, zoom, and customize your view
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10-Year Performance Revenue, net income, margins and EPS trends
Revenue & Net Income
$4M
2022-12-31
→
2025-12-31
EPS
$-0.26
2022-12-31
→
2023-12-31
Free Cash Flow
$-57M
2022-12-31
→
2025-12-31
Margins
-1537.4%
Valuation P/E, P/S, P/B, EV/EBITDA ratios — is the stock expensive or cheap?
Metric
5Y trend
OCGN
Peer Median
P/E (TTM)
-5.6
15.2
P/S (TTM)
95.6
62.3
P/B
-34.7
2.8
EV / EBITDA
-6.9
—
Price / FCF
-7.4
—
Profitability Gross, operating and net margins; ROE, ROA, ROIC
Metric
5Y trend
OCGN
Peer Median
Operating Margin
-1425.7%
—
Net Profit Margin
-1537.4%
-240.1%
ROA
-107.7%
-25.8%
ROE
1488.8%
-29.9%
ROIC
-378.4%
—
Financial Health Debt, liquidity, solvency — balance sheet strength
Metric
5Y trend
OCGN
Peer Median
Debt / Equity
-2.4
100.7
Current Ratio
1.1
9.1
Quick Ratio
0.8
—
Growth Revenue, EPS and net income growth: YoY, 3Y CAGR, 5Y CAGR
Metric
5Y trend
OCGN
Peer Median
Revenue YoY
8.8%
—
Revenue CAGR 3Y
21.1%
—
Revenue CAGR 5Y
152.5%
—
Capital Efficiency Asset turnover, inventory turnover, receivables turnover
Metric
5Y trend
OCGN
Peer Median
OCGN Analyst Consensus Bullish and bearish analyst opinions, 12-month price target, upside
BUY
13 analysts
- Strong Buy 3 23.1%
- Buy 9 69.2%
- Hold 1 7.7%
- Sell 0 0.0%
- Strong Sell 0 0.0%
12-Month Price Target
7 analysts · 2026-05-16
Median
$10.00
Mean
$11.57
← Below all targets
$1.33
Low
$7.00
High
$22.00
Median target
$10.00
+652.2%
Mean target
$11.57
+770.4%
Earnings History EPS actual vs estimate, surprise %, beat rate, next earnings date
Avg Surprise
-0.00%
| Period | EPS Actual | EPS Est | Surprise |
|---|---|---|---|
| March 31, 2026 | $-0.06 | $-0.05 | -0.01% |
| Dec. 31, 2025 | $-0.06 | $-0.06 | -0.00% |
| Sept. 30, 2025 | $-0.07 | $-0.06 | -0.01% |
| June 30, 2025 | $-0.05 | $-0.06 | 0.01% |
| March 31, 2025 | $-0.05 | $-0.06 | 0.01% |
Peer Comparison Key metrics vs sector peers
| Ticker | Market Cap | P/E | Rev YoY | Net Margin | ROE | Gross Margin |
|---|---|---|---|---|---|---|
| OCGN | $422M | -5.6 | 8.8% | -1537.4% | 1488.8% | — |
| PROK | — | — | 1075.0% | -7725.2% | 6.9% | — |
| IMMX | $277M | -5.9 | — | — | -59.8% | — |
| ACHV | — | -4.0 | — | — | — | — |
| STTK | $231M | -5.2 | -82.5% | -4880.9% | -70.0% | — |
| FDMT | $432M | -3.1 | 230194.6% | -164.4% | -30.2% | — |
| OVID | $212M | -4.0 | 1181.3% | -240.1% | -18.7% | — |
| UPB | $1.47B | -10.2 | 20.4% | -5026.0% | -38.3% | — |
| NGNE | $319M | -4.9 | — | — | -33.6% | — |
| EBS | $644M | 13.3 | -28.8% | 7.1% | 9.9% | — |
Full Fundamentals All metrics by year — income statement, balance sheet, cash flow
Income Statement 16
| Metric | Trend | 2025 | 2024 | 2023 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $4M | $4M | $6M | · | $2M | $0 | $43.0K | $0 | $0 | $0 | $0 | $0 | |
| R&D Expense | $40M | $32M | $40M | · | · | · | · | $8M | $10M | $16M | $22M | $23M | |
