Opus Genetics, Inc. (NASDAQ: IRD) has completed a $25 million private placement of 7,374,632 shares of its Series B non‑voting convertible preferred stock at $3.39 per share. The preferred shares will automatically convert into one share of common stock each once stockholders approve an increase to the authorized common shares, allowing the company to raise capital without immediate dilution of existing common shareholders.
Proceeds will be used to advance the company’s gene‑therapy clinical programs and for general corporate purposes, including working capital. The financing supports the development of the company’s diversified pipeline of seven AAV‑based programs that target inherited retinal diseases, with lead candidates OPGx‑LCA5 and OPGx‑BEST1.
The new capital adds to the $48 million raised in a March 2025 public offering and an ATM program, bringing total equity raised to $73 million. With a pro‑forma cash balance of $70 million at year‑end 2025, the $25 million infusion is expected to extend Opus Genetics’ cash runway into the first half of 2028, giving the company a longer horizon to reach regulatory milestones.
Opus Genetics is a clinical‑stage biopharma focused on inherited retinal diseases. Its pipeline includes OPGx‑LCA5 for LCA5‑related mutations, OPGx‑BEST1 for BEST1‑related retinal degeneration, and additional candidates targeting RHO, CNGB1, RDH12, NMNAT1, and MERTK. The company also holds a partnered commercial asset, Phentolamine Ophthalmic Solution 0.75%.
CEO George Magrath said the company appreciates the support of respected healthcare investors, reflecting strong confidence in its clinical pipeline. Institutional investors such as Adage Capital Management, Trails Edge Capital Partners, and Marshall Wace participated in the placement, underscoring confidence in the company’s strategy and capital structure.
Opus Genetics remains unprofitable, with a diluted EPS of –$1.37 over the last twelve months and negative net margins. Revenue fell from $19.05 million in 2023 to $10.99 million in 2024, reflecting a shift toward clinical development spending. The private placement provides the necessary capital to sustain the company’s research and development trajectory while maintaining a healthy balance sheet.
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