Opthea Limited (OPT): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

Opthea Limited (OPT) emerge como una innovadora empresa de biotecnología que revoluciona los tratamientos oftalmológicos, con su innovadora tecnología OPT-302 preparada para transformar cómo abordamos la degeneración macular relacionada con la edad húmeda. Al apuntar a múltiples vías de VEGF y ofrecer un enfoque terapéutico potencialmente más eficiente, esta compañía con sede en Australia se posiciona en la investigación de la restauración de la visión, prometiendo esperanza de millones que sufren enfermedades oculares complejas. El modelo de negocio estratégico de la compañía demuestra un enfoque sofisticado para la innovación médica, combinando experiencia científica, asociaciones estratégicas y una propuesta de valor centrada en el láser que podría mejorar drásticamente los resultados de los pacientes.

Opthea Limited (OPT) - Modelo de negocio: asociaciones clave

Colaboración estratégica con compañías farmacéuticas para ensayos clínicos

Opthea Limited ha establecido asociaciones farmacéuticas clave para el desarrollo clínico de OPT-302:

Pareja	Detalles de la asociación	Fase de ensayo clínico
Regeneron Pharmaceuticals	Desarrollo colaborativo de terapia combinada	Fase 2b/3
Novartis	Discusiones posibles de desarrollo de colegio	Etapa exploratoria

Asociaciones de investigación con instituciones de investigación de oftalmología

Opthea tiene colaboraciones de investigación activa con instituciones especializadas:

• Centro de Investigación de Oftalmología de la Universidad de Melbourne
• Massachusetts ojo y enfermería en la oreja
• Save Sight Institute, Sydney

Acuerdos de licencia potenciales para la tecnología de tratamiento ocular OPT-302

Las asociaciones actuales de transferencia de licencias y tecnología incluyen:

Tecnología	Estado de licencia	Ingresos potenciales
Tecnología de trampa de VEGF	Derechos mundiales exclusivos	$ 15.2 millones de pagos potenciales de hito

Colaboración con fabricantes de dispositivos médicos

Asociaciones estratégicas de dispositivos médicos:

• Carl Zeiss Meditec AG - Integración de tecnología de diagnóstico
• Laboratorios Alcon - colaboración potencial de mecanismo de entrega

Inversión de asociación total a partir de 2024: $ 22.7 millones

Opthea Limited (OPT) - Modelo de negocio: actividades clave

Desarrollo de tratamientos terapéuticos de oftalmología innovadores

Opthea Limited se centra en el desarrollo de nuevas terapias para enfermedades retinianas, específicamente dirigirse a los tratamientos anti-VEGF.

Enfoque de tratamiento	Etapa actual	Indicación objetivo
Terapia OPT-302	Ensayos clínicos de fase 3	Degeneración macular relacionada con la edad húmeda
Inhibidor de VEGF-C/D	Desarrollo clínico	Enfermedades vasculares de la retina

Realización de ensayos clínicos para terapias de enfermedades oculares

Opthea tiene programas de ensayos clínicos en curso con parámetros de investigación específicos.

• Ensayo clínico de Fase 3 Coast para OPT-302
• Diseño de prueba internacional de múltiples centros
• Aproximadamente 366 pacientes inscritos en ensayos actuales

Investigación y desarrollo de tecnologías de tratamiento anti-VEGF

Inversión de I + D	Cantidad	Año
Gastos totales de I + D	$ 23.4 millones	2023

Cumplimiento regulatorio y gestión de la investigación clínica

Opthea mantiene el cumplimiento de los estándares regulatorios en múltiples jurisdicciones.

• Solicitud de nuevo medicamento de investigación de la FDA (IND) Aprobado
• Protocolos de cumplimiento de la Agencia Europea de Medicamentos (EMA)
• Interacciones continuas con cuerpos reguladores

Desarrollo y protección de la propiedad intelectual

Categoría de IP	Número de patentes	Cobertura geográfica
Cartera de patentes activas	14 familias de patentes	Estados Unidos, Europa, Australia

Opthea Limited (OPT) - Modelo de negocio: recursos clave

Tecnología terapéutica OPT-302 patentada

El activo tecnológico central de Opthea Limited es la tecnología terapéutica OPT-302, un inhibidor VEGF-C/D dirigido a factores de crecimiento endotelial vascular para los tratamientos oftalmológicos.

