Opthea
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Opthea (OPT) investor relations material

Opthea H1 2026 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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H1 2026 earnings summary28 Feb, 2026

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.

What derisks the LAM development program?
Cash runway for LAM program
What are key uncertainties for LAM clinical trials?
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Q3 202628 May, 2026
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Frequently asked questions

Opthea Limited is a clinical-stage biopharmaceutical company based in Australia, specializing in the development and commercialization of innovative therapies primarily for eye diseases. The company's primary focus is on advancing its intellectual property portfolio, which encompasses Vascular Endothelial Growth Factors (VEGF) VEGF-C, VEGF-D, and VEGF Receptor-3. These are aimed to be used in treating diseases associated with blood and lymphatic vessel growth as well as vascular leakage. The company is headquartered in South Yarra, Victoria, Australia, and its shares are listed on the NASDAQ and ASX.

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