Ocular Therapeutix™ Reports Second Quarter 2025 Financial Results and Business Highlights
Rhea-AI Summary
Ocular Therapeutix (NASDAQ:OCUL) reported Q2 2025 financial results and business updates, highlighting significant progress in its retinal disease programs. The company reported a cash balance of $391.1 million as of June 30, 2025, bolstered by a $97 million raise through its ATM facility, extending runway into 2028.
Key financial metrics include total net revenue of $13.5 million (18.1% decrease YoY) and a net loss of $67.8 million ($0.39 per share). The company's flagship AXPAXLI™ trials for wet AMD are progressing well, with SOL-1 topline data expected in Q1 2026 and SOL-R data in 1H 2027. AXPAXLI aims to be the first product with a superiority label in wet AMD, potentially allowing dosing every 6-12 months.
Positive
- Raised $97 million through ATM facility strengthening cash position to $391.1 million
- Strong cash runway extended into 2028, beyond key clinical milestones
- DEXTENZA end-user unit sales up 5% YoY with 26% QoQ revenue growth
- AXPAXLI potential for first-ever superiority label in wet AMD
- Positive FDA feedback received for NPDR and DME programs
Negative
- Net loss increased to $67.8 million vs $43.8 million YoY
- Total net revenue decreased 18.1% YoY to $13.5 million
- R&D expenses increased to $51.1 million from $28.9 million YoY
- Challenging reimbursement environment affecting DEXTENZA revenue
News Market Reaction
On the day this news was published, OCUL declined 2.83%, reflecting a moderate negative market reaction. Argus tracked a trough of -8.7% from its starting point during tracking. Our momentum scanner triggered 19 alerts that day, indicating notable trading interest and price volatility. This price movement removed approximately $57M from the company's valuation, bringing the market cap to $1.97B at that time.
Data tracked by StockTitan Argus on the day of publication.
Outstanding patient retention and clinical execution in complementary AXPAXLI™ SOL trials for wet AMD
SOL-1 remains on track for 1Q 2026 topline data
SOL-R rescue criteria streamlined and simplified with topline data expected in 1H 2027
Planning to incorporate single long-term extension study for both SOL trials
Ocular to host Investor Day on Tuesday, September 30, 2025, in New York City
Raised gross proceeds of approximately
Cash balance of
BEDFORD, Mass., Aug. 05, 2025 (GLOBE NEWSWIRE) -- Ocular Therapeutix, Inc. (NASDAQ: OCUL, “Ocular”), an integrated biopharmaceutical company committed to redefining the retina experience, today reported financial results for the second quarter ended June 30, 2025, and provided recent business highlights.
“We are entering the most important phase of Ocular Therapeutix’s history, marked by consistent execution, growing clinical conviction, and a clear roadmap to redefine the retina treatment landscape,” said Pravin U. Dugel, MD, Executive Chairman, President and Chief Executive Officer of Ocular Therapeutix. “With SOL-1 on track for topline data in the first quarter of 2026, followed by SOL-R topline data in the first half of 2027, we are building what we expect to be a powerful and highly differentiated clinical profile for AXPAXLI. Due to our increasing confidence and conviction in AXPAXLI’s potential, we are now planning a long-term, open-label extension study for patients completing either of the SOL trials, and we are advancing SOL-R with streamlined and simplified rescue criteria that better reflect real-world practice. SOL-1 and SOL-R are thoughtfully crafted, complementary trials with bespoke patient populations designed to de-risk outcomes and answer key questions physicians will have on the durability, flexibility, and repeatability of AXPAXLI. As a result of this clinical strategy, AXPAXLI has the potential to secure an unprecedented superiority label in wet AMD. Recently approved anti-VEGF products and current competitive Phase 3 wet AMD trials are all based on non-inferiority to aflibercept (2 mg). To our knowledge, SOL-1 is the only Phase 3 superiority trial being conducted in wet AMD, and if we are successful in gaining FDA approval, we will potentially be the only product with a superiority claim in the label for the foreseeable future. We further expect the SOL program to enable dosing every 6 months to as infrequently as every 12 months. We believe this dynamic will allow us a unique and potentially dominant position compared to all other products in the commercial landscape, and could unlock an opportunity that spans millions of patients worldwide – addressing the critical needs for a more sustainable, less burdensome treatment, with potentially improved long-term outcomes.”
