OGN Stock — Organon & Co.: Cash, EV, Pipeline

What they do

We sell these products through various channels including drug wholesalers and retailers, hospitals, government agencies and managed healthcare providers such as health maintenance organizations, pharmacy benefit managers and other institutions. We operate six manufacturing facilities, which are located in Belgium, Brazil, Indonesia, Mexico, the Netherlands and the United Kingdom (“UK”).

Source: 10-K FY2025 via SEC EDGAR

Share price

$13.89

Market cap

$3,647.8M

Cash

$1,455.0M

Enterprise value

$10,746.8M

Balance sheet

Cash	$1,455.0M
Debt	$8,554.0M
Net cash	-$7,099.0M
Enterprise value	$10,746.8M
Basic shares	262.6M shares
Fully diluted shares	271.9M shares
Fully diluted market cap	$3,777.3M
Cash per share	$5.54
Quarterly burn	+$107.0M generated

Cash figures as of 2026-09-30. Database snapshot: 2026-11-13.

Share structure

Common

262.6M

Pre-funded warrants

0.0M

Options

9.3M

RSUs

—

Warrants

—

Converts

0.0M

Conv preferred

—

ESPP reserve

—

FDSO

271.9M

Cap table as of 2026-10-23.

Price history

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Next catalyst

tapinarof cream, 1% · Now - Dec 24, 2026 Now · Phase 3 · Plaque Psoriasis

Upcoming catalysts

Expected	Drug	Phase	Indication	Mgmt guide
Now - Dec 24, 2026 Now	tapinarof cream, 1%	Phase 3	Plaque Psoriasis	—
Sep 12 - Oct 24 in 10 mo	Tapinarof cream, 1%	Phase 3	Atopic Dermatitis	—

Estimated readout windows: registry primary-completion date + 6-12 weeks. Windows already open are shown from "Now". Drug names link to ClinicalTrials.gov.

Full readout calendar →

Pipeline assets

OG-8012

Stage not disclosed · Active

Aliases OG-9489

Indications

Non-hormonal, on-demand contraception (Stage not disclosed)

Status note Investigational non-hormonal, on-demand contraceptive candidate (formerly OG-9489); no stage stated in the 10-Q.

OG-6219

Stage not disclosed · Terminated Modality: HSD17beta1 inhibitor

Target HSD17beta1

Indications

Endometriosis (Stage not disclosed)

Status note Clinical development program discontinued during 2025; OG-6219 did not demonstrate improvement in moderate-to-severe endometriosis-related overall pelvic pain compared to placebo. (Acquired via Forendo Pharma, 2021.)

OG-7191

Stage not disclosed · Terminated

Target HSD17β5

Indications

Not disclosed (Stage not disclosed)

Status note Clinical development program discontinued during 2025.

Per-asset detail extracted from the 10-Q filed 2026-07-31. Fields the filing does not state are marked "not disclosed" rather than filled from other sources.

Pipeline

Lead drug	Tapinarof cream, 1%
Lead indication	Plaque Psoriasis
Lead phase	Phase 3
Active trials	2
Collaborator trials	1

Active clinical trials

Trial	Phase	Status	Role	Sponsor	BP	Condition(s)	Mgmt guide
NCT05172726	Phase 3	Active, not recruiting	Sponsor	OGN	—	Plaque Psoriasis	—
NCT07265479	Phase 3	Active, not recruiting	Sponsor	OGN	—	Atopic Dermatitis	—
NCT06561321	Phase 2	Active, not recruiting	Collaborator	Indiana University	—	Palmoplantar Keratoderma	—

Sponsor-matched active trials from ClinicalTrials.gov (2 as sponsor, 1 as collaborator); "Sponsor" = company is the lead sponsor, "Collaborator" = company is a collaborator. The BP column flags big-pharma involvement as lead sponsor or collaborator (excluding the company itself). The Mgmt guide column shows what management guided for readout timing when a guided program matches the trial (hover for the quote, click for the source). Trial listings are not a company pipeline slide.

View all 3 active trials for Organon and Co on ClinicalTrials.gov

Specialist fund holders

Tracked specialist funds: ADAR1 Capital Management, Aisling Capital, Ally Bridge Group, Avoro Capital Advisors, BVF Partners, Baker Bros. Advisors, Boxer Capital, Braidwell LP, Casdin Capital, Cormorant Asset Management, DAFNA Capital, Deerfield Management, EcoR1 Capital, Frazier Life Sciences, Great Point Partners, Ikarian Capital, Logos Global Management, OrbiMed Advisors, Perceptive Advisors, RA Capital Management, RTW Investments, Sphera Biotech, Stonepine Capital, Tang Capital Partners, Vivo Capital.

Fund	Shares	Q/Q change	% of portfolio	Filing
ADAR1 Capital Management	10,000	no change	0.01%	2026-08-14

Specialist-fund positions from 13F filings. Q/Q change is vs the prior quarter's filing; % of portfolio is the fund's own reported portfolio weight.

Latest news

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OGN — Organon & Co. ☆

What they do

Balance sheet

Share structure

Price history

Next catalyst

Upcoming catalysts

Pipeline assets

Pipeline

Active clinical trials

Specialist fund holders

Latest news

OGN — Organon & Co.