IRD · Opus Genetics, Inc.

Opus Genetics reported Q1 2026 results reflecting heavy investment in its gene therapy pipeline for inherited retinal diseases, with R&D expenses increasing 33% year-over-year to $10.6 million primarily from elevated manufacturing costs for IRD programs, offset somewhat by reduced clinical spending on phentolamine initiatives. Revenue from license and collaboration agreements with Viatris fell to $2.2 million from $4.4 million, tied to R&D service reimbursements. The quarter's $65.5 million net loss, a sharp rise from $8.2 million last year, was dominated by a $51.4 million non-cash charge from fair value changes in warrant liabilities stemming from March 2025 Warrants, alongside higher operating costs. G&A expenses dipped slightly to $5.9 million due to lower legal fees despite rising compensation. Balance sheet shows $60 million in cash at quarter-end, bolstered post-period by a $35 million senior secured note and committed $5 million equity from Oberland Capital Management, projecting runway into 2029 excluding warrants or milestones. CEO George Magrath highlighted pipeline momentum, with BEST1 Cohort 1 data due September 2026, LCA5 Phase 3 dosing in Q4 2026 after FDA RDEP acceptance, and RDH12, MERTK, RHO advancing to clinic soon. An R&D Forum is set for June 16, 2026, to detail programs and market potential, underscoring clinical catalysts ahead.