Opus Genetics, Inc.
IRD · Pharmaceutical Preparations · 81.4M shares · +55%/yr ↑ dilution · EDGAR filings ↗
Net buyback after stock comp: -$3M (gross $28K, SBC $3M)
Reference price $4.35 · est. market cap ~$354M — last insider sale, 2026-05-18 (estimated from the dated SEC Form 4 price × shares outstanding — not a live quote)
Grade
D44Clinical/early-stage biotech — gene-therapy biotech, deep losses, funded.
Strengths
- Liquidity — current ratio 6.4 (66th)
Risks
- Pre-revenue, deep losses — per metrics
- Pre-revenue/clinical-stage — history of losses & need for capital per risk factors
- Binary clinical & funding risk — per 10-K
Notable findings
- Exec changeRecent 8-K item 5.02 8-K ↗
- Net lossNet loss (net margin -349.3%)
- Fund exitedNotable fund(s) exited this quarter: VANGUARD GROUP INC
- Chronic dilutionShare count +55%/yr over 4y (dilution, book value/share -88%)
- Notable holderHeld by 5 notable fund(s): GOLDMAN SACHS GROUP INC, STATE STREET CORP, CITADEL ADVISORS LLC +2 more (as of 2026-03-31)
- AccumulatingInstitutional holders rose 5→6 QoQ (2025-12-31→2026-03-31)
- New fund positionNotable fund(s) opened this quarter: FMR LLC, GOLDMAN SACHS GROUP INC
- Insider sellingInsider selling — 11 open-market sale(s) by 7 insider(s) (cluster of 7 insiders, ~$8M, last 6mo) Form 4 ↗
- Revenue declineRevenue -44.2% YoY
- Pending merger” (“Private Opus”) pursuant to the terms of an Agreement and Plan of Merger, dated as of October 22, 2024 (such agreement, the “Merger Agreement” and the transaction consummated via the Merger Agreem
Quarterly revenue
Last 4 quarters · from SEC filings.
Key metrics
Operating margin
-271.9%
Net margin
-349.3%
Return on equity
-323.1%
Return on assets
-98.7%
ROIC
-185.1%
Revenue growth (QoQ)
-44.2%
Debt / equity
0.1×
Current ratio
6.4×
Tangible book value
$15M
Cash & investments
$45M
Stock comp / revenue
23.9%
Insider transactions · last 18 months
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| 2026-05-18 | Foundation Fighting Blindness Retinal Degeneration Fund | Sell | 1.7M | $4.35 |
| 2026-04-23 | SCHACHLE JOSEPH K | Sell | 4.7K | $5.22 |
| 2026-04-23 | Zaremba Rabourn Amy | Sell | 1.6K | $5.20 |
| 2026-04-23 | Magrath George | Sell | 9.5K | $5.22 |
| 2026-04-23 | Jayagopal Ashwath | Sell | 7.5K | $5.19 |
| 2026-04-23 | Gagnon Robert E. | Sell | 7.8K | $5.18 |
| 2026-04-23 | YERXA BENJAMIN R | Sell | 7.5K | $5.24 |
| 2026-04-20 | Rodgers Richard J | Grant | 24K | — |
| 2026-04-20 | MANUSO JAMES S J | Grant | 24K | — |
| 2026-04-20 | Graves Adrienne L | Grant | 24K | — |
| 2026-04-20 | Gallagher Cam | Grant | 24K | — |
| 2026-04-20 | Benton Susan | Grant | 24K | — |
| 2026-04-20 | Bennett Jean | Grant | 24K | — |
| 2026-04-20 | Ainsworth Sean | Grant | 24K | — |
| 2026-03-16 | SCHACHLE JOSEPH K | Sell | 3.7K | $5.25 |
| 2026-03-16 | Zaremba Rabourn Amy | Sell | 2.8K | $5.25 |
| 2026-03-16 | Magrath George | Sell | 24K | $5.21 |
| 2026-03-16 | Jayagopal Ashwath | Sell | 3.7K | $5.12 |
| 2026-02-12 | Jayagopal Ashwath | Tax withheld | 5.3K | $3.39 |
| 2026-01-22 | YERXA BENJAMIN R | Grant | 400K | — |
| 2026-01-22 | SCHACHLE JOSEPH K | Grant | 250K | — |
| 2026-01-22 | Zaremba Rabourn Amy | Grant | 86K | — |
| 2026-01-22 | Magrath George | Grant | 484K | — |
| 2026-01-22 | Jayagopal Ashwath | Grant | 400K | — |
| 2026-01-22 | Gagnon Robert E. | Grant | 400K | — |
| 2026-01-18 | Zaremba Rabourn Amy | Tax withheld | 3.4K | $2.10 |
| 2026-01-10 | Zaremba Rabourn Amy | Tax withheld | 4.0K | $1.93 |
| 2026-01-06 | Gallagher Cam | Grant | 67K | — |
| 2026-01-01 | MANUSO JAMES S J | Grant | 31K | — |
| 2026-01-01 | Graves Adrienne L | Grant | 24K | — |
| 2026-01-01 | Bennett Jean | Grant | 21K | — |
| 2026-01-01 | Ainsworth Sean | Grant | 43K | — |
