Opthea Limited ( (AU:OPT) ) has shared an update.
Opthea Limited has announced a significant reduction in its workforce by approximately 65% following negative results from its Phase 3 clinical trials for OPT-302 in combination with Aflibercept and Ranibizumab. This decision aims to conserve cash, with estimated cash reserves of US$100M as of March 2025, amid ongoing negotiations with Development Funding Agreement investors. The workforce reduction is expected to save around US$1M monthly in employee costs, although it raises concerns about the company’s ability to continue as a going concern, with trading in its securities suspended until further clarity is provided.
More about Opthea Limited
Opthea Limited operates in the biotechnology industry, focusing on the development of therapies for eye diseases. The company’s primary products include OPT-302, which was being tested in combination with Aflibercept and Ranibizumab in Phase 3 clinical trials. Opthea’s market focus is on innovative treatments for retinal diseases.
YTD Price Performance: 9.09%
Technical Sentiment Signal: Sell
Current Market Cap: $442.9M
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