10-K · March 12, 2026
Opus Genetics (IRD) is a clinical-stage gene therapy company with seven AAV-based programs led by OPGx-LCA5 and OPGx-BEST1 and an FDA-approved Phentolamine ophthalmic product. The 10-K emphasizes constructive regulatory…
Earnings analysis · 10-Q
IRD earnings analysis
Filed May 12, 2026 · Our reading of the company's report
The latest report
Opus Genetics' Q1 2026 report showed significant underperformance compared to both prior periods and expectations, with revenue of $2.2 million significantly below estimates of $2.9 million and a net loss of $65.5…
Read full summary
Opus Genetics' Q1 2026 report showed significant underperformance compared to both prior periods and expectations, with revenue of $2.2 million significantly below estimates of $2.9 million and a net loss of $65.5 million versus a much smaller loss in the same quarter last year. The management cites increased operational expenses and lower revenue from collaborations, driving concerns about sustainability despite a robust cash position of $60 million.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $-0.75
What stood out
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Revenue Decline
Q1 2026 revenue was $2.2 million, down from $4.4 million in Q1 2025, a decrease of 50%.
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Net Loss Increased
Net loss for the quarter was $65.5 million, significantly higher than the $8.2 million loss reported for Q1 2025.
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Cash Position Remains Strong
Cash and cash equivalents were $60 million as of March 31, 2026, providing liquidity for operations.
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R&D Expenses Increased
Research and Development expenses rose to $10.6 million, compared to $8.0 million in Q1 2025.
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Warrant Liabilities Change
A fair value loss of $51.4 million was recorded for warrant liabilities in Q1 2026.
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Lower General & Admin Expenses
General and administrative expenses decreased to $5.9 million from $6.3 million year-over-year.
What to watch
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Significant Net Loss
The company reported a loss of $65.5 million, a deterioration from the prior year's loss of $8.2 million.
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High R&D Expenses
Research and development costs increased by $2.6 million, leading to unsustainable cash burn.
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Reported Warrant Liabilities Loss
A loss of $51.4 million related to changes in warrant liabilities points to financial volatility.
Management's outlook
Outlook deferred to earnings press release / call.
Earlier filings 4
10-Q · August 13, 2024
Ocuphire reported license and collaboration revenue of $1,112,000 for the quarter ended June 30, 2024 (vs. $3,674,000 in Q2 2023), a sharp decline. Loss widened: net loss was $7,765,000 (Q2 2024) and loss per share was…
10-K · March 8, 2024
Ocuphire is a clinical‑stage ophthalmic biotech focused on two late‑stage programs: PS (phentolamine ophthalmic solution, marketed as RYZUMVI) which was FDA‑approved in September 2023 and licensed to Viatris, and…
10-Q · November 13, 2023
Ocuphire reported license and collaboration revenue of $11.935M for the three months ended September 30, 2023 and swung to net income of $5.561M (diluted EPS $0.25) versus a net loss of $4.531M a year ago. Cash and cash…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.