$OCUL
OCULAR THERAPEUTIX, INC

2022 Q1 Form 10-Q Financial Statement

#000155837022007812 Filed on May 09, 2022

View on sec.gov

Income Statement

Concept 2022 Q1 2021 Q1
Revenue $13.19M $7.342M
YoY Change 79.61% 181.41%
Cost Of Revenue $1.300M $892.0K
YoY Change 45.74% 8.91%
Gross Profit $11.89M $6.450M
YoY Change 84.29% 260.34%
Gross Profit Margin 90.14% 87.85%
Selling, General & Admin $16.62M $15.75M
YoY Change 5.52% 27.99%
% of Gross Profit 139.82% 244.2%
Research & Development $13.10M $10.93M
YoY Change 19.89% 79.19%
% of Gross Profit 110.2% 169.41%
Depreciation & Amortization $557.0K $646.0K
YoY Change -13.78% -11.99%
% of Gross Profit 4.69% 10.02%
Operating Expenses $29.72M $26.68M
YoY Change 11.4% 44.96%
Operating Profit -$17.83M -$20.23M
YoY Change -11.84% 21.75%
Interest Expense $1.683M $1.679M
YoY Change 0.24% 2.82%
% of Operating Profit
Other Income/Expense, Net $5.291M $23.35M
YoY Change -77.34% -576.7%
Pretax Income -$12.54M $3.120M
YoY Change -501.99% -114.5%
Income Tax
% Of Pretax Income
Net Earnings -$12.54M $3.121M
YoY Change -501.86% -114.51%
Net Earnings / Revenue -95.11% 42.51%
Basic Earnings Per Share -$0.16 $0.04
Diluted Earnings Per Share -$0.22 -$0.24
COMMON SHARES
Basic Shares Outstanding 76.75M 76.07M
Diluted Shares Outstanding 82.51M 87.25M

Balance Sheet

Concept 2022 Q1 2021 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $145.4M $209.4M
YoY Change -30.56% 334.44%
Cash & Equivalents $145.4M $209.4M
Short-Term Investments
Other Short-Term Assets $4.670M $4.000M
YoY Change 16.75% 60.0%
Inventory $1.358M $1.123M
Prepaid Expenses
Receivables $23.21M $13.63M
Other Receivables $0.00 $0.00
Total Short-Term Assets $174.7M $228.1M
YoY Change -23.44% 313.28%
LONG-TERM ASSETS
Property, Plant & Equipment $6.614M $7.527M
YoY Change -12.13% -52.66%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $1.764M $1.800M
YoY Change -2.0% 0.0%
Total Long-Term Assets $12.97M $14.91M
YoY Change -13.0% -15.77%
TOTAL ASSETS
Total Short-Term Assets $174.7M $228.1M
Total Long-Term Assets $12.97M $14.91M
Total Assets $187.6M $243.0M
YoY Change -22.8% 233.39%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $3.420M $4.152M
YoY Change -17.63% 48.29%
Accrued Expenses $17.64M $13.57M
YoY Change 29.92% 118.94%
Deferred Revenue $1.208M
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $8.300M
YoY Change 295.24%
Total Short-Term Liabilities $23.96M $27.44M
YoY Change -12.67% 147.18%
LONG-TERM LIABILITIES
Long-Term Debt $52.06M $39.70M
YoY Change 31.13% -17.81%
Other Long-Term Liabilities $31.81M $92.50M
YoY Change -65.61% 283.82%
Total Long-Term Liabilities $83.87M $132.2M
YoY Change -36.56% 82.6%
TOTAL LIABILITIES
Total Short-Term Liabilities $23.96M $27.44M
Total Long-Term Liabilities $83.87M $132.2M
Total Liabilities $107.8M $159.6M
YoY Change -32.45% 91.18%
SHAREHOLDERS EQUITY
Retained Earnings -$558.3M -$536.1M
YoY Change 4.14%
Common Stock $638.1M $619.5M
YoY Change 3.0%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $79.80M $83.41M
YoY Change
Total Liabilities & Shareholders Equity $187.6M $243.0M
YoY Change -22.8% 233.39%