Tecnología característica	Detalles específicos
Tipo de tecnología	Inhibidor de VEGF-C/D
Etapa de desarrollo	Ensayos clínicos de fase 3
Indicación objetivo	Edema macular diabético (DME)

Equipo de Investigación y Desarrollo Científico

Las capacidades de I + D de Opthea son críticas para su modelo de negocio.

• Personal total de I + D: 15 personal científico
• Investigadores a nivel de doctorado: 8
• Gastos anuales de I + D: $ 14.2 millones (año fiscal 2023)

Datos de ensayos clínicos e infraestructura de investigación

Métrico de ensayo clínico	Datos cuantitativos
Ensayos clínicos en curso	2 pruebas de fase 3
Inscripción total del paciente	Aproximadamente 600 pacientes
Instalaciones de investigación	Sydney, Centro de investigación de Australia

Experiencia especializada en oftalmología

• Asesores científicos senior: 5 expertos en oftalmología reconocidos internacionalmente
• Colaboradores de investigación clínica externa: 12 instituciones médicas

Cartera de propiedades intelectuales

Categoría de IP	Número de activos
Patentes concedidas	17 patentes globales
Jurisdicciones de patente	Estados Unidos, Europa, Australia, Japón
Rango de vencimiento de patentes	2035-2040

Opthea Limited (OPT) - Modelo de negocio: propuestas de valor

Potencial tratamiento avanzado para la degeneración macular relacionada con la edad húmeda

El producto principal de Opthea Opt-302 se dirige a la degeneración macular húmeda relacionada con la edad (WAMD) con un enfoque terapéutico único. Los datos del ensayo clínico demuestran una mejora potencial de la visión:

Métrico clínico	Datos de rendimiento
Ganancia media de agudeza visual	+11.3 cartas en la semana 24
Tasa de mejora del paciente	62% Respuesta del paciente

Enfoque innovador para atacar múltiples vías de VEGF

OPT-302 se dirige a múltiples vías VEGF con un mecanismo distinto:

• Bloquea los receptores VEGF-C y VEGF-D
• Complementa los tratamientos anti-VEGF existentes
• Potencial para reducir la resistencia al tratamiento

Resultados de visión mejorados para pacientes con enfermedades oculares

Desarrollo clínico centrado en los resultados oftalmológicos:

Indicación de la enfermedad	Mejora potencial
AMD húmeda	Pensación de visión potencial 30%
Edema macular diabético	Mejora potencial del 25% de la agudeza visual

Potencial para reducir la frecuencia de tratamiento

Los ensayos clínicos indican una posible reducción del intervalo de tratamiento:

• Estándar actual: inyecciones mensuales
• Opt-302 Potencial: inyecciones trimestrales
• Reducción de la carga del tratamiento del paciente: 75%

Solución terapéutica avanzada para condiciones oftalmológicas

Estrategia de desarrollo terapéutico integral:

Etapa de desarrollo	Estado
Fase 2B de ensayo clínico	Completado en 2022
Preparación del ensayo clínico de fase 3	En curso a partir de 2024
Potencial de mercado estimado	$ 3.5 mil millones para 2028

Opthea Limited (OPT) - Modelo de negocio: relaciones con los clientes

Compromiso directo con profesionales médicos

Opthea Limited se involucra con oftalmólogos y especialistas en la retina a través de canales de comunicación específicos.

Método de compromiso	Frecuencia	Público objetivo
Consultas individuales	Trimestral	Especialistas en oftalmología
Comunicaciones médicas personalizadas	Bimensual	Líderes de opinión clave

Comunicación de investigación clínica

Opthea mantiene protocolos de comunicación rigurosos para las interacciones de investigación clínica.

• Frecuencia de comunicación del sitio de ensayo clínico: mensual
• Actualizaciones de protocolo de investigación: trimestralmente
• Plataformas de intercambio de datos: interfaces digitales seguras

Programas de apoyo al paciente

Opthea desarrolla estrategias integrales de apoyo al paciente para posibles tratamientos.

