Oculis Holding (OCS) AI Stock Analysis

• Market Cap: $1.69B
• Dividend Yield: N/A
• Average Volume (3M): 58.01K
• Price to Earnings (P/E): ―
• Beta (1Y): 0.25
• Revenue Growth: N/A
• EPS Growth: -25.15%
• Country: US
• Employees: 49
• Sector: Healthcare
• Sector Strength: 45
• Industry: Biotechnology
• EPS (TTM): -0.41
• Shares Outstanding: 57,169,476
• 10 Day Avg. Volume: 127,612
• 30 Day Avg. Volume: 58,014
• PEG Ratio: 0.25
• Price to Book (P/B): 8.50
• Price to Sales (P/S): 908.96
• P/FCF Ratio: -13.06
• Enterprise Value/Market Cap: 0.75
• Enterprise Value/Revenue: 2.50K
• Enterprise Value/Gross Profit: -87.63
• Enterprise Value/Ebitda: -12.26
• 1Y Price Target: $43.75
• Price Target Upside: 48.00% Upside
• Rating Consensus: Strong Buy
• Number of Analyst Covering: 4
• EPS Forecast (FY): -1.7
• Revenue Forecast (FY): $5.56M

• Rating: 53 Neutral
• Price Target: $29.00 ▼(-1.89% Downside)
• Action: Reiterated Date: 01/13/26
• Date: Action: Reiterated 01/13/26

The score is held back primarily by weak financial performance (large losses and cash burn despite early revenue growth), partially offset by a strong balance sheet with low leverage. Technicals are supportive due to an established uptrend, but overbought indicators temper the outlook. Valuation is also constrained by negative earnings and no stated dividend yield.

Positive Factors

Low leverage and strengthened balance sheet

Very low leverage and a meaningful increase in equity and assets provide durable financial flexibility to fund R&D and clinical programs over the next several quarters. This reduces near-term refinancing pressure and gives management optionality to pursue trials, partnerships or licensing without immediate solvency concerns.

Emerging revenue momentum

A near-doubling in revenue from a low base signals early commercial or program-related traction and validates parts of the go-to-market or development strategy. If sustained, this revenue trajectory supports scaling, incremental margin improvement and reduces reliance solely on financing over a multimonth horizon.

Focused ophthalmic R&D pipeline and specialization

A clear, focused specialty in ophthalmic therapeutics and topical delivery creates a durable competitive positioning in a niche market. Specialized capabilities and a concentrated pipeline make regulatory strategy, partner interest and later-stage commercialization more predictable versus a diversified early-stage biotech.

Negative Factors

Large ongoing losses

Sustained large net losses indicate the company remains in an intensive cash-consumption phase; over a multi-month horizon this heightens execution risk because prolonged unprofitability forces dependence on external capital, which can dilute existing shareholders and constrain strategic choices.

Significant cash burn and need for financing

Consistent negative operating and free cash flow means the business cannot self-fund near-term clinical and development activities. Reliance on periodic financing events elevates dilution and execution risk, and may force timeline compression or reprioritization of programs absent clear near-term revenue inflection.

Negative returns and unprofitable margins

Deeply negative ROE and persistent negative margins reflect that invested capital has not produced commercial returns. Over a 2–6 month horizon this structural profitability gap means shareholder value depends heavily on clinical successes, making outcomes binary and increasing long-term investment risk.

Oculis Holding Business Overview & Revenue Model

Company Description

Oculis Holding AG, a clinical-stage biopharmaceutical company, develops novel topical treatments for ophthalmic diseases for both back- and front-of-the-eye. The company's lead candidate is OCS-01, a topical dexamethasone formulation, which is in Phase 3 clinical trials for the treatment of diabetic macular edema; OCS-02, a topical biologic candidate that is in Phase 2b clinical trials for the treatment for keratoconjunctivitis sicca, or dry eye disease; and OCS-05, a novel neuroprotective agent for acute optic neuritis and other neuro-ophtha disorders, such as glaucoma, diabetic retinopathy, geographic atrophy, and neurotrophic keratitis. The company is based in Zug, Switzerland.

How the Company Makes Money

Oculis generates revenue through the development and commercialization of its ophthalmic products. The primary revenue streams include sales of its proprietary drug formulations, licensing agreements with pharmaceutical companies, and collaborations with research institutions and healthcare providers. Oculis may also engage in partnerships that involve joint development of new therapies, which can result in milestone payments and royalties based on sales performance. Additionally, the company may receive funding through grants or investments aimed at supporting its research and development initiatives.

Oculis Holding Financial Statement Overview

Summary

Income statement and cash flow are the main weaknesses: revenue is very small ($0.5M TTM) with large ongoing losses (about -$104.1M TTM) and significant cash burn (about -$61.4M TTM free cash flow). The balance sheet is a relative strength with very low leverage (debt-to-equity ~0.02) and improved equity, but profitability and funding/dilution risk still dominate.