Cashflow Statement

Concept 2022 Q1 2021 Q1
OPERATING ACTIVITIES
Net Income -$12.54M $3.121M
YoY Change -501.86% -114.51%
Depreciation, Depletion And Amortization $557.0K $646.0K
YoY Change -13.78% -11.99%
Cash From Operating Activities -$18.60M -$17.36M
YoY Change 7.15% -7.93%
INVESTING ACTIVITIES
Capital Expenditures $276.0K $158.0K
YoY Change 74.68% -36.55%
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities -$276.0K -$158.0K
YoY Change 74.68% -36.55%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net -$275.0K
YoY Change -102.17%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 129.0K -1.162M
YoY Change -111.1% -109.07%
NET CHANGE
Cash From Operating Activities -18.60M -17.36M
Cash From Investing Activities -276.0K -158.0K
Cash From Financing Activities 129.0K -1.162M
Net Change In Cash -18.75M -18.68M
YoY Change 0.36% 197.2%
FREE CASH FLOW
Cash From Operating Activities -$18.60M -$17.36M
Capital Expenditures $276.0K $158.0K
Free Cash Flow -$18.88M -$17.52M
YoY Change 7.76% -8.3%

Facts In Submission

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CY2022Q1 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
145417000
CY2022Q1 us-gaap Use Of Estimates
UseOfEstimates
<p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0pt 24.45pt;"><span style="font-style:italic;font-weight:bold;">Use of Estimates </span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0pt 24.45pt;"><span style="margin-bottom:5pt;margin-left:0pt;margin-top:5pt;visibility:hidden;">​</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.13;text-align:justify;text-indent:18pt;margin:6pt 0pt 0pt 0pt;">The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements and the reported amounts of revenues and expenses during the reporting periods. Significant estimates and assumptions reflected in these financial statements include, but are not limited to, revenue recognition, clinical trial accruals and the fair value of derivatives.  Estimates are periodically reviewed in light of changes in circumstances, facts and experience. Actual results may differ from these estimates.  </p>
CY2022Q1 us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0pt 24.45pt;"><span style="font-style:italic;font-weight:bold;">Concentration of Credit Risk and of Significant Suppliers and Customers</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0pt 24.45pt;"><span style="font-style:italic;font-weight:bold;margin-bottom:5pt;margin-left:0pt;margin-top:5pt;visibility:hidden;">​</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:1pt;margin-bottom:5pt;margin-top:5pt;visibility:hidden;">​</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:24.5pt;margin:0pt;">The Company is dependent on a small number of third-party manufacturers to supply products for research and development activities in its preclinical and clinical programs and for sales of its products. The Company’s development programs as well as revenue from future product sales could be adversely affected by a significant interruption in the supply of any of the components of these products.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:24.5pt;margin:0pt;"><span style="margin-bottom:5pt;margin-top:5pt;visibility:hidden;">​</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:24.5pt;margin:0pt;">For the three months ended March 31, 2022, three specialty distributor customers accounted for 42%, 25%, and 23%<span style="white-space:pre-wrap;"> of the Company’s total product revenue, and no other customer accounted for more than 10% of the Company’s total product revenue. At March 31, 2022, </span>three specialty distributor customers accounted for 42%, 25% and 22% of the Company’s total accounts receivable and no other customer accounted for more than 10% of the Company’s total accounts receivable at March 31, 2022.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:24.5pt;margin:0pt;"><span style="margin-bottom:5pt;margin-top:5pt;visibility:hidden;">​</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:24.5pt;margin:0pt;">For the three months ended March 31, 2021, three specialty distributor customers accounted for 45%, 21%, and 12%<span style="white-space:pre-wrap;"> of the Company’s total product revenue, and no other customer accounted for more than 10% of the Company’s total product revenue. At March 31, 2021, </span>three specialty distributor customers accounted for 49%, 25% and 14% of the Company’s total accounts receivable and no other customer accounted for more than 10% of the Company’s total accounts receivable at March 31, 2021.</p>
CY2022Q1 us-gaap Increase Decrease In Derivative Liabilities
IncreaseDecreaseInDerivativeLiabilities
6958000
CY2022Q1 us-gaap Derivative Liabilities
DerivativeLiabilities
13234000
CY2022Q1 us-gaap Restricted Cash And Cash Equivalents Noncurrent
RestrictedCashAndCashEquivalentsNoncurrent
1764000
CY2021Q4 us-gaap Restricted Cash And Cash Equivalents Noncurrent
RestrictedCashAndCashEquivalentsNoncurrent
1764000
CY2022Q1 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
145417000
