Revenue remains highly erratic with a 50.6% year-over-year decline in 2026Q1, while net losses reached $65.5M, highlighting the instability of a milestone-dependent business model.
| Sales/Revenue | 11.98M | 14.2M | 10.99M | 19.05M | 39.85M | 589K | 0 | 0 |
| Revenue Growth % | -12.22% | 29.15% | -42.3% | -52.2% | 6665.7% | - | - | - |
| Cost of Goods Sold | 6.04M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| COGS % of Revenue | - | - | - | - | - | - | - | - |
| Gross Profit | 5.95M | 14.2M | 10.99M | 19.05M | 39.85M | 589K | 0 | 0 |
| Gross Margin % | 49.64% | 100% | 100% | 100% | 100% | 100% | - | - |
| Gross Profit Growth % | - | 29.15% | -42.3% | -52.2% | 6665.7% | - | - | - |
| Operating Expenses | 48.98M | 52.8M | 73.07M | 29.61M | 21.62M | 23.29M | 19.97M | 4.19M |
| OpEx % of Revenue | - | 371.9% | 664.72% | 155.45% | 54.26% | 3954.84% | - | - |
| Selling, General & Admin | 21.57M | 21.98M | 18.21M | 11.96M | 7.27M | 8.12M | 2.82M | 1.82M |
| SG&A % of Revenue | - | 154.85% | 165.71% | 62.78% | 18.24% | 1378.78% | - | - |
| Research & Development | 33.44M | 30.81M | 26.85M | 17.65M | 14.36M | 15.17M | 6.65M | 2.37M |
| R&D % of Revenue | - | 217.05% | 244.28% | 92.67% | 36.02% | 2576.06% | - | - |
| Other Operating Expenses | -1000K | 0 | 28M | 0 | 0 | 0 | 10.5M | 0 |
| Operating Income | -43.03M | -38.6M | -62.07M | -10.56M | 18.23M | -22.7M | -19.97M | -4.19M |
| Operating Margin % | -359.13% | -271.9% | -564.72% | -55.45% | 45.74% | -3854.84% | - | - |
| Operating Income Growth % | - | 37.82% | -487.65% | -157.96% | 180.27% | -13.71% | -376.22% | - |
| EBITDA | -42.98M | -38.55M | -62.06M | -10.56M | 18.23M | -22.7M | -19.96M | -4.19M |
| EBITDA Margin % | -358.68% | -271.53% | -564.63% | -55.42% | 45.75% | -3854.16% | - | - |
| EBITDA Growth % | 32.63% | 37.89% | -487.89% | -157.91% | 180.3% | -13.73% | -376.37% | - |
| D&A (Non-Cash Add-back) | 53K | 53K | 10K | 6K | 4K | 4K | 8K | 3K |
| EBIT | -55.78M | -48.13M | -57.53M | -9.97M | 18.21M | -56.69M | -17.77M | -4.76M |
| Net Interest Income | -1.35M | -1.47M | 0 | -1.33M | -9K | -2K | -6.85M | -1.41M |
| Interest Income | 800K | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 2.15M | 1.47M | 0 | 1.33M | 9K | 2K | 6.85M | 1.41M |
| Other Income/Expense | -63.9M | -10.99M | 4.54M | 589K | -23K | -33.99M | -4.65M | -1.98M |
| Pretax Income | -106.93M | -49.59M | -57.53M | -9.97M | 18.2M | -56.69M | -24.62M | -6.17M |
| Pretax Margin % | -892.36% | -349.33% | -523.4% | -52.36% | 45.68% | -9625.3% | - | - |
| Income Tax | 0 | 0 | 0 | 12K | 315K | 0 | 0 | 0 |
| Effective Tax Rate % | 0% | 0% | 0% | -0.12% | 1.73% | 0% | 0% | 0% |
| Net Income | -106.93M | -49.59M | -57.53M | -9.99M | 17.89M | -56.69M | -24.62M | -6.17M |
| Net Margin % | -892.36% | -349.33% | -523.4% | -52.42% | 44.89% | -9625.3% | - | - |
| Net Income Growth % | -82.42% | 13.8% | -476.13% | -155.83% | 131.55% | -130.27% | -299.09% | - |
| Net Income (Continuing) | -106.93M | -49.59M | -57.53M | -9.99M | 17.89M | -56.69M | -24.62M | -6.17M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -0.12 | -0.80 | -2.15 | -0.46 | 0.87 | -3.82 | -5.28 | -0.87 |
| EPS Growth % | 32.47% | 62.79% | -367.39% | -152.87% | 122.77% | 27.65% | -506.9% | - |
| EPS (Basic) | - | -0.80 | -2.15 | -0.46 | 0.90 | -3.82 | -5.28 | -0.87 |
| Diluted Shares Outstanding | 868.91M | 622.22M | 26.72M | 21.59M | 20.6M | 14.85M | 4.66M | 7.09M |
| Basic Shares Outstanding | 868.91M | 622.22M | 26.72M | 21.59M | 19.93M | 14.85M | 4.66M | 7.09M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - |
