IRD Opus Genetics, Inc.
Price Chart
Executive Summary
Opus Genetics reported Q1 2026 EPS of -$0.75, a 212.5% miss vs consensus of -$0.14, driven by a $51.4M non-cash fair value change in warrant liabilities. Revenue fell 51% YoY to $2.2M, also below the $2.9M consensus. However, the company highlighted strong pipeline progress (LCA5 pivotal trial enrollment, BEST1 data expected September 2026) and a $90M cash runway into 2029, partially offsetting the headline miss.
Actionable Insight
The massive EPS miss and revenue decline are overshadowed by non-cash warrant charges, but the underlying operating loss widened 45% YoY. Watch for the BEST1 data readout in September 2026 and LCA5 pivotal trial dosing in Q4 2026 as key catalysts. The Oberland financing provides near-term liquidity but adds debt. The stock may trade on pipeline milestones rather than current financials.
Key Facts
- Q1 2026 EPS of -$0.75 vs consensus -$0.14 (212.5% miss)
- Revenue of $2.2M vs consensus $2.9M (51% YoY decline from $4.4M)
- Net loss of $65.5M vs $8.2M in Q1 2025, driven by $51.4M non-cash warrant liability charge
- Cash and equivalents of $60M at March 31, 2026; subsequent $35M senior secured notes + $5M equity from Oberland Capital
- LCA5 program accepted into FDA RDEP program; pivotal Phase 3 trial enrolling
- BEST1 Cohort 1 topline data expected September 2026
- Cash runway into 2029, supporting multiple clinical inflection points
Financial Impact
EPS miss of -$0.61 vs consensus; revenue miss of $0.7M vs consensus; net loss widened by $57.3M YoY primarily due to non-cash warrant liability revaluation
Risk Factors
- Non-cash warrant liability volatility could continue to distort reported earnings
- Revenue concentration on Viatris collaboration (declining 51% YoY)
- Clinical trial risks for LCA5 and BEST1 programs
- Dilution risk from warrant exercises and Series B preferred stock
Market Snapshot
Documents Analyzed
This report is based on 1 press release from GlobeNewswire.
| Document | Accession Number |
|---|---|
| PRESS-RELEASE Data (Synthetic) | press-3292661 |
Track record builds as more directional reports settle.
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
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Jun 5, 2026
7d ago
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S-3
| $4.61 awaiting T+5 | awaiting T+5 | — | $4.04 (+12.36%) |
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May 12, 2026
4w ago
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8-K
| $5.18 $4.44 | ▼ −14.29% | ▼ −14.36% | $4.04 (−22.01%) |
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May 12, 2026
4w ago
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Press Release
| $5.18 $4.44 | ▲ +14.29% | ▲ +14.36% | $4.04 (+22.01%) |
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May 7, 2026
5w ago
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Press Release
| $4.99 $4.97 | ▼ −0.40% | ▼ −1.86% | $4.04 (−19.04%) |
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Apr 24, 2026
7w ago
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8-K
| $5.12 $5.22 | ▲ +1.95% | ▲ +1.55% | $4.04 (−21.09%) |
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Apr 23, 2026
7w ago
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EFFECT
| $5.21 $4.67 | ▼ −10.36% | ▼ −11.84% | $4.04 (−22.46%) |
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Apr 23, 2026
7w ago
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Insider Cluster
| $5.21 $4.67 | ▼ −10.36% | ▼ −11.84% | $4.04 (−22.46%) |
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Apr 10, 2026
9w ago
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Press Release
| $5.36 $5.75 | ▲ +7.28% | ▲ +2.77% | $4.04 (−24.63%) |
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Apr 7, 2026
9w ago
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8-K
| $4.92 $5.55 | ▲ +12.80% | ▲ +7.48% | $4.04 (−17.89%) |
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Mar 16, 2026
12w ago
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Insider Cluster
| $5.19 $4.59 | ▼ −11.56% | ▼ −9.52% | $4.04 (−22.16%) |
US Market Status
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