IRD US: Mgmt Catch-Up Frames Our Expectations for Upcoming BEST1 Readout

研报英文原文证据摘录

IRD US: Mgmt Catch-Up Frames Our Expectations for Upcoming BEST1 Readout

EQUITY RESEARCH QUICK TAKE

RBC Capital Markets, LLC

Lisa Walter, Ph.D. (Analyst)

Luca Issi, Ph.D. (Analyst)

Shelby Hill, Ph.D. (Senior Associate)

Cassie Yuan, Ph.D. (Senior Associate)

July 1, 2026

Opus Genetics, Inc.

Mgmt Catch-Up Frames Our Expectations for Upcoming BEST1 Readout

NASDAQ: IRD | USD 4.18 | Outperform | Speculative Risk | Price Target USD 10.00

Sentiment: Neutral

Our view: We caught up with the Opus mgmt team and dove into investor questions we received on BEST1 ahead of the Sept.

2026 Phase I/II Cohort 1 (n=5) data readout, which we view as a key near-term catalyst. Mgmt clarified that the plan is to share

all efficacy endpoints (BCVA, LLVA, contrast sensitivity, OCT, and microperimetry) and have a transparent data update. We came

away with an idea of clinically meaningful changes in key endpoints including CST (20-30% reduction would suggest GTx is active),

microperimetry (an improvement in the 3-7 dB range at 5 or more loci would constitute a meaningful signal), and BCVA (12-letter

gain for sentinel patient was great to see, but not the expectation for the remaining 4), and mgmt indicated changes in fluid volume

would be key signal of GTx activity. On next steps, mgmt will assess the data, and may opt to dose up if there is potential to reduce

fluid volume more dramatically (resolution of fluid). With the upcoming catalyst, we believe we could see shares +25% on BCVA

gains/multi-endpoint trends or -25% if no signal. On LCA5, mgmt is close to communicating what the primary endpoint selection

will be for the pivotal study, and we await future updates as we think endpoint choice could impact time to launch (and PRV

timelines). Reiterate Outperform, Speculative Risk, $10 PT.