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Ocular Therapeutix, Inc.
NASDAQ: OCUL Healthcare Pharma 🔎 Screen
$2.1B
Market Cap
P/E
PEG
-45.8%
ROCE
-54.9%
ROE
0.11
D/E
-519.8%
OPM
-33.1%
% from 52W High
48
α RS
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🌏 Global Investor Returns
Currency-adjusted total returns for OCUL including FX impact
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📈 Price History
Ratio Health
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About

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.

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📈 Growth Pattern
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⭐ Superinvestors Holding OCUL
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Manager Shares Value % of Fund Period
Steve Cohen Point72 Asset Management 5.53M $46.9M 0.06% Mar 2026
Jim Simons Renaissance Technologies LLC 1.15M $9.7M 0.02% Mar 2026

SEC Form 13F data. 45-day lag from quarter end.

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3-Statement Financial Model
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📊 MIXED AXPAXLI first to show superiority vs anti-VEGF; $667M cash; NDA submission planned.
Revenue & Profitability
As of March 31, 2026, Ocular Therapeutix had approximately $667 million in cash, which management expects to provide runway into 2028. This cash does not include full commercialization expenses. No revenue, net income, or operating income figures were disclosed in the call.
Outlook
Management believes AXPAXLI has the potential to become a foundational therapy in wet AMD, transforming treatment by offering fixed every-six-months dosing. The FDA publicly supports single registrational trials as the new default, which aligns with Ocular's goal to submit an NDA based on SOL-1 data. The retina community has shown strong enthusiasm based on the SOL-1 results.
Growth Drivers
Key growth drivers include the wet AMD program (SOL-1, SOL-R, SOL-X) and the diabetic retinopathy program (HELIOS-3). SOL-R has completed enrollment of 631 subjects and top-line data is expected in Q1 2027. SOL-X will evaluate long-term outcomes over five years, including crossover patients. The company is accelerating commercial readiness in parallel with regulatory activities.
Balance Sheet & CapEx
Not discussed in this earnings call.
Margins
Not discussed in this earnings call.
Key Risks
Risks discussed include reliance on FDA acceptance of a single registrational trial (SOL-1) for NDA submission, potential need to incorporate SOL-R data, and maintaining the integrity of SOL-R for global approvals. Patient retention and enrollment were noted as strong, but no specific risk factors were elaborated. The cash runway does not include full commercialization expenses.
Generated by AI · Q1 2026 results · Not investment advice
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✓ 📞 Earnings Call Transcripts (5 quarters) submit a missing quarter
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📞 Earnings Call Transcripts (5)
Q1 2026 Q1 2026 2026-05-05
AXPAXLI achieved unprecedented superiority and durability in wet AMD, with strong safety and high patient retention, supporting an NDA submission and accelerated commercial plans. Cash reserves of $667 million provide runway into 2028 as multiple pivotal trials progress.
Q3 2025 Q3 2025 2025-11-04
Advanced pivotal trials for XPAXLY in Wet AMD and diabetic retinopathy, with SOLAR reaching full enrollment and strong execution in SOL1. Recent financing extends cash runway into 2028, supporting broad label pursuit and commercial readiness.
Q2 2025 Q2 2025 2025-08-05
Advanced SOUL-one and SOLAR trials for expaxly in wet AMD, with strong financials and plans for a long-term extension study. Strategic changes to trial criteria and positive FDA feedback support expansion into diabetic eye disease.
Q4 2024 Q4 2024 2025-03-03
AXPAXLI's registrational program advanced with FDA-approved protocol amendments, reducing trial size and accelerating timelines while maintaining robust statistical power. Strong cash reserves support operations into 2028, with no capital raise planned for 2025.
Q3 2024 Q3 2024 2024-11-14
Rapid enrollment in pivotal AXPAXLI trials for wet AMD positions the program ahead of schedule, with strong clinical and commercial momentum. Cash reserves of $427M fund operations into 2028, and DEXTENZA maintains robust performance with favorable reimbursement.
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📊 Analysis Methodology

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Financial Model
Projections are built from each company's audited annual financials (Income Statement, Balance Sheet, Cash Flow) over the last 5 fiscal years. Forward assumptions — revenue growth %, EBITDA margin, D&A (USD millions), interest expense, tax rate, and capex — are AI-generated using historical context and refreshed twice a year: after the December results season and after the September/Q4 results season.

DCF Valuation
Fair Value = Σ(FCFt / (1+WACC)t) + Terminal Value. Terminal Value uses the Gordon Growth Model: FCF5 × (1+g) / (WACC−g). Default WACC: 10% (US risk-free ~4.5%, equity risk premium ~5.5%). Default terminal growth: 3% (long-run US nominal GDP proxy).

CAGR Tracker
Expected 5-year CAGR = (DCF Fair Value / Current Price)1/5 − 1. Assumes fair value is reached in exactly 5 years — a mechanical estimate only.

Data Sources & Limitations
Financial statements sourced from public filings. Prices updated daily. Forward assumptions are AI-generated. All monetary values in USD millions. Non-US ADR companies may have currency conversion inaccuracies. Models are point-in-time and do not update intra-quarter or account for M&A, macro shocks, or extraordinary items.

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Investment Risk:
Investing in securities, including US equities and ETFs, involves inherent risks including the potential loss of principal. All investments are subject to market fluctuations, economic conditions, regulatory changes, and other factors that may affect their value. Past performance is not indicative of future results. This analysis is provided for informational and educational purposes only and should not be construed as investment advice under any circumstances.

No Investment Recommendation:
This analysis does not constitute, nor should it be interpreted as, an offer, solicitation, or recommendation to buy, sell, or hold any securities or financial products. Investors are strongly advised to conduct their own independent research and due diligence and to consult with a licensed financial advisor or an SEC-registered investment adviser before making any investment decisions, taking into account their individual financial situation, risk tolerance, and investment objectives.

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Conflict of Interest Disclosure:
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Information Sources:
The analysis is based on publicly available information including SEC filings (10-K, 10-Q), annual reports, management commentary, and publicly available financial data. Information is believed to be accurate as of the date of publication but may be subject to change without notice. Readers are encouraged to independently verify all information before acting upon it.

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