Dilution profile // every instrument, one screen, from SEC filings

Opus Genetics, Inc. (IRD)

CIK 1228627 · all EDGAR filings →

Overall dilution risk
HIGHworst of 4 computed signals (offering ability)
= the worst band among the computed sub-ratings, no hidden weighting
Offering ability
HIGH$347M registered
= total registered offering amount from the fee exhibits of live registrations (bands: $1M / $20M)
registered capacity, not remaining: amounts already taken down are not subtracted yet
Overhead supply
MEDIUMwarrants = 24% of O/S
= warrant shares outstanding divided by current shares outstanding (bands: 20% / 50%)
warrants only; converts, ATMs and equity lines are not in free structured data, so the true overhead is AT LEAST this
Historical dilution
HIGH+296% O/S in 3y
= share count now vs 3 years ago (bands: 30% / 100%); a reverse split pushes this negative
a reverse-split-sized cliff is in this window; read the chart
Cash need
LOW~30.2 months of runway
= cash vs trailing operating burn (bands: 6mo / 24mo; positive operating CF = low)

Same rating bands the category standard uses, but free, with the formula on the chip and the gaps in the data said out loud.

Shares outstanding over time

2020-10-292026-08-03

Latest: 83.2M shares as of Aug 3, 2026 (10-Q). Share count fell from 48.3M to 4.0M between Mar 7, 2019 and May 10, 2019, a pattern consistent with a reverse split (roughly 1-for-12); simultaneous issuance can skew the raw ratio, so confirm in the filings. The red bar marks the cliff.

Cash runway

Self-funding

generates cash

Full breakdown: cash runway tool · source filing →

Warrants

TrancheWarrantsExercise priceTermNotes
Warrant Exercise Price One18.4M$0.953.7y
Pre Funded Warrants16.0M$0.0001
March2025 Warrants8.8M$1.4255yFV $58.6M
November2025 Registered Direct Offering7.2Mnot tagged
Warrant Exercise Price Two1.2M$1.153.7y
March2025 Private Placement Warrants392,157$1.7255yFV $3.5M

Tranches exactly as the company dimensioned them in its 10-Q filed Aug 6, 2026. Groupings can overlap (a “Series E and F” row is not additive with a “Series E” row), so do not sum this column. A tranche the filer did not tag is absent here, not absent from the cap table. DOWN-ROUND = the filer tagged price-protection accounting scoped to that tranche.

Warrants outstanding: 19.6M underlying shares, as reported Jun 30, 2026 (10-Q).

Reported exercise price: $9.6 (aggregate figure as tagged; individual tranches vary).

Balance-sheet fair value of warrants: $62.1M as of Jun 30, 2026.

Rough fully diluted estimate: 102.8M = 83.2M O/S + 19.6M warrant shares. An estimate, not a filing figure: it ignores converts, options and RSUs, and the two inputs carry different as-of dates.

Convertible notes

No convertible-note facts tagged in the 10-Q filed Aug 6, 2026. If convertible notes exist, their terms live in exhibit prose for this filer and are not parsed; absence of a tag is not proof of absence. The exhibits are the ground truth.

Registrations and offerings

Registered offering capacity on live registrations: $347.5Mfrom the structured fee exhibits; registered is not remaining, takedowns are not subtracted

S-3Aug 7, 2026$300.0M registeredfiling →
S-3Jun 5, 2026$11.4M registeredfiling →
S-3Mar 13, 2026$36.1M registeredfiling →

Last 12 months: 5 executed · 4 registered.

REGISTEREDAug 7, 2026S-3 registration — capacity to sell shares, not a sale yetS-3
EXECUTEDJun 17, 2026Prospectus supplement priced — shares or notes (large filers: often a bond deal)424B2
EFFECTIVEJun 15, 2026SEC declared a registration effective — selling can beginEFFECT
REGISTEREDJun 5, 2026S-3 registration — capacity to sell shares, not a sale yetS-3
EFFECTIVEApr 22, 2026SEC declared a registration effective — selling can beginEFFECT
REGISTEREDApr 21, 2026S-3/A registration — capacity to sell shares, not a sale yetS-3/A
EXECUTEDApr 7, 2026Unregistered share sale disclosed (8-K item 3.02)8-K
REGISTEREDMar 13, 2026S-3 registration — capacity to sell shares, not a sale yetS-3
EXECUTEDFeb 19, 2026Unregistered share sale disclosed (8-K item 3.02)8-K
EXECUTEDNov 6, 2025Shelf takedown priced — shares or notes (small-caps: usually shares; open the filing to confirm)424B5
MARKETINGNov 6, 2025Free-writing prospectus — offering being marketedFWP
EXECUTEDAug 25, 2025Unregistered share sale disclosed (8-K item 3.02)8-K

Full history and shelf status: offering checker · S-3 shelf checker

Source: SEC EDGAR XBRL company facts and filing metadata, fetched live and cached briefly. Share counts are cover-page figures with their form named. Warrant tranches and convertible notes come from the dimensioned facts in the latest 10-Q/10-K instance document, exactly as the company tagged them; untagged tranches and notes are absent, not disproven. Nothing on this page is manually verified and nothing is behind a login: what free data supports is shown, what it cannot support is stated. Not investment advice.

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