Opus Genetics, Inc. has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing a decrease in license and collaborations revenue to $3.9 million from $11.9 million in the same quarter the previous year. The decrease is attributed to the absence of a $10 million milestone payment received in the prior year.
General and administrative expenses increased to $2.9 million from $2.1 million, primarily due to higher personnel-related costs and business development expenses.
Research and development expenses rose to $9.0 million from $3.5 million, driven by increased clinical and manufacturing costs for ongoing trials.
The company reported a net loss of $7.5 million for the quarter, compared to a net income of $5.6 million in the previous year, primarily due to reduced revenue and increased operating expenses.
Cash used in operating activities was $18.1 million for the nine months ended September 30, 2024, compared to $5.7 million in the previous year, reflecting higher operating expenses and changes in working capital.
The company had cash and cash equivalents of $36.6 million as of September 30, 2024, which it believes will be sufficient to fund operations for at least twelve months.
Opus Genetics continues to focus on developing gene therapies for inherited retinal diseases and other ophthalmologic disorders, with ongoing clinical trials and collaborations.
The filing also details the company's acquisition of Opus Genetics, Inc., expanding its pipeline with gene therapy programs targeting retinal diseases.
Opus Genetics does not anticipate cash dividend payments to common stockholders in the near future.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Opus Genetics Inc. quarterly 10-Q report dated November 12, 2024. To report an error, please email earnings@qz.com.