Financial Performance - Opus Genetics reported a net loss of $17.5 million, or $(0.25) per share, for Q3 2025, compared to a net loss of $7.5 million, or $(0.29) per share, in Q3 2024[14]. - Comprehensive loss for the nine months ended September 30, 2025, was $33,068 million, compared to $22,397 million for the same period in 2024[21]. - Loss from operations for the nine months ended September 30, 2025, was $27,146 million, compared to $24,045 million in the same period of 2024[21]. - Basic and diluted net loss per share for Q3 2025 was $0.25, an improvement from $0.29 in Q3 2024[21]. - The number of shares used in basic and diluted net loss per share calculations for Q3 2025 was 70,636,887, significantly higher than 26,145,080 in Q3 2024[21]. - Fair value change in warrant and other derivative liabilities resulted in a loss of $9,525 million for Q3 2025[21]. - Other income for Q3 2025 was $450 million, slightly down from $483 million in Q3 2024[21]. Revenue and Expenses - Revenue from license and collaborations totaled $3.1 million in Q3 2025, down from $3.9 million in the same period in 2024, primarily due to lower reimbursement for research and development services[11]. - License and collaborations revenue for Q3 2025 was $3,079 million, a decrease from $3,867 million in Q3 2024[21]. - Total operating expenses for Q3 2025 were $11,390 million, slightly down from $11,876 million in Q3 2024[21]. - General and Administrative expenses increased to $5.0 million in Q3 2025 from $2.9 million in Q3 2024, driven by higher legal, payroll, and professional service costs[12]. - Research and Development expenses decreased to $6.4 million in Q3 2025 from $9.0 million in Q3 2024, attributed to lower clinical research and manufacturing costs[13]. - Research and development expenses for the nine months ended September 30, 2025, were $20,384 million, up from $19,817 million in the same period of 2024[21]. Cash and Funding - As of September 30, 2025, Opus Genetics had cash and cash equivalents of $30.8 million, with an additional $23.0 million raised post-quarter through equity offerings, expected to fund operations into the second half of 2027[9]. - Total current liabilities increased to $29.1 million as of September 30, 2025, compared to $11.3 million at the end of 2024, largely due to warrant liabilities[19]. Clinical Developments - The company plans to submit a Supplemental New Drug Application for Phentolamine Ophthalmic Solution 0.75% by year-end 2025[10]. - Positive clinical data from the OPGx-LCA5 Phase 1/2 trial showed significant improvements in cone-mediated vision in pediatric participants over three months[7]. - The FDA accepted the Investigational New Drug application for OPGx-BEST1, with initial data expected in Q1 2026[7]. - The company is advancing its OPGx-RDH12 program with up to $1.6 million in non-dilutive funding from the Global RDH12 Alliance[10].
Opus Genetics, Inc.(IRD) - 2025 Q3 - Quarterly Results