OCULAR THERAPEUTIX, INC. Files 2023 Annual Report on Form 10-K

TL;DR

<b>OCULAR THERAPEUTIX, INC. filed its 2023 10-K report detailing financial positions and subsequent events.</b>

AI Summary

OCULAR THERAPEUTIX, INC (OCUL) filed a Annual Report (10-K) with the SEC on March 11, 2024. Ocular Therapeutics reported financial results for the fiscal year ending December 31, 2023. The company's fiscal year end is December 31. The filing includes details on common stock, retained earnings, and additional paid-in capital as of December 31, 2023. Subsequent events include a securities purchase agreement dated February 21, 2024. The company's principal executive offices are located at 15 Crosby Drive, Bedford, MA 01730.

Why It Matters

For investors and stakeholders tracking OCULAR THERAPEUTIX, INC, this filing contains several important signals. This 10-K filing provides a comprehensive overview of Ocular Therapeutics' financial health and operational status for the fiscal year 2023, crucial for investors to assess performance and future outlook. Key disclosures on stock transactions and subsequent events offer insights into recent corporate activities and potential impacts on the company's capital structure and strategic direction.

Risk Assessment

Risk Level: medium — OCULAR THERAPEUTIX, INC shows moderate risk based on this filing. The company's financial disclosures are extensive, but specific performance metrics like revenue growth or profitability are not detailed in the provided snippet, making a definitive bullish or bearish sentiment difficult to ascertain.

Analyst Insight

Investors should review the full 10-K filing to understand the company's revenue streams, profitability, and any forward-looking statements to make informed investment decisions.

Key Numbers

• 2023-12-31 — Fiscal Year End (FISCAL YEAR END)
• 2024-03-11 — Filing Date (FILED AS OF DATE)
• 2024-02-21 — Securities Purchase Agreement Date (Subsequent Event Date)
• 2023-12-13 — Common Stock Offering Date (Common Stock Offering Date)

Key Players & Entities

• OCULAR THERAPEUTIX, INC. (company) — FILER
• OCUL (company) — Ticker Symbol
• 2023-12-31 (date) — FISCAL YEAR END
• 15 CROSBY DRIVE (location) — BUSINESS ADDRESS STREET 1
• BEDFORD (location) — BUSINESS ADDRESS CITY
• MA (location) — BUSINESS ADDRESS STATE
• 01730 (location) — BUSINESS ADDRESS ZIP
• 2024-02-21 (date) — Subsequent Event Date

FAQ

Industry Context

Ocular Therapeutics operates in the pharmaceutical preparations industry, focusing on ophthalmic products.

Regulatory Implications

The filing is a standard 10-K annual report, adhering to SEC regulations for public companies.

What Investors Should Do

1. Review the full 10-K for detailed financial statements, including revenue, net income, and cash flow.
2. Analyze the 'Risk Factors' section for potential challenges and uncertainties facing the company.
3. Investigate the 'Subsequent Events' to understand recent transactions and their potential impact.

Key Dates

• 2023-12-31: Fiscal Year End — End of the reporting period for financial statements.
• 2024-03-11: 10-K Filing Date — Date the annual report was officially filed with the SEC.
• 2024-02-21: Securities Purchase Agreement — A significant subsequent event related to securities.
• 2023-12-13: Common Stock Offering — Date of common stock offerings, including over-allotment and follow-on.

Year-Over-Year Comparison

This is the 2023 10-K filing, providing the latest annual financial overview compared to previous filings.

Key Financial Figures

• $0.0001 — nge on which registered Common Stock, $0.0001 par value per share OCUL Nasdaq Glo
• $71.0 million — Ou r net losses were $ 80.7 million and $71.0 million for the y ears ended December 31, 2023
• $697.6 million — 2023, we had an accumulated deficit of $697.6 million. We expect to incur operating losses ov
• $25.6 billion — he aggregate, account for approximately $25.6 billion in global annual sales. 5 Table of Co

Filing Documents

• ocul-20231231x10k.htm (10-K) — 3329KB
• ocul-20231231xex10d12.htm (EX-10.12) — 54KB
• ocul-20231231xex10d37.htm (EX-10.37) — 54KB
• ocul-20231231xex10d42.htm (EX-10.42) — 159KB
• ocul-20231231xex21d1.htm (EX-21.1) — 4KB
• ocul-20231231xex23d1.htm (EX-23.1) — 3KB
• ocul-20231231xex31d1.htm (EX-31.1) — 9KB
• ocul-20231231xex31d2.htm (EX-31.2) — 9KB
• ocul-20231231xex32d1.htm (EX-32.1) — 6KB
• ocul-20231231xex32d2.htm (EX-32.2) — 6KB
• ocul-20231231xex97d1.htm (EX-97.1) — 19KB
• ocul-20231231x10k006.jpg (GRAPHIC) — 71KB
• 0001558370-24-002902.txt (&nbsp;) — 12656KB
• ocul-20231231.xsd (EX-101.SCH) — 75KB
• ocul-20231231_cal.xml (EX-101.CAL) — 77KB
• ocul-20231231_def.xml (EX-101.DEF) — 335KB
• ocul-20231231_lab.xml (EX-101.LAB) — 584KB
• ocul-20231231_pre.xml (EX-101.PRE) — 573KB
• ocul-20231231x10k_htm.xml (XML) — 1990KB

Business

Business 5 Item 1A.

