Opus Genetics (IRD) AI Stock Analysis

• Market Cap: $159.31M
• Dividend Yield: N/A
• Average Volume (3M): 431.43K
• Price to Earnings (P/E): ―
• Beta (1Y): 0.65
• Revenue Growth: 74.60%
• EPS Growth: -58.14%
• Country: US
• Employees: 18
• Sector: Healthcare
• Sector Strength: 45
• Industry: Biotechnology
• EPS (TTM): -0.25
• Shares Outstanding: 68,964,210
• 10 Day Avg. Volume: 559,975
• 30 Day Avg. Volume: 431,433
• PEG Ratio: >-0.01
• Price to Book (P/B): 4.73
• Price to Sales (P/S): 2.89
• P/FCF Ratio: -1.24
• Enterprise Value/Market Cap: 0.81
• Enterprise Value/Revenue: 8.85
• Enterprise Value/Gross Profit: 158.00
• Enterprise Value/Ebitda: -3.01
• 1Y Price Target: $7.75
• Price Target Upside: 235.50% Upside
• Rating Consensus: Strong Buy
• Number of Analyst Covering: 9
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 49 Neutral
• Price Target: $2.50 ▲(8.23% Upside)

The score is held down primarily by weak financial performance (large losses and significant cash burn), partially offset by constructive technical trend signals and positive corporate developments (pipeline/regulatory progress and improved cash runway). Valuation is constrained by negative earnings and no provided dividend support.

Positive Factors

Regulatory designations & Phase‑3 path

Multiple expedited regulatory designations and a planned adaptive pivotal Phase 3 materially reduce clinical and regulatory risk over the medium term. These pathways can shorten approval timelines, lower development costs, and improve probability of reaching commercialization for the lead program.

Diversified AAV gene therapy pipeline

A multi-asset, multi-indication portfolio lowers single-program binary risk and provides multiple clinical readouts across time. A diversified ‘string of pearls’ approach supports capital-efficient staging, potential partnering opportunities, and a more durable franchise in inherited retinal disease.

Extended cash runway into 2H 2027

The financing extends operational runway into the second half of 2027, enabling planned pivotal trials and key regulatory interactions. A funded runway reduces immediate financing pressure, allowing execution on clinical milestones that can materially de‑risk programs before additional capital needs arise.

Negative Factors

High cash burn

Sustained negative operating and free cash flow near -$33M TTM implies ongoing reliance on external financing. Over 2–6 months, continued burn constrains flexibility, forces financing cadence decisions, and can lead to dilution or slowed development if milestone receipts or partnerships do not materialize.

Deeply negative profitability

A steeply negative net margin and declining revenue indicate the core business is not generating operating profits or sustainable internal funding. Persistently weak profitability undermines ROE, erodes equity, and increases the likelihood of repeated external funding needs absent transformative clinical or commercial success.

Dilution risk from recent equity offering

Raising $23M via equity and pre-funded warrants reduces near-term liquidity risk but dilutes existing shareholders. Recurrent capital raises to fund development can compress per‑share economics and signal ongoing funding dependency until programs reach de‑risking clinical or regulatory inflection points.

Opus Genetics Business Overview & Revenue Model

Company Description

Opus Genetics, Inc., a clinical-stage ophthalmic biopharmaceutical company, focuses on developing and commercializing therapies for the treatment of unmet needs of patients with refractive and retinal eye disorders. The company offers Phentolamine Ophthalmic Solution for reversal of mydriasis, as well as is in Phase III clinical trials for presbyopia and dim light or night vision disturbances. Its lead retinal product candidate is APX3330, a small-molecule inhibitor of reduction oxidation effector factor-1 protein that has completed Phase II clinical trial for the treatment of diabetic retinopathy. The company also develops APX2009 and APX2014 that are preclinical product candidates for retina indications. The company was formerly known as Ocuphire Pharma, Inc. Opus Genetics, Inc. was founded in 2018 and is headquartered in Farmington Hills, Michigan.

How the Company Makes Money

Opus Genetics generates revenue primarily through the development and commercialization of its gene therapy products. The company monetizes its innovations by partnering with larger pharmaceutical companies for the co-development and licensing of its therapies. These partnerships often involve upfront payments, milestone payments, and royalties on sales. Additionally, Opus Genetics may receive funding from grants, research collaborations, and venture capital investments to support its research and development efforts.

