Revenue decelerated 18.7% year-over-year to $13.5M in 2026Q2, while R&D expenses tripled to $54.1M, widening operating losses to -$82.1M and compressing gross margins to 85.1%.
Ocular Therapeutix, Inc. (OCUL) annual income statement — 14-year revenue, gross profit & net income history
| 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 |
|---|
| Sales/Revenue | 52.05M | 51.82M | 63.72M | 58.44M | 51.49M | 43.52M | 17.4M | 4.23M | 1.99M | 1.92M | 1.89M | 1.75M | 772K | 0 | 10K |
| Revenue Growth % | -8.14% | -18.67% | 9.03% | 13.49% | 18.32% | 150.08% | 311.71% | 112.41% | 3.48% | 1.91% | 7.83% | 126.68% | - | -100% | - |
| Cost of Goods Sold | 6.71M | 6.57M | 5.63M | 5.28M | 4.54M | 4.41M | 2.08M | 2.33M | 465K | 457K | 443K | 319K | 91K | 10.52M | 7K |
| COGS % of Revenue | - | 12.69% | 8.83% | 9.04% | 8.82% | 10.12% | 11.97% | 55% | 23.37% | 23.77% | 23.48% | 18.23% | 11.79% | - | 70% |
| Gross Profit | 45.35M | 45.25M | 58.1M | 53.16M | 46.95M | 39.12M | 15.32M | 1.9M | 1.52M | 1.47M | 1.44M | 1.43M | 681K | -10.52M | 3K |
| Gross Margin % | 87.11% | 87.31% | 91.17% | 90.96% | 91.18% | 89.88% | 88.03% | 45% | 76.63% | 76.23% | 76.52% | 81.77% | 88.21% | - | 30% |
| Gross Profit Growth % | - | -22.11% | 9.28% | 13.22% | 20.04% | 155.33% | 705.47% | 24.72% | 4.02% | 1.52% | 0.91% | 110.13% | 106.48% | - | - |
| Operating Expenses | 359.25M | 315.39M | 229.88M | 135.54M | 125.61M | 117.15M | 78.17M | 87.7M | 60.64M | 63.39M | 44.77M | 39.63M | 27.77M | 12.9M | 13.67M |
| OpEx % of Revenue | - | 608.6% | 360.75% | 231.93% | 243.93% | 269.18% | 449.16% | 2074.85% | 3047.39% | 3296.36% | 2372.55% | 2264.46% | 3597.8% | - | 136740% |
| Selling, General & Admin | 135.74M | 118.3M | 102.24M | 74.49M | 72.15M | 67.07M | 49.47M | 46.61M | 23.73M | 32.51M | 17.7M | 13.02M | 8.89M | 2.39M | 2.13M |
| SG&A % of Revenue | - | 228.27% | 160.45% | 127.46% | 140.11% | 154.11% | 284.28% | 1102.74% | 1192.36% | 1690.54% | 938.26% | 743.83% | 1152.2% | - | 21340% |
| Research & Development | 223.51M | 197.1M | 127.64M | 61.05M | 53.46M | 50.08M | 28.69M | 41.09M | 36.91M | 30.88M | 27.07M | 26.61M | 18.88M | 10.52M | 11.54M |
| R&D % of Revenue | - | 380.33% | 200.3% | 104.47% | 103.82% | 115.08% | 164.88% | 972.11% | 1855.03% | 1605.82% | 1434.29% | 1520.63% | 2445.6% | - | 115400% |
| Other Operating Expenses | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 5K | -1K | 7K | 0 | 14K | -49K |
| Operating Income | -313.91M | -270.02M | -171.78M | -82.38M | -78.65M | -78.04M | -62.85M | -85.8M | -59.12M | -61.92M | -43.33M | -38.2M | -27.09M | -12.9M | -13.67M |
| Operating Margin % | -603.04% | -521.04% | -269.57% | -140.96% | -152.74% | -179.3% | -361.13% | -2029.86% | -2970.75% | -3220.12% | -2296.03% | -2182.69% | -3509.59% | - | -136710% |
| Operating Income Growth % | - | -57.19% | -108.52% | -4.74% | -0.79% | -24.17% | 26.75% | -45.14% | 4.53% | -42.92% | -13.43% | -40.98% | -109.98% | 5.62% | - |
| EBITDA | -308.46M | -265.69M | -168M | -79.4M | -76.55M | -75.62M | -60.07M | -83.27M | -56.83M | -60.3M | -42.45M | -37.44M | -26.55M | -12.5M | -13.27M |
| EBITDA Margin % | -592.57% | -512.7% | -263.63% | -135.86% | -148.65% | -173.74% | -345.19% | -1970% | -2855.88% | -3135.62% | -2249.34% | -2139.6% | -3438.73% | - | -132670% |
