FARMINGTON HILLS, Mich.—Opus Genetics, Inc. (Nasdaq: IRD), a clinical-stage ophthalmic biotechnology company developing gene therapies for the treatment of inherited retinal diseases (IRDs) and other ophthalmologic disorders, has announced financial results for the third quarter ended September 30, 2024. As reported in VMAIL, Opus Genetics was acquired by Ocuphire Pharma in October of 2024. The combined company, operating as Opus Genetics, Inc., reported revenue for the third quarter of $3.9 million, down from $11.9 million in the prior-year period.

Net loss was $7.5 million, compared with a net income of $5.6 million in the third quarter of 2023. The pro forma cash balance of the combined company was reported as approximately $37 million as of September 30, 2024.

“In October 2024, we acquired Opus Genetics with the goal of creating a leading gene therapy franchise to treat inherited retinal diseases,” said George Magrath, MD, now CEO of Opus Genetics. “The transaction expanded our pipeline substantially, adding compelling gene therapy assets. The most advanced of these new candidates, LCA5, has generated positive six-month proof-of-concept data in patients with advanced disease. A second candidate, OPGx-BEST1 targets one of the largest IRD populations, and we’re excited to begin dosing patients next year.”

General and administrative expenses for the three months ended September 30, 2024 were reported at $2.9 million, compared with $2.1 million for the three months ended September 30, 2023. Research and development expenses for the third quarter of 2024 were $9.0 million, compared with $3.5 million for the prior-year period. 

The company also said that it intends to seek a strategic partner to advance further late-stage development of APX330, its novel, oral REF-1 inhibitor for diabetic retinopathy (DR), given the development timelines and capital requirements. In the meantime, discussions remain ongoing with the FDA regarding the Special Protocol Assessment (SPA) for a phase 3 program in DR.