Revenue: As of FY2026 Q2, the actual value is USD 755 K, missing the estimate of USD 2.566 M.

EPS: As of FY2026 Q2, the actual value is USD -0.14, beating the estimate of USD -0.1567.

EBIT: As of FY2026 Q2, the actual value is USD -7.567 M.

Financial Results for the Second Quarter Ended June 30, 2026

Cash Position

As of June 30, 2026, Opus Genetics, Inc. had cash and cash equivalents of $88.8 million, an increase from $45.1 million as of December 31, 2025. The company also reported $0.1 million in restricted cash as of June 30, 2026.

License and Collaborations Revenue

For the second quarter ended June 30, 2026, license and collaborations revenue totaled $0.8 million, a decrease from $2.9 million for the same period in 2025. For the six months ended June 30, 2026, this revenue was $2.9 million, down from $7.3 million in the prior year period. Revenue in both periods was primarily from reimbursement of research and development (R&D) services in collaboration with Viatris, Inc.

Research and Development (R&D) Expenses

R&D expenses were $11.2 million for the second quarter of 2026, compared to $6.0 million for the same period in 2025. For the six months ended June 30, 2026, R&D expenses increased to $21.8 million from $14.0 million in 2025. R&D expenses included $0.4 million in stock-based compensation for Q2 2026, up from $0.3 million in Q2 2025.

General and Administrative (G&A) Expenses

G&A expenses for the second quarter of 2026 were $6.0 million, slightly up from $5.8 million in the same period of 2025. For the six months ended June 30, 2026, G&A expenses were $12.0 million, compared to $12.1 million in the prior year period. G&A expenses included $1.0 million in stock-based compensation for Q2 2026, compared to $0.6 million for Q2 2025.

Net Loss

Opus Genetics, Inc. reported a net loss of - $8.1 million for the second quarter of 2026, compared to a net loss of - $7.4 million for the same period in 2025. The net loss for the six months ended June 30, 2026, was - $73.6 million, significantly higher than the - $15.6 million loss in the prior year period.

Other Key Financials

Loss from operations for Q2 2026 was - $16.5 million, compared to - $8.9 million for Q2 2025. For the six months, loss from operations was - $30.8 million in 2026 versus - $18.8 million in 2025. Fair value change in instruments measured at fair value was $7.2 million for Q2 2026, compared to $0.9 million for Q2 2025. For the six months, this change was - $44.2 million in 2026 versus $3.7 million in 2025. Financing costs for Q2 2026 were - $0.5 million, compared to $0.0 million for Q2 2025. For the six months, these costs were - $1.1 million in 2026 versus - $1.3 million in 2025. Other income, net, was $1.7 million for Q2 2026, up from $0.5 million for Q2 2025. For the six months, other income, net, was $2.5 million in 2026 versus $0.8 million in 2025.

Operational Metrics (Pipeline Updates)

• OPGx-BEST1: Enrollment for Cohort 1 of the Phase ¹⁄₂ trial (BIRD-1) is complete, with 3-month topline data expected in the second week of September 2026.
• OPGx-LCA5: Alignment with the U.S. Food and Drug Administration (FDA) on the registrational Phase 3 clinical trial design has been achieved, enrollment is complete, and participant dosing is expected to begin in the fourth quarter of 2026, with topline data anticipated by the end of 2027.
• OPGx-RDH12: This program is expected to enter the clinic in the fourth quarter of 2026 and is partially funded through a partnership with the RDH12 Alliance.
• OPGx-MERTK: Clinical testing for this program is expected to initiate at the Cleveland Clinic Abu Dhabi in the first quarter of 2027.
• OPGx-RHO: Following preclinical data presentations, clinical testing is expected to initiate globally in the second half of 2027.

Outlook / Guidance

Opus Genetics, Inc. anticipates its aggregate cash resources will fund operations into 2029, supported by current cash and potential future fundings under a note purchase agreement. This cash runway is expected to support multiple clinical inflection points, opportunities for Priority Review Vouchers, and potential product approvals. The company expects OPGx-BEST1 Cohort 1 clinical data in September 2026 and four additional clinical readouts in 2027.