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Ophthalmology biotech using a proprietary hydrogel implant to deliver drugs inside the eye long-acting.
Ophthalmology biotech using a proprietary hydrogel implant to deliver drugs inside the eye long-acting.
Dextenza, a steroid insert placed in the eyelid after cataract surgery, brings in the product revenue, but it is small beside the cost of late-stage trials for Axpaxli, so the company has depended on raising capital. Axpaxli, if approved for wet macular degeneration, would compete with repeated eye injections.
Moat: narrow (IP / patents, process know-how). Proprietary hydrogel depot technology for sustained intraocular drug release is patent-protected.
Headquarters: Bedford, Massachusetts, US · Founded: 2006 · Employees: 325
Size Ocular Therapeutix (OCUL) is a United States Health Care company (Pharmaceuticals: Major) with a market value of $1.45B, the 2022nd largest of 3,117 United States companies the cockpit tracks. Shares closed at $6.59 on 6 Nov 2026.
Performance Over six months the shares fell 31.7%, against -16.7% for the median peer and -1.1% for the United States market (cap-weighted) — 8th lowest of 21 in its peer set.
Growth Revenue fell 8.1% over the last twelve months (peer median +9.2%); the operating margin is -603.0% (peer median -12.7%).
Valuation It trades at 17.9× enterprise value to sales against a peer median of 8.9× (5th most expensive of 18).
Short interest Short interest is 13.1% of the free float (15 Oct 2026).
Next results Next results expected around 9 Nov 2026 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | $52.1M | $52.0M | $63.7M | $58.4M | $51.5M |
| Revenue growth | — | -18% | +9% | +13% | — |
| Gross profit | $45.3M | $45.4M | $58.1M | $53.2M | $47.0M |
| EBITDA | -$308M | -$266M | -$168M | -$79.4M | -$76.5M |
| Net income | -$301M | -$266M | -$194M | -$80.7M | -$71.0M |
| Free cash flow | -$255M | -$217M | -$136M | -$76.3M | -$63.3M |
| Capital expenditure | $16.9M | $12.0M | $1.29M | $6.09M | $3.71M |
| Total debt | $79.4M | $77.0M | $75.8M | $83.4M | $64.3M |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | EV / Sales | Req g |
|---|---|---|---|---|---|---|
| Ocular Therapeutix OCUL | $1.45B | -32% | -8% | -603% | 17.9× | n/a |
| Regeneron Pharmaceuticals REGN | $93.5B | +27% | +19% | 30% | 5.2× | -2.2% |
| Roche RO.SW | $385B | +22% | -1% | 31% | 5.6× | 0.9% |
| EyePoint EYPT | n/a | +13% | n/a | n/a | n/a | n/a |
| AbbVie ABBV | $515B | +45% | +11% | 36% | 8.9× | -0.1% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | OCUL | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -12.2% | -0.4% | 5th lowest of 21 |
| 6-month return | -31.7% | -16.7% | 8th lowest of 21 |
| Distance from 52-week high | -59.9% | -40.1% | 4th lowest of 21 |
| Revenue growth (TTM) | -8.1% | +9.2% | 4th lowest of 18 |
| Operating margin | -603.0% | -12.7% | lowest of 18 |
| EV / Sales | 17.9× | 8.9× | 5th most expensive of 18 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | EV / Sales | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Ocular Therapeutix OCUL | United States | $1.45B | -32% | -8% | -603% | 17.9× | n/a | n/a |
| Structure Therapeutics, Inc. Sponsored ADR GPCR | United States | $1.45B | -48% | n/a | n/a | n/a | n/a | n/a |
| Pacira Biosciences PCRX | United States | $1.45B | +57% | +6% | 4% | 2.2× | 14.9% | +11.1% |
| Marksans Pharma MARKSANS.NS | India | $1.45B | +50% | +24% | 20% | 3.9× | 31.6% | +16.6% |
| Mabwell (Shanghai) Bioscience 688062.SS | China | $1.44B | -38% | +15% | -129% | 15.5× | n/a | n/a |
| Damora Therapeutics DMRA | United States | $1.46B | -2% | n/a | n/a | n/a | n/a | n/a |
| Nippon Shinyaku 4516.T | Japan | $1.43B | -30% | +12% | 19% | 0.9× | -17.5% | +7.0% |
| Mezzion Pharma 140410.KS | South Korea | $1.42B | -29% | +7% | -223% | 226.6× | n/a | n/a |
| ABL Bio 298380.KS | South Korea | $1.49B | -73% | -64% | -251% | 55.7× | n/a | n/a |
| Staidson (Beijing) Biopharmaceuticals 300204.SZ | China | $1.41B | -36% | -24% | -51% | 44.5× | n/a | n/a |
| Zhejiang Jingxin Pharmaceutical 002020.SZ | China | $1.49B | -17% | +1% | 19% | 2.3× | -8.5% | +4.6% |
| Anupam Rasayan India ANURAS.NS | India | $1.40B | -15% | +52% | 16% | 5.2× | n/a | n/a |
| Shenzhen Chipscreen Biosciences 688321.SS | China | $1.40B | -33% | +27% | 12% | 8.9× | n/a | n/a |
| Zhejiang Hisoar Pharmaceutical 002099.SZ | China | $1.39B | -9% | +9% | -13% | 4.9× | n/a | n/a |
| Ascentage Pharma Group International 6855.HK | Hong Kong | $1.39B | -33% | +70% | -220% | 15.5× | n/a | n/a |
| Innoviva INVA | United States | $1.38B | -17% | +18% | 36% | 2.4× | -15.4% | +3.9% |
| Ultragenyx Pharmaceutical RARE | United States | $1.52B | +22% | +16% | -64% | 3.3× | n/a | n/a |
| Guangdong Taienkang Pharmaceutical 301263.SZ | China | $1.53B | -17% | +2% | -2% | 15.1× | n/a | n/a |
| Nanobiotix NANO.PA | France | $1.54B | -42% | -77% | -392% | 164.1× | n/a | n/a |
| Chongqing Lummy Pharmaceutical 300006.SZ | China | $1.55B | +53% | -6% | -19% | 13.6× | 49.9% | -13.2% |
| LB Pharmaceuticals LBRX | United States | $1.36B | +31% | n/a | n/a | n/a | n/a | n/a |