OCULAR THERAPEUTIX, INC
OCUL · Pharmaceutical Preparations · 219.0M shares · +17%/yr ↑ shares · EDGAR filings ↗
Reference price $8.27 · est. market cap ~$1.8B — last insider sale, 2026-06-03 (estimated from the dated SEC Form 4 price × shares outstanding — not a live quote)
Grade
D47Cash-rich but deeply loss-making retina company burning heavily ahead of a still-masked pivotal AXPAXLI readout.
Strengths
- Very strong liquidity: cash $737M (90th pct), current ratio 15.4 (91st pct), ~13.6 quarters runway after a $446M raise
- Commercial DEXTENZA provides revenue and 87% gross margin; broad Phase 3 SOL/HELIOS programs underway
Risks
- Severe cash burn: FCF -$217M (8th pct), net margin -512%, operating margin -520%; DEXTENZA revenue fell 18%
- Binary dependence on SOL-1 Phase 3 (results still masked, no de-risking readout yet); large accumulated deficit ($1.16B)
Notable findings
- High convictionHigh conviction — notable institutional holders, insider buying, and a strong balance sheet
- Net lossNet loss (net margin -511.9%)
- Cash burnNegative free cash flow (-216.9M)
- Fund exitedNotable fund(s) exited this quarter: VANGUARD GROUP INC
- Exec changeRecent 8-K item 5.02 8-K ↗
- Strong balance sheetStrong balance sheet — $737M cash & investments, ~14 quarters of runway
- Insider buyingInsider buying — 1 open-market buy(s) by 1 insider(s) (~$461,354, last 6mo) Form 4 ↗
- Trial readout soonUpcoming trial readout ~2026-04-29 — PHASE3 · Neovascular Age-Related Macular Degeneration
- Trial resultTrial topline data reported — see 8-K for outcome 8-K ↗
- Revenue declineRevenue -18.6% YoY
- Insider sellingInsider selling — 16 open-market sale(s) by 6 insider(s) (cluster of 6 insiders, ~$2M, last 6mo) Form 4 ↗
- Notable holderHeld by 5 notable fund(s): FMR LLC, STATE STREET CORP, RENAISSANCE TECHNOLOGIES LLC +2 more (as of 2026-03-31)
Quarterly revenue
Last 4 quarters · from SEC filings.
Key metrics
Gross margin
87.3%
Operating margin
-519.8%
Net margin
-511.9%
Return on equity
-40.6%
Return on assets
-32.9%
Revenue growth (QoQ)
-18.6%
Current ratio
15.4×
Free cash flow
-$217M
EBITDA
-$266M
Tangible book value
$654M
Cash & investments
$737M
Cash runway
14q
Stock comp / revenue
83.1%
Insider transactions · last 18 months
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| 2026-06-16 | Dugel Pravin | Gift | 50K | — |
| 2026-06-16 | Dugel Pravin | Gift | 50K | — |
| 2026-06-10 | Warden Charles M | Grant | 14K | — |
| 2026-06-10 | Graves Adrienne L | Grant | 14K | — |
| 2026-06-10 | Robins Jason Shand | Grant | 15K | — |
| 2026-06-10 | Hong Seung Suh | Grant | 14K | — |
| 2026-06-10 | LINDSTROM RICHARD L MD | Grant | 14K | — |
| 2026-06-10 | RAINES MERILEE | Grant | 14K | — |
| 2026-06-10 | Williams Leslie J. | Grant | 14K | — |
| 2026-06-03 | Waheed Nadia | Sell | 15K | $8.27 |
| 2026-05-28 | Dugel Pravin | Gift | 395K | — |
| 2026-05-28 | Dugel Pravin | Gift | 395K | — |
