Oculis Holding

1. 01

   Thesis recalibrated after the DIAMOND trial failure (OCS-01, DME) in May 2026: the lead candidate is dropped in DME, no FDA filing is planned, and investment value now rests on the two remaining assets.

2. 02

   OCS-02 (licaminlimab) — topical anti-TNFα antibody in the genotype-based registrational trial PREDICT-1 for severe dry eye disease: randomization completed on 19 October 2026 (176 patients, about two-thirds carrying the targeted TNFR1 genotype), topline results expected around year-end 2026 — the asset closest to a decisive readout.

3. 03

   OCS-05 (privosegtor) — small-molecule neuroprotective candidate in the PIONEER-1 registrational trial for acute optic neuritis under an FDA Special Protocol Assessment (primary endpoint: ≥15-letter gain in low-contrast visual acuity at Month 3), carrying FDA Breakthrough Therapy and EMA PRIME designations; first patient treated on 24 August 2026 — the trial is now in active enrolment (US, Europe, Australia, Canada). On 22 October 2026, new biomarker analyses from the Phase 2 ACUITY trial were presented in a late-breaking session at ACTRIMS-ECTRIMS (MSToronto 2026): with privosegtor, the post-onset rise in plasma NfL and GFAP levels was smaller than with placebo, particularly at early timepoints (Day 5); according to Oculis, these blood markers complement the previously reported low-contrast visual acuity gains (+18 letters at Month 3 vs steroid alone) and retinal preservation.

4. 04

   Privosegtor expansion into acute multiple sclerosis relapses: positive pre-IND feedback from the FDA Division of Neurology (August 2026) — existing data can be cross-referenced, no additional preclinical studies required, IND submission targeted for Q4 2026. Since 1 October 2026, Oculis has also been the vision-focused industry partner of the National Multiple Sclerosis Society's five-year Campaign to End MS. Large market (~2.8M MS patients worldwide, ~170,000 relapses/year in the US) with no approved neuroprotective option.

5. 05

   Full ownership of privosegtor: on 10 August 2026 Oculis signed an asset purchase agreement with Accure Therapeutics for all worldwide development and commercial rights to privosegtor (ACT-01) and the preclinical neurology candidate ACT-02. The deal ($3.8M cash + up to 2.05M shares, part contingent on milestones) terminates the prior license and its per-indication royalties / milestone payments: Oculis moves from licensee to owner of its lead asset, retaining only low single-digit academic royalties. Closings expected by 28 February 2027 (privosegtor) and 31 March 2027 (ACT-02).

6. 06

   Reading the OCS-01 signal: retinal thickness reduction was demonstrated and tolerability was acceptable, but with no clinical visual acuity benefit — Oculis explicitly stated no DME regulatory filing will be pursued.

7. 07

   Solid balance sheet: $252.0M (CHF 210.3M) in cash and investments at 30 September 2026 (vs $282.3M at 30 June, including about $8.0M of currency effects in the quarter, partly offset by share sales under the at-the-market program), with the runway into 2H 2029 reiterated — enough to fund PREDICT-1, PIONEER-1 and the clinical entry of the MS programme without near-term refinancing need.

8. 08

   Experienced management and board from the European ophthalmology industry; execution on PREDICT-1 and PIONEER will be the principal determinant of any re-rating after the May 2026 sell-off.

International leadership from European ophthalmology industry, strengthened in neurology on 2 November 2026 with the appointment of Prof. Björn Tackenberg, M.D., Ph.D., a neurologist (formerly Head of Integrative Neuroscience & Medical Practice at Roche and previously Head of the Center of Neuroimmunology at Marburg University), as Chief Scientific Officer, in charge of global scientific strategy with an initial focus on privosegtor (PIONEER, acute MS relapses, other neurological indications); Aaron Tansy, M.D. (formerly PTC Therapeutics, Ovid, Teva), has joined as VP, Development Franchise Head, Neurology. Mixed board (Switzerland, United States), reduced to eight members after the resignation of Lionel Carnot, a director since 2017, effective 30 September 2026 (a personal decision, with no disagreement with the company according to the release); the Remuneration Committee he chaired is now chaired by Geraldine O'Keeffe, with Gregory Perry and Robert Warner as members. The DIAMOND episode particularly highlights the importance of shareholder dialogue: clarity on the strategic pivot, capital allocation after the failure, governance of the remaining portfolio. CapCordia documents AGM resolutions, votes and financial communications in French for francophone shareholders.