Ocular Therapeutix, Inc.

ocutx.com

What Do They Do?

Sells DEXTENZA, an eye insert used after eye surgery and for allergic eye itching, to eye-care providers; develops hydrogel drug candidates for retinal disease and glaucoma.

How Do They Make Money?

Ocular sells DEXTENZA mainly to specialty distributors for resale and directly to some surgery centers and physicians; each sale is completed when the product is delivered.

revenue

Segment	Share	Revenue	How money arrives
Product revenue, net Sold outright	100% FY2022: 98%		Sold outright
Collaboration revenue	0.3% FY2022: 2.0%

Who Are Their Customers?

Ocular sells DEXTENZA mainly to specialty distributors, which resell it to surgery centers, hospital outpatient departments and physicians’ offices; it also sells directly to some surgery centers and physicians’ offices.

Do Revenues Turn Into Profits?

No. It lost $265.9M in FY2025.

Operating income, FY2025

−520% of revenue

▲ +57% (Loss) vs FY2024 (−$171.8M, −270%)

Net income, FY2025

−512% of revenue

▲ +37% (Loss) vs FY2024 (−$193.5M, −304%)

Free cash flow, FY2025

−417% of revenue

▲ +60% (Loss) vs FY2024 (−$136M, −213%)

How Are They Changing?

Since the FY2025 annual report

Latest quarter: Q2 FY2026, the three months to Jun 30, 2026

Revenue: ▲ 0%; vs $13.5M in Q2 FY2025
Net income: ▲ +16% (Loss); vs −$67.8M in Q2 FY2025

Product revenue, net share of revenue vs 99.5% in Q2 FY2025

Jun 12, 2026 Jason Robins appointed chief financial officer The board appointed its interim CFO to serve as CFO.

Growing. Revenue grew 19% in 4 years, from $43.5M in FY2021 to $52M in FY2025, about 5% a year.

A narrower development focus The older strategy aimed to develop a broad ophthalmology pipeline across surgical and office settings; the latest centers on advancing AXPAXLI for retinal disease while continuing to build its ophthalmology commercialization experience.

Revenue over time

Product revenue, net Collaboration revenue

$100M$50M$0

FY2021 FY2022 FY2023 FY2024 FY2025

Who Do They Compete With?

Competes with Regeneron, Genentech, Eyepoint Pharmaceuticals, Kodiak Sciences, 4D Molecular Therapeutics, Adverum Biotechnologies, RegenxBio, Alcon, Glaukos, Roche, Merck, Opus Genetics, AbbVie, PolyActiva, Spyglass Pharma, Icon Biosciences, and Rayner Surgical Group

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