Symbols / OCUL
OCUL Chart
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. The company markets 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 AXPAXLI, an axitinib intravitreal hydrogel that is in phase 3 clinical trials for the treatment of wet age-related macular degeneration and non-proliferative diabetic retinopathy; OTX-TIC, a travoprost intracameral hydrogel, which has completed phase 2 clinical trials for the treatment of open-angle glaucoma or ocular hypertension. The company has a license agreement and collaboration with AffaMed Therapeutics Limited for the development and commercialization of DEXTENZA and OTX-TIC. Ocular Therapeutix, Inc. was incorporated in 2006 and is headquartered in Bedford, Massachusetts.
Fundamentals
Scroll to Statements| Sector | Healthcare | Industry | Biotechnology | Market Cap | 2.08B |
| Enterprise Value | 1.29B | Income | -265.94M | Sales | 51.95M |
| Book/sh | 3.03 | Cash/sh | 3.39 | Dividend Yield | — |
| Payout | 0.00% | Employees | 325 | IPO | — |
| P/E | — | Forward P/E | -7.77 | PEG | — |
| P/S | 40.12 | P/B | 3.16 | P/C | — |
| EV/EBITDA | -4.85 | EV/Sales | 24.82 | Quick Ratio | 15.11 |
| Current Ratio | 15.39 | Debt/Eq | 11.76 | LT Debt/Eq | — |
| EPS (ttm) | -1.42 | EPS next Y | -1.23 | EPS Growth | — |
| Revenue Growth | -22.40% | Earnings | 2026-05-05 | ROA | -26.66% |
| ROE | -54.85% | ROIC | — | Gross Margin | -292.04% |
| Oper. Margin | -5.26% | Profit Margin | 0.00% | Shs Outstand | 217.69M |
| Shs Float | 215.46M | Short Float | 5.35% | Short Ratio | 2.33 |
| Short Interest | — | 52W High | 16.44 | 52W Low | 5.79 |
| Beta | 0.90 | Avg Volume | 5.56M | Volume | 2.88M |
| Target Price | $25.67 | Recom | Strong_buy | Prev Close | $8.96 |
| Price | $9.57 | Change | 6.92% |
Valuation Models
Price estimates from analyst targets and simple models.
1. Analyst consensus
$25.67
Mean price target
2. Current target
$8.96
Latest analyst target
3. DCF / Fair value
$-10.61
Simplified: (Free Cash Flow ÷ Shares) × 18 (P/FCF multiple). Not a …
Ratings
Current target
$8.96
Low
$18.00
High
$34.00
Mean
$25.67
Latest analyst rating changes
| Date | Action | Analyst | Rating Change | Price Target |
|---|---|---|---|---|
| 2026-02-20 | main | Needham | Buy → Buy | $18 |
| 2026-02-18 | main | Chardan Capital | Buy → Buy | $21 |
| 2025-12-09 | main | Chardan Capital | Buy → Buy | $21 |
| 2025-12-08 | reit | Needham | Buy → Buy | $20 |
| 2025-12-08 | main | HC Wainwright & Co. | Buy → Buy | $21 |
| 2025-11-25 | reit | HC Wainwright & Co. | Buy → Buy | $19 |
| 2025-11-05 | main | Chardan Capital | Buy → Buy | $21 |
| 2025-10-30 | main | TD Cowen | Buy → Buy | $20 |
| 2025-10-08 | main | HC Wainwright & Co. | Buy → Buy | $19 |
| 2025-10-03 | main | Piper Sandler | Overweight → Overweight | $31 |
