Shares of Ocular Therapeutics, Inc. (OCUL), are up 23% in pre-market trading today, reflecting investor enthusiasm around the company's late-stage pipeline in retinal and glaucoma programs.
The company's lead investigational candidate is AXPAXLI (OTX-TKI), a sustained-release axitinib hydrogel administered via intravitreal injection. AXPAXLI is being developed for wet age-related macular degeneration (AMD) and non-proliferative diabetic retinopathy (NPDR). In wet AMD, AXPAXLI is being evaluated in the Phase 3 SOL-1 trial, with topline data expected in Q1 2026, and Phase 3 SOL-R trial, with topline data anticipated in the first half of 2027. The registrational program has demonstrated exceptional execution and patient retention, underscoring confidence in the therapy's potential to provide durable benefit.
In NPDR, AXPAXLI is being studied in the Phase 2 HELIOS trial, which is assessing the drug's ability to slow disease progression and reduce the risk of vision-threatening complications. HELIOS represents an important expansion of AXPAXLI's utility beyond wet AMD, positioning the therapy as a pipeline-in-a-product candidate across multiple retinal indications.
Beyond AXPAXLI, Ocular is advancing OTX-TIC, and investigational travoprost hydrogel administered by intracameral injection. OTX-TIC is in registrational development for glaucoma and ocular hypertension, conditions that affect millions worldwide and often require daily eye drops with adherence challenges. The sustained-release profile of OTX-TIC is designed to reduce treatment burden and improve patient outcomes, offering a potential long-term alternative to conventional therapies.
Both programs reflect Ocular's strategy of leveraging its proprietary hydrogel technology to deliver therapies with extended duration, aiming to reduce the frequency of injections or daily dosing while maintaining efficacy. This approach has attracted attention in the ophthalmology community, where unmet needs remain high for durable and patient-friendly treatments.
Financially, Ocular reported a cash balance of $344.8 million as of September 30, 2025, together with net proceeds of approximately $445 million from its October 2025 equity offering. The company expects this capital position to provide runway into 2028, supporting advancement of its late-stage pipeline through pivotal milestones.
OCUL has traded between $5.78 and $16.44 over the past year. The stock closed yesterday's trading at $11.07, up 6.14 %, and rose further in the pre-market trading to $13.64, up 23.22%.
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