| SG&A Expense | $28M | $27M | $32M | · | $35M | $23M | $8M | $6M | $6M | $9M | $9M | $8M | |
| Operating Expenses | $67M | $59M | $72M | · | $92M | $58M | $21M | $14M | $16M | $25M | $30M | $32M | |
| Operating Income | $-63M | $-55M | $-66M | · | $-89M | $-58M | $-21M | $-14M | $-16M | $-25M | $-30M | $-32M | |
| Interest Expense | · | · | · | · | · | $79.0K | $721.0K | $2M | $4M | · | $60.0K | $133.0K | |
| Interest Income | $922.0K | $1M | · | · | · | · | $1.1K | $1.2K | $19.2K | · | · | · | |
| Other Non-op | $-664.0K | $140.0K | $2M | · | $2M | $-389.0K | $184.0K | $-784.0K | $-12.4K | $-116.0K | $-248.0K | $-72.0K | |
| Pretax Income | $-68M | $-54M | $-63M | · | $-87M | $-58M | $-22M | $-20M | $-9M | $-26M | $-16M | $-32M | |
| Income Tax | $0 | $0 | $0 | · | $0 | $-52.0K | $0 | $0 | · | · | · | · | |
| Net Income | $-68M | $-54M | $-63M | · | $-87M | $-58M | $-22M | $-20M | $-18M | $-26M | $-16M | $-32M | |
| EPS (Basic) | · | · | $-0.26 | · | $-0.40 | $-0.30 | $-0.31 | $-1.46 | $-0.23 | $-0.99 | $-0.97 | $-2.42 | |
| EPS (Diluted) | · | · | $-0.26 | · | $-0.40 | $-0.30 | $-0.31 | $-1.46 | $-0.79 | $-0.99 | $-2.18 | $-2.42 | |
| Shares (Basic) | · | · | 244,327,057 | · | 214,600,051 | 195,013,043 | 112,236,110 | 13,893,819 | 36,398,450 | 22,669,819 | 14,256,954 | 13,231,126 | |
| Shares (Diluted) | · | · | 244,327,057 | · | 214,600,051 | 195,013,043 | 112,236,110 | 13,893,819 | 37,090,197 | 22,669,819 | 14,389,192 | 13,231,126 | |
| EBITDA | $-63M | $-55M | · | · | $-84M | $-58M | $-21M | · | $-30M | $-25M | $-30M | $-32M |
Balance Sheet 27
| Metric | Trend | 2025 | 2024 | 2023 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $19M | $59M | $39M | $68M | $78M | $95M | $24M | $7M | $2M | $7M | $32M | $31M | |
| Prepaid Expense | $6M | $3M | $4M | $8M | $8M | $8M | $2M | $1M | $313.5K | $194.0K | $173.0K | $321.0K | |
| Other Current Assets | $439.0K | $879.0K | · | · | · | · | · | · | $172.0K | $122.0K | $68.0K | $195.0K | |
| Current Assets | $24M | $62M | $43M | $84M | $98M | $103M | $26M | $16M | $2M | $8M | $32M | $31M | |
| PP&E (Net) | $14M | $17M | $17M | $8M | $6M | $1M | $633.0K | $222.5K | $245.8K | $3M | $4M | $5M | |
| PP&E (Gross) | $20M | $20M | $19M | · | $7M | $2M | $859.0K | $348.5K | $10M | $14M | $13M | $13M | |
| Accum. Depreciation | $6M | $3M | $1M | · | $621.0K | $374.0K | $226.0K | $126.0K | $10M | $11M | $9M | $8M | |
| Intangibles | · | · | · | · | · | · | · | · | · | · | · | $200.0K | |
| Other Non-current Assets | $4M | $4M | $4M | $4M | $4M | $2M | $714.0K | $667.7K | $116.3K | · | · | · | |
| Total Assets | $44M | $82M | $65M | $96M | $109M | $106M | $27M | $17M | $2M | $11M | $36M | $37M | |
| Accounts Payable | $6M | $4M | $3M | $8M | $8M | $2M | $395.0K | $2M | $3M | $776.0K | $2M | $2M | |
| Accrued Liabilities | · | · | · | · | $10M | $4M | $3M | $2M | $1M | $3M | $2M | $1M | |
| Short-term Debt | · | · | · | · | · | $0 | $234.0K | $0 | $7M | · | · | · | |