Risk Factors

Risk Factors 61 Item 1B. Unresolved Staff Comments 103 Item 1C. Cybersecurity 103 Item 2.

Properties

Properties 104 Item 3.

Legal Proceedings

Legal Proceedings 104 Item 4. Mine Safety Disclosures 104 PART II Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 105 Item 6. [Reserved] 105 Item 7.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 106 Item 7A.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 123 Item 8.

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 124 Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 124 Item 9A.

Controls and Procedures

Controls and Procedures 124 Item 9B. Other Information 125 Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 125 PART III Item 10. Directors, Executive Officers and Corporate Governance 126 Item 11.

Executive Compensation

Executive Compensation 126 Item 12.

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 126 Item 13. Certain Relationships and Related Transactions, and Director Independence 127 Item 14. Principal Accounting Fees and Services 127 PART IV Item 15. Exhibits and Financial Statement Schedules 128 Item 16. Form 10-K Summary 128 Table of Contents

FORWARD-LOOKING STATEMENTS

FORWARD-LOOKING STATEMENTS This Annual Report on Form 10-K contains forward-looking statements that involve substantial risks and uncertainties. All statements, other than statements of historical facts, contained in this Annual Report on Form 10-K, including statements regarding our strategy, future operations, future financial position, future revenues, projected costs, prospects, plans and objectives of management, are forward-looking statements. The words "anticipate," "believe," "estimate," "expect," "intend," "may," "might," "plan," "predict," "project," "target," "potential," "goals," "will," "would," "could," "should," "continue" and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. The forward-looking statements in this Annual Report on Form 10-K include, among other things, statements about: our ongoing clinical trials, including the pivotal Phase 3 clinical trial of AXPAXLI that we initiated for the treatment of wet age-related macular degeneration, or wet AMD, and which we refer to as the SOL-1 trial; our Phase 1 clinical trials of AXPAXLI for the treatment of wet AMD; our Phase 1 clinical trial of AXPAXLI for the treatment of non-proliferative diabetic retinopathy, or NPDR, which we refer to as the HELIOS trial; our Phase 2 clinical trial of PAXTRAVA for the reduction of intraocular pressure, or IOP, in patients with primary open-angle glaucoma, or OAG, or ocular hypertension, or OHT; our Phase 2 clinical trial of OTX-DED for the short-term treatment of the signs and symptoms of dry eye disease; our clinical trial to evaluate DEXTENZA in pediatric subjects following cataract surgery; and our planned clinical trials, including our planned second pivotal clinical trial of AXPAXLI for the treatment of wet AMD, and our planned pivotal clinical trials of AXPAXLI for the treatment of NPDR; determining our next steps for PAXTRAVA for the treatment of patien

Business

Business We are a biopharmaceutical company committed to enhancing people's vision and quality of life through the development and commercialization of innovative therapies for diseases and conditions of the eye, with a specific focus on retinal disease. Our program for retinal disease is led by AXPAXLI (axitinib intravitreal implant, also known as OTX-TKI), which is based on our ELUTYX proprietary bioresorbable hydrogel-based formulation technology. We are currently conducting a pivotal Phase 3 clinical trial to evaluate AXPAXLI for the treatment of wet age-related macular degeneration, or wet AMD, which we refer to as the SOL-1 trial, and a Phase 1 clinical trial for the treatment of diabetic retinopathy. Our clinical portfolio also includes PAXTRAVA (travoprost intracameral implant, also known as OTX-TIC), which is currently in Phase 2 clinical development for the treatment of primary open-angle glaucoma, or OAG, or ocular hypertension, or OHT. Our expertise in the formulation, development and commercialization of innovative therapies and our ELUTYX platform supported the development and launch of our first commercial drug product, DEXTENZA, a corticosteroid approved by the U.S. Food and Drug Administration, or FDA, for the treatment of ocular inflammation and pain following ophthalmic surgery and ocular itching associated with allergic conjunctivitis. We are also developing two other clinical-stage assets, OTX-DED (dexamethasone intracanalicular insert) for the short-term treatment of the signs and symptoms of dry eye disease, and OTX-CSI (cyclosporine intracanalicular insert) for the chronic treatment of dry eye disease, which we collectively refer to as our Dry Eye Programs, and several preclinical programs. Our current products and product candidates in clinical development generally incorporate therapeutic agents that have previously received regulatory approval from the FDA, including small molecules, into ELUTYX, with the goal of providing local progra

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View this 10-K filing on SEC EDGAR