Oculis-On track for major triggers, starting in June-05/12/2026

Research evidence excerpt

Oculis-On track for major triggers, starting in June-05/12/2026

Oculis

NEWSFLASH | 12 MAY 2026

On track for major triggers, starting in June

Oculis reported Q1 2026 results with its pipeline progressing on all fronts with no delays, instead, faster than expected

execution. Q1 net loss amounted to CHF 29m (USD 37m), with cash and liquid funds increasing to CHF 222m (USD 278m),

versus CHF 213m (USD 268m) at year-end 2025, mainly supported by proceeds from the company's ATM facility of CHF 22m

(USD 29m). The company expects its cash runway to extend into 2H 2029 with the current pipeline. We expect two positive

phase 3 readouts: i) OCS-01 in DME in June 2026 and ii) OCS-02 in TNFR1 genotype-driven DED towards year-end.

Next month’s OCS-01 DME readout

We expect a positive readout in DME, in both the primary endpoint of change in mean BCVA, and more importantly, the registrational

secondary endpoint of high responders, defined as ≥15 letter gainers. If positive, a US NDA submission may follow in Q4 2026. For more

details, please consult our latest update. The company today highlighted the results from the DME AWARE Delphi study, where 25 leading

global retina and ophthalmology experts were surveyed whether they would initiate therapy with a non-invasive treatment following a 5-

letter BCVA vision loss, with 70% answering that they would while only 5% would do so with the current standard of care (intravitreal

injections). This strongly supports our view that the market potential is highly underappreciated and that our own estimates are at the

conservative end both on market uptake and pricing.

Licaminlimab (OCS-2) status

OCS-02 continues to advance in TNFR1 genotype-driven dry eye disease (DED). The ongoing phase 3 PREDICT-1 trial is expected to report