| Current Liabilities | $23M | $22M | $17M | $27M | $29M | $7M | $4M | $5M | $14M | $4M | $5M | $6M | |
| Capital Leases | $3M | $3M | $4M | $3M | $4M | $1M | $389.0K | $163.2K | · | · | · | · | |
| Other Non-current Liabilities | $2M | $564.0K | $527.0K | $309.0K | $244.0K | $0 | $0 | $9.8K | $37.5K | · | · | · | |
| Total Liabilities | $56M | $53M | $24M | $31M | $35M | $10M | $6M | $6M | $15M | $22M | $23M | $9M | |
| Long-term Debt | $29M | $29M | $3M | $2M | $2M | $2M | $2M | $1M | · | · | · | · | |
| Total Debt | $29M | $29M | · | · | $2M | $2M | $2M | · | · | · | · | · | |
| Common Stock | $3M | $3M | $3M | $2M | $2M | $2M | $2M | $527.5K | $49.6K | $159.0K | $159.0K | $132.0K | |
| Paid-in Capital | $393M | $367M | $324M | $303M | $295M | $226M | $93M | $62M | $18M | · | · | · | |
| Retained Earnings | $-408M | $-340M | $-286M | $-240M | $-223M | $-132M | $-73M | $-51M | $31M | $-208M | $-182M | $-166M | |
| Treasury Stock | $48.0K | $48.0K | $48.0K | $48.0K | $48.0K | $48.0K | $48.0K | $47.9K | · | · | · | · | |
| AOCI | $61.0K | $48.0K | $20.0K | $25.0K | $26.0K | $0 | · | · | $451 | · | · | · | |
| Stockholders' Equity | $-12M | $30M | $41M | $65M | $74M | $91M | $22M | $11M | $-13M | $4M | $14M | $28M | |
| Liabilities + Equity | $44M | $82M | $65M | $96M | $109M | $106M | $27M | $17M | $2M | $11M | $36M | $37M | |
| Shares Outstanding | 312,379,972 | 291,489,058 | 256,688,304 | 226,548,693 | 221,721,182 | 199,502,183 | 184,011,884 | 52,625,228 | 4,960,552 | 24,571,029 | 20,647,612 | 13,273,470 |
Cash Flow 16
| Metric | Trend | 2025 | 2024 | 2023 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| D&A | · | · | · | · | $480.0K | $229.0K | · | · | · | · | · | · | |
| Stock-based Comp | · | · | · | · | · | · | · | · | $2M | $2M | $2M | $1M | |
| Other Non-cash | · | · | · | · | $21M | · | · | · | · | · | · | · | |
| Operating Cash Flow | $-57M | $-42M | $-62M | · | $-60M | $-48M | $-15M | $-17M | $-12M | $-23M | $-26M | $-30M | |
| CapEx | $185.0K | $3M | $10M | · | $4M | $939.0K | $307.0K | $30.0K | $77.4K | $276.0K | $320.0K | $2M | |
| Investing Cash Flow | $-311.0K | $-3M | $3M | · | $-17M | $-2M | $-307.0K | $-2M | $-77.4K | $-1M | · | · | |
| Debt Issued | · | · | · | · | $500.0K | $0 | · | · | · | · | · | · | |
| Net Debt Issued | · | · | · | · | $500.0K | · | · | · | · | · | · | · | |
| Stock Issued | $20M | $39M | $21M | · | $60M | $129M | $38M | $1M | $0 | · | · | $5M | |
| Stock Repurchased | · | · | · | · | · | $0 | $0 | $48.0K | $0 | · | · | · | |
| Net Stock Activity | $20M | $39M | · | · | $60M | $129M | $38M | · | $26M | · | · | $5M | |
| Financing Cash Flow | $17M | $65M | $21M | · | $59M | $121M | $32M | $25M | $7M | $-577.0K | · | · | |
| Net Change in Cash | $-40M | $19M | $-38M | · | $-18M | $71M | $17M | $6M | $-5M | $-25M | $993.0K | $-28M | |
| Taxes Paid | · | · | · | · | · | · | · | · | $105.0K | $197.0K | $257.0K | $79.0K | |
