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Ocular Therapeutix, Inc (OCUL) stock

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NASDAQ: OCUL Nasdaq Biotechnology Next results ~November 4, 2026

D Fundamentals grade

Ocular Therapeutix, Inc is a US-listed company in the biotechnology industry. Its financial year ends in December.

Stock price today

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Third-party market data · may be delayed

Model estimate per share

~$3.9

Valuation models combined (2)

Base case. Range ~$1.4–$4.5. Weighted average of 2 models (growth cash-flow model, forward price-to-sales vs peers), the growth cash-flow model counting double.

Price vs value

No Buy/Hold/Sell rating is issued: valued with our growth model, which doesn't carry a Buy/Hold/Sell rating yet.

Ocular Therapeutix, Inc valuation: adjust assumptions and compare models →

Who’s trading

What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.

  • Insiders1 buying, 8 selling1 purchase and 29 sales by directors and officers, last 12 monthsInsider trades
  • Funds134 adding, 118 cuttingOf 49 active managers that changed their stake, 23 added; quarter to June 30, 2026Fund buyers and sellers

Value diary

Our note on each quarter Ocular Therapeutix files

Where Ocular Therapeutix stands after its latest 10-Q

Revenue for the twelve months to June 2026 was $52m, down 8.1% on a year earlier, a smaller fall than the 12.8% decline a quarter earlier. Free-cash-flow margin fell to -490.1% from -316.5% a year earlier. Operating margin narrowed to -603.0% from -402.6%. The diluted share count is up 26.4% on a year earlier, which dilutes existing holders. Against its peers on growth, profitability, cash generation and balance sheet, it grades D. It passes 5 of our 7 financial-health checks.

Source: 10-Q filed August 3, 2026 on SEC EDGAR · Financials · Valuation

Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.

The Fundamentalytics view

Next results ~November 4, 2026 (estimated)

Ocular Therapeutix, Inc's trailing-twelve-month revenue fell 8.1% year on year, with a free-cash-flow margin of -490.1%. Where it lags: days sales outstanding of 212 days ranks 97 of 100 biotechnology companies we cover.

Current signal Balance sheet growing far ahead of sales: Total assets grew 49% year over year while revenue fell 8% — the balance sheet is expanding 57 points faster than the business it supports.

Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.

Highlights

How we pick these

Strengths

  • Net cash. Cash exceeds long-term debt by $0.5bn.

Things to watch

  • Results due soon. Results are expected around 3 November; the share price can move sharply on the day.
  • Revenue shrinking. Revenue fell 8.1% over the last 12 months.
  • Loss-making. Operating margin is -603.0%: costs exceed revenue.
  • Margins narrowing. Operating margin is down 200.4 points on a year ago.
  • Burning cash. Free cash flow was -490.1% of revenue over the last 12 months.
  • Heavy stock-based pay. Stock pay equals 102.4% of revenue, against a median of 19.2% for biotechnology companies we cover: a real cost that cash-flow figures leave out.

Latest results: FY2026 Q2

Filed August 3, 2026
Earnings per share
-$0.35 against an average estimate of -$0.39: beat by 9.4%
Revenue
$13m, up 0.1% on a year earlier
Share reaction
+5.1% in the first session after the results on August 3, 2026, against +3.3% for the S&P 500
Next report
November 4, 2026; average EPS estimate -$0.35

Ocular Therapeutix's figures from its SEC filings and results release; estimates are the analysts' average. Not a recommendation.

Price chart

  • 1 day-3.4%
  • 1 week+4.0%
  • 1 month-3.3%
  • This year-44.6%
  • 1 year-42.3%
  • 5 years-6.3%
  • S&P 500 this year+11.2%

Closing prices to 2026-11-02. Price change only, dividends excluded.

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Third-party market data · may be delayed

At a glance

Trailing twelve months, from SEC filings

Profitability

Revenue (TTM)
$52.1M
Operating margin
-603.0%
Net margin
-579.1%
EPS (TTM, diluted)
$-1.41

Growth

Revenue growth
−8.1%
Change in growth rate
+4.6 pts
Share count change
+26.4%

Cash

Free cash flow (TTM)
-$255M
FCF margin
-490.1%
Stock pay % of revenue
102.4%

Earnings

Last results
August 3, 2026
Next results (est.)
November 3, 2026

News & updates

Updated October 31, 2026

Company announcements, filed results and changes that matter to shareholders.

