Opus Genetics Inc (NASDAQ: IRD) is a clinical-stage biopharmaceutical company focused on developing gene therapies and small-molecule treatments for inherited retinal diseases and related ophthalmic conditions. The company has no approved products and generates no product revenue. Its primary funding sources through December 31, 2025 have been equity offerings totaling $118.1 million, convertible notes of $8.5 million, a one-time non-refundable payment of $35.0 million received in Q4 2022, a $10.0 million milestone payment in Q4 2023, and $37.7 million in development cost reimbursements, all disclosed in the 10-K filed March 12, 2026. Lead programs include OPGx-LCA5 and OPGx-BEST1 for inherited retinal dystrophies and APX3330 for diabetic retinopathy. Development costs for the PS program have been fully reimbursed by Viatris under a license agreement. As of December 31, 2025, the company held $45.1 million in cash and cash equivalents.

Revenue model

No commercial product revenue as of the filing date. Cash has come from equity offerings, convertible notes, a non-refundable upfront license payment ($35.0 million, Q4 2022), a milestone payment ($10.0 million, Q4 2023), and development cost reimbursements from Viatris totaling $37.7 million through December 31, 2025. Future potential revenue would include milestone payments and royalties tied to out-licensed or partnered programs.

Products and services

OPGx-LCA5: gene therapy for Leber congenital amaurosis type 5, a form of inherited retinal dystrophy. OPGx-BEST1: gene therapy for BEST1-associated retinal dystrophy, with DUO-1001 Cohort 1 clinical data as a key near-term milestone. APX3330: oral small-molecule Ref-1 inhibitor evaluated in the ZETA-1 Phase 2b trial (103 patients, completed August 2022) for diabetic retinopathy and diabetic macular edema; the company does not expect meaningful future R&D spend on APX3330 per the 10-K filed March 12, 2026. PS program: developed under the Viatris License Agreement with costs fully reimbursed by Viatris. MERTK Program: funded in part by RDF, with tiered royalty obligations to RDF in low-to-mid single-digit percentages.

Customers and end markets

No commercial customers as of the filing date. End markets are patients with inherited retinal diseases, including LCA5 and BEST1 mutations, and patients with diabetic retinopathy and diabetic macular edema. Partners include Viatris (PS program license and reimbursement) and RDF (MERTK program funding).

Value-chain role

Pre-commercial drug developer. Opus Genetics licenses in intellectual property, conducts or sponsors clinical trials through external service providers and contract research organizations, and relies on third-party manufacturers to support clinical activities. It out-licenses or partners programs to larger pharmaceutical companies in exchange for upfront payments, milestones, and royalties.

Geographic exposure

The company references U.S. regulatory and pricing frameworks extensively, indicating primary operations and clinical activity in the United States. No specific international revenue or geographic breakdown is disclosed in the excerpts.

Source: SEC 10-K, filed 2026-03-12

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