Opthea Limited: Promising Clinical Trials and Strong Financial Position Support Buy Rating with $13 TargetWe have incorporated Opthea’s latest financial results in our model. We have adjusted our expense estimates as well as non-cash interest projections based on the trajectory. Our DCF based PT remains at $13. Upcoming Catalysts. (1) Topline data from Phase 3 trials, COAST (sozinibercept + aflibercept) and ShORe (sozinibercept + ranibizumab) in wAMD in early 2Q25 and mid-25, respectively; (2) potential BLA filing for sozinibercept in wAMD in 1H 2026; and (3) Potential US launch in 2027 (Jones estimate) Symbol OPT Price (Feb 28, 2025) $4.48 Market Cap (MM) $994 Dividend NA Enterprise Value (MM) $821 Shares/Units Outstanding (MM) 187.7 Dividend Yield NA Free Float (MM) NA Free Float % NA 52-Week Range $1.79—$6.30 3-Month Avg. Daily Vol. 24,944 Short Interest (% of Float) NA Total Assets (MM) $144 Cash & Cash Eq.