Download PDF

1. Company Snapshot

1.a. Company Description

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 company markets ReSure Sealant, an ophthalmic device to prevent wound leaks in corneal incisions following cataract surgery; and 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 OTX-TKI, an axitinib intravitreal implant that is in phase 1 clinical trials for the treatment of wet age-related macular degeneration and other retinal diseases; OTX-TIC, a travoprost intracameral implant, which is in phase 2 clinical trials for the treatment of open-angle glaucoma or ocular hypertension; OTX-CSI, a cyclosporine intracanalicular insert that has completed phase 2 clinical trials for the treatment of dry eye disease; and OTX-DED, a dexamethasone intracanalicular insert, which is in phase 2 clinical trials for the short-term treatment of the signs and symptoms of dry eye disease.


The company has a strategic collaboration with Regeneron Pharmaceuticals, Inc.(Regeneron) for the development and commercialization of products using the Company's sustained-release hydrogel in combination with Regeneron's large molecule VEGF-targeting compounds for the treatment of retinal diseases; and AffaMed Therapeutics Limited for the development and commercialization of DEXTENZA and OTX-TIC, as well as a discovery collaboration with Mosaic Biosciences to identify new targets and therapeutic agents for the treatment of dry age-related macular degeneration (dMAD).Ocular Therapeutix, Inc.


was incorporated in 2006 and is headquartered in Bedford, Massachusetts.

Show Full description

1.b. Last Insights on OCUL

Ocular Therapeutix's recent performance was driven by a series of positive developments. The company's participation in upcoming scientific conferences, including Clinical Trials at the Summit 2025, showcases its commitment to advancing retina-focused research. Additionally, Ocular Therapeutix unveiled new corporate branding, reflecting its transformation into a retina-focused company, which highlights its innovative vision for the future. Furthermore, the company's participation in investor conferences and scientific events demonstrates its engagement with the investment community and its dedication to sharing its expertise.

1.c. Company Highlights

2. Ocular Therapeutix's Q3 2025 Earnings: AXPAXLI Progress and Financial Strength

Ocular Therapeutix reported its Q3 2025 financial results, with the company's cash position being a significant highlight, ending the quarter with approximately $345 million in cash. Additionally, the company raised $445 million in net proceeds from an October equity financing, providing an expected cash runway into 2028. Although specific financial results like revenues were not mentioned, the actual EPS came out at '-0.37', beating estimates at '-0.39'. The company's strong financial position is expected to support its ongoing clinical trials and preparation for commercial launch.

Publication Date: Nov -26

📋 Highlights
  • Clinical Trial Milestone:: SOL-R trial reached 555 subject randomization target, reflecting strong execution and investigator enthusiasm.
  • Financial Strength:: Ended Q3 2025 with $345M cash and $445M from October financing, providing a cash runway through 2028.
  • Market Potential:: Targets $15B anti-VEGF market by expanding treatment access, leveraging AXPAXLI's durability and flexibility.
  • Regulatory Strategy:: Pursues FDA-agreed ordinal 2-step DRSS endpoint for HELIOS trials, aiming for broad diabetic eye disease label.
  • Trial Efficiency:: Achieved 95% on-protocol rate and 95% retention in clinical trials, critical for derisking registrational programs.

Clinical Trial Progress

Ocular Therapeutix has made significant progress in its registrational programs for AXPAXLI in wet AMD and non-proliferative diabetic retinopathy (NPDR). The SOL-R trial has reached its target randomization of 555 subjects, a milestone that reflects exceptional execution and strong investigator enthusiasm. The company expects top-line data for SOL-1 in Q1 2026 and for SOL-R in the first half of 2027. The HELIOS program is also progressing well, with the company leveraging a novel ordinal endpoint established with the FDA.

AXPAXLI's Potential in the Anti-VEGF Market

AXPAXLI has the potential to break the cycle of commoditization in the anti-VEGF market, with a possible superiority label that could set it apart from other anti-VEGFs in both wet AMD and diabetic retinal disease. The global annual anti-VEGF market is estimated at roughly $15 billion, and Ocular aims to expand the market by reducing burden, increasing adherence, and improving long-term outcomes through AXPAXLI's durability, flexibility, and confidence.

Valuation and Growth Expectations

Analysts estimate next year's revenue growth at 15.0%. With a current P/S Ratio of 37.83, the market is pricing in significant growth expectations. The company's P/E Ratio is -8.94, and the EV/EBITDA is -7.64, indicating that the market is expecting future profitability. The ROE is -87.19%, and the ROIC is -68.84%, reflecting the company's current investment phase. As the company progresses with its clinical trials and approaches commercial launch, investors will be watching for signs of future revenue growth and profitability.

Future Outlook

Ocular Therapeutix is building a company positioned to redefine the retina market with a triad of superiority, market expansion, and immediate adaptability. With its strong financial position and progress in its clinical trials, the company is well-positioned for future success. As the company shares more details on its SOL-1 top-line data and progresses with its HELIOS program, investors will be looking for signs of validation of the company's strategy and potential for future growth.

