Ocular Therapeut Financials

OCUL

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Key Financial Metrics

Revenue

$52.0M

YoY-18.5%

5Y CAGR+24.4%

10Y CAGR+40.4%

Ocular Therapeut generated $52.0M in revenue in fiscal year 2025. This represents a decrease of 18.5% from the prior year.

EBITDA

-$265.7M

YoY-58.2%

Ocular Therapeut's EBITDA was -$265.7M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents a decrease of 58.2% from the prior year.

Free Cash Flow

-$216.9M

YoY-59.5%

Ocular Therapeut generated -$216.9M in free cash flow in fiscal year 2025, representing cash available after capital expenditures. This represents a decrease of 59.5% from the prior year.

Net Income

-$265.9M

YoY-37.4%

Ocular Therapeut reported -$265.9M in net income in fiscal year 2025. This represents a decrease of 37.4% from the prior year.

EPS (Diluted)

$-1.42

YoY-16.4%

Ocular Therapeut earned $-1.42 per diluted share in fiscal year 2025. This represents a decrease of 16.4% from the prior year.

Cash & Debt

$737.1M

YoY+88.0%

5Y CAGR+26.4%

10Y CAGR+37.4%

Ocular Therapeut held $737.1M in cash against $0 in long-term debt as of fiscal year 2025.

Dividends Per Share

N/A

Shares Outstanding

218M

YoY+38.0%

5Y CAGR+23.4%

10Y CAGR+24.3%

Ocular Therapeut had 218M shares outstanding in fiscal year 2025. This represents an increase of 38.0% from the prior year.

Gross Margin

87.4%

YoY-3.8pp

5Y CAGR-0.7pp

10Y CAGR+5.6pp

Ocular Therapeut's gross margin was 87.4% in fiscal year 2025, indicating the percentage of revenue retained after direct costs. This is down 3.8 percentage points from the prior year.

Operating Margin

-519.8%

YoY-250.2pp

5Y CAGR-158.6pp

10Y CAGR+1662.9pp

Ocular Therapeut's operating margin was -519.8% in fiscal year 2025, reflecting core business profitability. This is down 250.2 percentage points from the prior year.

Net Margin

-511.9%

YoY-208.2pp

5Y CAGR+382.4pp

10Y CAGR+1759.4pp

Ocular Therapeut's net profit margin was -511.9% in fiscal year 2025, showing the share of revenue converted to profit. This is down 208.2 percentage points from the prior year.

Return on Equity

N/A

R&D Spending

$197.1M

YoY+54.4%

5Y CAGR+47.0%

10Y CAGR+22.2%

Ocular Therapeut invested $197.1M in research and development in fiscal year 2025. This represents an increase of 54.4% from the prior year.

Share Buybacks

N/A

Capital Expenditures

$12.0M

YoY+832.5%

5Y CAGR+70.2%

10Y CAGR+21.0%

Ocular Therapeut invested $12.0M in capital expenditures in fiscal year 2025, funding long-term assets and infrastructure. This represents an increase of 832.5% from the prior year.

OCUL Income Statement

Metric	FY25	FY25	FY25	FY24	FY23	FY22
Revenue	$52.0M-18.5%	$63.7M+9.0%	$58.4M+13.5%	$51.5M+18.3%	$43.5M+150.1%	$17.4M
Cost of Revenue	$6.6M+16.9%	$5.6M+6.5%	$5.3M+16.3%	$4.5M+3.0%	$4.4M+111.5%	$2.1M
Gross Profit	$45.4M-21.9%	$58.1M+9.3%	$53.2M+13.2%	$47.0M+20.0%	$39.1M+155.3%	$15.3M
R&D Expenses	$197.1M+54.4%	$127.6M+109.0%	$61.1M+14.2%	$53.5M+6.7%	$50.1M+74.5%	$28.7M
SG&A Expenses	$64.4M+6.1%	$60.7M+78.7%	$33.9M+5.3%	$32.2M+1.1%	$31.9M+39.5%	$22.9M
Operating Income	-$270.0M-57.2%	-$171.8M-108.5%	-$82.4M-4.7%	-$78.7M-0.8%	-$78.0M-24.2%	-$62.8M
Interest Expense	$11.8M+1234.3%	$887K-78.7%	$4.2M-40.6%	$7.0M+5.3%	$6.7M-1.4%	$6.8M
Income Tax	$0	$0	$0	$0	$0	$0
Net Income	-$265.9M-37.4%	-$193.5M-139.7%	-$80.7M-13.7%	-$71.0M-984.1%	-$6.6M+95.8%	-$155.6M
EPS (Diluted)	$-1.42-16.4%	$-1.22-19.6%	$-1.02-5.2%	$-0.97+1.0%	$-0.98+61.7%	$-2.56

