Ocugen, Inc. (OCGN) - Dilution Analysis

Visualizing historical and potential share dilution over time

Dilution Analysis

High Risk
Significant dilution risk
Last updated: March 20, 2026

Risk Assessment Details

Potential Dilution: 89.42% of current shares
Recent Dilution: 28.36% (2 years)
Historical Dilution Factor: significant recent dilution
Outstanding Shares
300M
Potential Supply
270M
Additional shares possible
Splits
None
Past 2 years

Summary

OCGN currently has 304M outstanding shares. with significant dilution risk as 272M authorized shares could dilute existing holders by 89.4%. The company has significantly diluted shareholders by 28.36% over the past 2 years, indicating aggressive capital raising.

Share Structure Timeline

Outstanding Shares
Total Supply

Historical Data Points

Date Event Outstanding Supply
Mar 20, 2026

8-K filing: On March 12, 2026, an investor exercised warrants to purchase 10,000,000 shares of Ocugen Inc. common stock for gross proceeds of $15.0 million. ($15.0M proceeds)

300M 270M
Jan 21, 2026

8-K filing: Ocugen, Inc. entered into an underwriting agreement to issue and sell 15,000,000 shares of common stock at $1.50 per share, with net proceeds expected to be approximately $20.8 million. ($22.5M proceeds)

300M 270M
Nov 05, 2025

10-Q filing | 304.0M shares outstanding

300M 270M
May 09, 2025

10-Q filing | 292.0M shares outstanding

290M 270M
Mar 05, 2025

10-K filing | 271.0M shares outstanding

270M 270M
Jan 31, 2025

S-3 filing: This S-3 filing relates to the offer and sale of up to 57,542,768 shares of common stock by selling stockholders, issuable upon conversion of notes and from a private placement.

290M 270M
Nov 14, 2024

10-Q filing | 278.2M shares outstanding

280M 210M
Nov 08, 2024

8-K filing: Ocugen, Inc. entered into a Loan and Security Agreement with Avenue Capital Management and issued 1,056,338 shares of common stock to the lenders.

290M 210M
Aug 08, 2024

10-Q filing | 287.9M shares outstanding

290M 210M
Aug 01, 2024

8-K filing: Ocugen, Inc. entered into an underwriting agreement to sell 30,434,783 shares of common stock at $1.15 per share in a public offering, with an option for the underwriter to purchase an additional 4,565,217 shares, expecting net proceeds of approximately $32.6 million. ($35.0M proceeds)

260M 210M
May 14, 2024

10-Q filing | 257.2M shares outstanding

260M 210M
May 10, 2024

8-K filing: Ocugen, Inc. declared a dividend of one one-thousandth (1/1,000th) of a share of Series C Preferred Stock for each outstanding share of the Company's common stock to stockholders of record at 5:00 p.m. Eastern Time on May 20, 2024.

240M 210M
Apr 18, 2024

S-3 filing: Ocugen may offer and sell up to $175,000,000 in the aggregate principal amount of common stock, preferred stock, and debt securities.

240M 210M
Apr 16, 2024

10-K filing | 244.3M shares outstanding

240M 210M
Nov 09, 2023

10-Q filing | 256.5M shares outstanding

260M 210M
Aug 21, 2023

10-Q filing | 238.3M shares outstanding

240M 210M
May 25, 2023

8-K filing: Ocugen, Inc. entered into an underwriting agreement with Cantor Fitzgerald & Co. to issue and sell 30,000,000 shares of common stock at a price of $0.50 per share, with an option for the underwriter to purchase an additional 4,500,000 shares. ($15.0M proceeds)

230M 210M
May 05, 2023

10-Q filing | 225.5M shares outstanding

230M 210M
Feb 28, 2023

10-K filing | 214.6M shares outstanding

210M 210M
Feb 28, 2023

POS AM filing: Ocugen may offer and sell, from time to time, up to $175,000,000 in aggregate principal amount of common stock, preferred stock and debt securities in one or more offerings.

220M 210M
Nov 08, 2022

10-Q filing | 216.6M shares outstanding

220M 210M
Aug 05, 2022

10-Q filing | 215.9M shares outstanding

220M 210M
May 06, 2022

10-Q filing | 205.7M shares outstanding

210M 210M
Feb 28, 2022

10-K filing | 195.0M shares outstanding

200M 210M
Feb 25, 2022

8-K filing: Ocugen, Inc. entered into an underwriting agreement to issue and sell 15,973,420 shares of common stock at $3.13 per share, with an option for the underwriter to purchase an additional 2,396,013 shares. ($0.0M proceeds)

200M 210M
Jan 28, 2022

8-K filing: Ocugen, Inc. issued warrants to Liminal Biosciences, Inc. to purchase 2,311,404 shares of Ocugen's common stock at an exercise price of $3.76 as consideration for entering into a non-binding letter of intent for the acquisition of Liminal's manufacturing site.

200M 210M
Nov 09, 2021

10-Q filing | 198.8M shares outstanding

200M 210M
Aug 06, 2021

10-Q filing | 195.6M shares outstanding

200M 210M
May 07, 2021

10-Q filing | 198.2M shares outstanding

200M 210M
Apr 27, 2021

8-K filing: Ocugen, Inc. entered into a Securities Purchase Agreement to issue and sell 10,000,000 shares of common stock at $10.00 per share in a registered direct offering, with gross proceeds of approximately $100 million, and H.C. Wainwright & Co., LLC acting as placement agent with a cash fee of 6.5% of the gross proceeds. ($100.0M proceeds)

200M 210M
Mar 19, 2021

10-K filing | 188.1M shares outstanding

190M 210M
Feb 09, 2021

8-K filing: Ocugen, Inc. entered into a Securities Purchase Agreement to issue and sell 3,000,000 shares of common stock at a price of $7.65 per share in a registered direct offering, expecting to receive gross proceeds of approximately $23.0 million. ($23.0M proceeds)

160M 210M
Nov 06, 2020

10-Q filing | 162.0M shares outstanding

160M 210M
Aug 14, 2020

10-Q filing | 135.0M shares outstanding

140M 210M
May 08, 2020

10-Q filing | 74.5M shares outstanding

75M 210M
Apr 22, 2020

8-K filing: Ocugen, Inc. completed a private placement of Common Stock and entered into Amendment and Exchange Agreements with investors, exchanging Series A Warrants for common stock and promissory notes; the company also reports current shares outstanding.

75M 210M
Mar 27, 2020

10-K filing | 52.6M shares outstanding

53M 210M
Mar 27, 2020

S-3 filing: Ocugen, Inc. files an S-3 registration statement to offer and sell up to $75,000,000 in the aggregate of common stock, preferred stock, debt securities, warrants, and/or units from time to time.

N/A 210M
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