Opus Genetics Announces $25 Million Private Placement

Rhea-AI Summary

Opus Genetics (Nasdaq: IRD) agreed to a $25.0 million private placement of 7,374,632 shares of Series B Non‑Voting Convertible Preferred Stock at $3.39 per share. The preferred stock is expected to automatically convert one-for-one into common stock, subject to shareholder approval to increase authorized shares.

The financing is led by Adage Capital Management with participation from Trails Edge Capital Partners and Marshall Wace, is expected to close on February 18, 2026, and proceeds will fund gene therapy programs, working capital and general corporate purposes. Opus Genetics expects year-end 2025 pro forma cash of $70 million, which it says should fund operations into the first half of 2028.

Positive

• $25.0M committed in private financing
• Pro forma cash of $70M at year-end 2025
• Financing led by institutional investors Adage, Trails Edge, Marshall Wace
• Expected close on Feb 18, 2026

Negative

• Transaction requires shareholder approval to permit conversion
• Automatic one‑for‑one conversion could cause equity dilution
• Shares currently unregistered pending SEC registration filing
• Cash runway excludes potential proceeds from warrants or milestones

News Market Reaction

+7.37%

12 alerts

+7.37% News Effect

+4.3% Peak in 4 hr 36 min

+$17M Valuation Impact

$255M Market Cap

0.3x Rel. Volume

On the day this news was published, IRD gained 7.37%, reflecting a notable positive market reaction. Argus tracked a peak move of +4.3% during that session. Our momentum scanner triggered 12 alerts that day, indicating notable trading interest and price volatility. This price movement added approximately $17M to the company's valuation, bringing the market cap to $255M at that time.

Data tracked by StockTitan Argus on the day of publication.

Key Figures

Private placement size: $25 million Shares issued: 7,374,632 shares Issue price: $3.39 per share +3 more

6 metrics

Private placement size $25 million Gross proceeds from Series B Non-Voting Convertible Preferred Stock offering

Shares issued 7,374,632 shares Series B Non-Voting Convertible Preferred Stock in private placement

Issue price $3.39 per share Price for Series B Non-Voting Convertible Preferred Stock

Common shares on conversion 7,374,632 shares Common stock issuable upon automatic conversion, subject to approval

Pro forma cash $70 million Expected year-end 2025 pro forma cash balance including placement proceeds

Runway guidance Into 1H 2028 Expected funding horizon excluding callable warrants and milestone payments

Market Reality Check

Price: $3.64 Vol: Volume 621,331 is below 2...

low vol

$3.64 Last Close

Volume Volume 621,331 is below 20-day average of 1,098,230 (relative volume 0.57x). low

Technical Price at $3.39 is trading above 200-day MA of $1.62 and 5.0% below 52-week high $3.57.

Peers on Argus

Momentum scanner flagged IRD to the downside while peers like IMUX and QNCX show...

2 Up

Momentum scanner flagged IRD to the downside while peers like IMUX and QNCX showed strong upside moves of 29.87% and 26.08%, suggesting today’s action is more stock-specific than sector-driven.

Common Catalyst Both IRD and peer IMUX reported private placements, pointing to a financing-focused theme in biotech rather than a broad sector re-rating.

Historical Context

5 past events · Latest: Feb 02 (Positive)

Pattern 5 events

Date	Event	Sentiment	Move	Catalyst
Feb 02	Conference participation	Positive	+0.4%	Leadership presenting clinical and manufacturing updates at multiple conferences.
Jan 27	Clinical trial launch	Positive	+0.7%	Launch of OPGx-MERTK gene therapy trial for retinitis pigmentosa.
Jan 08	Pipeline and cash update	Positive	-5.2%	Review of 2025 progress, 2026 catalysts, and funding runway update.
Dec 16	Inducement equity grant	Neutral	-5.6%	Inducement stock option grant under Nasdaq Rule 5635(c)(4).
Dec 11	Conference presentation	Neutral	-2.4%	Announcement of presentation at J.P. Morgan 2026 Healthcare Conference.

Pattern Detected

Across the last five news items, two positive updates saw modest price gains, while three neutral-to-positive corporate items coincided with −2% to −6% declines, indicating a tendency for shares to weaken around routine announcements.

Recent Company History

Over recent months, Opus Genetics has highlighted conference participation, launched a gene therapy trial for MERTK-related retinitis pigmentosa, and outlined 2025 progress with 2026 catalysts and a cash position of $30.8M plus ~$23.0M from a registered direct offering. Routine governance items, such as inducement grants and conference presentations, often aligned with negative 24-hour price reactions. Today’s private placement continues the funding theme, extending runway beyond earlier guidance while fitting into a pattern of frequent capital and corporate updates.

