Opus Genetics, Inc.
- Open
- 4.06
- Day high
- 4.10
- Day low
- 3.93
- Prev close
- 4.11
- Volume
- 250K
- Mkt cap
- $330M
- P/E (TTM)
- —
- EPS (TTM)
- —
- P/B
- -7.2
- P/S
- 27.5
- Yield
- —
- Per share
- —
- ▼Insiders net selling -$7.6M over the last 3 months (0 open-market buys, 7 sales)
Opus Genetics, Inc. (IRD) is a Healthcare company listed on NASDAQ. The stock is up 310% over the past year. Over the trailing 3 months, insiders filed 0 open-market buys and 7 sales (SEC Form 4).
Opus Genetics, Inc. (IRD) financials & analyst ratings
Fundamentals (TTM)
Analyst consensus · 6 analysts
Source: exchange market data + company filings. Figures are trailing-twelve-month or as most recently reported. For informational purposes only — not investment advice.
IRD earnings date, history & EPS estimates
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| May 21, 2026 | $-0.16 | $-0.19 | -18.8% | $4M | +22.9% |
| Nov 12, 2025 | $-0.14 | $-0.12 | +14.3% | $3M | +0.2% |
| Aug 13, 2025 | $-0.25 | $-0.12 | +52.0% | $3M | -6.5% |
| May 15, 2025 | $-0.34 | $-0.32 | +5.9% | $4M | +28.5% |
| Mar 31, 2025 | $-0.34 | $-1.27 | -273.5% | $4M | +27.0% |
| May 10, 2024 | $-0.18 | $-0.29 | -61.1% | $2M | -68.0% |
| Mar 8, 2024 | $-0.05 | $-0.22 | -315.2% | $2M | -68.4% |
| Nov 13, 2023 | $-0.22 | $0.25 | +211.8% | $12M | +294.5% |
| Jun 30, 2023 | $-0.23 | $-0.24 | -4.7% | $4M | +51.5% |
| Dec 31, 2022 | — | $1.58 | — | $40M | — |
| Sep 30, 2022 | $-0.28 | $-0.22 | +21.6% | — | — |
| Jun 30, 2022 | — | $-0.25 | — | — | — |
IRD insider trading activity (SEC Form 4)
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| May 20, 2026 | Foundation Fighting Blindness Retinal Degeneration Funddirector, other: See Remarks | Sell | 1,700,000 | $4.35 |
| Apr 27, 2026 | Gagnon Robert E.officer: Chief Financial Officer | Sell | 7,842 | $5.18 |
| Apr 27, 2026 | Jayagopal Ashwathofficer: Chief Scientific & Dev. Ofc. | Sell | 7,542 | $5.19 |
| Apr 27, 2026 | YERXA BENJAMIN Rdirector, officer: President | Sell | 7,470 | $5.24 |
| Apr 27, 2026 | SCHACHLE JOSEPH Kofficer: Chief Operating Officer | Sell | 4,697 | $5.22 |
| Apr 27, 2026 | Zaremba Rabourn Amyofficer: Head of Fin. Quality Assurance | Sell | 1,641 | $5.20 |
| Apr 27, 2026 | Magrath Georgedirector, officer: Chief Executive Officer | Sell | 9,511 | $5.22 |
| Apr 22, 2026 | Benton Susandirector | Grant | 24,367 | — |
| Apr 22, 2026 | Bennett Jeandirector | Grant | 24,367 | — |
| Apr 22, 2026 | Ainsworth Seandirector | Grant | 24,367 | — |
| Apr 22, 2026 | Rodgers Richard Jdirector | Grant | 24,367 | — |
| Apr 22, 2026 | MANUSO JAMES S Jdirector | Grant | 24,367 | — |
| Apr 22, 2026 | Graves Adrienne Ldirector | Grant | 24,367 | — |
| Apr 22, 2026 | Gallagher Camdirector | Grant | 24,367 | — |
| Mar 18, 2026 | Magrath Georgedirector, officer: Chief Executive Officer | Sell | 24,438 | $5.21 |
Source: IRD SEC Form 4 filings, latest May 20, 2026. For informational purposes only — not investment advice.
See the full IRD insider & 13F page →Opus Genetics, Inc. company profile
Overview
Opus Genetics, Inc. (NASDAQ:IRD) is a clinical-stage ophthalmic biopharmaceutical company founded in 2018 and headquartered in Farmington Hills, Michigan. Originally known as Ocuphire Pharma, Inc., the company went public in 2015 and focuses on developing innovative therapies for patients with refractive and retinal eye disorders. The company operates in the specialized field of ophthalmology, targeting unmet medical needs in eye care through both commercially available products and an active clinical development pipeline.
Business
Opus Genetics operates in the ophthalmic pharmaceutical industry, which develops drugs and treatments specifically for eye-related conditions. The company's business spans two primary therapeutic areas: refractive disorders (problems with how the eye focuses light) and retinal diseases (conditions affecting the light-sensitive tissue at the back of the eye). The company's flagship commercial product is Phentolamine Ophthalmic Solution, marketed for the reversal of mydriasis. Mydriasis is the medical term for pupil dilation, which commonly occurs during eye examinations when doctors use dilating drops to better examine the interior of the eye. Traditionally, patients had to wait several hours for their pupils to return to normal size naturally. Phentolamine provides a pharmaceutical solution to actively reverse this dilation, allowing patients to resume normal activities more quickly after eye exams. Beyond this commercial product, Opus Genetics maintains an active clinical development pipeline. The company is conducting Phase III clinical trials for presbyopia, an age-related condition where the eye gradually loses its ability to focus on nearby objects, and for dim light or night vision disturbances. The lead retinal product candidate is APX3330, a small-molecule inhibitor targeting a protein called reduction oxidation effector factor-1. This compound has completed Phase II clinical trials for diabetic retinopathy, a serious complication of diabetes that can lead to blindness. Additionally, the company has two preclinical candidates, APX2009 and APX2014, in development for various retinal indications. The company's revenue appears to be primarily generated from its commercial Phentolamine product, with research and development activities supported by this commercial foundation as the clinical-stage programs advance through regulatory approval processes.
