IRIS (InfraRed Imaging Spectrograph) is a first light near-infrared diffraction limited imager and integral field spectrograph being designed for the future Thirty Meter Telescope (TMT). IRIS is optimized to perform astronomical studies across a significant fraction of cosmic time, from our Solar System to distant newly formed galaxies (Barton et al. [1]). We present a selection of the innovative science cases that are unique to IRIS in the era of upcoming space and ground-based telescopes. We focus on integral field spectroscopy of directly imaged exoplanet atmospheres, probing fundamental physics in the Galactic Center, measuring 10^4 to 10^10 Msun supermassive black hole masses, resolved spectroscopy of young star-forming galaxies (1 < z < 5) and first light galaxies (6 < z < 12), and resolved spectroscopy of strong gravitational lensed sources to measure dark matter substructure. For each of these science cases we use the IRIS simulator (Wright et al. [2], Do et al. [3]) to explore IRIS capabilities. To highlight the unique IRIS capabilities, we also update the point and resolved source sensitivities for the integral field spectrograph (IFS) in all five broadband filters (Z, Y, J, H, K) for the finest spatial scale of 0.004 per spaxel. We briefly discuss future development plans for the data reduction pipeline and quicklook software for the IRIS instrument suite.