Opus Genetics (IRD) Q3 2026 earnings summary

Executive summary

• Q3 revenue was $1.137M vs. $3.079M YoY; net loss widened to $46.5M from $17.5M, driven by higher R&D and fair-value expenses.

• Cash and cash equivalents were $89.0M at September 30, 2026; management expected available cash to fund operations for at least 12 months from the financial-statement issuance date.

• OPGX-BEST1 Cohort 1 showed positive functional results, Cohort 2 dosing was completed, OPGX-LCA5 Phase 3 enrollment was complete, and FDA cleared the OPGX-RDH12 IND.

Financial highlights

• Q3 license and collaboration revenue was $1.137M vs. $3.079M YoY; 9M revenue was $4.049M vs. $10.331M, mainly reflecting lower PS R&D reimbursements.

• Q3 operating expenses were $20.384M vs. $11.390M; R&D rose to $14.494M from $6.409M and G&A to $5.890M from $4.981M.

• Q3 net loss was $46.5M vs. $17.5M, reflecting a $19.1M increase in fair-value instrument expense, $8.1M higher R&D expense and $2.0M lower revenue.

• 9M operating expenses were $54.140M vs. $37.477M; operating loss was $50.091M vs. $27.146M and net loss was $120.128M vs. $33.068M.

• 9M operating cash use was $38.713M; financing provided $82.885M, bringing cash, cash equivalents and restricted cash to $89.074M.

Outlook and guidance

• OPGX-LCA5 Phase 3 dosing was expected in Q4 2026, with topline data expected by end-2027; the study is intended to support a BLA submission.

• OPGX-BEST1 Cohort 2 topline data is expected in Q1 2027; potential Phase 3 participant dosing is expected in H2 2027 following FDA alignment on a potential endpoint.

• OPGX-RDH12 Phase 1/2 dosing was expected in Q4 2026; MERTK clinical testing is expected in Q1 2027 and RHO testing globally in H2 2027.

• Management expected available cash to fund operations at least 12 months from statement issuance; cash resources, including potential future Oberland facility funding, were projected to fund operations into 2029.