| 2025-12-31 | Gallagher Cam | Grant | 33K | — |
| 2025-12-29 | Gallagher Cam | Buy | 81K | $1.98 |
| 2025-12-29 | Gallagher Cam | Buy | 83K | $1.97 |
| 2025-12-09 | Foundation Fighting Blindness Retinal Degeneration Fund | Sell | 4.0M | $2.15 |
| 2025-11-01 | Magrath George | Tax withheld | 30K | $2.30 |
| 2025-11-01 | Magrath George | Tax withheld | 30K | $2.30 |
| 2025-10-22 | YERXA BENJAMIN R | Tax withheld | 24K | $1.95 |
| 2025-09-10 | Gagnon Robert E. | Grant | 200K | — |
| 2025-08-25 | Gallagher Cam | Grant | 870K | $1.15 |
| 2025-08-25 | Ainsworth Sean | Grant | 87K | $1.15 |
| 2025-05-05 | Foundation Fighting Blindness Retinal Degeneration Fund | Conversion | 6.9M | — |
| 2025-04-30 | Rodgers Richard J | Grant | 80K | — |
| 2025-04-30 | MANUSO JAMES S J | Grant | 80K | — |
| 2025-04-30 | Graves Adrienne L | Grant | 80K | — |
| 2025-04-30 | Gallagher Cam | Grant | 80K | — |
| 2025-04-30 | Benton Susan | Grant | 80K | — |
| 2025-04-30 | Bennett Jean | Grant | 80K | — |
| 2025-04-30 | Ainsworth Sean | Grant | 80K | — |
| 2025-03-24 | Magrath George | Grant | 392K | — |
| 2025-03-24 | Gallagher Cam | Grant | 784K | — |
| 2025-03-13 | SCHACHLE JOSEPH K | Grant | 52K | — |
| 2025-03-13 | Zaremba Rabourn Amy | Grant | 40K | — |
| 2025-03-13 | Magrath George | Grant | 331K | — |
| 2025-03-13 | Jhaveri Nirav S. | Grant | 52K | — |
| 2025-03-13 | Jayagopal Ashwath | Grant | 52K | — |
| 2025-03-13 | Hoffmann Bernhard | Grant | 30K | — |
| 2025-02-13 | Jhaveri Nirav S. | Tax withheld | 8.2K | $1.15 |
| 2025-02-13 | Jayagopal Ashwath | Tax withheld | 5.2K | $1.15 |
| 2025-02-04 | Zaremba Rabourn Amy | Tax withheld | 8.2K | $1.14 |
| 2025-02-04 | Hoffmann Bernhard | Tax withheld | 6.8K | $1.14 |
| 2025-01-02 | MANUSO JAMES S J | Grant | 50K | — |
| 2025-01-02 | Bennett Jean | Grant | 34K | — |
All non-derivative Form 4 activity (SEC), newest first.
Clinical trials
| Trial | Title | Phase | Status | Primary completion |
|---|---|---|---|---|
| NCT07185256 ↗ | Safety and Tolerability of Subretinally Injected OPGx-BEST1 in Patients With Best Vitelliform Macular Dystrophy (BVMD) or Autosomal-Recessive Bestrophinopathy (ARB) ARB, BVMD | PHASE1/PHASE2 | Recruiting | 2030-08-01 |
| NCT05616793 ↗ | Safety and Tolerability Subretinal OPGx-001 for LCA5-Associated Inherited Retinal Degeneration (LCA5-IRD) and Non-interventional Arm With Untreated Patients LCA5 | PHASE1/PHASE2 | Recruiting | 2028-06-15 |
Source: ClinicalTrials.gov (U.S. NIH) · active studies first.
Notable events (8-K)
| Date | Items | |
|---|---|---|
| 2026-06-16 | Reg FDExhibits | filing ↗ |
| 2026-06-16 | Reg FDExhibits | filing ↗ |
| 2026-05-12 | ResultsExhibits | filing ↗ |
| 2026-04-24 | Debt obligation | filing ↗ |
| 2026-04-22 | Shareholder vote | filing ↗ |
| 2026-04-07 | Exec/director changeExhibits | filing ↗ |
| 2026-04-07 | Material agreement3.02Reg FDExhibits | filing ↗ |
| 2026-03-10 | ResultsExhibits | filing ↗ |
Recent filings
| Form | Filed | Period | Accession |
|---|---|---|---|
| 8-K | 2026-06-16 | 2026-06-16 | 0001140361-26-025440 ↗ |
| 8-K | 2026-06-16 | 2026-06-16 | 0001140361-26-025363 ↗ |
| 8-K | 2026-05-12 | 2026-05-12 | 0001628280-26-033856 ↗ |
| 10-Q | 2026-05-12 | 2026-03-31 | 0001628280-26-034084 ↗ |
| 8-K | 2026-04-24 | 2026-04-21 | 0001140361-26-016764 ↗ |
| 8-K | 2026-04-22 | 2026-04-20 | 0001140361-26-015990 ↗ |
| 8-K | 2026-04-07 | 2026-04-01 | 0001140361-26-013481 ↗ |
| 8-K | 2026-04-07 | 2026-04-02 | 0001140361-26-013394 ↗ |
| 10-K | 2026-03-12 | 2025-12-31 | 0001140361-26-009247 ↗ |
| 8-K | 2026-03-10 | 2026-03-10 | 0001140361-26-008621 ↗ |
| 8-K | 2026-02-19 | 2026-02-13 | 0001140361-26-006176 ↗ |
| 8-K | 2026-01-12 | 2026-01-12 | 0001140361-26-000913 ↗ |