Ocular Therapeutix Q1 net revenue down 27.6% to $10.7M; cash $349.7M, runway to 2028

OCULAR THERAPEUTIX, INC

2025-Q1 EPS reported -$0.38 revenue$10,698,000

Net loss of $64.1M ($0.38 per share) vs. $64.8M ($0.49) in Q1 2024; R&D expenses doubled to $42.9M on wet AMD trials.
DEXTENZA sales fell 27.7% to $10.6M due to pricing strategy, MIPS inclusion; quarterly sales expected to rise for rest of 2025.
SOL-1 (Phase 3 wet AMD) topline data on track for 1Q 2026; FDA accepted SPA amendment allowing re-dosing at Weeks 52 and 76.
SOL-R enrollment strong after target cut to ~555 subjects; remains 90% powered for non-inferiority; expedited NDA submission possible.
Positive FDA feedback on potential AXPAXLI registrational trial in NPDR; company planning next steps in NPDR and DME.

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