OCS · Oculis Holding AG

The filing presents Oculis Holding AG's 2025 Annual Report on Form 20-F, submitted via Form 6-K. The company, a late clinical-stage biopharmaceutical firm, reported a net loss of CHF 98.96 million for 2025, an increase from CHF 85.78 million in 2024. This was primarily driven by higher research and development expenses, which rose to CHF 57.1 million from CHF 52.1 million, due to advancements in the Privosegtor development program and the OCS-01 DIAMOND clinical trials, partially offset by lower Licaminlimab development costs. General and administrative expenses also increased to CHF 25.8 million from CHF 21.8 million, mainly due to higher share-based compensation. The company's liquidity position remains strong, with cash, cash equivalents, and short-term investments of CHF 213.0 million as of December 31, 2025, which management believes is sufficient to fund operations for at least the next twelve months. Key clinical milestones include the completion of enrollment in the Phase 3 DIAMOND-1 and DIAMOND-2 trials for OCS-01 in diabetic macular edema, with topline results expected in Q2 2026; the initiation of the PREDICT-1 registrational trial for Licaminlimab in dry eye disease in Q4 2025; and the advancement of Privosegtor into the PIONEER registrational program for optic neuritis and non-arteritic anterior ischemic optic neuropathy following a successful FDA meeting. The report also details corporate governance, including board composition, executive compensation, and related party transactions.