Opus Genetics Private Placement of 7,374,632 Shares Raises $25 Million

Opus Genetics entered into a securities purchase agreement for a private placement of 7,374,632 shares of its Series B Non-Voting Convertible Preferred Stock at a price of $3.39 per share. Subject to Opus Genetics stockholder approval of an increase to the authorized shares of common stock sufficient to permit the conversion, each share of Series B Non-Voting Convertible Preferred Stock will automatically convert into one share of common stock for an aggregate of 7,374,632 shares of common stock. The gross proceeds from the private placement, before deducting offering expenses payable by the Company, are expected to be $25M. The financing is being led by Adage Capital Management, with participation by Trails Edge Capital Partners and Marshall Wace. Opus Genetics intends to use the net proceeds to advance its gene therapy clinical programs, as well as for working capital and general corporate purposes. Including expected proceeds from the private placement and based on current operating plans, the Company expects its year-end 2025 pro forma cash balance of $70M will fund operations into 1H28, excluding any potential proceeds from callable warrants or future milestone payments. The offering is expected to close on February 18, subject to the satisfaction of customary closing conditions. The Company did not use a placement agent in connection with the offering.