| 2025-10-03 | main | Baird | Outperform → Outperform | $24 |
| 2025-10-02 | main | Chardan Capital | Buy → Buy | $21 |
| 2025-10-01 | main | Needham | Buy → Buy | $20 |
| 2025-10-01 | main | JMP Securities | Market Outperform → Market Outperform | $29 |
| 2025-09-15 | init | Chardan Capital | — → Buy | $21 |
| 2025-08-06 | main | Scotiabank | Sector Outperform → Sector Outperform | $20 |
| 2025-08-05 | main | Needham | Buy → Buy | $15 |
| 2025-05-29 | reit | HC Wainwright & Co. | Buy → Buy | $15 |
| 2025-05-06 | main | Needham | Buy → Buy | $14 |
| 2025-04-08 | init | William Blair | — → Outperform | — |
- Ocular Therapeutix (OCUL) Is Down 5.3% After Mixed SOL-1 AXPAXLI Data Disclosure Has The Bull Case Changed? - simplywall.st ue, 24 Feb 2026 20
- Reassessing Ocular Therapeutix (OCUL) After Sharp Pullback And Conflicting Valuation Signals - Yahoo Finance Mon, 23 Feb 2026 00
- Landmark eye trial: two-thirds on AXPAXLI kept vision at 1 year - Stock Titan ue, 17 Feb 2026 12
- OCUL Stock Surges Overnight Ahead Of Crucial Wet AMD Data Readout, Sanofi Takeover Buzz Builds - Stocktwits Mon, 16 Feb 2026 22
- Ocular Therapeutix stock news: Why positive data led to a 25% drop - Investing.com ue, 17 Feb 2026 13
- Ocular drops after trial data for wet AMD drug (OCUL:NASDAQ) - Seeking Alpha ue, 17 Feb 2026 08
- $OCUL stock is down 27% today. Here's what we see in our data. - Quiver Quantitative ue, 17 Feb 2026 14
- Needham Maintains Buy Rating on OCUL but Lowers Price Target | O - GuruFocus Fri, 20 Feb 2026 15
- Analysts’ Opinions Are Mixed on These Healthcare Stocks: Ocular Therapeutix (OCUL) and Sanofi (SNY) - The Globe and Mail Fri, 20 Feb 2026 20
- What's Driving the Market Sentiment Around Ocular Therapeutix Inc? - Sahm Mon, 23 Feb 2026 08
- 3 Reasons OCUL is Risky and 1 Stock to Buy Instead - Yahoo Finance ue, 13 Jan 2026 08
- Waheed Nadia, Ocular Therapeutix CMO, sells $27k in stock - Investing.com Australia ue, 24 Feb 2026 23
- Ocular Therapeutix (OCUL) Stock Drops Following SOL-1 Trial Resu - GuruFocus ue, 17 Feb 2026 16
- Ocular Therapeutix (OCUL) Receives a Buy from Bank of America Securities - The Globe and Mail hu, 19 Feb 2026 08
- A Look At Ocular Therapeutix (OCUL) Valuation After Axpaxli Phase 3 SOL-1 Data And Share Price Drop - simplywall.st Mon, 23 Feb 2026 13
Insider Transactions
| Date | Shares | Value | Url | Text | Insider | Position | Transaction | Start Date | Ownership |
|---|---|---|---|---|---|---|---|---|---|
| 0 | 60229 | 461354 | — | Purchase at price 7.66 per share. | LINDSTROM RICHARD L | Director | — | 2026-02-20 00:00:00 | D |
| 1 | 3510 | 27167 | — | Sale at price 7.74 per share. | WAHEED NADIA K. | Officer | — | 2026-02-20 00:00:00 | D |