  1. Leadership
  2. Results

Refreshed hourly when new source data is available. Summaries are checked against company releases and SEC filings. Company announcement headlines are labelled when a checked summary is unavailable.

Valuation

Ocular Therapeutix, Inc valuation models and calculator

Fundamentalytics rating

model v1.6 · 2026-11-03

Not rated: valued with our growth model, which doesn't carry a Buy/Hold/Sell rating yet.

Valuation models

We value Ocular Therapeutix, Inc as an operating company, with every model that fits that kind of business. Cost of equity 10.2%: the 10-year Treasury yield (4.9%) plus a beta of 1.16 times a 4.5% equity risk premium.

Value per share by model
Model Value per share In the combined value?
Growth cash-flow model Revenue for this year and next from analysts' consensus, then growth fading to 2.5%; the operating margin moving to profitable peers'; investment needed per dollar of growth from peers; reduced by a failure probability. For young or fast-growing companies. The starting margin is normalized to between -100% and 60%; net margin is a proxy when operating income is not tagged. Uses analysts' consensus estimates (third-party data), not our forecasts. ~$4.5 ~$3.2–$5.9 Primary model, counts double
Price-to-earnings vs peers Earnings per share times peers' typical (harmonic-mean) price-to-earnings. — Does not apply: no positive earnings in the latest twelve months
Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. — Does not apply: the model gives no positive value
Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. — Does not apply: return on equity is not positive
Forward price-to-sales vs peers Next year's consensus sales per share times peers' typical forward price-to-sales; only when earnings are negative. Uses analysts' consensus estimates (third-party data), not our forecasts. ~$1.4 ~$1.5–$5.4 Included, half weight
Revenue-to-maturity model Revenue grown to maturity with the cash margin moving to the industry's; for companies not yet profitable. — Does not apply: revenue and margins don't support a positive value
Combined value Weighted average of the models that apply: the primary model (growth cash-flow model) counts double. Models more than 5x or less than 0.2x the share price, or more than 3x away from the other models' median, are left out. ~$3.9 ~$1.4–$4.5 2 models

Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Ocular Therapeutix, Inc with Biotechnology in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.

Valuation multiples over time Market data may be delayed

At fiscal year end 20152016201720182019202020212022202320242025Now
Share price$9.37$8.37$4.45$3.98$3.95$20.70$6.97$2.81$4.46$8.54$12.14$6.73
Market value$218m$208m$128m$152m$179m$1.3bn$573m$232m$382m$1.4bn$2.3bn$1.4bn
+ Net debt (− = net cash)−$16m−$17m−$24m−$29m−$29m−$195m−$138m−$74m−$130m−$324m−$666m−$526m
Enterprise value$202m$190m$105m$122m$149m$1.1bn$435m$159m$252m$1.0bn$1.6bn$914m
Multiples
Price / sales 124.5x110.1x66.7x76.2x42.3x72.3x13.2x4.5x6.5x21.2x43.8x27.7x
Price / earnings ————————————
Price / free cash flow ————————————
EV / EBITDA ————————————

Market value uses the period's diluted share count; figures for each fiscal year use that year's results and the price at year end. "Now" uses today's price and the last twelve months.

Moat

17 /100

Weak moat

How hard Ocular Therapeutix's competitive advantage looks for rivals to wear away, judged from 10 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

  • Returns on capital 0 / 20

    Cash operating profit has been a median -14.5% of total assets over 8 years.

  • Pricing power 12 / 20

    Gross margin has been a median 89.8%, moving by 12.8 percentage points (standard deviation) across 8 years.

  • Durability 10 / 20

    Operating margin has been a median -502.8%; its worst year was -3421.5%.

  • Cash conversion 0 / 20

    Free cash flow was positive in 0 of 10 years, at a median -403.3% of revenue.

  • Discipline 0 / 20

    The diluted share count rose 182.4% over five years; stock-based pay has been a median 81.2% of revenue.

AI disruption exposure: Medium. In this industry, AI could change how the product is made or sold, without replacing the core asset. The score above includes a 5-point deduction for that exposure (22 before it).

