Ocular Therapeutix is a clinical-stage biopharmaceutical company focused on eye disease. Its business rests on two products: one commercial and one in late-stage development. The commercial product, DEXTENZA, is an FDA-approved drug-eluting insert placed in the eye's tear duct to treat post-surgical ocular inflammation and allergic conjunctivitis. DEXTENZA delivers a corticosteroid for up to 30 days from a single physician-administered procedure, replacing daily eye drop regimens. It is sold in the U.S. to ambulatory surgery centers and physicians' offices through specialty distributors, with revenue driven by cataract surgery volumes and ASC adoption. The lead pipeline asset, AXPAXLI, is an investigational drug-device combination targeting wet AMD and diabetic retinal disease, currently in Phase 3 trials. AXPAXLI is designed to deliver sustained drug release for six to twelve months from a single injection, compared to the every-four-to-eight-week anti-VEGF injections that define the current standard of care. Both products are built on Ocular's proprietary ELUTYX platform — a bioresorbable hydrogel that dissolves completely after releasing a drug in a programmed, continuous fashion. Ocular's value creation thesis is almost entirely dependent on AXPAXLI approval; the company is running a superiority trial in wet AMD (topline data expected in early 2026) and has initiated Phase 3 trials in diabetic retinal disease targeting a largely untreated patient population. Ocular manufactures both products at its own facility in Bedford, Massachusetts.