| 2 | 11446 | 103472 | — | Sale at price 9.04 per share. | NOTMAN DONALD D. JR. | Chief Operating Officer | — | 2026-02-12 00:00:00 | D |
| 3 | 124882 | 1128933 | — | Sale at price 9.04 per share. | DUGEL PRAVIN U | Chief Executive Officer | — | 2026-02-12 00:00:00 | D |
| 4 | 10348 | 93546 | — | Sale at price 9.04 per share. | NAYAK SANJAY | Officer | — | 2026-02-12 00:00:00 | D |
| 5 | 7863 | 71082 | — | Sale at price 9.04 per share. | WAHEED NADIA K. | Officer | — | 2026-02-12 00:00:00 | D |
| 6 | 11490 | 101398 | — | Sale at price 8.54 - 9.14 per share. | NOTMAN DONALD D. JR. | Chief Operating Officer | — | 2026-02-04 00:00:00 | D |
| 7 | 136000 | — | — | Stock Award(Grant) at price 0.00 per share. | ROBINSON DAVID WAYNE | Officer | — | 2026-01-21 00:00:00 | D |
| 8 | 79112 | — | — | Stock Award(Grant) at price 0.00 per share. | HEIER JEFFREY S. | Officer | — | 2026-01-02 00:00:00 | D |
| 9 | 79112 | — | — | Stock Award(Grant) at price 0.00 per share. | NOTMAN DONALD D. JR. | Chief Operating Officer | — | 2026-01-02 00:00:00 | D |
Financials
| Line Item | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 |
|---|---|---|---|---|
| TaxEffectOfUnusualItems | 0.00 | 0.00 | 0.00 | 0.00 |
| TaxRateForCalcs | 0.00 | 0.00 | 0.00 | 0.00 |
| NormalizedEBITDA | -247.31M | -147.71M | -75.42M | -75.75M |
| TotalUnusualItems | -2.47M | -28.43M | 9.00M | 13.84M |
| TotalUnusualItemsExcludingGoodwill | -2.47M | -28.43M | 9.00M | 13.84M |
| NetIncomeFromContinuingOperationNetMinorityInterest | -265.94M | -193.51M | -80.74M | -71.04M |
| ReconciledDepreciation | 4.32M | 3.79M | 2.98M | 2.11M |
| ReconciledCostOfRevenue | 6.57M | 5.63M | 5.28M | 4.54M |
| EBITDA | -249.78M | -176.14M | -66.42M | -61.91M |
| EBIT | -254.10M | -179.93M | -69.40M | -64.02M |
| NetInterestIncome | 6.52M | 6.71M | -7.36M | -6.22M |
| InterestExpense | 11.84M | 13.58M | 11.34M | 7.02M |
| InterestIncome | 18.36M | 20.28M | 3.98M | 798.00K |
| NormalizedIncome | -263.47M | -165.08M | -89.74M | -84.88M |
| NetIncomeFromContinuingAndDiscontinuedOperation | -265.94M | -193.51M | -80.74M | -71.04M |
| TotalExpenses | 321.97M | 235.50M | 140.82M | 130.15M |
| TotalOperatingIncomeAsReported | -270.02M | -171.78M | -82.38M | -78.65M |
| DilutedAverageShares | 187.24M | 158.27M | 85.60M | 82.64M |
| BasicAverageShares | 187.24M | 158.27M | 79.83M | 76.88M |
| DilutedEPS | -1.42 | -1.22 | -1.02 | -0.97 |
| BasicEPS | -1.42 | -1.22 | -1.01 | -0.92 |
| DilutedNIAvailtoComStockholders | -265.94M | -193.51M | -86.97M | -80.28M |
| AverageDilutionEarnings | -6.23M | -9.24M | -73.71M | |
| NetIncomeCommonStockholders | -265.94M | -193.51M | -80.74M | -71.04M |
| NetIncome | -265.94M | -193.51M | -80.74M | -71.04M |
| NetIncomeIncludingNoncontrollingInterests | -265.94M | -193.51M | -80.74M | -71.04M |
