olivLaw · European equity research
Oculis Holding AG OCS.IC
Iceland · Nasdaq Iceland · Vertical: Listed companies from Iceland
Oculis Holding AG is a clinical-stage biopharmaceutical company developing ophthalmic, neuro-ophthalmic and neurological therapies, with a focus on diabetic macular edema treated with eye drops. The company still reports large net losses, and the success of its phase 3 studies could materially change its financial profile.
At the close of 05 Nov 2026, Oculis Holding AG (OCS.IC) stock was 860.00 ISK (−4.02% on the day), with beta 0.63, 52-week range 860.00–4,100.00 ISK.
Data as of · AI analysis dated · Source: ESEF annual reports and closing prices, computed by olivLaw.
Price history
Loading chart…
Technical reading
- RSI (14)
- 31.1
- weak (30–45)
- Bollinger (20, 2)
- 847.64 – 1,049.79
- in the lower half of the band · %B 0.06 · band width 21.3%
- SMA 50 / 200
- 1,135.59 / 2,283.95
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -54.50 / -61.06
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | EURO STOXX 50 | vs EURO STOXX 50 | Vertical median | |
|---|---|---|---|---|
| 1 month | −18.1% | +0.4% | −18.5 pp | — |
| 3 months | −42.7% | −3.3% | −39.4 pp | — |
| 6 months | −77.5% | +4.0% | −81.4 pp | — |
| Year to date | −66.5% | +8.1% | −74.6 pp | — |
| 1 year | −64.9% | +10.7% | −75.6 pp | −7.8% |
| 3 years | unavailable | +50.1% | unavailable | +13.1% |
| 5 years | unavailable | +43.6% | unavailable | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
the price (USD) and the reports are in different currencies
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Fiscal years
| Fiscal year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue | unavailable | unavailable | unavailable |
| Revenue YoY | unavailable | unavailable | unavailable |
| Net income | -88.8 m | -85.8 m | -99.0 m |
| Net income YoY | unavailable | unavailable | unavailable |
| Diluted EPS | -2.97 | -2.12 | -1.89 |
| Diluted EPS YoY | unavailable | unavailable | unavailable |
| net % | unavailable | unavailable | unavailable |
| Free cash flow | -55.1 m | -49.1 m | -66.6 m |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 81.3 m CHF
- Financial debt
- unavailable CHF
- Net debt
- unavailable CHF
- Equity
- 196.1 m CHF
- Total assets
- 236.0 m CHF
- Debt / equity
- unavailable
- Current ratio
- 5.96x
- ROE
- -73.5%
- ROA
- -55.5%
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (CHF)
Income statement · CHF
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Research & development | 29.2 m | 52.1 m | 57.1 m | esef· 10 Mar 2026verified |
| Operating income | -80.7 m | -73.2 m | -81.7 m | esef· 10 Mar 2026verified |
| Interest expense | 1.3 m | 639.0 k | 833.0 k | esef· 10 Mar 2026verified |
| Pre-tax income | -88.7 m | -85.9 m | -99.1 m | esef· 10 Mar 2026verified |
| Income tax | 107.0 k | -160.0 k | -186.0 k | esef· 10 Mar 2026verified |
| Net income | -88.8 m | -85.8 m | -99.0 m | esef· 10 Mar 2026verified |
| Diluted EPS | -2.97 | -2.12 | -1.89 | esef· 10 Mar 2026verified |
Balance sheet · CHF
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Cash | 38.3 m | 27.7 m | 81.3 m | esef· 10 Mar 2026verified |
| Current assets | — | 104.9 m | 218.9 m | esef· 10 Mar 2026verified |
| Property, plant & equipment, net | — | 385.0 k | 534.0 k | esef· 10 Mar 2026verified |
| Total assets | — | 120.4 m | 236.0 m | esef· 10 Mar 2026verified |
| Accounts payable | — | 5.9 m | 1.8 m | esef· 10 Mar 2026verified |
| Current liabilities | — | 44.2 m | 36.7 m | esef· 10 Mar 2026verified |
| Total liabilities | — | 47.0 m | 39.9 m | esef· 10 Mar 2026verified |
| Equity | 93.7 m | 73.4 m | 196.1 m | esef· 10 Mar 2026verified |
| Shares outstanding at year end | 29.9 m | 40.5 m | 52.4 m | esef· 10 Mar 2026derived |
Cash flow · CHF
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Operating cash flow | -55.0 m | -48.9 m | -66.3 m | esef· 10 Mar 2026verified |
| Capex | 48.0 k | 230.0 k | 301.0 k | esef· 10 Mar 2026verified |
| Free cash flow | -55.1 m ≈ | -49.1 m ≈ | -66.6 m ≈ | esef· 10 Mar 2026derived |
| Investing cash flow | -53.0 m | -16.1 m | -60.9 m | esef· 10 Mar 2026verified |
| Financing cash flow | 129.6 m | 54.0 m | 186.9 m | esef· 10 Mar 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
- indicators available: 2 of at least 6
- score weight coverage: 10.4% of at least 60%
- valuation methods computed: 0 of at least 1
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: unavailable
Price and reporting are in different currencies; market indicators are unavailable.
