Opus Genetics, Inc. (IRD) Cash Flow Statement
Where IRD’s cash came from and went, 2025
December 31, 2025 · U.S. dollars- Cash from operations
- −$35.3M
- Capital expenditures
- $0 0.0% of revenue
- Free cash flow
- −$35.3M −248.3% margin
- Returned to shareholders
- $152,000
- Change in cash
- $14.8M cash at year-end $45.1M
Drawn to scale: where the cash came from and how it was used. Hover for values.
IRD operating cash flow, capex and free cash flow
IRD cash flow trends, 2019–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | −$3.6M2019 | −$35.3M2025 | — | |
| Capital expenditures | $25,0002019 | $02025 | −100.0% | |
| Free cash flow | −$3.6M2019 | −$35.3M2025 | — | |
| Free cash flow margin | −3,288.6%2021 | −248.3%2025 | +3,040.3 pts | |
| Stock-based compensation | $308,0002019 | $3.4M2025 | +49.2%/yr | |
| Share buybacks (net) | $02023 | $152,0002025 | — | |
| Capex / revenue | 0.0%2021 | 0.0%2025 | 0.0 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
IRD cash flow by activity
IRD net income vs operating cash flow
Operating cash flow above net income usually means earnings are backed by cash (depreciation and stock-based pay are non-cash expenses).
IRD cash flow statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|---|---|
| Operating activities | |||||||
| Net income | −$49.6M | −$57.5M | −$10.0M | $17.9M | −$56.7M | −$24.6M | −$6.2M |
| Depreciation & amortization | $53,000 | $10,000 | $6,000 | $4,000 | $4,000 | $8,000 | $3,000 |
| Stock-based compensation | $3.4M | $3.4M | $3.5M | $1.8M | $1.9M | $1.5M | $308,000 |
| Change in working capital | −$2.2M | $3.1M | $4.1M | −$5.6M | $181,000 | $1.1M | $357,000 |
| Other non-cash items | $13.0M | $25.5M | $1.3M | $170,000 | $35.2M | $15.2M | $1.9M |
| Cash from operating activities | −$35.3M | −$25.6M | −$1.1M | $14.3M | −$19.4M | −$6.8M | −$3.6M |
| Investing activities | |||||||
| Capital expenditures | $0 | $0 | $0 | $0 | $0 | $0 | −$25,000 |
| Investments (net) | — | $1.2M | $0 | $0 | −$100,000 | $539,000 | — |
| Acquisitions & other investing | — | $0 | — | — | $0 | $0 | $0 |
| Cash from investing activities | — | $1.2M | — | — | −$100,000 | $539,000 | −$25,000 |
| Financing activities | |||||||
| Share repurchases & issuance (net) | −$152,000 | −$79,000 | $0 | — | — | — | — |
| Net borrowing (repayment) | — | — | $0 | −$538,000 | $538,000 | — | — |
| Shares issued | $34.8M | $4.5M | $9.2M | $4.4M | $28.5M | $21.1M | $0 |
| Other financing | $15.4M | −$232,000 | −$248,000 | −$104,000 | −$1.4M | −$30,000 | $4.7M |
| Cash from financing activities | $50.0M | $4.2M | $9.0M | $3.8M | $27.6M | $21.1M | $4.7M |
| Summary | |||||||
| Net change in cash | $14.8M | −$20.2M | $7.9M | $18.1M | $8.1M | $14.9M | $1.1M |
| Cash at end of period | $45.1M | $30.3M | $50.5M | $42.6M | $24.5M | $16.4M | $1.5M |
| Free cash flow | −$35.3M | −$25.6M | −$1.1M | $14.3M | −$19.4M | −$6.8M | −$3.6M |
| Free cash flow margin | −248.3% | −232.7% | −5.8% | 35.9% | −3,288.6% | — | — |
| Capex / revenue | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | — | — |
| Operating cash flow / net income | — | — | — | 0.80 | — | — | — |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||||
| Net income | −$8.1M | −$65.5M | −$16.5M | −$17.5M | −$7.4M | −$8.2M | −$35.1M | −$7.5M | −$7.8M | −$7.1M | −$4.8M | $5.6M |
| Depreciation & amortization | $14,000 | $13,000 | $13,000 | $13,000 | $14,000 | $13,000 | $10,000 | $0 | $0 | $0 | $3,000 | $1,000 |
