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Sep 30, 2024
Ocuphire Q3 2024 Earnings Report
Opus Genetics' financial results announced for Q3 2024, with a corporate update provided.
Key Takeaways
Opus Genetics reported a net loss of $7.5 million for the quarter ended September 30, 2024, or $(0.29) per basic and diluted share, compared to a net income of $5.6 million for the third quarter of 2023. The company's cash and cash equivalents were approximately $37 million as of September 30, 2024, expected to fund operations into 2026.
Ocuphire acquired Opus Genetics in October 2024, creating a gene therapy company focused on inherited retinal diseases (IRDs).
The combined company's pro forma cash balance was approximately $37 million as of September 30, 2024, expected to extend runway into 2026.
The company expects four clinical data readouts in 2025.
Expanded pipeline includes seven gene therapy assets and Phentolamine Ophthalmic Solution 0.75%.
Ocuphire
Ocuphire
Forward Guidance
Opus Genetics expects to continue advancing its pipeline of gene therapies and Phentolamine Ophthalmic Solution 0.75%, with multiple clinical data readouts expected in 2025 and a cash runway into 2026.
Positive Outlook
- Cash runway extended into 2026.
- Expected efficacy readouts from four clinical programs in 2025.
- Enrollment of first pediatric patients is expected in Q1 2025.
- Top-line data for LYNX-2 Phase 3 study are expected in Q1 2025.
- Top-line results for VEGA-3 Phase 3 trial are expected in H1 2025.
Challenges Ahead
- Intention to seek a strategic partner for APX3330 development.
- Net loss reported for the quarter ended September 30, 2024.
- Decrease in license and collaborations revenue compared to the corresponding prior year period.
- Increased general and administrative expenses due to personnel-related costs, stock-based compensation, and legal support costs.
- Increased research and development expenses primarily attributable to increased clinical costs related to the APX3330 development program.