Ocular Therapeutix reported third‑quarter 2025 revenue of $14.54 million, a 5.8% decline from $15.4 million in the same quarter of 2024. The company posted a net loss of $69.4 million, translating to earnings per share of $(0.38) versus a consensus estimate of $(0.37). Research and development expenses rose to $52.4 million, reflecting investment in the SOL‑R and SOL‑1 trials and preparation for the HELIOS program.
Cash and cash equivalents stood at $344.8 million as of September 30, 2025. The company closed an underwritten equity offering on October 1, 2025, issuing 37.9 million shares at $12.53 per share, generating gross proceeds of approximately $475 million and net proceeds of about $445 million. The infusion extends the company’s financial runway through 2028 and supports ongoing clinical development and operating expenses.
The SOL‑R Phase 3 trial for AXPAXLI achieved its target randomization of 555 subjects. Topline data for SOL‑R are expected in the first half of 2027, while data from the complementary SOL‑1 trial are anticipated in Q1 2026. These milestones support a potential New Drug Application submission for AXPAXLI, a wet‑AMD therapy designed for six‑month dosing intervals.
CEO Dr. John Smith highlighted progress in the clinical program and noted that the revenue decline was driven by a more challenging reimbursement environment for DEXTENZA. He added that the commercial team’s efforts to drive unit demand for DEXTENZA helped offset some of the headwinds.
AXPAXLI targets the wet age‑related macular degeneration market, offering a potentially more convenient dosing schedule than existing therapies. The company is also expanding into diabetic retinal disease with the HELIOS program, positioning it to address multiple ophthalmic indications. The robust cash position and recent financing provide the resources needed to advance these programs toward commercialization.
In the prior quarter, Ocular Therapeutix reported revenue of $13.46 million and earnings per share of $(0.39) versus an estimate of $(0.35), indicating revenue growth but a widening net loss.
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