Ocugen (OCGN) Earnings: Q3 2026 Results

The quarter ended September 30, 2026 and Ocugen published the results on November 4, 2026. Revenue and diluted EPS are shown against Q3 2025, the same quarter a year earlier, which takes seasonal swings out of the comparison.

• Ocugen's only revenue is collaborative arrangement revenue from its co-development agreements with CanSinoBIO, which is non-cash. Q4 2025 revenue was negative ($193 thousand) as first reported.
• Q3 2026 net loss was cut by a $16.6 million gain from the change in fair value of the derivative liability tied to the conversion feature of the 6.75% Convertible Notes issued in May 2026.

Source: Ocugen Q3 2026 results, November 4, 2026. Also in the Form 10-Q for the quarter ended September 30, 2026. Figures as reported; checked against the release on November 10, 2026.

From the earnings release

Ocugen gives no revenue or EPS outlook. Its release gives a cash runway and clinical timelines.

In its Q3 2026 release, Ocugen said:

“The Company's cash, cash equivalents, restricted cash, and short-term investments totaled $84.6 million as of September 30, 2026, which is expected to extend the runway into 2028”

“Top-line data from the 140-patient Phase 3 liMeliGhT trial are expected in the first quarter of 2027, followed by a planned Biologics License Application (BLA) submission”

“Topline data from the Phase 2/3 pivotal confirmatory trial (N=63 subjects) are anticipated in the second quarter of 2027, with a planned BLA submission to follow”

Source: Ocugen Q3 2026 release (Form 8-K, Exhibit 99.1), Nov 4, 2026.

This is the company's own guidance as of Nov 4, 2026, quoted as given. Walnut does not make forecasts of its own. Analyst estimates for the coming quarters are on the OCGN forecast page.

Revenue and diluted EPS for the last 5 quarters. Each date links to that quarter's release.

GAAP total revenue and net loss per common share, basic and diluted, each as first reported. The Q3 2025 release printed no per-share figure, so that row links to the Q3 2025 Form 10-Q.

We do not hold a confirmed date for Ocugen's next report. Companies post the date on their investor relations site a few weeks ahead, usually with the time of the conference call.

Each quarter keeps its own page with the figures as reported, so a link to one stays pointed at the same numbers after the next report.

• Q3 2026 (this page), reported Nov 4, 2026

Ocugen has no approved product. Its only revenue is collaborative arrangement revenue: $2.0 million in Q3 2026, against $1.8 million a year earlier, and $5.0 million over the first nine months of 2026. (Ocugen Q3 2026 release, Nov 4, 2026)

That revenue comes from Ocugen's co-development and commercialization agreements with CanSinoBIO, first signed for OCU400 in 2019 and later extended to OCU410 and OCU410ST. CanSinoBIO handles chemistry, manufacturing and controls development and clinical supply at its own cost, and Ocugen recognizes the value of those services as revenue over time, by the ratio of costs incurred to total estimated costs. It was approximately $2.0 million in the quarter, and deferred revenue under the agreements was $2.4 million at September 30, 2026. (Ocugen Form 10-Q, Q3 2026, Nov 4, 2026)

The revenue is non-cash and tracks progress on CanSinoBIO's work, so it can move sharply from quarter to quarter, and it was negative in Q4 2025. Over the first nine months of 2026 the cash flow statement removed $3.5 million of non-cash income from collaborative arrangements. (Ocugen Form 10-Q, Q3 2026, Nov 4, 2026)

Ocugen is licensing OCU400 region by region. In the quarter it signed an exclusive Middle East and North Africa license with Roots Pharmaceutical, with up to $4 million in upfront and initial development milestones, up to $255 million of potential sales milestones and a 22% royalty on net sales. It followed a South Korea license with Kwangdong Pharmaceutical signed in September 2025. (Ocugen Q3 2026 release, Nov 4, 2026; Ocugen Form 10-Q, Q3 2026, Nov 4, 2026)

