The firm maintains a conservative debt-to-equity ratio of 0.01, yet the equity base is under pressure from cumulative net losses that have resulted in a negative retained earnings balance of $412.1 million as of 2026Q1.
| Total Current Assets | 226.36M | 219.14M | 104.9M | 101.02M | 23.66M | 47.98M | 6.16M |
| Cash & Short-Term Investments | 221.37M | 213.25M | 98.66M | 91.65M | 19.79M | 46.28M | 4.95M |
| Cash Only | 64.37M | 81.42M | 27.71M | 38.33M | 19.79M | 46.28M | 4.95M |
| Short-Term Investments | 157M | 131.83M | 70.95M | 53.32M | 0 | 0 | 0 |
| Accounts Receivable | 1.57M | 994.13K | 777K | 7.95M | 0 | 0 | 1.14M |
| Days Sales Outstanding | 464.47 | - | 413.42 | - | - | - | - |
| Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Days Inventory Outstanding | - | - | - | - | - | - | - |
| Other Current Assets | 0 | 4.89M | 0 | 0 | 1.08M | 911K | 1K |
| Total Non-Current Assets | 16.91M | 17.09M | 15.46M | 13.34M | 13.4M | 10.06M | 10.22M |
| Property, Plant & Equipment | 2.86M | 3M | 1.69M | 1.04M | 1.12M | 1.29M | 1.44M |
| Fixed Asset Turnover | 0.19x | - | 0.41x | - | - | - | - |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 13.25M | 13.31M | 13.29M | 12.21M | 12.21M | 8.72M | 8.72M |
| Long-Term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 50K |
| Other Non-Current Assets | 793.62K | 785.89K | 476K | 89K | 74K | 52K | 0 |
| Total Assets | 243.26M | 236.23M | 120.35M | 114.35M | 37.06M | 58.04M | 16.38M |
| Asset Turnover | 0.00x | - | 0.01x | - | - | - | - |
| Asset Growth % | 179.96% | 96.28% | 5.25% | 208.56% | -36.15% | 254.29% | - |
| Total Current Liabilities | 43.73M | 36.79M | 44.23M | 19.09M | 12.02M | 4.06M | 4.34M |
| Accounts Payable | 4.48M | 1.8M | 5.87M | 7.6M | 3.87M | 824K | 790K |
| Days Payables Outstanding | 52.75 | - | 41.14 | - | - | - | - |
| Short-Term Debt | 414.76K | 502.57K | 0 | 0 | 0 | 0 | 0 |
| Deferred Revenue (Current) | 0 | 0 | 0 | 5.95M | 0 | 0 | 3.37M |
| Other Current Liabilities | 35.44M | 34.48M | 19.85M | -497K | 1 | 0 | -1K |
| Current Ratio | 5.18x | 5.96x | 2.37x | 5.29x | 1.97x | 11.81x | 1.42x |
| Quick Ratio | 5.18x | 5.96x | 2.37x | 5.29x | 1.97x | 11.81x | 1.42x |
| Cash Conversion Cycle | 411.72 | - | - | - | - | - | - |
| Total Non-Current Liabilities | 3.47M | 3.15M | 2.73M | 1.54M | 123.03M | 114.94M | 55.7M |
| Long-Term Debt | 0 | 0 | 0 | 0 | 122.45M | 113.5M | 53.98M |
| Capital Lease Obligations | 6.4M | 1.81M | 865K | 431K | 491K | 577K | 645K |
| Deferred Tax Liabilities | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Liabilities | 1.65M | 1.34M | 1.87M | 1.11M | 91K | 857K | 1.07M |
| Total Liabilities | 47.2M | 39.94M | 46.97M | 20.63M | 135.05M | 119M | 60.04M |
| Total Debt | 2.24M | 2.32M | 1.18M | 605K | 123.08M | 114.27M | 54.81M |
| Net Debt | -62.13M | -79.11M | -26.53M | -37.72M | 103.3M | 68M | 49.86M |
| Debt / Equity | 0.01x | 0.01x | 0.02x | 0.01x | - | - | - |
| Debt / EBITDA | -0.03x | - | - | - | - | - | - |
| Net Debt / EBITDA | 0.74x | - | - | - | - | - | - |
| Interest Coverage | -106.26x | -99.49x | - | -59.71x | -5.00x | -2.62x | -4.69x |
| Total Equity | 196.06M | 196.29M | 73.38M | 93.73M | -97.99M | -60.95M | -43.65M |
| Equity Growth % | 252.02% | 167.49% | -21.71% | 195.65% | -60.76% | -39.63% | - |
| Book Value per Share | 3.33 | 3.75 | 1.82 | 3.13 | -2.99 | -1.86 | -1.33 |
| Total Shareholders' Equity | 196.06M | 196.29M | 73.38M | 93.73M | -97.99M | -60.95M | -43.65M |
| Common Stock | 618.15K | 587.67K | 446K | 366K | 39K | 335K | 297K |