Dr. Dugel continued, “Beyond wet AMD, we are thrilled with the FDA feedback supporting our NPDR and DME program, and we look forward to sharing more details at our Investor Day in September, along with the global commercial outlook for AXPAXLI and more. Our refreshed corporate branding, launched in June, reflects the Company we’ve become: retina-focused, patient-driven, and boldly advancing a potential new standard-of-care in retinal disease.”
Recent Achievements and Upcoming Milestones:
- SOL-1 (Phase 3, wet AMD) retention and protocol adherence continues to be exceptional as topline data remains on track for 1Q 2026. Patient engagement and investigator adherence to the study rescue protocol continue to be outstanding in the SOL-1 superiority study. Ocular plans to continue to follow patients completing the trial through a long-term extension study.
- SOL-R (Phase 3, wet AMD) rescue criteria streamlined and simplified with topline data expected in 1H 2027. The SOL-R non-inferiority study is the largest tyrosine kinase inhibitor (TKI) trial to date in retina. Based on investigator feedback, and as part of its ongoing effort to ensure SOL-R reflects real-world clinical decision-making, Ocular has streamlined and simplified the rescue criteria to a >5-letter loss in visual acuity plus a ≥75-micron increase in central subfield thickness (CSFT). This change aligns the trial more closely with how physicians determine when to intervene in the real world in the most conservative manner. This change was not an FDA requirement, but rather a strategic decision to further bridge the gap between clinical trial design and clinical practice. SOL-R remains robustly powered at
90% with the non-inferiority margin of -4.5 ETDRS letters per FDA guidance. SOL-R has completed enrollment and, based on its projected randomization timeline, Ocular expects to report topline data in 1H 2027. - New Drug Application (NDA) filing for FDA review planned for shortly after topline results in SOL-R. Because axitinib is FDA-approved for non-ophthalmic indications, the Company plans to leverage the 505(b)(2) NDA review pathway which has the potential to shorten the review timeline for AXPAXLI by two months compared to the traditional review pathway for new molecular entities. The FDA has previously communicated that SOL-1 and SOL-R should be appropriate for use as adequate and well-controlled studies to support a potential NDA and product label for wet AMD. If approved, Ocular believes AXPAXLI has the potential to be the first product for wet AMD with a superiority label based on the SOL-1 trial, with redosing potentially as infrequently as every 12 months.
- The Company plans to incorporate a single long-term, open-label extension study for both SOL trials. Subjects will be eligible to enter the extension study after completing the two-year safety follow-up period in either SOL-1 or SOL-R. In addition to providing long-term safety data, the study is expected to further inform the AXPAXLI treatment paradigm and potentially provide several commercial advantages. The extension study is designed to evaluate long-term safety and explore key efficacy outcomes such as vision preservation, anti-fibrotic activity, and the potential consequences of delaying AXPAXLI treatment in control arm patients.
- Written feedback received from FDA on registrational trial in non-proliferative diabetic retinopathy (NPDR) for AXPAXLI. Building on FDA’s positive feedback received earlier this year, Ocular is actively engaged in defining its clinical strategy for AXPAXLI in NPDR and diabetic macular edema (DME). The Company plans to provide more details surrounding its clinical trial strategy and design at its upcoming Investor Day on September 30, 2025.
- Opportunistically raised gross proceeds of approximately
$97 million in June 2025 through existing at-the-market (ATM) facility. This additional capital provides Ocular with financial flexibility as the Company prepares for data from its first registrational trial in wet AMD, SOL-1, in the first quarter of 2026. Ocular remains well-financed with expected runway well beyond the anticipated receipt of SOL-1 and SOL-R topline data and into 2028. - Investor Day to be held the afternoon of Tuesday, September 30, 2025, in New York City. The event will feature prominent retinal disease Key Opinion Leaders (KOLs) and presentations from senior Company leadership. Key areas of focus include: an overview of the complementary SOL trials and how they may support a differentiated superiority label for AXPAXLI in wet AMD; new details on the planned SOL extension study; the clinical strategy for NPDR and DME informed by recent FDA feedback; and a review of the global commercial opportunity for AXPAXLI across retinal indications. Additional event logistics and webcast information will be provided in advance. To register for Ocular’s Investor Day, please visit Ocular’s website or register HERE.
