Ocular Therapeutix(OCUL)2025-05-05 11:06Financial Performance - Total net revenue for Q1 2025 was $10.7 million, a decrease of 27.6% compared to $14.8 million in Q1 2024, primarily due to reduced gross revenues from DEXTENZA sales[5] - Net product revenue was $10.6 million for Q1 2025, reflecting a decrease of $4.1 million or 27.7% from Q1 2024, attributed to pricing strategy impacts and changes in distributor and ASC buying patterns[6] - Total revenue for Q1 2025 was $10.698 million, a decrease of 27.1% compared to $14.774 million in Q1 2024[30] - Product revenue, net for Q1 2025 was $10.634 million, down from $14.715 million in Q1 2024, reflecting a decline of 27.8%[30] - The net loss for Q1 2025 was $(64.1) million, or $(0.38) per share, compared to a net loss of $(64.8) million, or $(0.49) per share, in Q1 2024[12] - The net loss for Q1 2025 was $64.053 million, slightly improved from a net loss of $64.848 million in Q1 2024[30] - The company reported a basic net loss per share of $0.38 for Q1 2025, compared to $0.49 for Q1 2024[30] Expenses - Research and development expenses increased to $42.9 million in Q1 2025 from $20.7 million in Q1 2024, driven by clinical trial costs for SOL-1 and SOL-R[9] - Selling and marketing expenses rose to $14.1 million in Q1 2025, compared to $10.2 million in Q1 2024, mainly due to increased personnel-related costs[10] - General and administrative expenses were $16.3 million in Q1 2025, up from $14.1 million in Q1 2024, primarily due to higher personnel-related costs[11] Cash and Assets - Cash balance as of March 31, 2025, was $349.7 million, expected to support planned expenses and capital requirements into 2028[4] - Cash and cash equivalents decreased to $349.681 million as of March 31, 2025, down from $392.102 million as of December 31, 2024[28] - Total current assets decreased to $387.694 million as of March 31, 2025, from $440.987 million as of December 31, 2024, a decline of 12.0%[28] - Total liabilities as of March 31, 2025, were $139.990 million, a slight decrease from $142.591 million as of December 31, 2024[28] - The company’s accumulated deficit increased to $955.137 million as of March 31, 2025, compared to $891.084 million as of December 31, 2024[28] Clinical Trials and Development - SOL-1 trial is on track for topline data readout in Q1 2026, with exceptional retention rates and FDA-approved re-dosing amendments[3] - Enrollment for SOL-R trial remains strong, with target randomization reduced to approximately 555 subjects, expected to accelerate trial readout[8] - Positive FDA feedback received for AXPAXLI registrational trial design in NPDR, with plans for next steps in development for NPDR and DME[8] - The company anticipates advancing the development of AXPAXLI for additional indications such as NPDR and DME[25]