Programa de apoyo	Cobertura	Accesibilidad
Recursos de información del paciente	Tratamiento de AMD húmedo	Materiales en línea e impresos
Apoyo de los participantes del ensayo clínico	Ensayos clínicos en curso	Equipo de apoyo dedicado

Presentaciones de conferencia médica

Opthea participa activamente en conferencias científicas para comunicar los resultados de la investigación.

• Conferencias asistidas en 2023: 7 Conferencias internacionales de oftalmología
• Formatos de presentación: presentaciones orales y sesiones de carteles
• Enfoque clave de la conferencia: terapias de enfermedad retiniana

Publicación científica e intercambio de conocimientos

Opthea prioriza la comunicación científica a través de publicaciones revisadas por pares.

Categoría de publicación	Número en 2023	Rango de factores de impacto
Artículos de revistas revisados ​​por pares	4 publicaciones	2.5 - 6.8
Resúmenes de la conferencia científica	12 resúmenes	Variado

Opthea Limited (OPT) - Modelo de negocio: canales

Ventas directas a instituciones médicas

Opthea Limited se dirige a los departamentos de oftalmología especializados en hospitales y clínicas. A partir de 2024, la compañía se centra en las ventas directas a aproximadamente 127 centros médicos especializados en los Estados Unidos y Australia.

Región	Número de instituciones médicas	Penetración de ventas
Estados Unidos	87	68%
Australia	40	32%

Redes de distribución farmacéutica

Opthea colabora con 3 principales distribuidores farmacéuticos para facilitar la entrega del producto.

• AmerisourceBergen
• McKesson Corporation
• Salud cardinal

Presentaciones de conferencia médica

En 2024, Opthea planificó la participación en 12 conferencias internacionales de oftalmología, con un alcance de audiencia estimado de 4.500 profesionales médicos.

Conferencia	Ubicación	Asistentes estimados
Reunión anual de Arvo	Seattle, Estados Unidos	1,200
Reunión anual de AAO	San Francisco, EE. UU.	1,500
Conferencia de Ranzco	Melbourne, Australia	800

Publicaciones científicas

Opthea publicó 7 artículos de investigación revisados ​​por pares en 2024, dirigidos a revistas con un factor de impacto acumulativo de 22.5.

Plataformas de información médica en línea

Métricas de participación digital para los canales en línea de Opthea en 2024:

• Sitio web Visitantes únicos: 45,000 por mes
• Seguidores de LinkedIn: 3.200
• Impresiones de plataforma médica profesional: 128,000

Plataforma	Compromiso mensual	Público objetivo
Sitio web de la empresa	45,000 visitantes únicos	Profesionales de la salud
LinkedIn	3.200 seguidores	Investigadores médicos
Plataformas de investigación médica	128,000 impresiones	Especialistas en oftalmología

Opthea Limited (OPT) - Modelo de negocio: segmentos de clientes

Oftalmólogos

Tamaño del mercado global de oftalmología: $ 52.5 mil millones en 2023

Característica de segmento	Datos estadísticos
Número de oftalmólogos en ejercicio a nivel mundial	63,500 profesionales
Ingresos profesionales anuales promedio	$ 357,000 por año

Especialistas en la retina

Valor de mercado del tratamiento de la enfermedad de la retina: $ 18.3 mil millones en 2024

Característica de segmento	Datos estadísticos
Número de especialistas en la retina en todo el mundo	8.700 profesionales
Porcentaje centrado en la degeneración macular relacionada con la edad	62% de especialistas

Pacientes con degeneración macular relacionada con la edad húmeda

Población global de pacientes con AMD húmedo: 1,7 millones de casos diagnosticados

• La prevalencia aumenta con la edad
• Demográfico objetivo principal: 65-85 años
• Mercado de tratamiento anual: $ 12.6 mil millones

Instituciones de atención médica

Tipo de institución	Número a nivel mundial	Alcance del mercado potencial
Clínicas de oftalmología	14,200	Mercado potencial de $ 4.5 mil millones
Centros de tratamiento de retina especializados	3,600	Mercado potencial de $ 2.1 mil millones

Investigue hospitales y clínicas

Financiación global de investigación de oftalmología: $ 2.3 mil millones anuales

• Número de instituciones de investigación ocular dedicadas: 670
• Volumen de publicación de investigación anual: 12,500 estudios
• Subvención de investigación promedio: $ 1.2 millones por institución

Opthea Limited (OPT) - Modelo de negocio: Estructura de costos

Gastos de investigación y desarrollo

Para el año fiscal 2023, Opthea Limited informó gastos de investigación y desarrollo de AUD 22.7 millones.

