RESEARCH TRIANGLE PARK, N.C., Feb. 13, 2026 — Opus Genetics, Inc. announced it has entered into a securities purchase agreement for a $25 million private placement to support its clinical-stage pipeline focused on AAV (adeno-associated virus) gene therapies for inherited retinal diseases (IRDs)—a category where AAV vectors are widely used to deliver therapeutic genes to retinal cells and support long-term expression.
The financing consists of 7,374,632 shares of Series B Non-Voting Convertible Preferred Stock priced at $3.39 per share, with each share expected to automatically convert into one share of common stock upon stockholder approval to increase authorized common shares. The round is led by Adage Capital Management with participation from Trails Edge Capital Partners and Marshall Wace.
Opus said it intends to use net proceeds to advance its gene therapy clinical programs, alongside working capital and general corporate purposes—funding activities that typically include AAV-focused development such as vector design, capsid selection, transgene cassette optimization, and CMC work spanning process development, AAV GMP manufacturing readiness, analytics, and product release/purity characterization. For IRD programs in particular, proceeds may help support AAV-enabling workstreams like dose selection, biodistribution and expression studies, and AAV-centric regulatory preparation for ocular delivery.
Including expected proceeds from the private placement and based on current operating plans, Opus stated that its year-end 2025 pro forma cash balance of $70 million is expected to fund operations into the first half of 2028 (excluding potential proceeds from callable warrants or future milestone payments). The offering is expected to close on February 18, 2026, subject to customary closing conditions. Sidley Austin LLP served as counsel to Opus for the transaction, and the company noted it did not use a placement agent.
