New York, February 13, 2026, 19:17 EST — After-hours
- OCUL ended regular trading down about 2% before a sharp after-hours jump.
- Ocular Therapeutix scheduled a Feb. 17 webcast for topline SOL-1 Phase 3 results in wet AMD.
- Traders are positioning for a binary late-stage readout that could reset the stock.
Ocular Therapeutix shares jumped about 25% in after-hours trading on Friday after the company set a date to disclose topline results from its late-stage wet age-related macular degeneration study. The stock ended the regular session down 1.9% at $8.88 and was last up 25.2% at $11.12. (Google)
The Bedford, Massachusetts-based drug developer said it will host a webcast at 8:00 a.m. ET on Tuesday, Feb. 17, to review topline results from the SOL-1 Phase 3 superiority trial of AXPAXLI (also known as OTX-TKI) in wet AMD, and present detailed data at the Macula Society annual meeting on Feb. 25–28. AXPAXLI is an axitinib intravitreal hydrogel, meaning it is injected into the eye and uses the company’s bioresorbable hydrogel formulation technology. (GlobeNewswire)
The timing is the point. A Phase 3 study is typically the last large test before a company seeks U.S. approval, and “topline” is the first look at whether the key endpoint hit before the full dataset is published.
In this case, SOL-1 is a superiority trial — it has to beat the comparator, not just match it. That makes Tuesday’s readout a bigger swing factor than the routine product updates smaller biotechs often trade on.
A regulatory filing also hangs on it. A company filing said SOL-1 compares a single injection of AXPAXLI 450 micrograms with a single injection of aflibercept 2 mg, with a primary endpoint based on vision-maintenance at Week 36; it added the company intends to submit an NDA for wet AMD based on Week 52 data, subject to results and FDA interactions. The same filing flagged the crowded backdrop, pointing to anti-VEGF drugs such as Eylea and Eylea HD (Regeneron) and Lucentis and Vabysmo (Genentech) that are already marketed in the U.S. for wet AMD. (SEC)
Ocular did not release the SOL-1 outcomes on Friday. The move came from traders reacting to the calendar, not a surprise data point.
What investors will watch first is simple: whether the trial meets its main vision endpoint, and what the topline package says about durability — how long patients can go before needing another treatment — and safety.
Wet AMD is commonly treated with repeated injections of drugs that block VEGF, a protein involved in abnormal blood vessel growth in the eye. Newer approaches try to reduce the treatment burden without giving up vision gains.
But the stock can move just as fast the other way. A miss on the primary endpoint, weaker-than-expected durability, or safety concerns could erase the after-hours rally, and even a “positive” result can still leave room for debate over labeling and dosing intervals once regulators review the full dataset.
With U.S. stock markets closed on Monday for Presidents Day, the next cash session is Tuesday — the same morning as Ocular’s 8:00 a.m. webcast. That puts the SOL-1 readout front and center for the first trade of the week. (Nasdaq)
