Operational cash burn is intensifying, evidenced by a free cash flow deficit of $70.7M and a capital expenditure intensity ratio that climbed to 43.2% in 2026Q1.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 |
|---|
| Cash from Operations | -226.21M | -204.88M | -134.68M | -70.23M | -59.6M | -65.55M | -53.55M | -77.58M | -49.23M | -50.47M | -34M | -33.74M | -20.5M | -12.64M | -12.59M |
| Operating CF Margin % | - | -395.35% | -211.35% | -120.18% | -115.75% | -150.61% | -307.73% | -1835.3% | -2473.72% | -2624.7% | -1801.85% | -1928.17% | -2654.92% | - | -125850% |
| Operating CF Growth % | -246.78% | -52.13% | -91.75% | -17.84% | 9.07% | -22.4% | 30.97% | -57.59% | 2.47% | -48.45% | -0.76% | -64.63% | -62.09% | -0.48% | - |
| Net Income | -290.5M | -265.94M | -193.51M | -80.74M | -71.04M | -6.55M | -155.64M | -86.37M | -59.98M | -63.39M | -44.7M | -39.75M | -28.65M | -13.32M | -14.09M |
| Depreciation & Amortization | 4.63M | 4.32M | 3.79M | 2.98M | 2.11M | 2.42M | 2.77M | 2.53M | 2.29M | 1.63M | 881K | 754K | 547K | 404K | 404K |
| Stock-Based Compensation | 36.62M | 43.18M | 33.11M | 17.82M | 16.96M | 14.98M | 7.53M | 8.76M | 7.48M | 7.32M | 5.96M | 4.64M | 2.64M | 476K | 243K |
| Deferred Taxes | 0 | 0 | 0 | 0 | 0 | 0 | 86.19M | -4.3M | 0 | 9K | 1.42M | -58K | 332K | -14K | 49K |
| Other Non-Cash Items | 19.91M | 5.84M | 32.16M | -2.9M | -8.99M | -73.49M | 4.41M | 3.68M | 397K | 408K | 371K | 166K | 2.47M | 46K | 86K |
| Working Capital Changes | 3.14M | 7.71M | -10.23M | -7.41M | 1.35M | -2.9M | 1.18M | -1.88M | 585K | 3.55M | 2.08M | 503K | 2.16M | -240K | 726K |
| Change in Receivables | 874K | 1.74M | -6.21M | -4.85M | -190K | -8.88M | -9.7M | -2.35M | 25K | 24K | -57K | 136K | -60K | -224K | 77K |
| Change in Inventory | -468K | -524K | -735K | -331K | -724K | -49K | -247K | -737K | -95K | -9K | 21K | -1K | -133K | -92K | 496K |
| Change in Payables | 2.83M | -887K | -318K | 583K | -621K | 1.8M | -452K | 124K | -796K | 932K | -159K | 348K | 507K | -174K | 145K |
| Cash from Investing | -14.61M | -11.88M | -1.29M | -6.09M | -3.71M | -1.19M | -841K | -2.24M | -1.89M | 27.07M | 35.57M | -38.57M | -38.59M | -387K | 3.81M |
| Capital Expenditures | -14.74M | -12.01M | -1.29M | -6.09M | -3.71M | -1.19M | -841K | -2.24M | -1.89M | -8.25M | -1.92M | -1.78M | -1.26M | -387K | -203K |
| CapEx % of Revenue | 28.32% | 23.18% | 2.02% | 10.42% | 7.21% | 2.74% | 4.83% | 52.95% | 94.92% | 429.12% | 101.7% | 101.6% | 163.21% | - | 2030% |
| Acquisitions | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 5K | 2K | 7K | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 130K | 130K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 114K | -1.5M | 60K | -37.33M | 0 | 4.02M |
| Cash from Financing | 557.83M | 561.72M | 332.11M | 169.83M | 1.45M | 2.85M | 228.01M | 75.34M | 68.64M | 32.01M | 585K | 65.7M | 78.97M | 6.68M | 27.3M |
| Debt Issued (Net) | 0 | 0 | 316.35M | 56.35M | 0 | -445K | 0 | 37.27M | 6.38M | 2.4M | 0 | 397K | 12.6M | -1.82M | 3.51M |
| Equity Issued (Net) | 557.83M | 561.72M | 316.35M | 118.11M | 940K | 985K | 224.68M | 37.54M | 61.57M | 29.24M | 627K | 65.61M | 69.52M | 8.49M | 23.78M |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | 0 | 0 | -300.6M | -4.63M | 514K | 2.31M | 3.33M | 529K | 694K | 370K | -42K | -306K | -3.15M | 7K | 3K |
| Net Change in Cash | 317.02M | 344.96M | 196.15M | 93.51M | -61.86M | -63.89M | 173.62M | -4.47M | 17.52M | 8.6M | 2.15M | -6.61M | 19.89M | -6.35M | 18.52M |
| Free Cash Flow | -240.94M | -216.89M | -135.97M | -76.32M | -63.32M | -66.74M | -54.4M | -79.82M | -51.12M | -58.73M | -35.92M | -35.52M | -21.76M | -13.03M | -12.79M |
