Ocular Therapeut Financials
Ocular Therapeut (OCUL) reported $52.0M in revenue for fiscal year 2025, down 18.5% from the prior fiscal year. This page shows its income statement, balance sheet, cash flow statement, and key financial ratios. View 14 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).
External capital is funding Ocular Therapeutix's research-heavy model, leaving it liquid even as operating cash burn accelerates.
Liquidity improved while operating performance deteriorated: from FY2024 to FY2025, financing inflows jumped to$561.7M even as operating cash flow fell to-$204.9M . That pushed cash to$737.1M and debt-to-equity down to 0.2x, showing the balance sheet is being strengthened by outside funding rather than by the underlying business.
Gross margin stayed high at
Cash burn is mostly operating, not capital intensive: free cash flow of
Financial Health Signals
Scored against emerging companies for FY2025. Each of the six dimensions is a percentile rank within that peer group; the overall is their average, with missing dimensions counted as zero out of six. A high score means strong standing among peers, not absolute cross-industry strength. How this score is calculated →
Health score ≠ stock price. This rates the quality of Ocular Therapeut's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.
Ocular Therapeut scores 7.55, well above the 2.99 safe threshold. The score is driven primarily by a large market capitalization ($2.4B) relative to total liabilities ($153.7M). This indicates low bankruptcy risk based on profitability, leverage, and asset efficiency.
Distress-screening estimate for non-financial companies. Not computed for banks or insurers, where the Altman model does not apply.
Ocular Therapeut passes 3 of 8 computable financial strength tests (1 of the nine could not be computed from available data). 2 of 4 profitability signals pass, 1 of 2 leverage/liquidity signals pass, neither operating efficiency signal passes.
Ocular Therapeut reported a net loss of $265.9M while operations used $204.9M of cash. With neither figure positive, the ratio between the two carries no quality signal.
Ocular Therapeut reported an operating loss of $270.0M against $11.8M in interest expense. There is no operating profit to cover interest, so interest must be met from cash reserves or from financing rather than from operations.
Key Financial Metrics
Earnings & Revenue
Ocular Therapeut generated $52.0M in revenue in fiscal year 2025. This represents a decrease of 18.5% from the prior year.
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.
Ocular Therapeut reported -$265.9M in net income in fiscal year 2025. This represents a decrease of 37.4% from the prior year.
Ocular Therapeut earned -$1.42 per diluted share (EPS) in fiscal year 2025. This represents a decrease of 16.4% from the prior year.
Cash & Balance Sheet
Ocular Therapeut recorded an outflow of $216.9M in free cash flow in fiscal year 2025, representing a cash shortfall after capex. This represents a decrease of 59.5% from the prior year.
Ocular Therapeut held $737.1M in cash as of fiscal year 2025; long-term debt is not reported for that period.
Not reported for fiscal year 2025.
Margins & Returns
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.
Ocular Therapeut's ROE was -40.6% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is up 20.7 percentage points from the prior year.
Not shown for fiscal year 2025: the reported ratio is below -100.0% of revenue, so it does not read as a share of revenue.
Not shown for fiscal year 2025: the reported ratio is below -100.0% of revenue, so it does not read as a share of revenue.
Capital Allocation
Ocular Therapeut invested $197.1M in research and development in fiscal year 2025. This represents an increase of 54.4% from the prior year.
Ocular Therapeut invested $12.0M in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents an increase of 832.5% from the prior year.
Not reported for fiscal year 2025.
