U.S. stock futures mixed; Nvidia earnings spark little cheer
Opus Genetics, Inc., a pharmaceutical company based in Durham, NC, disclosed its preliminary financial results for the year ended December 31, 2024, today. The company, currently valued at $35.67 million in market capitalization, reported an expected net loss of approximately $56.8 million for the year. According to InvestingPro data, analysts have set price targets ranging from $8 to $15 for the stock.
The company, which is listed on The Nasdaq Stock Market LLC under the trading symbol (NASDAQ:IRD), also indicated its net cash used in operating activities was about $25.6 million for the same period. Additionally, Opus Genetics estimated its balance of cash and cash equivalents to be roughly $30.3 million as of December 31, 2024. InvestingPro analysis shows the company maintains a healthy current ratio of 6.63, indicating strong short-term liquidity.
These figures, however, are subject to final adjustments as the financial statements for 2024 have not been finalized or audited. The company cautions that the actual cash and cash equivalents as of the year-end could materially differ from these preliminary estimates and advises against placing undue reliance on them. Investors can access more detailed financial analysis and 10+ additional ProTips through InvestingPro, with the next earnings report expected on March 20, 2025.
Opus Genetics, previously known as Ocuphire Pharma, Inc., and before that as REXAHN PHARMACEUTICALS, INC. and CORPORATE ROAD SHOW DOT COM INC, has undergone several name changes, with the most recent one occurring on November 9, 2020.
The company’s report was filed in accordance with the Securities Exchange Act of 1934 and was signed by CEO Dr. George Magrath. The report is based on a press release statement and contains forward-looking statements regarding the company’s financial condition.
In other recent news, Opus Genetics has made several noteworthy announcements. The company has completed enrollment for its VEGA-3 Phase 3 trial, which tests Phentolamine Ophthalmic Solution 0.75% for presbyopia, and the FDA has granted Fast Track designation to expedite its review. Additionally, Opus Genetics has dosed the first pediatric patient in a Phase 1/2 trial of OPGx-LCA5, targeting Leber congenital amaurosis, with initial data expected by the third quarter of 2025. The company has also taken legal steps to protect its intellectual property, filing a patent infringement lawsuit against Sandoz (SIX:SDZ) Inc. in collaboration with FamyGen Life Sciences, Inc. This action follows Sandoz’s attempt to produce a generic version of Opus Genetics’ drug RYZUMVI™.
In corporate governance developments, Opus Genetics has amended its bylaws to enhance shareholder rights, including reducing the threshold for stockholders to remove directors. The company has also granted stock options to new employees, aligning with Nasdaq’s disclosure requirements. These recent developments reflect Opus Genetics’ ongoing efforts to secure its commercial interests and advance its clinical programs.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.