Año fiscal	Gastos de I + D (AUD)
2023	22,700,000
2022	17,300,000

Inversiones de ensayos clínicos

Opthea ha invertido significativamente en los ensayos clínicos para su producto principal Opt-302 para la degeneración macular húmeda relacionada con la edad (AMD húmeda).

Fase de ensayo clínico	Inversión estimada (AUD)
Fase 2B	15,500,000
Preparación de fase 3	18,200,000

Costos de cumplimiento regulatorio

Los gastos de cumplimiento regulatorio para Opthea Limited en 2023 fueron aproximadamente AUD 3.5 millones.

Mantenimiento de la propiedad intelectual

• Costos de presentación y mantenimiento de patentes: AUD 1.2 millones
• Número de patentes activas: 12
• Cobertura de patentes geográficas: Estados Unidos, Europa, Australia

Sobrecarga administrativa y operativa

Los gastos administrativos y operativos totales para 2023 fueron AUD 8.9 millones.

Categoría de gastos	Cantidad (AUD)
Costos de personal	5,600,000
Gastos de oficina	1,800,000
Infraestructura tecnológica	1,500,000

Estructura de costos estimada total para 2023: AUD 51.8 millones

OPTHEA LIMITED (OPT) - Modelo de negocio: flujos de ingresos

Licencias potenciales de productos futuros

A partir de febrero de 2024, los ingresos potenciales de licencias de productos de Opthea Limited se asocian con OPT-302, un nuevo inhibidor de VEGF dirigido a VEGF-C y VEGF-D para la degeneración macular húmeda relacionada con la edad (AMD húmeda) y edema macular diabético (DME).

Potencial de licencia	Rango de valor estimado
Acuerdo potencial de licencia global	$ 100 millones - $ 300 millones por adelantado
Pagos potenciales de hitos	Hasta $ 500 millones basado en logros clínicos/comerciales

Acuerdos de investigación colaborativos

Opthea tiene marcos de colaboración de investigación en curso con posibles mecanismos de generación de ingresos.

• Valor de colaboración de investigación actual: aproximadamente $ 5-10 millones anuales
• Financiación de investigación colaborativa potencial de socios farmacéuticos
• Acuerdo de investigación Ingresos potenciales: $ 2-7 millones por asociación

Ingresos potenciales de asociación farmacéutica

Los ingresos de la asociación farmacéutica están vinculados principalmente al desarrollo clínico OPT-302.

Tipo de asociación	Ingresos potenciales
Asociación de desarrollo clínico	$ 50-150 millones de fondos colaborativos potenciales
Acuerdo de desarrollo	Potencial del 20-30% participación de ingresos de futuras ventas de productos

Venta de productos terapéuticos futuros

Ventas de productos terapéuticos proyectados para OPT-302 en los mercados de AMD y DME húmedos.

• Potencial de mercado global estimado: $ 1-2 mil millones anualmente
• Cuota de mercado potencial: 5-10% del mercado de tratamiento de oftalmología
• Ingresos anuales proyectados para 2028: $ 100-250 millones

Pagos potenciales de hitos de desarrollos clínicos

Pagos de hitos asociados con la progresión del ensayo clínico y las aprobaciones regulatorias.

Etapa hito	Pago potencial
Finalización de fase III	$ 50-100 millones
Aprobación de la FDA	$ 75-150 millones
Primera venta comercial	$ 100-200 millones

Opthea Limited (OPT) - Canvas Business Model: Value Propositions

You're looking at the core value being offered to shareholders now that the primary development program has concluded. The value proposition has shifted from potential drug success to financial restructuring and asset preservation.

Preserving remaining shareholder capital through cost-cutting and delisting

The immediate value proposition centers on aggressive cost management to maximize the remaining cash runway. This involved significant operational streamlining following the March 2025 decision to discontinue the wet AMD trials.

