Biotech Distilled
Substack ↗ Subscribe
Subscribe Substack ↗ About

Home › Companies › OCS

Oculis Holding

OCS Rare disease Lead: Phase 3 ★ Read the deep dive → 5 Biotech Distilled articles ↓ 28 filings & releases ↓ Cash CHF 81.3M (Dec 31, 2025) ↓ 5 verdicts ↓ 1 timing quote ↓
NeurologyOphthalmology ProteinSmall Molecule

Market cap $417M 55.7M shares (vendor count, Nov 7, 2026) × $7.49 close Nov 6, 2026 · share count from the market-data vendor, not the SEC cover page

Most recent annual filing: 2026-03-04

Catalyst timeline

5 trackedQuarter catalyst calendar →
  1. Privosegtor IND filing2H 2026Privosegtor IND filing, 2H 2026, notable
  2. Licaminlimab pivotal topline4Q 2026/1Q 2027Licaminlimab pivotal topline, 4Q 2026/1Q 2027, thesis-defining
  3. PIONEER-2 trial start4Q 2026PIONEER-2 trial start, 4Q 2026, routine
  4. Privosegtor pivotal readout2027Privosegtor pivotal readout, 2027, material
  5. ACT-02 corporate updateMar 31, 2027ACT-02 corporate update, Mar 31, 2027, routine

Bar width shows how precise the guidance is — a pin is a stated date, a wide band a six-month window. Deeper blue means more of the thesis rides on the event; it is not a view on the stock.

Pipeline (5 active programs)

Technology platforms

OPTIREACH

Proprietary cyclodextrin-based solubilizing formulation technology that improves solubility of lipophilic drugs, increases residence time on the eye surface, and enables topical delivery of therapeutics to the posterior segment of the eye; focus area: ophthalmic diseases including DME

Discontinued (1)

Capital (as filed)

Cash
CHF 81.3M cash and cash equivalents · Dec 31, 2025 (20-F)
Operating cash flow
−CHF 16.6M annual ÷ 4, year to Dec 31, 2025 (20-F)
As stated in coverage
$252M cash, runway 2H 2029 per the update of Nov 3, 2026 — the company's own words as read there, not the filed figure

Offering documents (1)

Cash, investments and operating cash flow are the company's own XBRL facts as filed with the SEC, each shown with its period end and tag. As-stated figures come from the company's own words as read in Biotech Distilled coverage, dated, and routinely count securities and planned financing that a balance sheet does not. Offering rows are the SEC cover pages as filed. Not investment advice. Figures as of Nov 7, 2026.

Biotech Distilled coverage (5)

Articles open on Substack. Some are subscriber-only; those marked ★ Distilled Pro are for Distilled Pro members.

Verdict history (5 calls)

Every verdict Biotech Distilled has published on Oculis Holding, oldest first — the full history, never a selection. How calls are scored: the track record.

  1. 2026-06-05 Watch Oculis Holding AG (OCS) — Scientific Deep Dive for Privosegtor, Licaminlimab, and the OCS-01 Wreckage Post-flagship-failure name with ample cash and regulatory tailwinds on remaining assets, but surviving data is too thin and management credibility too damaged to underwrite a position today.
  2. 2026-08-04 Speculative buy speculative UPDATE: Oculis Holding AG (OCS) - The Neuroprotectant Gets a Bigger Door Upgrading to speculative buy because FDA's cross-referenced IND approval for MS relapses materially expands the payoff on the same 2027 binary at near-zero incremental capital cost, while PREDICT-1 has begun enrolling — but underlying evidence remains a 33-patient Phase 2 with a safety primary.
  3. 2026-08-07 Speculative buy speculative UPDATE: Oculis Holding AG (OCS) - The Clock on PREDICT-1 Is Now Readable Maintaining speculative buy as PREDICT-1 enrollment risk is largely retired with all sites live and >45% randomized, and the PIONEER-1 SPA endpoint is now publicly defined, though the ATM dilution and the anatomy-to-function conversion risk remain concerns.
  4. 2026-08-11 Speculative buy speculative UPDATE: Oculis Holding AG (OCS) - They Bought the Farm Maintaining speculative buy as Oculis acquiring full ownership of Privosegtor for under $30M improves economics and removes a diligence encumbrance without changing the binary odds; PREDICT-1 remains the near-term catalyst.
  5. 2026-11-04 Hold UPDATE: Oculis Holding AG (OCS) - The Tap Gets Refilled Downgrading to hold as a fresh $125M ATM at depressed prices creates significant dilution overhang ahead of the PREDICT-1 binary, and the PIONEER timeline has slipped two to three quarters, though EV of ~$220M against cash of $252M and a fully enrolled PREDICT-1 still makes holding defensible.

Every verdict Biotech Distilled has published on this company, in order, with the post it came from — the full history, never a selection. Position figures are the same ones shown on /track-record, computed by the same method. Editorial opinion, not investment advice.

Timing, in the company's words (1 quote from 1 filing)

Sentences quoted verbatim from the company's SEC filings, newest filing first. Each sits under the filing it appeared in; the "matched to" tag names the calendar row it was read for.

Timing sentences quoted from the company's own SEC filings, each under the filing it appeared in. The 'matched to' tag is the calendar row the sentence was read for; the filing is the source. Not investment advice.

Filings & releases (28)

SEC filings from EDGAR and press releases captured from the company's investor-relations site, newest first. Releases captured from Aug 3, 2026; filings from March 2026. Summaries come from the BD update that read the document; "BD extracted" counts point at the pipeline table above. All companies →

3 more filings (13G holder notices, S-8, proxy material, SEC correspondence …)