| 2026-05-26 | Heier Jeffrey S. | Sell | 3.0K | $8.20 |
| 2026-05-26 | Nayak Sanjay | Sell | 1.9K | $8.20 |
| 2026-05-26 | Dugel Pravin | Sell | 21K | $8.20 |
| 2026-05-26 | Kaiser Peter | Sell | 3.0K | $8.20 |
| 2026-04-09 | Dugel Pravin | Gift | 395K | — |
| 2026-04-09 | Dugel Pravin | Gift | 395K | — |
| 2026-02-23 | Kaiser Peter | Sell | 2.8K | $8.28 |
| 2026-02-23 | Dugel Pravin | Sell | 20K | $8.28 |
| 2026-02-23 | Heier Jeffrey S. | Sell | 3.1K | $8.28 |
| 2026-02-23 | Nayak Sanjay | Sell | 1.8K | $8.28 |
| 2026-02-20 | Waheed Nadia | Sell | 3.5K | $7.74 |
| 2026-02-20 | LINDSTROM RICHARD L MD | Buy | 60K | $7.66 |
| 2026-02-12 | Nayak Sanjay | Sell | 10K | $9.04 |
| 2026-02-12 | Waheed Nadia | Sell | 7.9K | $9.04 |
| 2026-02-12 | Dugel Pravin | Sell | 125K | $9.04 |
| 2026-02-12 | Notman Donald | Sell | 11K | $9.04 |
| 2026-02-04 | Notman Donald | Sell | 6.0K | $8.54 |
| 2026-02-02 | Notman Donald | Sell | 5.5K | $9.14 |
| 2026-01-21 | Robinson David Wayne | Grant | 136K | — |
| 2026-01-02 | Anderman Todd | Grant | 65K | — |
| 2026-01-02 | Meyers Steve Lawrence | Grant | 65K | — |
| 2026-01-02 | Nayak Sanjay | Grant | 65K | — |
| 2026-01-02 | Kaiser Peter | Grant | 79K | — |
| 2026-01-02 | Saroj Namrata | Grant | 79K | — |
| 2026-01-02 | Waheed Nadia | Grant | 79K | — |
| 2026-01-02 | Heier Jeffrey S. | Grant | 79K | — |
| 2026-01-02 | Notman Donald | Grant | 79K | — |
| 2025-11-26 | Dugel Pravin | Gift | 50K | — |
| 2025-11-26 | Dugel Pravin | Gift | 50K | — |
| 2025-11-24 | Nayak Sanjay | Sell | 1.9K | $12.04 |
| 2025-11-24 | Dugel Pravin | Sell | 20K | $12.04 |
| 2025-11-24 | Kaiser Peter | Sell | 3.0K | $12.02 |
| 2025-11-24 | Heier Jeffrey S. | Sell | 3.5K | $12.04 |
| 2025-11-05 | Saroj Namrata | Sell | 26K | $10.74 |
| 2025-10-08 | Anderman Todd | Sell | 11K | $12.34 |
| 2025-10-02 | Kaiser Peter | Sell | 9.7K | $11.03 |
| 2025-10-02 | Heier Jeffrey S. | Sell | 11K | $11.04 |
| 2025-09-09 | Dugel Pravin | Gift | 50K | — |
| 2025-09-09 | Dugel Pravin | Gift | 50K | — |
| 2025-09-02 | Notman Donald | Sell | 1.1K | $12.43 |
| 2025-08-25 | Kaiser Peter | Sell | 3.0K | $12.04 |
| 2025-08-25 | Nayak Sanjay | Sell | 1.9K | $12.04 |
| 2025-08-25 | Heier Jeffrey S. | Sell | 3.1K | $12.04 |
| 2025-08-25 | Dugel Pravin | Sell | 21K | $12.04 |
| 2025-08-12 | Waheed Nadia | Grant | 40K | — |
| 2025-08-11 | Dugel Pravin | Gift | 250K | — |
| 2025-06-12 | Dugel Pravin | Gift | 50K | — |
| 2025-06-11 | Graves Adrienne L | Grant | 14K | — |
| 2025-06-11 | Hong Seung Suh | Grant | 14K | — |
| 2025-06-11 | RAINES MERILEE | Grant | 14K | — |
| 2025-06-11 | LINDSTROM RICHARD L MD | Grant | 14K | — |
| 2025-06-11 | Williams Leslie J. | Grant | 14K | — |
| 2025-06-11 | Warden Charles M | Grant | 14K | — |
| 2025-06-02 | Waheed Nadia | Sell | 14K | $8.05 |
| 2025-05-23 | Nayak Sanjay | Sell | 1.9K | $7.17 |
| 2025-05-23 | Kaiser Peter | Sell | 3.0K | $7.17 |