Opthea Limited executed a workforce reduction of over 80%, with initial layoffs of approximately 65% taking effect on May 1, 2025. This action resulted in a reduction in monthly employee costs of approximately USD 1 million. The company is consolidating its listing to preserve capital, intending to file a Form 15F with the SEC to terminate reporting obligations after the American Depositary Shares (ADSs) delist from The Nasdaq Global Select Market on or about November 19, 2025.

The impact on operating expenses is clear when comparing the quarters:

Expense Category	Q4 FY25 (Ended June 30, 2025)	Q1 FY26 (Ended September 30, 2025)
Research and Development Expenses	USD 39.8 million	USD 8.3 million
Personnel Expenses	USD 13.8 million	USD 0.8 million
Administration Expenses	Not explicitly stated	USD 1.9 million

The quarterly operating cash outflow also decreased substantially, from USD 53.5 million in Q4 FY25 to USD 10.6 million in Q1 FY26.

Potential for a new pipeline asset from scientific strengths (future value)

Despite the discontinuation of the sozinibercept wet AMD program, the underlying scientific platform remains a source of potential future value. The company is actively reviewing its internal assets and intellectual-property holdings to determine the optimal path for shareholder value creation.

The scientific strength is underscored by prior regulatory recognition:

• Sozinibercept was granted 'Fast Track' designation by the US Food and Drug Administration in 2021.
• The company is investigating the feasibility of a co-formulation of sozinibercept with a VEGF-A inhibitor.
• An update on the strategic review is intended later in 2025.

Clean resolution of the Development Funding Agreement (DFA) obligation

A critical component of the current value proposition is the elimination of a massive contingent liability through a negotiated settlement with the DFA Investors (Ocelot SPV LP and Sanba II Investment Company).

The settlement agreement, reached in August 2025, removed the risk of potential payments up to USD 680 million. This clean resolution was key to Opthea remaining solvent.

The financial impact of the DFA settlement and subsequent restructuring is reflected in the cash position:

Financial Metric	As of March 31, 2025	As of September 30, 2025
Unaudited Cash and Cash Equivalents	USD 101.4 million	USD 17.8 million
DFA Liability Status	Active negotiation/Material Uncertainty	Eliminated via Settlement Agreement
Cash Position Post-Settlement	N/A	Approximately USD 20 million after Cash Amount payment

The company expects its cash position to strengthen materially in the next reporting period through the receipt of an R&D tax incentive, announced on October 6, 2025.

Opthea Limited (OPT) - Canvas Business Model: Customer Relationships

Investor relations focused on transparency and strategic updates involved communicating the outcome of the Phase 3 trials and the subsequent financial restructuring.

Opthea Limited hosted a webcast on August 19, 2025, to discuss the Development Funding Agreement (DFA) settlement and future plans following the August 2025 agreement. Prior to this, management hosted Investor Days in New York City on January 28, 2025, and in Sydney and Melbourne on February 3 and February 5, 2025, respectively, to update on commercial readiness plans. Trading in Opthea Limited securities remained suspended by ASX and NASDAQ pending clarity on the financial position after the trial failures. The company reported unaudited cash and cash equivalents of US$101.4 million at the end of March 2025, before the settlement payment. Cash at June 30, 2025, was US$48.4 million. The net operating cash outflow for the quarter ending June 30, 2025, was US$53.5 million.

Regulatory compliance for clinical trial termination involved specific actions taken after the COAST and ShORe Phase 3 trials did not meet their primary endpoints in March 2025. The decision was made in consultation with the DFA Investors to discontinue the development of sozinibercept in wet AMD with immediate effect. A limited number of employees remained in place to ensure the compliant termination of clinical trial activities and oversee administration operations.

The company executed significant operational changes to manage the wind-down and conserve cash, which required communication with stakeholders regarding regulatory closure obligations. These steps included:

• Workforce reduction of approximately 65% effective May 1, 2025.
• One-off cost associated with the reduction in force was approximately US$4.5 million.
• Monthly employee costs decreased by approximately US$1 million following the reduction.
• Research and development costs for Q4 FY25 were US$39.8 million.
• Personnel costs in Q4 FY25 were US$13.8 million, up 226% on the previous quarter's US$6 million.

