OCUL · Ocular Therapeutix, Inc.

Ocular Therapeutix reported first quarter 2026 financial results that reflect significant investment in its lead asset AXPAXLI following positive Phase 3 SOL-1 data. Total net revenue was $10.8 million, essentially flat year-over-year, driven entirely by DEXTENZA product sales. Research and development expenses surged to $66.2 million from $42.9 million in the prior year, reflecting costs for the ongoing SOL-1, SOL-R, HELIOS-3, and newly initiated SOL-X trials. Selling and marketing expenses increased to $16.6 million, up from $14.1 million, as the company expanded its commercial team and pre-commercial activities for AXPAXLI. General and administrative expenses rose to $20.0 million from $16.3 million, driven by personnel costs and professional fees. The net loss widened to $88.6 million ($0.40 per share) from $64.1 million ($0.38 per share) in the same quarter last year. The company ended the quarter with $666.7 million in cash, providing runway into 2028. Management highlighted the landmark SOL-1 results demonstrating AXPAXLI's superiority over aflibercept, with plans to submit an NDA under the 505(b)(2) pathway. The upcoming Investor Day on June 17, 2026, is expected to provide key regulatory and commercial updates. The SOL-R non-inferiority trial remains on track for topline data in Q1 2027, and the SOL-X extension trial has initiated enrollment. The company's strong cash position supports its clinical and pre-commercial activities, though full commercialization expenses are not yet included in the runway projection.