Ocular Therapeutix Inc
OCULHealthcare|Biotechnology|USA
$10.21
-0.34 (-3.27%)
Tangible Book
$2.66
Financials
Financial Snapshot
Market Cap
$2.24B
Enterprise Value
$587.2M
Revenue (TTM)
$52.0M
Net Income (TTM)
$-290.5M
Cash & Equivalents
—
Net Cash/Share
$2.36
Free Cash Flow (TTM)
$-240.9M
Operating CF (TTM)
$-226.2M
Debt/Equity
0.14
Cash Runway & Burn Rate
Cash on Hand
$0.00
Quarterly Burn
$56.6M
Monthly Burn
$18.9M
Est. Runway
—
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Investments | $68.1M | $41.5M | $54.1M | $54.4M | $228.1M | $164.2M | $102.3M | $195.8M | $392.1M | $737.1M | $666.7M | |
| Operating Cash Flow | $-34.0M | $-50.5M | $-49.2M | $-77.6M | $-53.6M | $-65.5M | $-59.6M | $-70.2M | $-134.7M | $-204.9M | $-226.2M | |
| Free Cash Flow | $-35.9M | $-58.7M | $-51.1M | $-79.8M | $-54.4M | $-66.7M | $-63.3M | $-76.3M | $-136.0M | $-216.9M | $-240.9M | |
| Capital Expenditure | $-1.9M | $-8.3M | $-1.9M | $-2.2M | $-841.0K | $-1.2M | $-3.7M | $-6.1M | $-1.3M | $-12.0M | $-14.7M | |
| Financing Cash Flow | $585.0K | $32.0M | $68.6M | $75.3M | $228.0M | $2.9M | $1.5M | $169.8M | $332.1M | $561.7M | $557.8M |
R&D Spending
R&D (TTM)
$220.5M
R&D Intensity
423.6%
R&D Growth YoY
+11.9%
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $1.9M | $1.9M | $2.0M | $4.2M | $17.4M | $43.5M | $51.5M | $58.4M | $63.7M | $52.0M | $52.0M | |
| R&D Expense | $27.1M | $30.9M | $36.9M | $41.1M | $28.7M | $50.1M | $53.5M | $61.1M | $127.6M | $197.1M | $220.5M | |
| R&D % of Revenue | 1434.3% | 1605.8% | 1855.0% | 972.1% | 164.9% | 115.1% | 103.8% | 104.5% | 200.3% | 379.4% | 423.6% | |
| SG&A | $17.7M | $32.5M | $23.7M | $46.6M | $49.5M | $67.1M | $72.1M | $74.5M | $102.2M | $118.3M | $124.4M |
Income Statement
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $1.9M | $1.9M | $2.0M | $4.2M | $17.4M | $43.5M | $51.5M | $58.4M | $63.7M | $52.0M | $52.0M | |
| Cost of Goods Sold | $443.0K | $457.0K | $465.0K | $2.3M | $2.1M | $4.4M | $4.5M | $5.3M | $5.6M | $6.6M | $6.6M | |
| Gross Profit | $1.4M | $1.5M | $1.5M | $1.9M | $15.3M | $39.1M | $47.0M | $53.2M | $58.1M | $45.4M | $45.4M | |
| R&D | $27.1M | $30.9M | $36.9M | $41.1M | $28.7M | $50.1M | $53.5M | $61.1M | $127.6M | $197.1M | $220.5M | |
| SG&A | $17.7M | $32.5M | $23.7M | $46.6M | $49.5M | $67.1M | $72.1M | $74.5M | $102.2M | $118.3M | $124.4M | |
| Operating Income | $-43.3M | $-61.9M | $-59.1M | $-85.8M | $-62.8M | $-78.0M | $-78.7M | $-82.4M | $-171.8M | $-270.0M | $-299.4M | |
| Interest Expense | $-1.7M | $-1.9M | $-1.7M | $-6.1M | $-6.8M | $-6.7M | $-7.0M | $-11.3M | $-13.6M | $-11.8M | $-11.6M | |
| Pretax Income | $-44.7M | $-63.4M | $-60.0M | $-86.4M | $-155.6M | $-6.6M | $-71.0M | $-80.7M | $-193.5M | $-265.9M | $-290.5M | |
| Net Income | $-44.7M | $-63.4M | $-60.0M | $-86.4M | $-155.6M | $-6.6M | $-71.0M | $-80.7M | $-193.5M | $-265.9M | $-290.5M | |
| EPS (Diluted) | -1.80 | -2.20 | -1.57 | -1.91 | -2.56 | -0.98 | -0.97 | -1.02 | -1.22 | -1.42 | -1.46 | |
| EBITDA | $-42.1M | $-59.9M | $-56.0M | $-77.7M | $-146.1M | $2.5M | $-61.9M | $-66.4M | $-176.1M | $-249.8M | $-274.2M | |
