Opus Genetics Posts $0.46 Per-Share Loss as Collaboration Revenue Falls
Key Facts
Opus Genetics reported on November 10, 2026, a net loss of $46.5 million, or $0.46 per basic and diluted share, for the third quarter ended September 30, 2026. The company compared that with a net loss of $17.5 million, or $0.25 per share, in the same period of 2025. The results came as the company relied on licensing and collaboration revenue to fund its therapeutic and clinical programs. That revenue fell to $1.1 million for the quarter from $3.1 million a year earlier. The company said revenue in both periods came mainly from reimbursement for research and development services tied to its collaboration with Viatris.
The company attributed the year-over-year widening of its net loss to three main factors. Expenses related to changes in the fair value of financial instruments increased by $19.1 million, research and development expenses rose by $8.1 million, and licensing and collaboration revenue declined by $2.0 million. Research and development expenses rose to $14.5 million in the third quarter, compared with $6.4 million in the same period of 2025. The company attributed the increase mainly to manufacturing and clinical-trial costs for inherited retinal disease programs. This was partly offset by lower trial costs associated with its 0.75% phentolamine ophthalmic solution programs.
On liquidity, cash and cash equivalents totaled $89.0 million as of September 30, 2026. The company said it expects its cash resources to fund operations through 2029, including available cash and potential funding under its note purchase agreement with Oberland Capital Management. This estimate remains subject to the availability of the potential funding described in the agreement. In an operational update, the company announced that 0.75% RYZUMVI phentolamine ophthalmic solution received U.S. Food and Drug Administration approval to treat presbyopia in adults. It said approval of the supplemental application triggered a milestone payment from its commercial partner, Viatris.
In its gene therapy programs, Opus Genetics completed enrollment and dosing of 11 participants in the second, high-dose cohort of its OPGx-BEST1 program. The company expects to report preliminary data in the first quarter of 2027, including three-month data for the second cohort and six-month data for the three participants in the first cohort with Best vitelliform macular dystrophy. The chief executive said the company expects the data in the first quarter of 2027, ahead of a potential start to dosing in a pivotal Phase 3 trial in the second half of 2027. The company said it had aligned with the U.S. Food and Drug Administration on a potential endpoint for the pivotal trial. The timeline announced by the company links the move to that trial to the second cohort's results.
For the OPGx-LCA5 program, the company said its registrational Phase 3 trial had completed enrollment with eight participants. It expects dosing to begin in the fourth quarter of 2026. The company also announced that its OPGx-RDH12 program, for RDH12-associated Leber congenital amaurosis, received U.S. Food and Drug Administration clearance of its investigational new drug application. It expects dosing to begin in a Phase 1/2 trial during the fourth quarter of 2026. The update puts the start of dosing for both programs in the final quarter of 2026, while the company awaits OPGx-BEST1 data in the first quarter of 2027.
The company's shares, which trade under the ticker IRD, closed at $4.2 on November 9, 2026, according to EL7 data. That close preceded the results announcement on November 10, so it represents the share price in the session before the disclosure. The data available for this report did not include the stock's daily trading range in that session. The financial results and clinical updates together paint a picture of the quarter: a larger year-over-year comparative loss and lower collaboration revenue, alongside a cash balance the company said supports funding operations through 2029. The company's announced next operational milestones are the start of dosing for OPGx-LCA5 and OPGx-RDH12 in the fourth quarter of 2026, followed by OPGx-BEST1 data in the first quarter of 2027.