Metric	Q4'25	Q3'25	Q2'25	Q1'25	Q4'25	Q3'25	Q2'25	Q1'25
Revenue	N/A	$14.5M+8.1%	$13.5M+25.8%	$10.7M	N/A	$15.4M-6.2%	$16.4M+11.3%	$14.8M
Cost of Revenue	N/A	$1.8M-8.7%	$1.9M+54.0%	$1.3M	N/A	$1.6M+3.4%	$1.5M+13.8%	$1.3M
Gross Profit	N/A	$12.8M+10.9%	$11.5M+22.0%	$9.4M	N/A	$13.9M-7.2%	$14.9M+11.0%	$13.4M
R&D Expenses	N/A	$52.4M+2.5%	$51.1M+19.2%	$42.9M	N/A	$37.1M+28.4%	$28.9M+39.2%	$20.7M
SG&A Expenses	N/A	$16.0M+11.7%	$14.3M-12.2%	$16.3M	N/A	$12.2M-37.8%	$19.7M+39.0%	$14.1M
Operating Income	N/A	-$68.7M-1.6%	-$67.6M-5.8%	-$63.9M	N/A	-$46.0M-5.5%	-$43.6M-37.9%	-$31.6M
Interest Expense	N/A	$3.0M-0.5%	$3.0M+1.1%	$3.0M	N/A	$3.2M+0.9%	$3.2M-21.1%	$4.1M
Income Tax	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Net Income	N/A	-$69.4M-2.4%	-$67.8M-5.9%	-$64.1M	N/A	-$36.5M+16.6%	-$43.8M+32.5%	-$64.8M
EPS (Diluted)	N/A	$-0.38+2.6%	$-0.39-2.6%	$-0.38	N/A	$-0.22+15.4%	$-0.26+46.9%	$-0.49

OCUL Balance Sheet

Metric	FY25	FY25	FY25	FY24	FY23	FY22
Total Assets	$808.1M+76.5%	$457.9M+81.7%	$252.1M+68.8%	$149.3M-27.1%	$204.9M-21.8%	$261.9M
Current Assets	$782.1M+77.4%	$441.0M+89.9%	$232.2M+79.2%	$129.6M-32.2%	$191.3M-22.3%	$246.2M
Cash & Equivalents	$737.1M+88.0%	$392.1M+100.2%	$195.8M+91.4%	$102.3M-37.7%	$164.2M-28.0%	$228.1M
Inventory	$3.6M+17.2%	$3.0M+31.9%	$2.3M+16.8%	$2.0M+57.9%	$1.3M+4.1%	$1.2M
Accounts Receivable	$30.6M-5.4%	$32.4M+23.7%	$26.2M+22.8%	$21.3M+0.9%	$21.1M+72.5%	$12.3M
Goodwill	N/A	N/A	N/A	N/A	N/A	N/A
Total Liabilities	$153.7M+7.8%	$142.6M-11.4%	$160.9M+41.3%	$113.9M-2.5%	$116.9M-37.1%	$185.8M
Current Liabilities	$50.8M+22.9%	$41.4M+18.5%	$34.9M+11.2%	$31.4M+19.2%	$26.3M-1.2%	$26.7M
Long-Term Debt	N/A	N/A	N/A	N/A	N/A	N/A
Total Equity	$654.3M+107.5%	$315.3M+246.0%	$91.1M+157.6%	$35.4M-59.8%	$88.0M+15.6%	$76.1M
Retained Earnings	-$1.2B-29.8%	-$891.1M-27.7%	-$697.6M-13.1%	-$616.8M-13.0%	-$545.8M-1.2%	-$539.3M

