6-K

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 6-K

 

REPORT OF FOREIGN ISSUER

PURSUANT TO RULE 13a-16 OR 15d-16

OF THE SECURITIES EXCHANGE ACT OF 1934

For the Month of August 2023

(Commission File No. 001-41636)

Oculis Holding AG

(Translation of registrant’s name into English)

 

Bahnhofstrasse 7

CH-6300

Zug, Switzerland

(Address of registrant’s principal executive office)

 

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.

Form 20-F ☒ Form 40-F ☐

 

 


INFORMATION CONTAINED IN THIS REPORT ON FORM 6-K

On August 29, 2023, Oculis Holding AG (the “Registrant”) announced its unaudited results for the three and six months ended June 30, 2023, which are further described in the Registrant’s Unaudited Condensed Consolidated Interim Financial Statements, Management’s Discussion and Analysis of Financial Condition, and Results of Operations and press release, copies of which are attached hereto as Exhibits 99.1, 99.2 and 99.3, respectively, and are incorporated by reference herein.

The information contained in this Form 6-K, including Exhibits 99.1 and 99.2 but excluding Exhibit 99.3, is hereby incorporated by reference into the Registrant’s Registration Statement on Form S-8 (File No. 333-271938).

EXHIBIT INDEX

Exhibit

Description

99.1

Unaudited Condensed Consolidated Interim Financial Statements for the Three and Six Months Ended June 30, 2023

99.2

 

Management’s Discussion and Analysis of Financial Condition and Results of Operations for the Three and Six Months Ended June 30, 2023

99.3

 

Press release dated August 29, 2023

 

 


SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

 

 

 

 

 

 

 

 

 

OCULIS HOLDING AG

 

 

 

 

Date: August 29, 2023

 

By:

/s/ Sylvia Cheung

 

 

 

Sylvia Cheung

Chief Financial Officer

 


EX-99.1

Exhibit 99.1

 

 

 

https://cdn.kscope.io/0c2db753c00e350c574ea82c93e9808a-img187686630_0.jpg

Oculis Holding AG

Unaudited Condensed Consolidated Interim Financial Statements

 


 

 

 

Table of Contents

 

 

 

 

 

Unaudited Condensed Consolidated Interim:

 

Statements of Loss for the three and six months ended June 30, 2023 and 2022

3

Statements of Comprehensive Loss for the three and six months ended June 30, 2023 and 2022

4

Statements of Financial Position as of June 30, 2023 and December 31, 2022

5

Statements of Changes in Equity for the six months ended June 30, 2023 and 2022

6

Statements of Cash Flows for the six months ended June 30, 2023 and 2022

7

Notes to the Unaudited Condensed Consolidated Interim Financial Statements

8

 

2


 

Unaudited Condensed Consolidated Interim Statements of Loss

(in CHF thousands, except loss per share data)

 

 

 

 

 

For the three months ended June 30,

 

 

For the six months ended June 30,

 

 

 

Note

 

2023

 

 

2022

 

 

2023

 

 

2022

 

Grant income

 

7. (A) / 8

 

 

250

 

 

 

240

 

 

 

479

 

 

 

496

 

Operating income

 

 

 

 

250

 

 

 

240

 

 

 

479

 

 

 

496

 

Research and development expenses

 

7. (B)

 

 

(6,198

)

 

 

(6,702

)

 

 

(12,346

)

 

 

(10,743

)

General and administrative expenses

 

7. (B)

 

 

(4,797

)

 

 

(2,776

)

 

 

(8,840

)

 

 

(4,143

)

Merger and listing expense

 

7. (B)

 

 

-

 

 

 

-

 

 

 

(34,863

)

 

 

-

 

Operating expenses

 

 

 

 

(10,995

)

 

 

(9,478

)

 

 

(56,049

)

 

 

(14,886

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating loss

 

 

 

 

(10,745

)

 

 

(9,238

)

 

 

(55,570

)

 

 

(14,390

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Finance income

 

7. (C)

 

 

216

 

 

 

7

 

 

 

253

 

 

 

8

 

Finance expense

 

7. (C)

 

 

(17

)

 

 

(1,665

)

 

 

(1,297

)

 

 

(3,285

)

Fair value adjustment on warrant liabilities

 

7. (C) / 12

 

 

(2,625

)

 

 

-

 

 

 

(2,203

)

 

 

-

 

Foreign currency exchange gain (loss), net

 

7. (C)

 

 

408

 

 

 

(1,406

)

 

 

161

 

 

 

(1,832

)

Finance result, net

 

 

 

 

(2,018

)

 

 

(3,064

)

 

 

(3,086

)

