1Q26: OPGx-BEST1 Cohort 1 On-Track For September; R&D Day June 16

研报英文原文证据摘录

1Q26: OPGx-BEST1 Cohort 1 On-Track For September; R&D Day June 16

C O M PA N Y N O T E

1 2 M a y 2 0 2 6

Opus Genetics, Inc. (IRD) Overweight

CONCLUSION PRICE: US$5.12

IRD reported Q1 earnings this morning where they reiterated topline cohort 1 data for TARGET: US$11.00

OPGx-BEST1 in September. Mgmt has previously laid out their expectations for the readout Our $11 PT is based on a DCF through 2035

where they are expecting to see a reduction in retinal fluid based on CST/IRF/SRF (CST (13% discount rate) and assumes US and EU

reduction between 20-30%) as well as improvement in any functional endpoint across revenue forecasts for OPGx-LCA5 and OPGx-

LLVA, BCVA, microperimetry, and/or contrast sensitivity. The full data disclosure will be BEST1.

presented at a medical conference in Sept (could be EURETINA). Meanwhile, the pivotal

Biren Amintrial of OPGx-LCA5 continues to enroll with dosing expected in 4Q26. Separately, OPGx- Sr. Research Analyst, Piper Sandler & Co.

RDH12 is guided to enter the clinic in 4Q26 and OPGx-RHO in 2027. The company will 732 284-6909, biren.amin@psc.com

be hosting an R&D Day on June 16. Kailie Briza

Research Analyst, Piper Sandler & Co.

• Top-line 3-month data from Cohort 1 of the Phase 1/2 BIRD-1 trial of OPGx-BEST1 312 281-3437, kailie.briza@psc.com

are on track for September. Mgmt. has previously outlined their expectations heading Felicia Berben, PharmD

into the readout (note here) as an improvement in retinal fluid + any functional endpoint Research Analyst, Piper Sandler & Co.

212 284-9412, felicia.berben@psc.com

improvement. Structurally this could include a reduction in CST/IRF/SRF. On CST

Michael Mazzola, Ph.D. specifically, this would be between a 20-30% reduction. Functional improvements would Research Analyst, Piper Sandler & Co.