Market Pulse Summary

The stock moved +7.4% in the session following this news. A strong positive reaction aligns with the...

Analysis

The stock moved +7.4% in the session following this news. A strong positive reaction aligns with the company’s focus on extending its cash runway. The $25 million private placement and projected pro forma cash of $70 million supporting operations into the first half of 2028 provide clearer funding visibility. However, prior news sometimes coincided with negative moves despite constructive updates, so investors watching a sharp rally would have weighed dilution from 7,374,632 new shares against the added financial flexibility.

Key Terms

private placement, convertible preferred stock, securities purchase agreement, registration statement, +1 more

5 terms

private placement financial

"entered into a securities purchase agreement for a private placement"

A private placement is a way for companies to raise money by selling securities directly to a small group of investors instead of through a public offering. This process is often quicker and less regulated, making it similar to offering a special, exclusive investment opportunity to select individuals or institutions. For investors, it can provide access to unique investment options that are not available on public markets.

convertible preferred stock financial

"Series B Non-Voting Convertible Preferred Stock at a price of $3.39"

Convertible preferred stock is a special class of company shares that pays priority, usually fixed, payments to holders and can be exchanged later for a set number of common shares. It matters to investors because it combines steady income and added protection with the chance to share in a company’s upside; think of it as a hybrid between a bond that pays regularly and an option to convert into growth-oriented stock, where the conversion rules influence both potential gains and how much common shareholders’ ownership may be reduced.

securities purchase agreement financial

"announced that it has entered into a securities purchase agreement"

A securities purchase agreement is a written contract between a buyer and a seller outlining the terms for buying or selling financial assets such as stocks or bonds. It specifies details like the price, quantity, and conditions of the transaction, similar to a shopping list with agreed-upon terms. For investors, it provides clarity and legal protection when transferring ownership of these financial instruments.

registration statement regulatory

"agreed to file a registration statement with the Securities and Exchange Commission"

A registration statement is a formal document that companies file with a government agency to offer new shares of stock to the public. It provides essential information about the company's finances, operations, and risks, helping investors make informed decisions. Think of it as a detailed product description that ensures transparency and trust before buying into a company.

registration rights agreement regulatory

"entered into a registration rights agreement pursuant to which the Company has agreed"

A registration rights agreement is a contract that gives investors the option to have their ownership stakes officially registered with the government, making it easier to sell their shares later. This agreement matters because it provides investors with a clearer path to cash out their investments if they choose, offering more liquidity and confidence in their ability to sell their holdings when desired.

AI-generated analysis. Not financial advice.

RESEARCH TRIANGLE PARK, N.C., Feb. 13, 2026 (GLOBE NEWSWIRE) -- Opus Genetics, Inc. (Nasdaq: IRD) (“Opus Genetics” or the “Company”), a clinical-stage biopharmaceutical company developing gene therapies to restore vision and prevent blindness in patients with inherited retinal diseases (IRDs), today announced that it has entered into a securities purchase agreement for a private placement (the “private placement”) of 7,374,632 shares of its Series B Non-Voting Convertible Preferred Stock at a price of $3.39 per share. Subject to Opus Genetics stockholder approval of an increase to the authorized shares of common stock sufficient to permit the conversion, each share of Series B Non-Voting Convertible Preferred Stock will automatically convert into one share of common stock for an aggregate of 7,374,632 shares of common stock. The gross proceeds from the private placement, before deducting offering expenses payable by the Company, are expected to be $25 million. The financing is being led by Adage Capital Management, with participation by Trails Edge Capital Partners and Marshall Wace.

Opus Genetics intends to use the net proceeds to advance its gene therapy clinical programs, as well as for working capital and general corporate purposes. Including expected proceeds from the private placement and based on current operating plans, the Company expects its year-end 2025 pro forma cash balance of $70 million will fund operations into the first half of 2028, excluding any potential proceeds from callable warrants or future milestone payments.

The offering is expected to close on February 18, 2026, subject to the satisfaction of customary closing conditions. Sidley Austin LLP served as counsel to Opus Genetics in connection with the transaction. The Company did not use a placement agent in connection with the offering.