| 2025-05-23 | Heier Jeffrey S. | Sell | 3.0K | $7.18 |
| 2025-05-23 | Dugel Pravin | Sell | 21K | $7.18 |
| 2025-05-08 | LINDSTROM RICHARD L MD | Buy | 10K | $6.96 |
| 2025-04-28 | Dugel Pravin | Gift | 200K | — |
| 2025-02-24 | Heier Jeffrey S. | Sell | 3.1K | $6.87 |
| 2025-02-24 | Kaiser Peter | Sell | 3.0K | $6.87 |
| 2025-02-24 | Nayak Sanjay | Sell | 1.9K | $6.84 |
| 2025-02-24 | Dugel Pravin | Sell | 21K | $6.87 |
| 2025-02-11 | Dugel Pravin | Grant | 1.2M | — |
| 2025-02-11 | Dugel Pravin | Grant | 1.5M | — |
| 2025-02-11 | Waheed Nadia | Grant | 79K | — |
| 2025-02-11 | Notman Donald | Grant | 115K | — |
| 2025-02-11 | Nayak Sanjay | Grant | 111K | — |
| 2025-02-04 | Notman Donald | Sell | 11K | $7.81 |
| 2025-01-31 | Notman Donald | Sell | 6.3K | $7.84 |
All non-derivative Form 4 activity (SEC), newest first.
Clinical trials
| Trial | Title | Phase | Status | Primary completion |
|---|---|---|---|---|
| NCT07235085 ↗ | A Study to Evaluate the Efficacy and Safety of OTX-TKI (Axitinib Implant) in Participants With Non-Proliferative Diabetic Retinopathy Non-Proliferative Diabetic Retinopathy | PHASE3 | Recruiting | 2027-03-01 |
| NCT06495918 ↗ | Study to Evaluate the Efficacy and Safety of Intravitreal OTX-TKI (Axitinib Implant) in Subjects With Neovascular Age- Related Macular Degeneration Neovascular Age-related Macular Degeneration | PHASE3 | Active Not Recruiting | 2027-01-08 |
| NCT06223958 ↗ | Study to Evaluate the Efficacy and Safety of Intravitreal OTX-TKI (Ocular Therapeutix) (Axitinib Implant) in Subjects With Neovascular Age-Related Macular Degeneration Neovascular Age-Related Macular Degeneration | PHASE3 | Active Not Recruiting | 2026-04-29 |
| NCT07516132 ↗ | Study to Evaluate Long-Term Safety of Intravitreal OTX-TKI (Axitinib Implant) in Participants With Neovascular Age-Related Macular Degeneration Who Successfully Completed 2-Year OTX-TKI-2023-AMD-301 or OTX-TKI-2023-AMD-303 Study Neovascular Age-Related Macular Degeneration (nAMD) | PHASE3 | Not Yet Recruiting | 2030-08-01 |
| NCT05814757 ↗ | OTX-DED for the Short-term Treatment of the Symptoms of Dry Eye Disease (DED) Dry Eye Syndromes, Eye Diseases | PHASE2 | Completed | 2024-05-22 |
| NCT05335122 ↗ | A Study to Evaluate the Efficacy and Safety of OTX-TIC (Travoprost) Intracameral Implant for Patients With Open-angle Glaucoma (OAG) or Ocular Hypertension (OHT) Open Angle Glaucoma, Ocular Hypertension | PHASE2 | Completed | 2024-01-24 |
| NCT03630315 ↗ | CLN-0046: Treatment of AMD Subjects With OTX-TKI Neovascular Age-related Macular Degeneration | PHASE1 | Completed | 2024-01-10 |
| NCT05695417 ↗ | Study to Evaluate the Safety, Tolerability, and Efficacy of OTX-TKI in Subjects With Moderately Severe to Severe Non-proliferative Diabetic Retinopathy Non-proliferative Diabetic Retinopathy | PHASE1 | Unknown | 2024-01-01 |
