OCULOCULAR THERAPEUTIX, INC
Pharmaceutical Preparations
- Revenue
- $52M
- 18% YoY
- Operating margin
- -519.8%
- 93% YoY
- EBITDA
- −$266M
- 58% YoY
- Market cap
- —
- Employees
- —
- Net debt / EBITDA
- —
- −$581M net debt
- AI in 10-K
- —
Red flags 1 of 9
- TSR below peersClear—3+ of last 5 years
- High CEO pay despite TSRClear—Median CEO pay ≥ $15M and TSR flag
- Active 13DClear0 filingsActive-intent 13D in 18 months
- Net insider sellingClear$0 netNet sales over $10M in 12 months
- Earnings not backed by cashClear—Cash flow under 80% of net income
- Dilutive SBCFired83% of revenueOver 10% of revenue
- Payouts exceed cash flowClear0% of cash flowBuybacks + dividends over cash flow
- Goodwill-heavyClear—Over 40% of assets
- Shareholder dissentClear—Any vote under 80% support
Financials
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | YoY |
|---|---|---|---|---|---|---|
| Revenue | $44M | $51M | $58M | $64M | $52M | 18% |
| Operating income | −$78M | −$79M | −$82M | −$172M | −$270M | 57% |
| Net income | −$7M | −$71M | −$81M | −$194M | −$266M | 37% |
| Operating cash flow | −$66M | −$60M | −$70M | −$135M | −$205M | 52% |
| Capex | $1M | $4M | $6M | $1M | $12M | 832% |
| Stock-based comp | $15M | $17M | $18M | $33M | $43M | 30% |
Deal filings
None.
13D filers
None on file.
Insider trading
- Open-market buys, 12 mo
- $461K · 1
- Open-market sells, 12 mo
- $260K · 4
- Net
- $202K
Pay vs performance
| Year | CEO total comp | Comp actually paid | TSR (indexed) | Peer TSR |
|---|---|---|---|---|
| FY2025 | — | — | 59 | 120 |
| FY2024 | — | — | 41 | 91 |
| FY2023 | — | — | 22 | 92 |
| FY2022 | — | — | 14 | 89 |
| FY2021 | — | — | 34 | 99 |