Metric	Q4'25	Q3'25	Q2'25	Q1'25	Q4'25	Q3'25	Q2'25	Q1'25
Total Assets	$808.1M+96.7%	$410.9M-9.0%	$451.3M+11.2%	$405.9M-11.4%	$457.9M-6.6%	$490.4M-5.2%	$517.1M-4.1%	$538.9M
Current Assets	$782.1M+102.1%	$387.0M-10.7%	$433.4M+11.8%	$387.7M-12.1%	$441.0M-6.8%	$473.0M-5.1%	$498.6M-4.1%	$519.8M
Cash & Equivalents	$737.1M+113.8%	$344.8M-11.9%	$391.1M+11.9%	$349.7M-10.8%	$392.1M-8.2%	$427.2M-7.1%	$459.7M-4.8%	$482.9M
Inventory	$3.6M+2.2%	$3.5M+14.8%	$3.0M-7.0%	$3.3M+7.5%	$3.0M+26.4%	$2.4M-5.6%	$2.5M-1.0%	$2.6M
Accounts Receivable	$30.6M-0.4%	$30.8M+1.2%	$30.4M+20.6%	$25.2M-22.1%	$32.4M+7.1%	$30.2M0.0%	$30.2M+13.9%	$26.5M
Goodwill	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Total Liabilities	$153.7M+0.7%	$152.7M+5.0%	$145.4M+3.9%	$140.0M-1.8%	$142.6M+3.1%	$138.3M-0.8%	$139.4M+6.4%	$131.0M
Current Liabilities	$50.8M+3.1%	$49.3M+14.8%	$42.9M+13.2%	$37.9M-8.3%	$41.4M+13.7%	$36.4M+21.3%	$30.0M+23.4%	$24.3M
Long-Term Debt	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Total Equity	$654.3M+153.4%	$258.2M-15.6%	$305.9M+15.0%	$265.9M-15.7%	$315.3M-10.4%	$352.0M-6.8%	$377.7M-7.4%	$408.0M
Retained Earnings	-$1.2B-5.9%	-$1.1B-6.8%	-$1.0B-7.1%	-$955.1M-7.2%	-$891.1M-5.7%	-$842.7M-4.5%	-$806.2M-5.7%	-$762.4M

OCUL Cash Flow Statement

Metric	FY25	FY25	FY25	FY24	FY23	FY22
Operating Cash Flow	-$204.9M-52.1%	-$134.7M-91.8%	-$70.2M-17.8%	-$59.6M+9.1%	-$65.5M-22.4%	-$53.6M
Capital Expenditures	$12.0M+832.5%	$1.3M-78.8%	$6.1M+63.8%	$3.7M+211.1%	$1.2M+42.0%	$841K
Free Cash Flow	-$216.9M-59.5%	-$136.0M-78.1%	-$76.3M-20.5%	-$63.3M+5.1%	-$66.7M-22.7%	-$54.4M
Investing Cash Flow	-$11.9M-822.4%	-$1.3M+78.8%	-$6.1M-63.8%	-$3.7M-211.1%	-$1.2M-42.0%	-$841K
Financing Cash Flow	$561.7M+69.1%	$332.1M+95.6%	$169.8M+11580.1%	$1.5M-49.0%	$2.9M-98.7%	$228.0M
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	N/A	N/A	N/A	N/A	N/A	N/A

Metric	Q4'25	Q3'25	Q2'25	Q1'25	Q4'25	Q3'25	Q2'25	Q1'25
Operating Cash Flow	N/A	N/A	N/A	-$44.7M	N/A	N/A	N/A	-$33.9M
Capital Expenditures	N/A	N/A	N/A	$1.9M	N/A	N/A	N/A	$255K
Free Cash Flow	N/A	N/A	N/A	-$46.6M	N/A	N/A	N/A	-$34.1M
Investing Cash Flow	N/A	N/A	N/A	-$1.9M	N/A	N/A	N/A	-$255K
Financing Cash Flow	N/A	N/A	N/A	$4.2M	N/A	N/A	N/A	$321.2M
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

OCUL Financial Ratios

Metric	FY25	FY25	FY25	FY24	FY23	FY22
Gross Margin	87.4%-3.8pp	91.2%+0.2pp	91.0%-0.2pp	91.2%+1.3pp	89.9%+1.9pp	88.0%
Operating Margin	-519.8%-250.2pp	-269.6%-128.6pp	-141.0%+11.8pp	-152.7%+26.6pp	-179.3%+181.8pp	-361.1%
Net Margin	-511.9%-208.2pp	-303.7%-165.5pp	-138.1%-0.2pp	-137.9%-122.9pp	-15.1%+879.2pp	-894.3%
Return on Equity	N/A	N/A	N/A	N/A	N/A	N/A
Return on Assets	-32.9%+9.3pp	-42.3%-10.2pp	-32.0%+15.6pp	-47.6%-44.4pp	-3.2%+56.2pp	-59.4%
Current Ratio	15.39+4.7	10.66+4.0	6.66+2.5	4.13-3.1	7.26-2.0	9.23
Debt-to-Equity	0.23-0.2	0.45-1.3	1.77-1.5	3.22+1.9	1.33-1.1	2.44
FCF Margin	-417.5%-204.1pp	-213.4%-82.8pp	-130.6%-7.6pp	-123.0%+30.4pp	-153.4%+159.2pp	-312.6%