| NetIncomeContinuousOperations | -265.94M | -193.51M | -80.74M | -71.04M |
| PretaxIncome | -265.94M | -193.51M | -80.74M | -71.04M |
| OtherIncomeExpense | -2.44M | -28.43M | 9.00M | 13.84M |
| OtherNonOperatingIncomeExpenses | 29.00K | -1.00K | -1.00K | 1.00K |
| SpecialIncomeCharges | 0.00 | -27.95M | 14.19M | 0.00 |
| OtherSpecialCharges | 27.95M | -14.19M | ||
| GainOnSaleOfSecurity | -2.47M | -480.00K | -5.19M | 13.84M |
| NetNonOperatingInterestIncomeExpense | 6.52M | 6.71M | -7.36M | -6.22M |
| InterestExpenseNonOperating | 11.84M | 13.58M | 11.34M | 7.02M |
| InterestIncomeNonOperating | 18.36M | 20.28M | 3.98M | 798.00K |
| OperatingIncome | -270.02M | -171.78M | -82.38M | -78.65M |
| OperatingExpense | 315.39M | 229.88M | 135.54M | 125.61M |
| ResearchAndDevelopment | 197.10M | 127.64M | 61.05M | 53.46M |
| SellingGeneralAndAdministration | 118.30M | 102.24M | 74.49M | 72.15M |
| SellingAndMarketingExpense | 6.15M | 5.12M | 4.83M | 4.17M |
| GeneralAndAdministrativeExpense | 112.15M | 97.13M | 69.66M | 67.98M |
| OtherGandA | 35.41M | 29.28M | 20.87M | 23.07M |
| SalariesAndWages | 76.74M | 67.85M | 48.79M | 44.91M |
| GrossProfit | 45.38M | 58.10M | 53.16M | 46.95M |
| CostOfRevenue | 6.57M | 5.63M | 5.28M | 4.54M |
| TotalRevenue | 51.95M | 63.72M | 58.44M | 51.49M |
| OperatingRevenue | 51.95M | 63.72M | 58.44M | 51.49M |
| Line Item | 2023-12-31 | |||
|---|---|---|---|---|
| TreasurySharesNumber | 0.00 | |||
| OrdinarySharesNumber | 215.93M | 157.75M | 114.96M | 77.20M |
| ShareIssued | 215.93M | 157.75M | 114.96M | 77.20M |
| TotalDebt | 76.97M | 75.78M | 83.39M | 64.28M |
| TangibleBookValue | 654.31M | 315.34M | 91.13M | 35.38M |
| InvestedCapital | 725.65M | 383.85M | 166.06M | 89.39M |
| WorkingCapital | 731.32M | 399.63M | 197.34M | 98.23M |
| NetTangibleAssets | 654.31M | 315.34M | 91.13M | 35.38M |
| CapitalLeaseObligations | 5.63M | 7.28M | 8.46M | 10.28M |
| CommonStockEquity | 654.31M | 315.34M | 91.13M | 35.38M |
| TotalCapitalization | 725.65M | 383.85M | 166.06M | 89.39M |
| TotalEquityGrossMinorityInterest | 654.31M | 315.34M | 91.13M | 35.38M |
| StockholdersEquity | 654.31M | 315.34M | 91.13M | 35.38M |
| RetainedEarnings | -1.16B | -891.08M | -697.58M | -616.84M |
| AdditionalPaidInCapital | 1.81B | 1.21B | 788.70M | 652.21M |
| CapitalStock | 22.00K | 16.00K | 12.00K | 8.00K |
| CommonStock | 22.00K | 16.00K | 12.00K | 8.00K |
| PreferredStock | 0.00 | 0.00 | 0.00 | 0.00 |
| TotalLiabilitiesNetMinorityInterest | 153.75M | 142.59M | 160.93M | 113.91M |
| TotalNonCurrentLiabilitiesNetMinorityInterest | 102.94M | 101.24M | 126.03M | 82.52M |
| OtherNonCurrentLiabilities | 887.00K | 141.00K | 108.00K | 93.00K |
| DerivativeProductLiabilities | 13.90M | 13.25M | 29.99M | 6.35M |
| NonCurrentDeferredLiabilities | 14.00M | 14.00M | 14.13M | 13.39M |
