EX-99.1

Oculis Holding AG

Unaudited Condensed Consolidated Interim Statements of Financial Position

(in CHF thousands)


		As of March 31,			As of December 31,
	Note	2026			2025
ASSETS

Non-current assets
Property and equipment			503			534
Intangible assets			13,292			13,292
Right-of-use assets			2,365			2,463
Other non-current assets			796			785
Total non-current assets			16,956			17,074

Current assets
Other current assets	6		3,801			4,883
Accrued income	6		1,202			993
Short-term financial assets	8		157,470			131,684
Cash and cash equivalents	8		64,564			81,329
Total current assets			227,037			218,889

TOTAL ASSETS			243,993			235,963

EQUITY AND LIABILITIES

Shareholders’ equity
Share capital			620			587
Share premium			579,217			551,731
Reserve for share-based payment	7		32,577			30,387
Actuarial loss on post-employment benefit obligations			(1,928	)		(1,634	)
Treasury shares	4		(17	)		(7	)
Cumulative translation adjustments			(455	)		(480	)
Accumulated losses			(413,366	)		(384,514	)
Total equity			196,648			196,070

Non-current liabilities
Long-term lease liabilities			1,832			1,811
Defined benefit pension liabilities			1,650			1,335
Total non-current liabilities			3,482			3,146

Current liabilities
Trade payables			4,496			1,800
Accrued expenses and other payables	10		18,410			19,967
Short-term lease liabilities			416			502
Warrant liabilities	9		20,541			14,478
Total current liabilities			43,863			36,747

Total liabilities			47,345			39,893

TOTAL EQUITY AND LIABILITIES			243,993			235,963

The accompanying notes form an integral part of the Unaudited Condensed Consolidated Interim Financial Statements.

Oculis Holding AG

Unaudited Condensed Consolidated Interim Statements of Loss

(in CHF thousands, except loss per share data)


		For the three months ended March 31,
	Note	2026			2025
Grant income			209			285
Operating income			209			285
Research and development expenses	5		(14,046	)		(14,771	)
General and administrative expenses	5		(7,891	)		(5,488	)
Operating expenses			(21,937	)		(20,259	)

Operating loss			(21,728	)		(19,974	)

Finance income			367			493
Finance expense			(173	)		(247	)
Fair value adjustment on warrant liabilities	9		(7,983	)		(11,911	)
Foreign currency exchange gain (loss)	2.(D)		567			(1,567	)
Finance result			(7,222	)		(13,232	)

Loss before tax for the period			(28,950	)		(33,206	)

Income tax benefit (expense)			98			(7	)

Loss for the period			(28,852	)		(33,213	)

Loss per share:
Basic and diluted loss attributable to equity holders	11		(0.49	)		(0.69	)

The accompanying notes form an integral part of the Unaudited Condensed Consolidated Interim Financial Statements.

Oculis Holding AG

Unaudited Condensed Consolidated Interim Statements of Comprehensive Loss

(in CHF thousands)


	For the three months ended March 31,
	2026			2025
Loss for the period		(28,852	)		(33,213	)

Other comprehensive income (loss):
Items that will not be reclassified to Statements of Loss:
Actuarial gain (loss) of defined benefit plans		(294	)		587
Items that may be reclassified subsequently to loss:
Foreign currency translation differences		25			(39	)
Other comprehensive income (loss) for the period		(269	)		548

Total comprehensive loss for the period		(29,121	)		(32,665	)

The accompanying notes form an integral part of the Unaudited Condensed Consolidated Interim Financial Statements.

Oculis Holding AG

Unaudited Condensed Consolidated Interim Statements of Changes in Equity

(in CHF thousands, except share numbers)