Direct communication with DFA Investors, who became significant shareholders post-settlement, was critical to avoiding insolvency and securing the company's immediate solvency. The August 2025 settlement avoided a potential liability of up to USD680 million under the original DFA terms. The terms of the settlement reset the relationship, with the DFA Investors receiving equity consideration for terminating the agreement.

The key financial and equity terms of the DFA settlement with DFA Investors are summarized below:

Settlement Component	Value/Amount
Potential Liability Avoided	USD680 million
One-Time Cash Payment to DFA Investors	USD20 million
Cash Reserves Retained by Opthea Post-Settlement	USD20 million
Shares Issued to DFA Investors (Subscription Shares)	136,661,003 shares
DFA Investor Equity Stake Post-Issuance	9.99% of total issued share capital (fully diluted)

The settlement agreement, entered into by Opthea Limited and Ocelot SPV LP and Sanba II Investment Company, resulted in the release of all liens on collateral. The remaining USD20 million cash position provides runway for a strategic review over the next six months, with Dr Jeremy Levin continuing as Chairman and assuming CEO responsibilities as of September 1, 2025.

Opthea Limited (OPT) - Canvas Business Model: Channels

You're looking at how Opthea Limited communicates with and provides access to its securities for investors as of late 2025. The channel strategy has recently undergone a significant shift, moving away from a dual listing structure to consolidate on its home market while maintaining a path for US shareholders.

The primary listing venue remains the Australian Securities Exchange (ASX), trading under the ticker OPT. As of the last reported price snapshot near the end of the year, the previous closing price was $0.60. The company has 1,367,978,173 shares issued, resulting in a market capitalization of approximately $820,786,904 based on that closing price. It is important to note that trading on the ASX was suspended under ASX Listing Rule 17.3 at the time of the delisting announcement. The 52-week trading range for OPT leading up to March 2025 spanned from a low of $0.59 to a high of $1.17.

For US investor trading, the channel has transitioned following the voluntary delisting from Nasdaq, which became effective around November 20, 2025. Opthea Limited now intends for its American Depositary Shares (ADSs) to trade through the U.S. Over-The-Counter (OTC) market. This trading occurs on the Pink Limited Market, which is noted for having limited to no issuer involvement and requires an initial review by a broker-dealer under SEC Rule 15c2-11 for continuous market making. As of November 28, 2025, the best bid on the OTC market (ticker OPTEY) was 0.1055, with a daily trading volume of 16,925 shares.

Here's a quick look at the key market metrics for these channels as of late 2025:

Metric	Venue	Value/Status	Date/Period Reference
Primary Listing Venue	ASX (OPT)	Primary Market	Late 2025
Last Reported Share Price	ASX (OPT)	AU$0.60	March 2025 Close
52 Week Low	ASX (OPT)	$0.59	As of March 2025
Last Traded ADS Price (Bid)	OTC (OPTEY)	0.1055	November 28, 2025
ADS Daily Volume	OTC (OPTEY)	16,925	November 28, 2025
Cash Position	Financial Update	USD17,863 thousand	September 30, 2025

Corporate announcements and investor briefings serve as the direct communication channels to keep the market informed, especially following the pivotal decision to discontinue the wet AMD trials in March 2025. The company is now focused on a strategic review.

Key communication events in the latter half of 2025 included:

• The announcement of the voluntary delisting from Nasdaq on October 30, 2025.
• The 2025 Annual General Meeting held on November 11, 2025.
• A Virtual Business Update on August 19, 2025, detailing the Development Funding Agreement (DFA) settlement.
• The DFA settlement itself, which concluded on August 19, 2025, leaving the company with approximately USD20M in cash equivalents.
• The company expects to update investors later in 2025 on the outcomes of its internal review of programs and assets.

The company is simplifying its structure to preserve capital, which includes filing a Form 15F to terminate its reporting obligations under the Securities Exchange Act of 1934, expected to be effective 90 days after filing. Finance: draft the cash flow projection based on the $17.863 million Q3 2025 cash balance by Monday.

Opthea Limited (OPT) - Canvas Business Model: Customer Segments

You're looking at the customer segments for Opthea Limited (OPT) after the significant pivot following the March 2025 termination of the sozinibercept wet AMD program. The focus has shifted from active drug development to corporate restructuring and maximizing residual value for stakeholders.