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Forecasts and guidance

Next results: November 4, 2026, before the open. Analysts expect revenue of $14m and EPS of −$0.35 (range −$0.37 to −$0.30) for the quarter.

Analysts' consensus

Fiscal yearEPSGrowthRevenueGrowth
Current −$1.44 −2% $53m +2%
Next −$1.48 −3% $102m +93%

How the EPS forecast has moved

The consensus EPS forecast for the current fiscal year is −7.0% on 90 days ago. In the last 30 days, 3 analysts raised Ocular Therapeutix, Inc's forecast and 0 cut it.

Consensus EPS forecast Ocular Therapeutix, Inc, last 90 days
−$2.00 −$1.50 −$1.00 −$0.50 $0.00 90 days ago 60 days ago 30 days ago 7 days ago Now Current fiscal year, 90 days ago: −$1.55 Current fiscal year, 60 days ago: −$1.43 Current fiscal year, 30 days ago: −$1.43 Current fiscal year, 7 days ago: −$1.44 Current fiscal year, Now: −$1.44 −$1.44 Next fiscal year, 90 days ago: −$1.54 Next fiscal year, 60 days ago: −$1.45 Next fiscal year, 30 days ago: −$1.45 Next fiscal year, 7 days ago: −$1.48 Next fiscal year, Now: −$1.48 −$1.48

Average of analysts' published estimates (third-party data).

View chart data
Period Current fiscal yearNext fiscal year
90 days ago −$1.55−$1.54
60 days ago −$1.43−$1.45
30 days ago −$1.43−$1.45
7 days ago −$1.44−$1.48
Now −$1.44−$1.48

Earnings against estimates

Quarter toEstimateActualSurprise
Jun 2026 −$0.39 −$0.35 +9.4%
Mar 2026 −$0.32 −$0.40 −27.6%
Dec 2025 −$0.34 −$0.29 +13.9%
Sept 2025 −$0.35 −$0.38 −9.6%

Adjusted EPS as companies report it, against the average analyst estimate.

Analyst recommendations

12 analysts, Oct 2026
Buy12100%
Hold00%
Sell00%

Monthly trend

  1. Oct 20264812
  2. Sep 20264711
  3. Aug 20264711
  4. Jul 20264711

Counts of recommendations published by analysts covering Ocular Therapeutix, Inc, by month. Source: Aggregated broker recommendations (third-party data). Aggregated counts only: we do not reproduce any firm's recommendation or price target, and these are not Fundamentalytics ratings.

Positioning

Short interest
15.5%
of tradable shares
Days to cover
7.6
at average volume
Short interest, 1 month
−4%
to October 15, 2026
Held by institutions
95%
of shares
Held by insiders
0.9%
of shares
Employees
325
full time

Consensus figures average analysts' published estimates (third-party data); guidance is the company's own. Neither is our forecast. Short interest is reported twice a month and lags. Market data may be delayed.

This section is general information, not investment advice or a personal recommendation, and it does not take account of your objectives or circumstances. Forecasts and guidance are estimates, not promises: companies miss their own guidance and analysts' figures are often revised. Prices can fall as well as rise, and you can lose money. See our disclaimer.

Share-price performance

Market data may be delayed

What moved the share price

Last 12 months −42.3%

$11.66 on October 31, 2025 to $6.73

ThenNowEffect
Revenue (last 12 months) $57m $52m −8.1%
P/S multiple 34.8x 27.7x −20.6%
Share count 169m 214m −20.9%

Biggest factor: share count. Loss-making at one end, so the split uses price/sales.

The effects multiply back to the price change exactly. Results are the last 12 months as known on each date (filings assumed public 45 days after quarter end).

Return and risk by year

Calendar year 202120222023202420252026 to date
Return
OCUL−66%−60%+59%+92%+42%−45%
Industry peers (median)−35%−56%−18%−29%−5%−26%
S&P 500+29%−18%+26%+25%+18%+11%
Months that ended higher
OCUL33%25%42%58%50%27%
S&P 50075%42%67%75%75%46%
Largest fall from a high during the year
OCUL−72%−65%−73%−62%−35%−48%
S&P 500−5%−25%−10%−8%−19%−9%

Worst fall since November 3, 2015: 91% from December 15, 2020 to November 16, 2023. Getting back needed a 1003% gain, and the shares have not yet recovered.