		Share capital				Treasury shares
	Note	Shares		Share capital		Shares			Treasury shares			Share premium			Reserve for share-based payment			Cumulative translation adjustment			Actuarial gain (loss) on post-employment benefit obligations			Accumulated losses			Total
Balance as of January 1, 2025			44,662,402		446		(1,000,000	)		(10	)		344,946			16,062			(271	)		(2,233	)		(285,557	)		73,383
Loss for the period			-		-		-			-			-			-			-			-			(33,213	)		(33,213	)
Other comprehensive income (loss):
Actuarial gain on post-employment benefit obligations			-		-		-			-			-			-			-			587			-			587
Foreign currency translation differences			-		-		-			-			-			-			(39	)		-			-			(39	)
Total comprehensive income (loss) for the period			-		-		-			-			-			-			(39	)		587			(33,213	)		(32,665	)
Share-based compensation expense	7		-		-		-			-			-			2,630			-			-			-			2,630
Issuance of ordinary shares related to underwritten offering			5,000,000		50		-			-			90,177			-			-			-			-			90,227
Transaction costs related to issuance of ordinary shares			-		-		-			-			(6,982	)		-			-			-			-			(6,982	)
Vesting of earnout shares			1,422,723		14		-			-			(14	)		-			-			-			-			-
Issuance of shares to be held as treasury shares			2,500,000		25		(2,500,000	)		(25	)		-			-			-			-			-			-
Warrants exercised	7		1,806,297		18		-			-			35,701			-			-			-			-			35,719
Stock options exercised and RSUs vested/released	7		169,078		2		-			-			362			(50	)		-			-			-			314
Balance as of March 31, 2025			55,560,500		555		(3,500,000	)		(35	)		464,190			18,642			(310	)		(1,646	)		(318,770	)		162,626

Balance as of January 1, 2026			58,688,141		587		(703,703	)		(7	)		551,731			30,387			(480	)		(1,634	)		(384,514	)		196,070
Loss for the period			-		-		-			-			-			-			-			-			(28,852	)		(28,852	)
Other comprehensive loss:
Actuarial loss on post-employment benefit obligations			-		-		-			-			-			-			-			(294	)		-			(294	)
Foreign currency translation differences			-		-		-			-			-			-			25			-			-			25
Total comprehensive loss for the period			-		-		-			-			-			-			25			(294	)		(28,852	)		(29,121	)
Share-based compensation expense	7		-		-		-			-			-			5,001			-			-			-			5,001
Issuance of ordinary shares pursuant to ATM program	4		-		-		1,050,000			10			22,367			-			-			-			-			22,377
Transaction costs related to the issuance of ordinary shares	4		-		-		-			-			(1,365	)		-			-			-			-			(1,365	)
Vesting of earnout shares			948,549		9		-			-			(9	)		-			-			-			-			-
Issuance of shares to be held as treasury shares	4		2,000,000		20		(2,000,000	)		(20	)		-			-			-			-			-			-
Warrants exercised	9		147,821		1		-			-			3,204			-			-			-			-			3,205
Stock options exercised and RSUs vested/released	7		257,265		3		-			-			3,289			(2,811	)		-			-			-			481
Balance as of March 31, 2026			62,041,776		620		(1,653,703	)		(17	)		579,217			32,577			(455	)		(1,928	)		(413,366	)		196,648

The accompanying notes form an integral part of the Unaudited Condensed Consolidated Interim Financial Statements.

Oculis Holding AG

Unaudited Condensed Consolidated Interim Statements of Cash Flows

(in CHF thousands)


		For the three months ended March 31,
	Note	2026			2025
Operating activities
Loss before tax for the period			(28,950	)		(33,206	)

Non-cash adjustments:
- Financial result			(879	)		215
- Depreciation of property and equipment and right-of-use assets			154			123
- Share-based compensation expense	7		5,001			2,630
- Post-employment loss			15			20
- Fair value adjustment on warrant liabilities	9		7,983			11,911
Working capital adjustments:
- De/(In)crease in other current assets	6		675			(8	)
- Increase in accrued income	6		(209	)		(301	)
- (De)/Increase in payables and accrued liabilities	10		881			(301	)
- Decrease in other operating assets			(1	)		(32	)
Taxes paid			(7	)		(14	)
Net cash outflow for operating activities			(15,337	)		(18,963	)

Investing activities
Payment for short-term financial assets, net	8		(25,682	)		(50,605	)
Interest received			173			200
Payment for intangible assets			-			(1,087	)
Payment for purchase of property and equipment			(7	)		(13	)
Net cash outflow for investing activities			(25,516	)		(51,505	)

Financing activities
Proceeds from sale of shares in public offerings	4		22,377			90,227
Transaction costs related to financing activities	4		(392	)		(5,528	)
Proceeds from exercise of warrants, net	9		1,272			18,918
Proceeds from stock options exercised	8		481			314
Principal payment of lease obligations			(102	)		(88	)
Interest paid			(33	)		(12	)
Net cash inflow from financing activities			23,603			103,831

Increase (decrease) in cash and cash equivalents			(17,250	)		33,363

Cash and cash equivalents, beginning of period	8		81,329			27,708
Effect of foreign exchange rate changes			485			(1,198	)
Cash and cash equivalents, end of period	8		64,564			59,873

Net cash and cash equivalents variation			(17,250	)		33,363

Supplemental non-cash investing information
Interest receivable recorded in other current assets			194			293
Supplemental non-cash financing information
Transaction costs recorded in accrued expenses and other payables			1,172			1,506

The accompanying notes form an integral part of the Unaudited Condensed Consolidated Interim Financial Statements.

