OCS Stock — Oculis Holding AG: Cash, EV, Pipeline

What they do

We have substantial expertise in therapeutics for the treatment of neuro-ophthalmic and ophthalmic diseases. We are engaged in developing innovative drug candidates that embrace the potential to address significant unmet medical needs. We intend to become a global leader in neuro-ophthalmic and ophthalmic therapeutics to realize this mission.

Source: 20-F FY2025 via SEC EDGAR

Share price

$7.62

Market cap

$469.3M

Cash

$98.7M

Enterprise value

$370.6M

Balance sheet

Cash	$98.7M
Debt	$0.0M
Net cash	$98.7M
Enterprise value	$370.6M
Basic shares	58.0M shares
Fully diluted shares	60.1M shares
Fully diluted market cap	$457.9M
Cash per share	$1.70

Cash figures as of 2025-12-31. Database snapshot: 2026-11-13.

Share structure

Common

58.0M

Pre-funded warrants

0.0M

Options

—

RSUs

—

Warrants

2.1M

Converts

0.0M

Conv preferred

0.0M

ESPP reserve

0.0M

FDSO

60.1M

Cap table as of 2025-12-31.

Price history

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Next catalyst

privosegtor · Est. Nov 15, 2026 · quarter midpoint · guided Now

Upcoming catalysts

Expected	Drug	Phase	Indication	Mgmt guide
GUIDEDEst. Nov 15, 2026 Now quarter midpoint	privosegtor IND submission for acute MS relapses	Not disclosed	acute MS relapses	Q4 2026
GUIDEDDec 1-31 in 17d	licaminlimab PREDICT-1 registrational trial topline in dry eye disease	Not disclosed	dry eye disease	around year-end 2026
Jan 12 - Feb 23 in 8 wks	licaminlimab	Phase 2/3	Dry Eye Disease (DED)	—
Jan 12 - Feb 23 in 14 mo	Privosegtor	Phase 3	Optic Neuritis	—

Estimated readout windows: registry primary-completion date + 6-12 weeks. Windows already open are shown from "Now". Drug names link to ClinicalTrials.gov.

Full readout calendar →

Pipeline assets

OCS-01

Phase 3 · Active Modality: eye drop (1.5% dexamethasone ophthalmic suspension; OPTIREACH technology)

Indications

Diabetic macular edema (DME) (Phase 3)

Catalysts

— Q2 2026
— Q4 2026 (if results positive)

Status note Two 52-week pivotal Phase 3 trials (DIAMOND-1, DIAMOND-2); enrollment complete Apr 2025.

Licaminlimab

Phase 2/3 · Active Modality: eye drop (biologic)

Aliases OCS-02

Target TNFα

Partnerships Novartis: licensed from Novartis (Novartis Agreement)

Indications

Dry eye disease (DED) (Phase 2/3)

Catalysts

— Q4 2026

Status note Registrational Phase 2/3 PREDICT-1 trial initiated Q4 2025, following Phase 2b RELIEF trial.

Privosegtor

Phase 3 · Active Modality: n/a

Aliases OCS-05

Target serum–glucocorticoid kinase (SGK)

Partnerships Accure: exclusive global license (Accure Agreement)

Indications

Optic neuritis (ON) (Phase 3)
Non-arteritic anterior ischemic optic neuropathy (NAION) (Phase 3)
Multiple sclerosis (Preclinical)

Catalysts

— H1 2026
— mid-2026
— 2026

Status note PIONEER registrational program (three pivotal trials for ON and NAION) initiated Q4 2025 with PIONEER-1. IND for MS planned 2026.

Per-asset detail extracted from the 20-F filed 2026-03-04. Fields the filing does not state are marked "not disclosed" rather than filled from other sources.

Pipeline

Lead drug	Privosegtor
Lead indication	Optic Neuritis
Lead phase	Phase 3
Active trials	2
Collaborator trials	1

Active clinical trials

Trial	Phase	Status	Role	Sponsor	BP	Condition(s)	Mgmt guide
NCT07623668	Phase 3	Recruiting	Sponsor	Oculis	—	Optic Neuritis	Q4 2026 Est. Nov 15, 2026 · quarter midpoint
NCT07548632	Phase 2/3	Recruiting	Sponsor	Oculis	—	Dry Eye Disease (DED)	around year-end 2026
NCT05608837	Phase 2	Active, not recruiting	Collaborator	Quan Dong Nguyen	—	Uveitis Related Cystoid Macular Edema; Cystoid Macular Edema, Postoperative	—

Sponsor-matched active trials from ClinicalTrials.gov (2 as sponsor, 1 as collaborator); "Sponsor" = company is the lead sponsor, "Collaborator" = company is a collaborator. The BP column flags big-pharma involvement as lead sponsor or collaborator (excluding the company itself). The Mgmt guide column shows what management guided for readout timing when a guided program matches the trial (hover for the quote, click for the source). Trial listings are not a company pipeline slide.

View all 3 active trials for Oculis on ClinicalTrials.gov

Specialist fund holders

Tracked specialist funds: ADAR1 Capital Management, Aisling Capital, Ally Bridge Group, Avoro Capital Advisors, BVF Partners, Baker Bros. Advisors, Boxer Capital, Braidwell LP, Casdin Capital, Cormorant Asset Management, DAFNA Capital, Deerfield Management, EcoR1 Capital, Frazier Life Sciences, Great Point Partners, Ikarian Capital, Logos Global Management, OrbiMed Advisors, Perceptive Advisors, RA Capital Management, RTW Investments, Sphera Biotech, Stonepine Capital, Tang Capital Partners, Vivo Capital.

Fund	Shares	Q/Q change	% of portfolio	Filing
Braidwell LP	834,183	+834,183	0.43%	2026-08-14
Perceptive Advisors	808,827	+315,000	0.17%	2026-08-14

Specialist-fund positions from 13F filings. Q/Q change is vs the prior quarter's filing; % of portfolio is the fund's own reported portfolio weight.

Latest news

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OCS — Oculis Holding AG ☆

What they do

Balance sheet

Share structure

Price history

Next catalyst

Upcoming catalysts

Pipeline assets

Pipeline

Active clinical trials

Specialist fund holders

Latest news

OCS — Oculis Holding AG