OCUL Income Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | TTM | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 | FY19 | FY18 | FY17 | FY16 | FY15 | FY14 | FY13 | FY12 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $52.1M | $52.0M-18.5% | $63.7M+9.0% | $58.4M+13.5% | $51.5M+18.3% | $43.5M+150.1% | $17.4M+311.7% | $4.2M+112.4% | $2.0M+3.5% | $1.9M+1.9% | $1.9M+7.8% | $1.8M+126.7% | $772K | N/A | $10K |
| Cost of Revenue | $6.7M | $6.6M+16.9% | $5.6M+6.5% | $5.3M+16.3% | $4.5M+3.0% | $4.4M+111.5% | $2.1M-10.4% | $2.3M+400.0% | $465K+1.8% | $457K+3.2% | $443K+38.9% | $319K+250.5% | $91K | N/A | $7K |
| Gross Profit | $45.3M | $45.4M-21.9% | $58.1M+9.3% | $53.2M+13.2% | $47.0M+20.0% | $39.1M+155.3% | $15.3M+705.5% | $1.9M+24.7% | $1.5M+4.0% | $1.5M+1.5% | $1.4M+0.9% | $1.4M+110.1% | $681K | N/A | $3K |
| R&D Expenses | $223.5M | $197.1M+54.4% | $127.6M+109.0% | $61.1M+14.2% | $53.5M+6.7% | $50.1M+74.5% | $28.7M-30.2% | $41.1M+11.3% | $36.9M+19.5% | $30.9M+14.1% | $27.1M+1.7% | $26.6M+40.9% | $18.9M+79.5% | $10.5M-8.9% | $11.5M |
| SG&A Expenses | $75.8M | $64.4M+6.1% | $60.7M+78.7% | $33.9M+5.3% | $32.2M+1.1% | $31.9M+39.5% | $22.9M+3.3% | $22.1M+17.8% | $18.8M+21.1% | $15.5M+40.9% | $11.0M+20.1% | $9.2M+32.6% | $6.9M+292.6% | $1.8M+19.2% | $1.5M |
| Operating Income | -$313.9M | -$270.0M-57.2% | -$171.8M-108.5% | -$82.4M-4.7% | -$78.7M-0.8% | -$78.0M-24.2% | -$62.8M+26.8% | -$85.8M-45.1% | -$59.1M+4.5% | -$61.9M-42.9% | -$43.3M-13.4% | -$38.2M-41.0% | -$27.1M-110.0% | -$12.9M+5.6% | -$13.7M |
| Interest Expense | $11.4M | $11.8M+1234.3% | $887K-92.2% | $11.3M+61.5% | $7.0M+5.3% | $6.7M-1.4% | $6.8M+10.9% | $6.1M+250.8% | $1.7M-8.1% | $1.9M+12.6% | $1.7M-2.6% | $1.7M+54.1% | $1.1M+153.7% | $441K+17.0% | $377K |
| Income Tax | N/A | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Net Income | -$301.4M | -$265.9M-37.4% | -$193.5M-139.7% | -$80.7M-13.7% | -$71.0M-984.1% | -$6.6M+95.8% | -$155.6M-80.2% | -$86.4M-44.0% | -$60.0M+5.4% | -$63.4M-41.8% | -$44.7M-12.5% | -$39.7M-38.7% | -$28.6M-115.1% | -$13.3M+5.5% | -$14.1M |
| EPS (Diluted) | — | -$1.42-16.4% | -$1.22 | -$1.02-5.2% | -$0.97 | -$0.98 | -$2.56-34.0% | -$1.91 | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
TTM is the trailing twelve months, Q3 FY2025 through Q2 FY2026, summed from the four most recent quarterly filings. A row marked — cannot be summed at all, because a quarter in the window reports no per-share figure; a row marked N/A could be summed, but a quarter in the window does not report that metric.
OCUL Balance Sheet
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 | FY19 | FY18 | FY17 | FY16 | FY15 | FY14 | FY13 | FY12 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Total Assets | $808.1M+76.5% | $457.9M+81.7% | $252.1M+68.8% | $149.3M-27.1% | $204.9M-21.8% | $261.9M+232.6% | $78.7M+7.8% | $73.0M+31.8% | $55.4M-26.0% | $74.9M-32.1% | $110.3M+41.1% | $78.2M+308.4% | $19.1M | N/A |
| Current Assets | $782.1M+77.4% | $441.0M+89.9% | $232.2M+79.2% | $129.6M-32.2% | $191.3M-22.3% | $246.2M+309.1% | $60.2M+7.1% | $56.2M+29.7% | $43.3M-38.0% | $69.9M-34.7% | $107.0M+40.4% | $76.2M+322.9% | $18.0M | N/A |
| Cash & Equivalents | $737.1M+88.0% | $392.1M+100.2% | $195.8M+91.4% | $102.3M-37.7% | $164.2M-28.0% | $228.1M+318.9% | $54.4M+0.7% | $54.1M+30.2% | $41.5M+26.1% | $32.9M+7.0% | $30.8M-17.7% | $37.4M+113.6% | $17.5M-26.6% | $23.9M |
| Inventory | $3.6M+17.2% | $3.0M+31.9% | $2.3M+16.8% | $2.0M+57.9% | $1.3M+4.1% | $1.2M+25.9% | $954K+339.6% | $217K+77.9% | $122K+8.0% | $113K-15.7% | $134K+0.8% | $133K | $0 | N/A |
| Accounts Receivable | $30.6M-5.4% | $32.4M+23.7% | $26.2M+22.8% | $21.3M+0.9% | $21.1M+72.5% | $12.3M+380.8% | $2.5M+1167.7% | $201K-11.1% | $226K-9.6% | $250K+29.5% | $193K-41.3% | $329K+31.6% | $250K | 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+125.5% | $82.4M+121.6% | $37.2M+26.9% | $29.3M+27.7% | $22.9M+10.7% | $20.7M+6.3% | $19.5M-75.2% | $78.6M | N/A |
| Current Liabilities | $50.8M+22.9% | $41.4M+18.5% | $34.9M+11.2% | $31.4M+19.2% | $26.3M-1.2% | $26.7M+121.7% | $12.0M+31.3% | $9.2M-31.8% | $13.4M+61.8% | $8.3M+54.3% | $5.4M-8.4% | $5.9M+75.8% | $3.3M | 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+2196.3% | -$3.6M-110.1% | $35.9M+37.2% | $26.1M-49.7% | $52.0M-41.9% | $89.6M+52.6% | $58.7M+198.7% | -$59.5M-27.6% | -$46.6M |
| Retained Earnings | -$1.2B-29.8% | -$891.1M-27.7% | -$697.6M-13.1% | -$616.8M-13.0% | -$545.8M-1.2% | -$539.3M-40.6% | -$383.6M-29.1% | -$297.2M-25.3% | -$237.3M-36.5% | -$173.9M-34.6% | -$129.2M-44.4% | -$89.4M-47.1% | -$60.8M | N/A |
Not reported in any period shown, so not listed: Goodwill, Long-Term Debt.
