Opus Genetics Raises USD 25 Million Through Private Placement of Convertible Preferred Stock
U.S.-based Opus Genetics (Nasdaq: IRD) announced a USD 25 million private placement financing through the sale of Series B Non-Voting Convertible Preferred Stock. The company, headquartered in Research Triangle Park, North Carolina, stated that net proceeds from the biotech capital raise will be used to advance its gene therapy clinical programs targeting inherited retinal diseases, as well as for working capital and general corporate purposes. The offering is expected to close on February 18, 2026, subject to customary closing conditions. Opus Genetics noted that its year-end 2025 pro forma cash balance of USD 70 million, inclusive of the expected proceeds from this private placement, is projected to fund operations into the first half of 2028, excluding any potential proceeds from callable warrants or future milestone payments. The company did not engage a placement agent for the transaction, and Sidley Austin LLP served as legal counsel.
Deal Structure and Investors
The $25 million funding round consists of 7,374,632 shares of Series B Non-Voting Convertible Preferred Stock priced at USD 3.39 per share. Subject to stockholder approval of an increase to authorized shares of common stock sufficient to permit conversion, each share of Series B Non-Voting Convertible Preferred Stock will automatically convert on a one-for-one basis into shares of common stock, yielding an aggregate of 7,374,632 shares of common stock. No warrants were issued as part of this Opus Genetics private placement. The financing was led by Adage Capital Management, with participation from Trails Edge Capital Partners and Marshall Wace. The press release did not indicate participation by company insiders. Concurrently with the securities purchase agreement, Opus Genetics and the investors entered into a registration rights agreement under which the company agreed to file a registration statement with the SEC covering the resale of the common stock underlying the convertible preferred shares.
This gene therapy funding round follows a prior combined financing completed in March 2025, which raised USD 21.5 million in gross proceeds through an underwritten public offering and a concurrent private placement. That earlier raise was led by Perceptive Advisors and Nantahala Capital, with insider participation from CEO George Magrath and board chairman Cam Gallagher.
Opus Genetics Company Overview and Pipeline
Opus Genetics is a clinical-stage biopharmaceutical company focused on developing AAV-based gene therapies to restore vision and prevent blindness in patients with inherited retinal diseases. The company was formed in October 2024 through an all-stock reverse merger in which Ocuphire Pharma (formerly Nasdaq: OCUP) acquired the privately held Opus Genetics entity. The combined company was renamed Opus Genetics, Inc. and began trading under the ticker IRD on October 24, 2024. Under the merger terms, pre-acquisition Ocuphire stockholders retained approximately 58% ownership, with pre-acquisition Opus stockholders holding approximately 42% on a fully diluted basis.