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

Share price

$13.68

Market cap

$3,592.5M

Cash

$1,132.0M

Enterprise value

$11,013.5M

Balance sheet

Cash	$1,132.0M
Debt	$8,553.0M
Net cash	-$7,421.0M
Enterprise value	$11,013.5M
Basic shares	262.6M shares
Fully diluted shares	289.0M shares
Fully diluted market cap	$3,953.0M
Cash per share	$4.31

Cash figures as of 2026-06-30. Database snapshot: 2026-09-21.

Price history

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Upcoming catalysts

Expected	Drug	Phase	Indication	Mgmt guide
Nov 12 - Dec 24	tapinarof cream, 1%	Phase 3	Plaque Psoriasis	—
Sep 12 - Oct 24	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

Institutional holders

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

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

OGN — Organon & Co.

Balance sheet

Price history

Upcoming catalysts

Pipeline assets

Pipeline

Active clinical trials

Institutional holders