Metric	Q4'25	Q3'25	Q2'25	Q1'25	Q4'25	Q3'25	Q2'25	Q1'25
Gross Margin	N/A	87.8%+2.2pp	85.6%-2.6pp	88.2%	N/A	89.9%-0.9pp	90.8%-0.2pp	91.0%
Operating Margin	N/A	-472.3%+30.2pp	-502.6%+94.9pp	-597.5%	N/A	-298.2%-33.1pp	-265.1%-51.1pp	-214.0%
Net Margin	N/A	-477.3%+26.6pp	-503.9%+94.9pp	-598.7%	N/A	-236.6%+29.7pp	-266.3%+172.7pp	-438.9%
Return on Equity	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Return on Assets	N/A	-16.9%-1.9pp	-15.0%+0.8pp	-15.8%	N/A	-7.4%+1.0pp	-8.5%+3.6pp	-12.0%
Current Ratio	15.39+7.5	7.85-2.2	10.09-0.1	10.22-0.4	10.66-2.3	13.01-3.6	16.64-4.8	21.39
Debt-to-Equity	0.23-0.4	0.59+0.1	0.48-0.1	0.53+0.1	0.45+0.1	0.39+0.0	0.37+0.0	0.32
FCF Margin	N/A	N/A	N/A	-435.6%	N/A	N/A	N/A	-231.1%

Frequently Asked Questions

What is Ocular Therapeut's annual revenue?

Ocular Therapeut (OCUL) reported $52.0M in revenue for fiscal year 2025.

How fast is Ocular Therapeut's revenue growing?

Ocular Therapeut (OCUL) revenue declined by 18.5% year-over-year, from $63.7M to $52.0M in fiscal year 2025.

Is Ocular Therapeut profitable?

No, Ocular Therapeut (OCUL) reported a net income of -$265.9M in fiscal year 2025, with a net profit margin of -511.9%.

What is Ocular Therapeut's earnings per share (EPS)?

Ocular Therapeut (OCUL) reported diluted earnings per share of $-1.42 for fiscal year 2025.

What is Ocular Therapeut's EBITDA?

Ocular Therapeut (OCUL) had EBITDA of -$265.7M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.

What is Ocular Therapeut's gross margin?

Ocular Therapeut (OCUL) had a gross margin of 87.4% in fiscal year 2025, indicating the percentage of revenue retained after direct costs of goods sold.

What is Ocular Therapeut's operating margin?

Ocular Therapeut (OCUL) had an operating margin of -519.8% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.

What is Ocular Therapeut's net profit margin?

Ocular Therapeut (OCUL) had a net profit margin of -511.9% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.

What is Ocular Therapeut's free cash flow?

Ocular Therapeut (OCUL) generated -$216.9M in free cash flow during fiscal year 2025, representing cash available after capital expenditures.

What is Ocular Therapeut's operating cash flow?

Ocular Therapeut (OCUL) generated -$204.9M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.

What are Ocular Therapeut's total assets?

Ocular Therapeut (OCUL) had $808.1M in total assets as of fiscal year 2025, including both current and long-term assets.

What are Ocular Therapeut's capital expenditures?

Ocular Therapeut (OCUL) invested $12.0M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.

How much does Ocular Therapeut spend on research and development?

Ocular Therapeut (OCUL) invested $197.1M in research and development during fiscal year 2025.

How many shares does Ocular Therapeut have outstanding?

Ocular Therapeut (OCUL) had 218M shares outstanding as of fiscal year 2025.

What is Ocular Therapeut's current ratio?

Ocular Therapeut (OCUL) had a current ratio of 15.39 as of fiscal year 2025, which is generally considered healthy.

What is Ocular Therapeut's debt-to-equity ratio?

Ocular Therapeut (OCUL) had a debt-to-equity ratio of 0.23 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.

What is Ocular Therapeut's return on assets (ROA)?

Ocular Therapeut (OCUL) had a return on assets of -32.9% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.