IRD: Ramping Up the PRV Factory

研报英文原文证据摘录

IRD: Ramping Up the PRV Factory

FLASH NOTE

June 17, 2026

Debjit Chattopadhyay, Ph.D. debjit.chattopadhyay@guggenheimpartners.com IRD: Ramping Up the PRV Factory

212 823 6584

Moritz Reiterer, Ph.D. Key Message: Opus is advancing five IRD programs including LCA5, BEST1, RDH12,

moritz.reiterer@guggenheimpartners.com MERTK & RHO. The company has guided to four clinical readouts by YE27. Importantly,

212 372 6368 RDH12, MERTK & RHO have a preserved therapeutic window, i.e., loss of vision

Hannah Wei before photoreceptor death, making it amenable to genetic intervention. The Opus

hannah.wei@guggenheimpartners.com team is leveraging established: (1) subretinal injection; and (2) AAV viral vectors with

212 518 5896 known tropism for retinal cells; but (3) differentiates based on the choice of targets,

Ry Forseth, Ph.D. focusing on commercially attractive opportunities grounded in natural history studies

ry.forseth@guggenheimpartners.com and patient registries. The approach shortens IND-to-BLA timelines to less than three

212 518 9226 years, while keeping developmental costs to under $30M per program. If successful,

these programs are potentially eligible for PRVs, which eliminates future dilution. The

commercial opportunity across the initial set of targets spans up to 40K patients in the

IRD US + key Western geographies.

Opus Genetics, Inc. OPGx-RDH12

Sector: Biotechnology

RDH12 mutations lead to accumulation of toxic products, and oxidative and endoplasmic

Company Update reticulum stress, culminating in apoptosis of photoreceptors. RDH12-mediated LCA patients

Share Price $3.90 present relatively preserved visual acuity (~20/200) with steep decline in the second

decade of life. Extramacular rod function is preserved despite visual decline and thin outer

nuclear layer (ONL).