| EBITDA Growth % | -37.57% | -58.16% | -111.58% | -3.73% | -1.23% | -25.87% | 27.86% | -46.52% | 5.75% | -42.06% | -13.36% | -41.04% | -112.39% | 5.79% | - |
| D&A (Non-Cash Add-back) | 5.45M | 4.32M | 3.79M | 2.98M | 2.11M | 2.42M | 2.77M | 2.53M | 2.29M | 1.63M | 881K | 754K | 547K | 404K | 404K |
| EBIT | -290.04M | -254.1M | -179.93M | -69.4M | -64.02M | 118K | -148.87M | -80.27M | -58.24M | -61.49M | -43.02M | -38.02M | -27.53M | -12.88M | -13.72M |
| Net Interest Income | 11.17M | 6.52M | 6.71M | -7.36M | -6.22M | -6.64M | -6.6M | -4.87M | -860K | -1.47M | -1.38M | -1.56M | -1.11M | -428K | -373K |
| Interest Income | 22.57M | 18.36M | 20.28M | 3.98M | 798K | 33K | 168K | 1.23M | 879K | 424K | 304K | 166K | 7K | 13K | 4K |
| Interest Expense | 11.4M | 11.84M | 13.58M | 11.34M | 7.02M | 6.67M | 6.77M | 6.1M | 1.74M | 1.89M | 1.68M | 1.72M | 1.12M | 441K | 377K |
| Other Income/Expense | 12.46M | 4.08M | -21.73M | 1.65M | 7.62M | 71.48M | -92.79M | -570K | -860K | -1.46M | -1.38M | -1.55M | -1.55M | -414K | -422K |
| Pretax Income | -301.45M | -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 |
| Pretax Margin % | -579.1% | -513.17% | -303.67% | -138.14% | -137.95% | -15.06% | -894.31% | -2043.34% | -3013.97% | -3296.2% | -2369% | -2271.31% | -3710.88% | - | -140930% |
| Income Tax | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -2.29M | 272K | 0 | 0 | 130K | 0 | 0 |
| Effective Tax Rate % | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 3.81% | -0.43% | 0% | 0% | -0.45% | 0% | 0% |
| Net Income | -301.45M | -265.94M | -193.51M | -80.74M | -71.04M | -6.55M | -155.64M | -86.37M | -57.69M | -63.39M | -44.7M | -39.75M | -28.65M | -13.32M | -14.09M |
| Net Margin % | -579.1% | -513.17% | -303.67% | -138.14% | -137.95% | -15.06% | -894.31% | -2043.34% | -2899.1% | -3296.2% | -2369% | -2271.31% | -3710.88% | - | -140930% |
| Net Income Growth % | -39.08% | -37.43% | -139.68% | -13.65% | -984.05% | 95.79% | -80.19% | -49.71% | 8.98% | -41.79% | -12.47% | -38.75% | -115.12% | 5.51% | - |
| Net Income (Continuing) | -301.45M | -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 |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -1.34 | -1.42 | -1.22 | -1.02 | -0.97 | -0.98 | -2.56 | -1.91 | -1.57 | -2.20 | -1.80 | -1.71 | -2.69 | -4.52 | -4.78 |
| EPS Growth % | -10.94% | -16.39% | -19.61% | -5.15% | 1.02% | 61.72% | -34.03% | -21.66% | 28.64% | -22.22% | -5.26% | 36.43% | 40.49% | 5.44% | - |
| EPS (Basic) | - | -1.42 | -1.22 | -1.09 | -1.04 | -1.05 | -2.56 | -1.91 | -1.57 | -2.20 | -1.80 | -1.71 | -2.69 | -4.52 | -4.78 |
| Diluted Shares Outstanding | 224.95M | 187.24M | 158.26M | 85.6M | 82.64M | 82.16M | 60.75M | 45.27M | 38.12M | 28.82M | 24.82M | 23.24M | 10.65M | 2.95M | 2.95M |
| Basic Shares Outstanding | 224.95M | 187.24M | 158.26M | 79.83M | 76.88M | 76.39M | 60.75M | 45.27M | 38.12M | 28.82M | 24.82M | 23.24M | 10.65M | 2.95M | 2.95M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Quick answers to the most common questions about buying OCUL stock.
For fiscal year 2025, Ocular Therapeutix, Inc. (OCUL) reported total revenue of $51.8M. This represents a 518130.0% increase compared to $0.0M in 2012.
Ocular Therapeutix, Inc. (OCUL) reported a net loss of $265.9M for the fiscal year ending 2025.
