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Ocular Therapeutix, Inc. has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing an increase in product revenue to $15.3 million from $15.0 million in the same quarter the previous year. The increase is attributed to sales of DEXTENZA.
Research and development expenses rose significantly to $37.1 million from $15.0 million, primarily due to the ongoing clinical trials of AXPAXLI for wet age-related macular degeneration.
Selling and marketing expenses increased to $10.6 million from $9.3 million, driven by higher professional fees and personnel-related costs.
General and administrative expenses increased to $12.2 million from $8.6 million, attributed to higher personnel-related costs and professional fees.
The company reported a net loss of $36.5 million for the quarter, compared to a net loss of $0.5 million in the previous year.
Interest income for the quarter was $5.7 million, up from $1.2 million, due to higher cash balances and interest rates.
Interest expense decreased slightly to $3.2 million from $3.4 million, while the change in fair value of derivative liabilities resulted in a gain of $7.1 million.
Ocular Therapeutix had cash and cash equivalents of $427.2 million as of September 30, 2024. The company anticipates that its existing cash resources will fund operations into 2028.
The filing also details the company's ongoing clinical trials, including the SOL-1 and SOL-R trials for AXPAXLI, and the Phase 2 trial for PAXTRAVA.
Ocular Therapeutix acknowledges its dependence on successful clinical trials and potential financing to meet future obligations.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Ocular Therapeutix Inc. quarterly 10-Q report dated November 14, 2024. To report an error, please email earnings@qz.com.