- Unveiled new corporate branding in June 2025 reflecting Ocular’s transformation to a retina-focused company. Ocular aims to redefine the retina experience by reducing the treatment burden and providing an alternative to the pulsatile nature of available treatments, in hopes of preserving vision for the long-term. The Company’s new branding reflects Ocular’s meaningful progress, driven by the momentum of its SOL trials and its commitment to patients.
Second Quarter Ended June 30, 2025, Financial Results:
Total cash and cash equivalents were
Total net revenue was
DEXTENZA end-user unit sales were up
Research and development expenses for the second quarter of 2025 were
Selling and marketing expenses were
General and administrative expenses were
Net loss for the second quarter of 2025 was
Outstanding shares as of August 1, 2025, were approximately 174.0 million.
Conference Call and Webcast Information:
Ocular Therapeutix will host a conference call and webcast on Tuesday, August 5, 2025, at 8:00 AM ET to discuss recent business progress and financial results for the second quarter ended June 30, 2025. To access the call, please dial: 1-877-407-9039 (U.S.) or 1-201-689-8470 (International). The live and archived webcast can also be accessed by visiting the Ocular Therapeutix website on the Events and Presentations section of the Investor Relations page. A replay of the webcast will be archived for at least 30 days.
About AXPAXLI
AXPAXLI™ (also known as OTX-TKI) is an investigational, bioresorbable, intravitreal hydrogel incorporating axitinib, a small molecule, multi-target, tyrosine kinase inhibitor with anti-angiogenic properties, being evaluated for the treatment of wet AMD, diabetic retinopathy, diabetic macular edema, and other retinal diseases.
About the SOL-1 Study
The registrational Phase 3 SOL-1 trial (NCT06223958) is designed to evaluate the safety and efficacy of AXPAXLI in a multi-center, double-masked, randomized (1:1), parallel group study that involves more than 100 clinical trial sites located in the U.S. and Argentina. In December 2024, the trial completed randomization of 344 evaluable treatment-naïve subjects with a diagnosis of wet AMD in the study eye.
The superiority study has an eight-week loading segment prior to randomization. During the loading segment, subjects who have 20/80 vision or better and who satisfy other enrollment criteria receive two doses of aflibercept (2 mg) at Week -8 and Week -4. Eligible subjects who achieve best corrected visual acuity (BCVA) of 20/20 at Day 1 or gain at least 10 early treatment diabetic retinopathy study (ETDRS) letters at Day 1 are then randomized to receive a single dose of AXPAXLI or a single dose of aflibercept (2 mg). At Week 52 and at Week 76, all subjects are re-dosed with their respective initial treatment of AXPAXLI or aflibercept (2 mg). Subjects will be followed for safety until the end of Year 2. Throughout the study, subjects are assessed monthly. Trial subjects and designated study personnel will remain masked through the end of Year 2. The clinical trial protocol requires that, during the study, subjects in either arm meeting pre-specified rescue criteria will receive a supplemental dose of aflibercept (2 mg).
The primary endpoint of SOL-1 is the proportion of subjects who maintain visual acuity, defined as a loss of <15 ETDRS letters of BCVA, at Week 36. Subjects will continue to be evaluated for durability up to Week 52. The study is being conducted under a Special Protocol Assessment (SPA) agreement with the FDA.
About the SOL-R Study
The registrational Phase 3 SOL-R trial (NCT06495918) is designed to evaluate the safety and efficacy of AXPAXLI in a multi-center, double-masked, randomized (2:2:1), three-arm study that includes sites located in the U.S., Argentina, India, and Australia. The trial is intended to randomize approximately 555 subjects who are treatment-naïve or were diagnosed with wet AMD in the study eye within about four months prior to enrollment.