| Free Cash Flow | $-57M | $-46M | · | · | $-65M | $-49M | $-15M | · | $-18M | $-23M | $-26M | $-32M | |
| Levered FCF | · | · | · | · | · | $-49M | · | · | · | · | · | · |
Profitability 7
| Metric | Trend | 2025 | 2024 | 2023 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating Margin | -1425.7% | -1350.4% | · | · | · | · | -49940.7% | · | · | · | · | · | |
| Net Margin | -1537.4% | -1333.0% | · | · | · | · | -51201.2% | · | · | · | · | · | |
| Pretax Margin | -1537.4% | -1333.0% | · | · | · | · | · | · | · | · | · | · | |
| EBITDA Margin | -1425.7% | -1350.4% | · | · | · | · | -49940.7% | · | · | · | · | · | |
| ROA | -107.7% | -73.6% | · | · | -72.4% | -87.7% | -98.8% | · | -60.7% | -112.1% | -44.5% | -62.6% | |
| ROE | 1488.8% | -153.9% | · | · | -95.9% | -57.5% | -121.3% | · | 229.3% | -2297.9% | -77.6% | -77.7% | |
| ROIC | -378.4% | -93.9% | · | · | -98.3% | -59.4% | · | · | · | · | · | · |
Liquidity & Solvency 5
| Metric | Trend | 2025 | 2024 | 2023 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 1.1 | 2.9 | · | · | 5.3 | 14.7 | 7.2 | · | 5.7 | 2.1 | 6.2 | 4.9 | |
| Quick Ratio | 0.8 | 2.7 | · | · | 4.2 | 13.6 | 6.7 | · | 5.4 | 1.9 | 6.2 | 4.9 | |
| Debt / Equity | -2.4 | 1.0 | · | · | 0.0 | 0.0 | 0.1 | · | · | · | · | · | |
| LT Debt / Equity | -2.3 | 0.9 | · | · | 0.0 | 0.0 | 0.1 | · | · | · | · | · | |
| Interest Coverage | · | · | · | · | · | -734.5 | -29.5 | · | · | · | -505.1 | -239.2 |
Efficiency 1
| Metric | Trend | 2025 | 2024 | 2023 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Asset Turnover | 0.1 | 0.1 | · | · | · | 0.0 | 0.0 | · | 0.0 | 0.0 | 0.0 | 0.0 |
Growth Rates 3
| Metric | Trend | 2025 | 2024 | 2023 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue YoY | 8.8% | -32.8% | 142.6% | · | · | · | · | · | · | · | · | · | |
| Revenue CAGR 3Y | 21.1% | · | 419.7% | · | · | · | · | · | · | · | · | · | |
| Revenue CAGR 5Y | 152.5% | · | · | · | · | · | · | · | · | · | · | · |
Valuation (TTM) 14
| Metric | Trend | 2025 | 2024 | 2023 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue TTM | $4M | $4M | $6M | · | $2M | $0 | $43.0K | $0 | $0 | $0 | $0 | $0 | |
| Net Income TTM | $-68M | $-54M | $-63M | · | $-87M | $-58M | $-22M | $-20M | $-18M | $-26M | $-16M | $-32M | |
| Market Cap | $422M | $235M | · | · | $288M | $907M | $337M | · | $327M | $3.02B | $2.07B | $2.79B | |
| Enterprise Value | $432M | $205M | · | · | $213M | $814M | $315M | · | · | · | · | · | |
| P/E | -5.6 | -3.4 | -2.2 | · | -3.2 | -15.2 | -5.9 | -0.4 | -6.7 | -124.2 | -46.0 | -86.8 | |
| P/S | 95.6 | 57.8 | · | · | 115.8 | · | 7831.2 | · | · | · | · | · | |
| P/B | -34.7 | 7.9 | · | · | 3.4 | 9.5 | 15.6 | · | -715.1 | -268.2 | 152.5 | 98.9 | |
| P / Tangible Book | · | 7.9 | 3.6 | · | 3.9 | 9.9 | 15.6 | · | · | · | · | · | |
| P / Cash Flow | -7.4 | -5.6 | · | · | -4.8 | -18.9 | -22.9 | · | -20.8 | -131.3 | -80.4 | -92.8 | |
