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OCUL

Ocular Therapeutix, Inc.

OCUL

Ocular Therapeutix, Inc. • NASDAQ
$12.14 ▲ 0.04% (+0.01)
Market Cap $2.11 B
52w High $13.85
52w Low $5.79
Dividend Yield 0%
P/E -8.49
Volume 1.22M
Outstanding Shares 173.78M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $14.544M ▲ $81.468M ▲ $-69.418M ▼ -477.296% ▲ $-0.38 ▲ $-65.344M ▼
Q2-2025 $13.459M ▲ $79.156M ▲ $-67.814M ▼ -503.856% ▲ $-0.39 ▼ $-63.772M ▼
Q1-2025 $10.698M ▼ $73.353M ▲ $-64.053M ▼ -598.738% ▼ $-0.38 ▼ $-60.088M ▼
Q4-2024 $17.082M ▲ $66.428M ▲ $-48.388M ▼ -283.269% ▼ $-0.29 ▼ $-44.331M ▼
Q3-2024 $15.425M $59.862M $-36.493M -236.583% $-0.22 $-32.31M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $344.772M ▼ $410.882M ▼ $152.653M ▲ $258.229M ▼
Q2-2025 $391.134M ▲ $451.333M ▲ $145.417M ▲ $305.916M ▲
Q1-2025 $349.681M ▼ $405.92M ▼ $139.99M ▼ $265.93M ▼
Q4-2024 $392.102M ▼ $457.935M ▼ $142.591M ▲ $315.344M ▼
Q3-2024 $427.22M $490.369M $138.348M $352.021M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $-69.418M ▼ $-50.725M ▲ $-5.993M ▼ $10.356M ▼ $-46.362M ▼ $-56.718M ▼
Q2-2025 $-67.814M ▼ $-55.238M ▼ $-1.115M ▲ $97.806M ▲ $41.453M ▲ $-56.483M ▼
Q1-2025 $-64.053M ▼ $-44.671M ▼ $-1.933M ▼ $4.183M ▼ $-42.421M ▼ $-46.604M ▼
Q4-2024 $-48.388M ▼ $-39.429M ▼ $-202K ▼ $4.513M ▲ $-35.118M ▼ $-39.631M ▼
Q3-2024 $-36.493M $-36.559M $-89K $4.178M $-32.47M $-36.648M

Revenue by Products

Product Q4-2024Q1-2025Q2-2025Q3-2025
Collaboration revenue
Collaboration revenue
 $0 ▲$0 ▲$0 ▲$0 ▲
Product
Product
 $0 ▲$0 ▲$10.00M ▲$10.00M ▲
Product revenue net
Product revenue net
 $30.00M ▲$10.00M ▼$0 ▼$0 ▲

Five-Year Company Overview

Income Statement

Income Statement Ocular Therapeutix is still very much a development‑stage biotech from an income perspective. Revenue has been slowly building from a very small base and is now more or less flat, suggesting the current commercial product is not yet a major growth engine. Gross margins look healthy, implying that approved products can be profitable at the product level, but overall the company is running sizeable operating and net losses. Losses have actually widened in the most recent year, indicating higher spending (likely on R&D and late‑stage trials) is outpacing any revenue growth. Profitability is not in sight yet; the story is about investing now in the hope of future product success.

Balance Sheet

Balance Sheet The balance sheet has strengthened recently. Total assets and cash have increased meaningfully, while debt has stayed fairly modest and stable. Equity has rebounded from previously thin levels, likely thanks to new capital raises, giving the company a better cushion to fund its pipeline. This healthier capital base reduces near‑term financial strain, but the company is still dependent on external funding over time if losses continue. Overall, it looks better positioned than a few years ago, but not yet self‑sustaining.

Cash Flow

Cash Flow Cash flow shows a clear pattern of ongoing cash burn. Operating cash flow has been consistently negative, with a slight worsening in the most recent year as spending ramps up. Capital spending on physical assets is very low, so almost all cash use is tied to operating activities like R&D, trials, and commercialization efforts. Free cash flow is solidly negative each year, which is typical for a clinical‑stage biotech but underscores reliance on capital markets or partnerships to keep funding operations until one or more products can generate meaningful cash on their own.

Competitive Edge

Competitive Edge Competitively, Ocular Therapeutix is focused on a narrow but attractive niche: long‑acting treatments for eye diseases. Its hydrogel platform is protected by patents and offers a clear benefit—fewer injections or drops—aimed at easing the treatment burden for patients and doctors. The approved product, DEXTENZA, validates the technology but currently delivers only modest commercial scale. The pipeline, especially AXPAXLI for retinal diseases, is where most of the strategic value sits. If late‑stage trials show clear advantages over current standard treatments, the company could carve out a strong position despite intense competition from larger ophthalmology and biotech players. If not, the moat narrows quickly. So the competitive outlook is promising but highly trial‑dependent.

Innovation and R&D

Innovation and R&D Innovation is the core of this company. The ELUTYX hydrogel platform underpins a series of sustained‑release implants across multiple eye conditions—post‑surgical care, retinal disease, and glaucoma. The late‑stage program AXPAXLI aims to dramatically cut the number of injections for serious retinal diseases, while PAXTRAVA targets long‑term pressure control in glaucoma. Early and mid‑stage data have been encouraging, and the company is iterating on improved formulations and exploring new indications like diabetic eye disease and potentially dry eye. This R&D ambition is a major strength but also the main risk driver: success could transform the company, while clinical or regulatory setbacks would significantly weaken the investment in this platform.

Summary

Ocular Therapeutix today is a classic high‑risk, high‑potential biotech: small but improving revenues, substantial and recently expanding losses, a stronger but still finite cash cushion, and a business model that depends heavily on the success of a few key pipeline programs. Its differentiation lies in a proprietary sustained‑release hydrogel technology that aims to reduce treatment burden in major eye diseases, supported by an FDA‑approved product and a late‑stage flagship candidate. The next several years, especially pivotal trial readouts for AXPAXLI and progress in additional indications, will be critical in determining whether the current investment in R&D converts into a scalable, commercial ophthalmology franchise or remains a promising but constrained niche. Uncertainty is high, but so is the potential impact if the pipeline delivers on its clinical and commercial goals.

NEWS

November 4, 2025 · 7:05 AM UTC

Ocular Therapeutix™ Reports Third Quarter 2025 Financial Results and Business Highlights

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November 4, 2025 · 7:00 AM UTC

Ocular Therapeutix™ Achieves Target Randomization of 555 Subjects in SOL-R

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October 7, 2025 · 7:00 AM UTC

Ocular Therapeutix™ to Participate in Upcoming Scientific Conferences

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September 30, 2025 · 7:08 AM UTC

Ocular Therapeutix™ Announces Pricing of Underwritten Offering of Common Stock

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September 30, 2025 · 6:21 AM UTC

Ocular Therapeutix™ Investor Day to Highlight Exceptional AXPAXLI™ Progress Across SOL Program and Detail Registrational Trial Plans to Pursue a Diabetic Retinopathy Label with a Novel Primary Endpoint

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