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 November 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 November 15, 2023, Oculis Holding AG (the “Registrant”) announced its unaudited results for the three and nine months ended September 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 |
|
|
99.2 |
|
|
99.3 |
|
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: November 15, 2023 |
|
|
|
By: |
|
/s/ Sylvia Cheung |
|
|
|
|
|
|
Sylvia Cheung Chief Financial Officer |
Exhibit 99.1
Oculis Holding AG
Unaudited Condensed Consolidated Interim Financial Statements
2
Unaudited Condensed Consolidated Interim Statements of Financial Position
(in CHF thousands)
|
|
|
|
As of September 30, |
|
|
As of December 31, |
|
||
|
|
Note |
|
2023 |
|
|
2022 |
|
||
ASSETS |
|
|
|
|
|
|
|
|
||
|
|
|
|
|
|
|
|
|
||
Non-current assets |
|
|
|
|
|
|
|
|
||
Property and equipment, net |
|
|
|
|
312 |
|
|
|
365 |
|
Intangible assets |
|
6 |
|
|
12,206 |
|
|
|
12,206 |
|
Right-of-use assets |
|
|
|
|
798 |
|
|
|
758 |
|
Other non-current assets |
|
|
|
|
129 |
|
|
|
74 |
|
Total non-current assets |
|
|
|
|
13,445 |
|
|
|
13,403 |
|
|
|
|
|
|
|
|
|
|
||
Current assets |
|
|
|
|
|
|
|
|
||
Other current assets |
|
8 |
|
|
7,276 |
|
|
|
2,959 |
|
Accrued income |
|
8 |
|
|
1,625 |
|
|
|
912 |
|
Short-term financial assets |
|
10 |
|
|
75,871 |
|
|
|
- |
|
Cash and cash equivalents |
|
10 |
|
|
30,724 |
|
|
|
19,786 |
|
Total current assets |
|
|
|
|
115,496 |
|
|
|
23,657 |
|
|
|
|
|
|
|
|
|
|
||
TOTAL ASSETS |
|
|
|
|
128,941 |
|
|
|
37,060 |
|
|
|
|
|
|
|
|
|
|
||
EQUITY AND LIABILITIES |
|
|
|
|
|
|
|
|
||
|
|
|
|
|
|
|
|
|
||
Shareholders' equity |
|
|
|
|
|
|
|
|
||
Share capital |
|
15 |
|
|
366 |
|
|
|
39 |
|
Share premium |
|
15 |
|
|
288,030 |
|
|
|
10,742 |
|
Reserve for share-based payment |
|
9 |
|
|
5,337 |
|
|
|
2,771 |
|
Actuarial loss on post-employment benefit obligations |
|
|
|
|
(560 |
) |
|
|
(264 |
) |
Treasury shares |
|
15 |
|
|
- |
|
|
|
(1 |
) |
Cumulative translation adjustments |
|
|
|
|
(289 |
) |
|
|
(300 |
) |
Accumulated losses |
|
|
|
|
(187,281 |
) |
|
|
(110,978 |
) |
Total equity |
|
|
|
|
105,603 |
|
|
|
(97,991 |
) |
|
|
|
|
|
|
|
|
|
||
Non-current liabilities |
|
|
|
|
|
|
|
|
||
Long-term lease liabilities |
|
|
|
|
505 |
|
|
|
491 |
|
Long-term financial debt |
|
11 |
|
|
- |
|
|
|
122,449 |
|
Long-term payables |
|
|
|
|
377 |
|
|
|
- |
|
Defined benefit pension liabilities |
|
|
|
|
305 |
|
|
|
91 |
|
Total non-current liabilities |
|
|
|
|
1,187 |
|
|
|
123,031 |
|
|
|
|
|
|
|
|
|
|
||
Current liabilities |
|
|
|
|
|
|
|
|
||
Trade payables |
|
|
|
|
6,712 |
|
|
|
3,867 |
|
Accrued expenses and other payables |
|
13 |
|
|
8,680 |
|
|
|
8,011 |
|
Short-term lease liabilities |
|
|
|
|
182 |
|
|
|
142 |
|
Warrant liabilities |
|
12 |
|
|
6,577 |
|
|
|
- |
|
Total current liabilities |
|
|
|
|
22,151 |
|
|
|
12,020 |
|
|
|
|
|
|
|
|
|
|
||
Total liabilities |
|
|
|
|
23,338 |
|
|
|
135,051 |
|
|
|
|
|
|
|
|
|
|
||
TOTAL EQUITY AND LIABILITIES |
|
|
|
|
128,941 |
|
|
|
37,060 |
|
The accompanying notes form an integral part of the Unaudited Condensed Consolidated Interim Financial Statements.
