Ocuphire Pharma, Inc., now known as Opus Genetics, Inc., reported significant financial changes in its latest 10-Q filing for the period ending September 30, 2024. The company experienced a notable decline in revenue, with license and collaborations revenue for the three months ending September 30, 2024, at $3.9 million, down from $11.9 million in the same period of 2023. For the nine-month period, revenue decreased to $6.7 million from $17.4 million, primarily due to the absence of a one-time $10 million milestone payment received in the prior year following FDA approval of its Phentolamine Ophthalmic Solution, branded as RYZUMVI.
Total operating expenses surged to $11.9 million for the third quarter of 2024, compared to $5.5 million in the same quarter of 2023. This increase was driven by higher research and development costs, which rose to $9.0 million from $3.5 million year-over-year, reflecting increased clinical trial expenses and drug manufacturing costs. Consequently, the company reported a loss from operations of $8.0 million for Q3 2024, a stark contrast to a profit of $6.4 million in Q3 2023. The net loss for the third quarter was $7.5 million, compared to a net income of $5.6 million in the prior year.
As of September 30, 2024, cash and cash equivalents stood at $36.6 million, a decrease from $50.5 million at the end of 2023. The company indicated that its current cash reserves are expected to fund operations for at least the next twelve months, although it may need to raise additional funds in the future.
Strategically, Opus Genetics completed the acquisition of Opus Genetics, Inc. on October 22, 2024, issuing 5,237,063 shares of common stock and 14,145.374 shares of Series A Non-Voting Convertible Preferred Stock. This acquisition aims to enhance its pipeline of gene therapies for inherited retinal diseases. The company is also advancing its clinical programs, including the LCA5 gene therapy currently in Phase 1/2 trials and the ongoing Phase 3 trials for its Phentolamine Ophthalmic Solution.
Overall, the financial results reflect a challenging period for Opus Genetics, marked by increased operational costs and a significant shift in revenue dynamics, alongside strategic developments aimed at bolstering its product pipeline and market position.
About Ocuphire Pharma, Inc.
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