Ocular Therapeutix, Inc. (OCUL) Balance Sheet
OCUL balance sheet, 2025
December 31, 2025 · U.S. dollars$808.1M assets = $153.7M liabilities + $654.3M equity
Both columns are drawn to the same scale: what OCUL owns equals what it owes plus shareholders’ equity. Hover a block for its value.
OCUL financial health
Descriptive bands, not a rating. Fiscal 2025.
OCUL balance sheet trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Total assets | $74.9M2016 | $808.1M2025 | +30.2%/yr | |
| Total liabilities | $22.9M2016 | $153.7M2025 | +23.5%/yr | |
| Shareholders’ equity | $52.0M2016 | $654.3M2025 | +32.5%/yr | |
| Cash & short-term investments | $68.1M2016 | $737.1M2025 | +30.3%/yr | |
| Total debt | $15.6M2016 | $79.8M2025 | +19.8%/yr | |
| Net cash (debt) | $52.5M2016 | $657.3M2025 | +$604.8M | |
| Working capital | $61.6M2016 | $731.3M2025 | +$669.7M | |
| Book value per share | −$0.082019 | $3.492025 | — | |
| Debt / equity | 0.302016 | 0.122025 | −0.18 | |
| Shares outstanding | 45.3M2019 | 187.2M2025 | +26.7%/yr |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
OCUL assets
OCUL liabilities and equity
OCUL debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease obligations.
OCUL balance sheet
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||
| Cash & short-term investments | $737.1M | $392.1M | $195.8M | $102.3M | $164.2M | $228.1M | $54.4M | $54.1M | $41.5M | $68.1M |
| Cash & equivalents | $737.1M | $392.1M | $195.8M | $102.3M | $164.2M | $228.1M | $54.4M | $54.1M | $41.5M | $32.9M |
| Short-term investments | — | — | — | — | — | — | — | — | $0 | $35.2M |
| Receivables | $30.6M | $32.4M | $26.2M | $21.3M | $21.1M | $12.3M | $2.5M | $201,000 | $226,000 | $250,000 |
| Inventory | $3.6M | $3.0M | $2.3M | $2.0M | $1.2M | $1.2M | $954,000 | $217,000 | $122,000 | $113,000 |
| Other current assets | $10.9M | $13.5M | $7.9M | $4.0M | $4.8M | $4.7M | $2.2M | $1.7M | $1.5M | $1.4M |
| Total current assets | $782.1M | $441.0M | $232.2M | $129.6M | $191.3M | $246.2M | $60.2M | $56.2M | $43.3M | $69.9M |
| Property, plant & equipment (net) | $24.3M | $15.3M | $18.2M | $17.9M | $11.8M | $13.9M | $16.8M | $10.2M | $10.5M | $3.3M |
| Goodwill & intangible assets | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Long-term investments | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other non-current assets | $1.6M | $1.6M | $1.6M | $1.8M | $1.8M | $1.8M | $1.8M | $6.6M | $1.6M | $1.7M |
| Total assets | $808.1M | $457.9M | $252.1M | $149.3M | $204.9M | $261.9M | $78.7M | $73.0M | $55.4M | $74.9M |
| Liabilities | ||||||||||
| Accounts payable | $4.2M | $4.2M | $4.4M | $5.1M | $4.6M | $2.7M | $3.3M | $3.0M | $3.6M | $2.1M |
| Short-term debt | $2.8M | $1.9M | $1.6M | $1.6M | $1.6M | $9.6M | $1.1M | — | $5.5M | $1.5M |
| Deferred revenue | $14.0M | $128,000 | $255,000 | $576,000 | $13.0M | $12.0M | — | — | — | — |
| Total current liabilities | $50.8M | $41.4M | $34.9M | $31.4M | $26.3M | $26.7M | $12.0M | $9.2M | $13.4M | $8.3M |
| Long-term debt | $71.3M | $68.5M | $74.9M | $54.0M | $51.4M | $41.2M | $49.3M | $24.8M | $12.5M | $14.1M |
| Lease obligations | $5.6M | $7.3M | $8.5M | $10.3M | $7.5M | $8.9M | $10.0M | — | — | — |
| Other long-term liabilities | $31.6M | $32.7M | $51.1M | $28.5M | $39.1M | $117.9M | $21.0M | $3.2M | $3.4M | $537,000 |
| Total liabilities | $153.7M | $142.6M | $160.9M | $113.9M | $116.9M | $185.8M | $82.4M | $37.2M | $29.3M | $22.9M |
| Shareholders' equity | ||||||||||
| Common stock & paid-in capital | $22,000 | $16,000 | $12,000 | $8,000 | $8,000 | $8,000 | $5,000 | $4,000 | $3,000 | $3,000 |
| Retained earnings (deficit) | −$1.16B | −$891.1M | −$697.6M | −$616.8M | −$545.8M | −$539.3M | −$383.6M | −$297.2M | −$237.3M | −$173.9M |
