Revenue growth has decelerated significantly, with the 2026Q1 top-line of $10.8M failing to cover R&D expenses that surged to $66.2M during the same period.
| 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 | 52.04M | 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 % | -12.76% | -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 | 6.64M | 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 | 45.4M | 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 % | 87.24% | 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% | -350666.67% | - |
| Operating Expenses | 344.84M | 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 | 124.38M | 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 | 220.45M | 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 | -299.44M | -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 % | -575.42% | -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 | -294.81M | -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 % | -566.53% | -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 % | -47.23% | -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) | 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 |
| EBIT | -286.38M | -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 | 8.95M | 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 | 20.58M | 18.36M | 20.28M | 3.98M | 798K | 33K | 168K | 1.23M | 879K | 424K | 304K | 166K | 7K | 13K | 4K |
| Interest Expense | 11.63M | 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 | 8.94M | 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 | -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 |
| Pretax Margin % | -558.24% | -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 | -290.5M | -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 % | -558.24% | -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 % | -50.74% | -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) | -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 |
| 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) | -1.30 | -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 % | -26.96% | -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 | 224.1M | 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 | 224.1M | 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 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Clinical trial binary outcome
As reported in recent financial filings, OCUL's revenue trajectory has shifted toward contraction, with the 2026Q1 top-line figure of $10.8M representing a significant deceleration compared to the $17.1M peak observed in 2024Q4, suggesting that DEXTENZA commercial adoption may be struggling to maintain momentum in a competitive ophthalmic market.
The decline in quarterly revenue suggests that the company's primary commercial asset is facing saturation or competitive pressure, rather than the expected scaling. Investors should monitor whether this trend reflects a fundamental lack of physician pull-through or merely seasonal volatility in elective surgical procedures.
Based on the company's income statement data, R&D expenses have surged to $66.2M in 2026Q1, dwarfing the $10.8M in revenue and indicating that management is prioritizing the aggressive advancement of the OTX-TKI pipeline over achieving near-term operational efficiency or reaching a break-even point.
The cost structure is heavily skewed toward clinical development, which effectively masks the underlying economics of the commercial business. This level of expenditure implies that the company is operating as a pure-play clinical development entity, where the current revenue stream serves only as a secondary offset to massive R&D burn.
According to the provided quarterly figures, OCUL's operating loss widened to $93.3M in 2026Q1, demonstrating that the company has yet to achieve any meaningful operating leverage as SG&A and R&D costs continue to scale significantly faster than the gross profit generated by its hydrogel platform.
The lack of operating leverage suggests that the current business model is not yet self-sustaining, as every dollar of gross profit is being consumed by the overhead required to support clinical trials. This trend warrants further investigation into whether the company can achieve a scalable cost structure without a successful commercial launch of its pipeline assets.
While the company maintains a substantial cash position, the income statement reveals a concerning trend where net losses have consistently deepened, reaching $88.6M in 2026Q1, which may lead short-sellers to question the long-term viability of the current R&D-heavy strategy if clinical milestones are delayed.
The reliance on non-operating capital to fund operations creates a binary risk profile where the company's survival is tied to the success of OTX-TKI. Investors should be wary of the potential for future dilutive financing if the current cash runway is exhausted before the pipeline reaches commercial viability.
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.