OCULAR THERAPEUTIX, INC

Listed Company

OCULCIK 0001393434NasdaqLarge AcceleratedPharmaceutical PreparationsDelawareFY ends Dec 31

Period

FY 2025

Revenue

$51.95M

Net Income

$-265.94M

Total Assets

$808.06M

Equity

$654.31M

Shares Out

217.69M

Op. Cash Flow

$-204.88M

Business

OCULAR THERAPEUTIX, INC is a biopharmaceutical company that develops and commercializes hydrogel-based ophthalmic drug delivery systems using its proprietary ELUTYX technology. Its main products and product candidates include FDA-approved DEXTENZA (dexamethasone intracanalicular insert) and clinical-stage AXPAXLI (axitinib intravitreal hydrogel) and PAXTRAVA (travoprost intracameral hydrogel). The company operates programs across retinal, glaucoma and intracanalicular insert platforms, with distinct intravitreal, intracameral and intracanalicular delivery approaches. It sells DEXTENZA in the United States through specialty distributors, ambulatory surgery centers, hospital outpatient departments and physician offices and pursues licensing collaborations for select Asian territories.

Summary from filing dated 2025-03-03

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Total revenue, net	52	64	58	51	44
Cost of product revenue	7	6	5	5	4
Research and development	197	128	61	53	50
Selling and marketing	54	42	41	40	35
General and administrative	64	61	34	32	32
Total costs and operating expenses	322	236	141	130	122
Loss from operations	−270	−172	−82	−79	−78
Interest income	18	20	4	798,000	33,000
Interest expense	−12	−14	−11	−7	—
Change in fair value of derivative liabilities	−2	−480,000	−5	14	78
Gains and (losses) on extinguishment of debt, net	—	−28	14	—	—
Other gains (expenses)	29,000	—	−1,000	—	—
Total other income (expense), net	4	−22	2	8	71
Net loss	−266	−194	−81	−71	−7
Net loss per share, basic (in dollars per share)	−1.42	−1.22	−1.01	−0.92	−0.09
Weighted average common shares outstanding, basic (in shares)	187	158	80	77	76
Net loss per share, diluted (in dollars per share)	−1.42	−1.22	−1.02	−0.97	−0.98
Weighted average common shares outstanding, diluted (in shares)	187	158	86	83	82

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Cash and cash equivalents	737	392	196	102	164
Accounts receivable, net	31	32	26	21	21
Inventory	4	3	2	2	1
Prepaid expenses and other current assets	11	13	8	4	5
Total current assets	782	441	232	130	191
Property and equipment, net	20	9	12	10	7
Restricted cash	2	2	2	—	—
Operating lease assets	5	6	6	8	5
Total assets	808	458	252	149	205
Accounts payable	4	4	4	5	5
Accrued expenses and other current liabilities	44	35	29	24	20
Deferred revenue	—	128,000	255,000	576,000	—
Operating lease liabilities	3	2	2	2	2
Total current liabilities	51	41	35	31	26
Operating lease liabilities, net of current portion	3	5	7	9	6
Derivative liability	14	13	30	6	20
Deferred revenue, net of current portion	14	14	14	13	13
Notes payable, net	71	69	66	25	25
Other non-current liabilities	887,000	141,000	108,000	93,000	—
Total liabilities	154	143	161	114	117
Commitments and contingencies (Note 18)	—	—	—	—	—
Preferred stock, $0.0001 par value; 5,000,000 shares authorized and no shares issued or outstanding at December 31, 2025 and December 31, 2024, respectively	—	—	—	—	—
Common stock, $0.0001 par value; 400,000,000 and 400,000,000 shares authorized and 215,927,600 and 157,749,490 shares issued and outstanding at December 31, 2025 and December 31, 2024, respectively	22,000	16,000	12,000	8,000	8,000
Additional paid-in capital	1,811	1,206	789	652	634
Accumulated deficit	−1,157	−891	−698	−617	−546
Total stockholders' equity	654	315	91	35	88
Total liabilities and stockholders' equity	808	458	252	149	205

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Net loss	−266	−194	−81	−71	−7
Stock-based compensation expense	43	33	18	17	15
Non-cash interest expense	3	4	6	5	5
Depreciation and amortization expense	4	4	3	2	2
Gains and losses on disposal of items of property and equipment	−29,000	—	1,000	1,000	−1,000
Accounts receivable, net	2	−6	−5	−190,000	−9
Prepaid expenses and other current assets	3	−6	−4	723,000	−101,000
Inventory	−524,000	−735,000	−331,000	−724,000	−49,000
Accounts payable	−887,000	−318,000	583,000	−621,000	2
Operating lease assets	1	505,000	2	−3	977,000
Accrued expenses	5	4	773,000	2	4
Deferred revenue	−128,000	−262,000	427,000	963,000	1
Operating lease liabilities	−2	−1	−2	3	−1
Net cash used in operating activities	−205	−135	−70	−60	−66
Purchases of property and equipment	−12	−1	−6	−4	−1
Proceeds from sales of property and equipment	130,000	—	—	—	—
Net cash used in investing activities	−12	−1	−6	−4	−1
Proceeds from issuance of short-term bridge loan	—	—	2	—	—
Proceeds from issuance of Barings Notes Payable	—	—	82	—	4
Proceeds from exercise of stock options	21	15	551,000	514,000	3
Proceeds from issuance of common stock pursuant to employee stock purchase plan	2	1	851,000	940,000	985,000
Payments of debt refinancing costs	—	—	−5	—	—
Proceeds from issuance of common stock upon public offering, net of issuance costs	540	—	117	—	—
Repayment of MidCap notes payable	—	—	−26	—	—
Repayment from issuance of short-term bridge loan	—	—	−2	—	−4
Proceeds from issuance of common stock and pre-funded warrants upon private placement, net of issuance costs	—	316	—	—	—
Net cash provided by financing activities	562	332	170	1	3
Net increase in cash, cash equivalents and restricted cash	345	196	94	−62	−64
Cash paid for interest	9	22	5	2	2
Additions to property and equipment included in accounts payable and accrued expenses	1	121,000	16,000	1	181,000

Filings

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