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<h2>Key Points</h2><ul><li>Nan Fung Group Holdings sold 163,957 Oculis (OCS) shares in Q1 2026, with an estimated transaction value of $4.3 million.</li><li>After the sale, Nan Fung's remaining stake of 350,745 shares was valued at approximately $9.3 million -- representing 7.7% of the fund's assets under management (AUM) -- making Oculis the fourth-largest position in the portfolio.</li><li>Oculis shares have fallen sharply following the late-May 2026 failure of its lead Phase 3 program, with the stock down roughly 43% over the past year and underperforming the S&amp;P 500 by approximately 67 percentage points.</li><li>10 stocks we like better than Oculis Ag ›</li></ul><h2 id="what-happened">What happened</h2><p>According to a recent SEC filing, Nan Fung Group Holdings Ltd reduced its position in <strong>Oculis</strong> <span class="ticker">(NASDAQ:OCS)</span> by 163,957 shares during the first quarter of 2026. The estimated value of the trade was $4.3 million, based on the quarter’s average closing price.</p><h2 id="what-else-to-know">What else to know</h2><ul><li>Nan Fung's remaining Oculis stake of 350,745 shares was valued at $9.3 million at quarter-end, representing 7.7% of the fund's total AUM and ranking as its fourth-largest holding.</li><li>Top holdings after the filing:<ul><li>NYSE: EVMN: $33.1 million (27.3% of AUM)</li><li>NASDAQ: MPLT: $19.7 million (16.3% of AUM)</li><li>NASDAQ: LBRX: $15.6 million (12.8% of AUM)</li><li>NASDAQ: OCS: $9.3 million (7.7% of AUM)</li><li>NASDAQ: INCY: $5.1 million (4.2% of AUM)</li></ul></li><li>As of June 5, 2026, Oculis shares were trading at $11.21 -- down about 43% over the past year, and underperforming the S&amp;P 500 by roughly 67 percentage points.</li></ul><h2 id="company-overview">Company overview</h2><section><table><tbody><tr><th>Metric</th><th>Value</th></tr><tr><td>Market capitalization</td><td>$677.0 million</td></tr><tr><td>Revenue (TTM)</td><td>0</td></tr><tr><td>Net Income (TTM)</td><td>($94.6 million)</td></tr><tr><td>Dividend yield</td><td>N/A</td></tr></tbody></table></section><h2 id="company-snapshot">Company snapshot</h2><p>Oculis Holding AG is a clinical-stage biopharmaceutical company developing novel topical therapies for ophthalmic and neuro-ophthalmic diseases.</p><ul><li>Oculis targets ophthalmologists and healthcare providers treating patients with diabetic eye disease, dry eye, and neuro-ophthalmic disorders in global markets.</li><li>Following the late-May 2026 failure of its Phase 3 DIAMOND trials, Oculis is no longer pursuing FDA approval for OCS-01 in diabetic macular edema. The company is now concentrating its pipeline on two remaining registrational programs: Privosegtor (PIONEER-1, Phase 3 for optic neuropathies, which holds FDA Breakthrough Therapy Designation) and Licaminlimab (PREDICT-1, Phase 2b for dry eye disease).</li><li>As of March 31, 2026, the company reported $277.6 million in cash, cash equivalents, and short-term investments, providing a funding runway into the second half of 2029.</li></ul><h2 id="what-this-transaction-means-for-investors">What this transaction means for investors</h2><p>Nan Fung's Q1 trim of its Oculis stake looks less like a vote of no confidence and more like routine portfolio rebalancing. But the context around Oculis has grown considerably more complicated since the end of Q1.</p><p>On May 29, 2026, Oculis announced that its two Phase 3 DIAMOND trials of OCS-01 -- a topical eye drop for diabetic macular edema -- failed to meet their primary vision endpoints. The company will not pursue FDA approval for that indication and has pivoted its resources toward its two remaining programs: Privosegtor, which holds an FDA Breakthrough Therapy Designation for optic neuritis, and Licaminlimab for dry eye disease. That late-May setback explains much of the dramatic stock slide that has pushed OCS down roughly 43% over the past year. From that perspective, Nan Fung's Q1 sale -- near the $26 range based on quarterly average pricing, much higher than today’s share price of $11-and-change -- predated the bad news and looks relatively well timed.</p><p>For retail investors, the key question now isn't what Nan Fung did -- it's whether the remaining pipeline justifies the current share price. Oculis is essentially a pre-revenue company that’s burning through roughly $30 to $37 million per quarter in operating expenses. On that front, there is <em>some</em> reason for cautious optimism: Oculis exited Q1 2026 with $277.6 million in cash, with management claiming this provides a runway into the second half of 2029 -- though at recent burn rates, that math requires a meaningful reduction in spending going forward. Provided that happens, this balance sheet cushion gives management time to advance Privosegtor through PIONEER-1 without the immediate pressure of a dilutive capital raise. Still, losing a lead late-stage asset is a significant setback for a company of this size, and investors should watch closely for Privosegtor data updates as the primary near-term catalyst.</p><h2>Should you buy stock in Oculis Ag right now?</h2>
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<p>Nan Fung Group Holdings sold 163,957 Oculis shares in Q1 2026 for an estimated $4.3 million, reducing its stake to 7.7% of AUM. The sale preceded Oculis's late-May 2026 Phase 3 trial failure, which caused the stock to drop ~43%. Nan Fung retains a $9.3 million position as its fourth-largest holding.</p>

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OCULIS HOLDING AG C/WTS 06/03/2028 (TO PUR ORD)

Nan Fung Group Sells $4.3 Million in Oculis Shares As Lead Drug Stumbles