IRD Opus Genetics, Inc.
Price Chart
Executive Summary
Opus Genetics reported Q1 2026 revenue of $2.2M (down 51% YoY from $4.4M) and a GAAP net loss of $65.5M ($-0.75/share), driven by a $51.4M non-cash fair value change in warrant liabilities. The operating loss widened to $14.4M from $9.9M a year ago. Pipeline progress (BEST1 Cohort 1 data expected September 2026, LCA5 RDEP acceptance) and a $35M Oberland debt facility extending cash runway into 2029 are positive, but the core financial trajectory shows escalating operating losses and no product revenue.
Actionable Insight
The stock will trade on pipeline catalysts (BEST1 data in September, LCA5 dosing start) rather than near-term financials. The Oberland financing removes near-term dilution risk but adds $35M in senior secured debt. Watch for the June 16 R&D Science Forum for early-stage program updates and the September BEST1 readout as key binary events.
Key Facts
- Q1 2026 revenue $2.2M vs $4.4M YoY (-51%), all from Viatris collaboration reimbursement
- GAAP net loss $65.5M ($-0.75/share) vs $8.2M ($-0.24/share) YoY, primarily due to $51.4M non-cash warrant liability fair value charge
- Operating loss widened to $14.4M from $9.9M YoY as R&D spend increased 33% to $10.6M
- Cash $60M at quarter end; subsequent $35M Oberland senior secured notes + $5M equity commitment extends runway into 2029
- BEST1 Phase 1/2 Cohort 1 enrollment complete; three-month topline data expected September 2026
- LCA5 program accepted into FDA RDEP program; pivotal Phase 3 run-in ongoing with dosing expected Q4 2026
- RDH12 expected to enter clinic Q4 2026; MERTK clinical activities underway; RHO expected 2027
Financial Impact
Revenue decline of $2.2M (-51% YoY); operating loss increased $4.5M; net loss increased $57.3M primarily from non-cash warrant revaluation
Risk Factors
- Operating losses are accelerating with no product revenue on the horizon
- Warrant liability revaluation creates significant GAAP earnings volatility
- BEST1 and LCA5 clinical data readouts are binary events with high failure risk typical of gene therapy
- Senior secured debt from Oberland adds leverage and covenants
Market Snapshot
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001628280-26-033856 |
| Document: ird-20260512.htm | 0001628280-26-033856 |
| Document: 0001628280-26-033856-index-headers.html | 0001628280-26-033856 |
| Document: 0001628280-26-033856-index.html | 0001628280-26-033856 |
| Document: 0001628280-26-033856.txt | 0001628280-26-033856 |
| 8-K Data (Synthetic) | 0001628280-26-033856 |
Track record builds as more directional reports settle.
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
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Jun 5, 2026
4d ago
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S-3
| $4.61 awaiting T+5 | awaiting T+5 | — | $4.03 (+12.58%) |
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May 12, 2026
28d ago
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8-K
| $5.18 $4.44 | ▼ −14.29% | ▼ −14.36% | $4.03 (−22.20%) |
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May 12, 2026
28d ago
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Press Release
| $5.18 $4.44 | ▲ +14.29% | ▲ +14.36% | $4.03 (+22.20%) |
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May 7, 2026
4w ago
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Press Release
| $4.99 $4.97 | ▼ −0.40% | ▼ −1.86% | $4.03 (−19.24%) |
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Apr 24, 2026
6w ago
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8-K
| $5.12 $5.22 | ▲ +1.95% | ▲ +1.55% | $4.03 (−21.29%) |
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Apr 23, 2026
6w ago
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EFFECT
| $5.21 $4.67 | ▼ −10.36% | ▼ −11.84% | $4.03 (−22.65%) |
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Apr 23, 2026
6w ago
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Insider Cluster
| $5.21 $4.67 | ▼ −10.36% | ▼ −11.84% | $4.03 (−22.65%) |
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Apr 10, 2026
8w ago
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Press Release
| $5.36 $5.75 | ▲ +7.28% | ▲ +2.77% | $4.03 (−24.81%) |
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Apr 7, 2026
9w ago
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8-K
| $4.92 $5.55 | ▲ +12.80% | ▲ +7.48% | $4.03 (−18.09%) |
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Mar 16, 2026
12w ago
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Insider Cluster
| $5.19 $4.59 | ▼ −11.56% | ▼ −9.52% | $4.03 (−22.35%) |
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