Ocular Therapeutix, Inc.
- Open
- 10.51
- Day high
- 10.53
- Day low
- 10.07
- Prev close
- 10.54
- Volume
- 1.9M
- Mkt cap
- $2.2B
- P/E (TTM)
- —
- EPS (TTM)
- —
- P/B
- 3.8
- P/S
- 42.9
- Yield
- —
- Per share
- —
- ▼Insiders net selling -$360K over the last 3 months (0 open-market buys, 5 sales)
- 🏛Institutions accumulating (13F)
Ocular Therapeutix, Inc. (OCUL) is a Healthcare company listed on NASDAQ. The stock is down 5% over the past year. Over the trailing 3 months, insiders filed 0 open-market buys and 5 sales (SEC Form 4).
Ocular Therapeutix, Inc. (OCUL) financials & analyst ratings
Fundamentals (TTM)
Analyst consensus · 4 analysts
Source: exchange market data + company filings. Figures are trailing-twelve-month or as most recently reported. For informational purposes only — not investment advice.
OCUL earnings date, history & EPS estimates
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| May 5, 2026 | $-0.32 | $-0.41 | -28.1% | $11M | -15.2% |
| Feb 5, 2026 | $-0.33 | $-0.29 | +12.1% | $13M | -17.8% |
| Mar 3, 2025 | $-0.24 | $-0.29 | -20.8% | $17M | -0.2% |
| Nov 14, 2024 | $-0.23 | $-0.26 | -13.0% | $15M | -8.7% |
| Mar 11, 2024 | $-0.28 | $-0.28 | +0.0% | $15M | -5.8% |
| Mar 6, 2023 | $-0.25 | $-0.24 | +4.0% | $14M | +4.0% |
| Feb 28, 2022 | $-0.23 | $-0.23 | +0.0% | $12M | -11.7% |
| May 5, 2021 | $-0.20 | $-0.24 | -20.0% | $7M | -24.8% |
| Mar 11, 2021 | $-0.18 | $-0.23 | -27.8% | $7M | — |
| Nov 5, 2020 | $-0.23 | $-0.17 | +26.1% | $6M | +202.8% |
| Aug 7, 2020 | $-0.32 | $-0.34 | -6.3% | $2M | +23.7% |
| May 8, 2020 | $-0.40 | $-0.41 | -2.5% | $3M | +10.8% |
OCUL insider trading activity (SEC Form 4)
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| Jun 12, 2026 | Robins Jason Shandofficer: Chief Financial Officer | Grant | 14,024 | $8.74 |
| Jun 12, 2026 | Hong Seung Suhdirector | Grant | 44,000 | $8.74 |
| Jun 12, 2026 | LINDSTROM RICHARD L MDdirector | Grant | 14,000 | — |
| Jun 12, 2026 | Graves Adrienne Ldirector | Grant | 44,000 | $8.74 |
| Jun 12, 2026 | Graves Adrienne Ldirector | Grant | 14,000 | — |
| Jun 12, 2026 | Robins Jason Shandofficer: Chief Financial Officer | Grant | 15,441 | — |
| Jun 12, 2026 | Hong Seung Suhdirector | Grant | 14,000 | — |
| Jun 12, 2026 | Warden Charles Mdirector | Grant | 14,000 | — |
| Jun 12, 2026 | Warden Charles Mdirector | Grant | 44,000 | $8.74 |
| Jun 12, 2026 | RAINES MERILEEdirector | Grant | 44,000 | $8.74 |
| Jun 12, 2026 | Williams Leslie J.director | Grant | 14,000 | — |
| Jun 12, 2026 | RAINES MERILEEdirector | Grant | 14,000 | — |
| Jun 12, 2026 | LINDSTROM RICHARD L MDdirector | Grant | 44,000 | $8.74 |
| Jun 12, 2026 | Williams Leslie J.director | Grant | 44,000 | $8.74 |
| Jun 5, 2026 | Waheed Nadiaofficer: Chief Medical Officer | Sell | 14,828 | $8.27 |
Source: OCUL SEC Form 4 filings, latest Jun 12, 2026. For informational purposes only — not investment advice.
