OCULOCULAR THERAPEUTIX, INC

Pharmaceutical Preparations

Revenue: $52M; 18% YoY
Operating margin: -519.8%; 93% YoY
EBITDA: −$266M; 58% YoY
Market cap: $1.5B
Employees: 325; $160K revenue each
Net debt / EBITDA: —; −$581M net debt
AI in 10-K: 0.3; mentions per 10K words

Takeover score 5 of 13

Fixable underperformance 3 of 7

TSR below peersYes
5 of 5 years
3+ of last 5 years
High CEO pay despite TSRNo
—
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashNo
—
Cash flow under 80% of net income
Dilutive SBCYes
83% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
0% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
—
Over 40% of assets
Shareholder dissentYes
74% lowest support
Any vote under 80% support

Buyer economics 2 of 4

Low revenue per employeeNo
$160K · 36th pct
Bottom quartile of its SIC industry
Quiet on AIYes
0.3 per 10K words · 15th pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
—
More cash than debt, positive EBITDA
Buyout-sizedYes
$1.5B market cap
Market cap $500M–$5B

Catalysts 0 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingNo
−$3M net
Net sales over $10M in 12 months

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Revenue	$44M	$51M	$58M	$64M	$52M	18%
Operating income	−$78M	−$79M	−$82M	−$172M	−$270M	57%
Net income	−$7M	−$71M	−$81M	−$194M	−$266M	37%
Operating cash flow	−$66M	−$60M	−$70M	−$135M	−$205M	52%
Capex	$1M	$4M	$6M	$1M	$12M	832%
Stock-based comp	$15M	$17M	$18M	$33M	$43M	30%

Deal filings

None.

13D filers

Filed	Filer	Form	Stake	Intent
Feb 27, 2024	SUMMER ROAD LLC	SC 13D/A	9.4%	Passive
Dec 18, 2023	SUMMER ROAD LLC	SC 13D/A	11.6%	Passive
May 21, 2020	SUMMER ROAD LLC	SC 13D/A	17.0%	Passive
Mar 25, 2020	SUMMER ROAD LLC	SC 13D/A	18.9%	Passive
Apr 1, 2019	SUMMER ROAD LLC	SC 13D/A	19.7%	Passive
Mar 4, 2019	SUMMER ROAD LLC	SC 13D	17.8%	Passive

Insider trading

Open-market buys, 12 mo: $461K · 1
Open-market sells, 12 mo: $3M · 29
Net: −$3M

Pay vs performance

Year	CEO total comp	Comp actually paid	TSR (indexed)	Peer TSR
FY2025	—	—	59	120
FY2024	—	—	41	91
FY2023	—	—	22	92
FY2022	—	—	14	89
FY2021	—	—	34	99