OCUL

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Ocular Therapeutix, Inc.

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Key Metrics

Previous Close: $11.73
52-Week Range: $6.23 – $16.44
Market Cap: $2.44B
P/E (TTM): —
EPS (TTM): -1.32
Dividend Yield: —

Advanced Metrics

Price/Book: 4.68
PEG Ratio: —
Return on Equity: -72.99%
Return on Assets: -34.95%
Gross Margin: 0.00%
Operating Margin: -609.34%
Profit Margin: 0.00%
Current Ratio: 13.11
Debt/Equity: 0.15
Total Debt: $79.38M
Free Cash Flow: $-159.25M
Revenue Growth: 0.10%
Earnings Growth: —
Enterprise Value: $1.92B

OCUL Income statement, annual periods, in USD
USD	FY2022	FY2023	FY2024	FY2025
Revenue	$51.49M	$58.44M	$63.72M	$51.95M
Cost of Revenue	$4.54M	$5.28M	$5.63M	$6.57M
Gross Profit	$46.95M	$53.16M	$58.10M	$45.38M
Research & Development	$53.46M	$61.05M	$127.64M	$197.10M
Selling, General & Admin	$72.15M	$74.49M	$102.24M	$118.30M
Operating Expenses	$125.61M	$135.54M	$229.88M	$315.39M
Operating Income	-$78.65M	-$82.38M	-$171.78M	-$270.02M
EBITDA	-$61.91M	-$66.42M	-$176.14M	-$249.78M
Pretax Income	-$71.04M	-$80.74M	-$193.51M	-$265.94M
Net Income	-$71.04M	-$80.74M	-$193.51M	-$265.94M
Diluted EPS	-0.97	-1.02	-1.22	-1.42
Diluted Shares	82.64M	85.60M	158.27M	187.24M

OCUL Balance Sheet statement, annual periods, in USD
USD	FY2022	FY2023	FY2024	FY2025
Cash & Equivalents	$102.30M	$195.81M	$392.10M	$737.06M
Receivables	$21.32M	$26.18M	$32.39M	$30.65M
Inventory	$1.97M	$2.31M	$3.04M	$3.56M
Current Assets	$129.63M	$232.24M	$440.99M	$782.13M
Total Assets	$149.29M	$252.06M	$457.94M	$808.06M
Current Liabilities	$31.39M	$34.90M	$41.35M	$50.81M
Long-Term Debt	$54.01M	$74.92M	$68.50M	$71.34M
Total Debt	$64.28M	$83.39M	$75.78M	$76.97M
Total Liabilities	$113.91M	$160.93M	$142.59M	$153.75M
Retained Earnings	-$616.84M	-$697.58M	-$891.08M	-$1.16B
Shareholders' Equity	$35.38M	$91.13M	$315.34M	$654.31M
Working Capital	$98.23M	$197.34M	$399.63M	$731.32M

OCUL Cash Flow statement, annual periods, in USD
USD	FY2022	FY2023	FY2024	FY2025
Operating Cash Flow	-$59.60M	-$70.23M	-$134.68M	-$204.88M
Capital Expenditure	-$3.71M	-$6.09M	-$1.29M	-$12.01M
Free Cash Flow	-$63.32M	-$76.32M	-$135.97M	-$216.89M
Depreciation & Amortisation	$2.11M	$2.98M	$3.79M	$4.32M
Stock-Based Compensation	$16.96M	$17.82M	$33.11M	$43.18M
Investing Cash Flow	-$3.71M	-$6.09M	-$1.29M	-$11.88M
Financing Cash Flow	$1.45M	$169.83M	$332.11M	$561.72M
Net Change in Cash	-$61.86M	$93.51M	$196.15M	$344.96M

OCUL Income statement, quarterly periods, in USD
USD	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Revenue	$10.70M	$13.46M	$14.54M	$13.25M	$10.79M
Cost of Revenue	$1.26M	$1.94M	$1.77M	$1.59M	$1.33M
Gross Profit	$9.44M	$11.52M	$12.77M	$11.66M	$9.46M
Research & Development	$42.86M	$51.08M	$52.36M	$50.80M	$66.21M
Selling, General & Admin	$30.50M	$28.07M	$29.11M	$30.62M	$36.58M
Operating Expenses	$73.35M	$79.16M	$81.47M	$81.42M	$102.80M
Operating Income	-$63.92M	-$67.64M	-$68.70M	-$69.76M	-$93.34M
EBITDA	-$60.09M	-$63.77M	-$65.35M	-$60.58M	-$84.55M
Pretax Income	-$64.05M	-$67.81M	-$69.42M	-$64.65M	-$88.61M
Net Income	-$64.05M	-$67.81M	-$69.42M	-$64.65M	-$88.61M
Diluted EPS	-0.38	-0.39	-0.38	-0.29	-0.40
Diluted Shares	169.40M	172.59M	183.92M	222.92M	224.10M

OCUL Balance Sheet statement, quarterly periods, in USD
USD	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Cash & Equivalents	$349.68M	$391.13M	$344.77M	$737.06M	$666.70M
Receivables	$25.22M	$30.41M	$30.77M	$30.65M	$24.35M
Inventory	$3.27M	$3.04M	$3.49M	$3.56M	$3.74M
Current Assets	$387.69M	$433.38M	$386.98M	$782.13M	$706.00M
Total Assets	$405.92M	$451.33M	$410.88M	$808.06M	$732.53M
Current Liabilities	$37.93M	$42.93M	$49.29M	$50.81M	$47.68M
Long-Term Debt	$69.20M	$69.91M	$70.62M	$71.34M	$72.06M
Total Debt	$76.22M	$76.94M	$77.01M	$76.97M	$79.46M
Total Liabilities	$139.99M	$145.42M	$152.65M	$153.75M	$150.96M
Retained Earnings	-$955.14M	-$1.02B	-$1.09B	-$1.16B	-$1.25B
Shareholders' Equity	$265.93M	$305.92M	$258.23M	$654.31M	$581.57M
Working Capital	$349.77M	$390.44M	$337.69M	$731.32M	$658.31M

OCUL Cash Flow statement, quarterly periods, in USD
USD	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Operating Cash Flow	-$44.67M	-$55.24M	-$50.73M	-$54.25M	-$65.99M
Capital Expenditure	-$1.93M	-$1.25M	-$5.99M	-$2.84M	-$4.66M
Free Cash Flow	-$46.60M	-$56.48M	-$56.72M	-$57.09M	-$70.66M
Depreciation & Amortisation	$981.00K	$1.03M	$1.07M	$1.25M	$1.28M
Stock-Based Compensation	$10.46M	$9.68M	$11.69M	$11.36M	$15.58M
Investing Cash Flow	-$1.93M	-$1.11M	-$5.99M	-$2.84M	-$4.66M
Financing Cash Flow	$4.18M	$97.81M	$10.36M	$449.38M	$294.00K
Net Change in Cash	-$42.42M	$41.45M	-$46.36M	$392.29M	-$70.36M

Market Snapshot

About

Biopharmaceutical company developing innovative therapies for diseases and conditions of the eye using its proprietary hydrogel platform. The company focuses on sustained-release drug delivery systems that provide extended therapeutic benefits for patients with eye disorders.