| P / FCF | -7.4 | -5.2 | · | · | -4.5 | -18.6 | -22.4 | · | -18.4 | -129.7 | -79.4 | -87.2 | |
| EV / EBITDA | -6.9 | -3.7 | · | · | -2.5 | -14.0 | -14.8 | · | · | · | · | · | |
| EV / FCF | -7.6 | -4.5 | · | · | -3.3 | -16.7 | -21.0 | · | · | · | · | · | |
| EV / Revenue | 97.9 | 50.5 | · | · | 85.5 | · | 7320.0 | · | · | · | · | · | |
| Earnings Yield | -17.8% | -29.8% | -45.2% | · | -30.8% | -6.6% | -16.9% | -280.8% | -15.0% | -0.80% | -2.2% | -1.1% |
Income Statement 15
| Metric | Trend | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 | Q2 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $2M | $-193.0K | $2M | $1M | $1M | $764.0K | $1M | $1M | $1M | $1M | $4M | $485.0K | $443.0K | · | $466.0K | $643.0K | |
| R&D Expense | $11M | $11M | $11M | $8M | $10M | $8M | $8M | $9M | $7M | · | · | · | · | · | · | · | |
| SG&A Expense | $8M | $6M | $8M | $7M | $6M | $6M | $6M | $8M | $6M | $5M | $9M | $9M | $8M | $7M | $8M | $11M | |
| Operating Expenses | $19M | $17M | $19M | $15M | $16M | $15M | $14M | $17M | $13M | $13M | $16M | $24M | $18M | $31M | $26M | $22M | |
| Operating Income | $-18M | $-17M | $-18M | $-14M | $-15M | $-14M | $-13M | $-15M | $-12M | $-12M | $-12M | $-24M | $-18M | $-28M | $-25M | $-22M | |
| Interest Income | $132.0K | $215.0K | $207.0K | $200.0K | $343.0K | $441.0K | $310.0K | $200.0K | $300.0K | · | · | · | · | · | · | · | |
| Other Non-op | $-150.0K | $476.0K | $-1M | $114.0K | $65.0K | $153.0K | $1.0K | $-4.0K | $-10.0K | $555.0K | $714.0K | $475.0K | $709.0K | $961.0K | $1M | $94.0K | |
| Pretax Income | · | · | · | · | · | · | · | · | · | · | · | · | · | $-27M | $-22M | · | |
| Income Tax | · | · | · | · | · | · | · | · | · | · | · | · | · | $0 | $0 | · | |
| Net Income | $-19M | $-18M | $-20M | $-15M | $-15M | $-14M | $-13M | $-15M | $-12M | $-11M | $-12M | $-23M | $-17M | $-27M | $-24M | $-21M | |
| EPS (Basic) | $-0.06 | · | · | · | $-0.05 | · | · | $-0.04 | $-0.05 | · | $-0.05 | $-0.10 | $-0.08 | $-0.12 | $-0.11 | $-0.10 | |
| EPS (Diluted) | $-0.06 | · | · | · | $-0.05 | · | · | $-0.04 | $-0.05 | · | $-0.05 | $-0.10 | $-0.08 | $-0.12 | $-0.11 | $-0.10 | |
| Shares (Basic) | 327,543,855 | · | · | · | 291,996,562 | · | · | 257,353,857 | 257,232,636 | · | 256,492,558 | 238,311,498 | 225,523,627 | -423,547,435 | 216,591,011 | 215,862,977 | |
| Shares (Diluted) | 327,543,855 | · | · | · | 291,996,562 | · | · | 257,353,857 | 257,232,636 | · | 256,492,558 | 238,311,498 | 225,523,627 | -423,547,435 | 216,591,011 | 215,862,977 | |
| EBITDA | $-18M | · | $-18M | $-14M | $-15M | · | $-13M | $-15M | $-12M | · | $-15M | $-24M | $-18M | · | $-23M | $-20M |
Balance Sheet 25
| Metric | Trend | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 | Q2 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $32M | $19M | $33M | $27M | $38M | $59M | $39M | $16M | $26M | $39M | $53M | $71M | $68M | $78M | $102M | $115M | |
