IRD Stock — Opus Genetics Inc.: Cash, EV, Pipeline

What they do

Opus Genetics, Inc. (the “Company,” “Opus,” “we,” “us,” or “our”) is a clinical-stage biopharmaceutical company developing gene therapies to restore vision and prevent blindness in patients with inherited retinal diseases (“IRDs”), and other types of therapies for additional ophthalmic disorders.

Source: 10-K FY2025 via SEC EDGAR

Share price

$4.31

Market cap

$358.3M

Cash

$89.0M

Enterprise value

$305.0M

Balance sheet

Cash	$89.0M
Debt	$35.6M
Net cash	$53.3M
Enterprise value	$305.0M
Basic shares	96.7M shares
Fully diluted shares	130.3M shares
Fully diluted market cap	$561.7M
Cash per share	$0.92
Quarterly burn	$11.9M
Cash runway	7.4 quarters

Cash figures as of 2026-09-30. Database snapshot: 2026-11-10.

Share structure

Common

83.2M

Pre-funded warrants

16.0M

Options

7.3M

RSUs

0.1M

Warrants

23.8M

Converts

0.0M

Conv preferred

0.0M

ESPP reserve

—

FDSO

130.3M

Cap table as of 2026-08-03.

Price history

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Next catalyst

OPGx-BEST1 · Est. May 16, 2027 · quarter midpoint · guided in 5 mo

Upcoming catalysts

Expected	Drug	Phase	Indication	Mgmt guide
GUIDEDEst. May 16, 2027 in 5 mo quarter midpoint	OPGx-BEST1 Phase 1/2 BIRD-1 in BEST1-related retinal diseases (Cohort 2)	Phase 1/2	BEST1-related retinal diseases (Cohort 2)	Q2 2027
Jul 27 - Sep 7 in 21 mo	AAV8.hLCA5	Phase 2	LCA5	—
Jan 12 - Feb 23 in 75 mo	OPGx-RDH12	Phase 2	Leber Congenital Amaurosis; Leber Congenital Amaurosis (LCA)	—

Estimated readout windows: registry primary-completion date + 6-12 weeks. Windows already open are shown from "Now". Drug names link to ClinicalTrials.gov.

Full readout calendar →

Pipeline assets

OPGx-LCA5

Stage not disclosed · Active Modality: gene therapy

Target LCA5

Partnerships University of Pennsylvania (LCA5/RDH12 license agreement)

Indications

Leber congenital amaurosis (LCA5 mutations) (Stage not disclosed)

Catalysts

— on or prior to March 31, 2028

Status note AAV-based gene therapy evaluated for treatment of LCA caused by LCA5 gene mutations; note financing tranches tied to FDA application acceptance and approval milestones.

OPGx-BEST1

Stage not disclosed · Active Modality: gene therapy

Target BEST1

Partnerships Iveric Bio (asset purchase; BEST1/RHO licenses from Penn/University of Florida)

Indications

Retinal diseases (BEST1 mutations) (Stage not disclosed)

Status note AAV-based gene therapy evaluated for retinal diseases associated with BEST1 mutations (DUO-1001 trial referenced).

Phentolamine Ophthalmic Solution 0.75%

Approved · Active Modality: small molecule

Aliases RYZUMVI

Target adrenergic receptors (alpha-1, alpha-2)

Partnerships Viatris (exclusive license to develop/manufacture/commercialize the refractive product candidate)

Indications

Pharmacologically induced mydriasis (Approved)
Presbyopia (Stage not disclosed)
Decreased vision under mesopic conditions after keratorefractive surgery (Stage not disclosed)

Status note FDA-approved and commercially launched (Apr 2024) as RYZUMVI for pharmacologically induced mydriasis; also in development for presbyopia and low-light visual disturbances after keratorefractive surgery.

OPGx-RDH12

Preclinical · Active Modality: gene therapy

Target RDH12

Partnerships University of Pennsylvania (LCA5/RDH12 license agreement)

Indications

Leber Congenital Amaurosis (Phase 2)
Leber Congenital Amaurosis (LCA) (Phase 2)

Status note Preclinical; co-funded by Foundation Fighting Blindness and NIH. RDH12-associated early-onset retinal disease.

