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Ocular Therapeutix cash flow, quarter by quarter

Latest: Q2 2026 · from the cash-flow statements filed with the SEC

Free cash flow−$70.6M in Q2 2026 · −$255M over twelve months

Operating cash flow−$67.3M
Capital spending−$3.4M
Free cash flow−$70.6M
Cash conversion cycle16 days

Analysis

In Q2 2026, Ocular Therapeutix generated −$67.3M of operating cash flow and spent $3.4M on capital projects, leaving free cash flow of −$70.6M. That is $14.2M less than in Q2 2025 (−$56.5M).

Over the twelve months to Jun 30, 2026, operating cash flow was −$238M; the largest uses were operating cash flow ($238M), capital spending ($16.9M); besides operations, cash came from other financing ($447M), shares issued ($15.3M); the cash balance rose by $208M.

Operating cash flow was −$67.3M against net income of −$78.8M. The largest differences: stock-based pay +$14.6M, receivables −$5.9M, depreciation & amortization +$1.9M.

Its cash conversion cycle was 16 days (receivables 184 + inventory 171 − payables 340).

Free cash flow

Ocular Therapeutix: free cash flow by quarterOcular Therapeutix: free cash flow by quarter−$36.6MQ3 2024−$39.6MQ4 2024−$46.6MQ1 2025−$56.5MQ2 2025−$56.7MQ3 2025−$57.1MQ4 2025−$70.7MQ1 2026−$70.6MQ2 2026
Operating cash flow less capital spending.
Ocular Therapeutix: operating cash flow against capital spendingOcular Therapeutix: operating cash flow against capital spendingOperating cash flowCapital spending−$36.6M$89KQ3 2024−$39.4M$202KQ4 2024−$44.7M$1.9MQ1 2025−$55.2M$1.2MQ2 2025−$50.7M$6.0MQ3 2025−$54.2M$2.8MQ4 2025−$66.0M$4.7MQ1 2026−$67.3M$3.4MQ2 2026
Latest (Q2 2026): Operating cash flow −$67.3M, Capital spending $3.4M.

Capital allocation, year by year

Ocular Therapeutix: where the cash came from (up) and went (down), by fiscal yearOcular Therapeutix: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedAsset salesCapital spendingFY2021: Operating cash flow −$65.5MFY2021: Net borrowing −$445KFY2021: Shares issued $2.6MFY2021: Capital spending −$1.2M$2.6MFY2021FY2022: Operating cash flow −$59.6MFY2022: Shares issued $514KFY2022: Capital spending −$3.7M$514KFY2022FY2023: Operating cash flow −$70.2MFY2023: Net borrowing $56.3MFY2023: Shares issued $118MFY2023: Capital spending −$6.1M$174MFY2023FY2024: Operating cash flow −$135MFY2024: Shares issued $14.7MFY2024: Capital spending −$1.3M$14.7MFY2024FY2025: Operating cash flow −$205MFY2025: Shares issued $20.5MFY2025: Asset sales $130KFY2025: Capital spending −$12.0M$20.7MFY2025
Over these 5 years operating cash flow totalled −$535M; the largest uses were operating cash flow ($535M) and capital spending ($24.3M). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$599M
Debtnone
Net cash$599M
Cash runway2.3 years

Ocular Therapeutix is burning cash: its operations consume cash, a free cash flow of −$255M a year at the current rate against $599M of cash and investments: a runway of about 2.3 years before any new financing.

Where the cash came from and went

Ocular Therapeutix: sources (+) and uses (−) of cash, Q2 2026Ocular Therapeutix: sources (+) and uses (−) of cash, Q2 2026Cash drawn (+) / kept (−)$68.1MOperating cash flow−$67.3MCapital spending−$3.4MShares issued$1.7MOther financing$902K
Ocular Therapeutix: sources (+) and uses (−) of cash, TTM to Q2 2026Ocular Therapeutix: sources (+) and uses (−) of cash, TTM to Q2 2026Other financing$447MOperating cash flow−$238MCash drawn (+) / kept (−)−$208MCapital spending−$16.9MShares issued$15.3M

From profit to cash

Ocular Therapeutix: net income to operating cash flow, Q2 2026Ocular Therapeutix: net income to operating cash flow, Q2 2026Net income−$78.8MDepreciation & amortization$1.9MStock-based pay$14.6MReceivables−$5.9MInventory−$89KPayables$196KAccrued liabilities$1.5MPrepaid and other assets−$487KOperating cash flow−$67.3M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.
QuarterReceivable daysInventory daysPayable daysCash conversion cycle
Q2 202618417134016
Q1 202622924741264
Q4 2025213204301116
Q3 202519416931548
Q2 202518814824690
Q1 2025242225314153
Q4 202416920430666
Q3 2024180146227100

Every quarter

QuarterOperating cash flowCapital spendingShares issuedCash drawn (+) / kept (−)Free cash flow
Q2 2026−$67.3M−$3.4M$1.7M$68.1M−$70.6M
Q1 2026−$66.0M−$4.7M$294K$70.4M−$70.7M
Q4 2025−$54.2M−$2.8M$2.9M−$392M−$57.1M
Q3 2025−$50.7M−$6.0M$10.4M$46.4M−$56.7M
Q2 2025−$55.2M−$1.2M$3.1M−$41.5M−$56.5M
Q1 2025−$44.7M−$1.9M$4.2M$42.4M−$46.6M
Q4 2024−$39.4M−$202K$4.0M$35.1M−$39.6M
Q3 2024−$36.6M−$89K$4.2M$32.5M−$36.6M

Ocular Therapeutix: income statement and cash flow

Ocular Therapeutix, Q2 2026: revenue $13.5M (+0.1% year over year), operating margin -609.3%. The chart follows the revenue to costs, profit and cash.

Ocular Therapeutix: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.