Symbols / OCUL $9.66 +3.65% Ocular Therapeutix, Inc.

Healthcare • Biotechnology • United States • NGM
OCUL Chart
O: — H: — L: — C: — V: —
SMA 20: — SMA 50: — SMA 200: —
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
Market Cap 2.10B Enterprise Value 1.37B 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 -7.69
PEG — P/S 40.48 P/B 3.19 P/C — EV/EBITDA -5.15 EV/Sales 26.35
Quick Ratio 15.11 Current Ratio 15.39 Debt/Eq 11.76 LT Debt/Eq — EPS (ttm) -1.42 EPS next Y -1.26
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 215.41M Short Float 11.61%
Short Ratio 5.04 Short Interest — 52W High 16.44 52W Low 6.23 Beta 0.95 Avg Volume 5.83M
Volume 2.64M Target Price $26.00 Recom Strong_buy Prev Close $9.32 Price $9.66 Change 3.65%
Valuation Models

Price estimates from analyst targets and simple models.

1. Analyst consensus
$26.00
Mean price target
2. Current target
$9.66
Latest analyst target
3. DCF / Fair value
$-10.61
Simplified: (Free Cash Flow ÷ Shares) × 18 (P/FCF multiple). Not a …
Ratings
Current target
$9.66
Low
$18.00
High
$34.00
Mean
$26.00

