Opus Genetics reported a third‑quarter 2025 net loss of $17.5 million, or $‑0.25 per share, a sharp decline from the $7.5 million loss ($‑0.29 per share) recorded in the same quarter a year earlier. The company’s earnings miss was driven by a $0.12‑point shortfall relative to the consensus estimate of $‑0.13, underscoring the continued cost intensity of its gene‑therapy development program.
Revenue from license and collaboration agreements fell to $3.1 million, down 20.4% from $3.9 million in Q3 2024. The decline was largely attributable to a reduction in research and development services earned from the Phentolamine Ophthalmic Solution partnership with Viatris, which had been a significant contributor to the prior year’s revenue. The company’s revenue estimate of $2.77 million was below the actual figure, but the $3.1 million result was still slightly above the higher $3.08 million estimate reported by other analysts, indicating modest upside in the collaboration income.
Research and development expenses dropped to $6.4 million from $9.0 million in Q3 2024, reflecting lower clinical and manufacturing costs for APX 3330 and the PS program. However, the company increased its general and administrative spend to $5.0 million from $2.9 million, driven by higher legal and patent‑related costs, payroll, and professional service fees associated with its expanding gene‑therapy portfolio. The net effect was a $2.6 million reduction in R&D spend, partially offset by the G&A increase.
Cash and cash equivalents stood at $30.8 million as of September 30, 2025. A registered direct offering of equity securities raised approximately $23.0 million, extending Opus Genetics’ operating runway into the second half of 2027. The infusion comes after the company’s October 2024 acquisition by Ocuphire Pharma, which has broadened its focus on inherited retinal disease gene therapies and provided additional capital resources.
The company highlighted continued progress in its pipeline. Recruitment for the OPGx‑BEST1 Phase 1/2 trial is underway, and the OPGx‑LCA5 program has delivered encouraging visual‑improvement data, following a successful FDA RMAT meeting that could accelerate regulatory review. Non‑dilutive funding for the OPGx‑MERTK and OPGx‑RDH12 programs has also helped extend the cash runway. While the earnings miss reflects the high cost of clinical development, the extended runway and pipeline momentum position Opus Genetics to pursue regulatory milestones and potential commercial opportunities in the coming years.
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