Oculis Holding AG

Oculis Holding AG, a clinical-stage biopharmaceutical company, reported a net loss of $99.0M for FY 2025, up 15.4% from $85.8M in FY 2024, driven by increased R&D expenses of $57.1M (up 9.6%) and G&A expenses of $25.8M (up 18.2%). Grant income rose 74.8% to $1.2M. Operating loss widened to $81.7M from $73.2M, reflecting investments in Phase 3 trials for OCS-01 (DME, topline Q2 2026), PREDICT-1 for Licaminlimab (DED, topline Q4 2026), and PIONEER program for Privosegtor (ON/NAION). Finance result deteriorated to -$17.5M due to $12.3M warrant liability adjustment and $6.1M FX loss. Balance sheet strengthened with $236.0M total assets (up from $120.4M), $196.1M equity, and $213.0M cash/short-term assets, bolstered by $186.9M financing inflows from offerings. Cash burn from operations was $66.3M. No revenue from products; focus on pipeline advancement. Accumulated losses reached $384.5M. Liquidity supports operations through at least next 12 months.

Key Takeaways