Oculis Holding AG

NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

(All amounts presented in CHF thousands, except share numbers, unless otherwise noted)

CORPORATE INFORMATION

Oculis Holding AG (“the Company” or “Oculis”) is a stock corporation (“Aktiengesellschaft”) with its registered office at Bahnhofstrasse 20, CH-6300, Zug, Switzerland. It was incorporated under the laws of Switzerland on October 31, 2022, and controls seven wholly owned subsidiaries. The Company and its wholly-owned subsidiaries form the Oculis Group (the “Group”). Unless the context otherwise dictates, a reference to “the Company” “us,” “we” or “our” refers to Oculis and its subsidiaries.

Oculis is a global late clinical-stage biopharmaceutical company focused on breakthrough innovations to address significant unmet medical needs in neuro-ophthalmology and ophthalmology. Oculis’ highly differentiated late-stage clinical pipeline includes three core product candidates: OCS-01, an eye drop in pivotal registration studies, aiming to become the first non-invasive topical treatment for diabetic macular edema (DME); Licaminlimab, a novel, topical anti-TNFα in registrational trial, which is being developed with a genotype-based approach to drive precision medicine in dry eye disease (DED), and Privosegtor, a breakthrough neuroprotective candidate in the PIONEER program which consists of studies intended to support registration plans for treatment in optic neuropathies like optic neuritis (ON) and non-arteritic anterior ischemic optic neuropathy (NAION), with potentially broad clinical applications in various other neuro-ophthalmic and neurological diseases.

The Audit Committee of the Board of Directors approved the issuance of the unaudited interim condensed consolidated financial statements on May 8, 2026.

BASIS OF PREPARATION AND CHANGES TO THE COMPANY’S ACCOUNTING POLICIES

(A)

Going concern

The Company’s accounts are prepared on a going concern basis. The Board of Directors believes that based on the Company’s current cash, cash equivalents and investments, the Company has the ability to meet its financial obligations for at least the next 12 months.

The Company is a late clinical-stage company and is exposed to all the risks inherent to establishing a business, including the substantial uncertainty as to whether current projects will succeed. The Company’s success may depend in part upon its ability to (i) establish and maintain a strong patent position and protection; (ii) enter into collaborations with partners in the biotech and pharmaceutical industry; (iii) successfully move its product candidates through preclinical and clinical development; (iv) successfully obtain regulatory approval and commercialize its products; and (v) attract and retain key personnel. The Company’s success is subject to its ability to raise capital to support its current and future operations. To date, the Company has financed its cash requirements primarily through the sale of equity shares. The Company will continue to evaluate additional funding through public or private financings, debt financing or collaboration agreements. The Company cannot be certain that additional funding will be available on acceptable terms, or at all. If the Company is unable to raise additional capital when required or on acceptable terms, it may have to (i) significantly delay, scale back or discontinue the development of one or more of its product candidates; (ii) seek collaborators for product candidates at an earlier stage than otherwise would be desirable and on terms that are less favorable than might otherwise be available; or (iii) relinquish or otherwise dispose of rights to product candidates that the Company would otherwise seek to develop itself, on unfavorable terms.

(B)

Material accounting policies

Due to their short-term nature, the carrying value of cash and cash equivalents, short-term financial assets, other current assets excluding prepaid expenses, accrued income, lease liabilities, trade payables, accrued expenses and other payables approximates their fair value. There have been no material changes to the accounting policies that were applied by the Company in its audited consolidated financial statements as of and for the year ended December 31, 2025, included in Form 20-F filed with the U.S. Securities and Exchange Commission (“SEC”) on March 4, 2026 and available at www.sec.gov.