| Stock-based compensation | $1.4M | $1.5M | $774,000 | $816,000 | $896,000 | $913,000 | $795,000 | $776,000 | $806,000 | $985,000 | $711,000 | $573,000 |
| Change in working capital | $995,000 | −$102,000 | $73,000 | $875,000 | −$2.8M | −$294,000 | $1.4M | $1.6M | −$333,000 | $395,000 | $8.7M | −$10.4M |
| Other non-cash items | −$6.3M | $51.4M | $5.8M | $9.6M | −$951,000 | −$1.4M | $25.5M | $2,000 | $0 | $10,000 | −$23,000 | $1.3M |
| Cash from operating activities | −$11.9M | −$12.7M | −$9.8M | −$6.2M | −$10.3M | −$9.0M | −$7.4M | −$5.1M | −$7.3M | −$5.7M | $4.5M | −$3.0M |
| Investing activities | ||||||||||||
| Capital expenditures | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Investments (net) | — | — | — | $0 | $0 | $0 | $1.2M | $0 | $0 | $0 | $0 | $0 |
| Acquisitions & other investing | — | — | — | — | — | — | $0 | — | — | — | — | — |
| Cash from investing activities | — | — | — | — | — | — | $1.2M | — | — | — | — | — |
| Financing activities | ||||||||||||
| Share repurchases & issuance (net) | $33,000 | −$33,000 | −$116,000 | $5.2M | $445,000 | −$36,000 | −$37,000 | $0 | $0 | −$42,000 | — | $0 |
| Shares issued | $5.0M | $27.2M | $23.2M | $5.2M | $0 | $6.4M | $0 | $456,000 | $1.6M | $2.5M | $3.7M | $5.5M |
| Other financing | $35.9M | $378,000 | $1.0M | −$5.9M | $461,000 | $14.1M | −$46,000 | −$103,000 | −$22,000 | −$61,000 | −$142,000 | −$106,000 |
| Cash from financing activities | $40.9M | $27.6M | $24.1M | $4.5M | $906,000 | $20.5M | −$83,000 | $353,000 | $1.5M | $2.4M | $3.6M | $5.4M |
| Summary | ||||||||||||
| Net change in cash | $29.0M | $14.9M | $14.3M | −$1.6M | −$9.4M | $11.5M | −$6.3M | −$4.8M | −$5.8M | −$3.3M | $8.2M | $2.4M |
| Cash at end of period | $88.9M | $60.0M | $45.1M | $30.8M | $32.4M | $41.8M | $30.3M | $36.6M | $41.4M | $47.2M | $50.5M | $42.4M |
| Free cash flow | −$11.9M | −$12.7M | −$9.8M | −$6.2M | −$10.3M | −$9.0M | −$7.4M | −$5.1M | −$7.3M | −$5.7M | $4.5M | −$3.0M |
| Free cash flow margin | −1,582.8% | −590.0% | −254.4% | −200.0% | −356.3% | −205.8% | −172.9% | −132.7% | −655.8% | −334.1% | 269.0% | −25.2% |
| Capex / revenue | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Operating cash flow / net income | — | — | — | — | — | — | — | — | — | — | — | −0.54 |
Negative numbers are cash paid out. Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported; data from EODHD.
IRD cash generation
In fiscal 2025 (ended December 31, 2025), Opus Genetics generated -$35.3 million of cash from operations and spent $0 on capital expenditures, leaving free cash flow of -$35.3 million, −248.3% of revenue. It returned $0.2 million to shareholders through dividends ($0) and net share buybacks ($0.2 million). Cash and equivalents rose by $14.8 million over the year.
Related: IRD income statement, IRD balance sheet. See the IRD stock overview for the latest quote and news.
IRD cash flow FAQ
What is Opus Genetics's free cash flow?
Opus Genetics's free cash flow was -$35.3 million in fiscal 2025: -$35.3 million of operating cash flow minus $0 of capital expenditures It was -$25.6 million a year earlier..
How much cash does Opus Genetics generate from operations?
Opus Genetics generated -$35.3 million of cash from operating activities in fiscal 2025.
How much stock does Opus Genetics buy back?
Opus Genetics spent $0.2 million on net share repurchases in fiscal 2025.