Ocular Stock Surges 23% on Confidence in Late-Stage Retinal Therapy Pipeline

Investor excitement is driving Ocular Therapeutics’ (OCUL) pre-market rally, with shares climbing 23% as the market digests the company’s robust clinical pipeline. The stock jumped from yesterday’s $11.07 closing price to $13.64 in early trading, reflecting growing confidence in the company’s ability to deliver transformative treatments for serious eye conditions.

Leading Candidate AXPAXLI Demonstrates Strong Clinical Momentum

At the heart of Ocular’s growth story is AXPAXLI (OTX-TKI), a sustained-release axitinib hydrogel delivered directly into the eye. This investigational therapy addresses wet age-related macular degeneration (wet AMD) and non-proliferative diabetic retinopathy (NPDR), conditions that threaten vision in millions globally.

For wet AMD, the company is running two pivotal Phase 3 trials. The SOL-1 study is expected to readout in Q1 2026, while SOL-R should deliver topline results by mid-2027. Both trials have demonstrated exceptional patient retention and clinical execution—a critical indicator of the therapy’s potential to provide sustained benefits. The HELIOS Phase 2 trial expands AXPAXLI’s scope into NPDR, evaluating whether the drug can slow disease progression and prevent sight-threatening complications, positioning AXPAXLI as a multi-indication pipeline asset.

Proprietary Technology Addresses Unmet Needs in Glaucoma and Beyond

Beyond retinal disease, Ocular is advancing OTX-TIC, an investigational travoprost hydrogel for glaucoma and ocular hypertension. Delivered through intracameral injection, OTX-TIC is designed to replace daily eye drops—a treatment burden that compromises patient adherence and outcomes. The sustained-release mechanism offers a compelling alternative to conventional therapies, potentially transforming how ophthalmologists manage these chronic conditions.

Both programs leverage Ocular’s proprietary hydrogel platform, enabling extended drug delivery with reduced dosing frequency. This technology strategy has resonated with eye specialists who increasingly seek durable, patient-friendly solutions.

Substantial Cash Runway Supports Execution Through 2028

Ocular’s financial position strengthens its ability to reach critical milestones. As of September 30, 2025, the company held $344.8 million in cash. An October 2025 equity offering added approximately $445 million, establishing a total capital base sufficient to fund pipeline advancement into 2028. This financial durability reduces execution risk and provides visibility into when pivotal data should emerge.

Over the past year, OCUL has traded between $5.78 and $16.44, with today’s pre-market move positioning the stock near the upper range. The company’s late-stage catalyst timeline, combined with a robust cash position and differentiated technology, underpins the market’s optimistic repricing.