SCHEDULE: Deep Track Capital Reduces Ocular Therapeutix Stake Below 5%

Deep Track Capital and its affiliates have reported a beneficial ownership of 4.31% in Ocular Therapeutix, Inc., indicating a reduction below the 5% threshold.

Summary

• Deep Track Capital, LP, Deep Track Biotechnology Master Fund, Ltd., and David Kroin collectively beneficially own 9,234,132 shares of Ocular Therapeutix, Inc. common stock.
• This represents 4.31% of the company's common stock outstanding.
• The ownership percentage is calculated based on 214,211,190 shares, which includes 213,047,472 common shares outstanding as of October 31, 2025, and 1,163,718 Pre-Funded Warrants exercisable into common shares.
• The Pre-Funded Warrants are subject to a 9.99% maximum exercise limitation, preventing the holder from beneficially owning more than 9.99% of outstanding common stock after exercise.
• The reporting persons certify that the securities were not acquired or held for the purpose of changing or influencing control of Ocular Therapeutix, Inc.

Sentiment

Score: 4

Explanation: StockSavvy.ai views this as a slightly negative signal, as a reduction in a significant institutional stake often suggests a re-evaluation of the investment by a specialized biotech fund, though it doesn't necessarily imply a fundamental deterioration of the issuer's business.

Future Outlook

No specific future outlook or guidance is provided in this beneficial ownership report.

Management Comments

• The reporting persons certify that the securities were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under Rule 14a-11.

Industry Context

StockSavvy.ai notes that Schedule 13G filings are routine disclosures by institutional investors holding less than 20% of a company's stock, primarily to report passive investment intent. A reduction below the 5% threshold, as seen here, typically indicates a portfolio rebalancing or a shift in investment strategy by the reporting entity, Deep Track Capital, a firm specializing in biotechnology investments.

Stakeholder Impact

• Shareholders: May interpret the reduction in Deep Track Capital's stake as a negative signal, potentially leading to selling pressure or a re-evaluation of their own positions.

Key Dates

Recommendation

The reduction in Deep Track Capital's beneficial ownership below the 5% threshold suggests a diminished conviction or portfolio rebalancing by a specialized biotech investor. While not a direct indictment of Ocular Therapeutix's fundamentals, it removes a significant institutional holder from the 'over 5%' category, which could be perceived negatively. A 'hold' recommendation is appropriate to observe market reaction and any subsequent fundamental news, as this filing alone doesn't provide sufficient grounds for a 'sell' unless other negative factors are present.

Keywords

Ocular Therapeutix, Deep Track Capital, Schedule 13G, beneficial ownership, common stock, institutional ownership, equity stake, biotechnology, OTX