Opus Genetics Extends Cash Runway to 2029; Advances Gene Therapy Pipeline
Opus Genetics announced a strategic financing agreement with Oberland Capital Management, securing $35 million in senior secured notes and a $5 million equity investment, extending its cash runway into 2029. The company provided a corporate update highlighting significant progress in its gene therapy pipeline, including upcoming data readouts for OPGx-BEST1 in September 2026 and the advancement of OPGx-LCA5 into pivotal Phase 3 trial recruitment. Additionally, earlier-stage programs (RDH12, MERTK, RHO) are expected to enter clinical testing within the next 12 months. For Q1 2026, the company reported a net loss of $65.5 million, significantly higher than the $8.2 million loss in Q1 2025, primarily due to a non-cash expense from warrant liabilities and increased R&D expenses.
Key Highlights
- Secured $35M senior secured notes and $5M equity investment from Oberland Capital.
- Cash and equivalents $60M (March 31, 2026), increasing to $90M post-financing.
- Cash runway extended into 2029, supporting multiple clinical milestones.
- OPGx-BEST1 Cohort 1 topline data expected in September 2026.
- OPGx-LCA5 accepted into FDA's RDEP program; pivotal Phase 3 trial recruitment ongoing.
- RDH12, MERTK, RHO programs to enter clinic in next 12 months.
- Q1 2026 net loss $65.5M, up from $8.2M in Q1 2025.
- Q1 2026 R&D expenses $10.6M, up from $8.0M YoY.