2024 Q4 Form 10-Q Financial Statement

#000162828024047846 Filed on November 14, 2024

View on sec.gov

Income Statement

Concept 2024 Q4 2024 Q3
Revenue $1.136M
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $6.280M
YoY Change -30.84%
% of Gross Profit
Research & Development $8.108M
YoY Change 27.85%
% of Gross Profit
Depreciation & Amortization $613.0K
YoY Change 240.56%
% of Gross Profit
Operating Expenses $14.39M
YoY Change -6.72%
Operating Profit -$13.25M
YoY Change -14.08%
Interest Expense $300.0K
YoY Change -57.14%
% of Operating Profit
Other Income/Expense, Net $282.0K
YoY Change -77.65%
Pretax Income -$12.97M
YoY Change -8.4%
Income Tax
% Of Pretax Income
Net Earnings -$12.97M
YoY Change -8.42%
Net Earnings / Revenue -1141.73%
Basic Earnings Per Share
Diluted Earnings Per Share -$0.05
COMMON SHARES
Basic Shares Outstanding 291.3M shares 287.9M shares
Diluted Shares Outstanding

Balance Sheet

Concept 2024 Q4 2024 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $38.70M
YoY Change -27.67%
Cash & Equivalents $39.00M
Short-Term Investments
Other Short-Term Assets $1.977M
YoY Change -36.23%
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $40.67M
YoY Change -28.09%
LONG-TERM ASSETS
Property, Plant & Equipment $17.13M
YoY Change 18.39%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $3.828M
YoY Change 4.59%
Total Long-Term Assets $21.26M
YoY Change 17.29%
TOTAL ASSETS
Total Short-Term Assets $40.67M
Total Long-Term Assets $21.26M
Total Assets $61.94M
YoY Change -17.07%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.494M
YoY Change -48.85%
Accrued Expenses $4.833M
YoY Change -29.96%
Deferred Revenue
YoY Change
Short-Term Debt $0.00
YoY Change
Long-Term Debt Due $1.316M
YoY Change 3.13%
Total Short-Term Liabilities $15.76M
YoY Change 41.54%
LONG-TERM LIABILITIES
Long-Term Debt $1.571M
YoY Change 5.08%
Other Long-Term Liabilities $554.0K
YoY Change 11.47%
Total Long-Term Liabilities $5.544M
YoY Change 7.53%
TOTAL LIABILITIES
Total Short-Term Liabilities $15.76M
Total Long-Term Liabilities $5.544M
Total Liabilities $21.31M
YoY Change 30.78%
SHAREHOLDERS EQUITY
Retained Earnings -$326.3M
YoY Change 22.39%
Common Stock $2.904M
YoY Change 13.17%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $40.63M
YoY Change
Total Liabilities & Shareholders Equity $61.94M
YoY Change -17.07%

Cashflow Statement

Concept 2024 Q4 2024 Q3
OPERATING ACTIVITIES
Net Income -$12.97M
YoY Change -8.42%
Depreciation, Depletion And Amortization $613.0K
YoY Change 240.56%
Cash From Operating Activities -$11.27M
YoY Change -17.72%
INVESTING ACTIVITIES
Capital Expenditures $507.0K
YoY Change -84.91%
Acquisitions
YoY Change
Other Investing Activities $0.00
YoY Change
Cash From Investing Activities -$507.0K
YoY Change -84.91%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 34.79M
YoY Change -116053.33%
NET CHANGE
Cash From Operating Activities -11.27M
Cash From Investing Activities -507.0K
Cash From Financing Activities 34.79M
Net Change In Cash 23.01M
YoY Change -234.62%
FREE CASH FLOW
Cash From Operating Activities -$11.27M
Capital Expenditures $507.0K
Free Cash Flow -$11.78M
YoY Change -30.96%

