IRD 8-K
Opus Genetics, Inc. (IRD)
8-K
2025-08-13
For: 2025-08-13
View Original
Added on
April 09, 2026
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): August 13, 2025
(Exact name of registrant as specified in its charter)
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(State or other jurisdiction of incorporation)
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(Commission File Number)
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(IRS Employer Identification No.)
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(Address of principal executive offices)
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(Zip Code)
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(984 ) 884-6030
(Registrant’s telephone number, including area code)
N/A
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the
following provisions:
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Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
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Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
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Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
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Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
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Securities registered pursuant to Section 12(b) of the Act:
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Title of each class
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Trading Symbol(s)
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Name of each exchange on which registered
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Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this
chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter). Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new
or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
| Item 2.02 |
Results of Operations and Financial Condition.
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On August 13, 2025, Opus Genetics, Inc., a Delaware corporation (the “Company”), issued a press release announcing its financial results for the second
quarter ended June 30, 2025. A copy of the press release is furnished herewith as Exhibit 99.1 and is incorporated herein by reference.
The information in this Item 2.02 of this Current Report on Form 8-K, and Exhibit 99.1, is furnished and shall not be deemed “filed” for purposes of
Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), nor shall it be deemed incorporated by reference in any filing made by the Company under the Securities Act of 1933, as amended, or the Exchange Act, whether made
before or after the date hereof, except as expressly set forth by specific reference in such a filing.
| Item 9.01 |
Financial Statements and Exhibits.
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Exhibits
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Exhibit No.
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Description
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Press Release, dated August 13, 2025.
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104.1
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Cover Page Interactive Data File (embedded within Inline XBRL document).
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SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
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Dated: August 13, 2025
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OPUS GENETICS, INC.
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By:
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/s/ Dr. George Magrath
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Name:
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Dr. George Magrath
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Title:
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Chief Executive Officer
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Exhibit 99.1
Opus Genetics Announces Financial Results for
Second Quarter 2025 and Provides Corporate Update
- Positive 12-month Phase 1/2 clinical data in adult cohort and early pediatric clinical data support potential for meaningful vision restoration with OPGx-LCA5 -
- FDA grants Regenerative Medicine Advanced Therapy (RMAT)
designation for OPGx-LCA5 -
- Positive topline results reported from VEGA-3 and LYNX-2 Phase 3 trials with Phentolamine Ophthalmic Solution 0.75% -
- OPGx-BEST1 on track to enter Phase 1/2 trial in H2 2025 for the treatment of bestrophin-1 related inherited retinal disease -
- Non-dilutive funding from patient advocacy groups secured to advance multiple early-stage gene therapy programs -
RESEARCH TRIANGLE PARK, N.C. - August 13, 2025 - Opus Genetics, Inc. (Nasdaq: IRD) (the “Company” or “Opus
Genetics”), a clinical-stage biopharmaceutical company developing gene therapies for the treatment of inherited retinal diseases (IRDs) and small molecule therapies for other ophthalmic disorders,
today announced financial results for the second quarter ended June 30, 2025, and provided a corporate update.
“We’ve made significant progress across our pipeline, with multiple clinical and regulatory milestones achieved this quarter,” said George Magrath, M.D., Chief Executive
Officer, Opus Genetics. “Receiving RMAT designation for our OPGx-LCA5 program underscores the strength of our clinical data and the urgent need for effective gene therapies to treat inherited retinal diseases. We are encouraged by the sustained
functional vision improvements observed in adult patients in our clinical trial to date and the early signs of efficacy in the pediatric cohort. In parallel, our advancement of OPGx-BEST1 toward the clinic and the nomination of two additional
development candidates in partnership with the Retinal Degeneration Fund and the Global RDH12 Alliance highlight the breadth of our IRD pipeline.”
