$OCUL
OCULAR THERAPEUTIX, INC

2024 Q2 Form 10-Q Financial Statement

#000155837024007065 Filed on May 07, 2024

View on sec.gov

Income Statement

Concept 2024 Q2 2024 Q1
Revenue $16.44M $14.77M
YoY Change 8.26% 10.47%
Cost Of Revenue $1.509M $1.326M
YoY Change 15.72% 9.23%
Gross Profit $14.93M $13.45M
YoY Change 7.56% 10.59%
Gross Profit Margin 90.82% 91.02%
Selling, General & Admin $29.67M $24.33M
YoY Change 53.24% 21.88%
% of Gross Profit 198.67% 180.92%
Research & Development $28.86M $20.74M
YoY Change 91.18% 40.6%
% of Gross Profit 193.26% 154.19%
Depreciation & Amortization $956.0K $920.0K
YoY Change 46.63% 90.48%
% of Gross Profit 6.4% 6.84%
Operating Expenses $58.52M $45.07M
YoY Change 69.87% 29.84%
Operating Profit -$43.59M -$31.62M
YoY Change 111.91% 40.21%
Interest Expense -$187.0K $4.051M
YoY Change 66.96% 129.13%
% of Operating Profit
Other Income/Expense, Net -$187.0K -$33.23M
YoY Change 327.74%
Pretax Income -$43.84M -$64.85M
YoY Change 111.97% 113.89%
Income Tax
% Of Pretax Income
Net Earnings -$43.78M -$64.85M
YoY Change 111.67% 113.89%
Net Earnings / Revenue -266.27% -438.93%
Basic Earnings Per Share -$0.26 -$0.49
Diluted Earnings Per Share -$0.26 -$0.49
COMMON SHARES
Basic Shares Outstanding 154.9M 148.6M
Diluted Shares Outstanding 165.8M 132.0M

Balance Sheet

Concept 2024 Q2 2024 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $459.7M $482.9M
YoY Change 590.16% 511.05%
Cash & Equivalents $459.7M $482.9M
Short-Term Investments
Other Short-Term Assets $6.116M $7.816M
YoY Change 33.16% 64.69%
Inventory $2.547M $2.574M
Prepaid Expenses
Receivables $30.23M $26.55M
Other Receivables $0.00 $0.00
Total Short-Term Assets $498.6M $519.8M
YoY Change 395.06% 385.08%
LONG-TERM ASSETS
Property, Plant & Equipment $10.89M $11.45M
YoY Change -45.79% -4.76%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $1.614M $1.614M
YoY Change -8.5% -8.5%
Total Long-Term Assets $18.51M $19.12M
YoY Change -15.29% -10.69%
TOTAL ASSETS
Total Short-Term Assets $498.6M $519.8M
Total Long-Term Assets $18.51M $19.12M
Total Assets $517.1M $538.9M
YoY Change 321.92% 319.18%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $3.689M $6.453M
YoY Change 3.28% 18.6%
Accrued Expenses $24.36M $16.04M
YoY Change -7.42% -27.07%
Deferred Revenue $269.0K $263.0K
YoY Change -31.2% -43.2%
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $29.97M $24.30M
YoY Change -7.37% -18.23%
LONG-TERM LIABILITIES
Long-Term Debt $67.13M $66.46M
YoY Change 25.99% 21.54%
Other Long-Term Liabilities $114.0K $111.0K
YoY Change -99.66% 11.0%
Total Long-Term Liabilities $114.0K $111.0K
YoY Change -99.87% 11.0%
TOTAL LIABILITIES
Total Short-Term Liabilities $29.97M $24.30M
Total Long-Term Liabilities $114.0K $111.0K
Total Liabilities $139.4M $131.0M
YoY Change 16.68% 10.18%
SHAREHOLDERS EQUITY
Retained Earnings -$806.2M -$762.4M
YoY Change 20.72% 17.81%
Common Stock $1.184B $1.170B
YoY Change 76.46% 78.18%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $377.7M $408.0M
YoY Change
Total Liabilities & Shareholders Equity $517.1M $538.9M
YoY Change 321.92% 319.18%

Cashflow Statement

Concept 2024 Q2 2024 Q1
OPERATING ACTIVITIES
Net Income -$43.78M -$64.85M
YoY Change 111.67% 113.89%
Depreciation, Depletion And Amortization $956.0K $920.0K
YoY Change 46.63% 90.48%
Cash From Operating Activities -$24.80M -$33.89M
YoY Change 23.55% 69.66%
INVESTING ACTIVITIES
Capital Expenditures $742.0K $255.0K
YoY Change -62.71% -92.45%
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities -$742.0K -$255.0K
YoY Change -62.71% -92.45%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 2.196M 321.2M
YoY Change -77.23% 411724.36%
NET CHANGE
Cash From Operating Activities -24.80M -33.89M
Cash From Investing Activities -742.0K -255.0K
Cash From Financing Activities 2.196M 321.2M
Net Change In Cash -23.35M 287.1M
YoY Change 87.99% -1333.48%
FREE CASH FLOW
Cash From Operating Activities -$24.80M -$33.89M
Capital Expenditures $742.0K $255.0K
Free Cash Flow -$25.54M -$34.14M
YoY Change 15.77% 46.21%