(C)

Statement of compliance

These unaudited condensed consolidated interim financial statements as of March 31, 2026 and for the three months ended March 31, 2026 and 2025, have been prepared in accordance with International Accounting Standard (“IAS”), IAS 34 - Interim Financial Reporting. They do not include all of the information required for a complete set of financial statements prepared in accordance with IFRS Accounting Standards (“IFRS”) as issued by the International Accounting Standards Board (“IASB”). In the opinion of the Company, the accompanying unaudited condensed consolidated interim financial statements present a fair statement of its financial information for the interim periods reported.

(D)

Functional currency

The unaudited condensed consolidated interim financial statements of the Group are expressed in Swiss Francs (“CHF”), which is the Company’s functional and the Group’s presentation currency. The functional currency of the Company’s subsidiaries is the local currency except for Oculis ehf, the Company’s Icelandic subsidiary, whose functional currency is CHF. Included in the Company’s finance result is foreign currency exchange gain of CHF 0.6 million and loss of CHF 1.6 million for the three months ended March 31, 2026 and 2025, respectively, arising from favorable and unfavorable fluctuations, respectively, of the U.S. dollar and Euro against the Swiss Franc, impacting the valuation of the Company’s cash and short-term financial assets balances and U.S. dollar denominated transactions and assets.

Assets and liabilities of foreign operations are translated into CHF at the rate of exchange prevailing at the reporting date and their statements of profit or loss are translated at average monthly exchange rates. The exchange differences arising on translation for consolidation are recognized in other comprehensive income.

SUMMARY OF MATERIAL ACCOUNTING POLICIES, CRITICAL JUDGMENTS AND ACCOUNTING ESTIMATES

(A)

Critical judgments and accounting estimates

In preparing these unaudited condensed consolidated interim financial statements, the critical accounting estimates, assumptions and judgments made by management in applying the Company’s accounting policies and the key sources of estimation uncertainty were the same as those applied and discussed in the audited consolidated financial statements for the year ended December 31, 2025.

(B)

New accounting standards, interpretations, and amendments adopted by the Company

There are no new IFRS Accounting Standards, amendments to standards or interpretations that are mandatory for the financial year beginning on January 1, 2026, that have a material impact in the interim period. In April 2024, the IASB issued IFRS 18, Presentation and Disclosure in Financial Statements. The standard, which will replace IAS 1, impacts the presentation of primary financial statements and notes, including the statement of profit and loss where companies will be required to present separate categories of income and expense for operating, investing, and financing activities with prescribed subtotals for each new category. It also requires disclosure of management defined performance measures, if applicable, and includes new requirements for aggregation and disaggregation of financial information. The standard is effective for annual reporting periods beginning on or after January 1, 2027, and requires retrospective application. While IFRS 18 will not change recognition criteria or measurement bases, it may impact the presentation of information in the financial statements, in particular the profit and loss statement. Based on current analysis, the impact on the consolidated financial statements is expected to be limited to presentation and disclosure changes. At this stage, other quantitative effects cannot yet be reliably estimated.

FINANCING ACTIVITY

The Company’s historical financing activities, including equity offerings, private placements, and debt arrangements, are described in detail in Note 5 to the consolidated financial statements included in the Company’s Annual Report on Form 20-F for the year ended December 31, 2025, filed with the SEC on March 4, 2026.

During the three months ended March 31, 2026, in connection with the ATM Program, the Company issued 2,000,000 ordinary shares out of its existing capital band with a nominal value of CHF 0.01 held as treasury shares. The Company sold 1,050,000 ordinary shares under the Company’s existing at-the-market offering program (the “ATM Program”) for gross proceeds of CHF 22.4 million, or $28.8 million. The Company had CHF 1.3 million of transaction costs that were offset against the proceeds and have been recorded as a reduction of share premium during the first quarter of 2026.

On November 3, 2025, the Company closed offerings of an aggregate of 5,432,098 ordinary shares at a price of $20.25 (CHF 16.33) per share for total gross proceeds of $110.0 million (CHF 88.7 million) before deducting underwriting discounts and commissions and offering expenses. The Company issued 2,635,801 shares out of the Company’s existing capital band and 2,796,297 shares previously held in treasury.

