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Ocular Therapeutix, Inc., a biopharmaceutical company, engages in the development and commercialization of therapies for retinal diseases and other eye conditions using its bioresorbable hydrogel-based formulation technology in the United States. The company markets DEXTENZA, a dexamethasone ophthalmic insert to treat post-surgical ocular inflammation and pain following ophthalmic surgery, as well as allergic conjunctivitis. It is also developing AXPAXLI, an axitinib intravitreal hydrogel that is in phase 3 clinical trials for the treatment of wet age-related macular degeneration and non-proliferative diabetic retinopathy; OTX-TIC, a travoprost intracameral hydrogel, which has completed phase 2 clinical trials for the treatment of open-angle glaucoma or ocular hypertension. The company has a license agreement and collaboration with AffaMed Therapeutics Limited for the development and commercialization of DEXTENZA and OTX-TIC. Ocular Therapeutix, Inc. was incorporated in 2006 and is headquartered in Bedford, Massachusetts.
5-year financial trends. Figures in USD millions.
Latest fiscal year: 2025
Year-by-year revenue, profitability, and cash flow (USD millions, last 10 years)
| Year | Revenue | EBITDA | Net Profit | FCF | ROE | Rev Growth 1Y | NP Growth 1Y |
|---|---|---|---|---|---|---|---|
| 2025 | $52M | $-250M | $-266M | $-217M | -40.6% | -18.5% | - |
| 2024 | $64M | $-176M | $-194M | $-136M | -61.4% | 9.0% | - |
| 2023 | $58M | $-66M | $-81M | $-76M | -88.6% | 13.5% | - |
| 2022 | $51M | $-62M | $-71M | $-63M | -200.8% | - | - |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Total Revenue | 51.49 | 58.44 | 63.72 | 51.95 |
| Cost Of Revenue | 4.54 | 5.28 | 5.63 | 6.57 |
| Gross Profit | 46.95 | 53.16 | 58.10 | 45.38 |
| Operating Expense | 125.61 | 135.54 | 229.88 | 315.39 |
| Operating Income | -78.65 | -82.38 | -171.78 | -270.02 |
| EBITDA | -61.91 | -66.42 | -176.14 | -249.78 |
| EBIT | -64.02 | -69.40 | -179.93 | -254.10 |
| Pretax Income | -71.04 | -80.74 | -193.51 | -265.94 |
| Net Income | -71.04 | -80.74 | -193.51 | -265.94 |
| Net Income Common Stockholders | -71.04 | -80.74 | -193.51 | -265.94 |
| Total Expenses | 130.15 | 140.82 | 235.50 | 321.97 |
| Interest Expense | 7.02 | 11.34 | 13.58 | 11.84 |
| Interest Income | 0.80 | 3.98 | 20.28 | 18.36 |
| Research And Development | 53.46 | 61.05 | 127.64 | 197.10 |
| Selling General And Administration | 72.15 | 74.49 | 102.24 | 118.30 |
| Normalized EBITDA | -75.75 | -75.42 | -147.71 | -247.31 |
| Normalized Income | -84.88 | -89.74 | -165.08 | -263.47 |
| Basic EPS | -0.92 | -1.01 | -1.22 | -1.42 |
| Diluted EPS | -0.97 | -1.02 | -1.22 | -1.42 |
| Tax Effect Of Unusual Items | 0 | 0 | 0 | 0 |
| Tax Rate For Calcs | 0 | 0 | 0 | 0 |
| Total Unusual Items | 13.84 | 9 | -28.43 | -2.47 |
| Total Unusual Items Excluding Goodwill | 13.84 | 9 | -28.43 | -2.47 |
| Net Income From Continuing Operation Net Minority Interest | -71.04 | -80.74 | -193.51 | -265.94 |
| Reconciled Depreciation | 2.11 | 2.98 | 3.79 | 4.32 |
| Reconciled Cost Of Revenue | 4.54 | 5.28 | 5.63 | 6.57 |
| Net Interest Income | -6.22 | -7.36 | 6.71 | 6.52 |
| Net Income From Continuing And Discontinued Operation | -71.04 | -80.74 | -193.51 | -265.94 |
| Total Operating Income As Reported | -78.65 | -82.38 | -171.78 | -270.02 |
| Diluted Average Shares | 82.64 | 85.60 | 158.27 | 187.24 |
| Basic Average Shares | 76.88 | 79.83 | 158.27 | 187.24 |
| Diluted NI Availto Com Stockholders | -80.28 | -86.97 | -193.51 | -265.94 |
| Average Dilution Earnings | -9.24 | -6.23 | 0 | 0 |
| Net Income Including Noncontrolling Interests | -71.04 | -80.74 | -193.51 | -265.94 |
| Net Income Continuous Operations | -71.04 | -80.74 | -193.51 | -265.94 |
| Other Income Expense | 13.84 | 9 | -28.43 | -2.44 |
| Other Non Operating Income Expenses | 0 | 0 | 0 | 0.03 |
| Special Income Charges | 0 | 14.19 | -27.95 | 0 |
| Other Special Charges | 0 | -14.19 | 27.95 | 0 |
| Gain On Sale Of Security | 13.84 | -5.19 | -0.48 | -2.47 |
| Net Non Operating Interest Income Expense | -6.22 | -7.36 | 6.71 | 6.52 |
| Interest Expense Non Operating | 7.02 | 11.34 | 13.58 | 11.84 |
| Interest Income Non Operating | 0.80 | 3.98 | 20.28 | 18.36 |
| Selling And Marketing Expense | 4.17 | 4.83 | 5.12 | 6.15 |
| General And Administrative Expense | 67.98 | 69.66 | 97.13 | 112.15 |
| Other Gand A | 23.07 | 20.87 | 29.28 | 35.41 |
| Salaries And Wages | 44.91 | 48.79 | 67.85 | 76.74 |
| Operating Revenue | 51.49 | 58.44 | 63.72 | 51.95 |
Healthcare sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| Ocular Therapeutix, Inc.this co. | OCUL | $2.0B | - | 3.04 | -40.6% | -5.06 |
| GRAIL, Inc. | GRAL | $2.1B | - | 0.78 | -15.8% | -3.15 |
| Mineralys Therapeutics, Inc. | MLYS | $2.1B | - | 3.22 | -23.9% | -8.50 |
| Tyra Biosciences, Inc. | TYRA | $2.0B | - | 7.00 | -46.3% | -11.87 |
| Aurinia Pharmaceuticals Inc. | AUPH | $2.0B |
| 7.38 |
| 3.48 |
| 49.4% |
| 12.59 |
| Trevi Therapeutics, Inc. | TRVI | $2.0B | - | 9.68 | -23.3% | -32.27 |
| Pediatrix Medical Group, Inc. | MD | $1.9B | 11.57 | 2.21 | 19.1% | 7.93 |
| Stoke Therapeutics, Inc. | STOK | $1.9B | - | 5.42 | -2.0% | -86.99 |
| Omnicell, Inc. | OMCL | $1.9B | 828.21 | 1.38 | 0.2% | 18.60 |
| Peer Median | - | 11.57 | 3.35 | -8.9% | -5.82 | |