Ocugen Management

Management criteria checks 2/4

Ocugen's CEO is Shankar Musunuri, appointed in Sep 2013, has a tenure of 11.17 years. total yearly compensation is $4.54M, comprised of 16.7% salary and 83.3% bonuses, including company stock and options. directly owns 0.64% of the company’s shares, worth $1.69M. The average tenure of the management team and the board of directors is 1.8 years and 4.8 years respectively.

Key information

Shankar Musunuri

Chief executive officer

US$4.5m

Total compensation

CEO salary percentage	16.7%
CEO tenure	11.2yrs
CEO ownership	0.6%
Management average tenure	1.8yrs
Board average tenure	4.8yrs

Recent management updates

Recent updates

Ocugen announces peer-reviewed publication on COVID-19 vaccine

Sep 14

Ocugen initiated with Buy at Mizuho citing favorable setup ahead of key readout

Aug 23

CEO Compensation Analysis

How has Shankar Musunuri's remuneration changed compared to Ocugen's earnings?
Date	Total Compensation	Salary	Company Earnings
Sep 30 2024	n/a	n/a	-US$51m
Jun 30 2024	n/a	n/a	-US$50m
Mar 31 2024	n/a	n/a	-US$58m
Dec 31 2023	US$5m	US$758k	-US$63m
Sep 30 2023	n/a	n/a	-US$79m
Jun 30 2023	n/a	n/a	-US$90m
Mar 31 2023	n/a	n/a	-US$86m
Dec 31 2022	US$8m	US$715k	-US$87m
Sep 30 2022	n/a	n/a	-US$74m
Jun 30 2022	n/a	n/a	-US$63m
Mar 31 2022	n/a	n/a	-US$69m
Dec 31 2021	US$8m	US$541k	-US$58m
Sep 30 2021	n/a	n/a	-US$48m
Jun 30 2021	n/a	n/a	-US$47m
Mar 31 2021	n/a	n/a	-US$38m
Dec 31 2020	US$2m	US$500k	-US$34m
Jun 30 2020	n/a	n/a	-US$30m
Mar 31 2020	n/a	n/a	-US$18m
Dec 31 2019	US$572k	US$420k	-US$20m
Sep 30 2019	n/a	n/a	-US$39m
Jun 30 2019	n/a	n/a	-US$18m
Mar 31 2019	n/a	n/a	-US$19m
Dec 31 2018	US$431k	US$420k	-US$18m

Compensation vs Market: Shankar's total compensation ($USD4.54M) is above average for companies of similar size in the US market ($USD1.47M).

Compensation vs Earnings: Shankar's compensation has been consistent with company performance over the past year.

CEO

Shankar Musunuri (60 yo)

11.2yrs

Tenure

US$4,535,231

Compensation

Dr. Shankar Musunuri, Ph D., MBA, is the Co-Founder of Ocugen, Inc. since September 2013 and has been its Chairman and Chief Executive Officer and Director since September 27, 2019. He served as Interim Pr...

Leadership Team

Name	Position	Tenure	Compensation	Ownership
Shankar Musunuri	Co-Founder	11.2yrs	US$4.54m	0.64% $ 1.7m
Uday Kompella	Co-founder & Independent Director	11.2yrs	US$102.13k	0.24% $ 635.2k
Arun Upadhyay	Chief Scientific Officer and Head of Research & Development	2.2yrs	US$1.38m	0.037% $ 98.3k
Ramesh Ramachandran	Principal Financial Officer & Principal Accounting Officer	less than a year	no data	0.00062% $ 1.6k
John Kouch	General Counsel	no data	no data	no data
Tiffany Hamilton	AVP & Head of Corporate Communications	no data	no data	no data
Kristen Craft	Head of People & Culture	less than a year	no data	no data
Michael Shine	Senior Vice President of Commercial	3.4yrs	no data	no data
Jyothy Pillai	VP & Head of Regulatory & Quality	1.8yrs	no data	no data
Huma Qamar	Chief Medical Officer	less than a year	no data	0.00056% $ 1.5k
Durgaprasad Annavajjula	VP, Head of Program Management & Chief of Staff	less than a year	no data	no data

1.8yrs

Average Tenure

49yo

Average Age

Experienced Management: OCGN's management team is not considered experienced ( 1.8 years average tenure), which suggests a new team.