This non-inferiority trial reflects a patient enrichment strategy over the six months prior to randomization that includes three screening doses of any anti-VEGF therapy, excluding brolucizumab-dbll, and monitoring to exclude those subjects with significant retinal fluid fluctuations. Subjects that continue to meet eligibility will enter a run-in period and receive two loading doses of aflibercept (2 mg) prior to Day 1. Subjects in the first arm receive a single dose of AXPAXLI at Day 1 and are re-dosed at Weeks 24, 48, and 72. Subjects in the second arm receive aflibercept (2 mg) on-label every eight weeks. Subjects in the third arm receive a single dose of aflibercept (8 mg) at Day 1 and are re-dosed at Weeks 24, 48, and 72, aligned with the AXPAXLI treatment arm for adequate masking. Subjects will be followed for safety until the end of Year 2. Throughout the study, subjects are assessed monthly. Trial subjects and designated study personnel will remain masked through the end of Year 2. Subjects in any arm that meet pre-specified rescue criteria will receive a supplemental dose of aflibercept (2 mg). The pre-specified rescue criteria include a >5-letter loss in visual acuity plus a ≥75-micron increase in central subfield thickness (CSFT).
The primary endpoint of SOL-R is to demonstrate non-inferiority in mean BCVA change from baseline between the AXPAXLI and on-label aflibercept (2 mg) arms at Week 56. As per the protocol agreed to by the FDA, the non-inferiority margin for the lower bound is -4.5 letters of mean BCVA when compared to aflibercept (2 mg) dosed every eight weeks. In a written Type C response received in August 2024, and a subsequent written response received in December 2024, the FDA agreed that the SOL-R repeat dosing wet AMD study, with a primary endpoint at Week 56, should be appropriate as an adequate and well-controlled study in support of a potential New Drug Application and product label for wet AMD.
About Wet AMD
Wet age-related macular degeneration (wet AMD) is a leading cause of severe, irreversible vision loss affecting approximately 14.5 million individuals globally and 1.8 million in the United States alone (2024 Market Scope® Retinal Pharmaceuticals Market Report). Wet AMD causes vision loss due to abnormal new blood vessel growth and hyperpermeability and associated retinal vascularity in the macula, which is primarily stimulated by local upregulation of vascular endothelial growth factor (VEGF). Without prompt and continuous treatment to control this exudative activity, patients develop irreversible vision loss. With proper treatment, patients may maintain visual function for a period of time and may temporarily regain lost vision. Challenges with current therapies include pulsatile, repeated intraocular injections, treatment-related adverse events and up to
About Ocular Therapeutix, Inc.
Ocular Therapeutix, Inc. is an integrated biopharmaceutical company committed to redefining the retina experience. AXPAXLI™ (also known as OTX-TKI), Ocular’s investigational product candidate for retinal disease, is an axitinib intravitreal hydrogel based on its ELUTYX™ proprietary bioresorbable hydrogel-based formulation technology. AXPAXLI is currently in Phase 3 clinical trials for wet age-related macular degeneration (wet AMD).
Ocular’s pipeline also leverages the ELUTYX technology in its commercial product DEXTENZA®, an FDA-approved corticosteroid for the treatment of ocular inflammation and pain following ophthalmic surgery in adults and pediatric patients and ocular itching associated with allergic conjunctivitis in adults and pediatric patients aged two years or older, and in its investigational product candidate OTX-TIC, which is a travoprost intracameral hydrogel that is currently in a Phase 2 clinical trial for the treatment of open-angle glaucoma or ocular hypertension.
Explore the new corporate branding and follow the Company on its website, LinkedIn, or X.
DEXTENZA® is a registered trademark of Ocular Therapeutix, Inc. The Ocular Therapeutix logo, AXPAXLI™, ELUTYX™, and Ocular Therapeutix™ are trademarks of Ocular Therapeutix, Inc.
