Oculis (OCS) Q1 2026 earnings summary

Executive summary

• Advanced clinical pipeline with three late-stage candidates: OCS-01 for DME, Licaminlimab for DED, and Privosegtor for optic neuropathies.

• Key milestones include completion of LPLV in both DIAMOND Phase 3 trials for OCS-01 and regulatory progress for Privosegtor.

• Cash position of $277.6 million as of March 31, 2026, supporting operations into 2H 2029.

Financial highlights

• Cash, cash equivalents, and short-term investments increased to $277.6 million from $268.7 million at year-end 2025, mainly due to proceeds from at-the-market offerings.

• Research and development expenses were $17.9 million, down from $16.4 million year-over-year, reflecting reduced external service costs as DIAMOND nears completion.

• General and administrative expenses rose to $10.1 million from $6.1 million, driven by higher share-based compensation.

• Net loss for Q1 2026 was $36.8 million, slightly improved from $36.9 million in Q1 2025, aided by lower non-cash fair value loss on warrant liabilities and favorable FX.

• Basic and diluted loss per share was CHF (0.49) compared to CHF (0.69) in the prior year period.

Outlook and guidance

• Topline results for OCS-01 Phase 3 trials in DME expected in June 2026, with potential NDA submission in Q4 2026.

• Licaminlimab PREDICT-1 trial topline results anticipated around year-end 2026.

• Privosegtor PIONEER-1 Phase 3 trial advancing, with SPA agreement from FDA and PRIME designation in Europe.

• Cash runway projected into the second half of 2029.