“Beyond gene therapy, the positive readouts from our two Phase 3 Phentolamine trials represent a major step toward our goal of bringing a new treatment option to millions
of patients living with vision challenges. With several upcoming key milestones, including new clinical data, a supplemental New Drug Application (sNDA) submission, and the launch of a pivotal study, we remain focused on execution to deliver
transformative treatments to patients with significant unmet needs,” Dr. Magrath concluded.
Pipeline Updates
OPGx-LCA5 – Gene Therapy for Leber Congenital Amaurosis (LCA)
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The U.S. Food and Drug Administration (FDA) granted Regenerative Medicine Advanced Therapy (RMAT) designation for OPGx-LCA5, for the treatment of Leber Congenital Amaurosis (LCA) due to genetic
variations in the LCA5 gene, signifying the program’s potential to address a serious condition and providing a pathway for accelerated development and review.
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| • |
Twelve-month clinical data from adult participants in the Phase 1/2 trial demonstrated sustained improvements in visual function, including visual acuity gains and improved mobility testing scores.
This data was presented at the Association for Research in Vision and Ophthalmology (ARVO) Annual Meeting in May.
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Initial pediatric data at one-month post-treatment showed vision improvement with no drug-related adverse events; three-month pediatric data is expected to be reported in Q3 2025.
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OPGx-BEST1 – Gene Therapy for BEST1-Related IRD
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Preclinical data presented at the American Ophthalmological Society (AOS) in May demonstrated restoration of the retinal pigment epithelium-photoreceptor interface in a canine model of BEST1 using
AAV-mediated gene delivery.
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Investigational New Drug (IND) submission and Phase 1/2 trial initiation remain on track for the second half of 2025.
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OPGx-RDH12 and OPGx-MERTK – Advancing with Non-Dilutive Support
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Partnership with the Global RDH12 Alliance provides up to $1.6 million in non-dilutive funding to accelerate development of OPGx-RDH12 for Leber congenital amaurosis (RDH12-LCA).
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Non-dilutive funding up to $2 million received from the Retinal Degeneration Fund to advance OPGx-MERTK, targeting retinitis pigmentosa caused by MERTK mutations.
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Preclinical OPGx-MERTK data presented at the American Society of Gene & Cell Therapy (ASGCT) in May showed preservation
of retinal function in animal models.
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Phentolamine Ophthalmic Solution 0.75% – Advancing Toward sNDA Submissions
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VEGA-3 Phase 3 trial met its primary and multiple secondary endpoints in presbyopia, with 27.2% of treated patients achieving a ≥15-letter gain in near visual acuity (vs. 11.5% on placebo,
p<0.0001) and favorable participant reported outcomes and safety profile.
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LYNX-2 Phase 3 trial met its primary and multiple secondary endpoints in keratorefractive patients with night vision disturbances. Patients showed statistically significant gains in mesopic low
contrast vision and improvements in night-driving related symptoms.
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sNDA submission for presbyopia indication planned for the second half of 2025.
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LYNX-3 Phase 3 trial expected to initiate enrollment in the second half of 2025 targeting reduced low light vision and nighttime visual disturbances.
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Additional Medical Meeting Presentations
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Virtual reality-guided functional testing to support meaningful clinical endpoints in IRD trials was presented at the Retinal Imaging Biomarkers Summit.
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Upcoming Expected Data Readouts and Program Advancements
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Report three-month pediatric data from OPGx-LCA5 Phase 1/2 trial in Q3 2025.
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Initiate enrollment in Phase 1/2 trial for OPGx-BEST1 in H2 2025.
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Submit Phentolamine sNDA for presbyopia in H2 2025.
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Initiate enrollment in Phentolamine LYNX-3 Phase 3 trial in H2 2025.
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Financial Results for the Second Quarter Ended June 30, 2025
Cash Position: As of June 30, 2025, Opus Genetics
had cash and cash equivalents of $32.4 million. Based on current operating plans, the Company expects its existing cash resources will fund operations into the second half of 2026.