Key indicators
Coverage and freshness
Score by group
10% · Insufficient data
Estimated value range
unavailable — no valuation assumptions for the reporting currency
Valuation assumptions are editorial choices, not measured; beta is not measured.
Valuation methods
Assumptions (illustrative, editorial)
- Risk-free rate
- 6.5%
- Equity risk premium
- 6.0%
- Beta (default)
- 1.00
- Cost of equity
- 12.5%
- Terminal growth
- 3.0%
Factor scorecard
Insufficient data
Minimum-evidence gate: indicators available: 2 of at least 6; score weight coverage: 10.4% of at least 60%; valuation methods computed: 0 of at least 1
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | unavailable | unavailable | — |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | -98.0x | 0 (on a fixed band) | 60% |
| Current ratio · Balance sheet | 6.0x | 100 (on a fixed band) | 40% |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | unavailable | unavailable | — |
| Shareholder yield (distributions) · Returns | unavailable | unavailable | — |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet40/100 · 2/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality· partialunavailable · 0/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation· partialunavailable · 0/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
Oculis Holding AG (OCS.IC). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: ROE -73.5%.
Valuation cannot be computed from the available data.
Insufficient data for a verdict (indicators available: 2 of at least 6; score weight coverage: 10.4% of at least 60%; valuation methods computed: 0 of at least 1).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Current ratio: 6.0x
What contradicts it
- Interest coverage: -98.0x
Not assessed (insufficient data or a ratio without meaning): ROIC, Net margin, FCF conversion, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, P/E (TTM), EV/EBITDA, FCF yield, Shareholder yield (distributions), Payout ratio (FCF).
Versus the vertical median
Listed companies from Iceland · same country · compared with 11 companies
Multiples and returns vs the median
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| HAGA.ICHagar hf. | 133.6 bn | 20.5 | 18.2% | 3.8% | +9.3% | +8% / +83% |
| FESTI.ICFesti hf. | 90.9 bn | 22.8 | 10.1% | 2.6% | +13.4% | −8% / +67% |
| HEIMAR.ICHeimar hf. | 61.3 bn | 7.5 | 13.5% | 55.5% | +7.7% | −6% / +49% |
| BERA.ICÖlgerðin Egill Skallagríms hf. | 37.1 bn | 17.3 | 13.7% | 5.9% | +7.7% | −24% / +0% |
| NOVA.ICNova Klúbburinn hf | 12.0 bn | 14.8 | 8.5% | 6.1% | +2.8% | −26% / −16% |
| ALVO.ICAlvotech | — | — | — | 9.0% | +43.4% | −14% / −58% |
| ASAR.ICSíminn hf. | — | 17.4 | — | — | +3.0% | −19% / +27% |
| BRIM.ICBrim hf. | — | — | 11.9% | 14.6% | +5.2% | +19% / +13% |
| EIK.ICEik Fasteignafélag Hf. | — | — | 10.2% | 43.6% | +9.5% | +1% / +23% |
| EIM.ICEimskipafélag Íslands hf. | — | — | 3.2% | 1.2% | −4.7% | +6% / −35% |
| HAMP.ICHampiðjan hf | — | — | 1.7% | 1.2% | +15.7% | −26% / −37% |
1- and 3-year price returns: for OCS.IC from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Scenarios are not available. input data missing
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
Oculis Holding AG is a clinical-stage biopharmaceutical company developing ophthalmic, neuro-ophthalmic and neurological therapies, with a focus on diabetic macular edema treated with eye drops. The company still reports large net losses, and the success of its phase 3 studies could materially change its financial profile.1
SWOT
Strengths
- A portfolio of three product candidates with novel mechanisms covering different ophthalmic and neurological conditions.
- A precision medicine strategy for Licaminlimab that could direct treatment toward patients most likely to respond.
- Operational presence in several countries and an established structure for running clinical studies.
Weaknesses
- No marketing approval obtained yet, which makes future prospects difficult to assess.
- Large net losses and recurring reliance on new capital increases to fund development.
- No experience in commercial-scale manufacturing, with dependence on third parties for production.
Opportunities
- If pivotal studies confirm efficacy, the company could access markets with unmet medical needs.
- Expansion outside the United States through partnerships could diversify revenue sources.
- Validating the biomarker for dry eye disease could create a well-defined patient niche.
Threats
- Failure of a phase 3 study could compromise the company's entire development timeline.
- Difficulty obtaining financing on acceptable terms could force cuts to research programmes.
- Securities class action litigation, common in biopharmaceuticals, could generate costs and divert management attention.
Risks
- Uncertain results of pivotal studieshigh
Products have not yet demonstrated efficacy in a pivotal study, and results from earlier studies may not be replicated.
- Need for additional financinghigh
If funds cannot be raised on acceptable terms, the company could be forced to reduce or eliminate development programmes.
