Ocular Therapeutix (OCUL) financial statements
Ocular Therapeutix reported revenue of $52M in fiscal 2025, up 44.5% a year over 9 years.
Net income was -$266M and the operating margin -519.8%, against -2296.0% in 2016.
Free cash flow was -$217M.
The diluted share count rose 655% over the period (dilution).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from Ocular Therapeutix's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $2M | $2M | $2M | $4M | $17M | $44M | $51M | $58M | $64M | $52M |
| Cost of revenue | $443,000 | $457,000 | $465,000 | $2M | $2M | $4M | $5M | $5M | $6M | $7M |
| Gross profit | $1M | $1M | $2M | $2M | $15M | $39M | $47M | $53M | $58M | $45M |
| Research and development | $27M | $31M | $37M | $41M | $29M | $50M | $53M | $61M | $128M | $197M |
| Selling, general and admin | $18M | $33M | $24M | $47M | $49M | $67M | $72M | $74M | $102M | $118M |
| Operating income | -$43M | -$62M | -$59M | -$86M | -$63M | -$78M | -$79M | -$82M | -$172M | -$270M |
| Interest expense | $2M | $2M | $2M | $6M | $7M | $7M | $7M | $11M | $14M | $12M |
| Income tax | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Net income | -$45M | -$63M | -$60M | -$86M | -$156M | -$7M | -$71M | -$81M | -$194M | -$266M |
| EPS (diluted) | -$1.80 | -$2.20 | -$1.57 | -$1.91 | -$2.56 | -$0.98 | -$0.97 | -$1.02 | -$1.22 | -$1.42 |
| Diluted shares | 25M | 29M | 38M | 45M | 61M | 82M | 83M | 86M | 158M | 187M |
| Gross margin | 76.5% | 76.2% | 76.6% | 45.0% | 88.0% | 89.9% | 91.2% | 91.0% | 91.2% | 87.3% |
| Operating margin | -2296.0% | -3220.1% | -2970.8% | -2029.9% | -361.1% | -179.3% | -152.7% | -141.0% | -269.6% | -519.8% |
| Net margin | -2369.0% | -3296.2% | -3014.0% | -2043.3% | -894.3% | -15.1% | -138.0% | -138.1% | -303.7% | -511.9% |
Balance sheet
Fiscal years, from Ocular Therapeutix's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $68M | $42M | $54M | $54M | $228M | $164M | $102M | $196M | $392M | $737M |
| Receivables | $250,000 | $226,000 | $201,000 | $3M | $12M | $21M | $21M | $26M | $32M | $31M |
| Inventory | $113,000 | $122,000 | $217,000 | $954,000 | $1M | $1M | $2M | $2M | $3M | $4M |
| Total current assets | $70M | $43M | $56M | $60M | $246M | $191M | $130M | $232M | $441M | $782M |
| Property, plant and equipment | $3M | $10M | $10M | $10M | $8M | $7M | $10M | $12M | $9M | $20M |
| Total assets | $75M | $55M | $73M | $79M | $262M | $205M | $149M | $252M | $458M | $808M |
| Total current liabilities | $8M | $13M | $9M | $12M | $27M | $26M | $31M | $35M | $41M | $51M |
| Total liabilities | $23M | $29M | $37M | $82M | $186M | $117M | $114M | $161M | $143M | $154M |
| Shareholders' equity | $52M | $26M | $36M | -$4M | $76M | $88M | $35M | $91M | $315M | $654M |
| Net debt | -$33M | -$42M | -$54M | -$54M | -$228M | -$164M | -$102M | -$196M | -$392M | -$737M |
Cash flow
Fiscal years, from Ocular Therapeutix's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | -$34M | -$50M | -$49M | -$78M | -$54M | -$66M | -$60M | -$70M | -$135M | -$205M |
| Capital spending | $2M | $8M | $2M | $2M | $841,000 | $1M | $4M | $6M | $1M | $12M |
| Free cash flow | -$36M | -$59M | -$51M | -$80M | -$54M | -$67M | -$63M | -$76M | -$136M | -$217M |
| Stock-based compensation | $6M | $7M | $7M | $9M | $8M | $15M | $17M | $18M | $33M | $43M |
| Net borrowing | — | — | — | — | — | — | — | $56M | — | — |
| Free cash flow margin | -1903.6% | -3053.8% | -2568.6% | -1888.2% | -312.6% | -153.4% | -123.0% | -130.6% | -213.4% | -417.5% |
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Open OCUL in InvestinglyQuestions
What was Ocular Therapeutix's revenue in 2025?
$52M in fiscal 2025, from its 10-K filing.
How much free cash flow does Ocular Therapeutix generate?
-$217M in fiscal 2025 (operating cash flow minus capital spending).
From Ocular Therapeutix's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.