Ocular Therapeutix, Inc. has recently released its 10-Q report, detailing the company's financial and operational performance. Ocular Therapeutix is a biopharmaceutical company based in the United States, specializing in the formulation, development, and commercialization of therapies for eye diseases and conditions using its bioresorbable hydrogel-based formulation technology. The company's flagship product, DEXTENZA, is a dexamethasone ophthalmic insert used to treat post-surgical ocular inflammation and pain following ophthalmic surgery, as well as allergic conjunctivitis.
In the 10-Q report, Ocular Therapeutix provided an overview of its business and financial developments. The company is currently focused on the development of AXPAXLI, an axitinib intravitreal implant, which is in phase 3 trials for the treatment of wet age-related macular degeneration (AMD) and other retinal diseases. Additionally, Ocular Therapeutix is working on PAXTRAVA, a travoprost intracameral implant, which is in phase 2 clinical trials for the treatment of open-angle glaucoma or ocular hypertension, and OTX-CSI, a cyclosporine intracanalicular insert for the treatment of dry eye disease. The company also provided updates on the progress of its clinical trials, including the SOL-1 trial for AXPAXLI, which is expected to be fully enrolled by the end of 2024, and the SOL-R trial, a repeat-dosing registrational Phase 3 clinical trial for the treatment of wet AMD.
In terms of financial performance, Ocular Therapeutix reported net product revenue of $15.3 million for the three months ended September 30, 2024, reflecting an increase of $0.3 million or 2.7% over the same period in 2023. The net product revenue for the nine months ended September 30, 2024, was $46.4 million, representing an increase of $3.2 million or 7.5% over the same period in 2023. The company also highlighted that its in-market sales of DEXTENZA exceeded 42,000 units in the three months ended September 30, 2024, indicating an increase compared to the previous periods.
Furthermore, Ocular Therapeutix discussed the regulatory landscape, particularly the Medicare Statute, which allows for separate payment of physician-administered non-opioid pain medications, including DEXTENZA, in both the ambulatory surgery center (ASC) and hospital outpatient department (HOPD) settings of care beginning January 1, 2025.
Today the company's shares have moved -5.1% to a price of $10.05. For the full picture, make sure to review Ocular Therapeutix's 10-Q report.