Price behaviour

52-week range
$6.29 – $16.11
From 52-week high
−58.2%
vs 50-day average
−22.9%
vs 200-day average
−26.0%
Volatility (1 year)
75%
Beta vs S&P 500
1.23

Volatility is the annualised standard deviation of daily returns. Beta 1.5 means the shares typically moved 1.5% for each 1% move in the S&P 500 over the past year. Prices to November 2, 2026.

Share price after results

Next day
5 up, 7 down
typical move ±8.4%
After a week
7 up, 5 down
typical move ±9.6%
After a month
6 up, 6 down
typical move ±13.3%
Results releasedNext dayS&P 500 next day5 days21 days
August 3, 2026 +5.1% +3.3% +13.1% +29.4%
May 5, 2026 −0.6% +2.2% −6.2% −9.9%
February 5, 2026 +7.1% +0.6% +6.0% +16.3%
November 4, 2025 −5.3% −0.8% −1.7% +8.9%
August 5, 2025 +1.2% +0.3% +1.0% +2.8%
May 5, 2025 −18.5% −1.4% −16.0% −4.8%
March 3, 2025 −9.0% −2.9% +7.1% −8.4%
November 14, 2024 −13.6% −1.9% −19.6% −15.3%
August 7, 2024 +1.8% +1.6% +1.3% +6.3%
May 7, 2024 −0.9% +0.1% +4.3% −10.3%
March 11, 2024 −6.9% +1.0% −5.4% −20.7%
February 22, 2024 +31.1% +2.1% +33.8% +26.2%

From the close before the release date to the close 1, 5 and 21 trading days after it, so releases before the open and after the close are both captured. Past moves don't predict future ones.

Ocular Therapeutix, Inc in five measures

Fundamentals grade D
Growth Profitability Cash Balance sheet

Growth, profitability, cash generation and balance sheet are percentiles against the companies we cover in the same industry, from SEC filings (100 = best). Value compares the share price with our modelled value range (50 = at our base value; higher = cheaper). A description of reported data and our model — not a quality score or advice.

Fundamentals

Revenue (TTM) Ocular Therapeutix, Inc
$50M $55M $60M $65M FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Revenue (TTM), FY23 Q3: $57.7M Revenue (TTM), FY23 Q4: $58.4M Revenue (TTM), FY24 Q1: $59.8M Revenue (TTM), FY24 Q2: $61.1M Revenue (TTM), FY24 Q3: $61.4M Revenue (TTM), FY24 Q4: $63.7M Revenue (TTM), FY25 Q1: $59.6M Revenue (TTM), FY25 Q2: $56.7M Revenue (TTM), FY25 Q3: $55.8M Revenue (TTM), FY25 Q4: $52M Revenue (TTM), FY26 Q1: $52M Revenue (TTM), FY26 Q2: $52.1M $52.1M

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period Revenue (TTM)
FY23 Q3 $57.7M
FY23 Q4 $58.4M
FY24 Q1 $59.8M
FY24 Q2 $61.1M
FY24 Q3 $61.4M
FY24 Q4 $63.7M
FY25 Q1 $59.6M
FY25 Q2 $56.7M
FY25 Q3 $55.8M
FY25 Q4 $52M
FY26 Q1 $52M
FY26 Q2 $52.1M
Revenue growth, TTM YoY Ocular Therapeutix, Inc
-20% -10% 0% 10% 20% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Revenue growth, TTM YoY, FY23 Q3: 16.1% Revenue growth, TTM YoY, FY23 Q4: 13.5% Revenue growth, TTM YoY, FY24 Q1: 15.8% Revenue growth, TTM YoY, FY24 Q2: 11.9% Revenue growth, TTM YoY, FY24 Q3: 6.5% Revenue growth, TTM YoY, FY24 Q4: 9.0% Revenue growth, TTM YoY, FY25 Q1: -0.3% Revenue growth, TTM YoY, FY25 Q2: -7.3% Revenue growth, TTM YoY, FY25 Q3: -9.2% Revenue growth, TTM YoY, FY25 Q4: -18.5% Revenue growth, TTM YoY, FY26 Q1: -12.8% Revenue growth, TTM YoY, FY26 Q2: -8.1% -8.1%

