Ocular Therapeutix (NASDAQ: OCUL) prices $445.9M equity raise, extends cash runway

Rhea-AI Filing Summary

Ocular Therapeutix, Inc. entered into an underwriting agreement for an underwritten public offering of 37,909,018 shares of its common stock at an offering price of $12.53 per share, with underwriters purchasing at $11.7782 per share. The company expects to receive approximately $445.9 million in net proceeds after underwriting discounts, commissions and expenses. The shares are being issued under an automatically effective shelf registration statement on Form S-3, with closing expected on or about October 1, 2025, subject to customary conditions. Based on its current operating plan, including DEXTENZA product sales and observing a $20.0 million minimum liquidity covenant, the company believes its existing cash and cash equivalents plus these proceeds will fund planned operating expenses, debt service and capital expenditures into 2028, though this excludes full commercialization expenses for AXPAXLI and is based on assumptions that may change.

Positive

• Ocular Therapeutix estimates approximately $445.9 million in net proceeds from an underwritten common stock offering, which it believes will fund planned operating expenses, debt service and capital expenditures into 2028 when combined with existing cash resources.

Negative

• None.

Insights

Biopharma capital markets analyst

Ocular raises $445.9M equity, extending cash runway into 2028.

Ocular Therapeutix has priced an underwritten offering of 37,909,018 common shares at $12.53, with underwriters buying at $11.7782. The company estimates net proceeds of about $445.9 million, which is a substantial capital infusion for a clinical-stage ophthalmology-focused business.

The shares are issued off an automatically effective Form S-3, with closing expected on or about October 1, 2025, subject to customary conditions. The company states that, together with existing cash and cash equivalents and while observing a $20.0 million minimum liquidity covenant, these proceeds should fund planned operating expenses, debt service and capital expenditures into 2028. Planned costs include manufacturing scale-up and pre-commercialization activities for AXPAXLI, but not the full commercialization spend.

Management emphasizes that this cash runway assessment depends on assumptions about DEXTENZA product sales, operating expenses and capital needs, which may prove incorrect, meaning capital could be used sooner than expected. The forward-looking statement language highlights risks around market conditions, closing of the offering, and potential need for additional financing, all of which investors will need to interpret alongside future quarterly and annual reports.

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d)

of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): September 30, 2025

OCULAR THERAPEUTIX, INC.

(Exact Name of Company as Specified in Charter)

Delaware		001-36554		20-5560161
(State or Other Jurisdiction of Incorporation)		(Commission File Number)		(IRS Employer Identification No.)

15 Crosby Drive

Bedford, MA 01730

(Address of Principal Executive Offices) (Zip Code)

Company’s telephone number, including area code: (781) 357-4000

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

¨ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

¨ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

¨ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

¨ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class		Trading Symbol(s)		Name of each exchange on which registered
Common Stock, $0.0001 par value per share		OCUL		The Nasdaq Global Market

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company    ¨

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨

Item 1.01. Entry into a Material Definitive Agreement.

On September 30, 2025, Ocular Therapeutix, Inc. (the “Company”) entered into an underwriting agreement (the “Underwriting Agreement”) with BofA Securities, Inc., TD Securities (USA) LLC and Piper Sandler & Co., as representatives of the several underwriters named therein (the “Underwriters”), relating to an underwritten offering (the “Offering”) of 37,909,018 shares (the “Shares”) of the Company’s common stock, par value $0.0001 per share (the “Common Stock”). All of the Shares are being sold by the Company. The offering price of the Shares is $12.53 per share, and the Underwriters have agreed to purchase the Shares from the Company pursuant to the Underwriting Agreement at a price of $11.7782 per share.

The Company estimates that the net proceeds from the Offering will be approximately $445.9 million, after deducting underwriting discounts and commissions and estimated offering expenses.

The Shares will be issued pursuant to a prospectus supplement dated September 30, 2025, and an accompanying base prospectus that form a part of the automatically effective shelf registration statement on Form S-3 that the Company filed with the Securities and Exchange Commission (the “SEC”) on September 30, 2025 (File No. 333-290597). The closing of the Offering is expected to take place on or about October 1, 2025, subject to the satisfaction of customary closing conditions.

The Underwriting Agreement contains customary representations, warranties, covenants and agreements by the Company, customary conditions to closing, indemnification obligations of the Company and the Underwriters, including for liabilities under the Securities Act of 1933, as amended, other obligations of the parties and termination provisions. The representations, warranties and covenants contained in the Underwriting Agreement were made only for purposes of such agreement and as of specific dates, were solely for the benefit of the parties to such agreement, and may be subject to limitations agreed upon by the contracting parties.

A copy of the Underwriting Agreement is attached as Exhibit 1.1 hereto and is incorporated herein by reference. The foregoing description of the terms of the Underwriting Agreement is qualified in its entirety by reference to such exhibit.

A copy of the legal opinion and consent of Wilmer Cutler Pickering Hale and Dorr LLP relating to the Shares is attached as Exhibit 5.1 hereto.

Item 8.01. Other Events.

Pricing of Offering

The full text of the press release issued on September 30, 2025, announcing the pricing of the Offering is attached as Exhibit 99.1 hereto and is incorporated herein by reference.

