IRDOpus Genetics, Inc.
Opus Genetics, Inc. (IRD) sells gene therapy programs targeting inherited retinal diseases, with a focus on restoring vision. The next catalyst is Oct 14, 2026 — Potential Dilutive Equity Financing / Capital Raise, which will test the company’s ability to secure funding amid cash constraints.
- Revenue rose 29.1% YoY to $8.87M, but net income remains -$156.62M, with a net margin of -1765.2% TTM.
- Free cash flow is -$82.09M TTM, and debt-to-equity stands at 2.30x.
- Shareholders’ equity is $15.35M, with diluted EPS of -0.14.
The schedule
- Wed14Oct
Following the LCA5 data, management is highly likely to execute a capital raise from the $5.50 level given the ~$13M quarterly cash burn. A well-priced offering with strong institutional backing could reach $6.00, but a deeply discounted, warrant-heavy raise could crash shares to $3.50.
- Wed25Nov
Opus Genetics' lead LCA5 program readout is the primary binary catalyst for the year. Evolving from the $2.80 base, positive efficacy data could dramatically re-rate the stock toward $5.50, while failure to meet primary endpoints would likely decimate the valuation toward cash levels around $1.50.
- Tue2Feb
This report will provide a clearer picture of the balance sheet post-financing from the $3.50 anchor and outline the regulatory pathway for LCA5. We model a target of $4.20 if FDA meeting plans are solid, with a fallback of $2.90 on delays or increased R&D costs.
- Thu29Apr
Full-year results will set the stage for 2027 catalyst expectations under President Trump's regulatory environment. Starting at $2.90, favorable guidance points to $3.50, while a lack of near-term value drivers drops the floor to $2.20.
- Tue11May
By mid-2027, the market will demand updates on trial initiations or partnership talks. From a $2.20 base, consistent execution could lift shares to $3.00, but any cash flow concerns returning to the forefront will pressure the stock toward $3.00.
- Tue10Aug
Past
- Thu6Aug
Actual outcome: Mixed · $3.61 at outcome
Opus Genetics reported Q2 earnings that met expectations, alongside the completion of patient enrollment in its registrational Phase 3 trial for OPGx-LCA5. With operating burn aligning with estimates and clinical progress remaining on track, the market reaction was muted, resulting in a minor 3% decline by the outcome date.
The upcoming Q2 print will focus heavily on cash runway and operating burn. With RSI at 28.5 indicating oversold conditions from the $3.28 spot, a slight beat or steady cash position could spark a relief rally toward $3.80, but accelerated burn could push shares to $2.80.
- Tue12May
Actual outcome: Bear · $4.04 at outcome
Opus Genetics reported Q1 2026 financial results that included a wider-than-expected loss of $0.75 per share according to Zacks estimates, highlighting ongoing cash burn. While the company provided positive pipeline updates—such as the FDA's acceptance of its LCA5 program into the Rare Disease Evidence Principles program and upcoming data readouts expected in September—these longer-term clinical milestones were not enough to offset financial concerns, driving the stock down 22% to breach the bear floor.
Q1 2026 results and a detailed cash runway update around May 15, 2026 will be the first checkpoint on whether Opus Genetics, Inc. can sustain its current $5.75 share price after a sharp run to 52-week highs.