3
Unaudited Condensed Consolidated Interim Statements of Loss
(in CHF thousands, except loss per share data)
|
|
|
|
For the three months ended September 30, |
|
|
For the nine months ended September 30, |
|
||||||||||
|
|
Note |
|
2023 |
|
|
2022 |
|
|
2023 |
|
|
2022 |
|
||||
Grant income |
|
7. (A) / 8 |
|
|
219 |
|
|
|
202 |
|
|
|
698 |
|
|
|
698 |
|
Operating income |
|
|
|
|
219 |
|
|
|
202 |
|
|
|
698 |
|
|
|
698 |
|
Research and development expenses |
|
7. (B) |
|
|
(8,872 |
) |
|
|
(4,592 |
) |
|
|
(21,218 |
) |
|
|
(15,335 |
) |
General and administrative expenses |
|
7. (B) |
|
|
(4,306 |
) |
|
|
(2,483 |
) |
|
|
(13,147 |
) |
|
|
(6,626 |
) |
Merger and listing expense |
|
7. (B) |
|
|
- |
|
|
|
- |
|
|
|
(34,863 |
) |
|
|
- |
|
Operating expenses |
|
|
|
|
(13,178 |
) |
|
|
(7,075 |
) |
|
|
(69,228 |
) |
|
|
(21,961 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Operating loss |
|
|
|
|
(12,959 |
) |
|
|
(6,873 |
) |
|
|
(68,530 |
) |
|
|
(21,263 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Finance income |
|
7. (C) |
|
|
520 |
|
|
|
61 |
|
|
|
773 |
|
|
|
70 |
|
Finance expense |
|
7. (C) |
|
|
(11 |
) |
|
|
(1,834 |
) |
|
|
(1,303 |
) |
|
|
(5,119 |
) |
Fair value adjustment on warrant liabilities |
|
7. (C) / 12 |
|
|
(2,434 |
) |
|
|
- |
|
|
|
(4,638 |
) |
|
|
- |
|
Foreign currency exchange gain (loss) |
|
7. (C) |
|
|
(2,645 |
) |
|
|
(1,302 |
) |
|
|
(2,485 |
) |
|
|
(3,134 |
) |
Finance result |
|
|
|
|
(4,570 |
) |
|
|
(3,075 |
) |
|
|
(7,653 |
) |
|
|
(8,183 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Loss before tax for the period |
|
|
|
|
(17,529 |
) |
|
|
(9,948 |
) |
|
|
(76,183 |
) |
|
|
(29,446 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Income tax benefit (expense) |
|
|
|
|
116 |
|
|
|
(6 |
) |
|
|
(120 |
) |
|
|
(69 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Loss for the period |
|
|
|
|
(17,413 |
) |
|
|
(9,954 |
) |
|
|
(76,303 |
) |
|
|
(29,515 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Loss per share: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Basic and diluted loss attributable to equity holders |
|
16 |
|
|
(0.48 |
) |
|
|
(2.88 |
) |
|
|
(2.76 |
) |
|
|
(8.71 |
) |
The accompanying notes form an integral part of the Unaudited Condensed Consolidated Interim Financial Statements.