Forward-Looking Statements
Any statements in this press release about future expectations, plans, and prospects for the Company, including the commercialization of DEXTENZA; the development, regulatory status of and regulatory submissions regarding the Company’s product candidates; the design and conduct of, and the timing of the screening, enrollment and randomization of patients in and the availability of data from the Company’s SOL-1 and SOL-R Phase 3 clinical trials of AXPAXLI (also known as OTX-TKI) for the treatment of wet AMD; the Company’s plans to advance the development of AXPAXLI, including in additional indications such as NPDR and DME and in the Company’s planned long-term extension study, and its plans to advance other product candidates; the potential utility or adoption, if approved, of any of the Company’s product candidates; the Company’s cash runway and the sufficiency of the Company’s cash resources; and other statements containing the words “anticipate”, “believe”, “estimate”, “expect”, “intend”, “designed”, “goal”, “may”, “might”, “plan”, “predict”, “project”, “target”, “potential”, “will”, “would”, “could”, “should”, “continue”, and similar expressions, constitute forward-looking statements within the meaning of The Private Securities Litigation Reform Act of 1995. Actual results may differ materially from those indicated by such forward-looking statements as a result of various important factors. Such forward-looking statements involve substantial risks and uncertainties that could cause the Company’s development programs, future results, performance, or achievements to differ significantly from those expressed or implied by the forward-looking statements. Such risks and uncertainties include, among others, the timing and costs involved in commercializing any product or product candidate that receives regulatory approval; the ability to retain regulatory approval of any product or product candidate that receives regulatory approval; the ability to maintain and the sufficiency of product, procedure and any other reimbursement codes for DEXTENZA; the initiation, design, timing, conduct and outcomes of ongoing and planned clinical trials; the risk that the FDA will not agree with the Company’s interpretation of the written agreement under the Special Protocol Assessment for the SOL-1 trial; the risk that the FDA may not agree that the protocol and statistical analysis plan of SOL-R or that the data generated by the SOL-1 and SOL-R trials support marketing approval, even if the trials are successful; the risk that the Company and the FDA may not agree on the registrational pathway for any of its product candidates; uncertainty as to whether the data from earlier clinical trials will be predictive of the data of later clinical trials, particularly later clinical trials that have a different design or utilize a different formulation than the earlier trials, whether preliminary or interim data from a clinical trial (including masked safety or masked rescue data from the Company’s SOL-1 trial) will be predictive of final data from such trial, or whether data from a clinical trial assessing a product candidate for one indication will be predictive of results in other indications; uncertainty as to whether data from the Company’s planned long-term, open-label extension study in wet AMD will demonstrate clinically meaningful, long-term benefits; uncertainties regarding the potential commercial advantages and/or position of the Company’s product candidates; availability of data from clinical trials and expectations for regulatory submissions and approvals; the Company’s scientific approach and general development progress; uncertainties inherent in estimating the Company’s cash runway, future expenses and other financial results, including its ability to fund future operations, including clinical trials; the Company’s existing indebtedness and the ability of the Company’s creditors to accelerate the maturity of such indebtedness upon the occurrence of certain events of default; and other factors discussed in the “Risk Factors” section contained in the Company’s quarterly and annual reports on file with the Securities and Exchange Commission. In addition, the forward-looking statements included in this press release represent the Company’s views as of the date of this press release. The Company anticipates that subsequent events and developments may cause the Company’s views to change. However, while the Company may elect to update these forward-looking statements at some point in the future, the Company specifically disclaims any obligation to do so, whether as a result of new information, future events or otherwise, except as required by law. These forward-looking statements should not be relied upon as representing the Company’s views as of any date subsequent to the date of this press release.