On July 31, 2025, the Company amended its existing loan facility with Kreos Capital VII (UK) Limited (the “Lender”), which are funds and accounts managed by BlackRock, Inc. (the “Amended Loan Agreement”). The Amended Loan Agreement is structured to provide the EUR equivalent of up to CHF 75.0 million in borrowing capacity (which may be increased to up to CHF 100.0 million), comprising tranches 1, 2 and 3, in the amounts of the EUR equivalents of CHF 25.0 million each, as well as an additional loan of the EUR equivalent of up to CHF 25.0 million. Pursuant to the Amended Loan Agreement, the Company is subject to a non-utilization fee of 0.75% per annum of any undrawn amount under tranches 1 and 2. Additionally, to the extent Loan 1 has not been drawn prior to its expiry date, an additional one-time fee of the EUR equivalent of CHF 2.6 million shall be payable, subject to certain conditions. No amounts were drawn under the Amended Loan Agreement during the three months ended March 31, 2026 and 2025.

In conjunction with the Loan, the Company entered into an amended warrant (the “Amended BlackRock Warrant”) with Kreos Capital VII Aggregator SCSp, an affiliate of the Lender (the “Holder”), under which the Holder can purchase up to 494,259 of the Company’s ordinary shares, at a price per ordinary share equal to $12.17 (CHF 9.73) with respect to 361,011 shares from the prior warrant agreement, and $18.64 (CHF 14.91) with respect to the remaining 133,248 shares. At signing, the Amended BlackRock Warrant was immediately exercisable for 59,310 ordinary shares. Following the drawdown of each of Loans 1, 2 and 3, the Amended BlackRock Warrant will become exercisable for additional amounts of ordinary shares ratably based on the amounts of Loans 1, 2 and 3 that are drawn. The Amended BlackRock Warrant had not been exercised in part or in full as of March 31, 2026.

In February 2025, the Company closed an underwritten follow-on offering of 5,000,000 ordinary shares at a price of $20.00 (CHF 18.05) per share, for total gross proceeds of $100.0 million (CHF 90.2 million). In connection with this offering, the Company incurred $7.5 million (CHF 6.8 million) of transaction costs during the three months ended March 31, 2025 that are presented as a reduction of share premium within the statement of changes in equity.

OPERATING EXPENSES

Operating expenses

The tables below show the breakdown of the operating expenses by category:


	For the three months ended March 31,
	Research and development expenses				General and administrative expenses				Total operating expenses
	2026		2025		2026		2025		2026		2025
Personnel expenses		5,379		4,349		4,652		2,857		10,031		7,206
Payroll and related expenses		2,706		2,448		2,324		2,128		5,030		4,576
Share-based compensation		2,673		1,901		2,328		729		5,001		2,630
Other operating expenses		8,667		10,422		3,239		2,631		11,906		13,053
External service providers		8,142		10,187		2,530		2,068		10,672		12,255
Other operating expenses		435		159		645		516		1,080		675
Depreciation expense		90		76		64		47		154		123
Total operating expenses		14,046		14,771		7,891		5,488		21,937		20,259

Total operating expenses increased for the three months ended March 31, 2026 compared to the prior year period. The increase was driven by a CHF 2.4 million increase in general and administrative expense, partially offset by a CHF 0.7 million decrease in research and development expense period over period.

The increase in general and administrative costs was primarily driven by personnel costs, specifically share-based compensation expense due to increased headcount and increased grant value for awards granted during the three months ended March 31, 2026 as compared to the same period in the prior year. The decrease in research and development expenses was primarily due to a decrease in external service provider expense driven by the DIAMOND-1 and DIAMOND-2 trials of OCS-01 in DME, which are approaching topline readout in June 2026.

OTHER CURRENT ASSETS AND ACCRUED INCOME

The table below shows the breakdown of other current assets by category:


	As of March 31, 2026		As of December 31, 2025
Prepaid clinical and technical development expenses		1,778		1,590
Prepaid general and administrative expenses		1,649		2,492
VAT, withholding tax and interest receivables		374		801
Total		3,801		4,883

The decrease in prepaid general and administrative expenses as of March 31, 2026 compared to prior year end was due to capitalized transaction costs associated with the Company’s ATM Program that were recorded as a reduction of share premium as a result of the ATM sale during the three months ended March 31, 2026.

The table below shows the movement of accrued income for the three months ended March 31, 2026 and 2025:


	2026		2025
Balance as of January 1,		993		629
Accrued income recognized during the period		209		285
Foreign exchange revaluation		-		16
Balance as of March 31,		1,202		930

Accrued income is generated by incentives for research and development offered by the Icelandic government in the form of tax credits for innovation companies. These tax credits are either used to reduce the company’s income tax liability or, if the credits exceed the tax due, they are paid out in cash. The tax credit is subject to companies having a research project approved as eligible for tax credit by the Icelandic Center for Research (Rannís).