| Shares Out. (M) | 24.82 | 28.82 | 38.12 | 45.27 | 60.75 | 82.16 | 82.64 | 85.60 | 158.26 | 187.24 | 224.10 |
Balance Sheet
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $32.9M | $41.5M | $54.1M | $54.4M | $228.1M | $164.2M | $102.3M | $195.8M | $392.1M | $737.1M | $666.7M | |
| Marketable Securities | $35.2M | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Total Current Assets | $69.9M | $43.3M | $56.2M | $60.2M | $246.2M | $191.3M | $129.6M | $232.2M | $441.0M | $782.1M | $706.0M | |
| Total Assets | $74.9M | $55.4M | $73.0M | $78.7M | $261.9M | $204.9M | $149.3M | $252.1M | $457.9M | $808.1M | $732.5M | |
| Total Current Liabilities | $8.3M | $13.4M | $9.2M | $12.0M | $26.7M | $26.3M | $31.4M | $34.9M | $41.4M | $50.8M | $47.7M | |
| Long-Term Debt | $14.1M | $12.5M | $24.8M | $49.3M | $41.2M | $51.4M | $54.0M | $74.9M | $68.5M | $71.3M | $72.1M | |
| Total Liabilities | $22.9M | $29.3M | $37.2M | $82.4M | $185.8M | $116.9M | $113.9M | $160.9M | $142.6M | $153.7M | $151.0M | |
| Stockholders' Equity | $52.0M | $26.1M | $35.9M | $-3.6M | $76.1M | $88.0M | $35.4M | $91.1M | $315.3M | $654.3M | $581.6M | |
| Retained Earnings | $-173.9M | $-237.3M | $-297.2M | $-383.6M | $-539.3M | $-545.8M | $-616.8M | $-697.6M | $-891.1M | $-1.16B | $-1.25B |
Cash Flow Statement
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $-34.0M | $-50.5M | $-49.2M | $-77.6M | $-53.6M | $-65.5M | $-59.6M | $-70.2M | $-134.7M | $-204.9M | $-226.2M | |
| Capital Expenditure | $-1.9M | $-8.3M | $-1.9M | $-2.2M | $-841.0K | $-1.2M | $-3.7M | $-6.1M | $-1.3M | $-12.0M | $-14.7M | |
| Free Cash Flow | $-35.9M | $-58.7M | $-51.1M | $-79.8M | $-54.4M | $-66.7M | $-63.3M | $-76.3M | $-136.0M | $-216.9M | $-240.9M | |
| Investing Cash Flow | $37.1M | $27.0M | $-1.9M | $-2.2M | $-841.0K | $-1.2M | $-3.7M | $-6.1M | $-1.3M | $-11.9M | $-14.6M | |
| Financing Cash Flow | $585.0K | $32.0M | $68.6M | $75.3M | $228.0M | $2.9M | $1.5M | $169.8M | $332.1M | $561.7M | $557.8M | |
| Issuance of Stock | $905.0K | $29.5M | $61.9M | $38.0M | $225.4M | $985.0K | $940.0K | $118.1M | $317.4M | $541.2M | $446.4M | |
| Repurchase of Stock | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Issuance of Debt | $0.00 | $3.7M | $12.0M | $37.3M | $3.2M | $3.7M | $0.00 | $84.5M | $0.00 | $0.00 | $0.00 | |
| Payments of Debt | $0.00 | $-1.3M | $-5.7M | $0.00 | $-3.2M | $-4.2M | $0.00 | $-28.1M | $0.00 | $0.00 | $0.00 | |
| Stock Based Comp. | $6.0M | $7.3M | $7.5M | $8.8M | $7.5M | $15.0M | $17.0M | $17.8M | $33.1M | $43.2M | $48.3M | |
| Net Change in Cash | $3.7M | $8.5M | $17.5M | $-4.5M | $173.6M | $-63.9M | $-61.9M | $93.5M | $196.1M | $345.0M | $317.0M |
Dilution Tracker
Shares outstanding grew 172.8% over 5 years — significant dilution
Shares Outstanding
224M
5-Year Share Growth
+172.8%
Stock Issuance (TTM)
$446.4M
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Shares Out. (M) | 24.82 | 28.82 | 38.12 | 45.27 | 60.75 | 82.16 | 82.64 | 85.60 | 158.26 | 187.24 | 224.10 | |
| YoY Change % | — | 16.1% | 32.3% | 18.8% | 34.2% | 35.2% | 0.6% | 3.6% | 84.9% | 18.3% | 19.7% | |