Board Members

Name	Position	Tenure	Compensation	Ownership
Shankar Musunuri	Co-Founder	5.2yrs	US$4.54m	0.64% $ 1.7m
Uday Kompella	Co-founder & Independent Director	5.2yrs	US$102.13k	0.24% $ 635.2k
Prabhavathi Fernandes	Lead Independent Director	4.6yrs	US$124.63k	0% $ 0
Marna Whittington	Independent Director	2.7yrs	US$103.32k	0.00034% $ 892.3
Carl Regillo	Member of Retina Scientific Advisory Board	5yrs	no data	no data
David Boyer	Member of Retina Scientific Advisory Board	no data	no data	no data
Bruce Forrest	Vaccine Scientific Advisory Board Member	3.9yrs	no data	no data
Junge Zhang	Independent Director	5.2yrs	US$87.13k	0.40% $ 1.0m
Geeta Lalwani	Member of Retina Scientific Advisory Board	no data	no data	no data
Kirsten Castillo	Independent Director	4.6yrs	US$110.82k	0.017% $ 45.0k
Satishchandran Chandrasekhar	Vaccine Scientific Advisory Board Member	3.9yrs	no data	no data
Mark Pennesi	Member of Retina Scientific Advisory Board	5yrs	no data	no data

4.8yrs

Average Tenure

60yo

Average Age

Experienced Board: OCGN's board of directors are considered experienced (4.8 years average tenure).

Ocugen Management

Management criteria checks 2/4

Key information

Recent management updates

Ocugen, Inc. Announces Executive Changes

Ocugen, Inc., Annual General Meeting, Jun 28, 2024

Ocugen, Inc. Appoints Huma Qamar as Chief Medical Officer

Ocugen, Inc. Announces Bob Smith Joins Business Advisory Board

Insufficient new directors

Ocugen, Inc. Appoints Connie Collingsworth to the Business Advisory Board

Recent updates

Ocugen, Inc. Announces Compelling Preliminary Data for OCU410--Single Dose Novel Modifier Gene Therapy to Treat Geographic Atrophy Secondary to Dry Age-Related Macular Degeneration

New minor risk - Share price stability

Ocugen, Inc. Announces Executive Changes

Consensus revenue estimates increase by 32%

New major risk - Revenue and earnings growth

New minor risk - Revenue size

Ocugen, Inc. announced that it has received $30 million in funding

Ocugen, Inc. to Report Q3, 2024 Results on Nov 08, 2024

Ocugen, Inc. Announces Removal of Clinical Hold on Investigational New Drug Application for Ocu200 Phase 1 Clinical Trial

Consensus revenue estimates increase by 340%

Price target increased by 11% to US$7.00

Ocugen, Inc. Announces FDA Approval of Expanded Access Program for Patients with Retinitis Pigmentosa

New minor risk - Shareholder dilution

Ocugen, Inc. has completed a Follow-on Equity Offering in the amount of $35 million.

Ocugen, Inc. has completed a Follow-on Equity Offering in the amount of $35 million.

Ocugen, Inc. to Report Q2, 2024 Results on Aug 08, 2024

Ocugen, Inc. Announces Completion of Dosing in Subjects with Geographic Atrophy Secondary to dAMD in High-Dose Cohort of Phase 1/2 Armada Clinical Trial of OCU410 —A Novel Modifier Gene Therapy

Ocugen, Inc. Announces Data and Safety Monitoring Board Approves Enrollment in High Dose Cohort 3 in GARDian Study for Stargardt Disease

Ocugen, Inc. Announces First Patient Dosed in Phase 3 Limelight Clinical Trial for Ocu400—First Gene Therapy in Phase 3 with A Broad Retinitis Pigmentosa Indication

Law Offices of Howard G. Smith Alleges Lawsuit Against Ocugen, Inc

Ocugen, Inc. Announces Positive Outcome of the Data and Safety Monitoring Board Review for its Phase 1/2 ArMaDa Clinical Trial for OCU410

Ocugen, Inc., Annual General Meeting, Jun 28, 2024

Ocugen Announces Dosing Completion of Subjects with Stargardt Disease in Cohort 2 of Phase 1/2 GARDian Clinical Trial of OCU410ST—A Modifier Gene Therapy

Ocugen, Inc. Announces Ocu400 Modifier Gene Therapy Phase 1/2 Data Presentation At Retinal Cell and Gene Therapy Innovation Summit 2024

