Ocular Therapeutics reported losses of $9.6 million, or 45¢ per share, on sales of $459,000 for the 3 months ended June 30. That amounts to a 62% increase in losses on sales growth of 373% compared with the same period last year.
While revenue beat analysts expectations by around $50,000, losses per share missed the mark by 4¢. The company did manage to decrease its loss per share by a whopping 78.6% since last year.
The news has sent shares down, dropping roughly 15% since the announcement Monday.
“We continued to make strong progress in our development programs this quarter and look forward to several significant clinical milestones expected during the second half of 2015. For our lead product candidate, Dextenza, we remain on track to submit an NDA to the FDA for a post-surgical ocular pain indication and initiate a third Phase 3 clinical trial for the treatment of post-surgical ocular inflammation and pain in the 4th quarter of 2015. In addition, we have completed patient enrollment in a Phase 3 clinical trial with Dextenza for the treatment of allergic conjunctivitis and for our exploratory Phase 2 clinical trial for the treatment of inflammatory dry eye, as part of our strategy to expand clinical indications for Dextenza. We have also closed patient enrollment in our Phase 2b clinical trial of OTX-TP for the treatment of glaucoma and ocular hypertension and expect topline efficacy data in the 4th quarter,” CEO Amar Sawhney said in a press release.
In June, Ocular Therapeutix raised $66 million from a follow-on offering of 4 million shares, after underwriting expenses, as it pushes forward with its drug-device combination for treating post-surgical ocular pain.
A month earlier, Ocular Therapeutix said that it plans to submit an FDA application to broaden the indication for its OTX-DP drug-device combination, now called Dextenza, for use in treating.