Tuesday - July 8, 2025
ZUG, Switzerland, March 11, 2025 (GLOBE NEWSWIRE) -- Oculis Holding AG (Nasdaq: OCS / XICE: OCS) (“Oculis” or the “Company"), a global biopharmaceutical company focused on innovations addressing ophthalmic and neuro-ophthalmic diseases with significant unmet medical needs, today announced results for the quarter and full year ended December 31, 2024, and provided an overview of the Company’s progress.
Riad Sherif M.D., Chief Executive Officer of Oculis: “We had a momentous year in 2024, and a strong start to 2025. We delivered two positive Phase 2 topline readouts from the ACUITY Privosegtor (OCS-05) trial in acute optic neuritis showing neuroprotective effects and the RELIEF trial of Licaminlimab (OCS-02) in dry eye disease (DED) with a precision medicine approach. In addition, we are on track to complete enrollment in the coming months for both Phase 3 DIAMOND trials of OCS-01 in diabetic macular edema (DME). The recent $100 million equity financing is another significant milestone for Oculis to propel its pipeline. As we continue to execute on our vision to be a leader in ophthalmic and neuro-ophthalmic fields and to bring innovative sight-saving treatments to market, 2025 will be a year in which we remain focused on execution to advance our late-stage clinical portfolio. We look forward to sharing updates on our portfolio strategy at our upcoming R&D Day.”
Q4 2024 and Recent Highlights
Clinical Highlights and Upcoming Milestones:
Further business and pipeline development updates to be provided during the R&D Day on April 15, 2025 in New York City.
Q4 and Full Year 2024 Financial Highlights
Non-IFRS Financial Information
This press release contains financial measures that do not comply with International Financial Reporting Standards (IFRS) including non-IFRS loss, and non-IFRS loss attributable to equity holders per common share. These non-IFRS financial measures exclude the impact of items that the Company’s management believes affect comparability or underlying business trends. These measures supplement the Company’s financial results prepared in accordance with IFRS. The Company’s management uses these measures to better analyze its financial results and better estimate its financial outlook. In management’s opinion, these non-IFRS measures are useful to investors and other users of the Company's financial statements by providing greater transparency into the ongoing operating performance of the Company and its future outlook. Such measures should not be deemed to be an alternative to IFRS requirements.
The non-IFRS measures for the reported periods reflect adjustments made to exclude:
Consolidated Statements of Financial Position | ||||||
(Amounts in CHF thousands) | As of December 31, | As of December 31, | ||||
2024 | 2023 | |||||
ASSETS | ||||||
Non-current assets | ||||||
Property and equipment, net | 385 | 288 | ||||
Intangible assets | 13,292 | 12,206 | ||||
Right-of-use assets | 1,303 | 755 | ||||
Other non-current assets | 476 | 89 | ||||
Total non-current assets | 15,456 | 13,338 | ||||
Current assets | ||||||
Other current assets | 5,605 | 8,488 | ||||
Accrued income | 629 | 876 | ||||
Short-term financial assets | 70,955 | 53,324 | ||||
Cash and cash equivalents | 27,708 | 38,327 | ||||
Total current assets | 104,897 | 101,015 | ||||
TOTAL ASSETS | 120,353 | 114,353 | ||||
EQUITY AND LIABILITIES | ||||||
Shareholders' equity | ||||||
Share capital | 446 | 366 | ||||
Share premium | 344,946 | 288,162 | ||||
Reserve for share-based payment | 16,062 | 6,379 | ||||
Actuarial loss on post-employment benefit obligations | (2,233) | (1,072) | ||||
Treasury shares | (10) | - | ||||
Cumulative translation adjustments | (271) | (327) | ||||
Accumulated losses | (285,557) | (199,780) | ||||
Total equity | 73,383 | 93,728 | ||||
Non-current liabilities | ||||||
Long-term lease liabilities | 865 | 431 | ||||
Long-term payables | - | 378 | ||||
Defined benefit pension liabilities | 1,870 | 728 | ||||
Total non-current liabilities | 2,735 | 1,537 | ||||
Current liabilities | ||||||
Trade payables | 5,871 | 7,596 | ||||
Accrued expenses and other payables | 18,198 | 5,948 | ||||
Short-term lease liabilities | 315 | 174 | ||||
Warrant liabilities | 19,851 | 5,370 | ||||
Total current liabilities | 44,235 | 19,088 | ||||
Total liabilities | 46,970 | 20,625 | ||||
TOTAL EQUITY AND LIABILITIES | 120,353 | 114,353 | ||||
Consolidated Statements of Loss | |||||||||
(Amounts in CHF thousands, except per share data) | For the three months ended December 31, | For the years ended December 31, | |||||||
2024 | 2023 | 2024 | 2023 | ||||||
Grant income | 3 | 185 | 686 | 883 | |||||
Operating income | 3 | 185 | 686 | 883 | |||||
Research and development expenses | (11,763) | (8,029) | (52,083) | (29,247) | |||||
General and administrative expenses | (5,500) | (4,340) | (21,807) | (17,487) | |||||
Merger and listing expense | - | - | - | (34,863) | |||||
Operating expenses | (17,263) | (12,369) | (73,890) | (81,597) | |||||
Operating loss | (17,260) | (12,184) | (73,204) | (80,714) | |||||
Finance income | 371 | 656 | 2,168 | 1,429 | |||||