| Retained Earnings | -412.13M | -384.95M | -285.56M | -199.78M | -110.98M | -72.28M | -53.73M |
| Treasury Stock | -16.95K | -7.01K | -10K | 0 | -1K | -100K | -100K |
| Accumulated OCI | 30.1M | 28.31M | -2.5M | -1.4M | 2.21M | 656K | -1.37M |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Binary clinical trial dependency
As reported in financial statements, Oculis has seen its cash position fluctuate significantly, dropping from $81.4 million in 2025Q4 to $64.4 million in 2026Q1, reflecting the persistent capital intensity required to sustain late-stage clinical trials without any offsetting commercial revenue streams to stabilize the balance sheet.
The trajectory of the balance sheet is defined by a steady accumulation of deficit, as evidenced by the widening negative retained earnings which reached $412.1 million in 2026Q1. This trend suggests that the company is effectively consuming its equity base to fund R&D, leaving little room for operational error before requiring further dilutive financing.
Based on Oculis's reported figures, the current ratio has compressed from 5.96 in 2025Q4 to 5.18 in 2026Q1, indicating that while the firm maintains a nominal liquidity buffer, the rapid depletion of cash reserves relative to ongoing clinical obligations warrants close monitoring by investors.
The decline in cash and equivalents suggests that the company's liquidity is highly sensitive to the timing of clinical trial milestones and associated vendor payments. Investors should interpret this as a narrowing window of independence, where the firm's ability to fund operations is increasingly tethered to the successful execution of the DIAMOND program.
According to recent SEC filings, the company's equity position has remained relatively stagnant at approximately $196 million through early 2026, a figure that masks the underlying erosion caused by consistent net losses and the ongoing reliance on equity-based compensation to preserve cash for research activities.
The stability in total equity despite massive accumulated deficits suggests periodic capital injections or equity-linked financing have been necessary to offset the burn. This reliance on external capital markets to maintain the equity base implies that shareholders face a persistent risk of dilution as the company approaches critical data readouts.
As indicated by the company's financial statements, the headline cash balance may overstate the firm's true financial flexibility, as significant accrued expenses related to CRO contracts and clinical trial sites represent committed liabilities that will inevitably draw down current assets in the coming quarters.
The discrepancy between cash on hand and the actual cash required to complete the DIAMOND trials suggests that the balance sheet is more constrained than the current ratio implies. Analysts should be wary of viewing the cash balance as 'free' capital, as a substantial portion is likely earmarked for existing contractual obligations that cannot be easily deferred.
Quick answers to the most common questions about buying OCS stock.
As of 2025, Oculis Holding AG (OCS) had total assets of $236.2M including $219.1M in current assets.
Oculis Holding AG (OCS) carries total debt of $2.3M, offset by $213.3M in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Oculis Holding AG (OCS) has total shareholders' equity (book value) of $196.3M ($3.75 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Oculis Holding AG (OCS) reported a current ratio of 5.96x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.