Free cash flow remains consistently negative, with a $12.7M deficit in 2026Q1, underscoring a reliance on external financing that is further obscured by historical stock-based compensation reaching $985.0K in 2024Q1.
| Cash from Operations | -38.99M | -35.25M | -25.58M | -1.11M | 14.31M | -19.37M | -6.8M | -3.59M |
| Operating CF Margin % | - | -248.33% | -232.68% | -5.84% | 35.92% | -3288.62% | - | - |
| Operating CF Growth % | -134.55% | -37.84% | -2200% | -107.77% | 173.9% | -184.98% | -89.17% | - |
| Net Income | -106.93M | -49.59M | -57.53M | -9.99M | 17.89M | -56.69M | -24.62M | -6.17M |
| Depreciation & Amortization | 53K | 53K | 10K | 6K | 4K | 4K | 8K | 3K |
| Stock-Based Compensation | 1.71M | 3.4M | 3.36M | 3.51M | 1.81M | 1.91M | 1.51M | 308K |
| Deferred Taxes | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Cash Items | 68.14M | 13.04M | 25.49M | 1.28M | 170K | 35.22M | 15.16M | 1.91M |
| Working Capital Changes | -1.96M | -2.15M | 3.09M | 4.08M | -5.55M | 181K | 1.15M | 357K |
| Change in Receivables | 2.04M | 2.61M | -3.44M | 2.52M | -4.85M | 0 | 0 | 0 |
| Change in Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Payables | 1.88M | 7K | 220K | 1.08M | -515K | 381K | 792K | -168K |
| Cash from Investing | 0 | 0 | 1.21M | 0 | 0 | -100K | 539K | -25K |
| Capital Expenditures | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -25K |
| CapEx % of Revenue | 0% | - | - | - | - | - | - | - |
| Acquisitions | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - |
| Other Investing | 0 | 0 | 1.21M | 0 | 0 | -100K | 539K | 0 |
| Cash from Financing | 57.15M | 50.02M | 4.19M | 8.98M | 3.79M | 27.61M | 21.12M | 4.7M |
| Debt Issued (Net) | 1M | 1M | 0 | 0 | -538K | 538K | 2.2M | 4.71M |
| Equity Issued (Net) | 56.15M | 49.02M | 4.42M | 9.23M | 4.43M | 28.49M | 21.15M | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | -509K | -152K | -79K | 0 | 0 | 0 | 0 | 0 |
| Other Financing | 0 | 0 | -232K | -248K | -104K | -1.42M | -2.23M | -2K |
| Net Change in Cash | 18.17M | 14.77M | -20.18M | 7.87M | 18.1M | 8.13M | 14.86M | 1.09M |
| Free Cash Flow | -38.99M | -35.25M | -25.58M | -1.11M | 14.31M | -19.37M | -6.8M | -3.62M |
| FCF Margin % | -325.34% | -248.33% | -232.68% | -5.84% | 35.92% | -3288.62% | - | - |
| FCF Growth % | -35.11% | -37.84% | -2200% | -107.77% | 173.9% | -184.98% | -87.87% | - |
| FCF per Share | -0.04 | -0.06 | -0.96 | -0.05 | 0.69 | -1.30 | -1.46 | -0.51 |
| FCF Conversion (FCF/Net Income) | 0.36x | 0.71x | 0.44x | 0.11x | 0.80x | 0.34x | 0.28x | 0.58x |
| Interest Paid | 0 | 0 | 0 | 0 | 9K | 2K | 0 | 0 |
| Taxes Paid | 0 | 0 | 0 | 344K | 0 | 0 | 0 | 0 |
Clinical trial execution risk
According to the provided financial data, IRD exhibits a significant disconnect between net income and operating cash flow, with the OCF/NI ratio fluctuating wildly from 0.19 in 2026Q1 to a negative 0.95 in 2023Q4, highlighting the volatility inherent in milestone-dependent revenue recognition.
The wide variance in the OCF/NI ratio suggests that net income is a poor proxy for the company's actual cash-generating capability. Investors should interpret these figures as evidence that cash flow is driven by the timing of contractual payments rather than consistent operational performance.
As reported in recent financial statements, IRD's free cash flow remains consistently negative, reaching a deficit of $12.7M in 2026Q1, which underscores the company's ongoing reliance on external financing to sustain its high-intensity research and development activities in the gene therapy space.
The negative FCF trajectory appears to be accelerating as the company integrates new assets, suggesting that the current cash burn is likely to persist until a commercial product reaches scale. This trend warrants close monitoring, as it indicates a structural dependence on capital markets for survival.
Based on reported figures, IRD's working capital changes have been highly erratic, swinging from a $8.7M inflow in 2023Q4 to a $2.8M outflow in 2025Q2, which suggests that the company's cash position is heavily influenced by the timing of milestone-related receivables and payables.
This volatility in working capital management implies that the company lacks a stable operational cycle, which is typical for a pre-commercial biotech. Analysts should view these fluctuations as a reflection of the company's reliance on lumpy, non-recurring revenue streams rather than operational efficiency.
As indicated by the cash flow statements, IRD consistently utilizes stock-based compensation, with figures reaching nearly $1M in 2024Q1, which effectively serves as a non-cash expense that masks the true magnitude of the company's operational cash burn and dilutes existing shareholders over time.
While SBC is a standard practice in the biotech sector to preserve cash, it represents a real economic cost that is not fully captured in the operating cash flow figures. Investors should adjust their burn rate models to account for this dilution, as it may understate the true cost of talent acquisition.
Quick answers to the most common questions about buying IRD stock.
Opus Genetics, Inc. (IRD) generated $-35.3M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Opus Genetics, Inc. (IRD) reported negative free cash flow of $35.3M in 2025, indicating capital requirements exceeded cash from operations.
Opus Genetics, Inc. (IRD) spent $0.0M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2025, Opus Genetics, Inc. (IRD) spent $0.2M on share repurchases. This shows the company's commitment to returning capital to its equity investors.