SHARE-BASED COMPENSATION

2023 Employee Stock Option and Incentive Plan

On March 2, 2023, the Company adopted the 2023 Employee Stock Option and Incentive Plan (“2023 ESOP”) which allows for the grant of equity incentives, including share-based options, stock appreciation rights (“SARs”), restricted stock units (“RSUs”) and other awards. The 2023 ESOP lays out the details for the equity incentives for talent acquisition and retention purposes. Each grant of share-based options made under the 2023 ESOP entitles the grantee to acquire ordinary shares with payment of the exercise price in cash. The Company intends to settle any options, RSUs and SARs granted only in ordinary shares.

Option awards and SARs

The fair value of option awards and SARs is determined using the Black-Scholes option-pricing model. The weighted average grant date fair value for options and SARs granted during the three months ended March 31, 2026 was CHF 14.56 or $18.58 per share. The weighted average grant date fair value for options and SARs granted during the three months ended March 31, 2025 was CHF 13.02 or $14.48 per share.

The following assumptions were used in the Black-Scholes option pricing model for determining the value of options and SARs granted during the three months ended March 31, 2026 and 2025:


	For the three months ended March 31,
	2026		2025
Weighted average share price at the date of grant(1)	$27.28 (CHF 21.38	)	$18.71 (CHF 16.82	)
Range of expected volatilities (%)(2)	73.00 - 86.38		90.50
Range of expected terms (years)(3)	5.50 - 6.25		6.25
Range of risk-free interest rates (%)(4)	3.75 - 4.08		4.06 - 4.14
Dividend yield (%)	0.00		0.00

(1) The equity award exercise price is denominated in USD.

(2) The expected volatility was derived from the historical stock volatilities of the Company, as well as comparable peer public companies within the Company’s industry.

(3) The expected term represents the period that share-based awards are expected to be outstanding.

(4) The risk-free interest rate is based on the U.S. Treasury yield curve in effect at the measurement date with maturities approximately equal to the expected terms.

The following table summarizes the Company’s stock option and SAR activity under the 2023 ESOP for the three months ended March 31, 2026 and 2025:


	2026						2025
	Number of awards			Weighted average exercise price (CHF)		Range of expiration dates	Number of awards			Weighted average exercise price (CHF)		Range of expiration dates
Outstanding as of January 1,		5,163,946			8.32	2028 - 2035		4,687,054			6.82	2028 - 2034
Options granted		934,230			21.38	2036		973,931			16.82	2035
Forfeited(1)		(34,188	)		12.56	2033 - 2035		(278,821	)		10.94	2033 - 2034
Exercised(1)		(51,250	)		9.50	2033 - 2034		(164,363	)		1.88	2033
Outstanding as of March 31,		6,012,738			9.91	2028 - 2036		5,217,801			8.76	2028 - 2035

(1) Forfeited amount includes earnout options forfeited during the three month periods ended March 31, 2026 and 2025. No SARs had been exercised or forfeited during the three months ended March 31, 2026 and 2025.

The number of options and SARs that were exercisable at March 31, 2026 and 2025 were 3,085,736 and 1,989,163, respectively. Excluding earnout options, which have an exercise price of CHF 0.01, options outstanding as of March 31, 2026 have exercise prices ranging from CHF 1.54 to CHF 22.75. The weighted average remaining contractual life of options and SARs outstanding as of March 31, 2026 and December 31, 2025 was seven years.

Restricted stock units

Each RSU granted under the 2023 ESOP entitles the grantee to one ordinary share upon vesting of the RSU. The Company intends to settle all RSUs granted in equity. The fair value of RSUs is determined by the closing stock price on the date of grant and the related compensation cost is amortized over the vesting period of the award using the graded method. RSUs have time-based vesting conditions ranging from one to four years. The following is a summary of RSU activity for the three months ended March 31, 2026 and 2025:


	2026						2025
	Number of awards			Weighted average grant date fair value (CHF)		Range of expiration dates	Number of awards			Weighted average grant date fair value (CHF)		Range of expiration dates
Outstanding as of January 1,		1,007,636			13.93	2034 - 2035		467,478			9.81	2034
RSUs granted		717,872			20.97	2036		594,524			16.82	2035
RSUs vested/released		(206,015	)		14.00	2034 - 2035		(4,715	)		10.73	2034
Outstanding as of March 31,		1,519,493			16.72	2034 - 2036		1,057,287			14.15	2034 - 2035