Ocular Therapeutix, Inc. (OCUL) reported an operating income of $-270.0M, resulting in an operating profit margin of -521.0%. This margin reflects the operational efficiency of the business before interest and taxes.
Ocular Therapeutix, Inc. (OCUL) generated $45.2M in gross profit for the year, representing a gross profit margin of 87.3%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
Single-asset clinical dependency
Metrics are mathematically derived from official filings.
DEXTENZA Stalls as Pipeline Takes Over
Revenue declined 18.7% year-over-year to $13.5M in 2026Q2, with sequential growth of only 0.1%, indicating the commercial product is plateauing while the pipeline dominates the narrative.
The 18.7% YoY decline in 2026Q2 revenue, following a 22.4% drop in 2025Q4, suggests DEXTENZA's market penetration may be maturing or facing competitive pressures. The near-flat sequential growth of 0.1% in 2026Q2, after a 0.8% increase in 2026Q1, points to a stagnation in the core business. This deceleration is occurring as the company pivots to AXPAXLI, making near-term revenue growth unlikely to provide meaningful support.
Gross Margin Erosion Signals Pricing Pressure
Gross margin fell from 91.0% in 2024Q1 to 85.1% in 2026Q2, a 590 basis point decline, suggesting potential pricing concessions or product mix shifts that warrant monitoring.
The steady decline in gross margin from the low-90s to the mid-80s over the past two years may indicate increased rebates, chargebacks, or a shift toward lower-margin products. While the absolute level remains high, the trend is concerning for a company with limited revenue scale. If this erosion continues, it could compress the already thin contribution margin from DEXTENZA, further straining the path to profitability.
R&D Scaling Outpaces Revenue Growth
Operating losses widened from -$31.6M in 2024Q1 to -$82.1M in 2026Q2, with R&D expenses nearly tripling to $54.1M, reflecting aggressive investment in the AXPAXLI program.
The operating margin deteriorated from -2.1% in 2024Q1 to -6.1% in 2026Q2, driven by a 161% increase in R&D spending over the same period. This indicates that the company is deliberately sacrificing near-term profitability to advance its late-stage pipeline. The lack of operating leverage is expected for a clinical-stage biotech, but the magnitude of the burn raises questions about the efficiency of capital deployment.
SBC and One-Time Items Distort Losses
Stock-based compensation averaged $11.6M per quarter over the last five quarters, representing roughly 15% of operating losses, while 2024Q1 net income included a one-time charge that inflated the loss.
SBC has been a consistent and significant non-cash expense, ranging from $6.6M to $15.6M per quarter, which inflates reported losses but does not affect cash burn. The 2024Q1 net loss of -$64.8M was notably larger than the operating loss of -$31.6M, suggesting a non-operating charge that may not recur. Investors should adjust for these items to assess the underlying cash consumption.
R&D Dominates Cost Structure
R&D expenses reached $54.1M in 2026Q2, up from $20.7M in 2024Q1, and now exceed SG&A by 37%, reflecting the company's focus on advancing AXPAXLI through Phase 3 trials.
The cost structure has shifted decisively toward R&D, which now accounts for the majority of operating expenses. SG&A has also grown, but at a slower pace, indicating that the company is not aggressively expanding its commercial infrastructure. This allocation is consistent with a pre-commercial biotech, but the high fixed cost base means that any delay in AXPAXLI could prolong the cash burn period.
2024Q1 Marks the Pivot to Retina
The inflection point occurred in 2024Q1 when R&D spending jumped 45% sequentially to $20.7M, signaling the start of the AXPAXLI-focused strategy that has since tripled quarterly R&D costs.
The sharp increase in R&D from 2024Q1 onward aligns with the company's strategic pivot to prioritize OTX-TKI for wet AMD. This inflection has transformed the income statement from a commercial-stage profile with moderate losses to a clinical-stage profile with escalating losses. The lasting impact is a significantly higher cash burn rate, which the company has funded through equity raises, but which also increases the reliance on AXPAXLI's success.
Commercial Stagnation Undermines Pipeline Value
Despite the pipeline promise, DEXTENZA revenue has declined 18.7% year-over-year, and gross margins are eroding, suggesting the commercial foundation may be weakening just as the company bets on AXPAXLI.
Short-sellers could argue that the market is overvaluing AXPAXLI while ignoring the deterioration in the existing business. The consistent revenue declines and margin compression indicate that DEXTENZA may be losing traction, possibly due to competition or reimbursement changes. If the commercial product cannot generate meaningful cash flow, the company's reliance on external capital increases, and any delay in AXPAXLI could force dilutive financing. The high cash balance of $737M provides a buffer, but the burn rate of over $80M per quarter suggests a runway of only about two years, making the Q4 2026 NDA submission critical.