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Ocular Therapeutix, Inc.

Ocular Therapeutix, Inc.

NASDAQ•OCUL
CEO: Mr. Donald Notman Jr.
Sector: Healthcare
Industry: Biotechnology
Listing Date: 2014-07-25
Ocular Therapeutix, Inc., a biopharmaceutical company, focuses on the formulation, development, and commercialization of therapies for diseases and conditions of the eye using its bioresorbable hydrogel-based formulation technology in the United States. The company markets DEXTENZA, a dexamethasone ophthalmic insert to treat post-surgical ocular inflammation and pain following ophthalmic surgery, as well as allergic conjunctivitis. It is developing AXPAXLI, an axitinib intravitreal implant that is in phase 3 trials for the treatment of wet age-related macular degeneration and other retinal diseases; PAXTRAVA, a travoprost intracameral implant, which is in phase 2 clinical trials for the treatment of open-angle glaucoma or ocular hypertension; OTX-CSI, a cyclosporine intracanalicular insert that has completed phase 2 clinical trials for the treatment of dry eye disease; and OTX-DED, a dexamethasone intracanalicular insert, which is in phase 2 clinical trials for the short-term treatment of the signs and symptoms of dry eye disease. In addition, the company offers modulator for intermediate and late dry age-related macular degeneration; and gene delivery for inherited retinal degenerations and protein biofactory indications. The company has a strategic collaboration with Regeneron Pharmaceuticals, Inc. (Regeneron) for the development and commercialization of products using the company's sustained-release hydrogel in combination with Regeneron's large molecule VEGF-targeting compounds for the treatment of retinal diseases; and AffaMed Therapeutics Limited for the development and commercialization of DEXTENZA and OTX-TIC. Ocular Therapeutix, Inc. was incorporated in 2006 and is headquartered in Bedford, Massachusetts.
Contact Information
15 Crosby Drive, Bedford, MA, 01730, United States
781-357-4000
www.ocutx.com
Market Cap
$2.40B
P/E (TTM)
-8.3
38.2
Dividend Yield
--
52W High
$16.44
52W Low
$5.79
52W Range
51%
Rank59Top 87.6%
2.2
F-Score
Modified Piotroski Analysis
Based on 10-year fundamentals
Weak • 2.2 / 9 points
Scoring Range (0-9)
8-9: Excellent Value
6-7: Strong Fundamentals
4-5: Average Quality
0-3: Weak Performance
Data Period: 2016-2025

Financial Dashboard

Q3 2025 Data

Revenue

$14.54M-5.71%
4-Quarter Trend

EPS

-$0.38+72.73%
4-Quarter Trend

FCF

-$56.72M+54.76%
4-Quarter Trend

2025 Q3 Earnings Highlights

Key Highlights

Cash Position Strong Cash reserves $344.8M pre-October 2025 raise; projected funding runway extends into 2028 based on current plan.
R&D Spending Rises Research and development expenses increased $15.3M to $52.4M for the quarter, advancing AXPAXLI clinical trials.
Major Equity Raise Completed October 2025 underwritten offering, securing net proceeds of approximately $445.4M for future capital needs.
Product Revenue Declines Net product revenue fell $0.8M to $14.5M for the quarter, driven by increased DEXTENZA gross-to-net provisions.

Risk Factors

Operating Loss Widens Loss from operations increased $22.7M to $68.7M for the quarter due to significant R&D investment scaling.
Product Sales Decreasing Net product revenue dropped $7.8M for nine months; GTN provisions increased to 51.4% of gross sales.
Future Financing Required Expect continued operating losses; viability depends on successful financing beyond current projected runway into 2028.
Clinical Trial Dependency Future viability highly uncertain; success hinges on positive outcomes from ongoing SOL-1 and SOL-R trials.

Outlook

AXPAXLI Wet AMD Results Expect topline results for the registrational SOL-1 trial in the first quarter of 2026 after Week 52 visits.
Initiate Diabetic Retinopathy Trials Plans to initiate two superiority registrational trials, HELIOS-2 and HELIOS-3, for NPDR treatment imminently.
Increased R&D Expenses Direct R&D expenses expected to increase significantly for remainder of 2025 supporting AXPAXLI progression.
DEXTENZA Growth Expected Expect DEXTENZA unit growth to continue supported by increased sales efforts toward HOPDs in 2025.

Peer Comparison

Revenue (TTM)

Galapagos NVGLPG
$316.64M
-3298.7%
Viridian Therapeutics, Inc.VRDN
$70.79M
+23340.1%
Liquidia CorporationLQDA
$69.22M
+343.4%

Gross Margin (Latest Quarter)

Galapagos NVGLPG
475.5%
+375.5pp
Viridian Therapeutics, Inc.VRDN
100.0%
+0.0pp
AbCellera Biologics Inc.ABCL
100.0%
+588.5pp

Key Metrics

Symbol
Market Cap
P/E (TTM)
ROE (TTM)
Debt to Assets
COGT$5.92B-15.1-126.2%14.2%
CELC$4.95B-29.4-179.0%67.3%
LQDA$3.30B-26.9-296.8%72.2%

Long-Term Trends

Last 4 Quarters
Revenue
Net Income
Operating Cash Flow
4Q Revenue CAGR
-5.2%
Growth Under Pressure
4Q Net Income CAGR
N/M
Profitability Shift
Cash Flow Stability
0%
Cash Flow Needs Attention

Research & Insights

Next earnings:Mar 2, 2026
|
EPS:-$0.33
|
Revenue:-
Reports
All Years
  • Form 10-Q - Q3 2025

    Period End: Sep 30, 2025|Filed: Nov 4, 2025|
    Revenue: $14.54M-5.7%
    |
    EPS: $-0.38+72.7%
    Beat
  • Form 10-Q - Q2 2025

    Period End: Jun 30, 2025|Filed: Aug 5, 2025|
    Revenue: $13.46M-18.1%
    |
    EPS: $-0.39+50.0%
    Miss
  • Form 10-Q - Q1 2025

    Period End: Mar 31, 2025|Filed: May 5, 2025|
    Revenue: $10.63M-27.7%
    |
    EPS: $-0.38-22.4%
    Miss
  • Form 10-K - FY 2024

    Period End: Dec 31, 2024|Filed: Mar 3, 2025|
    Revenue: $63.72M+9.0%
    |
    EPS: $-1.22-11.9%
    Miss
  • Form 10-Q - Q3 2024

    Period End: Sep 30, 2024|Filed: Nov 14, 2024|
    Revenue: $15.43M+3.2%
    |
    EPS: $-0.22+3284.6%
    Meet
  • Form 10-Q - Q2 2024

    Period End: Jun 30, 2024|Filed: Aug 7, 2024|
    Revenue: $16.44M+8.3%
    |
    EPS: $-0.26+0.0%
    Miss
  • Form 10-Q - Q1 2024

    Period End: Mar 31, 2024|Filed: May 7, 2024|
    Revenue: $14.72M+10.0%
    |
    EPS: $-0.49+4.3%
    Miss
  • Form 10-K - FY 2023

    Period End: Dec 31, 2023|Filed: Mar 11, 2024|
    Revenue: $58.44M+13.5%
    |
    EPS: $-1.09-31.3%
    Miss