Ocular Therapeutix (OCUL)
Develops hydrogel-delivered retinal therapies and commercial ophthalmic drug inserts.
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Develops eye therapies using the ELUTYX bioresorbable hydrogel platform, led by the investigational AXPAXLI retinal program and commercial DEXTENZA insert. DEXTENZA provides product revenue while AXPAXLI advances through late-stage studies for wet AMD and diabetic retinal disease.
Develops and commercializes ophthalmic therapies built on ELUTYX, a bioresorbable hydrogel platform designed for programmed drug release in the eye. DEXTENZA is an FDA-approved dexamethasone insert for postsurgical ocular inflammation and pain and allergic itching; AXPAXLI is an investigational axitinib intravitreal hydrogel in late-stage programs for wet age-related macular degeneration and diabetic retinal disease. OTX-TIC, a travoprost implant for glaucoma or ocular hypertension, has completed mid-stage testing while next steps are evaluated.
Runs research and AXPAXLI manufacturing in Bedford and sells DEXTENZA primarily in the United States, with selected Asian rights licensed to AffaMed. Product revenue comes from DEXTENZA, while the retina strategy depends on AXPAXLI trial execution, manufacturing scale-up, regulatory approval, market access, and reimbursement.
Company facts
Target rangeAs of Sep 22, 2026
Latest analyst notes
| Date | Firm | Action | Prior | Current |
|---|---|---|---|---|
| Jun 18, 2026 | H.C. Wainwright | Target | Target: $21 | Target: $25 |
| Jun 18, 2026 | Robert W. Baird | Target | Target: $24 | Target: $30 |
| Feb 5, 2026 | RBC Capital | Target | Target: — | Target: $30 |
| Dec 8, 2025 | H.C. Wainwright | Target | Target: $19 | Target: $21 |
| Oct 8, 2025 | H.C. Wainwright | Target | Target: $14 | Target: $19 |
EPSReportedEstimate
RevenueReportedEstimate
Balance sheet, Jun 30, 2026Cash & short-term investments $598.6M · Total debt $79.4M · Total assets $671.3M · Shareholders' equity $520.0M
- Revenue
- $13.5M
- Operating income
- −$82.1M
- Net income
- −$78.8M
No dividends on record.
| Institutions | 95.04% | 208.73M shares | |
|---|---|---|---|
| 277 holders · as of Jun 30, 2026 | |||
| Insiders | 1.71% | 3.76M shares | |
| 17 holders · as of Sep 2, 2026 | |||
| Other | 3.25% | 7.13M shares | |
| remainder | |||
219.62M company shares as of Sep 23, 2026 · institutions as of Jun 30, 2026 · holders as of their latest filing
Top shareholders13F · 13D/G · Form 4
| Holder | Stake | Shares | Date |
|---|---|---|---|
FMR LLCInstitution | 14.96% | 32.84M | as of Jun 30, 2026 |
Deep Track Capital, LPInstitution | 8.96% | 19.69M | as of Jun 30, 2026 |
BlackRock, Inc.Institution | 8.82% | 19.38M | as of Jun 30, 2026 |
Avoro Capital Advisors LLCInstitution | 5.71% | 12.54M | as of Jun 30, 2026 |
Summer Road LLCInstitution | 5.56% | 12.21M | as of Jun 30, 2026 |
Insider tradesForm 4
| Date | Insider | Role | Shares | Avg price |
|---|---|---|---|---|
| Aug 31, 2026 | Donald Notman | officer: Chief Operating Officer | −1,099 | $10.24 |
| Aug 24, 2026 | Jeffrey S. Heier | officer: Chief Scientific Officer | −3,296 | $10.78 |
| Aug 24, 2026 | Sanjay Nayak | officer: Chief Strategy Officer | −1,897 | $10.78 |
| Aug 24, 2026 | Peter Kaiser | officer: Chief Development Officer | −3,035 | $10.77 |
| Aug 24, 2026 | Pravin Dugel | director, officer: See Remarks | −21,649 | $10.77 |
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Compare
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| Ocular Therapeutix | $9.98 | −4.97% | $2.30B | — | — | 44.2 | +0.1% |
| Regeneron | $792.23 | −1.45% | $82.82B | 19.9 | 13.1 | 5.3 | +16.7% |
| EyePoint | $3.88 | −4.79% | $341.2M | — | — | 122.3 | −90.5% |
| AbbVie | $264.75 | −0.17% | $468.77B | 74.8 | 17.4 | 7.3 | +10.2% |
| Bausch + Lomb | $17.05 | −1.59% | $6.19B | — | 17.1 | 1.2 | +9.1% |
| Novartis (ADR) | $142.20 | +0.65% | $268.53B | 21.3 | 15.1 | 4.8 | +0.9% |
| Median | 21.3 | 16.1 | 5.3 | +9.1% |