Revenue: License and collaboration revenue totaled
$2.9 million for the second quarter of 2025, compared to $1.1 million in the same period in 2024. Revenue in both periods was driven by the Company’s collaboration with Viatris, Inc., primarily from reimbursement of R&D services.
General and Administrative (G&A) Expenses:
G&A expenses were $5.8 million for the second quarter of 2025, compared to $3.4 million for the same period in 2024. The increase was mainly due to higher costs associated with legal and patent-related expenses, payroll, and business
development activities. G&A expenses included $0.6 million and $0.5 million in stock-based compensation in the second quarters of 2025 and 2024, respectively.
Research and Development (R&D) Expenses: R&D
expenses were $6.0 million for the second quarter of 2025, compared to $6.1 million in the prior-year period. The slight decrease was primarily due to lower manufacturing and consulting costs, partially offset by increased clinical trial,
toxicology, and payroll-related expenses. R&D expenses related to Phentolamine Ophthalmic Solution 0.75% were fully reimbursed under the Viatris License Agreement. Stock-based compensation within R&D expenses was $0.3 million in both
periods.
Net Loss: Net loss for the second quarter of 2025
was $7.4 million, or $(0.12) per basic and diluted share, compared to a net loss of $7.8 million, or $(0.30) per basic and diluted share, for the second quarter of 2024.
SEC Filing: Additional details on the Company’s
financial results will be available in its Quarterly Report on Form 10-Q for the period ended June 30, 2025, to be filed with the U.S. Securities and Exchange Commission (SEC).
About Opus Genetics
Opus Genetics is a clinical-stage biopharmaceutical company developing gene therapies for the treatment of inherited retinal diseases (IRDs) and small molecule therapies
for other ophthalmic disorders. The Company’s pipeline features AAV-based gene therapies targeting inherited retinal diseases including Leber congenital amaurosis (LCA), bestrophinopathy, and retinitis pigmentosa. Its lead gene therapy candidates are
OPGx-LCA5, which is in an ongoing Phase 1/2 trial for LCA5-related mutations, and OPGx-BEST1, a gene therapy targeting BEST1-related retinal degeneration. Opus is also advancing Phentolamine Ophthalmic Solution 0.75%, a partnered therapy currently
approved in one indication and being studied in two Phase 3 programs for presbyopia and reduced low light vision and nighttime visual disturbances. The Company is based in
Research Triangle Park, NC. For more information, visit www.opusgtx.com.
Forward Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements include, but are not
limited to, statements related to cash runway, the clinical development, clinical results, preclinical data, and future plans for Phentolamine Ophthalmic Solution 0.75%, OPGx-LCA5, OPGx-BEST1, RDH12, and earlier stage programs, and expectations
regarding us, our business prospects, and our results of operations and are subject to certain risks and uncertainties posed by many factors and events that could cause our actual business, prospects and results of operations to differ materially
from those anticipated by such forward-looking statements. Factors that could cause or contribute to such differences include, but are not limited to, those described under the heading “Risk Factors” included in our Annual Report on Form 10-K for the
fiscal year ended December 31, 2024 and in our other filings with the U.S. Securities and Exchange Commission. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press
release. These forward-looking statements are based upon our current expectations and involve assumptions that may never materialize or may prove to be incorrect. Actual results and the timing of events could differ materially from those anticipated
in such forward-looking statements as a result of various risks and uncertainties. In some cases, you can identify forward-looking statements by the following words: “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “intend,” “aim,”
“may,” “ongoing,” “plan,” “potential,” “predict,” “project,” “should,” “will,” “would” or the negative of these terms or other comparable terminology, although not all forward-looking statements contain these words. We undertake no obligation to
revise any forward-looking statements in order to reflect events or circumstances that might subsequently arise.
Contacts:
Investors
Jenny Kobin
Remy Bernarda
IR Advisory Solutions
Media
Kimberly Ha
KKH Advisors
917-291-5744
-Financial Tables Follow-
Opus Genetics, Inc.