Clinical trial execution risk
As reported in recent financial filings, IRD's revenue trajectory remains highly erratic, characterized by a 50.6% year-over-year decline in 2026Q1, reflecting the inherent unpredictability of milestone-based licensing income rather than a consistent commercial growth trend in the company's core ophthalmic and gene therapy pipeline.
The reliance on transactional milestone payments creates significant quarter-to-quarter revenue swings that obscure the underlying commercial progress of the phentolamine platform. Investors should interpret these fluctuations as a reflection of partnership contract terms rather than organic demand, suggesting that revenue durability remains low until a recurring royalty or product sales stream is established.
Based on the company's income statement data, IRD maintains a 100% gross margin in most periods, which appears to be an accounting artifact of its current licensing-only business model rather than a sustainable indicator of long-term pricing power or operational efficiency in gene therapy manufacturing.
The occasional compression of gross margins, such as the negative figures observed in 2025Q2 and 2024Q4, suggests that the company is beginning to incur direct costs associated with its evolving operational structure. Analysts should anticipate further margin degradation as the firm transitions toward in-house manufacturing, which will likely introduce significant COGS and diminish the current theoretical margin profile.
According to the provided income statement, IRD's R&D expenditure reached $10.6M in 2026Q1, consistently dwarfing the company's quarterly revenue and highlighting a cost structure that is heavily skewed toward long-term clinical development rather than immediate commercial viability or operational expense discipline.
The persistent gap between R&D investment and revenue generation suggests that the company is prioritizing pipeline advancement over near-term profitability. This aggressive spending profile warrants close monitoring, as the current burn rate appears unsustainable without continued access to external capital markets or successful milestone triggers.
Based on reported figures, IRD's net income remains deeply negative, with a $65.5M loss in 2026Q1, indicating that the quality of earnings is currently poor and heavily dependent on non-operating items and the timing of milestone recognition rather than core operational performance.
The volatility in net income, exacerbated by significant quarterly losses, suggests that the company's financial health is highly sensitive to the timing of R&D investments and potential impairment charges. Investors should look past the headline EPS figures and focus on the underlying cash burn, which provides a more accurate assessment of the company's runway.
Quick answers to the most common questions about buying IRD stock.
For fiscal year 2025, Opus Genetics, Inc. (IRD) reported total revenue of $14.2M.
Opus Genetics, Inc. (IRD) reported a net loss of $49.6M for the fiscal year ending 2025.
Opus Genetics, Inc. (IRD) reported an operating income of $-38.6M, resulting in an operating profit margin of -271.9%. This margin reflects the operational efficiency of the business before interest and taxes.
Opus Genetics, Inc. (IRD) generated $14.2M in gross profit for the year, representing a gross profit margin of 100.0%. This demonstrates the company's core pricing power and production efficiency.