Ocugen, Inc. Announces Dosing Completion of Subjects with Geographic Atrophy in Cohort 2 of Phase 1/2 ArMaDa Clinical Trial of OCU410 --A Modifier Gene Therapy

Rosen Law Firm Files Securities Class Action Lawsuit on Behalf of Ocugen, Inc

Ocugen, Inc. Announces U.S. FDA Clearance of IND Amendment to Initiate OCU400 Phase 3 Clinical Trial

Ocugen, Inc. Announces Positive Data and Safety Monitoring Board Review and Initiation of Enrollment in Medium Dose for Ocu410--A Modifier Gene Therapy-- in Phase 1/2 Armada Study for Geographic Atrophy

Ocugen Provides Business Update

Ocugen, Inc. to Report Q4, 2023 Results on Apr 02, 2024

Ocugen, Inc. Appoints Huma Qamar as Chief Medical Officer

Ocugen, Inc. Announces Dosing Completion of Subjects with Geographic Atrophy in Cohort 1 of Phase 1/2 Clinical Trial Evaluating the Safety and Efficacy of OCU410

New major risk - Share price stability

Price target increased by 19% to US$6.33

Ocugen, Inc. Announces Dosing Completion of Subjects with Stargardt in Cohort 1 of Phase 1/2 Clinical Trial Evaluating the Safety and Efficacy of OCU410ST

New minor risk - Share price stability

Price target increased by 13% to US$4.50

Ocugen, Inc. Announces Bob Smith Joins Business Advisory Board

Insufficient new directors

Forecast to breakeven in 2026

Ocugen, Inc. Gains FDA Alignment on Key Aspects of OCU400 —Modifier Gene Therapy—Pivotal Phase 3 Study Design

Ocugen, Inc. Announces First Patient Dosed in Phase 1/2 Clinical Trial Evaluating the Safety and Efficacy of OCU410—Modifier Gene Therapy—For Geographic Atrophy Secondary to Dry Age-Related Macular Degeneration

Price target decreased by 17% to US$4.00

Ocugen, Inc. Announces First Patient Dosed in Phase 1/2 Clinical Trial Evaluating the Safety and Efficacy of OCU410ST --Modifier Gene Therapy-- for Stargardt Disease

Ocugen, Inc. to Report Q3, 2023 Results on Nov 09, 2023

Ocugen, Inc. Announces Ocugen Mucosal Vaccine Candidate OCU500 Selected by NIH NIAID Project NextGen for Inclusion in Clinical Trials

Ocugen, Inc. Appoints Connie Collingsworth to the Business Advisory Board

Ocugen, Inc. Announces Executive Changes

Ocugen, Inc. Announces Positive Clinical Study Update from the Phase 1/2 Trial of Ocu400, A Modifier Gene Therapy Product Candidate, for the Treatment of Retinitis Pigmentosa and Leber Congenital Amaurosis

Ocugen, Inc. to Report Q2, 2023 Results on Aug 21, 2023

Ocugen, Inc. announced delayed 10-Q filing

Price target decreased by 19% to US$3.90

Independent Director recently bought US$100k worth of stock

Ocugen, Inc. Announces Business Advisory Board

Ocugen, Inc. has completed a Follow-on Equity Offering in the amount of $15 million.

Ocugen, Inc. has completed a Follow-on Equity Offering.

Consensus revenue estimates fall by 58%

No longer forecast to breakeven

Co-Founder exercised options and sold US$75k worth of stock

Ocugen, Inc. to Report Q4, 2022 Results on Feb 28, 2023

Ocugen, Inc. Appoints Quan A. Vu as Chief Business Officer

Co-Founder notifies of intention to sell stock

Ocugen, Inc. Announces Positive Top-Line Data for COVID-19 Vaccine Candidate COVAXIN™ (BBV152) in Phase 2/3 Immuno-Bridging and Broadening Study: Both Co-Primary Endpoints Met

Forecast to breakeven in 2025

Co-Founder notifies of intention to sell stock

Ocugen, Inc Announces Update on OCU400 Phase 1/2 Clinical Trial Targeting Retinitis Pigmentosa and Leber Congenital Amaurosis

High number of new directors

Ocugen, Inc. to Report Q3, 2022 Results on Nov 08, 2022

Co-Founder exercised options and sold US$115k worth of stock