Oculis Holding AG Posts Smaller-Than-Expected Loss in Third Quarter of 2026
Key Facts
The company said in a statement that its quarterly net loss was 18.236 million Swiss francs, compared with 16.855 million francs a year earlier. The improvement in loss per share therefore coincided with an increase in the period’s net loss. Operating expenses were 23.645 million francs, compared with 20.539 million francs in the third quarter of 2025. The company’s shares closed at $7.63 on November 3, according to EL7 data.
The company attributed the increase in operating expenses mainly to personnel-related costs, including share-based compensation expenses. It also cited non-recurring corporate initiatives during 2026 among the factors that lifted spending. These items put expense growth in the context of higher operating outlays during the quarter, without changing the fact that expenses rose from a year earlier. Net loss for the nine months ended September 30, 2026, was about 57.1 million Swiss francs, or $71.7 million. The loss for the corresponding nine months of 2025 was 75.4 million francs, or $89.7 million.
Oculis said the improvement in net loss over the nine-month period was driven mainly by a fair-value gain on warrant liabilities and favorable currency movements. As for available funding, the company had cash and cash equivalents and short-term investments worth 210.3 million Swiss francs, equivalent to $252.0 million, on September 30. On December 31, 2025, these assets totaled 213.0 million francs, or $268.7 million. The company attributed the decline to operating expenses and a currency impact of about $8.0 million during the quarter. It said proceeds from a share sale offset part of the decrease.
In development, the company completed randomization of participants in the pivotal PREDICT-1 trial of licaminlimab for dry eye disease. The trial included 176 patients, two-thirds of whom carried the TNFR1 genetic variant targeted by the program. The company expects to announce top-line results near the end of 2026. That timing makes PREDICT-1 one of the company’s near-term milestones, alongside continued work on its other programs. The company did not specify an exact date for releasing the trial results in the information it disclosed.
The company said it continues to activate sites and recruit participants for the pivotal PIONEER-1 trial of optic neuritis treatment in the United States and Europe. It also expects to receive IND clearance in the fourth quarter of 2026 to begin trials in acute multiple sclerosis attacks. Oculis scheduled an in-person and virtual research and development day in New York for December 8, 2026. It plans to present its development pipeline, including its licaminlimab and brepocitinib programs. The event follows the anticipated top-line results from PREDICT-1 near year-end, according to the company’s announced timeline.