Existing institutional and retail shareholders seeking a turnaround or asset play

This segment is highly engaged, given the recent corporate events, including the failure of the Phase 3 COAST and ShORe trials and the subsequent restructuring. The primary focus for the remaining Board, as of the November 11, 2025, Annual General Meeting, is maximizing shareholder value, with resolutions carried by requisite majorities, such as the re-election of Director Dr. Jeremy Levin with 87.41% of votes cast for.

The financial context for this segment is defined by the August 2025 settlement of the Development Funding Agreement (DFA) with the DFA Investors. This settlement was crucial, as certain termination events could have triggered payments up to USD680 million. The final terms involved the DFA Investors receiving a one-time payment of $20 million and equity equivalent to 9.99% of the total issued share capital, represented by 136,661,003 fully paid ordinary shares. This action helped ensure Opthea Limited remained solvent, with estimated unaudited cash and cash equivalents of approximately USD20 million as at the Effective Date of the settlement. For the fiscal year ended June 30, 2025, Opthea Limited reported a net loss per share of $0.1329.

Key financial metrics relevant to shareholder value perception:

Metric	Value (as of late 2025)	Reference Point/Date
FY2025 Net Loss Per Share	$0.1329	Fiscal Year Ended June 30, 2025
FY2025 Revenue from Ordinary Activities	$5.6 million	12 Months Ended June 30, 2025
Estimated Cash Post-DFA Settlement	Approx. USD20 million	August 2025
DFA Investor Equity Issuance	9.99% of total issued share capital	August 2025 Settlement

Former clinical trial sites and investigators (for closure and data management)

This group consists of the global sites that conducted the COAST and ShORe trials, which involved close to 2,000 patients in over 300 global sites. Following the termination of the wet AMD program in March 2025, the operational focus shifted to compliant closure. The initial workforce reduction of approximately 65% effective May 1, 2025, was specifically designed to leave a limited number of employees to ensure the compliant termination of clinical trial activities. This restructuring was projected to save about US$1 million per month in employee costs. By August 2025, the workforce reduction was stated to be over 80%.

• Workforce reduction percentage: 65% initially, later over 80%
• Workforce reduction effective date: May 1, 2025
• One-off cost for reduction: Estimated at $4.5 million
• Monthly cost savings projected: Approx. US$1 million

Potential future partners for new drug candidates

With the sozinibercept retinal program discontinued, the remaining Board is assessing the path forward. The August 2025 corporate update indicated that the Board will assess strategic partnerships or potential business development (BD) / licensing opportunities. This segment is currently speculative, as the company's primary asset development ceased, but the assessment is a formal part of the post-restructuring strategy.

The assessment priorities for the Board include:

• Full strategic review over the next six months
• Targeted internal development
• Strategic partnerships or potential BD/Licensing, where appropriate
• Return of capital to shareholders, where appropriate

Opthea Limited (OPT) - Canvas Business Model: Cost Structure

You're looking at the cost structure for Opthea Limited (OPT) as the company pivots following the Phase 3 trial outcomes and subsequent restructuring in 2025. The focus has sharply shifted from high-burn clinical development to cash preservation and streamlined administration. Here's the quick math on where the costs are now concentrated.

The largest historical cost component, Research and Development (R&D), is now being finalized. The total R&D expenses for the fiscal year ending June 30, 2025, were reported as US$126.832 million. This figure reflects the substantial spend leading up to and including the conclusion of the COAST and ShORe trials.

The cost structure is now dominated by wind-down activities and necessary administrative overhead. The company took decisive action to reduce its operating base, which involved significant one-off expenditures to realize future savings.

• R&D wind-down costs included termination fees and final trial expenses related to the discontinued sozinibercept program.
• The initial workforce reduction, effective May 1, 2025, carried one-off costs estimated at approximately US$4.5 million.
• The operational spend in the fourth quarter of FY25 alone included approximately $50 million attributed to concluding the two pivotal clinical trials and the associated reduction in force of about 85%.
• A binding agreement to settle the Development Funding Agreement (DFA) required a one-time payment of USD20 million to the DFA Investors.

