The Q1 earnings are a non-event — the stock will trade on the SOL-1 data and NDA timeline. Watch the June 17 Investor Day for regulatory updates and NDA submission clarity. The cash runway into 2028 removes near-term financing risk.
Price Chart
Executive Summary
Ocular Therapeutix reported Q1 2026 net revenue of $10.8M (up 0.8% YoY), essentially flat, and a net loss of -$0.40/share, which was a 5.3% miss vs the -$0.38 loss in Q1 2025. The core financials are weak, but the stock is driven entirely by the positive SOL-1 Phase 3 data for AXPAXLI in wet AMD, which showed superiority over aflibercept. The company is on track to submit an NDA, and cash of $666.7M funds operations into 2028. The quarter itself is a non-event financially; the narrative is about the pipeline.
Key Financial Metrics
Key Facts
- Q1 2026 total net revenue $10.8M, up 0.8% from $10.7M in Q1 2025.
- Net loss of -$88.6M (-$0.40/share) vs -$64.1M (-$0.38/share) in Q1 2025.
- Cash and cash equivalents $666.7M as of March 31, 2026, with runway into 2028.
- SOL-1 Phase 3 superiority trial met primary endpoint (p=0.0006); 74.1% of AXPAXLI-treated subjects maintained vision at Week 36 vs 55.8% for aflibercept.
- NDA submission for AXPAXLI in wet AMD remains on track, subject to FDA discussions.
- SOL-R Phase 3 non-inferiority trial on track for topline data in Q1 2027.
- R&D expenses surged to $66.2M from $42.9M YoY due to clinical trial costs.
- No consensus estimates provided for Q1 2026; EPS of -$0.40 compares to prior year loss of -$0.38.
Financial Impact
Revenue essentially flat YoY; net loss widened by 38% to -$88.6M; cash burn of ~$70M in the quarter.
Risk Factors
- FDA may not accept a single pivotal trial for NDA submission.
- SOL-R non-inferiority trial results (Q1 2027) could disappoint.
- DEXTENZA revenue continues to decline due to reimbursement headwinds.
- Operating losses are widening as R&D spending increases.
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001104659-26-055241 |
| Document: tm2613442d1_8k.htm | 0001104659-26-055241 |
| Document: 0001104659-26-055241-index-headers.html | 0001104659-26-055241 |
| Document: 0001104659-26-055241-index.html | 0001104659-26-055241 |
| Document: 0001104659-26-055241.txt | 0001104659-26-055241 |
| 8-K Data (Synthetic) | 0001104659-26-055241 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Sep 2, 2026 4w ago | Insider Cluster | $10.90 $7.67 | ▼ −29.63% | ▼ −29.30% | $6.96 (−36.15%) |
Aug 26, 2026 5w ago | Insider Cluster | $10.82 $9.82 | ▼ −9.24% | ▼ −8.73% | $6.96 (−35.67%) |
Aug 3, 2026 8w ago | 8-K | $8.40 $10.49 | ▲ +24.88% | ▲ +23.64% | $6.96 (−17.14%) |
Jun 17, 2026 15w ago | Press Release | $9.64 $9.17 | ▼ −4.93% | ▼ −6.24% | $6.96 (−27.80%) |
Jun 12, 2026 16w ago | 8-K | $8.99 $9.88 | ▲ +9.90% | ▲ +10.65% | $6.96 (−22.58%) |
Jun 4, 2026 17w ago | Press Release | $8.80 $9.64 | ▲ +9.55% | ▲ +10.92% | $6.96 (−20.91%) |
May 28, 2026 18w ago | Insider Cluster | $9.01 $9.90 | ▲ +9.88% | ▲ +11.67% | $6.96 (−22.75%) |
May 5, 2026 21w ago | 8-K | $9.71 $8.31 | ▼ −14.42% | ▼ −19.37% | $6.96 (−28.32%) |
May 5, 2026 21w ago | Press Release | $9.71 $8.31 | ▼ −14.42% | ▼ −19.37% | $6.96 (−28.32%) |
Apr 30, 2026 22w ago | DEFA14A | $9.43 $8.93 | ▼ −5.30% | ▼ −10.57% | $6.96 (−26.19%) |
US Market Status
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