Income Statement

TTM (Trailing-Twelve-Months) revenue is still very small ($0.5M) despite a sharp growth rate (+93%), and profitability remains deeply negative. Gross profit, operating profit, and net income are all materially loss-making (TTM net loss of about $104.1M), indicating the business is still in a heavy investment/burn phase rather than operating scale. The key positive is the emerging revenue base and growth, but the magnitude of losses and negative margins continue to dominate the income statement profile.

Balance Sheet

The balance sheet is a relative strength: leverage is very low in the most recent periods (TTM debt-to-equity ~0.02; 2024 ~0.02) with equity increasing meaningfully from 2024 to TTM ($73.4M to $130.6M) alongside higher assets ($120.4M to $167.8M). That said, returns on equity are strongly negative (TTM roughly -0.82; 2024 roughly -1.17), reflecting that capital is not yet producing profits. Earlier years also show a history of negative equity (2020–2022), which highlights dilution/financing risk over the cycle even though the current capital position looks improved.

Cash Flow

Cash generation remains weak, with operating cash flow and free cash flow both solidly negative (TTM operating cash flow about -$60.0M; TTM free cash flow about -$61.4M), consistent with a pre-commercial biotech funding profile. Free cash flow deterioration is modestly positive versus the prior year (TTM free cash flow growth ~+5%), but the company still requires ongoing financing to fund operations. A key offset is that free cash flow roughly tracks reported losses (TTM free cash flow to net income ~1.02), suggesting limited additional non-cash distortion, but the absolute cash burn remains the central risk.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	504.00K	686.00K	0.00	0.00	0.00	0.00
Gross Profit	-14.40M	-51.40M	0.00	0.00	0.00	0.00
EBITDA	-102.95M	-72.80M	-87.09M	-31.90M	-13.17M	-12.10M
Net Income	-104.10M	-85.78M	-88.80M	-38.70M	-18.55M	-14.87M
Balance Sheet
Total Assets	167.84M	120.35M	114.35M	37.06M	58.04M	16.38M
Cash, Cash Equivalents and Short-Term Investments	46.44M	98.66M	91.65M	19.79M	46.28M	4.95M
Total Debt	2.47M	1.18M	605.00K	123.08M	114.27M	54.81M
Total Liabilities	37.24M	46.97M	20.63M	135.05M	119.00M	60.04M
Stockholders Equity	130.59M	73.38M	93.73M	-97.99M	-60.95M	-43.65M
Cash Flow
Free Cash Flow	-61.39M	-47.73M	-53.89M	-28.62M	-13.85M	-12.05M
Operating Cash Flow	-59.98M	-47.50M	-53.84M	-25.07M	-13.82M	-12.03M
Investing Cash Flow	-29.43M	-17.56M	-54.21M	-3.55M	-28.00K	-19.00K
Financing Cash Flow	105.43M	54.03M	129.67M	1.71M	55.19M	4.86M

Oculis Holding Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 29.56
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• MACD: Positive
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For OCS, the sentiment is Positive. The current price of 29.56 is above the 20-day moving average (MA) of 28.52, above the 50-day MA of 24.79, and above the 200-day MA of 20.29, indicating a bullish trend. The MACD of 1.18 indicates Positive momentum. The RSI at 66.71 is Neutral, neither overbought nor oversold. The STOCH value of 69.85 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for OCS.

Oculis Holding Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
PRAX	67 Neutral	$9.54B	-25.81	-45.83%	―	364.98%	-25.33%
SYRE	59 Neutral	$3.41B	-21.12	-22.03%	―	―	-123.65%
EYPT	58 Neutral	$1.41B	-5.94	-98.23%	―	-7.38%	-49.03%
SPRY	54 Neutral	$903.48M	-11.40	-45.92%	―	5459.66%	-59.70%
OCS	53 Neutral	$1.69B	-11.74	-80.98%	―	―	-25.15%
UPB	52 Neutral	$427.99M	-3.39	-40.80%	―	―	―
Sector *	51 Neutral	$7.86B	-0.30	-43.30%	2.27%	22.53%	-2.21%

Oculis Holding Corporate Events

Oculis Holding AG Reports Q3 2025 Financial Results

On November 10, 2025, Oculis Holding AG announced its unaudited financial results for the three and nine months ending September 30, 2025. The report highlights an increase in total assets and equity compared to the previous year, indicating a positive financial trajectory. However, the company continues to report losses, reflecting ongoing investments in research and development. This financial update is crucial for stakeholders as it underscores the company’s commitment to growth and innovation in the ophthalmology sector, despite current financial challenges.

The most recent analyst rating on (OCS) stock is a Hold with a $21.50 price target. To see the full list of analyst forecasts on Oculis Holding stock, see the OCS Stock Forecast page.