Ocular Therapeutix, Inc.

OCUL

$10.64

-2.39%

N/A-$0.26

Healthcare

Biotechnology

NASDAQ

Active Trading

Ocular Therapeutix, Inc. is a biopharmaceutical company specializing in the creation, advancement, and commercialization of ophthalmic treatments. Their innovative approach leverages a ...

Supply Chain of OCUL

Upstream

Foundry, packaging, memory, wafers, components, and input vendors.

Upstream

Dexamethasone API Suppliers (Multiple Qualified Generic Suppliers)

Axitinib API Suppliers

Hydrogel Polymer Raw Material Suppliers (PEG/PLGA-based polymers)

Sterile Packaging & Medical Device Component Suppliers

Third-Party CMOs for R&D Product Candidates

Dexamethasone API Suppliers (Multiple Qualified Generic Suppliers)

Active Pharmaceutical Ingredient supplier for DEXTENZA

Axitinib API Suppliers

Active Pharmaceutical Ingredient supplier for AXPAXLI (pipeline)

Hydrogel Polymer Raw Material Suppliers (PEG/PLGA-based polymers)

Supplier of proprietary hydrogel excipients for ELUTYX technology platform

Sterile Packaging & Medical Device Component Suppliers

Suppliers of sterile ophthalmic packaging, inserts, and device components

Third-Party CMOs for R&D Product Candidates

Contract manufacturing organizations for preclinical and clinical-stage pipeline materials

Downstream

Customers, distributors, OEMs, and channels that absorb output.

Downstream

Cencora (formerly AmerisourceBergen) — via Besse Medical

Cardinal Health — via Cardinal Specialty Pharma Distribution

McKesson Corporation — via McKesson Medical-Surgical & McKesson Plasma & Biologics

FFF Enterprises

Metro Medical

AffaMed Therapeutics Limited

Cencora (formerly AmerisourceBergen) — via Besse Medical

NYSE:COR

Authorized specialty distributor for DEXTENZA to physician offices, ambulatory surgery centers (ASCs), and hospitals

Cardinal Health — via Cardinal Specialty Pharma Distribution

NYSE:CAH

Authorized specialty distributor for DEXTENZA

McKesson Corporation — via McKesson Medical-Surgical & McKesson Plasma & Biologics

NYSE:MCK

Authorized specialty distributor for DEXTENZA to hospitals and surgical centers

Henry Schein, Inc.

NASDAQ:HSIC

Authorized specialty distributor for DEXTENZA to ophthalmic practices

FFF Enterprises

Authorized specialty distributor for DEXTENZA (privately held, multibillion-dollar specialty pharma distributor)

Proxies

Public comparables and monitoring names used as representatives for the analysis.

Proxies

EyePoint Pharmaceuticals, Inc.

Tarsus Pharmaceuticals, Inc.

EyePoint Pharmaceuticals, Inc.

NASDAQ:EYPT

Direct competitor in sustained-release retinal disease therapeutics. EyePoint's DURAVYU (vorolanib intravitreal insert) targets the same wet AMD patient population as OCUL's AXPAXLI. Similar stage of development and regulatory pathway.

Glaukos Corporation

NYSE:GKOS

Ophthalmic medical technology and pharmaceutical company with sustained-release drug delivery platforms (iDose travoprost implant for glaucoma). Relevant comparator for OCUL's ELUTYX hydrogel platform and PAXTRAVA program.

Tarsus Pharmaceuticals, Inc.

NASDAQ:TARS

Ophthalmology-focused biopharmaceutical company with a commercial product (XDEMVY for Demodex blepharitis) and a pipeline targeting ocular surface diseases. Relevant as a small-cap ophthalmic pharma comparator with commercial-stage operations.

Geographic

Region-level exposures that can distort the supply network.

Geographic

United States (Massachusetts)

Greater China & Southeast Asia

Ocular Therapeutix — Bedford Manufacturing Facilities (15 Crosby Drive & 36 Crosby Drive)

AffaMed Therapeutics Limited

United States (Massachusetts)

Single-site manufacturing concentration — both DEXTENZA and pipeline manufacturing facilities located in Bedford, MA. Also primary commercial market.

Ocular Therapeutix — Bedford Manufacturing Facilities (15 Crosby Drive & 36 Crosby Drive)NASDAQ:OCULInternal manufacturing sites for DEXTENZA and pipeline candidates

Greater China & Southeast Asia

License partner AffaMed handles development and commercialization in this region. Regulatory, geopolitical, or partner execution risk affects potential future revenue streams.

AffaMed Therapeutics LimitedLicense and collaboration partner for DEXTENZA and PAXTRAVA in Asia

Concentration

Customer, supplier, or partner concentration exposures that can distort the supply network.

Customer

Critical

Three specialty distributor customers account for approximately 75–85% of total revenue (per FY2025 10-K). Loss of any one would materially impact revenue.

Foundry

Critical

Ocular manufactures DEXTENZA at a single-site facility in Bedford, MA. Any disruption (regulatory, quality, operational) at this facility would halt all commercial production.

Other

High

No long-term supply agreements exist for any raw materials, drug substances, or components. Dexamethasone API is sourced from multiple generic suppliers, but axitinib API for AXPAXLI has limited qualified sources.

Other

High

Heavy reliance on the success of AXPAXLI (Phase 3 wet AMD); clinical or regulatory setbacks would severely impact the company's growth thesis.

Revenue mix

How the target's revenue mix translates into supply-chain leverage and dependency.

Product Revenue — DEXTENZA (dexamethasone ophthalmic insert)

99.8%

$0.1B

DEXTENZA is the sole revenue-generating product. All upstream material requirements (dexamethasone API, PEG-based hydrogel polymers, sterile packaging) and downstream distribution relationships are tied to this product. Supply chain disruptions directly impact 100% of commercial revenue.

Collaboration Revenue — AffaMed License Agreement & other

0.2%

$0.0B

Minimal. Relates to upfront/milestone payments from the AffaMed Therapeutics license for DEXTENZA and PAXTRAVA in Asia. No material supply chain impact.

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