| Prepaid Expense | $7M | $6M | $5M | $6M | $6M | $3M | $2M | $3M | $4M | $4M | $3M | $3M | $8M | $8M | $6M | $8M | |
| Other Current Assets | $756.0K | $439.0K | · | · | · | $879.0K | · | · | · | · | · | · | · | · | · | · | |
| Current Assets | $39M | $24M | $38M | $33M | $44M | $62M | $41M | $19M | $30M | $43M | $57M | $73M | $84M | $98M | $107M | $123M | |
| PP&E (Net) | $14M | $14M | $15M | $15M | $16M | $17M | $17M | $17M | $18M | $17M | $14M | $12M | $8M | $6M | $5M | $3M | |
| PP&E (Gross) | $20M | $20M | $20M | $20M | $20M | $20M | $20M | $19M | $19M | $19M | $16M | $13M | $9M | $7M | $5M | $4M | |
| Accum. Depreciation | $6M | $6M | $5M | $4M | $4M | $3M | $3M | $2M | $1M | $1M | $1M | $893.0K | $787.0K | $621.0K | $578.0K | $522.0K | |
| Other Non-current Assets | $4M | $4M | $5M | $5M | $4M | $4M | $4M | $4M | $4M | $4M | $4M | $4M | $4M | $4M | $4M | $4M | |
| Total Assets | $57M | $44M | $58M | $54M | $64M | $82M | $62M | $41M | $52M | $65M | $75M | $89M | $96M | $109M | $116M | $130M | |
| Accounts Payable | $3M | $6M | $5M | $4M | $3M | $4M | $1M | $3M | $2M | $3M | $3M | $4M | $8M | $8M | $6M | $6M | |
| Accrued Liabilities | · | · | · | · | · | · | · | · | · | · | · | · | · | · | $8M | $4M | |
| Current Liabilities | $21M | $23M | $20M | $18M | $17M | $22M | $16M | $18M | $16M | $17M | $11M | $13M | $16M | $29M | $15M | $10M | |
| Capital Leases | $3M | $3M | $4M | $4M | $3M | $3M | $3M | $4M | $3M | $4M | $3M | $3M | $3M | $4M | $4M | $4M | |
| Other Non-current Liabilities | $3M | $2M | $2M | $583.0K | $573.0K | $564.0K | $554.0K | $545.0K | $536.0K | $527.0K | $497.0K | $455.0K | $309.0K | $244.0K | · | · | |
| Total Liabilities | $51M | $56M | $54M | $51M | $49M | $53M | $21M | $24M | $22M | $24M | $16M | $19M | $20M | $35M | $21M | $16M | |
| Long-term Debt | $29M | $29M | $28M | $28M | $28M | $29M | $3M | $3M | $3M | $3M | $3M | $3M | $2M | · | · | · | |
| Total Debt | $29M | · | $28M | $28M | $28M | · | $3M | $3M | $3M | · | $3M | $3M | $2M | · | $2M | $2M | |
| Common Stock | $3M | $3M | $3M | $3M | $3M | $3M | $3M | $3M | $3M | $3M | $3M | $3M | $2M | $2M | $2M | $2M | |
| Paid-in Capital | $430M | $393M | $391M | $370M | $369M | $367M | $364M | $328M | $326M | $324M | $322M | $320M | $303M | $295M | $284M | $281M | |
| Retained Earnings | $-427M | $-408M | $-390M | $-370M | $-356M | $-340M | $-326M | $-313M | $-298M | $-286M | $-267M | $-252M | $-230M | $-223M | $-191M | $-169M | |
| Treasury Stock | $48.0K | $48.0K | $48.0K | $48.0K | $48.0K | $48.0K | $48.0K | $48.0K | $48.0K | $48.0K | $48.0K | $48.0K | $48.0K | $48.0K | $48.0K | $48.0K | |
| AOCI | $164.0K | $61.0K | $58.0K | $12.0K | $40.0K | $48.0K | $23.0K | $28.0K | $25.0K | $20.0K | $27.0K | $22.0K | $25.0K | $26.0K | $30.0K | $10.0K | |
| Stockholders' Equity | $6M | $-12M | $4M | $3M | $16M | $30M | $41M | $17M | $30M | $41M | $58M | $70M | $76M | $74M | $95M | $114M | |
