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Opus Genetics, Inc.(IRD) - 2024 Q3 - Quarterly Results
IRDOpus Genetics, Inc.(IRD)2024-11-12 13:23

Financial Performance - Net loss for the quarter ended September 30, 2024, was 7.5million,or7.5 million, or (0.29) per basic and diluted share, compared to net income of 5.6million,or5.6 million, or 0.26 per share, in Q3 2023[13]. - Net loss for September 2024 was 7,526,000,comparedtoanetincomeof7,526,000, compared to a net income of 5,561,000 in September 2023[24]. - Basic net loss per share for September 2024 was 0.29,comparedtoearningsof0.29, compared to earnings of 0.26 per share in September 2023[24]. - The accumulated deficit increased to (103,863,000)asofSeptember30,2024,comparedto(103,863,000) as of September 30, 2024, compared to (81,466,000) at the end of December 2023[23]. Revenue and Expenses - License and collaborations revenue for the three months ended September 30, 2024, was 3.9million,adecreasefrom3.9 million, a decrease from 11.9 million in the same period of 2023, primarily due to a one-time 10millionmilestonein2023[9].−LicenseandcollaborationsrevenueforSeptember2024was10 million milestone in 2023[9]. - License and collaborations revenue for September 2024 was 3,867,000, a decrease of 67.7% compared to 11,935,000inSeptember2023[24].−Totaloperatingexpensesincreasedto11,935,000 in September 2023[24]. - Total operating expenses increased to 11,876,000 in September 2024, up 114.5% from 5,549,000inSeptember2023[24].−GeneralandadministrativeexpensesforthethreemonthsendedSeptember30,2024,were5,549,000 in September 2023[24]. - General and administrative expenses for the three months ended September 30, 2024, were 2.9 million, up from 2.1millioninthesameperiodof2023[11].−ResearchanddevelopmentexpensesforthethreemonthsendedSeptember30,2024,were2.1 million in the same period of 2023[11]. - Research and development expenses for the three months ended September 30, 2024, were 9.0 million, compared to 3.5 million for the same period in 2023, reflecting increased clinical costs and other R&D activities[12]. - Research and development expenses rose to 8,982,000 in September 2024, a significant increase of 157.5% from 3,494,000inSeptember2023[24].AssetsandLiabilities−TotalliabilitiesasofSeptember30,2024,were3,494,000 in September 2023[24]. Assets and Liabilities - Total liabilities as of September 30, 2024, were 6,089,000, an increase of 50.5% from 4,042,000attheendofDecember2023[22].−Totalcurrentliabilitiesincreasedto4,042,000 at the end of December 2023[22]. - Total current liabilities increased to 6,089,000 as of September 30, 2024, compared to 4,042,000attheendofDecember2023[22].−Totalstockholders′equitydecreasedto4,042,000 at the end of December 2023[22]. - Total stockholders' equity decreased to 34,300,000 as of September 30, 2024, down 31.2% from $49,906,000 at the end of December 2023[23]. Corporate Developments - The acquisition of Opus Genetics was completed on October 22, 2024, with the issuance of 5,237,063 shares of common stock and 14,145.374 shares of Series A Preferred Stock[3]. - The combined company has an expanded pipeline that includes seven assets from the AAV-based gene therapy portfolio[4]. - The company anticipates filing a Clinical Trial Authorization for OPGx-BEST1 in Germany in 2025[6]. - Four clinical data readouts are expected in 2025, including Phase 3 studies for Phentolamine Ophthalmic Solution 0.75%[2]. Clinical Trials - The most advanced gene therapy candidate, OPGx-LCA5, has shown visual improvement in three out of three adult patients in a Phase 1/2 trial, with pediatric enrollment expected in Q1 2025[5].