Latest analyst rating changes

Date Action Analyst Rating Change Price Target
2026-04-13 reit HC Wainwright & Co. Buy → Buy $21
2026-03-03 main Clear Street Buy → Buy $28
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
News
RSS: Latest OCUL news
Insider Transactions
Filed Date Insider Relationship Transaction Shares Price Value SEC
2026-04-09 DUGEL PRAVIN U Chief Executive Officer — 394,696 $0.00 $0
2026-02-23 HEIER JEFFREY S. Officer — 3,057 $8.28 $25,312
2026-02-23 DUGEL PRAVIN U Chief Executive Officer — 20,056 $8.28 $166,064
2026-02-23 NAYAK SANJAY Officer — 1,759 $8.28 $14,565
2026-02-23 KAISER PETER KAZUO Officer — 2,810 $8.28 $23,267
2026-02-20 WAHEED NADIA K. Officer — 3,510 $7.74 $27,167
2026-02-20 LINDSTROM RICHARD L Director — 60,229 $7.66 $461,354
2026-02-12 NOTMAN DONALD D. JR. Chief Operating Officer — 11,446 $9.04 $103,472
2026-02-12 DUGEL PRAVIN U Chief Executive Officer — 124,882 $9.04 $1,128,933
2026-02-12 NAYAK SANJAY Officer — 10,348 $9.04 $93,546
Financials
Statement View
Amounts in millions (2 decimals, no suffix) • EPS per share (2 decimals) • Trend = period evolution • YoY Growth = previous period %
Line Item Trend 2025-12-31 2024-12-31 2023-12-31 2022-12-31
Total Revenue
51.95
-18.47%
63.72
+9.03%
58.44
+13.49%
51.49
Operating Revenue
51.95
-18.47%
63.72
+9.03%
58.44
+13.49%
51.49
Cost Of Revenue
6.57
+16.85%
5.63
+6.53%
5.28
+16.32%
4.54
Reconciled Cost Of Revenue
6.57
+16.85%
5.63
+6.53%
5.28
+16.32%
4.54
Gross Profit
45.38
-21.89%
58.10
+9.28%
53.16
+13.22%
46.95
Operating Expense
315.39
+37.20%
229.88
+69.60%
135.54
+7.91%
125.61
Research And Development
197.10
+54.42%
127.64
+109.05%
61.05
+14.20%
53.46
Selling General And Administration
118.30
+15.70%
102.24
+37.26%
74.49
+3.25%
72.15
Selling And Marketing Expense
6.15
+20.20%
5.12
+5.94%
4.83
+15.89%
4.17
General And Administrative Expense
112.15
+15.47%
97.13
+39.43%
69.66
+2.47%
67.98
Salaries And Wages
76.74
+13.11%
67.85
+39.06%
48.79
+8.65%
44.91
Other Gand A
35.41
+20.93%
29.28
+40.29%
20.87
-9.55%
23.07
Total Expenses
321.97
+36.71%
235.50
+67.23%
140.82
+8.20%
130.15
Operating Income
-270.02
-57.19%
-171.78
-108.52%
-82.38
-4.74%
-78.65
Total Operating Income As Reported
-270.02
-57.19%
-171.78
-108.52%
-82.38
-4.74%
-78.65
EBITDA
-249.78
-41.81%
-176.14
-165.22%
-66.42
-7.28%
-61.91
Normalized EBITDA
-247.31
-67.43%
-147.71
-95.86%
-75.42
+0.44%
-75.75
Reconciled Depreciation
4.32
+14.18%
3.79
+26.92%
2.98
+41.44%
2.11
EBIT
-254.10
-41.22%
-179.93
-159.27%
-69.40
-8.41%
-64.02
Total Unusual Items
-2.47
+91.31%
-28.43
-415.82%
9.00
-34.96%
13.84
Total Unusual Items Excluding Goodwill
-2.47
+91.31%
-28.43
-415.82%
9.00
-34.96%
13.84
Special Income Charges
0.00
+100.00%
-27.95
-296.97%
14.19
0.00
Other Special Charges
—
27.95
+296.97%
-14.19
—
Net Income
-265.94
-37.43%
-193.51
-139.68%
-80.74
-13.65%
-71.04
Pretax Income
-265.94
-37.43%
-193.51
-139.68%
-80.74
-13.65%
-71.04
Net Non Operating Interest Income Expense
6.52
-2.76%
6.71
+191.16%
-7.36
-18.17%
-6.22
Interest Expense Non Operating
11.84
-12.83%
13.58
+19.75%
11.34
+61.46%
7.02
Net Interest Income
6.52
-2.76%
6.71
+191.16%
-7.36
-18.17%
-6.22
Interest Expense
11.84
-12.83%
13.58
+19.75%
11.34
+61.46%
7.02
Interest Income Non Operating
18.36
-9.50%
20.28
+409.21%
3.98
+399.12%
0.80
Interest Income
18.36
-9.50%