The shares of Series B Non-Voting Convertible Preferred Stock proposed to be issued in the private placement and the common stock underlying such shares of Series B Non-Voting Convertible Preferred Stock have not been registered under the Securities Act of 1933 (as amended, the “Securities Act”), or the securities laws of any state or other jurisdiction in the United States, and may not be offered, pledged, sold, delivered or otherwise transferred, directly or indirectly, in the United States except as pursuant to registration under the Securities Act or an applicable exemption from the registration requirements of the Securities Act and, in each case, in compliance with applicable other securities laws. Concurrently with the execution of the securities purchase agreement, Opus Genetics and the investors entered into a registration rights agreement pursuant to which the Company has agreed to file a registration statement with the Securities and Exchange Commission (the “SEC”) registering the resale of the shares of common stock underlying the shares of Series B Non-Voting Convertible Preferred Stock sold in the private placement.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy any of the securities described herein, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

About Opus Genetics

Opus Genetics is a clinical-stage biopharmaceutical company developing gene therapies to restore vision and prevent blindness in patients with inherited retinal diseases (IRDs). The Company is developing durable, one-time treatments designed to address the underlying genetic causes of severe retinal disorders. The Company’s pipeline includes seven AAV-based programs, led by OPGx-LCA5 for LCA5-related mutations and OPGx-BEST1 for BEST1-related retinal degeneration, with additional candidates targeting RHO, CNGB1, RDH12, NMNAT1, and MERTK. Opus Genetics is also advancing Phentolamine Ophthalmic Solution 0.75%, an approved small-molecule therapy for pharmacologically induced mydriasis, with additional potential indications in presbyopia and low-light visual disturbances following keratorefractive surgery. The Company is based in Research Triangle Park, NC. For more information, visit www.opusgtx.com.

Forward Looking Statements

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements include, but are not limited to, statements related to the closing of the private placement, cash runway, the clinical development, clinical results, preclinical data and future plans for Phentolamine Ophthalmic Solution 0.75%, OPGx-LCA5, OPGx-BEST1, RDH12 and earlier stage programs, and expectations regarding us, our business prospects and our results of operations, and are subject to certain risks and uncertainties posed by many factors and events that could cause our actual business, prospects and results of operations to differ materially from those anticipated by such forward-looking statements. Factors that could cause or contribute to such differences include, but are not limited to, those described under the heading “Risk Factors” included in our Annual Report on Form 10-K for the fiscal year ended December 31, 2024 and in our other filings with the SEC. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release. These forward-looking statements are based upon our current expectations and involve assumptions that may never materialize or may prove to be incorrect. Actual results and the timing of events could differ materially from those anticipated in such forward-looking statements as a result of various risks and uncertainties. In some cases, you can identify forward-looking statements by the following words: “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “intend,” “aim,” “may,” “ongoing,” “plan,” “potential,” “predict,” “project,” “should,” “will,” “would” or the negative of these terms or other comparable terminology, although not all forward-looking statements contain these words. We undertake no obligation to revise any forward-looking statements in order to reflect events or circumstances that might subsequently arise.

Contacts:

Investors
Jenny Kobin
Remy Bernarda
IR Advisory Solutions
ir@opusgtx.com

Media
Kimberly Ha
KKH Advisors
917-291-5744
kimberly.ha@kkhadvisors.com

Source: Opus Genetics, Inc.

FAQ

What exactly did Opus Genetics (IRD) announce on February 13, 2026 about new financing?

Opus Genetics announced a $25.0 million private placement of Series B preferred stock at $3.39 per share. According to Opus Genetics, the financing comprises 7,374,632 shares and is led by Adage, with expected closing on February 18, 2026, subject to customary conditions.

How will the Series B preferred stock convert into Opus Genetics (IRD) common shares?

Each Series B preferred share will automatically convert into one common share, subject to shareholder approval to increase authorized common shares. According to Opus Genetics, conversion is one-for-one, contingent on obtaining sufficient authorized shares for conversion.

How long does Opus Genetics (IRD) say the new financing will fund operations?

Opus Genetics expects pro forma year-end 2025 cash of $70 million to fund operations into the first half of 2028. According to Opus Genetics, that projection excludes any potential proceeds from callable warrants or future milestone payments.

Who are the investors participating in Opus Genetics (IRD) $25 million private placement?

The financing is led by Adage Capital Management with participation from Trails Edge Capital Partners and Marshall Wace. According to Opus Genetics, these institutional investors are the announced participants in the transaction.

When will the Opus Genetics (IRD) private placement close and what conditions apply?

The offering is expected to close on February 18, 2026, subject to customary closing conditions. According to Opus Genetics, closing remains conditional and the company did not use a placement agent for the offering.