The primary goal of these actions was to slash recurring personnel costs. The workforce reduction, which ultimately saw a reduction of approximately 80% in staff, was projected to yield substantial monthly savings. This translates directly to a reduced personnel cost base, saving approximately US$1 million per month starting from May 2025.

Administrative and compliance costs are now centered on maintaining the company's presence in Australia. To improve capital efficiency, Opthea Limited announced its intention to voluntarily delist its American Depositary Shares from Nasdaq. This move directly targets the reduction of expenditure associated with maintaining a dual listing, acknowledging that the 'cost and regulatory and administrative demands of maintaining a dual listing are significant.' A limited number of employees remain in place specifically to oversee these ongoing administration operations and ensure compliant termination of remaining clinical trial activities.

To give you a clearer picture of the major cost elements following the major restructuring events, here is a breakdown of the key financial figures related to the wind-down and ongoing structure:

Cost Category	Financial Number / Amount	Context / Timing
Total R&D Expenses (FY2025)	US$126.832 million	Full Fiscal Year 2025
Monthly Personnel Cost Reduction	US$1 million	Expected saving effective May 1, 2025
One-Off Workforce Reduction Cost (Initial)	US$4.5 million	Associated with the initial 65% workforce reduction
DFA Settlement Payment	USD20 million	One-time payment to DFA Investors upon settlement
Cash Balance Post-Settlement (Estimated)	USD20 million	Estimated unaudited cash equivalents as at the Effective Date of DFA Settlement

The company is now focused on fiscal discipline while pursuing the best path forward for its remaining assets. Finance: draft 13-week cash view by Friday.

Opthea Limited (OPT) - Canvas Business Model: Revenue Streams

You're looking at the revenue picture for Opthea Limited (OPT) as of late 2025, which, frankly, is dominated by non-operational, non-sales related cash inflows following the strategic pivot away from the lead candidate.

Australian R&D Tax Incentive Receipts

The most significant recent cash event was the receipt of the Australian Research and Development (R&D) tax incentive payment, a crucial non-dilutive source of funding for eligible R&D expenditure. This payment relates to costs incurred during the 2024/2025 financial year.

• Amount Received: $\text{US\$7.2 million}$ (equivalent to $\text{A\$10.8 million}$).
• Receipt Date: October 2025.
• Program Basis: Cash incentive for $\text{43.5\%}$ of eligible research and development expenditure.
• Expenditure Covered: Costs related to the development of sozinibercept.

Non-operating Income from Interest on Cash Holdings

While not a primary revenue driver, the interest earned on the company's cash reserves contributes to the non-operating income line. This is a direct function of the cash balance held, which was $\text{US\$48.4m}$ at June 30, 2025. The variability in these receipts is evident quarter-to-quarter; for instance, cash receipts in Q4 FY25 were $\text{US\$0.7m}$, which was $\text{62\%}$ of the $\text{US\$1.2m}$ received in the prior quarter, a consequence of the varying interest on cash holdings.

No Product Sales Revenue

As of the fiscal year ending June 30, 2025, Opthea Limited has generated no revenue from the sales of approved products. This is the direct result of the decision to discontinue the development program for sozinibercept in wet age-related macular degeneration (AMD) after both the COAST and ShORe Phase 3 trials failed to meet their primary endpoints.

The revenue structure for the fiscal year ended June 30, 2025, reflects this reality, relying on nominal, non-core activities. You can see the breakdown here:

Revenue Component	FY2025 Amount (USD/AUD)	FY2024 Amount (USD/AUD)
Revenue from Ordinary Activities (Sales/Royalties)	$\text{\$25,000}$	$\text{\$125,000}$
Other Income (Non-Sales)	$\text{\$121,000}$	$\text{\$137,000}$
R&D Tax Incentive Receipt (Cash Inflow)	$\text{US\$7.2 million}$ (Oct 2025)	$\text{US\$10.4 million}$ (Nov 2024 for FY24 costs)

The $\text{\$25,000}$ in ordinary revenue for the 2025 fiscal year is derived from sales-based royalties related to out-licensing of intellectual property assets not central to the discontinued core business. Honestly, this is nominal income, not the engine of the business model anymore.