OCUL’s selloff on Monday was spurred by clinical updates from competitors on their wet AMD treatments.

  • Kodiak said its late-stage DAYBREAK study met its main goals: two candidates, including Zenkuda, matched Regeneron’s Eylea on vision after one year.
  • 4D Molecular Therapeutics separately said the first patients had entered 4SIGHT, a late-stage trial of its one-time gene therapy 4D-150 in diabetic macular edema.
  • Ocular plans to file for approval of its own wet AMD treatment AXPAXLI in the fourth quarter of 2026 and is preparing for a possible 2027 launch.

Shares of Ocular Therapeutix (OCUL) dropped more than 22% on Monday as investors reacted to upbeat late-stage results from two competitors targeting the same crowded market for longer-lasting wet age-related macular degeneration treatments.

The stock is now on track for its worst day since mid-February, if the losses hold. Eyepoint (EYPT) shares, another long-acting retina name, also traded 9% lower at the time of writing.  

Competitors KOD, FDMT Raise The Durability Bar

Kodiak Sciences (KOD) said its late-stage DAYBREAK study met its main goals. Two candidates, including Zenkuda, matched Regeneron’s Eylea on vision after one year. More than half of Zenkuda patients stayed on a six-month schedule under strict, real-world retreatment rules, and the company described a clean safety profile. Kodiak plans a multi-indication filing with the U.S. Food and Drug Administration (FDA) later this year.

4D Molecular Therapeutics separately said the first patients had entered 4SIGHT, a late-stage trial of its one-time gene therapy 4D-150 in diabetic macular edema. Updated two-year results from an earlier DME study showed lasting vision and swelling gains, plus a 61% drop in extra shots versus standard Eylea dosing, or about 75% under the criteria planned for the late-stage study. 4D-150 is already in late-stage study for wet AMD.

Wet age-related macular degeneration (Wet AMD) is an advanced eye disease where abnormal blood vessels grow under the retina and leak fluid into the macula, causing rapid central vision loss. While KOD stock more than doubled on the update, FDMT edged 2% lower.

What Ocular Is Building

Ocular’s lead program is AXPAXLI, a dissolving hydrogel implant that slowly releases axitinib inside the eye. The aim is months of disease control after a single shot. Its marketed product, DEXTENZA, is a steroid insert used after eye surgery and for allergic itching.

In February, the late-stage SOL-1 trial met its main goal: more patients kept their vision on AXPAXLI than on a single 2mg dose of Eylea. The company later secured FDA alignment and, in mid-September, completed a positive pre-application meeting. It still plans to file in the fourth quarter of 2026 and is preparing for a possible 2027 launch.

Shares, however, tumbled about 30% because the gap versus Eylea was smaller than many investors had modeled, and some side effects, including floaters, were higher. Ocular is still weighing next steps for its OTX-TIC glaucoma implant after mid-stage work. DEXTENZA sales have been uneven amid reimbursement pressure, while late-stage trials continue to consume cash even with a runway the company says stretches into 2028.

How Did OCUL, FDMT, KOD Retail Traders React?

On Stocktwits, retail sentiment around OCUL stock rose from ‘bearish’ to ‘bullish’ over the past 24 hours, while message volume stayed ‘high.’

Meanwhile, sentiment was ‘extremely bullish’ around KOD and ‘neutral’ around FDMT.

A Stocktwits user pinned the selloff in OCUL stock to markets not understanding OCUL’s February trial results.

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Another said they will hold OCUL stock despite the selloff, arguing its drug has an “arguably stronger profile.”

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A third user voiced optimism for Ocular being the first to market its drug among competitors.

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While OCUL stock has fallen 36% year-to-date, KOD has gained 214% and FDMT has added 91%. 

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