Oculis (OCS) Q4 2025 earnings summary

Executive summary

• Achieved significant clinical progress in 2025, including FDA Breakthrough Therapy designation for Privosegtor and advancement of late-stage portfolio.

• Initiated pivotal PIONEER program for optic neuropathies and advanced Phase 3 DIAMOND trials for OCS-01 in diabetic macular edema (DME).

• Expanded into neuro-ophthalmology, targeting a combined market opportunity exceeding $30 billion.

Financial highlights

• Cash, cash equivalents, and short-term investments totaled $268.7 million as of December 31, 2025, up from $109.0 million at year-end 2024, mainly due to $210 million in equity financings.

• Research and development expenses for Q4 2025 were $16.6 million, up from $13.4 million in Q4 2024, reflecting increased clinical activity.

• General and administrative expenses for Q4 2025 were $9.7 million, up from $6.3 million in Q4 2024, driven by personnel and professional services.

• Net loss for 2025 was $119.1 million, compared to $97.4 million in 2024, primarily due to higher operating expenses and foreign exchange losses.

Outlook and guidance

• Topline results from DIAMOND Phase 3 trials for OCS-01 in DME expected in Q2 2026, with potential NDA submission in Q4 2026.

• PREDICT-1 trial results for Licaminlimab in dry eye disease anticipated in Q4 2026.

• Cash runway projected into 2029.