OCUL Cash Flow Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | TTM | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 | FY19 | FY18 | FY17 | FY16 | FY15 | FY14 | FY13 | FY12 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$238.2M | -$204.9M-52.1% | -$134.7M-91.8% | -$70.2M-17.8% | -$59.6M+9.1% | -$65.5M-22.4% | -$53.6M+31.0% | -$77.6M-57.6% | -$49.2M+2.5% | -$50.5M-48.4% | -$34.0M-0.8% | -$33.7M-64.6% | -$20.5M-62.1% | -$12.6M-0.5% | -$12.6M |
| Capital Expenditures | $16.9M | $12.0M+832.5% | $1.3M-78.8% | $6.1M+63.8% | $3.7M+211.1% | $1.2M+42.0% | $841K-62.4% | $2.2M+18.5% | $1.9M-77.1% | $8.3M+330.0% | $1.9M+7.9% | $1.8M+41.1% | $1.3M+225.6% | $387K+90.6% | $203K |
| Free Cash Flow | -$255.1M | -$216.9M-59.5% | -$136.0M-78.1% | -$76.3M-20.5% | -$63.3M+5.1% | -$66.7M-22.7% | -$54.4M+31.8% | -$79.8M-56.1% | -$51.1M+13.0% | -$58.7M-63.5% | -$35.9M-1.1% | -$35.5M-63.3% | -$21.8M-66.9% | -$13.0M-1.9% | -$12.8M |
| Investing Cash Flow | -$16.9M | -$11.9M-822.4% | -$1.3M+78.8% | -$6.1M-63.8% | -$3.7M-211.1% | -$1.2M-42.0% | -$841K+62.4% | -$2.2M-18.5% | -$1.9M-107.0% | $27.0M-27.3% | $37.1M+196.1% | -$38.6M | N/A | N/A | N/A |
| Financing Cash Flow | $462.6M | $561.7M+69.1% | $332.1M+95.6% | $169.8M+11580.1% | $1.5M-49.0% | $2.9M-98.7% | $228.0M+202.6% | $75.3M+9.8% | $68.6M+114.4% | $32.0M+5371.5% | $585K-99.1% | $65.7M | N/A | N/A | N/A |
| Dividends Paid | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | $0 | N/A | N/A |
Not reported in any period shown, so not listed: Share Buybacks.
TTM is the trailing twelve months, Q3 FY2025 through Q2 FY2026, summed from the four most recent quarterly filings. A row marked — cannot be summed at all, because a quarter in the window reports no per-share figure; a row marked N/A could be summed, but a quarter in the window does not report that metric.
OCUL Financial Ratios
Margins and returns are percentages; the remaining ratios are unitless multiples.
