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BEDFORD, Mass. - Ocular Therapeutix, Inc. (NASDAQ:OCUL), which has seen its stock surge over 70% in the past six months, has priced an underwritten offering of 37,909,018 shares of its common stock at $12.53 per share, raising approximately $475 million in gross proceeds, the biopharmaceutical company announced Tuesday. According to InvestingPro analysis, the company’s current market capitalization stands at $2.16 billion, with the stock trading above its Fair Value estimate.
The offering is expected to close on or about October 1, 2025, subject to customary closing conditions. BofA Securities, TD Cowen and Piper Sandler & Co. are serving as joint book-running managers, with Baird and Raymond James acting as lead managers. Citizens Capital Markets and H.C. Wainwright & Co. are co-managers for the offering.
Ocular Therapeutix plans to use the net proceeds to fund its open-label extension study for AXPAXLI in patients with wet age-related macular degeneration and planned Phase 3 clinical trials for non-proliferative diabetic retinopathy. The funds will also support infrastructure investments, including manufacturing capital expenditures, pre-commercialization activities for AXPAXLI, and general corporate purposes. With current negative EBITDA of -$237.32 million, this capital raise comes at a crucial time for the company’s development pipeline. Discover more detailed financial insights and 12 additional ProTips with InvestingPro.
The company, which describes itself as an integrated biopharmaceutical firm focused on retinal diseases, is offering all shares in this transaction. The offering is being made through an automatically effective shelf registration statement previously filed with the Securities and Exchange Commission. Despite challenging gross profit margins, the company maintains a healthy balance sheet with more cash than debt, according to InvestingPro analysis.
Ocular Therapeutix’s pipeline includes AXPAXLI, an axitinib intravitreal hydrogel currently in Phase 3 clinical trials for wet AMD. The company also markets DEXTENZA, an FDA-approved corticosteroid for ocular inflammation and pain following ophthalmic surgery.
The information in this article is based on a company press release statement.
In other recent news, Ocular Therapeutix has been making significant progress in its clinical trials and regulatory engagements. The company is conducting two Phase 3 clinical trials for its investigational treatment AXPAXLI, aimed at managing wet age-related macular degeneration. The SOL-1 trial has achieved a high retention rate of over 95% and is set to deliver topline results in the first quarter of 2026, with no new safety concerns reported. In another development, Ocular Therapeutix secured a Special Protocol Assessment agreement with the FDA for a clinical trial of AXPAXLI in treating non-proliferative diabetic retinopathy. Analysts at Chardan Capital Markets have initiated coverage on the company with a Buy rating, setting a price target of $21.00, while TD Cowen has reiterated its Buy rating with a $14.00 price target. Both firms have expressed optimism regarding the upcoming Phase III trial results. These developments highlight Ocular Therapeutix’s ongoing efforts in advancing its treatment options in the ophthalmology field.
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