20.28
+409.21%
3.98
+399.12%
0.80
Other Income Expense
-2.44
+91.41%
-28.43
-415.85%
9.00
-34.96%
13.84
Other Non Operating Income Expenses
0.03
—
-0.00
+0.00%
-0.00
Gain On Sale Of Security
-2.47
-414.79%
-0.48
+90.75%
-5.19
-137.48%
13.84
Tax Rate For Calcs
0.00
0.00
0.00
0.00
Tax Effect Of Unusual Items
0.00
0.00
0.00
0.00
Net Income Including Noncontrolling Interests
-265.94
-37.43%
-193.51
-139.68%
-80.74
-13.65%
-71.04
Net Income From Continuing Operation Net Minority Interest
-265.94
-37.43%
-193.51
-139.68%
-80.74
-13.65%
-71.04
Net Income From Continuing And Discontinued Operation
-265.94
-37.43%
-193.51
-139.68%
-80.74
-13.65%
-71.04
Net Income Continuous Operations
-265.94
-37.43%
-193.51
-139.68%
-80.74
-13.65%
-71.04
Normalized Income
-263.47
-59.60%
-165.08
-83.95%
-89.74
-5.72%
-84.88
Net Income Common Stockholders
-265.94
-37.43%
-193.51
-139.68%
-80.74
-13.65%
-71.04
Diluted EPS
-1.42
-16.39%
-1.22
-19.61%
-1.02
-5.15%
-0.97
Basic EPS
-1.42
-16.39%
-1.22
-20.79%
-1.01
-9.78%
-0.92
Basic Average Shares
187.24
+18.31%
158.27
+98.26%
79.83
+3.84%
76.88
Diluted Average Shares
187.24
+18.31%
158.27
+84.90%
85.60
+3.57%
82.64
Diluted NI Availto Com Stockholders
-265.94
-37.43%
-193.51
-122.50%
-86.97
-8.33%
-80.28
Average Dilution Earnings
—
—
-6.23
+32.58%
-9.24
Line Item Trend 2023-12-31
Total Assets
252.06
Current Assets
232.24
Cash Cash Equivalents And Short Term Investments
195.81
Cash And Cash Equivalents
195.81
Receivables
26.18
Accounts Receivable
26.18
Inventory
2.31
Raw Materials
0.30
Work In Process
1.01
Finished Goods
0.99
Prepaid Assets
—
Restricted Cash
0.15
Other Current Assets
7.79
Total Non Current Assets
19.82
Net PPE
18.21
Gross PPE
38.47
Accumulated Depreciation
-20.26
Properties
0.00
Machinery Furniture Equipment
1.50
Construction In Progress
0.28
Other Properties
21.99
Leases
14.70
Other Non Current Assets
1.61
Total Liabilities Net Minority Interest
160.93
Current Liabilities
34.90
Payables And Accrued Expenses
33.05
Payables
4.39
Accounts Payable
4.39
Current Accrued Expenses
28.67
Current Debt And Capital Lease Obligation
1.59
Current Capital Lease Obligation
1.59
Current Deferred Liabilities
0.26
Current Deferred Revenue
0.26
Total Non Current Liabilities Net Minority Interest
126.03
Long Term Debt And Capital Lease Obligation
81.80
Long Term Debt
74.92
Long Term Capital Lease Obligation
6.88
Non Current Deferred Liabilities
14.13
Non Current Deferred Revenue
14.13
Other Non Current Liabilities
0.11
Stockholders Equity
91.13
Common Stock Equity
91.13
Capital Stock
0.01
Common Stock
0.01
Preferred Stock
0.00
Share Issued
114.96
Ordinary Shares Number
114.96
Treasury Shares Number
0.00
Additional Paid In Capital
788.70
Retained Earnings
-697.58
Total Equity Gross Minority Interest
91.13
Total Capitalization
166.06
Working Capital
197.34
Invested Capital
166.06
Total Debt
83.39
Capital Lease Obligations
8.46
Net Tangible Assets
91.13
Tangible Book Value
91.13
Derivative Product Liabilities
29.99
Interest Payable
11.69
Line Item Trend 2025-12-31 2024-12-31 2023-12-31 2022-12-31
Operating Cash Flow
-204.88
-52.13%
-134.68
-91.75%
-70.23
-17.84%
-59.60
Cash Flow From Continuing Operating Activities
-204.88
-52.13%
-134.68
-91.75%
-70.23
-17.84%
-59.60
Net Income From Continuing Operations
-265.94
-37.43%
-193.51
-139.68%
-80.74
-13.65%
