Ocular Therapeutix: Takeaways from our group meeting post-R&D Day

研报英文原文证据摘录

Ocular Therapeutix: Takeaways from our group meeting post-R&D Day

esearch Analyst

2 mg at week 56 remains unchanged. Topline results are now expected in 1Q28 (prev. BofAS

1Q27). We think these changes are strategically sound by adding additional analyses that jeremiah.lorentz@bofa.com

could generate important clinical data for commercial uptake and pushing the readout Wesley Yon Research Analyst

beyond the expected regulatory review period, further de-risking the approval process. BofAS

wesley.yon@bofa.com

Amy QianOCUL is confident in the large opportunity in wAMD Research Analyst

Management is actively preparing for launch and sees a large commercial opportunity BofAS

for Axpaxli driven by its differentiated value proposition, with initial uptake in high amy.qian3@bofa.com

unmet need patients expanding into treatment-naïve populations over time. While still

early, management commented they anticipate premium pricing with favorable

economics for practices and payors to be a key part of the launch strategy. They expect Stock Data

a flexible label and underscored that approval is the key priority as real-world experience

Price 9.64 USD

will determine how physicians use it. They commented so far focus has been on the US

Price Objective 27.00 USD

approval, but they have had early engagements with OUS regulators and noted SOL-R

Date Established 2-Mar-2026

provides flexibility for global submissions. They emphasized that social impact is a key

Investment Opinion C-1-9

consideration for OUS regulators, which they think is a key advantage for Axpaxli.

52-Week Range 6.23 USD - 16.44 USD

Mrkt Val (mn) / Shares Out 2,111 USD / 219.0

Estimates (Dec) (US$) 2024A 2025A 2026E 2027E 2028E

(mn)

EPS (1.22) (1.42) (1.71) (1.66) (1.13)