See the full OCUL insider & 13F page →Ocular Therapeutix, Inc. company profile
Overview
Ocular Therapeutix, Inc. (NASDAQ:OCUL) is a biopharmaceutical company founded in 2006 and headquartered in Bedford, Massachusetts. The company specializes in developing and commercializing innovative therapies for eye diseases using its proprietary bioresorbable hydrogel-based formulation technology. Since going public in 2014, Ocular Therapeutix has evolved from a clinical-stage company into a commercial organization with marketed products and a robust pipeline of sustained-release drug delivery systems for various ocular conditions.
Business
Ocular Therapeutix operates in the ophthalmic pharmaceutical industry, developing sustained-release drug delivery systems that address the challenge of frequent eye injections and drops. The company's core technology platform uses bioresorbable hydrogels - biodegradable polymer materials that can hold and slowly release medications directly into the eye over extended periods, eliminating the need for frequent dosing. The company's commercial portfolio includes DEXTENZA, a dexamethasone ophthalmic insert that treats post-surgical inflammation and pain following eye surgery, as well as allergic conjunctivitis. DEXTENZA is a small, preservative-free insert placed in the eye's tear duct that dissolves naturally while delivering anti-inflammatory medication for up to 30 days. The company also markets ReSure Sealant, a device used to prevent wound leaks in corneal incisions after cataract surgery. The company's pipeline focuses primarily on AXPAXLI (OTX-TKI), an axitinib intravitreal implant for treating wet age-related macular degeneration (AMD) and diabetic retinopathy. Wet AMD is a leading cause of blindness that currently requires monthly or bi-monthly eye injections. AXPAXLI aims to provide 6-12 months of treatment with a single injection, potentially transforming patient care by dramatically reducing treatment burden. Additional pipeline candidates include OTX-TIC for glaucoma treatment, OTX-CSI for dry eye disease using cyclosporine, and OTX-DED for short-term dry eye treatment using dexamethasone. Based on recent financial results, DEXTENZA represents the primary revenue source, generating approximately $64 million in 2024, while the company invests heavily in advancing AXPAXLI through late-stage clinical trials.
Revenue model
Ocular Therapeutix generates revenue primarily through product sales of its commercial therapies to healthcare providers, hospitals, and ambulatory surgery centers. DEXTENZA, the company's main revenue driver, is sold directly to ophthalmologists and surgical centers for use in post-operative care and allergic conjunctivitis treatment. The company benefits from favorable reimbursement through Medicare Part B and Medicare Advantage plans, with over 90% coverage secured. The business model relies on premium pricing for innovative drug delivery systems that provide superior patient outcomes compared to traditional eye drops or frequent injections. DEXTENZA commands higher prices than conventional treatments because it eliminates patient compliance issues and reduces the burden of multiple daily eye drops. The company expects to pursue similar premium pricing strategies for AXPAXLI upon approval, given its potential to reduce injection frequency from monthly to every 6-12 months. Key factors that could increase margins include successful commercialization of AXPAXLI, which would target the large wet AMD market currently dominated by frequent anti-VEGF injections. The retinal injection market represents billions in annual sales, and a long-acting alternative could capture significant market share at premium pricing. Expanding indications for existing products and securing favorable reimbursement decisions also support margin expansion. Margin pressures could arise from increased competition in sustained-release drug delivery, regulatory delays requiring additional clinical trials, unfavorable reimbursement changes, or manufacturing scale-up challenges. The company's heavy investment in clinical development currently results in significant operating losses, with R&D expenses consuming substantial cash as the company advances multiple pipeline candidates through expensive late-stage trials.
