OCULAR THERAPEUTIX, INC
For the period ended Dec 31, 2025. Filed Feb 5, 2026.
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FY2025 · Filed Feb 5, 2026
OCUL$6.61-3.5%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Item 8. Consolidated Statements of Cash Flows
CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands)
| | | | | | | | | | |
|---|---|---|---|---|---|---|---|---|---|
| · · Year Ended December 31, | |||||||||
| · · | |||||||||
| · · 2025 · · 2024 · · 2023 | |||||||||
| Cash flows from operating activities: · · · · · · · | |||||||||
| Net loss | | $(265,939) | | | (193,506) | | $(80,736) | ||
| Adjustments to reconcile net loss to net cash used in operating activities | | | | | | | | | |
| Stock-based compensation expense | | 43,184 | | | 33,109 | | 17,825 | ||
| Non-cash interest expense | | 3,397 | | | 3,734 | | 6,106 | ||
| Change in fair value of derivative liabilities | | | 2,471 | | | 480 | | | 5,188 |
| Depreciation and amortization expense | | 4,323 | | | 3,786 | | 2,983 | ||
| Gains and losses on disposal of items of property and equipment | | | (29) | | | — | | | 1 |
| Gains and losses on extinguishment of debt, net | | — | | | 27,950 | | (14,190) | ||
| Changes in operating assets and liabilities: | | | | | | | | | |
| Accounts receivable, net | | 1,738 | | | (6,209) | | (4,854) | ||
| Prepaid expenses and other current assets | | 2,602 | | | (5,663) | | (3,766) | ||
| Inventory | | (524) | | | (735) | | (331) | ||
| Accounts payable | | (887) | | | (318) | | 583 | ||
| Operating lease assets | | | 1,307 | | | 505 | | | 1,570 |
| Accrued expenses | | 5,248 | | | 3,638 | | 773 | ||
| Deferred revenue | | | (128) | | | (262) | | | 427 |
| Operating lease liabilities | | (1,646) | | | (1,186) | | (1,813) | ||
| Net cash used in operating activities | | (204,883) | | | (134,677) | | (70,234) | ||
| Cash flows from investing activities: | | | | | | | | | |
| Purchases of property and equipment | | (12,010) | | | (1,288) | | (6,087) | ||
| Proceeds from sales of property and equipment | | | 130 | | | — | | | — |
| Net cash used in investing activities | | (11,880) | | | (1,288) | | (6,087) | ||
| Cash flows from financing activities: | | | | | | | | | |
| Proceeds from issuance of short-term bridge loan | | | — | | | — | | | 2,000 |
| Proceeds from issuance of Barings Notes Payable | | | — | | | — | | | 82,474 |
| Proceeds from exercise of stock options | | 20,544 | | | 14,741 | | 551 | ||
| Proceeds from issuance of common stock pursuant to employee stock purchase plan | | | 1,592 | | | 1,016 | | | 851 |
| Payments of debt refinancing costs | | | — | | | — | | | (5,184) |
| Proceeds from issuance of common stock upon public offering, net of issuance costs | | | 539,585 | | | — | | | 117,261 |
| Repayment of MidCap notes payable | | | — | | | — | | | (26,125) |
| Repayment from issuance of short-term bridge loan | | | — | | | — | | | (2,000) |
| Proceeds from issuance of common stock and pre-funded warrants upon private placement, net of issuance costs | | — | | | 316,353 | | — | ||
| Net cash provided by financing activities | | 561,721 | | | 332,110 | | 169,828 | ||
| Net increase in cash, cash equivalents and restricted cash | | 344,958 | | | 196,145 | | 93,507 | ||
| Cash, cash equivalents and restricted cash at beginning of period | | 393,716 | | | 197,571 | | 104,064 | ||
| Cash, cash equivalents and restricted cash at end of period | | $738,674 | | $393,716 | | $197,571 | |||
| Supplemental disclosure of cash flow information: | | | | | | | | | |
| Cash paid for interest | | $9,029 | | $21,533 | | $5,464 | |||
| Supplemental disclosure of non-cash investing and financing activities: | | | | | | | | ||
| Additions to property and equipment included in accounts payable and accrued expenses | | $1,174 | | $121 | | $16 | |||
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