OCS · Oculis Holding AG

Oculis reported a Q1 2026 net loss of CHF 28.9 million, an improvement of CHF 4.4 million versus Q1 2025, primarily attributable to a CHF 3.9 million reduction in non-cash fair value losses on warrant liabilities and a CHF 2.1 million swing from foreign currency exchange loss to gain—driven by favorable U.S. dollar/CHF spot rate movements affecting U.S. dollar-denominated assets. Operating expenses rose 8% year-over-year to CHF 21.9 million, reflecting a 44% increase in general and administrative costs (to CHF 7.9 million), largely due to higher share-based compensation expense following post-Q1 2025 award grants, partially offset by a 5% decline in R&D spend (to CHF 14.0 million) as the DIAMOND Phase 3 program neared completion. The company ended the quarter with CHF 222.0 million in cash, cash equivalents, and short-term financial assets—up from CHF 213.0 million at year-end 2025—supported by CHF 22.4 million in net proceeds from its at-the-market offering program, which more than offset operating and investing outflows. Management emphasized that this liquidity provides a cash runway into second half 2029, enabling continued execution across its three late-stage assets: OCS-01 (topline data expected June 2026), Licaminlimab (PREDICT-1 topline ~end-2026), and Privosegtor (PIONEER-1 ongoing under FDA SPA). The absence of revenue, persistent net losses, and reliance on future capital raises remain material risks, though regulatory milestones—including Breakthrough Therapy and PRIME designations for Privosegtor and the FDA’s SPA agreement—strengthen the pipeline’s de-risking trajectory and potential valuation inflection points.