-71.04
Depreciation Amortization Depletion
4.32
+14.18%
3.79
+26.92%
2.98
+41.44%
2.11
Depreciation And Amortization
4.32
+14.18%
3.79
+26.92%
2.98
+41.44%
2.11
Other Non Cash Items
3.40
-9.03%
3.73
-38.85%
6.11
+25.82%
4.85
Stock Based Compensation
43.18
+30.43%
33.11
+85.74%
17.82
+5.08%
16.96
Operating Gains Losses
2.44
-91.41%
28.43
+415.85%
-9.00
+34.96%
-13.84
Gain Loss On Investment Securities
2.47
+414.79%
0.48
-90.75%
5.19
+137.48%
-13.84
Gain Loss On Sale Of PPE
-0.03
0.00
-100.00%
0.00
+0.00%
0.00
Change In Working Capital
7.71
+175.37%
-10.23
-38.04%
-7.41
-649.37%
1.35
Change In Receivables
1.74
+127.99%
-6.21
-27.92%
-4.85
-2454.74%
-0.19
Changes In Account Receivables
1.74
+127.99%
-6.21
-27.92%
-4.85
-2454.74%
-0.19
Change In Inventory
-0.52
+28.71%
-0.73
-122.05%
-0.33
+54.28%
-0.72
Change In Prepaid Assets
2.60
+145.95%
-5.66
-50.37%
-3.77
-620.89%
0.72
Change In Payables And Accrued Expense
4.36
+31.36%
3.32
+144.84%
1.36
+32.55%
1.02
Change In Accrued Expense
5.25
+44.26%
3.64
+370.63%
0.77
-52.98%
1.64
Change In Payable
-0.89
-178.93%
-0.32
-154.55%
0.58
+193.88%
-0.62
Change In Account Payable
-0.89
-178.93%
-0.32
-154.55%
0.58
+193.88%
-0.62
Change In Other Working Capital
-0.13
+51.15%
-0.26
-161.36%
0.43
-55.66%
0.96
Change In Other Current Assets
1.31
+158.81%
0.51
-67.83%
1.57
+149.45%
-3.17
Change In Other Current Liabilities
-1.65
-38.79%
-1.19
+34.58%
-1.81
-166.43%
2.73
Investing Cash Flow
-11.88
-822.36%
-1.29
+78.84%
-6.09
-63.85%
-3.71
Cash Flow From Continuing Investing Activities
-11.88
-822.36%
-1.29
+78.84%
-6.09
-63.85%
-3.71
Net PPE Purchase And Sale
-11.88
-822.36%
-1.29
+78.84%
-6.09
-63.85%
-3.71
Purchase Of PPE
-12.01
-832.45%
-1.29
+78.84%
-6.09
-63.85%
-3.71
Sale Of PPE
0.13
0.00
0.00
—
Capital Expenditure
-12.01
-832.45%
-1.29
+78.84%
-6.09
-63.85%
-3.71
Financing Cash Flow
561.72
+69.14%
332.11
+95.56%
169.83
+11580.06%
1.45
Cash Flow From Continuing Financing Activities
561.72
+69.14%
332.11
+95.56%
169.83
+11580.06%
1.45
Net Issuance Payments Of Debt
0.00
0.00
-100.00%
56.35
0.00
Issuance Of Debt
0.00
0.00
-100.00%
84.47
0.00
Repayment Of Debt
0.00
0.00
+100.00%
-28.12
0.00
Long Term Debt Issuance
0.00
0.00
-100.00%
82.47
0.00
Long Term Debt Payments
0.00
0.00
+100.00%
-26.12
0.00
Net Long Term Debt Issuance
0.00
0.00
-100.00%
56.35
0.00
Short Term Debt Issuance
0.00
0.00
-100.00%
2.00
0.00
Short Term Debt Payments
0.00
0.00
+100.00%
-2.00
0.00
Net Short Term Debt Issuance
0.00
0.00
0.00
0.00
Net Common Stock Issuance
541.18
+70.52%
317.37
+168.70%
118.11
+12465.11%
0.94
Proceeds From Stock Option Exercised
20.54
+39.37%
14.74
+2575.32%
0.55
+7.20%
0.51
Net Other Financing Charges
—
—
-5.18
—
Changes In Cash
344.96
+75.87%
196.15
+109.77%
93.51
+251.15%
-61.86
Beginning Cash Position
393.72
+99.28%
197.57
+89.86%
104.06
-37.28%
165.93
End Cash Position
738.67
+87.62%
393.72
+99.28%
197.57
+89.86%
104.06
Free Cash Flow
-216.89
-59.52%
-135.97
-78.15%
-76.32
-20.54%
-63.32
Interest Paid Supplemental Data
9.03
-58.07%
21.53
+294.09%
5.46
+154.49%
2.15
Common Stock Issuance
541.18
+70.52%
317.37
+168.70%
118.11
+12465.11%
0.94
Issuance Of Capital Stock
541.18
+70.52%
317.37
+168.70%
118.11
+12465.11%
0.94
SEC Filings

Recent 10-K, 10-Q, 8-K, and Form 4 (insider) filings.

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