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.
Plot the figures US dollars
- Revenue
- Gross profit
- Net income
| Fiscal year | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $1.9M | $1.9M | $2.0M | $4.2M | $17.4M | $43.5M | $51.5M | $58.4M | $63.7M | $52.0M |
| Gross profit | $1.4M | $1.5M | $1.5M | $1.9M | $15.3M | $39.1M | $47.0M | $53.2M | $58.1M | $45.4M |
| Net income | -$44.7M | -$63.4M | -$60.0M | -$86.4M | -$155.6M | -$6.6M | -$71.0M | -$80.7M | -$193.5M | -$265.9M |
Recent filings and events
- Results announced The quarterly or annual earnings release. Arrives four times a year from almost every company here. Item 2.02
- Officer or director change Someone at the top arrived or left. The item covers everything from a board retirement to a chief executive being removed, and only the filing itself says which. Item 5.02
- Shareholder vote The results of the annual meeting or a special vote. Item 5.07
- Results announced Item 2.02
- Regulation FD disclosure Something the company told the market and had to tell everyone at once - usually a slide deck or a press release. Item 7.01
- Annual report filed A new 10-K. The figures and the business description on this site come from it. Form 10-K
- Results announced Item 2.02
- Officer or director change Item 5.02
- Other event The catch-all. The company chose to disclose something that fits no other item, so the content is whatever it says it is. Item 8.01
- Other event Item 8.01
- Results announced Item 2.02
- Material agreement signed The company entered an agreement outside the ordinary course of business - a large contract, a credit facility, a merger agreement. Item 1.01
Item numbers are Form 8-K's own, and a filing date is up to four business days after the thing it reports. The same feed across the whole market.
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