Opus Genetics, Inc.
IRD evidence brief
What we can confirm
- BioSniper Score:
- 1.0 / 10
- Market Cap:
- $502.5M
What it means
What to watch
Prepared research question
What matters most for IRD—catalysts, financial risk and supporting evidence?
Traceable citations · Unknowns marked
BioSniper AI · IRD
Opus Genetics, Inc. (IRD) is a clinical-stage biopharmaceutical company developing gene therapies for inherited retinal diseases and small molecule therapies for other ophthalmic disorders, with one approved product generating royalties and multiple clinical programs in progress.
Key risk: Negative shareholders' equity
BioSniper Score
Based on 2 of 6 signals
Limited data coverage
Market Cap
$502.5M
Cash Runway
—
Lead Asset
—
Next Catalyst
—
Financial data as of Jun 30, 2026.
Opus Genetics, Inc. (IRD) is a clinical-stage biopharmaceutical company developing gene therapies for inherited retinal diseases and small molecule therapies for other ophthalmic disorders, with one approved product generating royalties and multiple clinical programs in progress.
- Opus Genetics is a clinical-stage biopharmaceutical company developing gene therapies for inherited retinal diseases (IRDs) and small molecule therapies for other ophthalmic disorders [sec · filed 2026-08-07].
- As of June 30, 2026, the company reported cash & equivalents of $88.8M, total revenue of $0.8M, net income of -$8.1M, and shareholders' equity of -$13.0M [sec].
- The company has one approved product, RYZUMVI®, generating royalties from sales by Viatris, and does not expect consistent significant revenues unless regulatory approvals are obtained for other candidates [sec_mda · as of 2026-08-06].
- Two lead gene therapy programs, OPGx-LCA5 and OPGx-BEST1, are in clinical trials, with OPGx-BEST1 Cohort 2 dosing expected to complete in Q4 2026 and topline data in Q2 2027 [sec · filed 2026-09-09].
- The company has an accumulated deficit of $262.2 million as of June 30, 2026, and anticipates increasing expenses as it advances clinical trials and pipeline programs [sec_mda · as of 2026-08-06].
What works
- Cash runway into 2029 is expected to fund multiple clinical inflection points, potential product approvals, and opportunities for priority review vouchers [news · published 2026-06-16].
- Positive proof-of-concept findings from OPGx-BEST1 Cohort 1, including structural improvements in 2/3 BVMD participants and reductions in intraretinal fluid in 100% of ARB participants, led to advancement to a higher-dose Cohort 2 [sec · filed 2026-09-09].
- The company has a multi-asset pipeline with five IRD programs, including RDH12, MERTK, and RHO expected to enter clinical testing over the next 12 to 18 months [news · published 2026-06-16].
What to weigh
- The company has an accumulated deficit of $262.2 million as of June 30, 2026, and net losses have been increasing, with a net loss of $65.5 million for the three months ended March 31, 2026 [sec_mda · as of 2026-08-06][sec_mda · as of 2026-05-12].
- Shareholders' equity is negative at -$13.0M as of June 30, 2026, indicating liabilities exceed assets [sec].
- The company does not expect to consistently generate significant revenues unless regulatory approvals are obtained for its pipeline candidates, which are still in clinical stages [sec_mda · as of 2026-08-06].
- Expenses are anticipated to continue increasing as the company advances clinical trials, nonclinical studies, and hires additional staff [sec_mda · as of 2026-08-06].
From the filings
Quoted directly from source documents.
OPGx-BEST1 Cohort 1 positive proof-of-concept and advancement to Cohort 2
“Based on the safety profile and positive proof-of-concept findings from Cohort 1, the Company has advanced to the higher-dose Cohort 2, evaluating OPGx-BEST1 at 4.5 x 10⁹ vg/eye, with dosing expected to be complete in the fourth quarter of 2026 and topline three-month data expected to be available in the second quarter of 2027.”
SEC filings · September 9, 2026
Accumulated deficit as of June 30, 2026
“As of June 30, 2026, we had an accumulated deficit of $262.2 million.”
SEC MD&A · August 6, 2026
Cash runway into 2029
“Cash Runway into 2029 Expected to Fund Multiple Clinical Inflection Points, Potential Product Approvals and Opportunities for Priority Review Vouchers”
News · June 16, 2026
Catalyst timeline
- 2023-06-15 · Phase 2 start for OPGx-001 (LCA5) — An open-label, dose-exploration safety and tolerability study of subretinal OPGx-001 in participants with LCA5-associated IRD.
