OCS - Initiating Coverage of Oculis, An Ophthalmology Pure-Play: Near-Term Value in DME, High-Reward Potential Upside in Optic Neuritis, Optionality in Dry Eye

Research evidence excerpt

OCS - Initiating Coverage of Oculis, An Ophthalmology Pure-Play: Near-Term Value in DME, High-Reward Potential Upside in Optic Neuritis, Optionality in Dry Eye

BIOTECHNOLOGY

May 20, 2026

The Risks:

Whether topical delivery can sustain therapeutic retinal concentrations over 52 weeks vs. the 12-week Stage 1 window. •

Patient compliance with a demanding dosing regimen (6x/day induction, 3x/day maintenance) over a full year, though management •

notes 85% measured compliance in Phase II.

Steroid-class IOP elevation (24.2% in Phase II vs. 37% for Ozurdex) potentially worsening with prolonged exposure, though we note •

this is reversible when using drops and well within ophthalmologist comfort. There is also a cataract risk with chronic steroid use (60%

at year 3 with Ozurdex).

Next Potential Catalyst:

DIAMOND-1 & DIAMOND-2 topline data: imminent binary event for the company and we have a high conviction • 2Q26 (June):

(POS of 75%) on positive outcome

NDA submission to FDA (if positive) • 4Q26:

EMA submission (if positive) • 1H27:

Privosegtor in Optic Neuritis - A Unique Rare Disease Indication with No Approved Therapy

The Program:

Privosegtor is a first-in-class neuroprotectant administered as a 5-day IV infusion on top of standard-of-care steroids in acute optic •

neuritis. This is the first drug to demonstrate concordant neuroprotection across function, structure, and biology in ON. In the ACUITY

Phase II study, privosegtor showed: (1) functional vision improvement (LCVA), (2) structural preservation of retinal neurons and axons

(GCIPL and RNFL on OCT), and (3) reduction in serum neurofilament biomarkers confirming the biological mechanism.

The FDA has recognized this differentiation with Breakthrough Therapy Designation and a Special Protocol Assessment agreement •