| Treasury stock | — | — | — | — | — | — | — | — | $0 | $0 |
| Accumulated other comprehensive income | — | — | — | — | — | — | −$10.0M | −$7.6M | −$5.3M | −$5,000 |
| Minority interest | — | — | — | — | — | — | — | — | $0 | $0 |
| Total shareholders' equity | $654.3M | $315.3M | $91.1M | $35.4M | $88.0M | $76.1M | −$3.6M | $35.9M | $26.1M | $52.0M |
| Key figures | ||||||||||
| Total debt | $79.8M | $75.8M | $83.4M | $64.3M | $59.0M | $58.4M | $59.3M | $24.8M | $18.0M | $15.6M |
| Net cash (debt) | $657.3M | $316.3M | $112.4M | $38.0M | $105.2M | $169.6M | −$4.9M | $29.3M | $23.5M | $52.5M |
| Working capital | $731.3M | $399.6M | $197.3M | $98.2M | $165.0M | $219.5M | $48.1M | $47.0M | $29.9M | $61.6M |
| Tangible book value | $654.3M | $315.3M | $91.1M | $35.4M | $88.0M | $76.1M | −$3.6M | $35.9M | $26.1M | $52.0M |
| Book value per share | $3.49 | $1.99 | $1.06 | $0.43 | $1.07 | $1.25 | −$0.08 | — | — | — |
| Shares outstanding | 187.2M | 158.3M | 85.6M | 82.6M | 82.2M | 60.8M | 45.3M | — | — | — |
| Current ratio | 15.39 | 10.66 | 6.66 | 4.13 | 7.26 | 9.23 | 5.00 | 6.14 | 3.23 | 8.42 |
| Quick ratio | 15.11 | 10.26 | 6.36 | 3.94 | 7.04 | 9.01 | 4.74 | 5.92 | 3.11 | 8.24 |
| Debt / equity | 0.12 | 0.24 | 0.92 | 1.82 | 0.67 | 0.77 | — | 0.69 | 0.69 | 0.30 |
| Equity / assets | 81.0% | 68.9% | 36.2% | 23.7% | 43.0% | 29.1% | −4.6% | 49.1% | 47.2% | 69.4% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||||
| Cash & short-term investments | $598.6M | $666.7M | $737.1M | $344.8M | $391.1M | $349.7M | $392.1M | $427.2M | $459.7M | $482.9M | $195.8M | $110.5M |
| Cash & equivalents | $598.6M | $666.7M | $737.1M | $344.8M | $391.1M | $349.7M | $392.1M | $427.2M | $459.7M | $482.9M | $195.8M | $110.5M |
| Receivables | $30.3M | $24.3M | $30.6M | $30.8M | $30.4M | $25.2M | $32.4M | $30.2M | $30.2M | $26.5M | $26.2M | $23.6M |
| Inventory | $3.8M | $3.7M | $3.6M | $3.5M | $3.0M | $3.3M | $3.0M | $2.4M | $2.5M | $2.6M | $2.3M | $2.3M |
| Other current assets | $11.7M | $11.2M | $10.9M | $8.0M | $8.8M | $9.5M | $13.5M | $13.2M | $6.1M | $7.8M | $7.9M | $4.9M |
| Total current assets | $644.4M | $706.0M | $782.1M | $387.0M | $433.4M | $387.7M | $441.0M | $473.0M | $498.6M | $519.8M | $232.2M | $141.3M |
| Property, plant & equipment (net) | $25.3M | $24.9M | $24.3M | $22.3M | $16.3M | $16.6M | $15.3M | $15.7M | $16.9M | $17.5M | $18.2M | $19.4M |
| Goodwill & intangible assets | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Long-term investments | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other non-current assets | $1.6M | $1.6M | $1.6M | $1.6M | $1.6M | $1.6M | $1.6M | $1.6M | $1.6M | $1.6M | $1.6M | $1.8M |
| Total assets | $671.3M | $732.5M | $808.1M | $410.9M | $451.3M | $405.9M | $457.9M | $490.4M | $517.1M | $538.9M | $252.1M | $162.4M |
| Liabilities | ||||||||||||
| Accounts payable | $7.0M | $8.0M | $4.2M | $6.3M | $5.9M | $4.6M | $4.2M | $4.0M | $3.7M | $6.5M | $4.4M | $4.0M |
| Short-term debt | $3.1M | $3.2M | $2.8M | $2.8M | $2.6M | $2.2M | $1.9M | $1.7M | $1.7M | $1.5M | $1.6M | $1.9M |
| Deferred revenue | $14.0M | $14.0M | — | $14.0M | $14.0M | $64,000 | $128,000 | $190,000 | $269,000 | $263,000 | $255,000 | $317,000 |
| Total current liabilities | $49.2M | $47.7M | $50.8M | $49.3M | $42.9M | $37.9M | $41.4M | $36.4M | $30.0M | $24.3M | $34.9M | $35.1M |
| Long-term debt | $72.8M | $72.1M | $71.3M | $70.6M | $69.9M | $69.2M | $68.5M | $67.8M | $67.1M | $66.5M | $74.9M | $73.9M |
| Lease obligations | $6.6M | $7.4M | $5.6M | $6.4M | $7.0M | $7.0M | $7.3M | $7.3M | $7.8M | $7.9M | $8.5M | $9.1M |
| Other long-term liabilities | $29.3M | $31.2M | $31.6M | $32.7M | $32.6M | $32.9M | $32.7M | $34.2M | $42.3M | $40.2M | $51.1M | $45.6M |
