Q4 2024 Earnings Call Recaps, Part 2

This is Part 2 of paid subscriber exclusive long-form content. OCUL, DCTH, SRRK, EOLS.

Word Count: 6,304; Reading Time: About 29 minutes

Hi everyone, I’m sorry this is later than I expected I had a sick kid who needed my attention this week. I didn’t want to send until I had four complete recaps. For Part 2 today I chose OCUL, DCTH, SRRK, EOLS. I’m going to end with EOLS as I make a impassioned case for it once again (for the 1,000th time)…☺️

I considered doing VRNA but really I have nothing to say. I have loved the product profile for awhile but the company is at a $5.29 billion valuation. Up 306% over the last year. With the fire sale prices elsewhere in biotech, kind of hard to justify this as a Top 10 holding. But if someone wanted to keep holding I don’t think they’d do bad necessarily. I’m just liking other stuff more lately. (Also at the bottom of this post I’ll list my Top Ideas since that is often requested.)

I looked at VIR earnings as a possible recap idea but don’t see a definitive near-term catalyst to stop the stock from continually drifting lower. Tempting valuation but it might get a lot cheaper, still.

I already said I planned to write a multi-part series on CRNX so saving what I learn from earnings calls, conference presentations, etc. for when I finally get the space to start putting that together. That will be a multi-parter and I may even need to enlist some help. I’m going to keep teasing it to hold myself accountable to start it. 🙂

I did check in on AVDL earnings but nothing much seemed noteworthy as it is still too early to see results from the operational changes they put in place. Maybe in 6 to 9 months there will be some signs of progress. I’ll keep following.

If you have earnings calls that you felt were really good or really bad, message me on Substack! Best way to get in touch with me. Sorry, if I don’t get back to emails in a timely manner (or at all) but I encourage subscribers to use the chat as well.

A reminder of the format!

There will be a template at the start of each company section:

NASDAQ Stock Symbol:

Company Name:

Earnings Call Date, Call Time:

Share Price Heading Into Call:

Shares Outstanding:

Market Capitalization:

Share Price One Full Trading Session After Call:

Stock Price Change:

Market Capitalization One Full Trading Session After Call:

…this will be followed by four sections of analysis…

Bottom Line Up Front:

Analyst Question Topics:

Pulled Quotes From Executives:

Additional Analysis:

The analysis section will focus heavily on my opinion of the content of the call and the quotes I find to be relevant. I believe I have a very good track record but past performance is not indicative of future results.

Standard boilerplate disclaimer: I am not a financial advisor. This is not financial advice. This is not a solicitation to buy or sell securities. For research purposes only.

Finally, Substack is saying this post is too long for email so make sure to view in browser if you don’t see my signature at the end. I don’t want anyone to miss anything. This is a meaty post!

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NASDAQ Stock Symbol: OCUL

Company Name: Ocular Therapeutix

Earnings Call Date, Call Time: 3/3/2025, pre-market

Share Price Heading Into Call: 7.14

Shares Outstanding: 159,022,245 (from recent 10-K)

Market Capitalization: $1,135 million

Share Price One Full Trading Session After Call: $5.93

Stock Price Change: -16.9%

Market Capitalization One Full Trading Session After Call: $943 million

Bottom Line Up Front: I believe the single day swoon in Ocular Therapeutix stock was not based on any truly negative news (the regulatory changes were actually positive) but were caused by confusion and lack of investor awareness about the very unusual registrational trial setup for AXPAXLI.