OCULAR THERAPEUTIX, INC (OCUL) FY2025 10-K Annual Report
OCULAR THERAPEUTIX, INC (OCUL) 10-K annual report for fiscal year 2025, filed with SEC EDGAR on Feb 5, 2026. This page provides AI-powered analysis including business overview, management discussion & analysis (MD&A), risk factors, and key financial data such as revenue, net income, gross margin, operating margin, and return on equity (ROE) extracted from XBRL.
OCULAR THERAPEUTIX, INC FY2025 10-K Analysis
Business Overview
- • Core business: Integrated biopharmaceutical company developing ELUTYX hydrogel-based ocular drug delivery platform for retina diseases
- • New emphasis on AXPAXLI (OTX-TKI), a Phase 3 axitinib intravitreal hydrogel implant targeting wet AMD and diabetic retinal disease with registrational trials SOL and HELIOS
Management Discussion & Analysis
- • Revenue $51.9M in 2025 vs $63.7M in 2024 and $58.4M in 2023, declining due to decreased DEXTENZA sales
- • Net loss widened to $265.9M in 2025 from $193.5M in 2024 and $80.7M in 2023; operating expenses $322.0M in 2025
Risk Factors
- • Regulatory risk: FDA may require additional trials delaying AXPAXLI approval for wet AMD and diabetic retinal disease
- • Macroeconomic exposure: $82.5M debt under Barings Credit Facility requires minimum liquidity $20M, royalty fee 3.5% of DEXTENZA sales
OCULAR THERAPEUTIX, INC FY2025 Key Financial MetricsXBRL
Revenue
$52M
▼ -18.5% YoY
Net Income
-$266M
▼ -37.4% YoY
Operating Margin
-519.8%
▼ -25018bp YoY
Net Margin
-511.9%
▼ -20824bp YoY
ROE
-40.6%
▲ +2072bp YoY
Total Assets
$808M
▲ +76.5% YoY
EPS (Diluted)
$-1.42
▼ -16.4% YoY
Operating Cash Flow
-$205M
▼ -52.1% YoY
Source: XBRL data from OCULAR THERAPEUTIX, INC FY2025 10-K filing on SEC EDGAR. All figures in USD.
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