Cash Runway

Based on the Company’s current operating plan, which includes estimates of anticipated cash inflows from DEXTENZA product sales and cash outflows from operating expenses and capital expenditures and reflects the Company’s observance of the minimum liquidity covenant of $20.0 million under the Company’s existing credit and security agreement, the Company believes that the net proceeds from this Offering, together with the Company’s existing cash and cash equivalents, will enable the Company to fund its planned operating expenses, debt service obligations and capital expenditure requirements into 2028. Although the Company’s planned operating expenses include manufacturing scale-up and pre-commercialization activities for AXPAXLI, they do not include the full expenses the Company anticipates it needs to support the commercialization of AXPAXLI. The Company has based these estimates on assumptions that may prove to be wrong, and the Company could use its capital resources sooner than it currently expects.

Cautionary Note Regarding Forward-Looking Statements

Any statements in this Current Report on Form 8-K about future expectations, plans, and prospects for the Company, including the Company’s expectations and plans regarding the Offering, the Company’s anticipated use of proceeds of the Offering, the anticipated closing date of the Offering, the Company’s anticipated cash runway and sufficiency of the Company’s cash resources, and other statements containing the words “anticipate,” “believe,” “estimate,” “expect,” “intend”, “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 clinical 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, uncertainties related to market conditions, the satisfaction of customary closing conditions related to the Offering, the need for additional financing or other actions and other factors discussed in the “Risk Factors” section contained in the final prospectus supplement related to the Offering to be filed with the SEC, the accompanying base prospectus to the registration statement related to the Offering, and the Company’s quarterly and annual reports on file with the SEC. In addition, the forward-looking statements included in this Current Report on Form 8-K represent the Company’s views as of the date of this Current Report on Form 8-K. The Company anticipates that subsequent events and developments will 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 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 Current Report on Form 8-K.

Item 9.01. Financial Statements and Exhibits.

(d) Exhibits

Exhibit No.		Description
1.1		Underwriting Agreement, dated September 30, 2025, by and among Ocular Therapeutix, Inc. and BofA Securities, Inc., TD Securities (USA) LLC and Piper Sandler & Co., as representatives of the several underwriters named therein
5.1		Opinion of Wilmer Cutler Pickering Hale and Dorr LLP
23.1		Consent of Wilmer Cutler Pickering Hale and Dorr LLP (included in Exhibit 5.1 above)
99.1		Press Release of Ocular Therapeutix, Inc., dated September 30, 2025
104		Cover Page Interactive Data File (embedded within the Inline XBRL document)

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

	OCULAR THERAPEUTIX, INC.
Date: September 30, 2025	By:	/s/ Donald Notman
		Donald Notman
		Chief Financial Officer and Chief Operating Officer

FAQ

What equity offering did Ocular Therapeutix (OCUL) announce in this 8-K?

Ocular Therapeutix announced an underwritten public offering of 37,909,018 shares of its common stock. The offering price is $12.53 per share, and the underwriters have agreed to purchase the shares from the company at $11.7782 per share under an underwriting agreement with BofA Securities, TD Securities (USA) LLC and Piper Sandler & Co.

How much cash does Ocular Therapeutix (OCUL) expect to raise from the offering?

The company estimates that net proceeds from the offering will be approximately $445.9 million after deducting underwriting discounts, commissions and estimated offering expenses. These funds are expected to be combined with existing cash and cash equivalents to support the company’s operations.

How long does Ocular Therapeutix (OCUL) expect its cash runway to last after this raise?

Based on its current operating plan, which includes anticipated cash inflows from DEXTENZA product sales and expected operating and capital expenditures while observing a $20.0 million minimum liquidity covenant, Ocular Therapeutix believes that existing cash and cash equivalents plus the net proceeds from this offering will fund planned operating expenses, debt service obligations and capital expenditure requirements into 2028.

Does Ocular Therapeutix (OCUL) include full AXPAXLI commercialization costs in its cash runway estimate?

No. The company states that its planned operating expenses in this runway estimate include manufacturing scale-up and pre-commercialization activities for AXPAXLI, but they do not include the full expenses it anticipates needing to support commercialization of AXPAXLI.

When is the Ocular Therapeutix (OCUL) stock offering expected to close?

The closing of the offering is expected to take place on or about October 1, 2025, subject to the satisfaction of customary closing conditions as outlined in the underwriting agreement.

Under what registration statement is Ocular Therapeutix (OCUL) issuing these shares?

The shares will be issued pursuant to a prospectus supplement dated September 30, 2025 and an accompanying base prospectus forming part of an automatically effective shelf registration statement on Form S-3 filed with the SEC under file number 333-290597.

What risks and uncertainties does Ocular Therapeutix (OCUL) highlight around this offering and its outlook?

The company notes that forward-looking statements about the offering, use of proceeds, cash runway and sufficiency of cash resources involve substantial risks and uncertainties. It cites factors such as market conditions, satisfaction of customary closing conditions, the potential need for additional financing, and risks discussed in the risk factors section of the final prospectus supplement, the accompanying base prospectus and its quarterly and annual SEC reports.