Opus Genetics (IRD) CEO George Magrath Exercises Warrants (Cashless)

What Happened

• George Magrath, CEO of Opus Genetics (IRD), exercised warrants on September 9, 2026. He exercised 392,157 shares at an exercise price of $1.15 per share for a total exercise consideration of $450,981 (Transaction code M).
• The issuer withheld 75,541 shares to cover the exercise price/tax liability (Transaction code F), calculated at $5.97 per share (total ~$450,980), and issued the remaining 316,616 shares to Magrath. A derivative entry reflecting the warrant conversion shows no separate cash value (disposed as a derivative).

Key Details

• Transaction date: 2026-09-09; Form 4 filed 2026-09-11 (timely — filed within the standard two business days).
• Exercise: 392,157 shares @ $1.15 = $450,981 (M).
• Withholding/tax payment: 75,541 shares withheld @ $5.97 = ~$450,980 (F); net issued to insider = 316,616 shares.
• Shares owned after transaction: not specified in the provided filing excerpt.
• Footnotes: F1 confirms a cashless exercise with 75,541 shares withheld to pay the exercise price; F2 notes the warrant was exercisable upon acquisition (Mar 24, 2025) and is subject to the issuer’s right to call the warrant after certain VWAP and volume conditions tied to clinical-data milestones.

Context

• This was a cashless exercise of warrants (not an open-market sale). Cashless withholding is common to cover exercise costs and tax liabilities and does not necessarily signal a view on the stock.
• The warrants include a potential issuer call right tied to clinical-data and trading thresholds, per the filing footnote — a contractual feature that can affect future value or timing of conversion.