4
Unaudited Condensed Consolidated Interim Statements of Comprehensive Loss
(in CHF thousands)
|
|
|
For the three months ended September 30, |
|
For the nine months ended September 30, |
||||
|
Note |
|
2023 |
|
2022 |
|
2023 |
|
2022 |
Loss for the period |
|
|
(17,413) |
|
(9,954) |
|
(76,303) |
|
(29,515) |
Other comprehensive loss |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Items that will not be reclassified to profit or loss: |
|
|
|
|
|
|
|
|
|
Actuarial gains/(losses) of defined benefit plans |
|
|
(21) |
|
(38) |
|
(296) |
|
741 |
Items that may be reclassified subsequently to profit or loss: |
|
|
|
|
|
|
|
|
|
Foreign currency translation differences |
7 (C) |
|
(1,676) |
|
13 |
|
(4,967) |
|
24 |
Foreign currency translation differences recycling |
2 |
|
4,978 |
|
- |
|
4,978 |
|
- |
Other comprehensive profit/(loss) for the period |
|
|
3,281 |
|
(25) |
|
(285) |
|
765 |
|
|
|
|
|
|
|
|
|
|
Total comprehensive loss for the period |
|
|
(14,132) |
|
(9,979) |
|
(76,588) |
|
(28,750) |
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 |
|
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
(29,515 |
) |
|
|
(29,515 |
) |
Other comprehensive profit: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Actuarial gain on post-employment benefit obligations |
|
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
741 |
|
|
|
- |
|
|
|
741 |
|
Foreign currency translation differences |
|
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
24 |
|
|
|
- |
|
|
|
- |
|
|
|
24 |
|
Total comprehensive loss for the period |
|
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
24 |
|
|
|
741 |
|
|
|
(29,515 |
) |
|
|
(28,750 |
) |
Share-based compensation expense |
|
9 |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
659 |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
659 |
|
Stock option exercised |
|
9 |
|
|
61,163 |
|
|
|
1 |
|
|
|
- |
|
|
|
- |
|
|
|
|
- |
|
|
|
- |
|
|
|
110 |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
111 |
|
Balance as of September 30, 2022 (effect of the recapitalization) |
|
|
|
|
3,894,722 |
|
|
|
39 |
|
|
|
(114,323 |
) |
|
|
(1 |
) |
|
|
|
- |
|
|
|
- |
|
|
|
10,742 |
|
|
|
2,626 |
|
|
|
(279 |
) |
|
|
(267 |
) |
|
|
(101,795 |
) |
|
|
(88,935 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
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 |
|
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
(76,303 |
) |
|
|
(76,303 |
) |
Other comprehensive loss: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Actuarial loss on post-employment benefit obligations |
|
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
(296 |
) |
|
|
- |
|
|
|
(296 |
) |
Foreign currency translation differences |
|
7 (C) |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
(4,967 |
) |
|
|
- |
|
|
|
- |
|
|
|
(4,967 |
) |
Foreign currency translation differences recycling |
|
2 |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
4,978 |
|
|
|
- |
|
|
|
- |
|
|
|
4,978 |
|
Total comprehensive loss for the period |
|
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
11 |
|
|
|
(296 |
) |
|
|
(76,303 |
) |
|
|
(76,588 |
) |
Share-based compensation expense |
|
9 |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
2,566 |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
2,566 |
|
Conversion of Legacy Oculis ordinary shares and treasury shares into Oculis ordinary shares |
|
2 / 15 |
|
|
(3,894,722 |
) |
|
|
(39 |
) |
|
|
114,323 |
|
|
|
1 |
|
|
|
|
3,780,399 |
|
|
|
38 |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
Conversion of Legacy Oculis long-term financial debt into Oculis ordinary shares |
|
11 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
16,496,603 |
|
|
|
165 |
|
|
|
124,637 |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
124,802 |
|
||||
Issuance of ordinary shares to PIPE investors |
|
2 |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
|
7,118,891 |
|
|
|
71 |
|
|
|
66,983 |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
67,054 |
|
Issuance of ordinary shares under CLA |
|
2 |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
|
1,967,000 |
|
|
|
20 |
|
|
|
18,348 |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
18,368 |
|
Issuance of ordinary shares to EBAC shareholders |
|
2 |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
|
3,370,480 |
|
|
|
33 |
|
|
|
35,492 |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
35,525 |
|
Transaction costs related to the business combination |
|
2 |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
|
- |
|
|
|
- |
|
|
|
(4,821 |
) |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
(4,821 |
) |
Proceeds from sale of shares in public offering |
|
2 |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
|
3,654,234 |
|
|
|
36 |
|
|
|
38,143 |
|
|
|
- |
|
||||||||||||||||