Oculis Holding AG Previewing the Phase 3 Stage 2 DIAMOND Results in Diabetic Macular Edema (DME)

Research evidence excerpt

Oculis Holding AG Previewing the Phase 3 Stage 2 DIAMOND Results in Diabetic Macular Edema (DME)

J P M O R G A N North America Equity Research

18 May 2026

Oculis Holding AG Overweight

OCS, OCS US

Previewing the Phase 3 Stage 2 DIAMOND Results Price (15 May 26):$30.29

in Diabetic Macular Edema (DME) ▲Price Target (Dec-26):$42.00 Prior (Dec-26):$38.00

We can expect to see the topline results in a joint disclosure from Oculis’s two

global pivotal phase 3 clinical trials (stage 2 of DIAMOND-1 and -2) evaluating SMid Biotechnology

its lead asset, OCS-01, for the treatment of diabetic macular edema (DME) in June Tessa T Romero AC

2026. (1-212) 622-4484

tessa.t.romero@jpmchase.com

How do we think about the outlook for OCS shares? Caroline Pocher

(1-212) 622-8204

• Taking a step back, we see Oculis as offering multiple shots on goals with caroline.pocher@jpmchase.com

attractive potential market opportunities (including OCS-01), if successful. In Mariam Waggeh

fact, we see its second lead asset, privosegtor (OCS-05, a novel (1-212) 622-1711

neuroprotective small molecule peptoid), as a key/dominant focus for mariam.waggeh@jpmchase.com

J.P. Morgan Securities LLC

investors over the mid to long-term and may continue to garner meaningful

interest.

• OCS shares have been particularly strong YTD though news flow has been Key Changes (FYE Dec)

weighted primarily towards positive developments around privosegtor in Prev Cur Δ

neuro-ophthalmology indications (e.g., optic neuritis) rather than OCS-01 for Adj. EPS - 26E (CHF) (1.62) (1.81) -11.2%

Adj. EPS - 27E (CHF) (1.96) (2.05) -4.7%

DME. While challenging in this context to gauge precise share price moves, we

think the stock is likely to trade up dependent on the strength of the data in a Quarterly Forecasts (FYE Dec)