Condensed Consolidated Balance Sheets
(in thousands, except share amounts and par value)
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As of
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June 30,
2025
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December 31,
2024
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Assets
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(Unaudited)
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Current assets:
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Cash and cash equivalents
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$
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32,429
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$
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30,321
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Accounts receivable
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3,399
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3,563
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Contract assets and unbilled receivables
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1,178
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2,209
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Prepaids and other current assets
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1,433
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515
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Short-term investments
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—
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2
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Total current assets
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38,439
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36,610
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Property and equipment, net
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226
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252
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Total assets
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$
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38,665
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$
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36,862
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Liabilities and stockholders’ equity
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Current liabilities:
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Accounts payable
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$
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1,465
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$
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3,148
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Accrued expenses and other liabilities
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6,927
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8,147
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Warrant liabilities
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11,800
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—
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Total current liabilities
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20,192
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11,295
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Long-term funding agreement, related party
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1,000
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—
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Total liabilities
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21,192
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11,295
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Commitments and contingencies
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Series A preferred stock, par value $0.0001; 14,146 shares were designated as of June 30, 2025 and December 31, 2024;
zero and 14,145.374 shares issued and outstanding at June 30, 2025 and December 31, 2024, respectively.
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—
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18,843
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Stockholders’ equity:
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Preferred stock, par value $0.0001; 9,985,854 shares authorized as of June 30, 2025 and December 31, 2024; no shares
issued and outstanding at June 30, 2025 and December 31, 2024.
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—
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—
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Common stock, par value $0.0001; 125,000,000 shares authorized as of June 30, 2025 and December 31, 2024; 59,908,055
and 31,574,657 shares issued and outstanding at June 30, 2025 and December 31, 2024, respectively.
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6
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3
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Additional paid-in capital
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172,079
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145,719
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Accumulated deficit
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(154,612
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)
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(138,998
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)
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Total stockholders’ equity
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17,473
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6,724
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Total liabilities, series A preferred stock and stockholders’ equity
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$
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38,665
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$
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36,862
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Opus Genetics, Inc.
Condensed Consolidated Statements of Comprehensive Loss
(in thousands, except share and per share amounts)
(Unaudited)
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For the Three Months Ended
June 30,
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For the Six Months Ended
June 30,
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|||||||||||||||
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2025
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2024
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2025
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2024
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|||||||||||||
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License and collaborations revenue
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$
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2,882
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$
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1,112
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$
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7,252
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$
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2,823
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Operating expenses:
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General and administrative
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5,766
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3,354
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12,112
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8,024
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Research and development
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6,022
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6,086
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13,975
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10,835
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Total operating expenses
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11,788
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9,440
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26,087
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18,859
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Loss from operations
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(8,906
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)
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(8,328
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(18,835
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)
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(16,036
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)
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Fair value change in warrant and other derivative liabilities
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917
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—
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3,722
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—
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Financing costs
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35
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—
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(1,337
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)
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—
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Other income, net
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534
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563
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836
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1,165
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Loss before income taxes
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(7,420
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)
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(7,765
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)
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(15,614
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)
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(14,871
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)
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Benefit (provision) for income taxes
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—
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—
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—
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—
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Net loss
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(7,420
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)
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(7,765
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)
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(15,614
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)
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(14,871
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)
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Other comprehensive loss, net of tax
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—
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—
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Comprehensive loss
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$
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(7,420
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)
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$
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(7,765
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)
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$
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(15,614
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)
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$
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(14,871
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)
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Net loss per share:
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Basic and diluted
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$
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(0.12
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)
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$
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(0.30
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)
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$
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(0.32
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)
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$
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(0.59
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)
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Number of shares used in per share calculations:
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||||||||||||||||
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Basic and diluted
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63,376,392
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25,827,265
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48,712,124
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25,175,596
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Source: Opus Genetics, Inc.