Opus Genetics (IRD) M&A announcement summary

Deal rationale and strategic fit

• Acquisition creates a clinical-stage leader in gene therapy for inherited retinal diseases, combining complementary pipelines and expertise from both companies.

• Expanded pipeline includes seven new AAV-based programs and late-stage ophthalmic drug candidates.

• Leadership team brings deep experience in gene therapy, ophthalmic drug development, and regulatory approval.

• The deal enables pursuit of innovative treatments for vision loss and creates value for stakeholders.

Financial terms and conditions

• All-stock transaction: legacy shareholders own 58% (acquirer) and 42% (target) of the combined company on a fully diluted basis.

• 5.2 million common shares and 14.1 thousand convertible preferred shares issued to Opus Genetics stockholders, with conversion subject to stockholder approval at the 2025 annual meeting.

• Pro forma estimated cash and cash equivalents of $37 million as of September 30, 2024.

• Cash runway expected to extend into 2026, supporting operations through four clinical readouts in 2025.

Synergies and expected cost savings

• Integration of gene therapy programs and existing assets allows for capital-efficient development and streamlined clinical trial execution.

• Resources redirected from APX3330 development to focus on gene therapy programs.

• Access to non-dilutive funding from organizations such as the Foundation Fighting Blindness, NIH, and FDA.

• Combined expertise expected to accelerate clinical milestones and pipeline progression.