OCUL Stock — Ocular Therapeutix Inc.: Cash, EV, Pipeline

What they do

We are an integrated biopharmaceutical company committed to redefining the retina experience. AXPAXLI, also known as OTX-TKI, our investigational product candidate for retinal disease, is an axitinib intravitreal hydrogel based on our ELUTYX proprietary bioresorbable hydrogel-based formulation technology.

Source: 10-K FY2025 via SEC EDGAR

Share price

$6.60

Market cap

$1,449.6M

Cash

$530.6M

Enterprise value

$919.0M

Balance sheet

Cash	$530.6M
Debt	$0.0M
Net cash	$530.6M
Enterprise value	$919.0M
Basic shares	220.0M shares
Fully diluted shares	253.6M shares
Fully diluted market cap	$1,673.7M
Cash per share	$2.41
Quarterly burn	$67.3M
Cash runway	7.9 quarters

Cash figures as of 2026-09-30. Database snapshot: 2026-11-10.

Share structure

Common

219.6M

Pre-funded warrants

0.0M

Options

25.6M

RSUs

6.3M

Warrants

0.0M

Converts

0.0M

Conv preferred

0.0M

ESPP reserve

2.1M

FDSO

253.6M

Cap table as of 2026-07-31.

Price history

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Next catalyst

AXPAXLI (OTX-TKI) · Est. Nov 15, 2026 · quarter midpoint · guided Now

Upcoming catalysts

Expected	Drug	Phase	Indication	Mgmt guide
GUIDEDEst. Nov 15, 2026 Now quarter midpoint	AXPAXLI (OTX-TKI) Wet-AMD NDA submission	Not disclosed	Wet-AMD	Q4 2026
Feb 19 - Apr 2 in 14 wks	OTX-TKI	Phase 3	Neovascular Age-related Macular Degeneration	—
GUIDEDEst. Feb 15, 2028 in 14 mo quarter midpoint	OTX-TKI (AXPAXLI) SOL-R Phase 3 non-inferiority trial of AXPAXLI in wet AMD	Phase 3	wet AMD	Q1 2028
Sep 12 - Oct 24 in 47 mo	OTX-TKI	Phase 3	Neovascular Age-Related Macular Degeneration (nAMD)	—

Estimated readout windows: registry primary-completion date + 6-12 weeks. Windows already open are shown from "Now". Drug names link to ClinicalTrials.gov.

Full readout calendar →

Pipeline assets

DEXTENZA

Approved · Active Modality: dexamethasone intracanalicular insert (ELUTYX hydrogel)

Partnerships AffaMed (development/commercialization in mainland China, Taiwan, Hong Kong, Macau, South Korea, ASEAN)

Indications

ocular inflammation and pain following ophthalmic surgery (Approved)
ocular itching associated with allergic conjunctivitis (Approved)

Status note Commercial product.

AXPAXLI

Phase 3 · Active Modality: axitinib intravitreal hydrogel (ELUTYX)

Aliases OTX-TKI

Target tyrosine kinases (multi-target)

Indications

wet age-related macular degeneration (wet AMD) (Phase 3)
non-proliferative diabetic retinopathy (NPDR) (Phase 3)

Status note SOL-1 Phase 3 (wet AMD) with SOL-R repeat-dosing and SOL-X extension studies; HELIOS-3 Phase 3 (NPDR); NDA planned on SOL-1 Week 52 data.

OTX-TIC

Phase 2 · Active Modality: travoprost intracameral hydrogel (ELUTYX)

Target FP receptor

Partnerships AffaMed (development/commercialization in mainland China, Taiwan, Hong Kong, Macau, South Korea, ASEAN)

Indications

open-angle glaucoma (Phase 2)
ocular hypertension (Phase 2)

Status note Phase 2 completed; next steps being determined; no discontinuation disclosed.

Per-asset detail extracted from the 10-Q filed 2026-08-03. Fields the filing does not state are marked "not disclosed" rather than filled from other sources.

No lead program on file for this company.

Active clinical trials

Trial	Phase	Status	Role	Sponsor	BP	Condition(s)	Mgmt guide
NCT06495918	Phase 3	Active, not recruiting	Sponsor	OCUL	—	Neovascular Age-related Macular Degeneration	—
NCT07235085	Phase 3	Recruiting	Sponsor	OCUL	—	Non-Proliferative Diabetic Retinopathy	—
NCT07516132	Phase 3	Recruiting	Sponsor	OCUL	—	Neovascular Age-Related Macular Degeneration (nAMD)	—
NCT06223958	Phase 3	Active, not recruiting	Sponsor	OCUL	—	Neovascular Age-Related Macular Degeneration	—
NCT04371445	Not disclosed	Recruiting	Collaborator	The Cleveland Clinic	—	Vitreoretinal Surgery; Ocular Inflammation; Post-operative Pain	—
NCT04205916	Not disclosed	Recruiting	Collaborator	Ophthalmic Consultants of Long Island	—	Patient Preference	—

Sponsor-matched active trials from ClinicalTrials.gov (4 as sponsor, 2 as collaborator); "Sponsor" = company is the lead sponsor, "Collaborator" = company is a collaborator. The BP column flags big-pharma involvement as lead sponsor or collaborator (excluding the company itself). The Mgmt guide column shows what management guided for readout timing when a guided program matches the trial (hover for the quote, click for the source). Trial listings are not a company pipeline slide.

View all 6 active trials for Ocular Therapeutix, Inc. on ClinicalTrials.gov

Specialist fund holders

Tracked specialist funds: ADAR1 Capital Management, Aisling Capital, Ally Bridge Group, Avoro Capital Advisors, BVF Partners, Baker Bros. Advisors, Boxer Capital, Braidwell LP, Casdin Capital, Cormorant Asset Management, DAFNA Capital, Deerfield Management, EcoR1 Capital, Frazier Life Sciences, Great Point Partners, Ikarian Capital, Logos Global Management, OrbiMed Advisors, Perceptive Advisors, RA Capital Management, RTW Investments, Sphera Biotech, Stonepine Capital, Tang Capital Partners, Vivo Capital.

Fund	Shares	Q/Q change	% of portfolio	Filing
Avoro Capital Advisors	12,540,000	+225,000	1.11%	2026-08-14
Logos Global Management	5,300,000	+1,450,000	2.24%	2026-08-14
Boxer Capital	1,300,000	+950,000	0.96%	2026-08-14
OrbiMed Advisors	220,000	+220,000	0.04%	2026-08-14

Specialist-fund positions from 13F filings. Q/Q change is vs the prior quarter's filing; % of portfolio is the fund's own reported portfolio weight.

Latest news

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OCUL — Ocular Therapeutix Inc. ☆

What they do

Balance sheet

Share structure

Price history

Next catalyst

Upcoming catalysts

Pipeline assets

Active clinical trials

Specialist fund holders

Latest news

OCUL — Ocular Therapeutix Inc.