Competitive moat
Ocular Therapeutix possesses a moderate technological moat based on its proprietary bioresorbable hydrogel platform and specialized expertise in sustained-release ocular drug delivery. The company's hydrogel technology represents a differentiated approach that has demonstrated clinical success and regulatory approval, creating barriers for competitors attempting to replicate similar sustained-release systems. The moat is strengthened by the company's established relationships with ophthalmologists, proven commercial infrastructure through DEXTENZA, and extensive clinical data supporting its platform technology. Regulatory approval pathways for novel drug delivery systems are complex and time-consuming, providing some protection against new entrants. The company has also secured strategic partnerships, including collaborations with Regeneron Pharmaceuticals for large molecule VEGF-targeting compounds. However, the moat faces potential disruption from several sources. Large pharmaceutical companies with greater resources could develop competing sustained-release technologies or acquire smaller innovators. The ophthalmic space attracts significant investment, and alternative approaches like gene therapy, sustained-release implants from other companies, or improved traditional therapies could challenge Ocular's market position. Additionally, the company's reliance on a single commercial product (DEXTENZA) and heavy dependence on AXPAXLI's success creates vulnerability. The competitive landscape includes established players like Allergan, Novartis, and Regeneron, who have deeper resources and broader product portfolios. While Ocular's specialized focus provides expertise advantages, it also limits diversification compared to larger competitors who can absorb failures across multiple programs.
Risks & safety
The company demonstrates a strong financial safety profile with substantial cash reserves but faces typical biotech risks related to clinical development and cash burn. • Cash position: $392 million in cash and short-term investments as of Q4 2024, providing runway into 2028 • Debt levels: Moderate debt-to-equity ratio of 0.24, indicating manageable leverage • Liquidity: Exceptional current ratio of 10.7 and quick ratio of 10.6, demonstrating strong short-term liquidity • Cash burn: Operating cash flow negative $135 million in 2024, but well-covered by cash reserves • Solvency risk: Low near-term solvency risk given substantial cash position relative to burn rate • Valuation metrics: Trading at negative P/E ratios due to losses, but Graham net-net ratio of 1.74 suggests potential asset value • Revenue growth: DEXTENZA showing steady growth with 2024 revenue of $64 million • Clinical risk: Heavy dependence on AXPAXLI clinical trial success, with topline data expected in Q1 2026 • Other considerations: Strong balance sheet provides flexibility to weather clinical setbacks, but ultimate success depends on pipeline execution and commercial adoption of new products.
Recent development
Over the past few years, Ocular Therapeutix has undergone a significant strategic transformation from a diversified ophthalmic company to a retina-focused organization prioritizing AXPAXLI development for wet AMD treatment. This pivot reflects management's recognition of the substantial market opportunity in retinal diseases and the potential for their sustained-release technology to address a major unmet medical need. The company has made substantial progress advancing AXPAXLI through clinical development, with two pivotal trials (SOL-1 and SOL-R) now underway following FDA confirmation that both studies are registration-enabling. SOL-1 completed randomization with 344 subjects and received FDA approval for redosing at weeks 52 and 76, with topline data now expected in Q1 2026. SOL-R was reduced in size from 825 to 555 subjects while maintaining statistical power, with the primary endpoint at week 56. The company has assembled an expert retina team with extensive industry experience to support the transition and commercial preparation for AXPAXLI launch. This includes building commercial infrastructure leveraging the successful DEXTENZA team while preparing for premium pricing strategies in the retinal injection market. Beyond wet AMD, Ocular has expanded AXPAXLI's potential with promising results in diabetic retinopathy through the HELIOS study, showing zero vision-threatening complications at 48 weeks. The company is seeking FDA feedback on clinical trial designs for non-proliferative diabetic retinopathy (NPDR) and diabetic macular edema (DME), potentially expanding the addressable market significantly. The company has also streamlined operations by reducing headcount in non-strategic areas while maintaining focus on core pipeline programs, extending cash runway into 2028 without plans for additional capital raises in 2025.
OCUL company profile · for informational purposes only — not investment advice.
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