Here are 1-2 brief analogies to describe Opus Genetics:

• Imagine a smaller version of Regeneron, specifically focused on developing and commercializing innovative treatments for various eye disorders.
• Think of it as the ophthalmology drug development division of a large pharmaceutical company such as Novartis or AbbVie, but as an independent, clinical-stage biotech company.

• Phentolamine Ophthalamine Solution: A therapy currently offered for the reversal of mydriasis, and is in Phase III clinical trials for treating presbyopia and dim light or night vision disturbances.
• APX3330: A small-molecule inhibitor that has completed Phase II clinical trials for the treatment of diabetic retinopathy.
• APX2009 and APX2014: Preclinical product candidates being developed for various retina indications.

George Magrath, MD, MBA, MS Chief Executive Officer

Dr. Magrath, a board-certified ophthalmologist, was appointed Chief Executive Officer of Opus Genetics in November 2023. He previously served as Chief Executive Officer of Lexitas Pharma Services, Inc., an ophthalmology contract research organization, where he led the company through significant growth and an acquisition and integration process with private equity firm QHP Capital. Prior to that, he was Medical Director at Hovione Pharmaceuticals, LLC. Dr. Magrath also continues to perform surgery on patients with rare or complex eye conditions.

Rob Gagnon, CPA, MBA Chief Financial Officer

Mr. Gagnon was appointed Chief Financial Officer of Opus Genetics in September 2025. He brings over two decades of financial and operational leadership experience in public and private companies, having raised over $2 billion in capital and executed multiple strategic transactions. Before joining Opus, he served as Chief Financial Officer at Remix Therapeutics, overseeing finance, strategic financing, fundraising, and IPO preparation. He also held roles as Chief Financial Officer and Chief Business Officer at Verastem Oncology and senior finance leadership positions at Harvard Bioscience, Clean Harbors, and Biogen. Mr. Gagnon began his career in audit and advisory services at Deloitte and PricewaterhouseCoopers.

Benjamin Yerxa, PhD President

Dr. Yerxa serves as the President of Opus Genetics, a role he assumed in October 2024. He was previously the Chief Executive Officer of Opus Genetics (the original gene therapy company) before its merger with Ocuphire.

Ash Jayagopal, PhD, MBA Chief Scientific and Development Officer

Dr. Jayagopal was appointed Chief Scientific and Development Officer in February 2024. He is a bioengineer with over 15 years of experience leading multidisciplinary research teams focused on therapeutic research and development, drug delivery platforms, and biomarkers for retinal diseases in both industry and academia.

Joseph K. Schachle, MBA Chief Operating Officer

Mr. Schachle was appointed Chief Operating Officer in November 2023. He brings over 30 years of experience in the biotech and pharma industries, with expertise spanning corporate and commercial operations, sales, and marketing. Prior to this, he was the Chief Operating Officer of Opus Genetics (the original gene therapy company).

The key risks for Opus Genetics (symbol: IRD) primarily stem from the inherent challenges of operating as a clinical-stage biopharmaceutical company focused on developing novel therapies for eye disorders.

1. Clinical Trial and Regulatory Failure

   Opus Genetics' pipeline, which includes Phentolamine Ophthalmic Solution in Phase III trials for presbyopia and dim light vision disturbances, APX3330 in Phase II for diabetic retinopathy, and several preclinical and Phase 1/2 gene therapy candidates for inherited retinal diseases (IRDs), faces significant clinical trial and regulatory risks. There is an inherent uncertainty that ongoing and future clinical trials will successfully demonstrate the safety and efficacy required for regulatory approval. Regulatory bodies like the FDA could demand additional trials, leading to considerable delays or even rejection of product candidates, which would severely impact the company's ability to commercialize its therapies and generate revenue.

2. Need for Additional Capital and Financial Instability

   As a clinical-stage company with no currently marketed commercial products generating substantial revenue, Opus Genetics consistently incurs significant operational costs, particularly in research and development. The company has reported a negative net margin and a net loss, indicating a substantial cash burn. While Opus Genetics recently secured funding to extend its cash runway into 2028, the long and expensive process of drug development means there will be an ongoing need for substantial additional financing to advance its pipeline to commercialization. Financial health indicators, such as an Altman Z-Score of -5.23, suggest a potential risk of financial instability. The inability to secure sufficient future funding on favorable terms could impede the development of its product candidates.

3. Intense Competition and Commercialization Challenges

   The ophthalmic biopharmaceutical market is highly competitive, with numerous companies, including larger pharmaceutical firms with extensive resources and global reach, developing treatments for similar indications, particularly in areas like presbyopia. Even if Opus Genetics' product candidates successfully navigate clinical trials and receive regulatory approval, there is a risk that they may not achieve significant market adoption due to competition, or face challenges in securing adequate reimbursement from government and private payers. Opus Genetics' strategy of focusing on a niche in inherited retinal diseases, while allowing for deep expertise, also means its success is heavily reliant on a small number of drug candidates, and a setback in any one program could have a disproportionate impact on the company.