| NonCurrentDeferredRevenue | 14.00M | 14.00M | 14.13M | 13.39M |
| LongTermDebtAndCapitalLeaseObligation | 74.15M | 73.85M | 81.80M | 62.68M |
| LongTermCapitalLeaseObligation | 2.81M | 5.34M | 6.88M | 8.68M |
| LongTermDebt | 71.34M | 68.50M | 74.92M | 54.01M |
| CurrentLiabilities | 50.81M | 41.35M | 34.90M | 31.39M |
| CurrentDeferredLiabilities | 0.00 | 128.00K | 255.00K | 576.00K |
| CurrentDeferredRevenue | 0.00 | 128.00K | 255.00K | 576.00K |
| CurrentDebtAndCapitalLeaseObligation | 2.82M | 1.93M | 1.59M | 1.60M |
| CurrentCapitalLeaseObligation | 2.82M | 1.93M | 1.59M | 1.60M |
| PayablesAndAccruedExpenses | 47.99M | 39.29M | 33.05M | 29.22M |
| CurrentAccruedExpenses | 43.84M | 35.12M | 28.67M | 24.10M |
| InterestPayable | 754.00K | 592.00K | 11.69M | 8.76M |
| Payables | 4.15M | 4.18M | 4.39M | 5.12M |
| AccountsPayable | 4.15M | 4.18M | 4.39M | 5.12M |
| TotalAssets | 808.06M | 457.94M | 252.06M | 149.29M |
| TotalNonCurrentAssets | 25.93M | 16.95M | 19.82M | 19.66M |
| OtherNonCurrentAssets | 1.61M | 1.61M | 1.61M | 1.76M |
| NetPPE | 24.31M | 15.33M | 18.21M | 17.90M |
| AccumulatedDepreciation | -27.52M | -23.63M | -20.26M | -17.28M |
| GrossPPE | 51.83M | 38.97M | 38.47M | 35.18M |
| Leases | 15.28M | 14.53M | 14.70M | 9.07M |
| ConstructionInProgress | 10.26M | 119.00K | 281.00K | 4.07M |
| OtherProperties | 24.70M | 22.73M | 21.99M | 20.53M |
| MachineryFurnitureEquipment | 1.60M | 1.59M | 1.50M | 1.50M |
| Properties | 0.00 | 0.00 | 0.00 | 0.00 |
| CurrentAssets | 782.13M | 440.99M | 232.24M | 129.63M |
| OtherCurrentAssets | 10.86M | 13.46M | 7.79M | 4.03M |
| RestrictedCash | 0.00 | 150.00K | 0.00 | |
| PrepaidAssets | 4.75M | |||
| Inventory | 3.56M | 3.04M | 2.31M | 1.97M |
| FinishedGoods | 1.64M | 1.34M | 991.00K | 766.00K |
| WorkInProcess | 1.72M | 1.49M | 1.01M | 899.00K |
| RawMaterials | 202.00K | 214.00K | 302.00K | 309.00K |
| Receivables | 30.65M | 32.39M | 26.18M | 21.32M |
| AccountsReceivable | 30.65M | 32.39M | 26.18M | 21.32M |
| CashCashEquivalentsAndShortTermInvestments | 737.06M | 392.10M | 195.81M | 102.30M |
| CashAndCashEquivalents | 737.06M | 392.10M | 195.81M | 102.30M |
| Line Item | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 |
|---|---|---|---|---|
| FreeCashFlow | -216.89M | -135.97M | -76.32M | -63.32M |
| RepaymentOfDebt | 0.00 | 0.00 | -28.12M | 0.00 |
| IssuanceOfDebt | 0.00 | 0.00 | 84.47M | 0.00 |
| IssuanceOfCapitalStock | 541.18M | 317.37M | 118.11M | 940.00K |
| CapitalExpenditure | -12.01M | -1.29M | -6.09M | -3.71M |
| InterestPaidSupplementalData | 9.03M | 21.53M | 5.46M | 2.15M |
| EndCashPosition | 738.67M | 393.72M | 197.57M | 104.06M |
| BeginningCashPosition | 393.72M | 197.57M | 104.06M | 165.93M |
