Opthea (OPT) AI Stock Analysis

• Market Cap: AU$738.77M
• Dividend Yield: N/A
• Average Volume (3M): 0.00
• Price to Earnings (P/E): ―
• Beta (1Y): 4.21
• Revenue Growth: -80.08%
• EPS Growth: 59.91%
• Country: AU
• Employees: 33
• Sector: Healthcare
• Sector Strength: 45
• Industry: Biotechnology
• EPS (TTM): -0.04
• Shares Outstanding: 1,367,978,100
• 10 Day Avg. Volume: 0
• 30 Day Avg. Volume: 0
• PEG Ratio: 0.00
• Price to Book (P/B): 0.00
• Price to Sales (P/S): 0.00
• P/FCF Ratio: 0.00
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: N/A
• Price Target Upside: N/A
• Rating Consensus: N/A
• Number of Analyst Covering: 0
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 42 Neutral
• Price Target: AU$0.58 ▼(-4.00% Downside)

The score is primarily constrained by weak financial performance—minimal/volatile revenue, large ongoing losses, and sustained heavy cash burn with negative equity. Technical indicators show oversold conditions but no confirmed uptrend, while valuation signals are limited by the negative P/E and lack of dividend support.

Positive Factors

Debt Elimination

Eliminating debt reduces financial risk and interest obligations, enhancing financial flexibility and stability for future growth initiatives.

R&D Tax Incentive

The R&D tax incentive boosts cash flow and supports ongoing research efforts, aiding in the development of innovative therapies and long-term growth.

Operational Streamlining

Streamlining operations and reducing costs enhance financial health, allowing Opthea to allocate resources more effectively towards strategic initiatives.

Negative Factors

Negative Equity

Negative equity indicates accumulated losses, posing risks to financial stability and increasing reliance on external funding for operations.

Cash Burn

Persistent cash burn necessitates ongoing external funding, which could lead to dilution and limit the company's ability to invest in growth.

Revenue Volatility

Highly volatile revenue reflects uncertainty in financial performance, complicating planning and potentially undermining investor confidence.

Opthea Business Overview & Revenue Model

Company Description

Opthea Limited (OPT) is a biotechnology company focused on developing treatments for eye diseases. The company operates primarily in the healthcare sector, with its core product being OPT-302, a novel therapy intended for the treatment of wet age-related macular degeneration (wet AMD) and other retinal vascular disorders. Opthea's mission is to enhance vision care by pioneering innovative therapies that address unmet medical needs in ophthalmology.

How the Company Makes Money

Opthea makes money primarily through the development and commercialization of its proprietary therapeutic candidates. The company generates revenue by licensing its technologies and intellectual property to pharmaceutical partners. Additionally, Opthea may receive milestone payments and royalties from the successful development and commercialization of its products in collaboration with these partners. As the company's lead product, OPT-302 progresses through clinical trials, Opthea aims to secure partnerships with major pharmaceutical companies to bring the therapy to market, which will be a significant contributor to its revenue.

Opthea Financial Statement Overview

Summary

Opthea Limited faces significant financial challenges with persistent losses, negative equity, and reliance on external financing. The company's financial health is weak, with limited signs of improvement in profitability or cash flow stability, posing high risks to stakeholders.

Income Statement

Opthea Limited shows persistent net losses with a negative net profit margin of -176651% for the recent year, indicating significant challenges in achieving profitability. The gross profit margin is positive but does not offset operating losses, as evidenced by the negative EBIT and EBITDA margins. Revenue growth is volatile with significant fluctuations.

Balance Sheet

The balance sheet reveals negative stockholders' equity, suggesting financial instability. High debt levels lead to a negative equity ratio, and the debt-to-equity ratio is not meaningful due to negative equity. The company is heavily reliant on debt and external financing.

Cash Flow

Opthea's cash flow situation shows substantial negative free cash flow, reflecting ongoing operational challenges. The operating cash flow to net income ratio is negative, indicating that cash outflows exceed earnings. The company relies on financing activities to sustain operations.