Facts In Submission

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AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
7978000
CY2024Q1 us-gaap Net Income Loss
NetIncomeLoss
-64848000
CY2024Q1 us-gaap Stockholders Equity
StockholdersEquity
407983000
CY2022Q4 us-gaap Stockholders Equity
StockholdersEquity
35379000
CY2023Q1 us-gaap Stock Issued During Period Value Stock Options Exercised
StockIssuedDuringPeriodValueStockOptionsExercised
78000
CY2023Q1 us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
4572000
CY2023Q1 us-gaap Net Income Loss
NetIncomeLoss
-30318000
CY2023Q1 us-gaap Stockholders Equity
StockholdersEquity
9711000
CY2024Q1 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-762426000
CY2024Q1 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
482888000
CY2024Q1 us-gaap Use Of Estimates
UseOfEstimates
<p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:14pt 0pt 12pt 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;text-indent:24.5pt;margin:14pt 0pt 0pt 0pt;">The preparation of these unaudited condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of these unaudited condensed consolidated financial statements, and the reported amounts of revenues and expenses during the reporting periods. Significant estimates and assumptions reflected in these unaudited condensed consolidated financial statements include, but are not limited to, the measurement and recognition of reserves for variable consideration related to product sales, revenue recognition related to a collaboration agreement that contains multiple promises, the fair value of derivatives, stock-based compensation, and realizability of net deferred tax assets. Estimates are periodically reviewed in light of changes in circumstances, facts and experience. Actual results could differ from the Company’s estimates.</p>
CY2023Q4 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
14390000
CY2024Q1 us-gaap Contract With Customer Liability Revenue Recognized
ContractWithCustomerLiabilityRevenueRecognized
59000
CY2024Q1 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
14331000
CY2024Q1 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
482888000
CY2023Q1 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
79026000
CY2024Q1 us-gaap Restricted Cash And Cash Equivalents At Carrying Value
RestrictedCashAndCashEquivalentsAtCarryingValue
150000
CY2024Q1 us-gaap Restricted Cash And Cash Equivalents Noncurrent
RestrictedCashAndCashEquivalentsNoncurrent
1614000
CY2023Q1 us-gaap Restricted Cash And Cash Equivalents Noncurrent
RestrictedCashAndCashEquivalentsNoncurrent
1764000
CY2024Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
484652000
CY2023Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
80790000
CY2024Q1 us-gaap Inventory Raw Materials
InventoryRawMaterials
329000
CY2023Q4 us-gaap Inventory Raw Materials
InventoryRawMaterials
302000
CY2024Q1 us-gaap Inventory Work In Process
InventoryWorkInProcess
915000
CY2023Q4 us-gaap Inventory Work In Process
InventoryWorkInProcess
1012000
CY2024Q1 us-gaap Inventory Finished Goods
InventoryFinishedGoods
1330000
CY2023Q4 us-gaap Inventory Finished Goods
InventoryFinishedGoods
991000
CY2024Q1 us-gaap Inventory Net
InventoryNet
2574000
CY2023Q4 us-gaap Inventory Net
InventoryNet
2305000
CY2024Q1 ocul Accrued Rebates And Programs Current
AccruedRebatesAndProgramsCurrent
5487000
CY2023Q4 ocul Accrued Rebates And Programs Current
AccruedRebatesAndProgramsCurrent
5117000
CY2024Q1 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
5367000
CY2023Q4 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
8156000
CY2024Q1 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
1887000
CY2023Q4 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
691000
CY2024Q1 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
1576000
CY2023Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
1525000
CY2024Q1 ocul Accrued Interest Notes Payable
AccruedInterestNotesPayable
885000
CY2023Q4 ocul Accrued Interest Notes Payable
AccruedInterestNotesPayable
803000
CY2024Q1 ocul Accrued Research And Development Expense Current
AccruedResearchAndDevelopmentExpenseCurrent
838000
CY2023Q4 ocul Accrued Research And Development Expense Current
AccruedResearchAndDevelopmentExpenseCurrent
1488000
CY2023Q4 ocul Accrued Interest Convertible Notes
AccruedInterestConvertibleNotes
10886000
CY2024Q1 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
16040000
CY2023Q4 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
28666000
CY2024Q1 ocul Number Of Financial Institutions
NumberOfFinancialInstitutions
2
CY2024Q1 ocul Royalty Fee Obligation
RoyaltyFeeObligation
-515000
CY2024Q1 ocul Derivative Gain Loss On Derivative And Other Net
DerivativeGainLossOnDerivativeAndOtherNet
-5152000
CY2023Q1 ocul Derivative Gain Loss On Derivative And Other Net
DerivativeGainLossOnDerivativeAndOtherNet
-6563000
CY2024Q1 ocul Number Of Stock Based Compensation Plans
NumberOfStockBasedCompensationPlans
3
CY2024Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
7978000
CY2023Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
4572000
CY2024Q1 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognized
52872000
CY2024Q1 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Period For Recognition1
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognition1
P3Y1M6D
CY2024Q1 us-gaap Net Income Loss
NetIncomeLoss
-64848000
CY2023Q1 us-gaap Net Income Loss
NetIncomeLoss
-30318000
CY2024Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
132021945
CY2023Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
77386287
CY2024Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.49
CY2023Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.39
CY2023Q1 us-gaap Dilutive Securities
DilutiveSecurities
0
CY2024Q1 us-gaap Dilutive Securities
DilutiveSecurities
0
CY2024Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
23913908
CY2023Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
24024233

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