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Investing.com -- Ocular Therapeutix, Inc. (NASDAQ:OCUL) shares plunged 12.5% after the biopharmaceutical company reported first quarter results that fell short of analyst expectations.
The company, focused on developing therapies for retinal diseases, posted a loss of $0.38 per share for Q1 2025, wider than the $0.29 loss analysts had forecast. Revenue came in at $10.7 million, significantly below the consensus estimate of $17.07 million and down 27.6% YoY from $14.8 million.
Ocular attributed the revenue decline primarily to its pricing strategy impacting distributor stocking patterns and buying patterns by surgical centers and physicians’ offices. The company also cited the inclusion of its DEXTENZA product in Medicare’s Merit-based Incentive Payment System for 2025 as a factor.
Despite the earnings miss, Ocular highlighted progress in its clinical programs. The company’s SOL-1 Phase 3 trial for its AXPAXLI product in wet age-related macular degeneration remains on track for topline data in Q1 2026. Enrollment in the SOL-R Phase 3 trial continues to be strong following recent protocol changes.
"We continue to advance the SOL registrational program for our product candidate AXPAXLI in wet AMD (NASDAQ:AMD) with urgency and precision," said Pravin U. Dugel, Executive Chairman, President and CEO of Ocular Therapeutix.
The company ended the quarter with $349.7 million in cash and cash equivalents, which it believes will fund operations into 2028. Ocular expects net product revenue to increase in the remaining quarters of 2025 as clinicians adjust to recent changes and the company increases sales efforts.
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