Breakdown	TTM	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	330.13K	25.00K	124.67K	161.16K	125.05K	91.98K
Gross Profit	107.22K	25.00K	124.67K	-89.31K	-107.42K	-480.00K
EBITDA	-284.57M	-123.19M	-199.29M	-223.30M	-99.01M	-50.14M
Net Income	-399.12M	-162.79M	-220.24M	-211.88M	-127.99M	-60.79M
Balance Sheet
Total Assets	145.77M	56.80M	188.79M	148.19M	87.32M	184.36M
Cash, Cash Equivalents and Short-Term Investments	131.92M	48.44M	172.47M	133.99M	64.90M	157.43M
Total Debt	157.25M	0.00	141.65M	272.98K	0.00	150.47K
Total Liabilities	314.48M	257.87M	264.60M	156.98M	17.55M	4.16M
Stockholders Equity	-168.71M	-201.07M	-75.81M	-8.79M	69.77M	180.20M
Cash Flow
Free Cash Flow	-168.84M	-158.66M	-161.05M	-179.34M	-98.39M	-61.08M
Operating Cash Flow	-168.79M	-158.64M	-161.02M	-179.30M	-98.37M	-61.06M
Investing Cash Flow	-2.00K	-13.00K	-33.49K	-32.64K	-23.32K	880.07K
Financing Cash Flow	157.94M	34.77M	243.73M	248.70M	236.62K	156.76M

Opthea Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 0.60
• 50DMA: Negative
• 100DMA: Positive
• 200DMA: Positive
• MACD: Negative
• RSI: Positive
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For AU:OPT, the sentiment is Negative. The current price of 0.6 is above the 20-day moving average (MA) of 0.60, below the 50-day MA of 0.60, and above the 200-day MA of 0.60, indicating a neutral trend. The MACD of >-0.01 indicates Negative momentum. The RSI at 24.52 is Positive, neither overbought nor oversold. The STOCH value of 25.00 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for AU:OPT.

Opthea Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
Sector *	51 Neutral	$7.86B	-0.30	-43.30%	2.27%	22.53%	-2.21%
IMM	49 Neutral	AU$677.91M	-10.90	-35.86%	―	―	-19.21%
DXB	48 Neutral	AU$333.22M	-23.32	-83.97%	―	1271.12%	36.87%
BOT	47 Neutral	AU$265.72M	-2.88	-90.93%	―	456.50%	-457.14%
CU6	46 Neutral	AU$1.34B	-17.91	-54.37%	―	―	-29.93%
RAC	44 Neutral	AU$522.67M	-105.09	-27.89%	―	―	67.26%
OPT	42 Neutral	AU$738.77M	-2.95	―	―	-80.08%	59.91%

Opthea Corporate Events

Opthea Simplifies Capital Structure as 4.45 Million Options and Rights Lapse

Opthea Limited has notified the Australian Securities Exchange that a total of 4,451,086 options and related conditional rights have ceased, comprising 4,000,000 options that expired unexercised on 19 October 2025 and a further 451,086 conditional rights that lapsed on 11 November 2025 after conditions were not met. The cessation of these securities results in a modest simplification of Opthea’s capital structure and signals that a portion of previously potential equity dilution will no longer occur, which may slightly alter dilution expectations for existing shareholders but does not, on its face, indicate any change to the company’s underlying operations or development programs.

The most recent analyst rating on (AU:OPT) stock is a Sell with a A$0.56 price target. To see the full list of analyst forecasts on Opthea stock, see the AU:OPT Stock Forecast page.

Opthea Grants 41 Million Options to Non-Executive Director Katherine Connell

Opthea has disclosed a change in director Katherine Connell’s interests following the issue of 41 million unquoted options under the company’s Non-Executive Directors Share and Option Plan, which was approved at the 11 November 2025 annual general meeting. The new options, exercisable at a 20% premium to the 10-day volume-weighted average price once Opthea’s securities are reinstated to ASX quotation and expiring in November 2035, significantly increase Connell’s equity-linked exposure and underscore the company’s use of incentive-based compensation to align board oversight with shareholder value.