Investors & Media
Ocular Therapeutix, Inc.
Bill Slattery
Vice President, Investor Relations
bslattery@ocutx.com
| Ocular Therapeutix, Inc. Consolidated Balance Sheets (in thousands, except share and per share data) | ||||||||
| June 30, | December 31, | |||||||
| 2025 | 2024 | |||||||
| Assets | ||||||||
| Current assets: | ||||||||
| Cash and cash equivalents | $ | 391,134 | $ | 392,102 | ||||
| Accounts receivable, net | 30,412 | 32,388 | ||||||
| Inventory | 3,039 | 3,040 | ||||||
| Prepaid expenses and other current assets | 8,790 | 13,457 | ||||||
| Total current assets | 433,375 | 440,987 | ||||||
| Property and equipment, net | 10,461 | 9,389 | ||||||
| Restricted cash | 1,614 | 1,614 | ||||||
| Operating lease assets | 5,883 | 5,945 | ||||||
| Total assets | $ | 451,333 | $ | 457,935 | ||||
| Liabilities and Stockholders’ Equity | ||||||||
| Current liabilities: | ||||||||
| Accounts payable | $ | 5,889 | $ | 4,176 | ||||
| Accrued expenses and other current liabilities | 34,417 | 35,117 | ||||||
| Deferred revenue | — | 128 | ||||||
| Operating lease liabilities | 2,625 | 1,933 | ||||||
| Total current liabilities | 42,931 | 41,354 | ||||||
| Other liabilities: | ||||||||
| Operating lease liabilities, net of current portion | 4,408 | 5,345 | ||||||
| Derivative liability | 14,024 | 13,246 | ||||||
| Deferred revenue, net of current portion | 14,000 | 14,000 | ||||||
| Notes payable, net | 69,906 | 68,505 | ||||||
| Other non-current liabilities | 148 | 141 | ||||||
| Total liabilities | 145,417 | 142,591 | ||||||
| Commitments and contingencies | ||||||||
| Stockholders’ equity: | ||||||||
| Preferred stock, | — | — | ||||||
| Common stock, | 17 | 16 | ||||||
| Additional paid-in capital | 1,328,850 | 1,206,412 | ||||||
| Accumulated deficit | (1,022,951 | ) | (891,084 | ) | ||||
| Total stockholders’ equity | 305,916 | 315,344 | ||||||
| Total liabilities and stockholders’ equity | $ | 451,333 | $ | 457,935 | ||||
| Ocular Therapeutix, Inc. Consolidated Statements of Operations and Comprehensive Loss (in thousands, except share and per share data) | |||||||||||||||
| Three Months Ended | Six Months Ended | ||||||||||||||
| June 30, | June 30, | ||||||||||||||
| 2025 | 2024 | 2025 | 2024 | ||||||||||||
| Revenue: | |||||||||||||||
| Product revenue, net | $ | 13,395 | $ | 16,379 | $ | 24,028 | $ | 31,094 | |||||||
| Collaboration revenue | 64 | 62 | 128 | 121 | |||||||||||
| Total revenue, net | 13,459 | 16,441 | 24,156 | 31,215 | |||||||||||
| Costs and operating expenses: | |||||||||||||||
| Cost of product revenue | 1,944 | 1,509 | 3,206 | 2,835 | |||||||||||
| Research and development | 51,081 | 28,857 | 93,938 | 49,592 | |||||||||||
| Selling and marketing | 13,729 | 9,994 | 27,877 | 20,177 | |||||||||||
| General and administrative | 14,346 | 19,671 | 30,694 | 33,818 | |||||||||||
| Total costs and operating expenses | 81,100 | 60,031 | 155,715 | 106,422 | |||||||||||
| Loss from operations | (67,641 | ) | (43,590 | ) | (131,559 | ) | (75,207 | ) | |||||||
| Other income (expense): | |||||||||||||||
| Interest income | 3,455 | 6,036 | 7,282 | 9,958 | |||||||||||
| Interest expense | (3,016 | ) | (3,196 | ) | (6,000 | ) | (7,247 | ) | |||||||
| Change in fair value of derivative liabilities | (641 | ) | (3,027 | ) | (1,619 | ) | (8,179 | ) | |||||||
| Loss on extinguishment of debt | — | — | — | (27,950 | ) | ||||||||||
| Gain on sale of property and equipment | 29 | — | 29 | — | |||||||||||
| Total other expense, net | (173 | ) | (187 | ) | (308 | ) | (33,418 | ) | |||||||
| Net loss | $ | (67,814 | ) | $ | (43,777 | ) | $ | (131,867 | ) | $ | (108,625 | ) | |||
| Net loss per share, basic | $ | (0.39 | ) | $ | (0.26 | ) | $ | (0.77 | ) | $ | (0.73 | ) | |||
| Weighted average common shares outstanding, basic | 172,594,662 | 165,824,778 | 171,004,629 | 148,922,937 | |||||||||||
| Net loss per share, diluted | $ | (0.39 | ) | $ | (0.26 | ) | $ | (0.77 | ) | $ | (0.73 | ) | |||
| Weighted average common shares outstanding, diluted | 172,594,662 | 165,824,778 | 171,004,629 | 148,922,937 | |||||||||||
FAQ
What were Ocular Therapeutix (OCUL) Q2 2025 financial results?
When will Ocular Therapeutix report AXPAXLI SOL-1 and SOL-R trial results?
How much capital did OCUL raise in June 2025?
What is unique about AXPAXLI's potential market position for wet AMD?
How long will Ocular's current cash runway last?
