The September 2026 OPGx-BEST1 topline data readout is the primary near-term catalyst. Monitor for any pre-announcement or data leaks. The LCA5 Phase 3 dosing initiation in Q4 2026 is the next major pipeline milestone. Cash runway into 2029 reduces near-term financing risk, but the revenue decline from the Viatris collaboration warrants attention.
Price Chart
Executive Summary
Opus Genetics reported Q2 2026 results with a net loss of $8.1M ($0.08 basic EPS) vs $7.4M loss a year ago, while revenue from license/collaborations fell to $0.8M from $2.9M. The key catalysts are upcoming OPGx-BEST1 Cohort 1 topline data in September 2026 and the completed enrollment of the LCA5 registrational trial with dosing expected in Q4 2026. Cash position strengthened to $88.8M, providing runway into 2029, but the revenue decline and widening operating loss are notable negatives for a pre-commercial biotech.
Key Financial Metrics
Key Facts
- Cash and cash equivalents of $88.8M as of June 30, 2026, up from $45.1M at year-end 2025
- License and collaborations revenue fell to $0.8M in Q2 2026 from $2.9M in Q2 2025
- Net loss of $8.1M ($0.08 basic EPS) vs $7.4M loss ($0.12 basic EPS) in Q2 2025
- OPGx-BEST1 Cohort 1 topline data expected in second week of September 2026
- LCA5 registrational trial enrollment completed; dosing expected to begin Q4 2026
- R&D expenses increased to $11.2M from $6.0M year-over-year, driven by IRD program manufacturing and clinical costs
- Cash runway expected into 2029, excluding potential proceeds from callable warrants or milestone payments
Financial Impact
Revenue declined 74% YoY to $0.8M; operating loss widened to $16.5M from $8.9M; net loss per basic share improved to ($0.08) from ($0.12) due to fair value gains on instruments
Risk Factors
- Clinical trial failure or disappointing BEST1 data in September 2026
- Dilution risk from potential future equity offerings or warrant exercises
- Revenue concentration on Viatris collaboration with declining reimbursement
- Execution risk in manufacturing and dosing for LCA5 pivotal trial
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001628280-26-053824 |
| Document: ird-20260806.htm | 0001628280-26-053824 |
| Document: 0001628280-26-053824-index-headers.html | 0001628280-26-053824 |
| Document: 0001628280-26-053824-index.html | 0001628280-26-053824 |
| Document: 0001628280-26-053824.txt | 0001628280-26-053824 |
| 8-K Data (Synthetic) | 0001628280-26-053824 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 23, 2026 3d ago | 144 | $3.52 | awaiting T+60 | — | $3.32 (−5.68%) |
Oct 21, 2026 5d ago | 8-K | $3.82 | awaiting T+60 | — | $3.32 (−13.09%) |
Oct 15, 2026 11d ago | 8-K | $3.84 | awaiting T+60 | — | $3.32 (−13.54%) |
Oct 15, 2026 11d ago | Press Release | $3.84 | awaiting T+60 | — | $3.32 (−13.54%) |
Sep 22, 2026 4w ago | Institutional Cluster | $5.16 | awaiting T+60 | — | $3.32 (−35.66%) |
Sep 11, 2026 6w ago | 8-K | $6.04 | awaiting T+60 | — | $3.32 (−45.03%) |
Sep 9, 2026 6w ago | 8-K | $5.73 | awaiting T+60 | — | $3.32 (−42.06%) |
Sep 2, 2026 7w ago | Press Release | $4.45 | awaiting T+60 | — | $3.32 (−25.39%) |
Aug 6, 2026 11w ago | 8-K | $3.72 | awaiting T+60 | — | $3.32 (−10.75%) |
Jul 23, 2026 13w ago | 144 | $2.92 $4.05 | ▲ +38.70% | ▲ +34.15% | $3.32 (+13.70%) |
US Market Status
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