CY2021Q1 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
209378000
CY2022Q1 us-gaap Restricted Cash And Cash Equivalents Noncurrent
RestrictedCashAndCashEquivalentsNoncurrent
1764000
CY2021Q1 us-gaap Restricted Cash And Cash Equivalents Noncurrent
RestrictedCashAndCashEquivalentsNoncurrent
1764000
CY2022Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
147181000
CY2021Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
211142000
CY2022Q1 us-gaap Inventory Raw Materials
InventoryRawMaterials
332000
CY2021Q4 us-gaap Inventory Raw Materials
InventoryRawMaterials
388000
CY2022Q1 us-gaap Inventory Work In Process
InventoryWorkInProcess
567000
CY2021Q4 us-gaap Inventory Work In Process
InventoryWorkInProcess
605000
CY2022Q1 us-gaap Inventory Finished Goods
InventoryFinishedGoods
459000
CY2021Q4 us-gaap Inventory Finished Goods
InventoryFinishedGoods
257000
CY2022Q1 us-gaap Inventory Net
InventoryNet
1358000
CY2021Q4 us-gaap Inventory Net
InventoryNet
1250000
CY2022Q1 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
3520000
CY2021Q4 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
6597000
CY2022Q1 ocul Accrued Rebates And Programs Current
AccruedRebatesAndProgramsCurrent
3344000
CY2021Q4 ocul Accrued Rebates And Programs Current
AccruedRebatesAndProgramsCurrent
3615000
CY2022Q1 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
1547000
CY2021Q4 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
1227000
CY2022Q1 ocul Accrued Research And Development Expense Current
AccruedResearchAndDevelopmentExpenseCurrent
1085000
CY2021Q4 ocul Accrued Research And Development Expense Current
AccruedResearchAndDevelopmentExpenseCurrent
1102000
CY2022Q1 ocul Debt Instrument Accrued Interest
DebtInstrumentAccruedInterest
7038000
CY2021Q4 ocul Debt Instrument Accrued Interest
DebtInstrumentAccruedInterest
6475000
CY2022Q1 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
1102000
CY2021Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
1105000
CY2022Q1 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
17636000
CY2021Q4 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
20121000
CY2021Q4 us-gaap Derivative Liabilities
DerivativeLiabilities
20192000
CY2021Q4 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
13000000
CY2022Q1 ocul Contract With Customer Liability Additions
ContractWithCustomerLiabilityAdditions
2000000
CY2022Q1 us-gaap Contract With Customer Liability Revenue Recognized
ContractWithCustomerLiabilityRevenueRecognized
689000
CY2022Q1 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
14311000
CY2022Q1 us-gaap Net Income Loss
NetIncomeLoss
-12542000
CY2021Q1 us-gaap Net Income Loss
NetIncomeLoss
3121000
CY2022Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
76745663
CY2021Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
76071017
CY2022Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.16
CY2021Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.04
CY2022Q1 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-12542000
CY2021Q1 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
3121000
CY2022Q1 us-gaap Interest On Convertible Debt Net Of Tax
InterestOnConvertibleDebtNetOfTax
1123000
CY2021Q1 us-gaap Interest On Convertible Debt Net Of Tax
InterestOnConvertibleDebtNetOfTax
1078000
CY2022Q1 us-gaap Dilutive Securities
DilutiveSecurities
-6958000
CY2021Q1 us-gaap Dilutive Securities
DilutiveSecurities
-25016000
CY2022Q1 us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
-18377000
CY2021Q1 us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
-20817000
CY2022Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
76745663
CY2021Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
76071017
CY2021Q1 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
5405457
CY2022Q1 us-gaap Incremental Common Shares Attributable To Conversion Of Debt Securities
IncrementalCommonSharesAttributableToConversionOfDebtSecurities
5769232
CY2021Q1 us-gaap Incremental Common Shares Attributable To Conversion Of Debt Securities
IncrementalCommonSharesAttributableToConversionOfDebtSecurities
5769232
CY2022Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
82514895
CY2021Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
87245706
CY2022Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.22
CY2021Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.24
CY2022Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
14544284
CY2021Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
2999716
CY2022Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Number Of Shares Available For Grant
ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAvailableForGrant
2622985
CY2022Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
4209000
CY2021Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
3086000
CY2022Q1 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognized
28432000
CY2022Q1 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Period For Recognition1
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognition1
P3Y

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