BEDFORD, Mass.—Ocular Therapeutix, Inc. (NASDAQ: OCUL), a biopharmaceutical company that develops and commercializes therapies for retinal diseases and other eye conditions, has reported financial results for the second quarter ended June 30, 2024. Total net revenue was $16.4 million for the second quarter of 2024, an 8.3 percent increase over total net revenue of $15.2 million in the comparable period in 2023, driven by increased revenues from Dextenza sales. The company said it expects full-year 2024 total net revenues for Dextenza to be between $62.0 million and $67.0 million, compared with $57.9 million reported in 2023.

Total net revenue includes both gross Dextenza product revenue, net of discounts, rebates and returns, which the company refers to as net product revenue and collaboration revenue.

“I am pleased to report that Ocular is making outstanding progress in 2024. Over the last six months, we have clarified our mission of becoming a leader in the treatment of retinal disease and thoughtfully assembled the team to deliver this mission," said Pravin U. Dugel, MD, executive chairman, president and chief executive officer of Ocular Therapeutix. "The exemplary work of our clinical team has allowed Ocular to accelerate enrollment in the SOL-1 superiority study of AXPAXLI in wet AMD and to swiftly design and initiate the SOL-R non-inferiority repeat dosing study. We are also pleased to report that the FDA has now confirmed that SOL-R is appropriate for use as our second registrational study."

Net loss for the second quarter of 2024 was $(43.8) million compared with a net loss of $(20.7) million for the comparable period in 2023, the company said. The net loss in the second quarter of 2024 included a $(3.0) million non-cash loss attributable to the changes in the fair value of the derivative liability associated with the Barings credit facility, as compared with a $1.1 million non-cash gain attributable solely to the change in the fair value of the derivative liability associated with the company’s convertible notes for the comparable quarter in 2023.

Total cash and cash equivalents of $459.7 million were reported as of June 30, 2024. Based on current plans and related estimates of anticipated cash inflows from Dextenza, the company said it believes that its current cash balance is sufficient to support its planned expenses, obligations, and capital expenditure requirements into 2028.