Opthea (OPT) H1 2026 earnings summary

Executive summary

• Completed a strategic review, shifting focus to developing OPT-302 for Lymphangioleiomyomatosis (LAM), a rare lung disease affecting women, leveraging existing assets and expertise without requiring near-term capital raises.

• Leadership changes included the CEO's departure and a streamlined team led by Dr. Jeremy Levin, with significant workforce and board reductions to align with the new strategy.

• Voluntarily delisted from NASDAQ, maintaining ASX as the primary listing, and preparing for reinstatement on the ASX in H1 CY2026.

Financial highlights

• Reported net profit after tax of $339.9 million for the half-year ended 31 December 2025, compared to a loss of $201.1 million in the prior period.

• Operating expenses significantly reduced: R&D expenditure was $1.26 million (down from $107.6 million), and administration expenses were $5.81 million (down from $23.83 million) year-over-year.

• Major gain of $357.1 million from derecognition of the Development Funding Agreement (DFA) following its settlement.

• Cash and cash equivalents at period end were $33.2 million, down from $73.9 million at June 2025.

• Basic and diluted EPS of 25.52 cents, compared to (16.50) cents in the prior period.

Outlook and guidance

• Fully funded for the initial stages of the LAM program from existing cash reserves, with no near-term equity raise anticipated.

• Key objectives for the next 12 months include engaging with the LAM community, demonstrating feasibility of OPT-302 lung delivery, and seeking shareholder approval for a company name change.

• The company expects sufficient funds to operate through February 2027, but future funding may be required depending on LAM program milestones.