| NCT04539548 ↗ | A Study Assessing the Safety and Efficacy of Dextenza® for the Treatment of Ocular Pain and Inflammation Following Surgery for Pediatric Cataract Cataract | PHASE3 | Completed | 2023-12-21 |
| NCT05307081 ↗ | An Observational, Qualitative Study Assessing Eye Drop Administration Ocular Injury | — | Unknown | 2023-07-01 |
| NCT04989699 ↗ | Study Evaluating the Treatment of OTX-TKI for Subjects With Neovascular Age-related Macular Degeneration Neovascular Age-Related Macular Degeneration | PHASE1 | Completed | 2023-02-06 |
| NCT04945824 ↗ | A Human Factors Study to Evaluate a Novel Intracanalicular Insertion Device in Healthy Subjects Healthy | EARLY_PHASE1 | Terminated | 2022-11-01 |
| NCT04362670 ↗ | Study to Evaluate the Safety, Tolerability, and Efficacy of OTX-CSI in Subjects With Dry Eye Disease. Dry Eye Disease | PHASE1/PHASE2 | Completed | 2021-08-11 |
| NCT04747977 ↗ | To Assess the Efficacy and Safety of OTX-DED for the Short-term Treatment of Signs and Symptoms of Dry Eye Disease Dry Eye | PHASE2 | Completed | 2021-08-11 |
| NCT04360174 ↗ | CLN-0045: Safety, and Efficacy of OTX-TIC in Participants With Open Angle Glaucoma or Ocular Hypertension Ocular Hypertension, Open Angle Glaucoma | PHASE1 | Completed | 2021-05-24 |
| NCT02309736 ↗ | OTX-14-002: Device Exposure Registry Endophthalmitis | — | Withdrawn | 2020-04-01 |
| NCT04050865 ↗ | A Study Evaluating the Safety and Efficacy of OTX-DP for the Treatment of Allergic Conjunctivitis Allergic Conjunctivitis | PHASE3 | Completed | 2020-02-28 |
| NCT04061044 ↗ | A Study to Evaluate the Long Term Safety of OTX-TP (Sustained Release Travoprost) Intracanalicular Insert Open Angle Glaucoma and Ocular Hypertension | PHASE3 | Completed | 2020-02-10 |
| NCT02914509 ↗ | Phase 3 Study Evaluating Safety and Efficacy of OTX-TP in Subjects With OAG or OHT Open Angle Glaucoma, Ocular Hypertension | PHASE3 | Completed | 2019-03-30 |
| NCT01800175 ↗ | Non-Significant Risk Feasibility Study to Assess Retention and Replacement of the OTX Punctum Plug Healthy Subjects | PHASE1 | Unknown | 2016-12-01 |
Source: ClinicalTrials.gov (U.S. NIH) · active studies first.
Notable events (8-K)
Recent filings
| Form | Filed | Period | Accession |
|---|---|---|---|
| 8-K | 2026-06-12 | 2026-06-10 | 0001104659-26-073496 ↗ |
| 8-K | 2026-05-05 | 2026-05-05 | 0001104659-26-055241 ↗ |
| 10-Q | 2026-05-05 | 2026-03-31 | 0001104659-26-055256 ↗ |
| 8-K | 2026-02-27 | 2026-02-27 | 0001104659-26-021541 ↗ |
| 10-K | 2026-02-05 | 2025-12-31 | 0001104659-26-010664 ↗ |
| 8-K | 2026-02-05 | 2026-02-05 | 0001104659-26-010633 ↗ |
| 8-K | 2026-01-23 | 2026-01-20 | 0001104659-26-006015 ↗ |
| 8-K | 2025-12-18 | 2025-12-18 | 0001104659-25-122564 ↗ |
| 8-K | 2025-12-05 | 2025-12-05 | 0001104659-25-118940 ↗ |
| 8-K | 2025-11-04 | 2025-11-04 | 0001104659-25-105914 ↗ |
| 10-Q | 2025-11-04 | 2025-09-30 | 0001104659-25-105919 ↗ |
| 8-K | 2025-09-30 | 2025-09-30 | 0001104659-25-094724 ↗ |