Opus Genetics Financial Statement Overview

Summary

Weak fundamentals overall: revenue declined (~5% TTM), profitability is deeply negative (net margin ~-379%), and cash burn is heavy (TTM operating/free cash flow about -$32.9M). The main offset is modest leverage with low debt ($1.1M) versus positive equity ($6.0M), though equity erosion and highly negative ROE signal ongoing pressure.

Income Statement

TTM (Trailing-Twelve-Months) revenue declined ~5% and profitability remains deeply negative, with large operating losses and a net loss far exceeding revenue (net margin ~-379%). While gross profit exists in TTM, the business has swung from profitability in 2022 to sizable losses in 2023–TTM, indicating a weaker earnings trajectory and limited operating leverage at the current scale.

Balance Sheet

Leverage appears modest in TTM with low absolute debt ($1.1M) against positive equity ($6.0M), which provides some balance-sheet flexibility. However, equity has sharply eroded versus 2023 levels, and returns on equity are highly negative in TTM, reflecting ongoing losses that could further pressure capital over time.

Cash Flow

Cash burn remains heavy: TTM (Trailing-Twelve-Months) operating and free cash flow are both about -$32.9M, materially worse than 2023 and 2022. While free cash flow improved versus 2024, cash generation is still negative and not supported by earnings, implying continued dependence on external funding if the burn rate persists.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	14.63M	10.99M	19.05M	39.85M	589.00K	0.00
Gross Profit	820.00K	10.99M	19.05M	39.85M	589.00K	0.00
EBITDA	-43.10M	-57.52M	-9.97M	18.22M	-56.69M	-17.77M
Net Income	-68.20M	-57.53M	-9.99M	17.89M	-56.69M	-24.62M
Balance Sheet
Total Assets	36.12M	36.86M	53.95M	48.99M	26.08M	17.68M
Cash, Cash Equivalents and Short-Term Investments	30.82M	30.32M	50.52M	42.68M	24.75M	16.40M
Total Debt	1.07M	0.00	0.00	0.00	538.00K	0.00
Total Liabilities	30.16M	30.14M	4.04M	2.75M	3.85M	31.15M
Stockholders Equity	5.97M	6.72M	49.91M	46.24M	22.22M	-13.47M
Cash Flow
Free Cash Flow	-32.86M	-25.58M	-1.11M	14.31M	-19.37M	-6.80M
Operating Cash Flow	-32.86M	-25.58M	-1.11M	14.31M	-19.37M	-6.80M
Investing Cash Flow	1.21M	1.21M	0.00	0.00	-100.00K	539.00K
Financing Cash Flow	25.83M	4.19M	8.98M	3.79M	27.61M	21.12M

Opus Genetics Technical Analysis

• Technical Analysis Sentiment: Neutral
• Last Price: 2.31
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• MACD: Negative
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IRD, the sentiment is Neutral. The current price of 2.31 is above the 20-day moving average (MA) of 2.29, above the 50-day MA of 2.17, and above the 200-day MA of 1.52, indicating a bullish trend. The MACD of 0.13 indicates Negative momentum. The RSI at 50.24 is Neutral, neither overbought nor oversold. The STOCH value of 45.55 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for IRD.

Opus Genetics Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
IKT	54 Neutral	$181.90M	-2.63	-131.71%	―	-100.00%	79.01%
STTK	53 Neutral	$244.89M	-3.79	-57.84%	―	-84.46%	33.32%
Sector *	51 Neutral	$7.86B	-0.30	-43.30%	2.27%	22.53%	-2.21%
SRZN	50 Neutral	$184.67M	-0.99	―	―	-63.96%	-28.50%
BMEA	50 Neutral	$79.19M	-0.47	-209.00%	―	―	40.22%
IRD	49 Neutral	$159.31M	-1.34	-338.75%	―	74.60%	-58.14%
OVID	47 Neutral	$203.09M	-3.05	-60.06%	―	946.61%	-11.30%

Opus Genetics Corporate Events

Opus Genetics Highlights Gene Therapy Strategy at JPM Conference

Opus Genetics, a gene therapy developer targeting rare inherited retinal diseases with a diversified AAV-based pipeline spanning seven indications and two clinical-stage programs, is positioning itself as a focused player in the IRD space with a portfolio strategy designed to generate multiple clinical milestones and capital-efficient development. On January 15, 2026, the company’s management was scheduled to deliver a corporate presentation at the 44th Annual J.P. Morgan Healthcare Conference, outlining its “string of pearls” portfolio approach, the advancement of its clinical and preclinical IRD assets, and its reliance on cost-effective programs, non-dilutive and voucher-related funding, and partnered strategic financial assets, framing a development model that could broaden its patient reach and potentially streamline regulatory and commercial paths for its gene therapy candidates.

