ZUG, Switzerland—Oculis Holding AG (Nasdaq: OCS; XICE: OCS), a global biopharmaceutical company driven to improve eyecare, has announced results for the quarter ended June 30, 2024. The company reported a net loss of $23.0 million for the second quarter compared with $14.3 million in the second quarter of 2023. The increase was primarily driven by increases in clinical development expenses, according to Oculis. As of June 30, 2024, the company reported total cash, cash equivalents and short-term investments of $131.2 million, compared with $109.0 million as of December 31, 2023.

The increase in cash position from December 31, 2023 reflects proceeds from the registered direct offering in the second quarter of 2024. Based on its current development plans, the company’s cash balances are expected to fund operations into the second half of 2026, the announcement said.

“We made significant strides in advancing our innovative clinical programs this past quarter, demonstrating strong momentum and exceptional execution in our DIAMOND-1 and DIAMOND-2 trials with Oculis’ lead asset, OCS-01, the first eye drop in Phase 3 for DME (Diabetic Macular Edema),” said Riad Sherif MD, chief executive officer of Oculis. “Additionally, we were excited to announce the positive results from the Phase 2b RELIEF trial of OCS-02 (licaminlimab) in dry eye, which showed improvements in multiple regulatory sign endpoints and materially more profound results in patients with the TNFR1 genetic biomarker. These results are potentially paving the way for the first precision medicine in dry eye disease for this heterogeneous condition, where the current treatment approach mainly consists of “trial and error.”

“We look forward also to the upcoming topline readout from the Phase 2 ACUITY trial in AON with OCS-05 in the fourth quarter of 2024, and to our anticipated first NDA submission with OCS-01 in post-ocular surgery in the first quarter of 2025,” Dr. Sherif said.

Research and development expenses in the second quarter were $18.2 million compared with $6.9 million in the same period in 2023. The increase was primarily due to increases in clinical trial expenses related to the ongoing OCS-01, OCS-02 (licaminlimab) and OCS-05 clinical trials, the company said, including positive advancements in DIAMOND-1 and DIAMOND-2 Phase 3 DME trials.

General and administrative expenses were $6.9 million in the second quarter compared with $5.3 million in the same period in 2023.

Second quarter year to date net loss was $41.5 million for the six months ended June 30, 2024, compared with $64.6 million for the same period in 2023. The decrease was primarily due to a non-recurring and non-cash merger and listing expense recorded in 2023, partially offset by increased clinical development costs and costs incurred to operate as a public company, the announcement said.

In the second quarter, the company said it raised gross proceeds of $59 million in an oversubscribed registered direct offering, with participation from new Icelandic institutional and existing investors. Concurrently, the company listed on the Nasdaq Iceland Main Market in addition to the Nasdaq global market in the U.S., according to the announcement.