Finance expense | (247) | (12) | (639) | (1,315) | |||||
Fair value adjustment on warrant liabilities | (13,387) | 1,207 | (15,531) | (3,431) | |||||
Foreign currency exchange loss, net | 1,630 | (2,179) | 1,269 | (4,664) | |||||
Finance result, net | (11,633) | (328) | (12,733) | (7,981) | |||||
Loss before tax for the period | (28,893) | (12,512) | (85,937) | (88,695) | |||||
Income tax expense | 238 | 13 | 160 | (107) | |||||
Loss for the period | (28,655) | (12,499) | (85,777) | (88,802) | |||||
Loss per share: | |||||||||
Basic and diluted loss attributable to equity holders | (0.67) | (0.34) | (2.12) | (2.97) | |||||
Reconciliation of Non-IFRS Measures (Unaudited) | |||||||||
(Amounts in CHF thousands, except per share data) | |||||||||
For the years ended December 31, | |||||||||
2024 | 2023 | ||||||||
IFRS loss for the period | (85,777) | (88,802) | |||||||
Non-IFRS adjustments: | |||||||||
Merger and listing expense (i) | - | 34,863 | |||||||
Merger Sub 2 reclassification from equity to foreign exchange loss (ii) | - | 4,978 | |||||||
Non-IFRS loss for the period | (85,777) | (48,961) | |||||||
IFRS basic and diluted loss attributable to equity holders | (2.12) | (2.97) | |||||||
Non-IFRS basic and diluted loss attributable to equity holders | (2.12) | (1.64) | |||||||
IFRS weighted-average number of shares used to compute loss per share basic and diluted | 40,406,551 | 29,899,651 | |||||||
(i) Merger and listing expense is the difference between the fair value of the shares transferred and the fair value of the EBAC net assets per the Business Combination Agreement. This merger and listing expense is non-recurring in nature and represented a share-based payment made in exchange for a listing service and does not lead to any cash outflows. | |||||||||
(ii) The reclassification of cumulative translation adjustments from equity to foreign exchange loss results from the impact of the dissolution of Merger Sub 2. This exchange loss is non-recurring in nature and does not lead to any cash outflows. |
About Oculis
Oculis is a global biopharmaceutical company (Nasdaq: OCS / XICE: OCS) purposefully driven to save sight and improve eye care. Oculis’ highly differentiated pipeline of multiple innovative product candidates in clinical development includes: OCS-01, a topical eye drop candidate for diabetic macular edema (DME); Privosegtor (OCS-05), a neuroprotective candidate for acute optic neuritis with potentially broad clinical applications in other neuro-ophthalmic diseases; and Licaminlimab (OCS-02), a topical biologic anti-TNFα eye drop candidate for dry eye disease (DED). Headquartered in Switzerland with operations in the U.S. and Iceland, Oculis is led by an experienced management team with a successful track record and is supported by leading international healthcare investors.
For more information, please visit: www.oculis.com
Oculis Contacts
Ms. Sylvia Cheung, CFO
sylvia.cheung@oculis.com
Investor & Media Relations
LifeSci Advisors
Corey Davis, Ph.D.
cdavis@lifesciadvisors.com
Cautionary Statement Regarding Forward Looking Statements
This press release contains forward-looking statements and information. For example, statements regarding the potential benefits of the Company’s product candidates, the timing, progress and results of current and future clinical trials, including the Company’s Phase 3 DIAMOND program in DME, Oculis’ research and development programs, regulatory and business strategy, future development plans; the timing or likelihood of regulatory filings and approvals; and the Company’s expected cash runway are forward-looking. All forward-looking statements are based on estimates and assumptions that, while considered reasonable by Oculis and its management, are inherently uncertain and are inherently subject to risks, variability, and contingencies, many of which are beyond Oculis’ control. These forward-looking statements are provided for illustrative purposes only and are not intended to serve as, and must not be relied on by an investor as, a guarantee, assurance, prediction or definitive statement of a fact or probability. Actual events and circumstances are difficult or impossible to predict and will differ from assumptions. All forward-looking statements are subject to risks, uncertainties and other factors that may cause actual results to differ materially from those that we expected and/or those expressed or implied by such forward-looking statements. Forward-looking statements are subject to numerous conditions, many of which are beyond the control of Oculis, including those set forth in the Risk Factors section of Oculis’ annual report on Form 20-F and other documents filed with the U.S. Securities and Exchange Commission (the “SEC”). Copies of these documents are available on the SEC’s website, www.sec.gov. Oculis undertakes no obligation to update these statements for revisions or changes after the date of this release, except as required by law.
Last Trade: | US$18.75 |
Daily Change: | -0.25 -1.32 |
Daily Volume: | 12,509 |
Market Cap: | US$786.380M |
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