Revenue model
Opus Genetics generates revenue primarily through product sales of its commercially available Phentolamine Ophthalmic Solution. The company sells this product to healthcare providers, eye care professionals, and potentially through pharmaceutical distributors who serve the ophthalmology market. Revenue has been variable, ranging from approximately $11 million in 2024 to nearly $40 million in 2022, suggesting the commercial product may face market adoption challenges or competitive pressures. The company's business model is typical of specialty pharmaceutical companies, where substantial upfront investment in research and development is required before products can generate meaningful revenue. The clinical-stage pipeline represents potential future revenue streams, but these require successful completion of expensive and time-consuming clinical trials, regulatory approval, and eventual commercialization. Several factors could significantly impact the company's margins and profitability. On the positive side, successful advancement of clinical trials, particularly the Phase III presbyopia studies, could dramatically expand the addressable market since presbyopia affects virtually everyone over age 40. Regulatory approvals for additional indications would provide new revenue streams without proportional increases in manufacturing costs. The specialized nature of ophthalmic pharmaceuticals also typically allows for premium pricing due to limited competition and high switching costs for healthcare providers. However, margin pressures could arise from several sources. The company faces substantial ongoing research and development expenses, which currently far exceed revenue. Clinical trial failures or delays would represent significant sunk costs while extending the timeline to potential revenue generation. The ophthalmic pharmaceutical market is increasingly competitive, with larger pharmaceutical companies and well-funded biotechnology firms developing competing treatments. Additionally, healthcare cost containment pressures and potential generic competition for existing products could compress pricing power over time.
Competitive moat
Opus Genetics operates in a moderately defensible but not particularly strong moat position. The company's primary competitive advantages stem from its specialized focus on ophthalmic pharmaceuticals and its established commercial presence with Phentolamine Ophthalmic Solution. The ophthalmology market tends to have high barriers to entry due to the specialized knowledge required for eye-related drug development, complex regulatory pathways, and the conservative nature of eye care professionals who are reluctant to switch established treatment protocols. The company's clinical pipeline, particularly APX3330 for diabetic retinopathy, addresses significant unmet medical needs in large patient populations. If successful, these programs could establish meaningful intellectual property protection and first-mover advantages in specific therapeutic niches. The regulatory approval process itself creates temporary moats, as competitors would need to conduct their own lengthy and expensive clinical trials to enter the same markets. However, the company's moat is not particularly deep or durable. The biotechnology and pharmaceutical industries are characterized by rapid innovation, and larger competitors with substantially greater resources could potentially develop superior treatments or acquire promising smaller companies. The company's relatively small size and limited financial resources compared to major pharmaceutical companies make it vulnerable to being outcompeted or potentially becoming an acquisition target. Additionally, the company's dependence on a limited number of products and clinical programs creates concentration risk, where failure of key development programs could significantly impair competitive positioning. The most significant competitive threats likely come from well-funded biotechnology companies and major pharmaceutical firms with established ophthalmology divisions. These competitors may have superior resources for clinical development, broader product portfolios to cross-sell, and stronger relationships with key opinion leaders in the ophthalmology community.
Risks & safety
The company presents moderate financial risk with mixed safety indicators. Overall assessment suggests adequate near-term liquidity but concerning profitability trends and high cash burn rates. • Cash and Liquidity: Strong cash position of $30.3 million as of Q4 2024, with current ratio of 3.24 indicating solid short-term liquidity coverage • Debt Level: Zero debt-to-equity ratio provides financial flexibility and eliminates immediate solvency concerns • Cash Burn: High negative operating cash flow of $25.6 million in 2024, suggesting approximately 1.2 years of cash runway at current burn rates • Profitability: Significant net losses of $57.5 million in 2024 versus $10.0 million in 2023, indicating deteriorating operational performance • Valuation Metrics: Trading at 4.7x book value with negative earnings ratios, suggesting potential overvaluation relative to fundamentals • Revenue Volatility: Declining revenue trend from $39.8 million in 2022 to $11.0 million in 2024 raises concerns about commercial execution • Clinical Risk: Heavy dependence on clinical trial outcomes creates binary risk scenarios that could significantly impact valuation
Recent development
Based on the available financial data, Opus Genetics has experienced significant operational challenges over the past few years. The company's revenue has declined substantially from $39.8 million in 2022 to $11.0 million in 2024, while simultaneously experiencing a dramatic increase in net losses from a profit of $17.9 million in 2022 to losses of $57.5 million in 2024. This suggests the company may have faced commercial difficulties with its Phentolamine product or increased investment in clinical development activities. The company appears to have maintained its focus on advancing its clinical pipeline, particularly the Phase III trials for presbyopia treatment and the development of APX3330 for diabetic retinopathy. The substantial increase in cash burn from $1.1 million in 2023 to $25.6 million in 2024 likely reflects increased clinical trial activities and research and development investments. The company's balance sheet has remained relatively strong with no debt financing, suggesting management has been conservative in its capital structure approach. However, the rapid cash consumption rate indicates the company will likely need to secure additional funding through equity raises, partnerships, or other financing mechanisms to continue operations and complete its clinical programs. Without access to recent earnings call transcripts, specific strategic initiatives and management commentary on operational pivots are not available, but the financial trends suggest a company in transition, likely prioritizing clinical development over near-term commercial optimization.
IRD company profile · for informational purposes only — not investment advice.
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