Cambridge biotech tracker · Bedford
Ocular Therapeutix
Listed on Nasdaq as OCUL, filed under SEC industry code 2834 (pharmaceutical preparations). Fiscal year ends in December. Numbers below are from the company’s own SEC filings through Q2 '26.
- Cash & investments
- $599M
- Q2 '26 · Jun 30, 2026
- Burn per quarter
- $59.6M
- avg. operating cash flow, 4 qtrs
- Runway
- 2.5 yrs
- 24 to 36 months
- Net loss
- $78.8M
- Q2 '26
- R&D expense
- $54.1M
- 57% of opex
- Raised, last 4 qtrs
- +$463M
- net financing cash flow
- Next readout
- Jan 2027
- Phase 3 · cash past the catalyst
Cash & investments
Quarter-end balance
Operating cash flow
Per quarter; below zero is burn
R&D expense
Per quarter
Two views of the runway
Compare across the clusterThe outside view
2.5 years
Cash at Q2 '26 divided by the average burn of the last four quarters, $19.9M a month.
Management’s own date
Into 2028
Jan–Dec 2028
That implies $19.9M to $33.1M a month, 1.0–1.7× the recent pace.
In line with the last year“Based on our current operating plan, which includes estimates of anticipated cash inflows from DEXTENZA product sales and cash outflows from operating expenses and capital expenditures and reflects our observance of the minimum liquidity covenant of $20.0 million under the Barings Credit Agreement, we believe that our existing cash and cash equivalents as of June 30, 2026, will enable us to fund our planned operating expenses, debt service obligations and capital expenditure requirements into 2028.”
Cash against the calendar
What the runway has to reach.
Jan 2027estimated
Study to Evaluate the Efficacy and Safety of Intravitreal OTX-TKI (Axitinib Implant) in Subjects With Neovascular Age- Related Macular Degeneration
Neovascular Age-related Macular Degeneration
NCT06495918 on ClinicalTrials.govDoes the cash reach it?
Cash past the catalyst
- Runway
- 2.5 years
- Time to the date
- 2 months
It is about 2 months out. At the current burn there is roughly 28 months of cash left on the far side of it, which is enough room to raise on the result rather than ahead of it.
Catalysts ahead
- Jan 2027Phase 3Study to Evaluate the Efficacy and Safety of Intravitreal OTX-TKI (Axitinib Implant) in Subjects With Neovascular Age- Related Macular Degeneration
- Mar 2027Phase 3A Study to Evaluate the Efficacy and Safety of OTX-TKI (Axitinib Implant) in Participants With Non-Proliferative Diabetic Retinopathy
Pipeline
4 active trials, through phase 3.
Phase 3 · 4
Interventional studies where this company is the lead sponsor, from ClinicalTrials.gov. Primary completion is when the last patient is measured on the primary endpoint, which is when the data exists rather than when it is announced. Extension, rollover and healthy-volunteer studies are listed but marked as non-catalysts, because they finish long after the result that mattered. Sponsors revise these dates as enrollment moves, so an estimate is a plan rather than a promise.
The controller’s read
What the filings say.
Generated from the numbers above using the same questions I ask when I open a client’s books: how long the cash lasts, what is driving the gap between loss and burn, and where the accounting judgment sits.
Get this read on your companyThe cash clears the next catalyst
The next dated event is a phase 3 readout in Jan 2027, about 2 months out. That leaves roughly 28 months of cash afterwards, which is the position you want: the raise can be negotiated on the data instead of on the calendar.
About 2.5 years of runway
Cash and investments of $599M at Q2 '26 against an average operating cash burn of $59.6M per quarter over the last four reported quarters runs out around December 2028. More than two years of runway means the finance conversation is about deployment, not survival.
Cash position up $171M since Q3 '24
Net financing inflows of $463M over the last four quarters, from equity, debt, or ATM sales, more than covered operating burn. The balance is the number the board watches; the trend is the number the auditors watch.
R&D is 57% of operating expenses
$54.1M of R&D against $95.6M of total operating expenses in Q2 '26, with G&A at $22.2M. For a clinical-stage company, the accounting questions live inside that R&D line: CRO and CMC accruals, milestone recognition, and what gets capitalized versus expensed under ASC 730.
Revenue of $13.5M in Q2 '26
The balance sheet carries $14.0M of deferred revenue, which is typically upfront collaboration or license payments being recognized over time. Collaboration and license revenue under ASC 606 and ASC 808 is the single most judgment-heavy area in biotech accounting: performance obligations, variable consideration on milestones, and the split between revenue and cost-sharing.
Accumulated deficit of $1.32B
Total losses since inception. It is also roughly the size of the net operating loss carryforward the tax provision has to track, subject to Section 382 limits after each ownership change.
Cash-only balance shown
This company either holds no marketable securities or tags them under a name the tracker does not read. If the 10-Q reports a larger cash-and-investments figure, that figure is the right one.
Quarterly detail, eight quarters
| Quarter | Cash & inv. | Op. cash flow | Net income | R&D | G&A | Revenue | Stock comp | Financing |
|---|---|---|---|---|---|---|---|---|
| Q3 '24 · Sep 30, 24 | $427M | −$36.6M | −$36.5M | $37.1M | $12.2M | $15.4M | $6.6M | $4.2M |
| Q4 '24 · Dec 31, 24 | $392M | −$39.4M | −$48.4M | $41.0M | $14.6M | $17.1M | $7.2M | $4.5M |
| Q1 '25 · Mar 31, 25 | $350M | −$44.7M | −$64.1M | $42.9M | $16.3M | $10.7M | $10.5M | $4.2M |
| Q2 '25 · Jun 30, 25 | $391M | −$55.2M | −$67.8M | $51.1M | $14.3M | $13.5M | $9.7M | $97.8M |
| Q3 '25 · Sep 30, 25 | $345M | −$50.7M | −$69.4M | $52.4M | $16.0M | $14.5M | $11.7M | $10.4M |
| Q4 '25 · Dec 31, 25 | $737M | −$54.2M | −$64.7M | $50.8M | $17.7M | $13.3M | $11.4M | $449M |
| Q1 '26 · Mar 31, 26 | $667M | −$66.0M | −$88.6M | $66.2M | $20.0M | $10.8M | $15.6M | $294K |
| Q2 '26 · Jun 30, 26 | $599M | −$67.3M | −$78.8M | $54.1M | $22.2M | $13.5M | $14.6M | $2.6M |
Source: SEC EDGAR XBRL company facts, latest filed value for each period. Fourth quarters are derived from annual less nine-month figures; quarterly cash flows are derived from year-to-date amounts. Not investment advice. If a figure disagrees with the filing, the filing is right.