- 2025-09-25 · Phase 1b/2a start for OPGx-BEST1 — An open-label, dose-exploration basket study to investigate safety and tolerability of subretinal OPGx-BEST1 in BVMD and ARB patients.
- 2026-09-01 · Phase 1b/2a start for OPGx-BEST1 (additional) — A Phase 1b/2a open-label, dose-exploration study to investigate safety and tolerability of subretinal OPGx-BEST1.
Risks & what to watch (4)›
Key risks
- Negative shareholders' equity — Shareholders' equity is -$13.0M as of June 30, 2026, indicating liabilities exceed assets [sec].
- Increasing net losses — Net loss was $65.5M for three months ended March 31, 2026, compared to $8.2M for same period in 2025 [sec_mda · as of 2026-05-12].
- Dependence on pipeline approvals — Company does not expect consistent significant revenues unless regulatory approvals are obtained for pipeline candidates [sec_mda · as of 2026-08-06].
- Clinical trial execution risk — Expenses will increase as clinical trials for LCA5, BEST1, and PS continue, with no guarantee of success [sec_mda · as of 2026-08-06].
What to watch
- OPGx-BEST1 Cohort 1 topline data expected in the second week of September 2026 [news · published 2026-07-09].
- OPGx-BEST1 Cohort 2 dosing completion expected in Q4 2026 and topline three-month data in Q2 2027 [sec · filed 2026-09-09].
- OPGx-LCA5 dosing anticipated in second half of 2026 with topline clinical data approximately one year later [sec_mda · as of 2026-03-12].
- RDH12, MERTK, and RHO programs expected to enter clinical testing over the next 12 to 18 months [news · published 2026-06-16].
Sources: Catalysts · News · SEC filings · SEC MD&A · Generated October 11, 2026 · How we verify sources →
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Evidence & data
Score breakdownBased on 2 of 6 signals · derived from public data
Pipeline inputs are unavailable for this score. It uses only the available signals shown below.
Cash runway data unavailable
Net income -$8M
No tracked pipeline phase
No tracked pipeline candidates
No upcoming catalysts tracked
0 buys · 11 sells (180d)
Financials
Institutional Holdings
Source: SEC Form 13F · as of Mar 2026Institutional holders
79
Total value held
$203.4M
| Holder | Shares | Value |
|---|---|---|
| caligan partners lp | 6,075,028 | $27.6M |
| adage capital partners gp, l.l.c. | 6,029,775 | $27.4M |
| bios capital management, lp | 3,683,429 | $16.8M |
| balyasny asset management l.p. | 2,718,029 | $12.4M |
| millennium management llc | 2,630,432 | $12.0M |
| vanguard capital management llc | 2,449,987 | $11.1M |
| marshall wace, llp | 2,313,380 | $10.5M |
| boxer capital management, llc | 2,250,000 | $10.2M |
| adar1 capital management, llc | 1,849,004 | $8.4M |
| perceptive advisors llc | 1,835,842 | $8.4M |
Showing top 10 of 79 institutional holders of Opus Genetics, Inc.. Open the full 13F history after sign-in.
Short Interest
as of Apr 30, 2026- % of float
- 2.7%
- Days to cover
- 2.7
- Shares short
- 1,807,078
- Daily short volume
- -
Short percent of float and days-to-cover reflect reported short positioning. Daily short volume is the exchange-reported short share of a single day's trading volume and is noisier. See the most-shorted biotech ranking →
IRD short interestGovernance
Frequently asked questions
What is the AI investment thesis for Opus Genetics, Inc.?
Opus Genetics, Inc. (IRD) is a clinical-stage biopharmaceutical company developing gene therapies for inherited retinal diseases and small molecule therapies for other ophthalmic disorders, with one approved product generating royalties and multiple clinical programs in progress.
Who is the CEO of Opus Genetics, Inc.?
Dr. George Magrath M.B.A., M.D., M.S. is the chief executive officer of Opus Genetics, Inc. (IRD).
Where is Opus Genetics, Inc. headquartered?
Opus Genetics, Inc. (IRD) is headquartered in Durham, NC, United States.
What therapeutic areas does Opus Genetics, Inc. focus on?
Opus Genetics, Inc. develops therapies across Oncology, Ophthalmology.
The AI overview and BioSniper Score are neutral, data-derived signals built from public SEC filings, ClinicalTrials.gov and FDA records — not investment advice.