Ocular Therapeutix (OCUL) Q4 2025 earnings summary

Executive summary

• Reported Q4 and full year 2025 financial results, highlighting ongoing Phase 3 trials for AXPAXLI in wet AMD and diabetic retinopathy.

• SOL-1 Phase 3 trial results remain masked, with topline data expected at the 49th Macula Society Annual Meeting in February 2026.

• NDA submission for AXPAXLI in wet AMD planned, pending positive SOL-1 results and FDA interactions.

• Cash balance of $737.1 million as of December 31, 2025, with expected runway into 2028.

Financial highlights

• Q4 2025 net revenue was $13.3 million, down 22.4% year-over-year; full year 2025 net revenue was $52.0 million, down 18.5%.

• Q4 2025 net loss was $(64.7) million, or $(0.29) per share; full year net loss was $(265.9) million, or $(1.42) per share.

• Research and development expenses rose to $50.8 million in Q4 and $197.1 million for the year, reflecting increased clinical trial activity.

• Selling and marketing expenses increased to $13.0 million in Q4 and $53.9 million for the year, mainly due to personnel and pre-commercial activities for AXPAXLI.

• Gross proceeds of $475 million raised from a September 2025 equity offering.

Outlook and guidance

• Cash runway projected into 2028, supporting planned clinical and pre-commercial activities.

• NDA submission for AXPAXLI in wet AMD targeted, leveraging the 505(b)(2) pathway to potentially shorten review.

• SOL-1 topline data expected in February 2026; SOL-R topline data anticipated in Q1 2027.