 

 

(5,109

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Loss before tax for the period

 

 

 

 

(12,763

)

 

 

(12,302

)

 

 

(58,656

)

 

 

(19,499

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income tax expense

 

 

 

 

(114

)

 

 

(42

)

 

 

(236

)

 

 

(64

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Loss for the period

 

 

 

 

(12,877

)

 

 

(12,344

)

 

 

(58,892

)

 

 

(19,563

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Loss per share:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic and diluted loss attributable to equity holders

 

16

 

 

(0.38

)

 

 

(3.64

)

 

 

(2.53

)

 

 

(5.84

)

 

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

3


 

Unaudited Condensed Consolidated Interim Statements of Comprehensive Loss

(in CHF thousands)

 

 

 

For the three months ended June 30,

 

 

For the six months ended June 30,

 

 

 

2023

 

 

2022

 

 

2023

 

 

2022

 

Loss for the period

 

 

(12,877

)

 

 

(12,344

)

 

 

(58,892

)

 

 

(19,563

)

Other comprehensive loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Items that will not be reclassified to profit or loss:

 

 

 

 

 

 

 

 

 

 

 

 

Actuarial gains/(losses) of defined benefit plans

 

 

(223

)

 

 

779

 

 

 

(275

)

 

 

779

 

Items that may be reclassified subsequently to profit or loss:

 

 

 

 

 

 

 

 

 

 

 

 

Foreign currency translation differences

 

 

(1,313

)

 

 

9

 

 

 

(3,291

)

 

 

11

 

Other comprehensive profit/(loss) for the period

 

 

(1,536

)

 

 

788

 

 

 

(3,566

)

 

 

790

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total comprehensive loss for the period

 

 

(14,413

)

 

 

(11,556

)

 

 

(62,458

)

 

 

(18,773

)

 

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

4


 

Unaudited Condensed Consolidated Interim Statements of Financial Position

(in CHF thousands)

 

 

 

 

 

As of June 30,

 

 

As of December 31,

 

 

 

Note

 

2023

 

 

2022

 

ASSETS

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Non-current assets

 

 

 

 

 

 

 

 

Property and equipment, net

 

 

 

 

321

 

 

 

365

 

Intangible assets

 

6

 

 

12,206

 

 

 

12,206

 

Right-of-use assets

 

 

 

 

835

 

 

 

758

 

Other non-current assets

 

 

 

 

113

 

 

 

74

 

Total non-current assets

 

 

 

 

13,475

 

 

 

13,403

 

 

 

 

 

 

 

 

 

 

Current assets

 

 

 

 

 

 

 

 

Other current assets

 

8

 

 

6,063

 

 

 

2,959

 

Accrued income

 

8

 

 

1,296

 

 

 

912

 

Short-term financial assets

 

10

 

 

72,078

 

 

 

-

 

Cash and cash equivalents

 

10

 

 

41,932

 

 

 

19,786

 

Total current assets

 

 

 

 

121,369

 

 

 

23,657

 

 

 

 

 

 

 

 

 

 

TOTAL ASSETS

 

 

 

 

134,844

 

 

 

37,060

 

 

 

 

 

 

 

 

 

 

EQUITY AND LIABILITIES

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Shareholders' equity

 

 

 

 

 

 

 

 

Share capital

 

15

 

 

364

 

 

 

39

 

Share premium

 

15

 

 

286,696

 

 

 

10,742

 

Reserve for share-based payment

 

9

 

 

4,136

 

 

 

2,771

 

Actuarial loss on post-employment benefit obligations

 

 

 

 

(539

)

 

 

(264

)

Treasury shares

 

15

 

 

-

 

 

 

(1

)

Cumulative translation adjustments

 

 

 

 

(3,591

)

 

 

(300

)

Accumulated losses

 

 

 

 

(169,870

)

 

 

(110,978

)

Total equity

 

 

 

 

117,196

 

 

 

(97,991

)

 

 

 

 

 

 

 

 

 

Non-current liabilities

 

 

 

 

 

 

 

 

Long-term lease liabilities

 

 

 

 

539

 

 

 

491

 

Long-term financial debt

 

11

 

 

-

 

 

 

122,449

 

Defined benefit pension liabilities

 

 

 

 

305

 

 

 

91

 

Total non-current liabilities

 

 

 

 

844

 

 

 

123,031

 

 

 

 

 

 

 

 

 

 

Current liabilities

 

 

 

 

 

 

 

 

Trade payables

 

 

 

 

3,920

 

 

 

3,867

 

Accrued expenses and other payables

 

13

 

 

8,407

 

 

 

8,011

 