For Opus Genetics (symbol: IRD), the addressable markets for their main products or services are as follows:

• Phentolamine Ophthalmic Solution:

  • Reversal of Mydriasis: The market size was valued at USD 641.5 million in 2024 for the 7 major markets (United States, Germany, France, United Kingdom, Italy, Spain, and Japan).
  • Presbyopia: The market size was approximately USD 17,000 million (USD 17 billion) in 2023 for the 7MM (United States, EU4 countries (Germany, France, Italy, and Spain), United Kingdom, and Japan).
  • Dim Light or Night Vision Disturbances: The market size was valued at USD 3,216 million in 2023 across the 7MM (United States, EU4 countries (Germany, France, Italy, and Spain), United Kingdom, and Japan).

• APX3330:

  • Diabetic Retinopathy: The global market size for diabetic retinopathy treatment was valued at USD 10.29 billion in 2025.

Opus Genetics (NASDAQ: IRD) is anticipated to drive future revenue growth over the next 2-3 years through several key initiatives, primarily focusing on expanding its commercial product offerings and advancing its robust pipeline.

The expected drivers include:

1. Expansion of Phentolamine Ophthalmic Solution (RYZUMVI) Indications: The company's Phentolamine Ophthalmic Solution, already approved for the reversal of pharmacologically induced mydriasis, is a significant near-term revenue driver. An FDA PDUFA decision for presbyopia is anticipated by October 17, 2026, which, if positive, would expand the market for this product. Additionally, topline results from the LYNX-3 Phase 3 trial for dim light or night vision disturbances are expected in the first half of 2026. Successful outcomes from this trial could further broaden the product's market reach and contribute to increased sales.

2. Advancement and Potential Commercialization of Gene Therapy Programs: Opus Genetics is progressing a gene therapy pipeline for inherited retinal diseases (IRDs). Its OPGx-BEST1 program has shown promising early safety and initial efficacy data, with a mid-2026 data readout expected to be a significant catalyst. The OPGx-LCA5 program is also advancing, with pivotal dosing anticipated in the second half of 2026. These programs, if successful, could lead to regulatory approvals and subsequent commercialization, or lucrative partnership opportunities, within the 2-3 year timeframe, significantly boosting revenue. The company also benefits from the U.S. Rare Pediatric Disease Priority Review Voucher program, enhancing its strategic initiatives in rare gene therapy development.

3. Strategic Partnership and Commercialization of APX3330 for Diabetic Retinopathy: Opus Genetics has reached an agreement with the FDA on a Special Protocol Assessment (SPA) for a Phase 3 clinical trial of APX3330 for moderate to severe non-proliferative diabetic retinopathy. The company intends to seek a strategic partner to further advance the late-stage development and commercialization of APX3330. A successful partnership could provide upfront payments, milestone payments, and future royalties, contributing to revenue growth.

4. Growth in Existing License and Collaboration Revenue: The company's existing license and collaboration revenue, which reached $14.2 million in 2025, up from $11.0 million in 2024, is primarily driven by its partnership with Viatris for RYZUMVI. As additional indications for Phentolamine Ophthalmic Solution are approved and commercialized, the collaboration revenue from this partnership is expected to grow further, contributing to the overall top line.

Share Issuance

• In February 2026, Opus Genetics completed a private placement of 7,374,632 shares of Series B Non-Voting Convertible Preferred Stock at $3.39 per share, raising approximately $25.0 million. These proceeds are intended to advance gene therapy clinical programs and for general corporate purposes.
• In November 2025, Opus Genetics (formerly Ocuphire Pharma) conducted a registered direct offering, generating gross proceeds of approximately $23.0 million. The funds were allocated to advance its OPGx-LCA5 and OPGx-BEST1 gene therapy programs, as well as for working capital and general corporate purposes.
• As part of the October 2024 acquisition of Opus Genetics by Ocuphire Pharma (which then became Opus Genetics), Ocuphire issued 5.2 million shares of its common stock and 14.1 thousand shares of convertible preferred stock to the former Opus Genetics stockholders.

Inbound Investments

• Opus Genetics secured up to $2 million in non-dilutive funding from the Retinal Degeneration Fund (RD Fund) in June 2025 to support the preclinical development of its OPGx-MERTK program.

Outbound Investments

• In October 2024, Ocuphire Pharma acquired Opus Genetics in an all-stock transaction. This acquisition resulted in the combined entity being renamed Opus Genetics, Inc. and focusing on gene therapies for inherited retinal diseases.

Capital Expenditures

• Research and development (R&D) expenses increased, with an estimated $10.4 million in Q4 2025, driven by the advancement of the company's gene therapy pipeline.
• Proceeds from recent financings in 2025 and 2026 are primarily directed towards advancing gene therapy clinical programs and general corporate purposes, indicating a significant allocation to R&D for pipeline development.