OPGx-MERTK

Preclinical · Active Modality: gene therapy

Target MERTK

Partnerships Foundation Fighting Blindness Retinal Degeneration Fund (Jun 2025 funding agreement, up to $2M non-dilutive)

Indications

Retinitis pigmentosa (MERTK variants) (Stage not disclosed)

Status note Preclinical; co-funded by Global RDH12 Alliance. MERTK-related autosomal recessive retinal dystrophy.

OPGx-RHO

Preclinical · Active Modality: gene therapy

Target RHO

Partnerships Iveric Bio (asset purchase; RHO license from Penn/University of Florida)

Indications

not disclosed (Stage not disclosed)

Status note Preclinical. RHO encodes rhodopsin; autosomal dominant retinitis pigmentosa program.

OPGx-CNGB1

Preclinical · Active Modality: gene therapy

Target CNGB1

Indications

not disclosed (Stage not disclosed)

Status note Preclinical. CNGB1-related autosomal recessive retinitis pigmentosa.

OPGx-NMNAT1

Preclinical · Active Modality: gene therapy

Target NMNAT1

Partnerships Massachusetts Eye and Ear Infirmary (Nov 2021 license for NMNAT1 program)

Indications

Retinal disease (Stage not disclosed)

Status note Preclinical. NMNAT1 enzyme for NAD+ regeneration; clinical development activities expected at Cleveland Clinic Abu Dhabi in 2026.

Per-asset detail extracted from the 10-Q filed 2026-08-06. Fields the filing does not state are marked "not disclosed" rather than filled from other sources.

Pipeline

Lead drug	0.75% Phentolamine Ophthalmic Solution
Lead indication	Vision Loss Night
Lead phase	Phase 3
Active trials	3

Active clinical trials

Trial	Phase	Status	Role	Sponsor	BP	Condition(s)	Mgmt guide
NCT05616793	Phase 2	Recruiting	Sponsor	IRD	—	LCA5	—
NCT07185256	Phase 2	Recruiting	Sponsor	IRD	—	ARB; BVMD; Autosomal-Dominant Bestrophinopathy	—
NCT07681778	Phase 2	Not yet recruiting	Sponsor	IRD	—	Leber Congenital Amaurosis; Leber Congenital Amaurosis (LCA)	—

Sponsor-matched active trials from ClinicalTrials.gov (3 as sponsor, 0 as collaborator); "Sponsor" = company is the lead sponsor, "Collaborator" = company is a collaborator. The BP column flags big-pharma involvement as lead sponsor or collaborator (excluding the company itself). The Mgmt guide column shows what management guided for readout timing when a guided program matches the trial (hover for the quote, click for the source). Trial listings are not a company pipeline slide.

View all 3 active trials for Opus Genetics, Inc on ClinicalTrials.gov

Specialist fund holders

Tracked specialist funds: ADAR1 Capital Management, Aisling Capital, Ally Bridge Group, Avoro Capital Advisors, BVF Partners, Baker Bros. Advisors, Boxer Capital, Braidwell LP, Casdin Capital, Cormorant Asset Management, DAFNA Capital, Deerfield Management, EcoR1 Capital, Frazier Life Sciences, Great Point Partners, Ikarian Capital, Logos Global Management, OrbiMed Advisors, Perceptive Advisors, RA Capital Management, RTW Investments, Sphera Biotech, Stonepine Capital, Tang Capital Partners, Vivo Capital.

Fund	Shares	Q/Q change	% of portfolio	Filing
Boxer Capital	2,815,000	+565,000	0.87%	2026-08-14
Great Point Partners	1,970,187	+1,645,847	1.91%	2026-08-14
ADAR1 Capital Management	1,783,781	-65,223	0.34%	2026-08-14
Stonepine Capital	100,718	+32,030	0.32%	2026-08-17
Perceptive Advisors	0	-1,835,842	0.00%	2026-08-14

Specialist-fund positions from 13F filings. Q/Q change is vs the prior quarter's filing; % of portfolio is the fund's own reported portfolio weight.

Latest news

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IRD — Opus Genetics Inc. ☆

What they do

Balance sheet

Share structure

Price history

Next catalyst

Upcoming catalysts

Pipeline assets

Pipeline

Active clinical trials

Specialist fund holders

Latest news

IRD — Opus Genetics Inc.