I
Opus Genetics, Inc.
IRDCIK 0001228627NasdaqNon-AcceleratedSmaller ReportingPharmaceutical PreparationsDelawareFY ends Dec 31
Period
FY 2025
Revenue
$14.20M
Net Income
$-49.59M
Total Assets
$50.24M
Equity
$15.35M
Shares Out
71.15M
Op. Cash Flow
$-35.25M
Business
Opus Genetics, Inc. is a clinical-stage ophthalmic biotechnology company developing adeno-associated virus (AAV) gene therapies for inherited retinal diseases (IRDs) and additional ophthalmic disorders. Its main products and candidates include OPGx-LCA5 and OPGx-BEST1, multiple preclinical AAV programs (e.g., RHO, RDH12, MERTK, NMNAT1, CNGB1), the approved phentolamine ophthalmic solution RYZUMVI (PS), and the small-molecule Ref-1 inhibitor APX3330. The company organizes activities across clinical-stage gene therapy programs, preclinical research, and licensed small-molecule/ophthalmic programs and collaborations. It conducts clinical trials in the U.S. (including academic sites) and plans broader development and commercialization through partnerships and license arrangements in the U.S. and major non-U.S. markets.
Summary from filing dated 2025-03-31
Financials
Consolidated Statement of Income
Year Ended · In millions, except per-share amounts
| Concept | Trend | FY 2025 2025-12-31 | FY 2024 2024-12-31 | FY 2023 2023-12-31 | FY 2022 2022-12-31 | FY 2021 2021-12-31 |
|---|---|---|---|---|---|---|
| License and collaborations revenue | 14 | 11 | 19 | 40 | 589,000 | |
| Research and development | 31 | 27 | 18 | 14 | 15 | |
| General and administrative | 22 | 18 | 12 | 7 | 8 | |
| Acquired in-process research and development | 0 | 28 | 0 | — | — | |
| Total operating expenses | 53 | 73 | 30 | 22 | 23 | |
| Loss from operations | −39 | −62 | −11 | 18 | −23 | |
| Fair value change in warrant and other derivative liabilities | −12 | 72,000 | 80,000 | 0 | −34 | |
| Financing costs (Note 7) | −1 | 0 | −1 | 0 | — | |
| Interest expense | −129,000 | 0 | — | — | — | |
| Other income, net | 2 | 4 | 2 | −14,000 | −157,000 | |
| Loss before income taxes | −50 | −58 | −10 | 18 | −57 | |
| Provision for income taxes | 0 | 0 | −12,000 | −315,000 | 0 | |
| Net loss | −50 | −58 | −10 | 18 | −57 | |
| Other comprehensive loss, net of tax | 0 | 0 | 0 | 0 | 0 | |
| Comprehensive loss | −50 | −58 | −10 | 18 | −57 | |
| Basic (in dollars per share) | −0.8 | −2.15 | −0.46 | 0.9 | −3.82 | |
| Diluted (in dollars per share) | −0.8 | −2.15 | −0.46 | 0.87 | −3.82 | |
| Basic (in shares) | 62 | 27 | 22 | 20 | 15 | |
| Diluted (in shares) | 62 | 27 | 22 | 21 | 15 |
Consolidated Balance Sheet
As of · In millions, except per-share amounts
| Concept | Trend | FY 2025 2025-12-31 | FY 2024 2024-12-31 | FY 2023 2023-12-31 | FY 2022 2022-12-31 | FY 2021 2021-12-31 |
|---|---|---|---|---|---|---|
| Cash and cash equivalents | 45 | 30 | 51 | 43 | 25 | |
| Accounts receivable | 2 | 4 | 926,000 | 1 | 0 | |
| Contract assets and unbilled receivables (Note 10) | 1 | 2 | 1 | 4 | — | |
| Prepaids and other current assets | 2 | 515,000 | 1 | 1 | 1 | |
| Short-term investments | 0 | 2,000 | 15,000 | 49,000 | 219,000 | |
| Total current assets | 50 | 37 | 54 | 49 | 26 | |
| Property and equipment, net | 199,000 | 252,000 | 0 | 6,000 | 10,000 | |
| Total assets | 50 | 37 | 54 | 49 | 26 | |
| Accounts payable | 3 | 3 | 2 | 1 | 2 | |
| Accrued expenses and other liabilities | 4 | 8 | — | — | — | |
| Total current liabilities | 8 | 11 | 4 | 3 | 4 | |
| Warrant liabilities | 26 | 0 | — | — | — | |
| Funding agreement, related party | 1 | 0 | — | — | — | |
| Total liabilities | 35 | 11 | 4 | 3 | 4 | |
| Commitments and contingencies (Note 3 and Note 9) | — | — | — | — | — | |
