Oculis Holding AG
OCSHealthcare|Biotechnology|CH
$7.49
+0.66 (+9.66%)
DCF Value
$1.82
Tangible Book / Share
$3.39
Cash / Share
$0.00
Financials
Financial Snapshot
Market Cap
$462.4M
Enterprise Value
$382.1M
Revenue (TTM)
$7.0K
Net Income (TTM)
-$81.0M
Cash & Investments
$8.0K
Net Cash
-$2.5M
Free Cash Flow (TTM)
-$52.5M
Operating CF (TTM)
-$52.5M
Debt/Equity
0.01
Cash Runway & Burn Rate
Cash on Hand
$8.0K
Quarterly Burn
$13.1M
Monthly Burn
$4.4M
Est. Runway
~0.0 quarters
| Metric | Trend | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|
| Cash & Investments | $5.0M | $46.3M | $19.8M | $91.7M | $98.7M | $213.3M | $8.0K | |
| Operating Cash Flow | -$12.0M | -$13.8M | -$25.1M | -$53.8M | -$47.5M | -$62.2M | -$52.5M | |
| Free Cash Flow | -$12.0M | -$13.9M | -$28.6M | -$53.9M | -$47.7M | -$62.5M | -$52.5M | |
| Capital Expenditure | -$19.0K | -$28.0K | -$3.5M | -$48.0K | -$230.0K | -$287.5K | -$59.2K | |
| Financing Cash Flow | $4.9M | $55.2M | $1.7M | $129.7M | $54.0M | $178.6M | $133.4M |
R&D Spending
R&D (TTM)
$57.8M
R&D Intensity
825590.3%
R&D Growth vs Prior
+6.0%
| Metric | Trend | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|
| Revenue | $0.00 | $0.00 | $0.00 | $0.00 | $686.0K | $0.00 | $7.0K | |
| R&D Expense | $9.3M | $9.6M | $22.2M | $29.2M | $52.1M | $54.5M | $57.8M | |
| R&D % of Revenue | — | — | — | — | 7592.3% | — | 825590.3% | |
| SG&A | $3.5M | $4.1M | $6.7M | $14.7M | $21.8M | $24.6M | $31.8M |
Income Statement
| Metric | Trend | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|
| Revenue | $0.00 | $0.00 | $0.00 | $0.00 | $686.0K | $0.00 | $7.0K | |
| Cost of Revenue | $0.00 | $0.00 | $0.00 | $0.00 | $52.1M | $0.00 | $157.4K | |
| Gross Profit | $0.00 | $0.00 | $0.00 | $0.00 | -$51.4M | $0.00 | -$150.4K | |
| R&D | $9.3M | $9.6M | $22.2M | $29.2M | $52.1M | $54.5M | $57.8M | |
| SG&A | $3.5M | $4.1M | $6.7M | $14.7M | $21.8M | $24.6M | $31.8M | |
| Operating Income | -$12.3M | -$13.2M | -$32.4M | -$80.7M | -$73.2M | -$79.1M | -$90.5M | |
| Interest Expense | $2.6M | $5.1M | $6.4M | $1.5M | $639.0K | $795.5K | $725.0K | |
| Pretax Income | -$14.8M | -$18.5M | -$38.6M | -$88.7M | -$85.9M | -$94.7M | -$81.4M | |
| Net Income | -$14.9M | -$18.6M | -$38.7M | -$88.8M | -$85.8M | -$94.5M | -$81.0M | |
| EPS (Diluted) | -0.45 | -0.57 | -1.18 | -2.97 | -2.12 | -1.81 | -1.38 | |
| EBITDA | -$12.1M | -$13.2M | -$31.9M | -$87.1M | -$85.5M | -$93.3M | -$85.3M | |
| Shares Out. (M) | 32.73 | 32.73 | 32.73 | 29.90 | 40.41 | 52.36 | 60.79 |
Balance Sheet
| Metric | Trend | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $5.0M | $46.3M | $19.8M | $38.3M | $27.7M | $81.4M | $8.0K | |
| Short-Term Investments | $0.00 | $0.00 | $0.00 | $53.3M | $71.0M | $131.8M | $0.00 | |
| Total Current Assets | $6.2M | $48.0M | $23.7M | $101.0M | $104.9M | $219.1M | $233.1M | |
| Total Assets | $16.4M | $58.0M | $37.1M | $114.4M | $120.4M | $236.2M | $250.3M | |
| Total Current Liabilities | $4.3M | $4.1M | $12.0M | $19.1M | $44.2M | $36.8M | $27.9M | |
| Long-Term Debt | $54.0M | $113.5M | $122.4M | $0.00 | $0.00 | $0.00 | $0.00 | |
| Total Liabilities | $60.0M | $119.0M | $135.1M | $20.6M | $47.0M | $39.9M | $31.0M | |
| Stockholders' Equity | -$43.7M | -$61.0M | -$98.0M | $93.7M | $73.4M | $196.3M | $219.3M | |
| Retained Earnings | -$53.7M | -$72.3M | -$111.0M | -$199.8M | -$285.6M | -$385.0M | -$423.3M |
Cash Flow Statement
| Metric | Trend | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$12.0M | -$13.8M | -$25.1M | -$53.8M | -$47.5M | -$62.2M | -$52.5M | |
| Capital Expenditure | -$19.0K | -$28.0K | -$3.5M | -$48.0K | -$230.0K | -$287.5K | -$59.2K | |
| Free Cash Flow | -$12.0M | -$13.9M | -$28.6M | -$53.9M | -$47.7M | -$62.5M | -$52.5M | |
| Investing Cash Flow | -$19.0K | -$28.0K | -$3.5M | -$54.2M | -$17.6M | -$59.4M | -$67.3M | |
| Financing Cash Flow | $4.9M | $55.2M | $1.7M | $129.7M | $54.0M | $178.6M | $133.4M | |
