OCULAR THERAPEUTIX, INC Earnings Per Share Disclosure
16. Net Loss Per Share
Basic net loss per share attributable to common stockholders was calculated as follows for the years ended December 31, 2025, 2024 and 2023:
Year Ended | |||||||||
December 31, | |||||||||
| 2025 | | 2024 | | 2023 | ||||
Numerator: |
| | |||||||
Net loss attributable to common stockholders | $ | (265,939) | $ | (193,506) | $ | (80,736) | |||
Denominator: |
| |
|
| |||||
Weighted average common shares outstanding, basic |
| 187,241,483 |
| 158,265,162 |
| 79,827,362 | |||
Net loss per share - basic | $ | (1.42) | $ | (1.22) | $ | (1.01) | |||
As of December 31, 2025 and 2024, outstanding Pre-Funded Warrants (Note 12) of 7,568,045 and 10,805,957, respectively, are included in the calculation of basic and diluted net loss per share.
For the years ended December 31, 2025 and 2024, respectively, there was no dilutive impact from potentially issuable common shares. Therefore, diluted net loss per share was the same as basic net loss per share. Diluted net loss per share was calculated as follows for the year ended December 31, 2023:
Year Ended | |||
December 31, | |||
| | 2023 | |
Net loss attributable to common stockholders, basic | $ | (80,736) | |
Interest expense on Convertible Notes |
| 4,172 | |
Gain on extinguishment of debt (Note 9) | (14,907) | ||
Change in fair value of derivative liability | 4,502 | ||
Net loss attributable to common stockholders, diluted | $ | (86,969) | |
Weighted average common shares outstanding, basic | 79,827,362 | ||
Dilutive options (treasury stock method) | — | ||
Shares issuable in connection with conversion of Convertible Notes, as if converted | 5,769,232 | ||
Weighted average common shares outstanding, diluted |
| 85,596,594 | |
Net loss per share attributable to common stockholders, diluted | $ | (1.02) | |
The Company excluded the following common stock equivalents, outstanding as of December 31, 2025, 2024 and 2023 from the computation of diluted net loss per share attributable to common stockholders for the years ended December 31, 2025, 2024 and 2023 because they had an anti-dilutive impact due to the net loss incurred for the periods.
December 31, | |||||||||
2025 | | 2024 | | 2023 | |||||
Options to purchase common stock | 21,887,817 | 19,887,683 | 16,136,791 | ||||||
RSUs | 4,359,371 | 3,389,604 | 1,627,341 | ||||||
PSUs | 1,500,000 | — | — | ||||||
27,747,188 | 23,277,287 | 17,764,132 | |||||||
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Feb 5, 2026 | Showing above |
| 2024 | Mar 3, 2025 | |
| 2023 | Mar 11, 2024 | |
| 2022 | Mar 6, 2023 | |
| 2021 | Feb 28, 2022 | |
About Earnings Per Share Disclosures
The earnings per share disclosure breaks down the calculation from net income to both basic and diluted EPS, revealing the full impact of a company's capital structure on per-share economics. The reconciliation between basic and diluted share counts exposes how many stock options, RSUs, convertible securities, and warrants are potentially dilutive to existing shareholders.
Key signals: a widening gap between basic and diluted shares indicates growing dilution from equity compensation or convertible instruments. Anti-dilutive securities excluded from the diluted calculation deserve attention — they represent latent dilution that will materialize if the stock price rises. Watch for the effect of share buybacks on per-share metrics: EPS growth driven primarily by repurchases rather than income growth signals weakening fundamentals. Compare year-over-year changes in the diluted share count against equity compensation expense to assess whether management is effectively managing dilution.