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Ocular Therapeutix, Inc.(OCUL), a biopharmaceutical company focused on developing and commercializing innovative therapies for ocular conditions, has released its financial results for the second quarter of 2023. The company reported a net loss of $20.7 million for the quarter, alongside total revenue of $15.2 million. The financial data was presented in the Condensed Consolidated Balance Sheets, Statements of Operations and Comprehensive Loss, Statements of Cash Flows, and Statements of Stockholders' Equity.
In the second quarter of 2023, Ocular Therapeutix incurred a net loss of $20.7 million. This loss is compared to a net loss of $18.8 million in the same period of the previous year. The increase in net loss was attributed to various factors, including research and development expenses, selling and marketing costs, and general and administrative expenditures.
On the revenue front, Ocular Therapeutix generated total revenue of $15.2 million during the second quarter of 2023. This represents a significant increase from the revenue of $12.3 million recorded in the same quarter of the previous year. The growth in revenue can be primarily attributed to higher product revenue, which reached $15.0 million, up from $12.1 million in Q2 2022.
Condensed Consolidated Balance Sheets
Ocular Therapeutix's Condensed Consolidated Balance Sheets showed that the company's total assets stood at $122.6 million as of June 30, 2023. This is a decrease from $149.3 million recorded at the end of 2022. The company's current assets, including cash and cash equivalents, accounts receivable, inventory, and prepaid expenses, totaled $100.7 million.
Condensed Consolidated Statements of Operations and Comprehensive Loss
The Condensed Consolidated Statements of Operations and Comprehensive Loss revealed that the company's costs and operating expenses amounted to $35.8 million in the second quarter of 2023. This figure includes costs related to product revenue, research and development, selling and marketing, and general and administrative activities. Despite these expenses, Ocular Therapeutix reported a total revenue of $15.2 million, resulting in a net loss of $20.7 million for the quarter.
Condensed Consolidated Statements of Cash Flows
During the six months ending June 30, 2023, Ocular Therapeutix used $40.0 million in operating activities. The company's cash flows from investing activities resulted in a decrease of $5.4 million, primarily due to property and equipment purchases. However, cash flows from financing activities provided a net increase of $9.7 million, including proceeds from the issuance of stock options and common stock.
The Condensed Consolidated Statements of Stockholders' Equity illustrated changes in the company's equity over time. As of June 30, 2023, Ocular Therapeutix's total stockholders' equity amounted to $3.1 million.
Ocular Therapeutix's Q2 2023 financial results reflect increased revenue accompanied by a net loss. The company continues its efforts in developing innovative therapies for ocular conditions, with a focus on improving patient outcomes and advancing its product pipeline.