Filing Flows › Ocular Therapeutix (OCUL) › Q3 2025
Ocular Therapeutix (OCUL) Q3 2025 earnings results (third quarter 2025)
10-Q filed Nov 4, 2025
Ocular Therapeutix (OCUL) reported revenue of $14.5M for the third quarter 2025 (Q3 2025), -6% from a year earlier and +8% from the quarter before. Operating margin was -472.3%, net loss $69.4M (477.3% of revenue).
Ocular Therapeutix, Q3 2025: revenue $14.5M (-6% year over year), operating margin -472.3%, net loss $69.4M, operating cash flow −$50.7M. The chart follows the revenue to costs, profit and cash.
| Q3 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $14.5M | +8% | -6% |
| Operating profit | −$68.7M | — | — |
| Net earnings | −$69.4M | — | — |
| Operating cash flow | −$50.7M | — | — |
What changed
Revenue was $14.5M in Q3 2025, down 6% year over year and up 8% from the previous quarter.
Operating costs exceeded revenue by $68.7M, an operating margin of -472.3%. Total costs grew 36% against a revenue fall of 6%. The fastest-growing cost line was Research & development (+41%). The quarter ended with a net loss of $69.4M, wider than the previous quarter's $67.8M loss.
Operating cash flow was −$50.7M. Non-cash charges added back $1.1M of depreciation and amortization and $11.7M of share-based compensation. Working capital and other items added $5.9M. Capital expenditures of $6.0M exceeded it, leaving free cash flow of −$56.7M.
Questions
What was Ocular Therapeutix's revenue in the third quarter 2025?
Ocular Therapeutix (OCUL) reported revenue of $14.5M for the third quarter 2025 (Q3 2025), -6% from a year earlier and +8% from the quarter before.
Was Ocular Therapeutix profitable in the third quarter 2025?
Operating loss was $68.7M (-472.3% of revenue) and net loss $69.4M.
Source: Ocular Therapeutix 10-Q on SEC EDGAR.