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Side-by-side financial comparison of OCULAR THERAPEUTIX, INC (OCUL) and Spero Therapeutics, Inc. (SPRO). Click either name above to swap in a different company.
OCULAR THERAPEUTIX, INC is the larger business by last-quarter revenue ($13.3M vs $12.6M, roughly 1.1× Spero Therapeutics, Inc.). Spero Therapeutics, Inc. runs the higher net margin — 250.7% vs -488.0%, a 738.6% gap on every dollar of revenue. On growth, Spero Therapeutics, Inc. posted the faster year-over-year revenue change (24080.8% vs -22.4%). Over the past eight quarters, Spero Therapeutics, Inc.'s revenue compounded faster (847.7% CAGR vs -5.3%).
Ocular Therapeutix, Inc. is a biopharmaceutical firm specializing in developing and commercializing innovative ophthalmic therapies. Its products treat acute and chronic eye conditions including post-surgical pain, glaucoma, and dry eye, serving patients and ophthalmology providers primarily across the U.S. and select global markets.
OCUL vs SPRO — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $13.3M | $12.6M |
| Net Profit | $-64.7M | $31.5M |
| Gross Margin | 88.0% | — |
| Operating Margin | -526.5% | — |
| Net Margin | -488.0% | 250.7% |
| Revenue YoY | -22.4% | 24080.8% |
| Net Profit YoY | -33.6% | 250.9% |
| EPS (diluted) | $-0.27 | $0.56 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q4 25 | $13.3M | $12.6M | ||
| Q3 25 | $14.5M | $0 | ||
| Q2 25 | $13.5M | $0 | ||
| Q1 25 | $10.7M | $12.0K | ||
| Q4 24 | $17.1M | $52.0K | ||
| Q3 24 | $15.4M | $65.0K | ||
| Q2 24 | $16.4M | $114.0K | ||
| Q1 24 | $14.8M | $140.0K |
| Q4 25 | $-64.7M | $31.5M | ||
| Q3 25 | $-69.4M | $-7.4M | ||
| Q2 25 | $-67.8M | $-1.7M | ||
| Q1 25 | $-64.1M | $-13.9M | ||
| Q4 24 | $-48.4M | — | ||
| Q3 24 | $-36.5M | $-17.1M | ||
| Q2 24 | $-43.8M | $-17.9M | ||
| Q1 24 | $-64.8M | $-12.7M |
| Q4 25 | 88.0% | — | ||
| Q3 25 | 87.8% | — | ||
| Q2 25 | 85.6% | — | ||
| Q1 25 | 88.2% | — | ||
| Q4 24 | 92.8% | — | ||
| Q3 24 | 89.9% | — | ||
| Q2 24 | 90.8% | — | ||
| Q1 24 | 91.0% | — |
| Q4 25 | -526.5% | — | ||
| Q3 25 | -472.3% | — | ||
| Q2 25 | -502.6% | — | ||
| Q1 25 | -597.5% | -122758.3% | ||
| Q4 24 | -296.1% | — | ||
| Q3 24 | -298.2% | -28604.6% | ||
| Q2 24 | -265.1% | -16720.2% | ||
| Q1 24 | -214.0% | -9987.1% |
| Q4 25 | -488.0% | 250.7% | ||
| Q3 25 | -477.3% | — | ||
| Q2 25 | -503.9% | — | ||
| Q1 25 | -598.7% | -115550.0% | ||
| Q4 24 | -283.3% | — | ||
| Q3 24 | -236.6% | -26380.0% | ||
| Q2 24 | -266.3% | -15668.4% | ||
| Q1 24 | -438.9% | -9049.3% |
| Q4 25 | $-0.27 | $0.56 | ||
| Q3 25 | $-0.38 | $-0.13 | ||
| Q2 25 | $-0.39 | $-0.03 | ||
| Q1 25 | $-0.38 | $-0.25 | ||
| Q4 24 | $-0.25 | — | ||
| Q3 24 | $-0.22 | $-0.32 | ||
| Q2 24 | $-0.26 | $-0.33 | ||
| Q1 24 | $-0.49 | $-0.24 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $737.1M | $40.3M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $654.3M | $59.0M |
| Total Assets | $808.1M | $68.9M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $737.1M | $40.3M | ||
| Q3 25 | $344.8M | $48.6M | ||
| Q2 25 | $391.1M | $31.2M | ||
| Q1 25 | $349.7M | $48.9M | ||
| Q4 24 | $392.1M | $52.9M | ||
| Q3 24 | $427.2M | $76.3M | ||
| Q2 24 | $459.7M | $63.5M | ||
| Q1 24 | $482.9M | $82.3M |
| Q4 25 | $654.3M | $59.0M | ||
| Q3 25 | $258.2M | $26.5M | ||
| Q2 25 | $305.9M | $32.8M | ||
| Q1 25 | $265.9M | $33.8M | ||
| Q4 24 | $315.3M | $46.1M | ||
| Q3 24 | $352.0M | $65.5M | ||
| Q2 24 | $377.7M | $80.5M | ||
| Q1 24 | $408.0M | $96.2M |
| Q4 25 | $808.1M | $68.9M | ||
| Q3 25 | $410.9M | $54.2M | ||
| Q2 25 | $451.3M | $62.1M | ||
| Q1 25 | $405.9M | $77.7M | ||
| Q4 24 | $457.9M | $110.5M | ||
| Q3 24 | $490.4M | $135.2M | ||
| Q2 24 | $517.1M | $149.9M | ||
| Q1 24 | $538.9M | $167.7M |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $-54.2M | $-8.4M |
| Free Cash FlowOCF − Capex | $-57.1M | — |
| FCF MarginFCF / Revenue | -430.9% | — |
| Capex IntensityCapex / Revenue | 21.4% | — |
| Cash ConversionOCF / Net Profit | — | -0.26× |
| TTM Free Cash FlowTrailing 4 quarters | $-216.9M | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-54.2M | $-8.4M | ||
| Q3 25 | $-50.7M | $17.4M | ||
| Q2 25 | $-55.2M | $-17.7M | ||
| Q1 25 | $-44.7M | $-4.0M | ||
| Q4 24 | $-39.4M | $-23.4M | ||
| Q3 24 | $-36.6M | $12.8M | ||
| Q2 24 | $-24.8M | $-18.7M | ||
| Q1 24 | $-33.9M | $5.9M |
| Q4 25 | $-57.1M | — | ||
| Q3 25 | $-56.7M | — | ||
| Q2 25 | $-56.5M | — | ||
| Q1 25 | $-46.6M | — | ||
| Q4 24 | $-39.6M | — | ||
| Q3 24 | $-36.6M | — | ||
| Q2 24 | $-25.5M | — | ||
| Q1 24 | $-34.1M | — |
| Q4 25 | -430.9% | — | ||
| Q3 25 | -390.0% | — | ||
| Q2 25 | -419.7% | — | ||
| Q1 25 | -435.6% | — | ||
| Q4 24 | -232.0% | — | ||
| Q3 24 | -237.6% | — | ||
| Q2 24 | -155.4% | — | ||
| Q1 24 | -231.1% | — |
| Q4 25 | 21.4% | — | ||
| Q3 25 | 41.2% | — | ||
| Q2 25 | 9.3% | — | ||
| Q1 25 | 18.1% | — | ||
| Q4 24 | 1.2% | — | ||
| Q3 24 | 0.6% | — | ||
| Q2 24 | 4.5% | — | ||
| Q1 24 | 1.7% | — |
| Q4 25 | — | -0.26× | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
