OCULAR THERAPEUTIX, INC OCUL
We are an integrated biopharmaceutical company committed to redefining the retina experience. AXPAXLI, also known as OTX-TKI, our investigational product candidate for retinal disease, is an axitinib intravitreal hydrogel based on our ELUTYX proprietary bioresorbable hydrogel-based formulation technology. AXPAXLI is currently being evaluated in a Phase 3 registrational program for wet age-related macular degeneration, or wet AMD, which we refer to as the SOL program. AXPAXLI is currently also being evaluated in a Phase 3 registrational program for diabetic retinal disease, including non-proliferative diabetic retinopathy, or NPDR, which we refer to as the HELIOS program.
We also leverage the ELUTYX technology in our commercial product DEXTENZA, a corticosteroid approved by the U.S. Food and Drug Administration, or FDA, for the treatment of ocular inflammation and pain following ophthalmic surgery in adults and pediatric patients and for the treatment of ocular itching associated with allergic conjunctivitis in adults and pediatric patients aged two years or older, and in our product candidate OTX-TIC, which is a travoprost intracameral hydrogel that has completed a Phase 2 clinical trial for the treatment of open-angle glaucoma, or OAG, or ocular hypertension, or OHT. We are currently evaluating next steps for the OTX-TIC program.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $52.0M | $63.7M | $58.4M | $51.5M | $43.5M | $17.4M | $4.2M | $2.0M | $1.9M | $1.9M |
| Cost of revenue | $6.6M | $5.6M | $5.3M | $4.5M | $4.4M | $2.1M | $2.3M | $465.0K | $457.0K | $443.0K |
| Gross profit | $45.4M | $58.1M | $53.2M | $47.0M | $39.1M | $15.3M | $1.9M | $1.5M | $1.5M | $1.4M |
| R&D | $197.1M | $127.6M | $61.1M | $53.5M | $50.1M | $28.7M | $41.1M | $36.9M | $30.9M | $27.1M |
| SG&A | $64.4M | $60.7M | $33.9M | $32.2M | $31.9M | $22.9M | $22.1M | $18.8M | $15.5M | $11.0M |
| Total operating expenses | $322.0M | $235.5M | $140.8M | $130.1M | $121.6M | $80.2M | $90.0M | $61.1M | $63.8M | $45.2M |
| Operating income | -$270.0M | -$171.8M | -$82.4M | -$78.7M | -$78.0M | -$62.8M | -$85.8M | -$59.1M | -$61.9M | -$43.3M |
| Interest expense | $11.8M | $13.6M | $11.3M | $7.0M | $6.7M | $6.8M | $6.1M | $1.7M | $1.9M | $1.7M |
| Pre-tax income | -$265.9M | -$193.5M | -$80.7M | -$71.0M | -$6.6M | -$155.6M | -$86.4M | -$60.0M | -$63.4M | -$44.7M |
| Income tax | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Net income | -$265.9M | -$193.5M | -$80.7M | -$71.0M | -$6.6M | -$155.6M | -$86.4M | -$60.0M | -$63.4M | -$44.7M |
| EPS, basic | -1.42 | -1.22 | -1.01 | -0.92 | -0.09 | -2.56 | -1.91 | — | — | — |
| EPS, diluted | -1.42 | -1.22 | -1.02 | -0.97 | -0.98 | -2.56 | -1.91 | -1.57 | -2.20 | -1.80 |
| Shares, diluted (wtd. avg.) | $187.2M | $158.3M | $85.6M | $82.6M | $82.2M | $60.8M | $45.3M | — | — | — |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $737.1M | $392.1M | $195.8M | $104.1M | $165.9M | $229.8M | $56.2M | $60.7M | $41.5M | $34.7M |
| Short-term investments | — | — | — | — | — | — | — | — | — | $35.2M |
| Receivables | $30.6M | $32.4M | $26.2M | $21.3M | $21.1M | $12.3M | $2.5M | $201.0K | $226.0K | $250.0K |
| Inventory | $3.6M | $3.0M | $2.3M | $2.0M | $1.2M | $1.2M | $954.0K | $217.0K | $122.0K | $113.0K |
| Total current assets | $782.1M | $441.0M | $232.2M | $129.6M | $191.3M | $246.2M | $60.2M | $56.2M | $43.3M | $69.9M |
| Property, plant and equipment | $19.7M | $9.4M | $11.7M | $9.9M | $7.0M | $8.1M | $10.2M | $10.2M | $10.5M | $3.3M |
| Total assets | $808.1M | $457.9M | $252.1M | $149.3M | $204.9M | $261.9M | $78.7M | $73.0M | $55.4M | $74.9M |
| Accounts payable | $4.2M | $4.2M | $4.4M | $5.1M | $4.6M | $2.7M | $3.3M | $3.0M | $3.6M | $2.1M |
| Total current liabilities | $50.8M | $41.4M | $34.9M | $31.4M | $26.3M | $26.7M | $12.0M | $9.2M | $13.4M | $8.3M |
| Total liabilities | $153.7M | $142.6M | $160.9M | $113.9M | $116.9M | $185.8M | $82.4M | $37.2M | $29.3M | $22.9M |
| Retained earnings | -$1.16B | -$891.1M | -$697.6M | -$616.8M | -$545.8M | -$539.3M | -$383.6M | -$297.2M | -$237.3M | -$173.9M |
| Total equity | $654.3M | $315.3M | $91.1M | $35.4M | $88.0M | $76.1M | -$3.6M | $35.9M | $26.1M | $52.0M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | -$204.9M | -$134.7M | -$70.2M | -$59.6M | -$65.5M | -$53.6M | -$77.6M | -$49.2M | -$50.5M | -$34.0M |
| Depreciation and amortisation | $4.3M | $3.8M | $3.0M | $2.1M | $2.4M | $2.8M | $2.5M | $2.3M | $1.6M | $881.0K |
| Stock-based compensation | $43.2M | $33.1M | $17.8M | $17.0M | $15.0M | $7.5M | $8.8M | $7.5M | $7.3M | $6.0M |
| Capital expenditure | $12.0M | $1.3M | $6.1M | $3.7M | $1.2M | $841.0K | $2.2M | $1.9M | $8.3M | $1.9M |
| Investing cash flow | -$11.9M | -$1.3M | -$6.1M | -$3.7M | -$1.2M | -$841.0K | -$2.2M | -$1.9M | $27.0M | $37.1M |
| Financing cash flow | $561.7M | $332.1M | $169.8M | $1.5M | $2.9M | $228.0M | $75.3M | $68.6M | $32.0M | $585.0K |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001104659-26-053176.
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