OCULAR THERAPEUTIX, INC Segments Disclosure
17. Segment Reporting
The Company operates as a single operating segment. Its operations consist of developing and commercializing innovative therapies for retinal diseases and other eye conditions based on its ELUTYX proprietary bioresorbable hydrogel-based formulation technology.
During the years ended December 31, 2025, 2024 and 2023, respectively, resources were allocated and performance was assessed by the Company’s Chief Executive Officer and the Company’s Chief Financial Officer and Chief Operating Officer, who the Company has determined to be, collectively, the Company’s Chief Operating Decision Maker (“CODM”).
The Company’s research and development function is responsible for research and discovery of new product candidates, and the pre-clinical and clinical development of, and related registration efforts for, the Company’s product candidates. The Company’s operations and technical function is responsible for supply chain, the manufacturing of the Company’s commercial products and clinical trial material, and facilities. The Company’s sales and marketing function is responsible for the commercialization of its products and market access activities. The Company’s operations are supported by corporate functions. Managing and allocating resources on a total company basis enables the Company’s CODM to assess the overall level of resources available and how to best deploy these resources across functions and development projects in line with the Company’s strategy. Consistent with this approach, the CODM uses consolidated, single-segment financial information for the purposes of developing budgets and forecasts, assessing performance, allocating resources, and setting incentive targets.
The accounting policies for the Company’s one segment are the same as those described in Note 2 Summary of Significant Accounting Policies. The CODM evaluates the performance of its one segment and allocates resources based on Net Loss.
The following table provides information about the Company’s single segment:
Year Ended December 31, | |||||||||
2025 | | 2024 | | 2023 | |||||
Revenue | $ | 51,951 | $ | 63,723 | $ | 58,443 | |||
Cost of Product Revenue | 6,574 | 5,626 | 5,281 | ||||||
Research & Development (a) | |||||||||
Direct Program Expenses | |||||||||
AXPAXLI for wet AMD | 119,609 | 57,507 | 8,750 | ||||||
AXPAXLI for NPDR | 4,804 | 2,301 | 2,868 | ||||||
Other clinical and preclinical programs | 3,582 | 5,798 | 8,323 | ||||||
Unallocated expenses | |||||||||
Personnel costs | 39,255 | 28,625 | 22,617 | ||||||
All other costs | 7,527 | 16,236 | 5,720 | ||||||
Selling & Marketing (a) | 48,510 | 38,029 | 36,564 | ||||||
General & Administrative (a) | 37,377 | 38,861 | 23,838 | ||||||
Facilities (b) | 7,223 | 5,626 | 6,056 | ||||||
Stock-based compensation | 43,184 | 33,109 | 17,825 | ||||||
Depreciation | 4,323 | 3,786 | 2,983 | ||||||
Interest income | 18,355 | 20,282 | 3,983 | ||||||
Interest expense | (11,835) | (13,577) | (11,338) | ||||||
Other non-operating items | (2,442) | (28,430) | 9,001 | ||||||
Net Loss | $ | (265,939) | $ | (193,506) | $ | (80,736) | |||
| (a) | excluding stock-based compensation, depreciation, and facilities expenses |
| (b) | excluding stock-based compensation and depreciation |
For the years ended December 31, 2025, 2024 and 2023, respectively, the Company generated all of its Product Revenue, net, in the United States. Collaboration revenue is attributable to a customer in China (Note 3). All of the Company’s long-lived assets were located in the United States. Refer to Note 11 Risks and Fair Value for information regarding the Company’s major customers.
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Feb 5, 2026 | Showing above |
| 2024 | Mar 3, 2025 | |
About Segments Disclosures
Segment disclosures break a company into its reportable operating units, revealing revenue, profit, and asset allocation that consolidated financial statements obscure. Under ASC 280, segments must match how the chief operating decision maker views the business, providing a window into internal management structure and resource allocation priorities.
Key signals: compare segment margins to identify which units drive profitability and which destroy value. Watch for changes in the number of reportable segments — segment aggregation or disaggregation often coincides with strategic shifts or attempts to obscure declining performance. Intersegment elimination patterns reveal internal pricing practices. The reconciliation between segment totals and consolidated figures exposes corporate overhead allocation and unallocated items. Geographic revenue concentration highlights regulatory and currency exposure. Compare segment-level capital expenditure against segment revenue to assess where management is investing for future growth versus harvesting existing assets.