Short-term lease liabilities

 

 

 

 

177

 

 

 

142

 

Warrant liabilities

 

12

 

 

4,300

 

 

 

-

 

Total current liabilities

 

 

 

 

16,804

 

 

 

12,020

 

 

 

 

 

 

 

 

 

 

Total liabilities

 

 

 

 

17,648

 

 

 

135,051

 

 

 

 

 

 

 

 

 

 

TOTAL EQUITY AND LIABILITIES

 

 

 

 

134,844

 

 

 

37,060

 

 

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

5


 

Unaudited Condensed Consolidated Interim Statements of Changes in Equity

(in CHF thousands, except share numbers)

 

 

 

Legacy Oculis share capital

 

 

Legacy Oculis treasury shares

 

 

 

Oculis share capital

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Note

 

Shares

 

 

Share capital

 

 

Shares

 

 

Treasury shares

 

 

 

Shares

 

 

Share capital

 

 

Share premium

 

 

Reserve for share-based payment

 

 

Cumulative translation adjustment

 

 

Actuarial loss on post-employment benefit obligations

 

 

Accumulated losses

 

 

Total

 

Balance as of December 31, 2021 (as previously reported)

 

 

 

 

3,353,271

 

 

 

335

 

 

 

(100,000

)

 

 

(100

)

 

 

 

-

 

 

 

-

 

 

 

10,434

 

 

 

1,967

 

 

 

(303

)

 

 

(1,008

)

 

 

(72,280

)

 

 

(60,955

)

Retroactive application of the recapitalization due to the business combination

 

2 / 3 (B)

 

 

480,288

 

 

 

(297

)

 

 

(14,323

)

 

 

99

 

 

 

 

-

 

 

 

-

 

 

 

198

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

Balance as of January 1, 2022 (effect of the recapitalization)

 

 

 

 

3,833,559

 

 

 

38

 

 

 

(114,323

)

 

 

(1

)

 

 

 

-

 

 

 

-

 

 

 

10,632

 

 

 

1,967

 

 

 

(303

)

 

 

(1,008

)

 

 

(72,280

)

 

 

(60,955

)

Loss for the period

 

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(19,563

)

 

 

(19,563

)

Other comprehensive profit:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Actuarial gain on post-employment benefit obligations

 

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

779

 

 

 

-

 

 

 

779

 

Currency translation differences

 

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

11

 

 

 

-

 

 

 

-

 

 

 

11

 

Total comprehensive loss for the period

 

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

11

 

 

 

779

 

 

 

(19,563

)

 

 

(18,773

)

Share-based compensation expense

 

9

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

465

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

465

 

Stock option exercised

 

9

 

 

61,163

 

 

 

1

 

 

 

-

 

 

 

-

 

 

 

 

-

 

 

 

-

 

 

 

110

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

111

 

Balance as of June 30, 2022 (effect of the recapitalization)

 

 

 

 

3,894,722

 

 

 

39

 

 

 

(114,323

)

 

 

(1

)

 

 

 

-

 

 

 

-

 

 

 

10,742

 

 

 

2,432

 

 

 

(292

)

 

 

(229

)

 

 

(91,843

)

 

 

(79,152

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance as of December 31, 2022 (as previously reported)

 

 

 

 

3,406,771

 

 

 

340

 

 

 

(100,000

)

 

 

(100

)

 

 

 

-

 

 

 

-

 

 

 

10,540

 

 

 

2,771

 

 

 

(300

)

 

 

(264

)

 

 

(110,978

)

 

 

(97,991

)

Retroactive application of the recapitalization due to the business combination

 

2 / 3 (B)

 

 

487,951

 

 

 

(301

)

 

 

(14,323

)

 

 

99

 

 

 

 

-

 

 

 

-

 

 

 

202

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

Balance as of January 1, 2023 (effect of the recapitalization)

 

 

 

 

3,894,722

 

 

 

39

 

 

 

(114,323

)

 

 

(1

)

 

 

 

-

 

 

 

-

 

 

 

10,742

 

 

 

2,771

 

 

 

(300

)

 

 

(264

)

 

 

(110,978

)

 

 

(97,991

)

Loss for the period

 

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(58,892

)

 

 

(58,892

)

Other comprehensive loss:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Actuarial loss on post-employment benefit obligations

 

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(275

)

 

 

-

 

 

 

(275

)

Currency translation differences

 

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(3,291

)

 

 

-

 

 

 

-

 

 

 

(3,291

)

Total comprehensive loss for the period

 

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(3,291

)

 

 

(275

)

 

 

(58,892

)

 

 

(62,458

)

Share-based compensation expense