Ocugen reports GAAP EPS only. Its net loss was $3.6 million, or $0.01 per share, in Q3 2026, against $20.1 million, or $0.07, a year earlier. The loss from operations was nearly unchanged at $17.8 million: research and development rose to $12.5 million from $11.1 million and general and administrative fell to $7.2 million from $8.2 million. (Ocugen Q3 2026 release, Nov 4, 2026)

Most of the narrower loss came from a non-cash gain of $16.6 million on the change in fair value of a derivative liability. In May 2026 Ocugen issued $130.0 million of 6.75% Convertible Senior Notes due 2034, and the embedded conversion feature is carried as a derivative liability remeasured each quarter. Interest expense rose to $3.1 million from $1.3 million. (Ocugen Q3 2026 release, Nov 4, 2026; Ocugen Form 10-Q, Q3 2026, Nov 4, 2026)

Weighted shares were 339,214,302, against 304,003,247 a year earlier. Ocugen sold common stock and warrants for $23.4 million net over the nine months and received $15.0 million from warrant exercises. (Ocugen Q3 2026 release, Nov 4, 2026; Ocugen Form 10-Q, Q3 2026, Nov 4, 2026)

Diluted EPS divides net income by the weighted average number of shares outstanding in the quarter, plus the shares that options and other equity awards could add. Buybacks shrink that count and lift EPS for the same profit; share issuance and stock awards enlarge it.

Ocugen gives no revenue or EPS outlook. Its release says cash, cash equivalents, restricted cash and short-term investments of $84.6 million at September 30, 2026 are expected to extend the runway into 2028. Convertible notes were carried at $83.1 million and the derivative liability at $17.1 million on the balance sheet. (Ocugen Q3 2026 release, Nov 4, 2026; Ocugen Form 10-Q, Q3 2026, Nov 4, 2026)

The dates Ocugen names are top-line data from the 140-patient Phase 3 liMeliGhT trial of OCU400 in the first quarter of 2027, followed by a planned BLA submission, and topline data from the OCU410ST Phase 2/3 trial in Stargardt disease (63 subjects) in the second quarter of 2027. Dosing has begun in ArMaDa3, a 240-subject Phase 3 trial of OCU410 in geographic atrophy. (Ocugen Q3 2026 release, Nov 4, 2026)

A consensus figure is the average of the models published by the analysts who cover Ocugen, collected by a data provider and revised up to the day of the report. A quarter that lands above it says how expectations were set as much as how the business did, and the share price on the day also reflects the guidance and the lines no consensus covers.

The consensus figures on this page are Yahoo Finance's, as pulled on the date shown. Each comes with the number of analysts behind it; the smaller that number, the more one revised estimate can move the average.

The figures below are the ones Ocugen's own release and filings put weight on for Q3 2026, with the latest reported value for each.

What the quarter means for a holding is a separate question from what it reported. The case for and against owning OCGN is on is OCGN a buy or a sell?, what analysts expect next is on the OCGN forecast, and what the company does is on the Ocugen (OCGN) stock page.

Every number on this page can be traced to a document Ocugen published. Checking one takes a couple of minutes, and it is worth doing before you quote a figure anywhere.

• The results release is the document linked in the source line above. Companies publish it on their investor relations site at the moment results go out, and it carries the headline tables: revenue, operating income, net income and EPS for the quarter and the year-ago quarter.
• The same release is filed with the SEC as Exhibit 99.1 to a Form 8-K under Item 2.02, usually on the day of the report. The SEC copy does not change after the fact, which makes it the safer thing to link when you cite a number.
• The quarterly report (Form 10-Q) follows within a few weeks and carries the full financial statements, the segment note and management's discussion of what changed. The fourth quarter is covered by the annual report (Form 10-K) instead.
• Restated comparisons are flagged in the notes on this page. When a company redraws its segments or changes how it adjusts EPS, it restates the year-ago column, so the year-ago figure in a new release can differ from the one printed a year ago. This page always uses the comparison in the newer release, because that is the like-for-like one.

A walk-through of every line in a release, with what each one tells you, is in how to read an earnings report.