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OCUL · NASDAQ · Biotechnology

Ocular Therapeutix

Develops hydrogel-delivered retinal therapies and commercial ophthalmic drug inserts.

$10.45

After-hours close+0.09 (+0.87%)

At close$10.36(−4.25%)

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Profile

Ocular Therapeutix, Inc.OCULHealth Care

Develops eye therapies using the ELUTYX bioresorbable hydrogel platform, led by the investigational AXPAXLI retinal program and commercial DEXTENZA insert. DEXTENZA provides product revenue while AXPAXLI advances through late-stage studies for wet AMD and diabetic retinal disease.

Develops and commercializes ophthalmic therapies built on ELUTYX, a bioresorbable hydrogel platform designed for programmed drug release in the eye. DEXTENZA is an FDA-approved dexamethasone insert for postsurgical ocular inflammation and pain and allergic itching; AXPAXLI is an investigational axitinib intravitreal hydrogel in late-stage programs for wet age-related macular degeneration and diabetic retinal disease. OTX-TIC, a travoprost implant for glaucoma or ocular hypertension, has completed mid-stage testing while next steps are evaluated.

Runs research and AXPAXLI manufacturing in Bedford and sells DEXTENZA primarily in the United States, with selected Asian rights licensed to AffaMed. Product revenue comes from DEXTENZA, while the retina strategy depends on AXPAXLI trial execution, manufacturing scale-up, regulatory approval, market access, and reimbursement.

Company facts

CEOPravin U. Dugel, M.D.

ListedJul 25, 2014

ExchangeNASDAQ

HeadquartersBedford, MA

CountryUnited States

Employees325

CIK0001393434

ISINUS67576A1007

Key statistics

Market cap$2.27B

EPS (ttm)−$1.42

P/E (ttm)−7.30

ROE-59.9%

P/B4.48

P/S43.58

Dividend yield—

Beta0.98vs XLV 0.28

Year to date −12.4% · Average volume (30d) 2.5M

Analysts

Price target, next 12 months$27.50+165.4%Median of 19 analysts · vs the Aug 28 close

ConsensusBuy17 of 19 analysts rate it buy or better

Ratings

Strong buyBuyHoldSellStrong sell

Target range

Last close $10.36

High$30.00+189.6%

Median$27.50+165.4%

Low$25.00+141.3%

12 months agoNowIn 12 months

Latest analyst notes

Date	Firm	Action	Prior target	Target
Jun 18, 2026	H.C. Wainwright	Target	$21	$25
Jun 18, 2026	Robert W. Baird	Target	$24	$30
Feb 5, 2026	RBC Capital	Target		$30
Dec 8, 2025	H.C. Wainwright	Target	$19	$21
Oct 8, 2025	H.C. Wainwright	Target	$14	$19

Earnings

EPS

Estimate−$0.36

ReportedDue Nov 3, 2026

Revenue

Estimate$14.3M

ReportedDue Nov 3, 2026

History

Report date	EPS est	EPS	Surprise	Revenue est	Revenue	Surprise	Next session
Aug 3, 2026Q2 FY26	−$0.40	−$0.35	+11.5%	$13.2M	$13.5M	+2.1%	+2.82%
May 5, 2026Q1 FY26	−$0.32	−$0.41	−28.1%	$12.7M	$10.8M	−15.2%	0.00%
Feb 5, 2026Q4 FY25	−$0.33	−$0.29	+12.1%	$16.1M	$13.3M	−17.8%	+2.81%
Nov 4, 2025Q3 FY25	−$0.39	−$0.37	+5.1%	$16.1M	$14.5M	−9.9%	−0.83%

View details

Financial highlights

	Q1 FY25	Q2 FY25	Q3 FY25	Q4 FY25	Q1 FY26	Q2 FY26
Revenue	$10.7M	$13.5M	$14.5M	$13.3M	$10.8M	$13.5M
Gross profit	$9.4M	$11.5M	$12.8M	$11.7M	$9.5M	$11.5M
Operating income	−$63.9M	−$67.6M	−$68.7M	−$69.8M	−$93.3M	−$82.1M
Net income	−$64.1M	−$67.8M	−$69.4M	−$64.7M	−$88.6M	−$78.8M
Diluted EPS	−$0.38	−$0.39	−$0.38	−$0.29	−$0.40	−$0.35
Gross margin	88.2%	85.6%	87.8%	88.0%	87.7%	85.1%
Operating margin	-597.5%	-502.6%	-472.3%	-526.5%	-865.5%	-609.3%

Fiscal years (4-quarter sums)FY21 $43.5M · FY22 $51.5M · FY23 $58.4M · FY24 $63.7M · FY25 $52.0M

Revenue by product · Q2 FY26

Product$13.5M · 100%

Balance sheet, Jun 30, 2026Cash & short-term investments $598.6M · Total debt $79.4M · Total assets $671.3M · Shareholders' equity $520.0M

Dividends

No dividends on record.

Ownership

Institutions 96.16%210.56M sharesInsiders 2.87%6.29M sharesOther 0.97%2.11M shares

Shares outstanding 218.96M · Float 184.90M · 84.5% free float

Top shareholders13F · 13D/G · Form 4

Holder	Shares	% outstanding	Form	Filed
FMR LLC	32.84M	15.00%	13F	Aug 13, 2026
Deep Track Capital, LP	19.69M	8.99%	13F	Aug 14, 2026
BlackRock, Inc.	19.38M	8.85%	13F	Aug 7, 2026
Avoro Capital Advisors LLC	12.54M	5.73%	13F	Aug 14, 2026
Summer Road LLC	12.21M	5.58%	13F	Aug 10, 2026

Insider tradesForm 4

Date	Insider	Role	Shares	Avg price
Aug 24, 2026	Jeffrey S. Heier	officer: Chief Scientific Officer	−3,296	$10.78
Aug 24, 2026	Sanjay Nayak	officer: Chief Strategy Officer	−1,897	$10.78
Aug 24, 2026	Peter Kaiser	officer: Chief Development Officer	−3,035	$10.77
Aug 24, 2026	Pravin Dugel	director, officer: See Remarks	−21,649	$10.77
Jun 3, 2026	Nadia Waheed	officer: Chief Medical Officer	−14,828	$8.27