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period Revenue growth, TTM YoY
FY23 Q3 16.1%
FY23 Q4 13.5%
FY24 Q1 15.8%
FY24 Q2 11.9%
FY24 Q3 6.5%
FY24 Q4 9.0%
FY25 Q1 -0.3%
FY25 Q2 -7.3%
FY25 Q3 -9.2%
FY25 Q4 -18.5%
FY26 Q1 -12.8%
FY26 Q2 -8.1%
Operating margin (TTM) Ocular Therapeutix, Inc
-800% -600% -400% -200% 0% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Operating margin (TTM), FY23 Q3: -141.5% Operating margin (TTM), FY23 Q4: -141.0% Operating margin (TTM), FY24 Q1: -152.8% Operating margin (TTM), FY24 Q2: -187.4% Operating margin (TTM), FY24 Q3: -229.9% Operating margin (TTM), FY24 Q4: -269.6% Operating margin (TTM), FY25 Q1: -342.2% Operating margin (TTM), FY25 Q2: -402.6% Operating margin (TTM), FY25 Q3: -449.7% Operating margin (TTM), FY25 Q4: -519.8% Operating margin (TTM), FY26 Q1: -575.4% Operating margin (TTM), FY26 Q2: -603.0% -603.0%

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period Operating margin (TTM)
FY23 Q3 -141.5%
FY23 Q4 -141.0%
FY24 Q1 -152.8%
FY24 Q2 -187.4%
FY24 Q3 -229.9%
FY24 Q4 -269.6%
FY25 Q1 -342.2%
FY25 Q2 -402.6%
FY25 Q3 -449.7%
FY25 Q4 -519.8%
FY26 Q1 -575.4%
FY26 Q2 -603.0%
FCF margin (TTM) Ocular Therapeutix, Inc
-600% -400% -200% 0% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 FCF margin (TTM), FY23 Q3: -125.6% FCF margin (TTM), FY23 Q4: -130.6% FCF margin (TTM), FY24 Q1: -145.6% FCF margin (TTM), FY24 Q2: -148.3% FCF margin (TTM), FY24 Q3: -194.1% FCF margin (TTM), FY24 Q4: -213.4% FCF margin (TTM), FY25 Q1: -248.8% FCF margin (TTM), FY25 Q2: -316.5% FCF margin (TTM), FY25 Q3: -357.5% FCF margin (TTM), FY25 Q4: -417.5% FCF margin (TTM), FY26 Q1: -463.0% FCF margin (TTM), FY26 Q2: -490.1% -490.1%

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period FCF margin (TTM)
FY23 Q3 -125.6%
FY23 Q4 -130.6%
FY24 Q1 -145.6%
FY24 Q2 -148.3%
FY24 Q3 -194.1%
FY24 Q4 -213.4%
FY25 Q1 -248.8%
FY25 Q2 -316.5%
FY25 Q3 -357.5%
FY25 Q4 -417.5%
FY26 Q1 -463.0%
FY26 Q2 -490.1%

Data: SEC EDGAR XBRL company facts (as filed in 10-K/10-Q); forms 10-K, 10-Q. Generated November 3, 2026. Definitions in our methodology.

