Biopharma Co. Trials Precision Medicine Breakthrough for Dry Eye Disease. Gets Positive Results

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1. Ownership and Share Structure Information

The information listed above was updated on the date this article was published and was compiled from information from the company and various other data providers.

Global neuro-ophthalmology and ophthalmology biopharma company Oculis Holding AG (OCS:NASDAQ; OCS:XICE) announced that the first patient has been randomized in its PREDICT-1 (personalized dry eye disease investigational clinical trial) genotype-based registrational trial in dry eye disease (DED) on June 9, 2026. The company believes that its experimental medication, licaminlimab, could become a precise medical approach to treating DED.

This initial trial is designed to further evaluate the effects licaminlimab on DED and determine its level of safety "compared with vehicle in patients carrying a specific TNFR1 genotype."

TNFR1 is a key receptor mediating TNFα-driven inflammation and apoptosis, and licaminlimab seemed to show good clinical responses in patients with a specific TNFR1 genotype in Phase 2 trials. These results support the theory that genetic variation in the TNF/TNF1 pathway could account for variability in the inflammatory response, which could play a role in ocular surface pathology in DED.

According to the company, "In the U.S., approximately 10 million diagnosed patients suffer from moderate to severe DED. Current disease management relies on a trial-and-error therapeutic approach, with a minority (~13%) of patients experiencing sustained relief, leading to an 85-90% discontinuation rate within the first 6 months, underscoring the significant unmet need for a targeted, effective treatment approach."

While licaminlimab is an investigational anti-TNFα eye drop being developed with a single-chain antibody fragment technology specifically designed for the treatment of ocular inflammatory diseases, it has already shown positive treatment effects on both the signs and symptoms of DED and has been well-tolerated.

Riad Sherif, M.D., Chief Executive Officer of Oculis, remarked, "The first patient randomized in PREDICT-1 marks an important milestone for Licaminlimab and for the advancement of a genotype-based, precision medicine approach in dry eye disease, a highly unsatisfied market. Supported by a well-validated anti-TNFα mechanism of action, this targeted trial is designed to maximize clinical efficiency by focusing on patients most likely to respond. We believe Licaminlimab, if approved, has the potential to reshape the treatment paradigm for this multifactorial disease. By pioneering an innovative development strategy, our objective is to deliver a precision medicine approach that addresses a major unmet need for the millions of underserved patients currently constrained by a trial-and-error method." 

Anat Galor, M.D., M.S.P.H., Professor of Ophthalmology, Bascom Palmer Eye Institute, Miami, added: "The advancement of Licaminlimab represents a meaningful progress in dry eye disease research, particularly in light of the substantial unmet need among patients and clinicians, many of whom remain dissatisfied and frustrated with the current 'trial-and-error' treatment paradigm. Results from prior Phase 2 studies demonstrated clinically relevant improvements in both signs and symptoms, with a more pronounced and differentiated response observed in patients carrying a specific TNFR1 genotype. If confirmed in the PREDICT-1 study, this genotype-informed, precision medicine approach has the potential to enable a more targeted treatment strategy for this highly heterogeneous patient population, where a significant unmet medical need persists."

Pharma Sector R&D Underfunded

DED is a common multifactorial disease estimated to impact more than 110 million people in the U.S., UK, Germany, France, Spain, Italy, and Japan, and likely countless more worldwide. Oculis claims that, "Of the approximately 20 million patients who are diagnosed with DED in the U.S., about half or 10 million are considered to have moderate to severe disease. However, only 13% of DED patients receive prescription treatment, primarily with anti-inflammatory medications, and despite available therapies, most patients (87%) don't feel that their chronic DED is well-managed, which highlights a high level of dissatisfaction. Furthermore, 90% of patients discontinued their treatment altogether within one year, with the vast majority discontinuing in the first six months."

In February 2026, Iqvia discussed the global pharma market projection for 2026, noting that total drug usage is expected to surpass four trillion doses daily by 2030. They wrote, "The largest drivers of medicine spending growth through the next five years will continue to be the use in developed markets of innovative therapeutics, especially in oncology, immunology, diabetes, and obesity."

Pharma sector funding fell between 2024 and 2025, according to a March 26, 2026, article for Fierce Biotech by Nick Paul Taylor.  He wrote that pharma funding had fallen from 2024 but noted that, "2025 was still the third-best year of the past decade. Similarly, overall funding was well above the pre-pandemic norm and only topped by 2020, 2021, and 2024."

BCG talked about trends biopharma companies need to be aware of in 2026 in order to stay competitive, saying, "Near term, companies need to continue to innovate to decrease the complexity and cost of these therapies, and governments can find ways to incentivize and pay for them. The longer-term challenge for companies is to factor operational and economic considerations into R&D decision making earlier, ensuring that trial designs match real-world usage, indication sequences match opportunity, and endpoints enable market access."

Stock Earns "Buy" Rating

On June 10, 2026, Yi Chen, Ph.D., of H.C. Wainwright & Co. gave Oculis a "Buy" rating, with a price target of US$26.00.

Chen wrote, "licaminlimab has the potential to deliver a first-in-class precision medicine treatment in DED, in our view. We believe topline results from PREDICT-1 could become available around the end of 2026." The rating and price target are derived from an estimated market value of the firm at US$1.56 billion, all-in.

Phase 3 Trials Imminent

The company's website lists two drugs in registrational trials for ophthalmic and neuro-ophthalmic diseases: privosegtor and licaminlimab.

Both are expected to head into Phase 3 trials in the near future.

Ownership & Share Structure¹

Oculis Holding AG has a market cap of US$680.60 million, with 62.04 million shares outstanding. The company's 52-week range is US$10.52-US$34.48.

Institutions own 38.55% of shares, while Management & Insiders own 3.51%. The remaining 57.94% of shares are held by Retail.