Morning Summary - May 21 2026

Research evidence excerpt

Morning Summary - May 21 2026

MORNING SUMMARY

May 21, 2026

INITIATION OF COVERAGE

BIOTECHNOLOGY Buy

OCS - Initiating Coverage of Oculis, An Ophthalmology Pure-Play:

Near-Term Value in DME, High-Reward

Neuritis, Optionality in Dry Eye Potential Upside in Optic OCS $27.96 Price$75.00Target

Yatin Suneja

212 518 9565, yatin.suneja@guggenheimpartners.com Current Q Next Q Current FY Next FY

$0.0 $0.0 $0.2 $0.0Eddie Hickman, Ph.D.

212 518 9904, eddie.hickman@guggenheimpartners.com

Market Cap (M) Metric Mult Curr Yr. Mult Next Yr.

CLICK HERE TO ACCESS THIS REPORT $1,735 Rev($)M 8,300.0x -

Published on May 20, 2026

Key Message: We are initiating coverage of Oculis Holding AG (OCS) with a Buy rating and $75 PT. Our thesis centers on OCS-01's potential to become the

first non-invasive topical treatment for DME, a large market with ~1M immediately addressable patients currently underserved by injection-based therapies.

Key pillars: (1) OCS-01 is the nearest-term potential catalyst and value driver: DIAMOND Stage 1 data demonstrated clinically meaningful vision improvement

and fluid reduction. Two fully enrolled Phase III trials report topline data in June 2026. We think the bar for success is comparable efficacy to Ozurdex

(implant) delivered non-invasively, which would be a paradigm shift in DME accessibility. (2) Privosegtor in optic neuritis represents upside potential with

significant reward: it is the first drug to show concordant neuroprotection across function, structure, and biology in ON, with BTD, a recent SPA agreement,

and no approved competition; the company expects PIONEER Phase 3 data 2027/28. (3) Not in our base case: licaminlimab (precision anti-TNF for DED);

PREDICT-1 data which Oculis expects in 4Q26 represents pure upside optionality.

PRICE TARGET CHANGES