OCUL

MKT CAP:$2B

Ocular Therapeutix, Inc.

Market Cap

$2B

Healthcare·Biotechnology·🇺🇸 United States·NASDAQ

Healthcare·Biotechnology·🇺🇸·NASDAQ

Stock Price

$9.59-$2.23 (-18.87%)

Apr 23, 2026

Company Details

Ocular Therapeutix, Inc., a biopharmaceutical company, focuses on the formulation, development, and commercialization of therapies for diseases and conditions of the eye using its bioresorbable hydrogel-based formulation technology. The com...

CEO

Pravin U. Dugel

IPO Date

Jul 25, 2014

Website

www.ocutx.com

Key Metrics TTM

Revenue

$52M

-18.5% YoY

Net Income

-$266M

EPS (Diluted)

-$1.44

Free Cash Flow

-$217M

Revenue / Share

$0.23

Gross Margin

87.3%

Operating Margin

-519.8%

Net Margin

-511.9%

FCF Margin

-417.5%

P/S

39.5x

P/E

—

Earnings Reports

Q1 2026

May 4, 2026

PENDING

FY 2025

Feb 5, 2026

$52M-18.7%EPS -$1.42

Q4 2025

Feb 5, 2026

$13M-22.4%EPS -$0.29

Q3 2025

Nov 4, 2025

$15M-5.7%EPS -$0.38

Q2 2025

Aug 5, 2025

$13M-18.1%EPS -$0.39

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q1 22	$13M	$12M	-$18M
Q2 22	$12M	$11M	-$20M
Q3 22	$12M	$11M	-$22M
Q4 22	$14M	$13M	-$19M
Q1 23	$13M	$12M	-$23M
Q2 23	$15M	$14M	-$21M
Q3 23	$15M	$14M	-$19M
Q4 23	$15M	$13M	-$20M
Q1 24	$15M	$13M	-$32M
Q2 24	$16M	$15M	-$44M
Q3 24	$15M	$14M	-$46M
Q4 24	$17M	$16M	-$51M
Q1 25	$11M	$9M	-$64M
Q2 25	$13M	$12M	-$68M
Q3 25	$15M	$13M	-$69M
Q4 25	$13M	$12M	-$70M

Valuation

Quarter	P/S	P/E
Q1 22	8.4x	—
Q2 22	6.8x	—
Q3 22	6.3x	—
Q4 22	5.4x	—
Q1 23	7.9x	—
Q2 23	7.3x	—
Q3 23	4.3x	—
Q4 23	10.7x	—
Q1 24	19.2x	—
Q2 24	14.4x	—
Q3 24	23.5x	—
Q4 24	21.9x	—
Q1 25	20.6x	—
Q2 25	27.7x	—
Q3 25	38.8x	—
Q4 25	43.5x	—

Operating Cash Flow

Quarter	Operating CF	Free CF
Q1 22	-$19M	-$19M
Q2 22	-$11M	-$11M
Q3 22	-$13M	-$14M
Q4 22	-$17M	-$19M
Q1 23	-$20M	-$23M
Q2 23	-$20M	-$22M
Q3 23	-$13M	-$13M
Q4 23	-$22M	-$23M
Q1 24	-$34M	-$34M
Q2 24	-$25M	-$26M
Q3 24	-$37M	-$37M
Q4 24	-$39M	-$40M
Q1 25	-$45M	-$47M
Q2 25	-$55M	-$56M
Q3 25	-$51M	-$57M
Q4 25	-$54M	-$57M

Capital Expenditures

Quarter	CapEx
Q1 22	$276.0K
Q2 22	$495.0K
Q3 22	$794.0K
Q4 22	$2M
Q1 23	$3M
Q2 23	$2M
Q3 23	$259.0K
Q4 23	$459.0K
Q1 24	$255.0K
Q2 24	$742.0K
Q3 24	$89.0K
Q4 24	$202.0K
Q1 25	$2M
Q2 25	$1M
Q3 25	$6M
Q4 25	$3M

