The company remains pre-revenue with zero commercial income, while R&D expenses continue to drive quarterly operating losses near $20 million, as evidenced by the $22.4 million operating loss reported in 2026Q1.
| Sales/Revenue | 504K | 0 | 686K | 0 | 0 | 0 | 0 |
| Revenue Growth % | - | -100% | - | - | - | - | - |
| Cost of Goods Sold | 15.07M | 0 | 52.08M | 0 | 0 | 0 | 0 |
| COGS % of Revenue | - | - | 7592.27% | - | - | - | - |
| Gross Profit | -14.56M | 0 | -51.4M | 0 | 0 | 0 | 0 |
| Gross Margin % | -2889.37% | - | -7492.27% | - | - | - | - |
| Gross Profit Growth % | - | 100% | - | - | - | - | - |
| Operating Expenses | 69.81M | 79.15M | 21.81M | 80.71M | 32.38M | 13.23M | 12.34M |
| OpEx % of Revenue | - | - | 3178.86% | - | - | - | - |
| Selling, General & Admin | 27.55M | 24.63M | 21.81M | 14.72M | 6.74M | 4.1M | 3.52M |
| SG&A % of Revenue | - | - | 3178.86% | - | - | - | - |
| Research & Development | 56.48M | 54.52M | 52.08M | 29.25M | 22.22M | 9.57M | 9.34M |
| R&D % of Revenue | - | - | 7592.27% | - | - | - | - |
| Other Operating Expenses | -1000K | 0 | -52.08M | 36.74M | 3.41M | -433K | -516K |
| Operating Income | -84.37M | -79.15M | -73.2M | -80.71M | -32.38M | -13.23M | -12.34M |
| Operating Margin % | -16740.95% | - | -10671.14% | - | - | - | - |
| Operating Income Growth % | - | -8.12% | 9.3% | -149.3% | -144.68% | -7.26% | - |
| EBITDA | -83.95M | -79.15M | -72.8M | -80.43M | -32.08M | -13M | -12.11M |
| EBITDA Margin % | -16657.14% | - | -10611.95% | - | - | - | - |
| EBITDA Growth % | -8.47% | -8.72% | 9.49% | -150.73% | -146.8% | -7.34% | - |
| D&A (Non-Cash Add-back) | 422.43K | 0 | 406K | 287K | 299K | 235K | 228K |
| EBIT | -85.17M | -79.15M | -73.2M | -87.38M | -32.2M | -13.4M | -12.34M |
| Net Interest Income | 957.61K | 894.88K | 1.53M | 126.86K | -6.32M | -5.1M | -2.62M |
| Interest Income | 1.76M | 1.69M | 1.53M | 1.59M | 126K | 21K | 10K |
| Interest Expense | 801.45K | 795.55K | 0 | 1.46M | 6.44M | 5.12M | 2.63M |
| Other Income/Expense | -10.98M | -15.54M | -12.73M | -7.98M | -6.27M | -5.29M | -2.45M |
| Pretax Income | -95.35M | -94.69M | -85.94M | -88.69M | -38.64M | -18.52M | -14.79M |
| Pretax Margin % | -18919.18% | - | -12527.26% | - | - | - | - |
| Income Tax | -291.8K | 177.64K | -160K | 107K | 55K | 27K | 83K |
| Effective Tax Rate % | 0.31% | -0.19% | 0.19% | -0.12% | -0.14% | -0.15% | -0.56% |
| Net Income | -95.06M | -94.51M | -85.78M | -88.8M | -38.7M | -18.55M | -14.87M |
| Net Margin % | -18861.29% | - | -12503.94% | - | - | - | - |
| Net Income Growth % | 7.62% | -10.18% | 3.41% | -129.47% | -108.59% | -24.74% | - |
| Net Income (Continuing) | -95.06M | -94.86M | -85.78M | -88.8M | -38.7M | -18.55M | -14.87M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -1.61 | -1.81 | -2.12 | -2.97 | -1.18 | -0.57 | -0.45 |
| EPS Growth % | 27% | 14.62% | 28.62% | -151.69% | -107.02% | -26.67% | - |
| EPS (Basic) | - | -1.81 | -2.12 | -2.97 | -1.18 | -0.57 | -0.45 |
| Diluted Shares Outstanding | 58.91M | 52.36M | 40.41M | 29.9M | 32.73M | 32.73M | 32.73M |
| Basic Shares Outstanding | 58.91M | 52.36M | 40.41M | 29.9M | 32.73M | 32.73M | 32.73M |
| Dividend Payout Ratio | - | - | - | - | - | - | - |
Clinical trial execution failure
As indicated by the company's financial statements, Oculis currently reports zero commercial revenue, confirming its status as a pre-revenue clinical-stage entity with no recurring income streams to offset the significant costs associated with its ongoing development of the proprietary SNP platform for retinal disease treatment.
The absence of revenue highlights that the company's valuation is entirely dependent on the successful clinical progression of its pipeline rather than operational performance. Investors should monitor the potential for future licensing agreements, which may serve as the only near-term catalyst for revenue recognition prior to commercialization.
Based on reported figures, Oculis maintains a high fixed-cost structure, with R&D expenses consistently exceeding $10 million per quarter, peaking at $14.9 million in 2025Q2, which reflects the substantial financial commitment required to advance the DIAMOND Phase 3 clinical trials for its lead candidate.
The concentration of spending on third-party CRO fees and clinical trial conduct suggests that management is prioritizing speed to market over near-term expense discipline. This high burn rate necessitates continuous access to capital markets, as the current cost structure provides no operational buffer against potential trial delays.
According to recent income statement data, the company's operating losses have remained stubbornly elevated, with quarterly operating losses consistently hovering around the $20 million mark, demonstrating that the firm has yet to achieve any meaningful operating leverage as it scales its late-stage clinical development activities.
The lack of revenue means that every dollar spent on SG&A and R&D flows directly to the bottom line as a loss, preventing the realization of economies of scale. Until the company transitions to a commercial model, investors should expect these losses to persist or widen as trial complexity increases.
As reported in financial statements, Oculis recorded significant stock-based compensation charges, including $4.5 million in 2025Q2, which complicates the assessment of core operational losses and suggests that equity-linked incentives represent a meaningful portion of the company's total compensation strategy during this pre-revenue phase.
The variability of these non-cash charges warrants further investigation, as they can mask the true cash-based burn rate of the organization. Analysts should adjust for these items to better understand the underlying cash requirements needed to sustain the business through the next major clinical data readout.
While the company's focus on the SNP platform offers a potential paradigm shift in retinal care, the financial data suggests that the firm's survival is tethered to binary clinical outcomes, with no commercial revenue to mitigate the risk of a negative regulatory decision or trial failure.
Short-term volatility in the income statement is secondary to the existential risk posed by the DIAMOND trial results. If the clinical data fails to demonstrate clear superiority or non-inferiority to existing standards of care, the current cost structure may become unsustainable, leading to significant dilution or liquidity constraints.
Quick answers to the most common questions about buying OCS stock.
For fiscal year 2025, Oculis Holding AG (OCS) reported total revenue of $0.0M.
Oculis Holding AG (OCS) reported a net loss of $94.5M for the fiscal year ending 2025.