Financial statements

US$ millions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year 2012 Dec 2012 2014 Dec 2014 2015 Dec 2015 2016 Dec 2016 2017 Dec 2017 2018 Dec 2018 2019 Dec 2019 2020 Dec 2020 2021 Dec 2021 2022 Dec 2022 2023 Dec 2023 2024 Dec 2024 2025 Dec 2025 LTM Jun 2026
Income
Revenue 0 1 2 2 2 2 4 17 44 51 58 64 52 52
Gross profit — — — — 1 2 2 15 39 47 53 58 45 45
EBITDA −13 −27 −37 −42 −60 −57 −83 −60 −76 −77 −79 −168 −266 −308
Operating income −14 −27 −38 −43 −62 −59 −86 −63 −78 −79 −82 −172 −270 −314
Net income −14 −29 −40 −45 −63 −60 −86 −156 −7 −71 −81 −194 −266 −301
Diluted EPS −$1.40 −$2.69 −$1.71 −$1.80 −$2.20 −$1.57 −$1.91 −$2.56 −$0.98 −$0.97 −$1.02 −$1.22 −$1.42 −$1.41
Growth (year on year)
Revenue — +>999% +126.7% +7.8% +1.9% +3.5% +112.4% +311.7% +150.1% +18.3% +13.5% +9.0% −18.5% −8.1%
Margins
Gross margin — — — — 76.2% 76.6% 45.0% 88.0% 89.9% 91.2% 91.0% 91.2% 87.3% 87.1%
EBITDA margin <−999% <−999% <−999% <−999% <−999% <−999% <−999% −345.2% −173.7% −148.6% −135.9% −263.6% −511.4% −592.6%
Operating margin <−999% <−999% <−999% <−999% <−999% <−999% <−999% −361.1% −179.3% −152.7% −141.0% −269.6% −519.8% −603.0%
Net margin <−999% <−999% <−999% <−999% <−999% <−999% <−999% −894.3% −15.1% −138.0% −138.1% −303.7% −511.9% −579.1%
Free-cash-flow margin <−999% <−999% <−999% <−999% <−999% <−999% <−999% −312.6% −153.4% −123.0% −130.6% −213.4% −417.5% −490.1%
Cash flow
Cash from operations −13 −20 −34 −34 −50 −49 −78 −54 −66 −60 −70 −135 −205 −238
Capital spending 0 1 2 2 8 2 2 1 1 4 6 1 12 17
Free cash flow −13 −22 −36 −36 −59 −51 −80 −54 −67 −63 −76 −136 −217 −255
Stock-based pay 0 3 5 6 7 7 9 8 15 17 18 33 43 53
Free cash flow after stock pay −13 −24 −40 −42 −66 −59 −89 −62 −82 −80 −94 −169 −260 −308
Balance sheet
Cash 24 37 31 33 42 54 54 228 164 102 196 392 737 599
Total debt 0 15 15 16 18 25 25 33 26 29 66 69 71 73
Net debt (negative = net cash) −24 −23 −16 −17 −24 −29 −29 −195 −138 −74 −130 −324 −666 −526
Diluted shares 10m 11m 23m 25m 29m 38m 45m 61m 82m 83m 86m 158m 187m 214m

Source: SEC EDGAR XBRL company facts (US and foreign periodic filings); column headings link to the filing. EBITDA is operating income plus depreciation and amortisation. Free cash flow is cash from operations minus capital spending. Growth is left blank when last year's figure was a loss or under 2% of revenue. Share counts and EPS are restated for stock splits. A dash means the company didn't report the figure.

Financial health

5 of 7 checks passed · June 30, 2026
What it owns · $671m
Short-term assets $644mLonger-term assets $27m
What it owes, and who funded it · $671m
Short-term liabilities $49mLonger-term liabilities $102mShareholders' equity $520m
  • Short-term assets cover short-term liabilities $644m of assets due within a year against $49m of liabilities due within a year.
  • Short-term assets cover long-term liabilities $644m short-term assets against $102m of longer-dated liabilities.
  • More cash than debt $599m of cash against $73m of debt.
  • Debt below 40% of shareholders' equity Debt is 14% of equity.
  • Debt burden no higher than five years ago Debt to equity moved from 28% to 14% over five years.
  • A year's operating cash flow covers at least 20% of debt −$238m of operating cash flow against $73m of debt.
  • Operating profit covers interest at least five times over Operating income of −$314m against $11m of interest.

From Ocular Therapeutix, Inc's latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Dividends, buybacks and capital spending

Diluted share count
+26.4%
year over year
R&D spending
429.4%
of revenue
Days sales outstanding
212 days
receivables vs revenue