| FCF Margin % | -463.02% | -418.53% | -213.37% | -130.59% | -122.96% | -153.36% | -312.56% | -1888.24% | -2568.64% | -3053.82% | -1903.55% | -2029.77% | -2818.13% | - | -127880% |
| FCF Growth % | -62.33% | -59.52% | -78.15% | -20.54% | 5.13% | -22.7% | 31.85% | -56.15% | 12.96% | -63.49% | -1.12% | -63.27% | -66.94% | -1.91% | - |
| FCF per Share | -1.08 | -1.16 | -0.86 | -0.89 | -0.77 | -0.81 | -0.90 | -1.76 | -1.34 | -2.04 | -1.45 | -1.53 | -2.04 | -4.41 | -4.33 |
| FCF Conversion (FCF/Net Income) | 0.83x | 0.77x | 0.70x | 0.87x | 0.84x | 10.00x | 0.34x | 0.90x | 0.85x | 0.80x | 0.76x | 0.85x | 0.72x | 0.95x | 0.89x |
| Interest Paid | 2.24M | 0 | 0 | 5.46M | 2.15M | 1.93M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Clinical trial binary outcome
According to quarterly financial data, OCUL consistently reports operating cash outflows that track closely with net losses, with an OCF/NI ratio of 0.74 in 2026Q1, indicating that the company's cash burn is primarily driven by fundamental operational deficits rather than non-cash accounting adjustments.
The tight correlation between net income and operating cash flow suggests that the company lacks significant non-cash expenses to mask its underlying cash consumption. Investors should interpret this as a pure-play R&D burn, where every dollar of loss translates almost directly into a reduction of the company's liquidity.
As reported in recent cash flow statements, OCUL's free cash flow has deteriorated significantly, reaching a deficit of $70.7M in 2026Q1, a trend that highlights the company's increasing reliance on external capital to fund its aggressive clinical development pipeline for OTX-TKI.
The widening FCF deficit reflects a business model that is currently prioritizing long-term asset development over near-term cash preservation. This trajectory suggests that the company's cash runway is being consumed at an accelerating rate, necessitating careful monitoring of future financing requirements.
Based on reported figures, OCUL's capital expenditure intensity has surged, with the CapEx/Revenue ratio climbing to 43.2% in 2026Q1, which may indicate that the company is investing heavily in manufacturing infrastructure or specialized equipment to support its future clinical and commercial ambitions.
This spike in capital intensity suggests that the company is moving beyond simple maintenance and is actively building out the capacity required for potential OTX-TKI commercialization. Such high levels of investment, while necessary for scale, place additional pressure on the company's overall cash position.
Analysis of the cash flow statement reveals that stock-based compensation remains a material non-cash add-back, reaching $15.6M in 2026Q1, which effectively obscures the true magnitude of the company's cash-based operating expenses and dilutes the impact of the reported net loss.
While SBC is a standard practice in biotech to preserve cash, it represents a real economic cost to shareholders that is not captured in the operating cash flow figures. Investors should consider the impact of this ongoing dilution when evaluating the company's true cost of operations.
Quick answers to the most common questions about buying OCUL stock.
Ocular Therapeutix, Inc. (OCUL) generated $-204.9M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Ocular Therapeutix, Inc. (OCUL) reported negative free cash flow of $216.9M in 2025, indicating capital requirements exceeded cash from operations.
Ocular Therapeutix, Inc. (OCUL) spent $12.0M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.