**Ocular Therapeutix Reports Fiscal Year 2025 Results, Focuses on Retina Program**
Ocular Therapeutix, Inc. (OCUL) has released its financial results for the fiscal year ended December 31, 2025, reporting total net revenue of $51.95 million, a decrease of $11.77 million compared to $63.72 million in 2024. The company's net product revenue, derived solely from DEXTENZA sales, was $51.82 million, down from $63.46 million in the previous year. This decline is attributed to Medicare reimbursement caps, the impact of rebates and discounts, and the inclusion of DEXTENZA in the MIPS cost performance category. Despite the revenue decrease, In-Market Sales of DEXTENZA increased slightly to approximately 180,000 units, indicating continued demand for the product.
The company's operating expenses totaled $321.97 million, a significant increase from $235.50 million in 2024. Research and development expenses accounted for a substantial portion of this increase, rising to $197.10 million from $127.64 million in the prior year, driven by the ongoing Phase 3 clinical trials for AXPAXLI. Selling and marketing expenses also increased to $53.92 million, reflecting investments in pre-commercialization activities for AXPAXLI. General and administrative expenses rose to $64.38 million, primarily due to increased personnel costs. As a result of these factors, the company reported a net loss of $265.94 million for 2025, compared to a net loss of $193.51 million in 2024.
Ocular Therapeutix is strategically focused on advancing its retina program, particularly AXPAXLI, for the treatment of wet AMD and diabetic retinal disease. The company is currently conducting the SOL-1, SOL-R, and HELIOS-3 Phase 3 clinical trials. The company expects to present Week 52 results for the SOL-1 trial at the 49th Macula Society Annual Meeting in February 2026. The company also plans to initiate the SOL-X trial, a long-term safety extension study, in the second quarter of 2026. The company is also evaluating next steps for OTX-TIC for the treatment of OAG or OHT.
Looking ahead, Ocular Therapeutix anticipates that its existing cash and cash equivalents of $737.1 million as of December 31, 2025, will be sufficient to fund its planned operating expenses, debt service obligations, and capital expenditure requirements into 2028. The company expects research and development expenses to remain at current levels or increase further in 2026 and beyond as it progresses with its clinical trials and manufacturing scale-up. Selling and marketing expenses are also projected to increase as the company prepares for the potential commercial launch of AXPAXLI. The company intends to submit an NDA for AXPAXLI for the treatment of wet AMD based on Week 52 data from the SOL-1 trial, pending favorable results and interactions with the FDA.
About OCULAR THERAPEUTIX, INC
Ocular Therapeutix is a biopharmaceutical company specializing in innovative ophthalmic treatments. It develops bioresorbable hydrogel-based drug delivery systems for retinal diseases, glaucoma, and ocular inflammation. Its core products include DEXTENZA, an FDA-approved corticosteroid, and pipeline candidates like AXPAXLI for wet AMD and PAXTRAVA for glaucoma. The company's technology aims to reduce treatment burden, improve patient compliance, and address unmet needs in eye care markets.
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