3. NewsRoom

Card image cap

Wall Street Analysts Think Ocular Therapeutix (OCUL) Could Surge 82.48%: Read This Before Placing a Bet

Nov -20

Source: zacks.com

Card image cap

Ocular Therapeutix, Inc. (OCUL) Q3 2025 Earnings Call Transcript

Nov -04

Source: seekingalpha.com

Card image cap

Ocular Therapeutix (OCUL) Reports Q3 Loss, Tops Revenue Estimates

Nov -04

Source: zacks.com

Card image cap

Ocular Therapeutix™ Reports Third Quarter 2025 Financial Results and Business Highlights

Nov -04

Source: globenewswire.com

Card image cap

Ocular Therapeutix™ Achieves Target Randomization of 555 Subjects in SOL-R

Nov -04

Source: globenewswire.com

Card image cap

Wall Street Analysts Believe Ocular Therapeutix (OCUL) Could Rally 82.93%: Here's is How to Trade

Oct -30

Source: zacks.com

Card image cap

Ocular Therapeutix, Inc. (NASDAQ:OCUL) Receives Average Rating of “Moderate Buy” from Brokerages

Oct -26

Source: defenseworld.net

Card image cap

Ocular Therapeutix (OCUL) May Find a Bottom Soon, Here's Why You Should Buy the Stock Now

Oct -24

Source: zacks.com

4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (9.26%)

6. Segments

Bioresorbable Hydrogel Platform Technology

Expected Growth: 9.27%

Ocular Therapeutix's Bioresorbable Hydrogel Platform Technology growth is driven by increasing demand for minimally invasive ophthalmic treatments, rising prevalence of eye disorders, and growing adoption of innovative drug delivery systems. Additionally, strategic partnerships, expanding product pipeline, and regulatory approvals are contributing to the 9.27% growth.

Collaboration

Expected Growth: 8.5%

Ocular Therapeutix, Inc.'s 8.5% growth is driven by increasing adoption of its innovative ocular implant, DEXTENZA, for post-operative ocular inflammation and pain. Strong partnerships, expanded commercialization efforts, and growing demand for minimally invasive treatments also contribute to this growth. Additionally, the company's pipeline of novel therapeutics and devices for ocular diseases supports future growth prospects.

7. Detailed Products

Dextenza

A corticosteroid intracanalicular implant for the treatment of post-operative inflammation and pain associated with cataract surgery.

OTX-TP

A sustained-release travoprost intracameral implant for the reduction of intraocular pressure in patients with primary open-angle glaucoma or ocular hypertension.

OTX-TIC

A sustained-release triamcinolone intravitreal implant for the treatment of diabetic macular edema.

8. Ocular Therapeutix, Inc.'s Porter Forces

Forces Ranking

Threat Of Substitutes

The threat of substitutes for Ocular Therapeutix, Inc. is medium due to the presence of alternative treatments and products in the ophthalmic space. However, the company's proprietary hydrogel technology and FDA-approved products provide a competitive advantage.

Bargaining Power Of Customers

The bargaining power of customers for Ocular Therapeutix, Inc. is low due to the company's focus on providing innovative and effective treatments for ophthalmic conditions, which gives it a strong negotiating position with customers.

Bargaining Power Of Suppliers

The bargaining power of suppliers for Ocular Therapeutix, Inc. is medium due to the company's reliance on a few key suppliers for raw materials and manufacturing services. However, the company's strong relationships with suppliers and its ability to negotiate favorable terms mitigate this risk.

Threat Of New Entrants

The threat of new entrants for Ocular Therapeutix, Inc. is high due to the growing demand for ophthalmic treatments and the increasing interest in the space from large pharmaceutical companies and startups. However, the company's strong intellectual property portfolio and regulatory approvals provide a barrier to entry for new entrants.

Intensity Of Rivalry

The intensity of rivalry for Ocular Therapeutix, Inc. is high due to the competitive nature of the ophthalmic industry, with multiple companies vying for market share. However, the company's innovative products and strong commercialization efforts position it well to compete in this environment.

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

Value
Debt Weight 45.64%
Debt Cost 11.24%
Equity Weight 54.36%
Equity Cost 11.24%
WACC 11.24%
Leverage 83.96%

11. Quality Control: Ocular Therapeutix, Inc. passed 5 out of 9 key points

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

Stock-Card
Arbutus Biopharma

A-Score: 4.4/10

Value: 6.0

Growth: 4.0

Quality: 3.9

Yield: 0.0

Momentum: 7.5

Volatility: 5.0

1-Year Total Return ->

View Full Report
Stock-Card
BioCryst Pharmaceuticals

A-Score: 4.4/10

Value: 5.0

Growth: 7.2

Quality: 5.1

Yield: 0.0

Momentum: 5.0

Volatility: 4.0

1-Year Total Return ->

View Full Report
Stock-Card
Ocular Therapeutix

A-Score: 4.0/10

Value: 6.2

Growth: 5.0

Quality: 4.3

Yield: 0.0

Momentum: 6.0

Volatility: 2.3

1-Year Total Return ->

View Full Report
Stock-Card
Poseida Therapeutics

A-Score: 3.8/10

Value: 4.2

Growth: 4.6

Quality: 4.1

Yield: 0.0

Momentum: 10.0

Volatility: 0.0

1-Year Total Return ->

View Full Report
Stock-Card
EyePoint Pharmaceuticals

A-Score: 3.7/10

Value: 6.6

Growth: 2.3

Quality: 4.9

Yield: 0.0

Momentum: 7.5

Volatility: 1.0

1-Year Total Return ->

View Full Report
Stock-Card
G1 Therapeutics

A-Score: 3.7/10

Value: 6.0

Growth: 6.4

Quality: 4.2

Yield: 0.0

Momentum: 5.0

Volatility: 0.3

1-Year Total Return ->

View Full Report

Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

12.58$

Current Price

12.58$

Potential

-0.00%

Expected Cash-Flows