| Liabilities + Equity | $57M | $44M | $58M | $54M | $64M | $82M | $62M | $41M | $52M | $65M | $75M | $89M | $96M | $109M | $116M | $130M | |
| Shares Outstanding | 338,318,899 | 312,379,972 | 312,319,623 | 292,192,061 | 292,028,475 | 291,367,558 | 290,262,752 | 257,421,124 | 257,325,264 | 256,566,804 | 256,499,987 | 256,487,052 | 226,427,193 | 221,599,682 | 216,688,437 | 216,149,762 |
Cash Flow 8
| Metric | Trend | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 | Q2 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $-22M | $-14M | $-13M | $-11M | $-19M | $-10M | $-11M | $-10M | $-11M | $-11M | $-14M | $-19M | $-18M | $-17M | $-14M | $-14M | |
| CapEx | $6.0K | $35.0K | $91.0K | $43.0K | $16.0K | $13.0K | $507.0K | $513.0K | $2M | $3M | $3M | $3M | $2M | $2M | $844.0K | $1M | |
| Investing Cash Flow | $-6.0K | $-35.0K | $-86.0K | $-88.0K | $-102.0K | $-13.0K | $-507.0K | $-513.0K | $-2M | $-3M | $-3M | $6M | $3M | $-15M | $-83.0K | $-1M | |
| Stock Issued | $22M | · | · | · | $0 | $981.0K | · | · | $-145.0K | $16.0K | $98.0K | $15M | $6M | $8M | $555.0K | $361.0K | |
| Net Stock Activity | $22M | · | · | · | · | · | · | · | $-145.0K | · | · | · | $6M | · | · | · | |
| Financing Cash Flow | $35M | $2.0K | $19M | $61.0K | $-1M | $30M | $35M | $45.0K | $-145.0K | $16.0K | $-35.0K | $15M | $5M | $8M | $962.0K | $236.0K | |
| Net Change in Cash | $13M | $-14M | $6M | $-11M | $-21M | $20M | $23M | $-10M | $-13M | $-14M | $-17M | $2M | $-9M | $-24M | $-13M | $-15M | |
| Free Cash Flow | $-22M | · | · | · | $-19M | · | · | · | $-13M | · | · | · | $-20M | · | · | · |
Profitability 6
| Metric | Trend | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 | Q2 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating Margin | -1163.7% | · | -1006.0% | -1004.7% | -979.1% | · | -1166.5% | -1354.0% | -1204.7% | · | · | · | · | · | · | · | |
| Net Margin | -1250.9% | · | -1144.5% | -1073.5% | -1036.5% | · | -1141.7% | -1339.2% | -1175.9% | · | · | · | · | · | · | · | |
| EBITDA Margin | -1163.7% | · | -1006.0% | -1004.7% | -979.1% | · | -1166.5% | -1354.0% | -1204.7% | · | · | · | · | · | · | · | |
| ROA | -31.6% | · | -33.6% | -31.3% | -26.4% | · | -19.0% | -23.6% | -16.1% | · | -14.8% | -20.9% | -13.9% | · | -18.9% | -15.3% | |
| ROE | -176.6% | · | -90.8% | -147.5% | -66.5% | · | -26.2% | -35.0% | -22.5% | · | -18.4% | -24.9% | -16.0% | · | -21.7% | -16.9% | |
| ROIC | · | · | · | · | · | · | · | · | · | · | · | · | · | · | -23.7% | · |
Liquidity & Solvency 4
| Metric | Trend | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 | Q2 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 1.9 | · | 1.8 | 1.8 | 2.6 | · | 2.6 | 1.0 | 1.9 | · | 5.1 | 5.5 | 5.4 | · | 7.2 | 11.9 | |
| Quick Ratio | 1.5 | · | 1.6 | 1.5 | 2.2 | · | 2.5 | 0.9 | 1.6 | · | 4.8 | 5.2 | 4.4 | · | 6.8 | 11.1 | |
| Debt / Equity | 5.0 | · | 8.0 | 9.2 | 1.7 | · | 0.1 | 0.2 | 0.1 | · | 0.0 | 0.0 | 0.0 | · | 0.0 | 0.0 | |
| LT Debt / Equity | 4.2 | · | 8.0 | 9.2 | 1.7 | · | 0.0 | 0.1 | 0.1 | · | 0.0 | 0.0 | 0.0 | · | 0.0 | 0.0 |