Share-based compensation expense

The total share-based compensation expense recognized in the statement of loss amounted to CHF 5.0 million for the three months ended March 31, 2026, including CHF 2.2 million recognized during the three months ended March 31, 2026 related to RSUs outstanding. Total share-based compensation recognized in the statement of loss was CHF 2.6 million for the three months ended March 31, 2025, including CHF 0.9 million recognized during the three months ended March 31, 2025 related to RSUs outstanding. The reserve for share-based payment increased from CHF 30.4 million as of December 31, 2025 to CHF 32.6 million as of March 31, 2026.

Earnout options

As a result of the Company’s 2023 business combination agreement with European Biotech Acquisition Corp (“BCA”), certain pre-BCA Oculis equity holders received consideration in the form of 3,793,995 earnout shares and 369,737 earnout options with an exercise price of CHF 0.01. Vesting of earnout shares and options was based on the achievement of post-acquisition-closing volume weighted average share price targets of

Oculis of $15.00, $20.00 and $25.00, in each case, for any 20 trading days within any consecutive 30 trading day period commencing after the acquisition closing date and ending on or prior to March 2, 2028. The price targets of $15.00, $20.00 and $25.00 were met in November 2024, February 2025 and February 2026, respectively, resulting in an aggregate of 3,793,995 earnout shares vesting and certain earnout options becoming exercisable. As of March 31, 2026, 215,986 earnout options were exercisable.

CASH AND CASH EQUIVALENTS, AND SHORT-TERM FINANCIAL ASSETS

The table below shows the breakdown of the cash and cash equivalents and short-term financial assets by currencies:


	Cash and cash equivalents				Short-term financial assets
by currency	As of March 31, 2026		As of December 31, 2025		As of March 31, 2026		As of December 31, 2025
Swiss Franc		12,409		45,716		143,000		126,000
US Dollar		49,004		33,766		1,040		1,031
Euro		2,538		539		9,202		4,653
Iceland Krona		242		440		-		-
Other		371		868		4,228		-
Total		64,564		81,329		157,470		131,684

Cash and cash equivalents consist primarily of cash balances held at commercial banks. Short-term financial assets consist of fixed term bank deposits with maturities between three and six months.

WARRANT LIABILITIES

The following table summarizes the Company’s outstanding warrant liabilities by warrant type as of March 31, 2026 and 2025:


	2026								2025
	BCA Warrants			Amended BlackRock Warrant		Total Warrant Liabilities			BCA Warrants			BlackRock Warrant		Total Warrant Liabilities
Balance as of January 1,		13,881			597		14,478			19,390			461		19,851
Fair value loss on warrant liability		7,771			212		7,983			11,867			44		11,911
Exercise of public and private warrants		(1,920	)		-		(1,920	)		(16,825	)		-		(16,825	)
Balance as of March 31,		19,732			809		20,541			14,432			505		14,937

The BCA warrants represent public and private placement warrants assumed from European Biotech Acquisition Corp. as part of the BCA (“BCA Warrants”). The fair value of the public BCA Warrants, which are traded on Nasdaq, is based on the quoted Nasdaq market prices at the end of the reporting period for such warrants. Since the private placement BCA Warrants have identical terms to the public BCA Warrants, the Company determined that the fair value of each private placement BCA Warrant is equivalent to that of each public BCA Warrant. The public BCA Warrants are included in Level 1 and the private placement BCA Warrants in Level 2 of the fair value hierarchy. BCA Warrants are classified as short-term liabilities given that the Company cannot defer the settlement for at least 12 months.

The Company’s Amended BlackRock Warrant, described in Note 4, is classified as a liability because its exercise prices are fixed in USD, which is not the functional currency of the Company and therefore it does not meet the requirements to be classified as equity under IFRS. The fair value of the Amended BlackRock Warrant is determined using the Black-Scholes option-pricing model and is included in Level 3 of the fair value hierarchy.