| Series A preferred stock, par value $0.0001; no shares and 14,146 shares were designated as of December 31, 2025 and 2024, respectively; no shares and 14,145.374 shares issued and outstanding at December 31, 2025 and 2024, respectively. | 0 | 19 | 0 | — | — | |
| Preferred stock, par value $0.0001; 10,000,000 and 9,985,854 shares authorized as of December 31, 2025 and 2024, respectively; no shares issued and outstanding at December 31, 2025 and 2024. | 0 | 0 | 0 | 0 | 0 | |
| Common stock, par value $0.0001; 125,000,000 authorized as of December 31, 2025 and 2024; 69,894,507 and 31,574,657 shares issued and outstanding at December 31, 2025 and 2024, respectively. | 7,000 | 3,000 | 2,000 | 2,000 | 2,000 | |
| Additional paid-in capital | 204 | 146 | 131 | 118 | 112 | |
| Accumulated deficit | −189 | −139 | −81 | −71 | −89 | |
| Total stockholders' equity | 15 | 7 | 50 | 46 | 22 | |
| Total liabilities, Series A preferred stock, and stockholders' equity | 50 | 37 | 54 | 49 | 26 |
Consolidated Statement of Cash Flows
Year Ended · In millions, except per-share amounts
| Concept | Trend | FY 2025 2025-12-31 | FY 2024 2024-12-31 | FY 2023 2023-12-31 | FY 2022 2022-12-31 | FY 2021 2021-12-31 |
|---|---|---|---|---|---|---|
| Stock-based compensation | 3 | 3 | 4 | 2 | 2 | |
| Depreciation | 53,000 | 10,000 | 6,000 | 4,000 | 4,000 | |
| Warrant Financing costs | 1 | 0 | — | — | — | |
| Non-cash share issuances | 57,000 | 0 | — | — | — | |
| Unrealized loss from short-term investments | 2,000 | 13,000 | 34,000 | 170,000 | 70,000 | |
| Gain in connection with asset acquisition | 0 | −2 | 0 | — | — | |
| Accounts receivable | 2 | −3 | 372,000 | −1 | 0 | |
| Contract assets and unbilled receivables | 1 | −802,000 | 2 | −4 | — | |
| Prepaid expenses and other assets | −1 | 634,000 | 354,000 | −139,000 | −45,000 | |
| Accounts payable | 7,000 | 220,000 | 1 | −515,000 | 381,000 | |
| Accrued expenses and other liabilities | −3 | 6 | 123,000 | −51,000 | −155,000 | |
| Net cash used in operating activities | −35 | −26 | −1 | 14 | −19 | |
| Cash received in connection with asset acquisition | 0 | 1 | 0 | — | — | |
| Net cash provided by investing activities | 0 | 1 | 0 | 0 | −100,000 | |
| Proceeds from issuance of common stock and pre-funded warrants in connection with the registered direct offering | 23 | 0 | — | — | — | |
| Proceeds from issuance of common stock and pre-funded warrants in connection with the March 2025 offering and March 2025 private placement | 6 | 0 | — | — | — | |
| Proceeds from issuance of warrants in connection with the March 2025 offering and March 2025 private placement | 16 | 0 | — | — | — | |
| Proceeds from issuance of common stock | 6 | 4 | 9 | 4 | 28 | |
| Issuance costs attributed to equity instruments | −2 | −232,000 | −278,000 | −131,000 | −2 | |
| Proceeds from funding agreement, related party | 1 | 0 | — | — | — | |
| Share repurchases for the payment of employee taxes | −152,000 | −79,000 | 0 | — | — | |
| Exercise of warrants | 820,000 | 0 | — | — | — | |
| Exercise of stock options | 352,000 | 0 | 30,000 | 27,000 | 87,000 | |
| Net cash provided by financing activities | 50 | 4 | 9 | 4 | 28 | |
| Net increase (decrease) in cash and cash equivalents | 15 | −20 | 8 | 18 | 8 | |
| Cash paid for income taxes | 0 | 0 | 344,000 | 0 | 0 | |
| Cash paid for interest | 0 | 0 | 0 | 9,000 | 2,000 | |
| Common stock and Series A preferred stock issued in connection with the asset acquisition | 0 | 26 | 0 | — | — | |
| Net liabilities assumed in connection with asset acquisition | 0 | 955,000 | 0 | — | — | |
| Conversion of Series A preferred stock into common stock | 19 | 0 | — | — | 0 | |
| Reclass of warrant liabilities to equity upon exercise | 1 | 0 | — | — | — | |
| Change in unpaid issuance costs | 24,000 | 163,000 | 10,000 | 2,000 | — |
Filings
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