| Metric | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 | FY19 | FY18 | FY17 | FY16 | FY15 | FY14 | FY13 | FY12 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 87.4%-3.8pp | 91.2%+0.2pp | 91.0%-0.2pp | 91.2%+1.3pp | 89.9%+1.9pp | 88.0%+43.0pp | 45.0%-31.6pp | 76.6%+0.4pp | 76.2%-0.3pp | 76.5%-5.2pp | 81.8%-6.4pp | 88.2% | N/A | 30.0% |
| Operating Margin | -519.8% | -269.6% | -141.0% | -152.7% | -179.3% | -361.1% | -2029.9% | -2970.8% | -3220.1% | -2296.0% | -2182.7% | -3509.6% | N/A | -136710.0% |
| Net Margin | -511.9% | -303.7% | -138.1% | -137.9% | -15.1% | -894.3% | -2043.3% | -3014.0% | -3296.2% | -2369.0% | -2271.3% | -3710.9% | N/A | -140930.0% |
| Return on Equity | -40.6%+20.7pp | -61.4%+27.2pp | -88.6%+112.2pp | -200.8%-193.3pp | -7.4%+197.1pp | -204.5% | N/A | -167.2%+75.2pp | -242.4%-156.5pp | -86.0%-41.6pp | -44.4%+4.4pp | -48.8% | 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%+50.3pp | -109.7%-27.6pp | -82.1%+32.2pp | -114.3%-54.7pp | -59.7%-23.6pp | -36.0%+0.6pp | -36.6%+32.9pp | -69.5% | N/A |
| Current Ratio | 15.39+4.7x | 10.66+4.0x | 6.66+2.5x | 4.13-3.1x | 7.26-2.0x | 9.23+4.2x | 5.00-1.1x | 6.14+2.9x | 3.23-5.2x | 8.42-11.5x | 19.89+6.9x | 12.97+7.6x | 5.39 | N/A |
| Debt-to-Equity | 0.23-0.2x | 0.45-1.3x | 1.77-1.5x | 3.22+1.9x | 1.33-1.1x | 2.44 | N/A | 1.04-0.1x | 1.12+0.7x | 0.44+0.2x | 0.23-0.1x | 0.33 | N/A | N/A |
| FCF Margin | -417.5% | -213.4% | -130.6% | -123.0% | -153.4% | -312.6% | -1888.2% | -2568.6% | -3053.8% | -1903.5% | -2029.8% | -2818.1% | N/A | -127880.0% |
Reported as filed but not readable as a share of revenue in the periods where the ratio runs further from zero than a revenue base allows; no change figure is given where either compared period is one of those: Operating Margin, Net Margin, FCF Margin.
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Where Ocular Therapeut Ranks
Frequently Asked Questions
What is Ocular Therapeut's annual revenue?
Ocular Therapeut (OCUL) reported $52.0M in total revenue for fiscal year 2025. This represents a -18.5% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.
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.
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 return on equity (ROE)?
Ocular Therapeut (OCUL) has a return on equity of -40.6% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.
What is Ocular Therapeut's free cash flow?
Ocular Therapeut (OCUL) recorded an outflow of $216.9M in free cash flow during fiscal year 2025. This represents a -59.5% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.
What is Ocular Therapeut's operating cash flow?
Ocular Therapeut (OCUL) recorded an outflow of $204.9M in operating cash flow during fiscal year 2025, representing cash used by 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.
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.
What is Ocular Therapeut's cash runway?
Based on fiscal year 2025 data, Ocular Therapeut (OCUL) had $737.1M in cash against an annual operating cash burn of $204.9M. This gives an estimated cash runway of approximately 43 months at the current burn rate. Cash runway measures how long a company can continue operating before running out of cash, assuming no additional funding.
What is Ocular Therapeut's Altman Z-Score?
Ocular Therapeut (OCUL) has an Altman Z-Score of 7.55, placing it in the Safe Zone (low bankruptcy risk). The Z-Score combines five financial ratios (working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets) to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.
What is Ocular Therapeut's Piotroski F-Score?
Ocular Therapeut (OCUL) has a Piotroski F-Score of 3 out of 8 computable signals; 1 of the nine could not be computed from available data, so the full-scale strength rating is not shown. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are Ocular Therapeut's earnings high quality?
Ocular Therapeut (OCUL) reported a net loss of $265.9M while operations used $204.9M of cash. With neither figure positive, the ratio between the two carries no quality signal. This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.
Can Ocular Therapeut cover its interest payments?
Ocular Therapeut (OCUL) reported an operating loss of $270.0M against $11.8M in interest expense. There is no operating profit to cover interest, so interest must be met from cash reserves or from financing rather than from operations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.
How financially healthy is Ocular Therapeut?
Ocular Therapeut (OCUL) scores 54 out of 100 on our Financial Health Score, indicating moderate standing within its emerging companies peer group. The score is a 0-100 composite of six dimensions (Cash Runway, Dilution, R&D Intensity, Revenue Progress, Burn Trend, Balance Sheet), each ranked as a percentile relative to companies in the same scoring family (banks against banks, REITs against REITs, and so on) rather than across all industries. It rates the quality of the business, not whether the stock is fairly priced, and is not financial advice. Learn more in our complete guide to financial health indicators.