The following assumptions were used in the Black-Scholes option-pricing model for determining the fair value of the Amended BlackRock Warrant as of March 31, 2026 and December 31, 2025:


	March 31, 2026		December 31, 2025
Share price on valuation date	$26.59 (CHF 21.27	)	$19.97 (CHF 15.83	)
Range of expected volatility (%)(1)	67.97 - 68.26		82.52 - 85.13
Range of expected term (years)(2)	2.58 - 3.17		2.71 - 3.29
Range of risk-free interest rate (%)(3)	3.80 - 3.82		3.53 - 3.58
Dividend yield (%)	0.00		0.00

(1) The expected volatility was derived from the historical stock volatilities of the Company, as well as comparable peer public companies within the Company’s industry.

(2) The expected term represents the period that the Amended BlackRock Warrant is expected to be outstanding.

(4) The risk-free interest rate is based on the U.S. Treasury yield curve in effect at the measurement date with maturities approximately equal to the expected terms.

For the three months ended March 31, 2026 and 2025 the Company recognized fair value losses of CHF 8.0 million and CHF 11.9 million, respectively, which were directly attributable to the increasing market price of outstanding public warrants during the periods.

In the event of exercise, warrant liabilities are reduced by the fair value on the date of exercise. The resulting fair value adjustment and cash received are recorded to share premium within the Statements of Changes in Equity. The movement of the warrant liability during the three months ended March 31, 2026 and 2025 is illustrated below:


	2026						2025
	Warrant liabilities			Number of outstanding warrants			Warrant liabilities			Number of outstanding warrants
Balance as of January 1,		14,478			2,104,906			19,851			4,018,384
Fair value loss on warrant liability		7,983			-			11,911			-
Exercise of public and private warrants		(1,920	)		(147,821	)		(16,825	)		(1,806,297	)
Balance as of March 31,		20,541			1,957,085			14,937			2,212,087

10.

ACCRUED EXPENSES AND OTHER PAYABLES

The table below shows the breakdown of the accrued expenses and other payables by category:


	As of March 31, 2026		As of December 31, 2025
Product development related expenses		12,064		13,156
Personnel related expenses		3,400		4,491
General and administration related expenses		1,798		1,385
Other payables		1,148		935
Total		18,410		19,967

The decrease in accrued personnel related expenses during the quarter was primarily related to the payout of bonus amounts accrued as of December 31, 2025. The decrease in product development-related accrued expenses as of March 31, 2026 relative to the prior year-end primarily reflects the timing of invoices and advancements of clinical trials.

11.

LOSS PER SHARE

As of March 31, 2026 the Company had 60,388,073 ordinary shares issued and outstanding with a share price of $26.59 or CHF 21.27. The following table sets forth the loss per share calculations for the three months ended March 31, 2026 compared to the three months ended March 31, 2025.


	For the three months ended March 31,
	2026			2025
Net loss for the period attributable to Oculis shareholders		(28,852	)		(33,213	)
Loss per share
Weighted-average number of shares used to compute basic and diluted loss per share		58,905,280			48,263,134

Basic and diluted net loss per share for the period, in CHF		(0.49	)		(0.69	)

Since the Company has a loss for all periods presented, basic net loss per share is the same as diluted net loss per share. Potentially dilutive securities that were not included in the diluted loss per share calculations because they would be anti-dilutive were as follows:


	As of March 31, 2026		As of March 31, 2025
Share options issued and outstanding		5,795,740		4,989,191
Earnout options		216,998		228,610
Share and earnout options issued and outstanding		6,012,738		5,217,801
Restricted stock units subject to future vesting		1,519,493		1,057,287
Earnout shares		-		948,549
Public warrants		1,746,076		2,017,067
Private warrants		151,699		151,699
Amended Blackrock Warrant		59,310		43,321
Total		9,489,316		9,435,724

12.

RELATED PARTY DISCLOSURES

Key management, including the Board of Directors and the executive management team, compensation were:


Table of Contents


Unaudited Condensed Consolidated Interim:
Statements of Financial Position as of March 31, 2026 and December 31, 2025		3
Statements of Loss for the three months ended March 31, 2026 and 2025		4
Statements of Comprehensive Loss for the three months ended March 31, 2026 and 2025		5
Statements of Changes in Equity for the three months ended March 31, 2026 and 2025		6
Statements of Cash Flows for the three months ended March 31, 2026 and 2025		7
Notes to the Unaudited Condensed Consolidated Interim Financial Statements		8


	For the three months ended March 31,
	2026		2025
Salaries, cash compensation and other short-term benefits		1,534		1,755
Pension		152		105
Share-based compensation expense		3,406		1,522
Total		5,092		3,382