OCGNOcugen, Inc.
Biological Products, (no Diagnostic Substances)
- Revenue
- $4M
- 8.8% YoY
- Operating margin
- -1425.7%
- 5.6% YoY
- EBITDA
- −$61M
- 14% YoY
- Market cap
- —
- Employees
- —
- Net debt / EBITDA
- —
- −$98M net debt
- AI in 10-K
- —
Red flags 1 of 9
- TSR below peersClear—3+ of last 5 years
- High CEO pay despite TSRClear—Median CEO pay ≥ $15M and TSR flag
- Active 13DClear0 filingsActive-intent 13D in 18 months
- Net insider sellingClear$0 netNet sales over $10M in 12 months
- Earnings not backed by cashClear—Cash flow under 80% of net income
- Dilutive SBCFired175% of revenueOver 10% of revenue
- Payouts exceed cash flowClear0% of cash flowBuybacks + dividends over cash flow
- Goodwill-heavyClear—Over 40% of assets
- Shareholder dissentClear—Any vote under 80% support
Financials
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | YoY |
|---|---|---|---|---|---|---|
| Revenue | $0 | $2M | $6M | $4M | $4M | 8.8% |
| Operating income | −$58M | −$89M | −$66M | −$55M | −$63M | 15% |
| Net income | −$58M | −$87M | −$63M | −$54M | −$68M | 26% |
| Operating cash flow | −$48M | −$60M | −$62M | −$42M | −$57M | 35% |
| Capex | $939K | $4M | $10M | $3M | $185K | 95% |
| Stock-based comp | $7M | $11M | $9M | $7M | $8M | 3.8% |
| Buybacks | $0 | — | — | — | — |
Deal filings
None.
13D filers
None on file.
Insider trading
- Open-market buys, 12 mo
- $0 · 0
- Open-market sells, 12 mo
- $1M · 4
- Net
- −$1M
Pay vs performance
| Year | CEO total comp | Comp actually paid | TSR (indexed) | Peer TSR |
|---|---|---|---|---|
| FY2025 | $5M | $6M | 104 | — |
| FY2024 | $2M | $3M | 62 | — |
| FY2023 | $5M | $1M | 44 | — |