| Total liabilities | $151.3M | $151.0M | $153.7M | $152.7M | $145.4M | $140.0M | $142.6M | $138.3M | $139.4M | $131.0M | $160.9M | $154.5M |
| Shareholders' equity | ||||||||||||
| Common stock & paid-in capital | $22,000 | $22,000 | $22,000 | $18,000 | $17,000 | $16,000 | $16,000 | $16,000 | $16,000 | $15,000 | $12,000 | $8,000 |
| Retained earnings (deficit) | −$1.32B | −$1.25B | −$1.16B | −$1.09B | −$1.02B | −$955.1M | −$891.1M | −$842.7M | −$806.2M | −$762.4M | −$697.6M | −$668.4M |
| Accumulated other comprehensive income | — | — | — | — | — | — | — | — | $0 | $0 | — | — |
| Total shareholders' equity | $520.0M | $581.6M | $654.3M | $258.2M | $305.9M | $265.9M | $315.3M | $352.0M | $377.7M | $408.0M | $91.1M | $7.9M |
| Key figures | ||||||||||||
| Total debt | $79.4M | $79.5M | $77.0M | $77.0M | $76.9M | $76.2M | $75.8M | $75.1M | $74.9M | $74.4M | $83.4M | $83.0M |
| Net cash (debt) | $519.3M | $587.2M | $660.1M | $267.8M | $314.2M | $273.5M | $316.3M | $352.1M | $384.8M | $408.5M | $112.4M | $27.5M |
| Working capital | $595.3M | $658.3M | $731.3M | $337.7M | $390.4M | $349.8M | $399.6M | $436.7M | $468.6M | $495.5M | $197.3M | $106.2M |
| Tangible book value | $520.0M | $581.6M | $654.3M | $258.2M | $305.9M | $265.9M | $315.3M | $352.0M | $377.7M | $408.0M | $91.1M | $7.9M |
| Book value per share | $2.31 | $2.60 | $2.94 | $1.40 | $1.77 | $1.57 | $1.88 | $2.11 | $2.28 | $3.09 | $0.84 | $0.09 |
| Shares outstanding | 225.0M | 224.1M | 222.9M | 183.9M | 172.6M | 169.4M | 168.0M | 167.0M | 165.8M | 132.0M | 108.8M | 85.1M |
| Current ratio | 13.11 | 14.81 | 15.39 | 7.85 | 10.09 | 10.22 | 10.66 | 13.01 | 16.64 | 21.39 | 6.66 | 4.03 |
| Quick ratio | 12.79 | 14.49 | 15.11 | 7.62 | 9.82 | 9.89 | 10.26 | 12.58 | 16.35 | 20.97 | 6.36 | 3.83 |
| Debt / equity | 0.15 | 0.14 | 0.12 | 0.30 | 0.25 | 0.29 | 0.24 | 0.21 | 0.20 | 0.18 | 0.92 | 10.57 |
| Equity / assets | 77.5% | 79.4% | 81.0% | 62.8% | 67.8% | 65.5% | 68.9% | 71.8% | 73.0% | 75.7% | 36.2% | 4.8% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported (latest annual report filed February 5, 2026); data from EODHD.
OCUL financial position
At the end of fiscal 2025 (December 31, 2025), Ocular Therapeutix had total assets of $808.1 million (up 76.5% from a year earlier), total liabilities of $153.7 million and shareholders' equity of $654.3 million. It held $737.1 million in cash and short-term investments against $79.8 million of debt, a net cash position of $657.3 million. Its current ratio was 15.39. In the latest quarter (ended June 30, 2026) total assets were $671.3 million and equity $520.0 million.
Related: OCUL income statement, OCUL cash flow statement, OCUL key metrics. See the OCUL stock overview for the latest quote and news.
OCUL balance sheet FAQ
What are Ocular Therapeutix's total assets?
Ocular Therapeutix reported total assets of $808.1 million at the end of fiscal 2025 (December 31, 2025), compared with $457.9 million a year earlier.
How much debt does Ocular Therapeutix have?
Ocular Therapeutix had $79.8 million of total debt at the end of fiscal 2025, including short-term borrowings and lease obligations. Its debt-to-equity ratio was 0.12.
How much cash does Ocular Therapeutix have?
Ocular Therapeutix held $737.1 million in cash and short-term investments at the end of fiscal 2025; with $79.8 million of debt that is net cash of $657.3 million.
What is Ocular Therapeutix's book value?
Ocular Therapeutix's shareholders' equity (book value) was $654.3 million at the end of fiscal 2025, or $3.49 per share.
What is Ocular Therapeutix's current ratio?
Ocular Therapeutix had current assets of $782.1 million and current liabilities of $50.8 million, a current ratio of 15.39 (it can cover its short-term obligations).