Opthea Limited Sponsored ADR ( (OPT) ) has released its Q2 earnings. Here is a breakdown of the information Opthea Limited Sponsored ADR presented to its investors.
Opthea Limited is a biopharmaceutical company focused on developing innovative treatments for vision-threatening eye diseases, particularly wet age-related macular degeneration (wet AMD) and diabetic macular edema (DME). In its latest earnings report for the half-year ending December 31, 2024, Opthea reported a significant decrease in revenue and an increase in losses compared to the previous year. The company’s revenue from ordinary activities decreased by 60% to $24,000, while the loss from ordinary activities before tax increased by 29% to $137.9 million. The financial performance was impacted by a fair value loss on investor options and increased interest expenses, although there was a reduction in research and development expenses due to the completion of Phase 3 clinical trials for its lead drug candidate, sozinibercept. Despite the financial challenges, Opthea maintains a cash position of $131.9 million, which is expected to fund operations into the third quarter of 2025. Looking ahead, Opthea is focused on advancing its Phase 3 clinical trials and preparing for potential FDA approval and market launch of sozinibercept. The company aims to deliver topline data for its COAST and ShORe trials in 2025, while also exploring opportunities to raise additional capital to support commercialization efforts.