| Stock Issuance | $905.0K | $29.5M | $61.9M | $38.0M | $225.4M | $985.0K | $940.0K | $118.1M | $317.4M | $541.2M | $446.4M | |
| Stock Repurchase | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Stock Based Comp. | $6.0M | $7.3M | $7.5M | $8.8M | $7.5M | $15.0M | $17.0M | $17.8M | $33.1M | $43.2M | $48.3M |
Margins & Profitability
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin % | 76.5% | 76.2% | 76.6% | 45.0% | 88.0% | 89.9% | 91.2% | 91.0% | 91.2% | 87.3% | 87.2% | |
| Operating Margin % | -2296.0% | -3220.1% | -2970.8% | -2029.9% | -361.1% | -179.3% | -152.7% | -141.0% | -269.6% | -519.8% | -575.4% | |
| Net Margin % | -2369.0% | -3296.2% | -3014.0% | -2043.3% | -894.3% | -15.1% | -138.0% | -138.1% | -303.7% | -511.9% | -558.2% | |
| EBITDA Margin % | -2233.3% | -3113.3% | -2811.7% | -1839.2% | -839.5% | 5.8% | -120.2% | -113.6% | -276.4% | -480.8% | -527.0% | |
| FCF Margin % | -1903.6% | -3053.8% | -2568.6% | -1888.2% | -312.6% | -153.4% | -123.0% | -130.6% | -213.4% | -417.5% | -463.0% | |
| ROE % | -63.1% | -162.2% | -193.4% | -535.7% | -429.5% | -8.0% | -115.2% | -127.6% | -95.2% | -54.9% | -70.3% | |
| ROA % | -48.3% | -97.2% | -93.4% | -113.8% | -91.4% | -2.8% | -40.1% | -40.2% | -54.5% | -42.0% | -51.7% | |
| R&D / Revenue | - | - | - | - | - | - | - | - | - | - | - |
Valuation
P/E (TTM)At Loss
HistoricalAt Loss / At Loss / At Loss
Industry Med.27.51
P/S38.69
Historical2.94 / 40.26 / 155.41
Industry Med.9.49
P/B3.84
Historical1.54 / 5.31 / 132.31
Industry Med.2.93
EV/EBITDA-6.01
Historical-23.77 / -4.58 / 184.67
Industry Med.13.02
EV/Revenue31.70
Historical2.63 / 36.25 / 133.35
Industry Med.8.59
P/FCF—
Historical— / — / —
Industry Med.27.13
Intrinsic Value Models
Tangible Book
$2.66
Net Current Assets
$2.540
Median P/S Value
$12.79
Net-Net Working Capital
$2.45
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| PE Ratio | At Loss | At Loss | At Loss | At Loss | At Loss | At Loss | At Loss | At Loss | At Loss | At Loss | At Loss | |
| PS Ratio | 110.13 | 66.42 | 76.54 | 42.47 | 72.38 | 13.15 | 4.51 | 6.53 | 21.19 | 43.83 | 38.69 | |
| PB Ratio | 4.03 | 5.05 | 4.61 | 0.00 | 20.68 | 6.08 | 6.14 | 5.62 | 4.27 | 4.01 | 3.84 | |
| EV/EBITDA | -3.72 | -1.81 | -2.43 | -2.62 | -9.61 | 169.22 | -2.89 | -6.03 | -5.85 | -7.85 | -6.01 | |
| EV/Revenue | 83.17 | 56.40 | 68.33 | 48.20 | 80.65 | 9.87 | 3.47 | 6.85 | 16.18 | 37.75 | 31.70 |
Analyst Estimates & Quality
Altman Z-Score
6.40
Safe
Piotroski F-Score
4
Moderate
Beneish M-Score
-2.97
Unlikely Manipulator
Forward Estimates
| Metric | Current Year | Next Year | 2 Years Out |
|---|---|---|---|
| Revenue | $51.96M | $121.47M | $320.02M |
| Net Income | $-356.83M | $-330.20M | $-217.07M |
| EPS | -1.57 | -1.41 | -1.21 |
| Book Value per Share | 0.00 | 0.00 | 0.00 |
| Operating Cash Flow per Share | 0.28 | 0.33 | 0.00 |
| Operating CF | $62.75M | $73.95M | $0.00M |
Dividends
Revenue Segments
By Business
| Segment | 2025 |
|---|---|
| Developing and commercializing innovative therapies for retinal diseases and other eye conditions | $52.0M |
By Geography
| Segment | 2025 |
|---|---|
| United States | $51.8M |
| China | $128.0K |