Oculis reports CHF 47,775 thousand from at-the-market share sales in first half

Oculis Holding AG filed unaudited interim financial statements on Form 6-K on August 6, 2026, covering the six months to June 30, 2026. The statements show that the company sold 2,250,000 ordinary shares under its at-the-market program, or ATM, for gross proceeds of CHF 47.8 million, or $61.3 million.

Who sold the shares

The 6-K does not name a sales agent or any other bank for the ATM program. It says CHF 2.2 million of transaction costs were offset against the proceeds and recorded as a reduction of share premium.

The company also raised money in a larger deal. On November 3, 2025, it closed offerings of 5,432,098 ordinary shares at $20.25 each, or CHF 16.33, for gross proceeds of $110.0 million, or CHF 88.7 million, before underwriting discounts, commissions and offering expenses. The 6-K refers to underwriting discounts and commissions on that deal but does not name the underwriters.

What the first half cost

Proceeds from share sales in the first six months of 2026 were CHF 47,775 thousand, against CHF 90,227 thousand in the same period of 2025. Net cash inflow from financing was CHF 48,637 thousand. The company reports no loan proceeds in that cash flow.

The loss for the six months was CHF 38,822 thousand, down from CHF 58,589 thousand a year earlier. Operating expenses were CHF 45,815 thousand. Research and development costs were CHF 29,329 thousand, close to the CHF 29,680 thousand of a year earlier. General and administrative expenses rose to CHF 16,486 thousand from CHF 11,608 thousand.

The warrant liabilities fell to CHF 7,819 thousand from CHF 14,478 thousand at December 31, 2025. A fair value gain on those warrants of CHF 4,117 thousand helped the loss, and the statements show warrant exercise proceeds of CHF 1,636 thousand, against CHF 18,858 thousand a year earlier.

Cash and deposits

Cash and cash equivalents were CHF 61,614 thousand on June 30, 2026, down from CHF 81,329 thousand on December 31, 2025. Short-term financial assets rose to CHF 166,710 thousand from CHF 131,684 thousand. Those assets are fixed-term bank deposits with maturities of three to six months, so part of the cash moved into deposits rather than leaving the company.

The board's going-concern note says it believes current cash, cash equivalents and investments cover the company's obligations for at least the next 12 months. The same note says the company's success "is subject to its ability to raise capital" and that it has financed its cash needs mainly through share sales.

The trial setback

OCS-01, the company's legacy asset, had topline results in May 2026. The primary endpoint was not met in either of the two Phase 3 trials, and the company decided not to pursue an FDA new drug application for OCS-01 in diabetic macular edema. Management says the outcome has no impairment or significant impact on the company's financial position. The statements give no trial figures beyond the missed primary endpoint.

The company now centers on Privosegtor, which it describes as a neuroprotective candidate in the PIONEER program for optic neuropathies, including optic neuritis and non-arteritic anterior ischemic optic neuropathy.

Debt that has not been drawn

In July 2025, the company amended its loan with Kreos Capital VII (UK) Limited, a lender whose funds are managed by BlackRock, Inc. The facility can provide up to CHF 75.0 million, which may rise to CHF 100.0 million, in three tranches of CHF 25.0 million each. Fixed rates run from 9.5% to 9.7%, depending on the tranche, with cash and payment-in-kind interest. Drawdowns depend on a debt-to-market-cap ratio of 15% or less at each draw.

The 20-F filed March 4, 2026 says no amounts were drawn in 2025, and the 6-K's first-half cash flow shows no loan proceeds.

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