| ChangesInCash | 344.96M | 196.15M | 93.51M | -61.86M |
| FinancingCashFlow | 561.72M | 332.11M | 169.83M | 1.45M |
| CashFlowFromContinuingFinancingActivities | 561.72M | 332.11M | 169.83M | 1.45M |
| NetOtherFinancingCharges | -5.18M | -275.00K | ||
| ProceedsFromStockOptionExercised | 20.54M | 14.74M | 551.00K | 514.00K |
| NetCommonStockIssuance | 541.18M | 317.37M | 118.11M | 940.00K |
| CommonStockIssuance | 541.18M | 317.37M | 118.11M | 940.00K |
| NetIssuancePaymentsOfDebt | 0.00 | 0.00 | 56.35M | 0.00 |
| NetShortTermDebtIssuance | 0.00 | 0.00 | 0.00 | 0.00 |
| ShortTermDebtPayments | 0.00 | 0.00 | -2.00M | 0.00 |
| ShortTermDebtIssuance | 0.00 | 0.00 | 2.00M | 0.00 |
| NetLongTermDebtIssuance | 0.00 | 0.00 | 56.35M | 0.00 |
| LongTermDebtPayments | 0.00 | 0.00 | -26.12M | 0.00 |
| LongTermDebtIssuance | 0.00 | 0.00 | 82.47M | 0.00 |
| InvestingCashFlow | -11.88M | -1.29M | -6.09M | -3.71M |
| CashFlowFromContinuingInvestingActivities | -11.88M | -1.29M | -6.09M | -3.71M |
| NetPPEPurchaseAndSale | -11.88M | -1.29M | -6.09M | -3.71M |
| SaleOfPPE | 130.00K | 0.00 | 0.00 | |
| PurchaseOfPPE | -12.01M | -1.29M | -6.09M | -3.71M |
| OperatingCashFlow | -204.88M | -134.68M | -70.23M | -59.60M |
| CashFlowFromContinuingOperatingActivities | -204.88M | -134.68M | -70.23M | -59.60M |
| ChangeInWorkingCapital | 7.71M | -10.23M | -7.41M | 1.35M |
| ChangeInOtherWorkingCapital | -128.00K | -262.00K | 427.00K | 963.00K |
| ChangeInOtherCurrentLiabilities | -1.65M | -1.19M | -1.81M | 2.73M |
| ChangeInOtherCurrentAssets | 1.31M | 505.00K | 1.57M | -3.17M |
| ChangeInPayablesAndAccruedExpense | 4.36M | 3.32M | 1.36M | 1.02M |
| ChangeInAccruedExpense | 5.25M | 3.64M | 773.00K | 1.64M |
| ChangeInPayable | -887.00K | -318.00K | 583.00K | -621.00K |
| ChangeInAccountPayable | -887.00K | -318.00K | 583.00K | -621.00K |
| ChangeInPrepaidAssets | 2.60M | -5.66M | -3.77M | 723.00K |
| ChangeInInventory | -524.00K | -735.00K | -331.00K | -724.00K |
| ChangeInReceivables | 1.74M | -6.21M | -4.85M | -190.00K |
| ChangesInAccountReceivables | 1.74M | -6.21M | -4.85M | -190.00K |
| OtherNonCashItems | 3.40M | 3.73M | 6.11M | 4.85M |
| StockBasedCompensation | 43.18M | 33.11M | 17.82M | 16.96M |
| DepreciationAmortizationDepletion | 4.32M | 3.79M | 2.98M | 2.11M |
| DepreciationAndAmortization | 4.32M | 3.79M | 2.98M | 2.11M |
| OperatingGainsLosses | 2.44M | 28.43M | -9.00M | -13.84M |
| GainLossOnInvestmentSecurities | 2.47M | 480.00K | 5.19M | -13.84M |
| GainLossOnSaleOfPPE | -29.00K | 0.00 | 1.00K | 1.00K |
| NetIncomeFromContinuingOperations | -265.94M | -193.51M | -80.74M | -71.04M |
SEC Filings
Recent 10-K, 10-Q, 8-K, and Form 4 (insider) filings.
Public Trades for OCUL
| Date | User | Asset | Broker | Type | Position Size | Entry Price | Patterns |
|---|