Facts In Submission

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us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
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CapitalExpendituresIncurredButNotYetPaid
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us-gaap Nature Of Operations
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Nature of Business<div style="margin-top:12pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Ocugen, Inc., together with its wholly owned subsidiaries ("Ocugen" or the "Company"), is a biotechnology company focused on discovering, developing, and commercializing novel gene and cell therapies and vaccines that improve health and offer hope for patients across the globe. The Company is headquartered in Malvern, Pennsylvania, and manages its business as one operating segment.</span></div><div style="margin-top:12pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Going Concern</span></div><div style="margin-top:12pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Company has incurred recurring net losses since inception and has funded its operations to date through the sale of common stock, warrants to purchase common stock, the issuance of convertible notes and debt, and grant proceeds. The Company incurred net losses of approximately $40.2 million and $52.1 million for the nine months ended September 30, 2024 and 2023, respectively. As of September 30, 2024, the Company had an accumulated deficit of $326.3 million and cash totaling $38.7 million. This amount will not be sufficient to fund the Company's operations over the next 12 months after the date that the condensed consolidated financial statements are issued.</span><span style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Due to the inherent uncertainty involved in making estimates and the risks associated with the research, development, and commercialization of biotechnology products, the Company may have based this estimate on assumptions that may prove to be different than actuals, and the Company's operating plan may change as a result of many factors currently unknown to the Company.</span></div><div><span><br/></span></div><div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:112%">Subsequent to September 30, 2024, the Company entered into a debt financing transaction with Avenue Capital for net proceeds of $29.2 million, refer to Note 14 for additional information. Despite this additional funding, the Company is subject to risks and uncertainties frequently encountered by companies in its industry, and while the Company intends to continue its research, development, and commercialization efforts for its product candidates, the Company will require significant additional funding. If the Company is unable to obtain additional funding in the future and/or its research, development, and commercialization efforts require higher than anticipated capital, there will be a negative impact on the financial viability of the Company. The Company will continue to explore options to fund its operations through public and private placements of equity and/or debt, payments from potential strategic research and development arrangements, sales of assets, licensing and/or collaboration arrangements with pharmaceutical companies or other institutions, funding from the government, particularly for the development of the Company's novel inhaled mucosal vaccine platform, or funding from other third parties. Such financing and funding may not be available at all, or on terms that are favorable to the Company. While Company management believes that it has a plan to fund operations, its plan may not be successfully implemented. If we cannot obtain the necessary funding, we will need to delay, scale back, or eliminate some or all of our research and development programs and commercialization efforts; consider other various strategic alternatives, including a merger or sale; or cease operations. If we cannot expand our operations or otherwise capitalize on our business opportunities because we lack sufficient capital, our business, financial condition, and results of operations could be materially adversely affected.</span></div><div style="margin-top:12pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">As a result of these factors, together with the anticipated continued spending that will be necessary to continue to research, develop, and commercialize the Company's product candidates, there is substantial doubt about the Company's ability to continue as a going concern within one year after the date that these condensed consolidated financial statements are issued. The condensed consolidated financial statements do not contain any adjustments that might result from the resolution of any of the above uncertainties.</span></div>
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<div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:115%">Use of Estimates</span></div><div style="margin-top:12pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In preparing the condensed consolidated financial statements in conformity with GAAP, management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, as well as the reported amounts of expenses during the reporting period. Due to the inherent uncertainty involved in making estimates, actual results reported in future periods may be affected by changes in these estimates. On an ongoing basis, the Company evaluates its estimates and assumptions. These estimates and assumptions include those used in the accounting for research and development contracts, including clinical trial accruals, determination of the collaborative arrangements' transaction price, calculating the progress towards the satisfaction of the performance obligations under the collaborative arrangements, and determining the value of the non-cash consideration received under collaborative arrangements.</span></div>
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<div style="margin-top:12pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Concentration of Credit Risk</span></div><div style="margin-top:12pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Financial instruments that potentially subject the Company to significant concentrations of credit risk consist of cash and restricted cash. The Company's cash and restricted cash are held in accounts at financial institutions that may exceed federally insured limits. The Company has not experienced any credit losses in such accounts and does not believe it is exposed to significant credit risk beyond the standard credit risk associated with commercial banking relationships.</span></div>
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Expiration Period
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ocgn-20240930_def.xml Edgar Link unprocessable