The most recent analyst rating on (AU:OPT) stock is a Sell with a A$0.05 price target. To see the full list of analyst forecasts on Opthea stock, see the AU:OPT Stock Forecast page.

Opthea Issues 82 Million Unquoted Options Under Employee Incentive Scheme

Opthea Limited has issued 82 million unquoted options under an employee incentive scheme, as disclosed in an Appendix 3G filing with the ASX dated 19 December 2025. The options, which carry various expiry dates and exercise prices and are not intended to be quoted on the ASX, expand the company’s pool of employee equity incentives and may increase potential future dilution while aligning staff remuneration more closely with shareholder value over the long term.

The most recent analyst rating on (AU:OPT) stock is a Sell with a A$0.05 price target. To see the full list of analyst forecasts on Opthea stock, see the AU:OPT Stock Forecast page.

Opthea to Host Corporate Update Webinar

Opthea Limited announced it will provide a corporate update on December 17, 2025, with Executive Chair Jeremy Levin hosting an online webinar for analysts and investors. This update is expected to offer insights into the company’s strategic direction and operational developments, potentially impacting its market positioning and stakeholder interests.

The most recent analyst rating on (AU:OPT) stock is a Sell with a A$0.05 price target. To see the full list of analyst forecasts on Opthea stock, see the AU:OPT Stock Forecast page.

Opthea Limited Secures Shareholder Approval for Key Resolutions

Opthea Limited announced the successful passage of all resolutions at its Annual General Meeting, reflecting strong shareholder support. The resolutions included the re-election of directors and the issuance of options under various plans, which are crucial for the company’s governance and strategic incentive structures.

The most recent analyst rating on (AU:OPT) stock is a Sell with a A$0.05 price target. To see the full list of analyst forecasts on Opthea stock, see the AU:OPT Stock Forecast page.

Opthea Streamlines Operations and Strengthens Financial Position

Opthea Limited has simplified its operations and resolved significant financial liabilities by settling with DFA investors, which has clarified its future cash resources. The company has significantly reduced its operating costs, with research and development expenses declining by 80% and personnel costs by 94% compared to the previous quarter. Opthea’s cash position is expected to strengthen with the receipt of an R&D tax incentive, providing flexibility for future initiatives. The company is currently undergoing a strategic review to explore value-building opportunities and intends to update stakeholders later in the year.

The most recent analyst rating on (AU:OPT) stock is a Sell with a A$0.05 price target. To see the full list of analyst forecasts on Opthea stock, see the AU:OPT Stock Forecast page.

Opthea to Delist from Nasdaq, Focuses on ASX and Australian Market

Opthea Limited has announced its decision to voluntarily delist from the Nasdaq Stock Market while maintaining its listing on the Australian Securities Exchange (ASX). This strategic move is aimed at streamlining operations, reducing costs, and focusing on the Australian market to enhance long-term shareholder value. The company plans to continue its American Depositary Receipt program to facilitate trading for U.S. investors in the OTC market, aligning its structure with operational priorities.

The most recent analyst rating on (AU:OPT) stock is a Sell with a A$0.05 price target. To see the full list of analyst forecasts on Opthea stock, see the AU:OPT Stock Forecast page.

Opthea Announces Key Management Appointments

Opthea Limited has announced the appointment of Mr. Hamish George and Ms. Stephanie Vipond as Joint Company Secretaries, with Mr. George also taking on the role of Chief Financial Officer. This change in management is expected to enhance communication between the company and the ASX, potentially impacting Opthea’s operational efficiency and stakeholder relations.

The most recent analyst rating on (AU:OPT) stock is a Sell with a A$0.05 price target. To see the full list of analyst forecasts on Opthea stock, see the AU:OPT Stock Forecast page.