Oculis AG(US:OCS)2024-03-19 10:30Financial Performance - Total assets increased significantly to CHF 114,353 thousand in 2023, up from CHF 37,060 thousand in 2022, representing a growth of 208%[34]. - Current assets surged to CHF 101,015 thousand in 2023, compared to CHF 23,657 thousand in 2022, marking an increase of 327%[34]. - Operating loss for 2023 was CHF 80,714 thousand, a substantial increase from CHF 32,376 thousand in 2022, reflecting a rise of 149%[36]. - Research and development expenses rose to CHF 29,247 thousand in 2023, up from CHF 22,224 thousand in 2022, indicating a growth of 32%[36]. - Loss for the period increased to CHF 88,802 thousand in 2023, compared to CHF 38,698 thousand in 2022, representing a rise of 129%[38]. - Basic and diluted loss per share was CHF 2.97 in 2023, compared to CHF 11.32 in 2022, indicating a decrease in loss per share[36]. - Total liabilities decreased significantly to CHF 20,625 thousand in 2023, down from CHF 135,051 thousand in 2022, a reduction of 85%[34]. - Cash and cash equivalents increased to CHF 38,327 thousand in 2023, compared to CHF 19,786 thousand in 2022, reflecting a growth of 93%[34]. - The company experienced a comprehensive loss for the period of CHF 89,637 thousand, which includes a loss of CHF 88,802 thousand for the period[40]. - The finance result for 2023 was a loss of CHF 7.98 million, compared to a loss of CHF 6.27 million in 2022, primarily due to fair value adjustments on warrant liabilities and foreign currency exchange losses[142]. Capital Structure and Financing - Oculis incurred merger and listing expenses of CHF 34,863 thousand related to the capital reorganization, which included a non-cash issuance charge[17]. - The transaction costs associated with the capital reorganization amounted to CHF 4,821 thousand, which qualify for capitalization and are accounted for as a deduction of share premium[17]. - The business combination with European Biotech Acquisition Corp. was completed on March 2, 2023, enhancing the company's funding capabilities[46]. - Oculis issued 7,118,891 ordinary shares to PIPE investors, raising CHF 67,054 thousand in capital[40]. - The recapitalization process resulted in a significant adjustment to the share capital, with a total of CHF 288,162 thousand in share premium[40]. - The PIPE and CLA financing generated aggregate gross cash proceeds of CHF 85.6 million or $90.9 million in exchange for 9,085,891 ordinary shares[124]. - The company raised CHF 67,054 thousand from shares issued to PIPE investors and CHF 18,368 thousand from shares issued to CLA investors in 2023[41]. - The company executed stock option exercises resulting in an increase of CHF 274 thousand in share capital[40]. - The company issued 3,500,000 ordinary shares at a public offering price of CHF 10.45 ($11.50) per share, generating total gross proceeds of CHF 36.6 million ($40.3 million) before expenses[134]. - An additional 154,234 ordinary shares were purchased by underwriters, leading to total gross proceeds of CHF 38.2 million ($42.0 million) from the offering[135]. Audit and Compliance - The overall Group materiality for the consolidated financial statements was set at CHF 2,580 thousand, with misstatements above CHF 258 thousand reported to the Audit Committee[12]. - The audit covered over 95% of the Group's total operating expenses through full scope audit work at 3 entities[8]. - The Group's financial statements are a consolidation of 7 reporting units, with 3 units requiring a full scope audit due to size or risk characteristics[14]. - The audit opinion confirmed that the consolidated financial statements provide a true and fair view in accordance with IFRS Accounting Standards[5]. - The Board of Directors is responsible for ensuring the preparation of consolidated financial statements that are free from material misstatement[23]. Assets and Liabilities - Total equity improved to CHF 93,728 thousand in 2023, compared to a negative equity of CHF 97,991 thousand in 2022, showing a turnaround of CHF 191,719 thousand[34]. - As of December 31, 2023, Oculis Holding AG reported a total equity of CHF 93,728 thousand, with share capital amounting to CHF 366 thousand[40]. - The total number of shares outstanding increased to 36,649,705 shares as of December 31, 2023, reflecting ongoing capital activities[40]. - The total current and non-current lease liabilities as of December 31, 2023, were CHF 605 thousand, with current liabilities at CHF 174 thousand and non-current liabilities at CHF 431 thousand[158]. - The defined benefit obligation increased to CHF 9,930 thousand as of December 31, 2023, from CHF 6,494 thousand in 2022, primarily due to actuarial losses[178]. - The fair value of plan assets rose to CHF 9,202 thousand as of December 31, 2023, compared to CHF 6,403 thousand in 2022, with contributions by the employer amounting to CHF 571 thousand[179]. Research and Development - The company has a differentiated pipeline including candidates for topical retinal treatments and topical biologics[44]. - The company plans to use the net proceeds from the offering to advance development programs, particularly for Diabetic Macular Edema, and for general corporate purposes[136]. - Prepaid clinical and technical development expenses increased to CHF 6,748 thousand as of December 31, 2023, from CHF 1,586 thousand in the previous year, reflecting the commencement of significant clinical trials[161]. - Research and development costs are recognized as expenses in the year incurred unless they meet specific capitalization criteria[79]. Taxation - The company reported a total tax expense of CHF 107,000 for 2023, with a weighted average tax rate of 12.7%[146]. - As of December 31, 2023, the company had tax losses available for offset against future taxable profits totaling CHF 170.4 million[147]. - No deferred tax asset on unused tax losses has been recognized as of December 31 for the years 2021, 2022, and 2023 due to uncertainty in future taxable profits[112]. Employee Compensation - Share-based compensation expenses for the period amounted to CHF 3,608 thousand, indicating continued investment in employee incentives[40]. - The share-based compensation expense for the year ended December 31, 2023 was CHF 3.6 million, a significant increase from CHF 0.8 million in 2022[198]. - The weighted average grant date fair value of options and SARs granted in 2023 was CHF 5.24, compared to CHF 1.66 in 2022[188]. - The number of options outstanding as of December 31, 2023 was 3,466,210, with a weighted average exercise price of CHF 4.50[192]. - The reserve for share-based payment increased from CHF 2.0 million as of December 31, 2021 to CHF 6.4 million as of December 31, 2023[198].