The most recent analyst rating on (IRD) stock is a Hold with a $2.00 price target. To see the full list of analyst forecasts on Opus Genetics stock, see the IRD Stock Forecast page.

Opus Genetics Details 2025 Progress and 2026 Milestones

On January 8, 2026, Opus Genetics highlighted its 2025 operational progress and outlined key milestones expected in 2026, underscoring the maturation of its multi-asset ophthalmic pipeline and strengthening financial position. In 2025, the company advanced two lead gene therapies—OPGx-BEST1 for BEST1-related inherited retinal disease, which began dosing patients in a Phase 1/2 trial, and OPGx-LCA5 for Leber congenital amaurosis, which produced positive Phase 1/2 safety and efficacy data in adults and pediatric patients and is being advanced into an adaptive pivotal Phase 3 study. The pipeline benefited from multiple regulatory designations for OPGx-LCA5, including Rare Pediatric Disease, Orphan Drug and RMAT status, while OPGx-BEST1 is being positioned for similar regulatory pathways, and preclinical IRD programs targeting RHO, CNGB1, MERTK, RDH12-LCA and NMNAT1 moved toward first-in-human studies with support from patient advocacy partnerships and non-dilutive funding. Opus also submitted a supplemental new drug application for Phentolamine Ophthalmic Solution 0.75% for presbyopia and continued a pivotal Phase 3 trial (LYNX-3) in keratorefractive patients experiencing low-light visual disturbances. Financially, as of September 30, 2025, Opus held $30.8 million in cash and equivalents and subsequently raised about $23 million in a registered direct equity offering, bringing its cash balance to more than $50 million and extending its operational runway into the second half of 2027, a position that supports the planned clinical readouts and regulatory milestones that could influence its future revenue potential and competitive standing in retinal gene therapy.

The most recent analyst rating on (IRD) stock is a Hold with a $2.00 price target. To see the full list of analyst forecasts on Opus Genetics stock, see the IRD Stock Forecast page.

Opus Genetics Partner Files Supplemental NDA for Presbyopia Drug

On December 17, 2025, Viatris Inc., the commercialization partner for Phentolamine Ophthalmic Solution 0.75% (Phentolamine), filed a supplemental New Drug Application with the U.S. Food and Drug Administration seeking approval of Phentolamine as a treatment for presbyopia. The submission, backed by positive efficacy, safety, and durability data from the VEGA-3 Phase 3 trial that confirmed earlier VEGA-2 results, marks a key regulatory step that could expand Phentolamine’s commercial prospects in the presbyopia market, though there remains uncertainty over if and when the FDA will accept and review the application.

The most recent analyst rating on (IRD) stock is a Buy with a $9.00 price target. To see the full list of analyst forecasts on Opus Genetics stock, see the IRD Stock Forecast page.

Opus Genetics Announces $23M Direct Offering

On November 5, 2025, Opus Genetics, Inc. entered into a securities purchase agreement with affiliates of Perceptive Advisors LLC, Nantahala Capital Management, LLC, and Balyasny Asset Management L.P. for a registered direct offering. The company plans to issue and sell shares and pre-funded warrants, expecting to raise approximately $23 million to support its gene therapy clinical programs and general corporate purposes. The offering is set to close around November 7, 2025, and involves no placement agent or underwriter, minimizing costs for Opus Genetics.

The most recent analyst rating on (IRD) stock is a Buy with a $8.00 price target. To see the full list of analyst forecasts on Opus Genetics stock, see the IRD Stock Forecast page.

Opus Genetics Announces $23 Million Direct Offering

On November 6, 2025, Opus Genetics announced a $23 million registered direct offering to fund the development of its gene therapy programs, particularly for LCA5 and BEST-1. The company also reported the successful completion of a Type B RMAT meeting with the FDA for its OPGx-LCA5 gene therapy candidate, which showed promising results in Phase 1/2 trials. The FDA’s feedback will guide the Phase 3 study, expected to start dosing in the second half of 2026. The offering and FDA meeting position Opus Genetics to advance its mission of restoring vision in patients with inherited retinal diseases.

The most recent analyst rating on (IRD) stock is a Buy with a $8.00 price target. To see the full list of analyst forecasts on Opus Genetics stock, see the IRD Stock Forecast page.