Competitors: side by side with peers

Closest by revenue in biotechnology
Last 12 months unless stated OCUL GOSS SIGA TNGX NKTR EDIT Median
Revenue, last 12 months $52m $53m $54m $54m $55m $47m $56m
Revenue growth, last 12 months −8.1% 32.4% −70.1% 121.5% −27.2% 20.8% 12.6%
Revenue growth, 3-year average −1.6% — −18.1% 16.9% −14.6% 34.5% 13.7%
Revenue growth, latest quarter 0.1% −19.6% −49.5% −100.0% −9.3% 232.3% 10.2%
Gross margin 87.1% — 54.4% — 100.0% — 82.9%
Operating margin −603.0% −311.7% −20.8% −253.4% −257.8% −161.4% −189.4%
Operating margin, 3-year average −397.7% −252.1% 31.6% −404.1% −189.3% −365.3% −363.5%
Net margin −579.1% −235.0% −5.2% −229.9% −287.8% −157.3% −169.8%
Cash from operations / revenue −457.7% −305.2% −37.6% −267.4% −428.3% −255.0% −168.0%
Free-cash-flow margin −490.1% −305.2% −38.2% −268.1% −428.7% −256.5% −162.4%
Free-cash-flow margin, 3-year average −318.3% −231.0% 23.6% −388.7% −288.4% −346.4% −310.0%
Stock pay / revenue 102.4% 26.9% 6.5% 74.9% 22.0% 18.4% 20.0%
Change in share count 26.4% 14.3% 0.1% 21.8% 6.2% 21.7% 8.2%

Median of all 184 companies we cover in biotechnology. Shaded: best of the six on that line (lowest for stock pay and share-count growth). 3-year figures average the last three 12-month periods; 3-year growth is compound annual. Source: SEC filings.

Peer comparison

184 biotechnology companies
Measure Company Peer median Rank
Revenue growth Growth -8.1% 12.6% 117 of 172
Change in growth rate Growth +4.6pp -0.1pp 55 of 172
Gross margin Profitability 87.1% 82.4% 28 of 75
Operating margin Profitability -603.0% -189.4% 125 of 175
Net margin Profitability -579.1% -157.3% 130 of 180
Free-cash-flow margin Cash generation -490.1% -145.4% 130 of 176
Stock pay as % of revenue Cash generation 102.4% 19.2% 135 of 179
Long-term debt as % of assets Balance sheet 10.8% 20.6% 28 of 78
Change in share count Balance sheet 26.4% 7.9% 126 of 156
Days sales outstanding Balance sheet 212 days 75 days 97 of 100

Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).

Where the revenue comes from

Fiscal year to December 31, 2025
Products and services
Line of business Revenue Share YoY
Products $51.8M 99.8% ▼ 18.3%
Collaboration Revenue $128,000 0.2% ▼ 51.1%

From Ocular Therapeutix, Inc's 10-K filed February 5, 2026, as tagged in the filing. View filing. Indented rows are part of the line above; their share is of that line. In the bars, the faint bar behind is the year before.

Who owns it

Funds buying and selling
Reported value
$2B
Institutions reporting
259
Shares held vs prior quarter
▼ 1.2%
Positions opened / closed
30 / 39

Top buyers and sellers, Q2 2026: 134 institutions bought and 118 sold ; the biggest buyer was Blackrock, Inc (+3.2M shares) and the biggest seller Alliancebernstein L.P (−3.9M). See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
FMR LLC $323M 32.8M 16.1% ▲ 0.6%
Deep Track Capital, LP $193M 19.7M 9.6% 0.0%
Blackrock, Inc. $190M 19.4M 9.5% ▲ 20.1%
Avoro Capital Advisors LLC $123M 12.5M 6.1% ▲ 1.8%
Summer Road LLC $120M 12.2M 6.0% ▲ 2.8%
Venrock Adviser, LLC $102M 10.3M 5.1% 0.0%
Vanguard Capital Management LLC $86.7M 8.8M 4.3% ▲ 1.3%
Price T Rowe Associates Inc $74.9M 7.6M 3.7% ▲ 29.3%
Logos Global Management LP $52M 5.3M 2.6% ▲ 37.7%
State Street Corp $51.4M 5.2M 2.6% ▲ 11.1%
Geode Capital Management, LLC $49.3M 5.0M 2.5% ▲ 10.9%
Point72 Asset Management, L.P. $32.3M 3.3M 1.6% ▼ 40.5%

From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not Ocular Therapeutix, Inc's complete shareholder register. Values are as reported by the filers .