Efficiency 1
| Metric | Trend | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 | Q2 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Asset Turnover | 0.0 | · | 0.0 | 0.0 | 0.0 | · | 0.0 | 0.0 | 0.0 | · | · | · | · | · | · | · |
Valuation (TTM) 14
| Metric | Trend | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 | Q2 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue TTM | $6M | · | $6M | $5M | $5M | · | $7M | $6M | $6M | · | $5M | $2M | $2M | · | $2M | $1M | |
| Net Income TTM | $-69M | · | $-63M | $-58M | $-56M | · | $-52M | $-62M | $-64M | · | $-76M | $-86M | $-82M | · | $-75M | $-77M | |
| Market Cap | $612M | · | $509M | $283M | $206M | · | $288M | $399M | $422M | · | $103M | $139M | $193M | · | $386M | $491M | |
| Enterprise Value | $610M | · | $505M | $284M | $196M | · | $252M | $386M | $398M | · | $52M | $71M | $127M | · | $286M | $377M | |
| P/E | · | · | -6.8 | -4.0 | -2.9 | · | -4.1 | -6.5 | -5.9 | · | -1.2 | -1.4 | -2.2 | · | -5.1 | -6.1 | |
| P/S | 99.7 | · | 88.7 | 55.2 | 43.2 | · | 41.2 | 62.9 | 74.8 | · | 20.1 | 68.4 | 94.1 | · | 239.7 | 429.3 | |
| P/B | 105.5 | · | 144.1 | 92.9 | 13.0 | · | 7.1 | 23.6 | 13.9 | · | 1.8 | 2.0 | 2.5 | · | 4.0 | 4.3 | |
| P / Tangible Book | 105.5 | · | 144.1 | 92.9 | 13.0 | · | 7.1 | 23.6 | 13.9 | · | 1.8 | 2.0 | 2.5 | · | 4.0 | 4.3 | |
| P / Cash Flow | -28.1 | · | · | · | -10.7 | · | · | · | -39.8 | · | · | · | -10.6 | · | · | · | |
| P / FCF | -28.1 | · | · | · | -10.6 | · | · | · | -32.6 | · | · | · | -9.7 | · | · | · | |
| EV / EBITDA | -34.2 | · | -28.6 | -20.6 | -13.5 | · | -19.0 | -25.0 | -32.6 | · | -3.4 | -3.0 | -7.2 | · | -12.4 | -19.3 | |
| EV / FCF | -28.0 | · | · | · | -10.1 | · | · | · | -30.8 | · | · | · | -6.4 | · | · | · | |
| EV / Revenue | 99.3 | · | 87.9 | 55.4 | 41.1 | · | 36.1 | 60.9 | 70.6 | · | 10.2 | 35.1 | 62.0 | · | 178.0 | 330.2 | |
| Earnings Yield | · | · | -14.7% | -24.7% | -34.0% | · | -24.2% | -15.5% | -17.1% | · | -85.0% | -71.8% | -44.5% | · | -19.7% | -16.3% |
Financial Statements Income statement, balance sheet, cash flow — annual, last 5 years
Income Statement
| 2025-12-31 | 2024-12-31 | 2023-12-31 | 2023-09-30 | 2023-06-30 | |
|---|---|---|---|---|---|
| Revenue | $4M | $4M | $6M | — | — |
| Operating Margin % | -1425.7% | -1350.4% | — | — | — |
| Net Income | $-68M | $-54M | $-63M | — | — |
| Diluted EPS | — | — | $-0.26 | — | — |
Balance Sheet
| 2025-12-31 | 2024-12-31 | 2023-12-31 | 2023-09-30 | 2023-06-30 | |
|---|---|---|---|---|---|
| Debt / Equity | -2.4 | 1.0 | — | — | — |
| Current Ratio | 1.1 | 2.9 | — | — | — |
| Quick Ratio | 0.8 | 2.7 | — | — | — |
Cash Flow
| 2025-12-31 | 2024-12-31 | 2023-12-31 | 2023-09-30 | 2023-06-30 | |
|---|---|---|---|---|---|
| Free Cash Flow | $-57M | $-46M | — | — | — |
Latest News Recent headlines mentioning this company
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