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q1 22	+79.6%	+12.5%
Q2 22	+4.7%	+0.7%
Q3 22	-1.5%	+5.8%
Q4 22	+14.4%	+10.1%
Q1 23	+1.4%	+15.8%
Q2 23	+23.8%	+11.1%
Q3 23	+26.0%	+2.3%
Q4 23	+5.2%	+4.2%
Q1 24	+10.5%	+29.1%
Q2 24	+8.3%	+67.9%
Q3 24	+2.3%	+79.1%
Q4 24	+15.4%	+94.1%
Q1 25	-27.6%	+60.8%
Q2 25	-18.1%	+35.1%
Q3 25	-5.7%	+35.5%
Q4 25	-22.4%	+22.7%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q1 22	$4M	31.9%
Q2 22	$4M	34.9%
Q3 22	$4M	35.4%
Q4 22	$4M	30.1%
Q1 23	$5M	34.2%
Q2 23	$4M	29.1%
Q3 23	$5M	29.9%
Q4 23	$4M	29.2%
Q1 24	$8M	54.0%
Q2 24	$11M	68.7%
Q3 24	$7M	43.1%
Q4 24	$7M	42.1%
Q1 25	$10M	97.7%
Q2 25	$10M	71.9%
Q3 25	$0	0.0%
Q4 25	$11M	85.7%

OpEx Breakdown

Quarter	R&D	G&A	S&M
Q1 22	$13M	$8M	$9M
Q2 22	$13M	$8M	$10M
Q3 22	$14M	$9M	$10M
Q4 22	$14M	$8M	$11M
Q1 23	$15M	$19M	$1M
Q2 23	$15M	$8M	$11M
Q3 23	$15M	$17M	$1M
Q4 23	$16M	$44M	—
Q1 24	$21M	$23M	$1M
Q2 24	$29M	$20M	$10M
Q3 24	$37M	$12M	$11M
Q4 24	$41M	$24M	$1M
Q1 25	$43M	$29M	$2M
Q2 25	$51M	$27M	$2M
Q3 25	$52M	$16M	$13M
Q4 25	$51M	$18M	$13M

Revenue Segments

Quarter	Collaboration revenue	Product	Product revenue, net
Q1 22	$689.0K	$12M	—
Q2 22	$122.0K	$12M	—
Q3 22	$52.0K	$12M	—
Q4 22	$173.0K	$14M	—
Q1 23	$160.0K	$13M	—
Q2 23	$157.0K	$15M	—
Q3 23	$131.0K	—	$15M
Q1 24	$59.0K	—	$15M
Q2 24	$62.0K	—	$16M
Q3 24	$78.0K	—	$15M
Q1 25	$64.0K	—	$11M
Q2 25	$64.0K	$13M	—
Q3 25	$128.0K	$15M	—

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 22	$145M	$0	$145M
Q2 22	$135M	$0	$135M
Q3 22	$121M	$0	$121M
Q4 22	$102M	$0	$102M
Q1 23	$79M	$0	$79M
Q2 23	$67M	$0	$67M
Q3 23	$111M	$0	$111M
Q4 23	$196M	$0	$196M
Q1 24	$483M	$0	$483M
Q2 24	$460M	$0	$460M
Q3 24	$427M	$0	$427M
Q4 24	$392M	$0	$392M
Q1 25	$350M	$0	$350M
Q2 25	$391M	$0	$391M
Q3 25	$345M	$0	$345M
Q4 25	$737M	$0	$737M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q1 22	83M	+0.2%	-5.4%
Q2 22	83M	+0.0%	+0.5%
Q3 22	77M	-6.7%	-9.9%
Q4 22	83M	+7.5%	+0.5%
Q1 23	77M	-6.5%	-6.2%
Q2 23	78M	+0.9%	-5.4%
Q3 23	85M	+9.1%	+10.6%
Q4 23	109M	+27.8%	+31.4%
Q1 24	132M	+21.3%	+70.6%
Q2 24	166M	+25.6%	+112.5%
Q3 24	167M	+0.7%	+96.1%
Q4 24	168M	+0.6%	+54.4%
Q1 25	169M	+0.8%	+28.3%
Q2 25	173M	+1.9%	+4.1%
Q3 25	184M	+6.6%	+10.1%
Q4 25	223M	+21.2%	+32.7%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q1 22	$57.8K	228
Q2 22	$53.8K	228
Q3 22	$52.5K	228
Q4 22	$51.4K	274
Q1 23	$48.8K	274
Q2 23	$55.4K	274
Q3 23	$55.0K	274
Q4 23	$55.4K	267
Q1 24	$55.3K	267
Q2 24	$61.6K	267
Q3 24	$57.8K	267
Q4 24	$62.3K	274
Q1 25	$39.0K	274
Q2 25	$49.1K	274
Q3 25	$53.1K	274
Q4 25	$663	20K

Revenue / Employee