Opthea (OPT) Citi's 2024 Global Healthcare Conference summary

Lead asset overviews and clinical progress

• LENZ developed a daily eye drop for presbyopia, targeting a $128M TAM, with a PDUFA date set for August 8 and strong phase 3 results showing rapid and sustained near vision improvement.

• Aldeyra's lead, reproxalap, addresses dry eye disease and allergic conjunctivitis, with rapid onset of action and a PDUFA date of April 2; pipeline includes retina and systemic programs.

• Opthea is advancing a first-in-class VEGF-C/D trap for wet AMD, aiming to improve vision outcomes by targeting an unexploited pathway, with phase 3 readouts expected next year.

Value propositions and differentiation

• LENZ's eye drop offers a convenient alternative to reading glasses, outperforming prior products by achieving a smaller pupil size and longer-lasting effects, with 95% of patients gaining two lines of near vision.

• Aldeyra's product is positioned as a fast-acting solution for dry eye and allergic conjunctivitis, with a unique mechanism targeting reactive aldehyde species and potential for broader immunology applications.

• Opthea's combination therapy addresses unmet needs in wet AMD, providing statistically significant visual gains and anatomical improvements in hard-to-treat patients.

Commercialization strategies

• LENZ plans a three-pillar approach: physician engagement via a 100-person sales force, direct-to-consumer (DTC) branding, and seamless patient access, aiming for blockbuster status with modest market penetration.

• Aldeyra leverages a partnership with AbbVie for commercialization, focusing on optometry channels and a co-promotion model with milestone payments and revenue sharing.

• Opthea targets a business-to-business model, focusing on four major retina networks that control 70% of US injections, requiring a small commercial team and direct contracting.