IRD (Opus Genetics Inc.) stock: $5.18, $431.0M market cap, $88.8M cash, $377.5M EV, $680.8M fully diluted market cap. Next expected readout: Jun-28. Lead program: AAV8.hLCA5 (LCA5), Phase 2. Data from Fully Diluted's biotech stocks database.
Balance sheet
| Cash | $88.8M |
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| Debt | $35.3M |
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| Net cash | $53.5M |
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| Enterprise value | $377.5M |
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| Basic shares | 82.6M shares |
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| Fully diluted shares | 131.4M shares |
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| Fully diluted market cap | $680.8M |
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| Cash per share | $1.08 |
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Cash figures as of 2026-06-30. Database snapshot: 2026-09-21.
Price history
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Upcoming catalysts
| Expected | Drug | Phase | Indication | Mgmt guide |
|---|
| Jul 27 - Sep 7 | AAV8.hLCA5 | Phase 2 | LCA5 | — |
| Jan 12 - Feb 23 | OPGx-RDH12 | Phase 2 | Leber Congenital Amaurosis; Leber Congenital Amaurosis (LCA) | — |
Estimated readout windows: registry primary-completion date + 6-12 weeks. Windows already open are shown from "Now". Drug names link to ClinicalTrials.gov.
Full readout calendar →
Pipeline assets
OPGx-LCA5
Stage not disclosed · Active Modality: gene therapy
Target LCA5
Partnerships University of Pennsylvania (LCA5/RDH12 license agreement)
Indications- Leber congenital amaurosis (LCA5 mutations) (Stage not disclosed)
Catalysts- — on or prior to March 31, 2028
Status note AAV-based gene therapy evaluated for treatment of LCA caused by LCA5 gene mutations; note financing tranches tied to FDA application acceptance and approval milestones.
OPGx-BEST1
Stage not disclosed · Active Modality: gene therapy
Target BEST1
Partnerships Iveric Bio (asset purchase; BEST1/RHO licenses from Penn/University of Florida)
Indications- Retinal diseases (BEST1 mutations) (Stage not disclosed)
Status note AAV-based gene therapy evaluated for retinal diseases associated with BEST1 mutations (DUO-1001 trial referenced).
Phentolamine Ophthalmic Solution 0.75%
Approved · Active Modality: small molecule
Aliases RYZUMVI
Target adrenergic receptors (alpha-1, alpha-2)
Partnerships Viatris (exclusive license to develop/manufacture/commercialize the refractive product candidate)
Indications- Pharmacologically induced mydriasis (Approved)
- Presbyopia (Stage not disclosed)
- Decreased vision under mesopic conditions after keratorefractive surgery (Stage not disclosed)
Status note FDA-approved and commercially launched (Apr 2024) as RYZUMVI for pharmacologically induced mydriasis; also in development for presbyopia and low-light visual disturbances after keratorefractive surgery.
OPGx-RDH12
Preclinical · Active Modality: gene therapy
Target RDH12
Partnerships University of Pennsylvania (LCA5/RDH12 license agreement)
Indications- Leber Congenital Amaurosis (Phase 2)
- Leber Congenital Amaurosis (LCA) (Phase 2)
Status note Preclinical; co-funded by Foundation Fighting Blindness and NIH. RDH12-associated early-onset retinal disease.
OPGx-MERTK
Preclinical · Active Modality: gene therapy
Target MERTK
Partnerships Foundation Fighting Blindness Retinal Degeneration Fund (Jun 2025 funding agreement, up to $2M non-dilutive)
Indications- Retinitis pigmentosa (MERTK variants) (Stage not disclosed)
Status note Preclinical; co-funded by Global RDH12 Alliance. MERTK-related autosomal recessive retinal dystrophy.
OPGx-RHO
Preclinical · Active Modality: gene therapy
Target RHO
Partnerships Iveric Bio (asset purchase; RHO license from Penn/University of Florida)
Indications- not disclosed (Stage not disclosed)
Status note Preclinical. RHO encodes rhodopsin; autosomal dominant retinitis pigmentosa program.
OPGx-CNGB1
Preclinical · Active Modality: gene therapy
Target CNGB1
Indications- not disclosed (Stage not disclosed)
Status note Preclinical. CNGB1-related autosomal recessive retinitis pigmentosa.
OPGx-NMNAT1
Preclinical · Active Modality: gene therapy
Target NMNAT1
Partnerships Massachusetts Eye and Ear Infirmary (Nov 2021 license for NMNAT1 program)
Indications- Retinal disease (Stage not disclosed)
Status note Preclinical. NMNAT1 enzyme for NAD+ regeneration; clinical development activities expected at Cleveland Clinic Abu Dhabi in 2026.
Per-asset detail extracted from the 10-Q filed 2026-08-06. Fields the filing does not state are marked "not disclosed" rather than filled from other sources.