| Issuance of Stock | $0.00 | $0.00 | $0.00 | $135.6M | $53.5M | $179.0M | $140.0M | |
| Repurchase of Stock | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Net Debt Issuance | -$98.0K | -$98.0K | -$159.0K | -$158.0K | -$274.0K | -$373.0K | -$333.0K | |
| Stock Based Comp. | $328.0K | $328.0K | $804.0K | $3.6M | $9.8M | $16.0M | $16.0M | |
| Net Change in Cash | -$7.2M | $41.3M | -$26.5M | $18.5M | -$10.6M | $57.2M | -$47.5M |
Dilution Tracker
Shares outstanding grew 60.0% over 5 years — significant dilution
Shares Outstanding
62M
5-Year Share Growth
+60.0%
Stock Issuance (TTM)
$140.0M
| Metric | Trend | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|
| Shares Out. (M) | 32.73 | 32.73 | 32.73 | 29.90 | 40.41 | 52.36 | 60.79 | |
| Change vs Prior % | — | 0.0% | 0.0% | -8.7% | 35.1% | 29.6% | 16.1% | |
| Stock Issuance | $0.00 | $0.00 | $0.00 | $135.6M | $53.5M | $179.0M | $140.0M | |
| Stock Repurchase | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Stock Based Comp. | $328.0K | $328.0K | $804.0K | $3.6M | $9.8M | $16.0M | $16.0M |
Margins & Profitability
| Metric | Trend | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|
| Gross Margin % | — | — | — | — | -7492.3% | — | -2149.1% | |
| Operating Margin % | — | — | — | — | -10671.1% | — | -1293091.5% | |
| Net Margin % | — | — | — | — | -12503.9% | — | -1157669.7% | |
| EBITDA Margin % | — | — | — | — | -12468.1% | — | -1218817.5% | |
| FCF Margin % | — | — | — | — | -6957.6% | — | -750144.8% | |
| ROE % | 34.1% | 30.4% | 39.5% | -94.7% | -116.9% | -48.1% | -43.7% | |
| ROA % | -90.8% | -32.0% | -104.4% | -77.7% | -71.3% | -40.0% | -32.4% | |
| ROIC % | -100.9% | -24.4% | -128.6% | -84.6% | -95.6% | -39.6% | -40.4% | |
| R&D / Revenue % | — | — | — | — | 7592.3% | — | 825590.3% |
Growth (Year over Year)
Fiscal years. Rising share count growth means dilution.
| Metric | Trend | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|
| Revenue | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | -100.0% | |
| Gross Profit | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 100.0% | |
| Operating Income | 0.0% | -7.3% | -144.7% | -149.3% | 9.3% | -8.1% | |
| Net Income | 0.0% | -24.7% | -108.6% | -129.5% | 3.4% | -10.2% | |
| EPS (Diluted) | 0.0% | -26.7% | -107.0% | -151.7% | 28.6% | 14.6% | |
| Operating Cash Flow | 0.0% | -14.9% | -81.4% | -114.7% | 11.8% | -31.0% | |
| Free Cash Flow | 0.0% | -15.0% | -106.6% | -88.3% | 11.4% | -31.0% | |
| R&D Expense | 0.0% | 2.5% | 132.3% | 31.6% | 78.1% | 4.7% | |
| SG&A Expense | 0.0% | 16.6% | 64.6% | 118.4% | 48.1% | 12.9% | |
| Total Assets | 0.0% | 254.3% | -36.2% | 208.6% | 5.2% | 96.3% | |
| Book Value / Share | 0.0% | -39.6% | -60.8% | 204.7% | -42.1% | 106.4% | |
| Debt | 0.0% | 108.5% | 7.7% | -99.5% | 95.0% | 96.2% | |
| Diluted Shares | 0.0% | 0.0% | 0.0% | -8.7% | 35.1% | 29.6% |
Valuation
P/E (TTM)At Loss
P/S54223.16
P/B1.70
10Y Low / Med / High3.01 / 4.22 / 8.50
EV/EBITDAAt Loss
EV/Revenue54585.30
P/FCFAt Loss
Intrinsic Value Models (per share)
DCF Value
$1.82
Tangible Book / Share
$3.39
Net Current Assets / Share
$3.27
Cash / Share
$0.00
| Metric | Trend | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|
| P/E Ratio | -19.09 | -15.50 | -7.91 | -3.18 | -7.28 | -8.75 | -4.46 | |
| P/S Ratio | 0.00 | 0.00 | 0.00 | 0.00 | 908.96 | 0.00 | 54223.16 | |
| P/B Ratio | -6.44 | -4.74 | -3.12 | 3.01 | 8.50 | 4.22 | 1.70 | |
| EV/EBITDA | -27.37 | -27.12 | -12.82 | -2.81 | -6.98 | -8.04 | -4.48 | |
| EV/Revenue | 0.00 | 0.00 | 0.00 | 0.00 | 870.29 | 0.00 | 54585.30 |
Analyst Estimates & Quality
Altman Z-Score
4.82
Safe
Piotroski F-Score
1
Weak
Forward Estimates (consensus)
| Metric | FY2026 | FY2027 | FY2028 |
|---|---|---|---|
| Revenue | $793.4K | $3.4M | $17.4M |
| Net Income | -$86.1M | -$85.0M | -$98.9M |
| EPS | $-1.44 | $-1.57 | $-1.61 |
| # Analysts (EPS) | 6 | 6 | 7 |