Financial Performance - Net loss for the quarter ended September 30, 2024, was $7.5 million, or $(0.29) per basic and diluted share, compared to net income of $5.6 million, or $0.26 per share, in Q3 2023[13]. - Net loss for September 2024 was $7,526,000, compared to a net income of $5,561,000 in September 2023[24]. - Basic net loss per share for September 2024 was $0.29, compared to earnings of $0.26 per share in September 2023[24]. - The accumulated deficit increased to $(103,863,000) as of September 30, 2024, compared to $(81,466,000) at the end of December 2023[23]. Revenue and Expenses - License and collaborations revenue for the three months ended September 30, 2024, was $3.9 million, a decrease from $11.9 million in the same period of 2023, primarily due to a one-time $10 million milestone in 2023[9]. - License and collaborations revenue for September 2024 was $3,867,000, a decrease of 67.7% compared to $11,935,000 in September 2023[24]. - Total operating expenses increased to $11,876,000 in September 2024, up 114.5% from $5,549,000 in September 2023[24]. - General and administrative expenses for the three months ended September 30, 2024, were $2.9 million, up from $2.1 million in the same period of 2023[11]. - Research and development expenses for the three months ended September 30, 2024, were $9.0 million, compared to $3.5 million for the same period in 2023, reflecting increased clinical costs and other R&D activities[12]. - Research and development expenses rose to $8,982,000 in September 2024, a significant increase of 157.5% from $3,494,000 in September 2023[24]. Assets and Liabilities - Total liabilities as of September 30, 2024, were $6,089,000, an increase of 50.5% from $4,042,000 at the end of December 2023[22]. - Total current liabilities increased to $6,089,000 as of September 30, 2024, compared to $4,042,000 at the end of December 2023[22]. - Total stockholders' equity decreased to $34,300,000 as of September 30, 2024, down 31.2% from $49,906,000 at the end of December 2023[23]. Corporate Developments - The acquisition of Opus Genetics was completed on October 22, 2024, with the issuance of 5,237,063 shares of common stock and 14,145.374 shares of Series A Preferred Stock[3]. - The combined company has an expanded pipeline that includes seven assets from the AAV-based gene therapy portfolio[4]. - The company anticipates filing a Clinical Trial Authorization for OPGx-BEST1 in Germany in 2025[6]. - Four clinical data readouts are expected in 2025, including Phase 3 studies for Phentolamine Ophthalmic Solution 0.75%[2]. Clinical Trials - The most advanced gene therapy candidate, OPGx-LCA5, has shown visual improvement in three out of three adult patients in a Phase 1/2 trial, with pediatric enrollment expected in Q1 2025[5].
Opus Genetics, Inc.(IRD) - 2024 Q3 - Quarterly Results