- Commercial-scale manufacturingmedium
Lack of commercial manufacturing experience and reliance on third parties could delay product launches.
- Size of estimated marketsmedium
The targeted markets could be smaller than estimated, which would limit product revenue.
- Currency exposurelow
Assets denominated in dollars and euros can produce accounting gains or losses as exchange rates move.
Investment thesis
What would need to be true (bull case)
- If the DIAMOND studies confirm OCS-01's efficacy, the company could obtain the first approved topical retinal therapy, a significant positioning advantage.
- A diversified portfolio covering ophthalmic and neurological conditions could reduce dependence on a single clinical outcome.
- The biomarker strategy for Licaminlimab could create a better-defined patient population and a more predictable therapeutic response.
What would break the thesis
- The company has no approval and has not yet demonstrated efficacy in a pivotal study, which leaves its outlook unclear.
- Large losses and the recurring need for capital could lead to dilution of existing shareholders.
- If market size proves smaller than estimated, revenue potential could be limited.
What to watch
- Results of the DIAMOND phase 3 studies for OCS-01next 10-K
- Progress of the PREDICT-1 registrational study for Licaminlimab2027
- New capital increases and funding capacityQ1 2027
- Results of the PIONEER studies for Privosegtor2027
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
Oculis is a clinical-stage biopharmaceutical company that has not yet obtained marketing approval for any product candidate. Its activity centres on three candidates: OCS-01, aimed at diabetic macular edema and delivered as an eye drop, Licaminlimab, for dry eye disease in patients identified by a biomarker, and Privosegtor, a neuroprotective product for optic neuropathies.1
Financially, the company reported a net loss attributable to shareholders of CHF 98,957 thousand in fiscal 2025, compared with CHF 85,777 thousand in 2024. Operations have been funded mainly through capital increases, and developing the portfolio requires frequent raising of new funds.1
The company has a presence in the United States, France and Hong Kong, and its financial assets are held mainly in US dollars and euros. This structure means that results reported in Swiss francs partly depend on exchange rate movements.1
Segments
OCS-01 (diabetic macular edema)
OCS-01 is the lead product candidate, developed for diabetic macular edema using a novel topical route to retinal tissue. The company has stated that the DIAMOND phase 3 studies are essential, and approval depends on later review by the FDA.1
Privosegtor (neuroprotection)
Privosegtor aims to prevent or reverse nerve damage in optic neuropathies, particularly optic neuritis. Topline results from the phase 2 ACUITY trial were announced in January 2025, but efficacy has not yet been demonstrated in a pivotal trial.1
Market context
The markets targeted by Oculis include patients with diabetic macular edema, dry eye disease and optic neuropathies, conditions where medical needs remain unmet. The company has cautioned, however, that the size of these markets has not been established precisely and could be smaller than current estimates.1
To capture these markets, the company would need approvals in several countries, demonstrated acceptance by physicians and payers, and sales and distribution capabilities. Expansion into foreign markets involves varied regulatory rules and currency risks, and products cannot be marketed before approval by local authorities.1
Trends
- Reliance on pivotal studiesheadwind
The company's success depends on the results of phase 3 studies, and results from earlier phases do not guarantee later confirmation. If the DIAMOND or PREDICT-1 studies do not meet their objectives, the approval timeline could be delayed or abandoned.1
- Novel therapeutic approachesmixed
The absence of approved topical retinal or neuroprotective therapies could be an advantage if clinical evidence is confirmed. However, the novelty also means efficacy remains largely unproven.1
- Need for additional fundingheadwind
The company has stated it will need substantial funds for operations and growth, and difficulty raising capital on acceptable terms could lead to reduced development programmes. Capital increases could also dilute existing shareholders.1
- Exchange rate movementsmixed
Assets and liabilities denominated in US dollars and euros create currency exposure, and rate changes can affect the net loss reported in Swiss francs. The impact is moderate but present in the company's analysis.1
Competitive position
Oculis competes with other companies developing treatments for the same ophthalmic and neurological conditions, and competition may include therapies already approved or products at more advanced stages. The official source mentions the need to compete effectively with other therapies without naming them.1
The company's advantage could come from its original administration and neuroprotection mechanisms, if these are clinically validated. The main risk is that a competitor reaches the market first with a comparable therapy or a better safety profile.1
- Companies with approved therapies for diabetic macular edema
Direct competition for OCS-01 from therapies already on the market, mainly those given by intravitreal injection, as the type of competition described in the source
- Developers of dry eye disease treatments
Competition for Licaminlimab from products targeting the same condition without a biomarker-based strategy
- Developers of neuroprotective therapies
Competition for Privosegtor in the field of neuroprotection for optic nerve conditions
- Other companies pursuing foreign markets
Competition in countries where the company intends to commercialise its products through partners
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202510 Mar 2026
Sources
- [1] Annual report, fiscal year ended 2025-12-31 (ESEF) · SEC / Oculis Holding AG · 31 Dec 2025
Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.