Free cash flow remains deeply negative, with quarterly outflows reaching $15.5 million in 2026Q1, highlighting the firm's total reliance on external financing to cover its clinical development obligations.
| Cash from Operations | -62.18M | -62.22M | -47.5M | -53.84M | -25.07M | -13.82M | -12.03M |
| Operating CF Margin % | - | - | -6924.05% | - | - | - | - |
| Operating CF Growth % | -92.44% | -30.99% | 11.79% | -114.74% | -81.37% | -14.93% | - |
| Net Income | -95.06M | -94.51M | -85.94M | -88.69M | -38.64M | -18.52M | -14.79M |
| Depreciation & Amortization | 422.43K | 521.45K | 406K | 287K | 299K | 235K | 228K |
| Stock-Based Compensation | 4.54M | 0 | 9.78M | 3.61M | 804K | 328K | 328K |
| Deferred Taxes | 0 | 0 | 0 | 0 | 0 | 0 | 47K |
| Other Non-Cash Items | 26M | 31.84M | 14.09M | 43.95M | 6.47M | 4.93M | 2.61M |
| Working Capital Changes | 1.95M | -70.67K | 14.16M | -12.99M | 6M | -791K | -451K |
| Change in Receivables | -272.05K | 1.9M | 247K | 36K | -152K | 233K | 10K |
| Change in Inventory | 0 | 0 | 0 | 0 | 0 | 0 | -10K |
| Change in Payables | 689.65K | -1.86M | -1.71M | 3.73M | 3.04M | 30K | -649K |
| Cash from Investing | -35.56M | -59.38M | -17.56M | -54.21M | -3.55M | -28K | -19K |
| Capital Expenditures | -292.45K | -1.33M | -230K | -48K | -65K | -28K | -19K |
| CapEx % of Revenue | 58.03% | - | 33.53% | - | - | - | - |
| Acquisitions | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - |
| Other Investing | -2.09M | 0 | 0 | 0 | -3.48M | 0 | 0 |
| Cash from Financing | 105.86M | 178.6M | 54.03M | 129.67M | 1.71M | 55.19M | 4.86M |
| Debt Issued (Net) | -183K | 0 | -274K | -158K | -159K | -98K | -98K |
| Equity Issued (Net) | 107.16M | 178.95M | 53.54M | 135.62M | 2.03M | 56.1M | 5.03M |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | -4K | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | -1.12M | -356.23K | 763K | -5.79M | -157K | -804K | -68K |
| Net Change in Cash | 3.82M | 57.17M | -10.62M | 18.54M | -26.49M | 41.33M | -7.2M |
| Free Cash Flow | -62.47M | -62.51M | -47.73M | -53.89M | -28.62M | -13.85M | -12.05M |
| FCF Margin % | -12395.37% | - | -6957.58% | - | - | - | - |
| FCF Growth % | -14.43% | -30.97% | 11.44% | -88.29% | -106.61% | -14.98% | - |
| FCF per Share | -1.06 | -1.19 | -1.18 | -1.80 | -0.87 | -0.42 | -0.37 |
| FCF Conversion (FCF/Net Income) | 0.66x | 0.66x | 0.55x | 0.61x | 0.65x | 0.75x | 0.81x |
| Interest Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Clinical trial execution failure
As reported in financial statements, Oculis exhibits a persistent gap between net losses and operating cash outflows, with the OCF/NI ratio fluctuating between 0.36 and 1.04, suggesting that non-cash items and working capital swings significantly mask the underlying cash burn required to sustain clinical development activities.
The variability in the OCF/NI ratio indicates that the company's cash burn is not strictly tethered to accounting losses, likely due to the timing of clinical trial payments and stock-based compensation. Investors should monitor this divergence, as it suggests that reported net income provides an incomplete picture of the actual liquidity drain occurring within the business.
Based on Oculis's reported figures, free cash flow remains consistently negative, with quarterly outflows reaching as high as $20.1 million in 2025Q1, confirming that the firm is currently in a capital-intensive phase with no internal cash generation to offset its substantial research and development expenditures.
The absence of positive free cash flow is expected for a clinical-stage entity, yet the magnitude of these outflows underscores the company's total reliance on external capital markets. The trajectory of these outflows warrants close scrutiny, as any acceleration in burn rate without corresponding clinical milestones could necessitate dilutive financing sooner than anticipated.
According to recent SEC filings, working capital changes have been highly erratic, swinging from a $3.2 million inflow in 2024Q4 to a $1.2 million outflow in 2025Q2, which suggests that the company is managing its payables and accruals to navigate the timing of its clinical trial obligations.
These fluctuations in working capital appear to be a tactical response to the cash-intensive nature of the DIAMOND trials. Analysts should interpret these shifts as a sign of management's focus on liquidity preservation rather than operational efficiency, as the company lacks the commercial revenue to establish a stable working capital cycle.
As indicated by the company's financial statements, stock-based compensation and significant accruals for clinical services frequently distort the cash flow statement, making it difficult to isolate the true recurring cash burn from one-time adjustments related to the company's transition to public markets and trial-related milestones.
The presence of non-cash charges like stock-based compensation, which reached $4.5 million in 2025Q2, suggests that the headline cash burn may be understated relative to the economic cost of operations. Investors should adjust for these items to better understand the true runway available to the company before additional capital is required.
Quick answers to the most common questions about buying OCS stock.
Oculis Holding AG (OCS) generated $-62.2M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Oculis Holding AG (OCS) reported negative free cash flow of $62.5M in 2025, indicating capital requirements exceeded cash from operations.
Oculis Holding AG (OCS) spent $1.3M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.