Opus Genetics, Inc. (Nasdaq: IRD) announced its financial results for the third quarter ended September 30, 2026, and provided an update on its clinical pipeline. The company reported a net loss of $46.5 million for the quarter, or $0.46 per share, compared to a net loss of $17.5 million, or $0.25 per share, for the same period in 2025. This increase in losses was primarily driven by higher research and development expenses and a decrease in license and collaborations revenue.
For the three months ended September 30, 2026, Opus Genetics recorded $1.1 million in license and collaborations revenue, a decrease from $3.1 million in the prior year. Research and development expenses totaled $14.5 million, up from $6.4 million in the prior year, while general and administrative expenses were $5.9 million, compared to $5.0 million in the prior year.
As of September 30, 2026, the company held cash and cash equivalents of $88.97 million. With current resources and potential future funding under a note purchase agreement with Oberland Capital Management, Opus Genetics stated it expects its cash runway to fund operations into 2029.
In terms of corporate updates, the company reported positive 3- and 6-month results from the low-dose Cohort 1 of its Phase 1/2 BIRD-1 trial for OPGx-BEST1, with all five participants showing clinically meaningful improvement in visual function. The registrational Phase 3 trial for OPGx-LCA5 is fully enrolled with 8 participants, and dosing is expected to begin in Q4 2026. Additionally, the company received FDA clearance for an Investigational New Drug (IND) application for OPGx-RDH12, with Phase 1/2 trial dosing planned for Q4 2026.
Opus Genetics also noted that the FDA approved phentolamine ophthalmic solution 0.75% (RYZUMVI) for presbyopia, triggering a regulatory milestone payment from its partner, Viatris Inc.