Insider trading activity

Full insider history and chart
Insider purchases History → $461,354 1 trade by 1 insider, last 12 months Insider sales History → $3.3M 29 trades by 8 insiders · 93% under pre-set plans
Net ▼ $2.8M net selling
Insider Date Trade Shares Price Value
Anderman Todd Chief Legal Officer October 8, 2026 Sell pre-set plan 11,984 $7.29 $87,363
Heier Jeffrey S. Chief Scientific Officer October 2, 2026 Sell pre-set plan 10,869 $7.05 $76,626
Kaiser Peter Chief Development Officer October 2, 2026 Sell pre-set plan 9,990 $7.05 $70,430
Notman Donald Chief Operating Officer August 31, 2026 Sell 1,099 $10.24 $11,254
Dugel Pravin See Remarks August 24, 2026 Sell pre-set plan 21,649 $10.77 $233,160
Heier Jeffrey S. Chief Scientific Officer August 24, 2026 Sell pre-set plan 3,296 $10.78 $35,531
Nayak Sanjay Chief Strategy Officer August 24, 2026 Sell pre-set plan 1,897 $10.78 $20,450
Kaiser Peter Chief Development Officer August 24, 2026 Sell pre-set plan 3,035 $10.77 $32,687
Waheed Nadia Chief Medical Officer June 3, 2026 Sell pre-set plan 14,828 $8.27 $122,628
Nayak Sanjay Chief Strategy Officer May 26, 2026 Sell pre-set plan 1,858 $8.20 $15,236
Heier Jeffrey S. Chief Scientific Officer May 26, 2026 Sell pre-set plan 3,018 $8.20 $24,748
Kaiser Peter Chief Development Officer May 26, 2026 Sell pre-set plan 2,967 $8.20 $24,329

From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.

Earnings dates and SEC filings

Results announcements

Next expected around November 3, 2026 estimated from the company's past filing pattern, not announced

  • August 3, 2026
  • May 5, 2026
  • February 5, 2026
  • November 4, 2025
  • August 5, 2025
  • May 5, 2025

Recent SEC filings

Data status

When each part of this page on Ocular Therapeutix, Inc was last updated.

DataLast updatedSource
Share priceExchange closing prices
Financial statementsSEC 10-K and 10-Q filings
News and updatesCompany releases and SEC 8-K filings
Analyst estimatesAggregated analyst estimates
Valuation and scoresOur models, from the filed figures

How we build and check these figures: methodology and data sources.

Ocular Therapeutix, Inc in brief

What does Ocular Therapeutix, Inc do?
Ocular Therapeutix, Inc is a US-listed company in the biotechnology industry. Its financial year ends in December.
What is Ocular Therapeutix, Inc's stock ticker?
Ocular Therapeutix, Inc trades under the ticker OCUL on Nasdaq. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is Ocular Therapeutix, Inc's revenue, and how fast is it growing?
Over its most recent trailing twelve months, Ocular Therapeutix, Inc reported revenue of $52.1M, 8.1% lower than a year earlier, according to its SEC filings.
What is Ocular Therapeutix, Inc's free cash flow?
Ocular Therapeutix, Inc's free-cash-flow margin is -490.1% of revenue over the trailing twelve months, ranking 130 of the 176 biotechnology companies we cover.
Who are Ocular Therapeutix, Inc's largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are FMR LLC, Deep Track Capital, LP and Blackrock, Inc. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
What is Ocular Therapeutix, Inc's market cap?
On November 2, 2026, Ocular Therapeutix, Inc's market capitalisation was about $1.4B and net debt of -$526M. Market figures come from third-party market data and may be delayed.
How much debt does Ocular Therapeutix, Inc have?
Ocular Therapeutix, Inc's debt-to-equity ratio is 14.0%, from its latest balance sheet (28.4% five years earlier). The financial health section below sets out its other solvency checks.
Who are Ocular Therapeutix, Inc's competitors?
In our Biotechnology peer group, the companies closest to Ocular Therapeutix, Inc are Gossamer Bio, Inc., Siga Technologies Inc, Tango Therapeutics, Inc., Nektar Therapeutics and Editas Medicine, Inc. The side-by-side comparison below sets their revenue, margins and growth against Ocular Therapeutix, Inc's.
Are insiders buying or selling Ocular Therapeutix, Inc stock?
Over the last 12 months, Ocular Therapeutix, Inc's directors and officers reported 1 open-market purchases and 29 sales on Form 4. The insider trading page charts every trade.
When is Ocular Therapeutix, Inc's next earnings date?
Around November 4, 2026, estimated from the spacing of its past results announcements (8-K filings). That is an estimate, not a confirmed date — Ocular Therapeutix, Inc announces its own schedule.