Opthea Limited ( (CKDXF) ) has released its Q2 earnings. Here is a breakdown of the information Opthea Limited presented to its investors.
Opthea Limited is a biopharmaceutical company focused on developing innovative therapies for vision-threatening eye diseases such as wet age-related macular degeneration (wet AMD) and diabetic macular edema (DME). The company’s lead drug candidate, sozinibercept, is a first-in-class VEGF-C/D inhibitor aimed at improving visual outcomes in patients with wet AMD.
In its latest half-year financial report for the period ending December 31, 2024, Opthea reported a significant increase in net loss before tax, amounting to $137.9 million, compared to the previous year. The company’s revenue from ordinary activities decreased by 60% to $24,000, while research and development expenses were reduced due to the completion of Phase 3 clinical trials for sozinibercept.
Key financial metrics highlighted in the report include a decrease in cash and cash equivalents to $131.9 million and an increase in administrative expenses due to team expansion. Despite these challenges, Opthea successfully raised $36.9 million through a retail entitlement offer, contributing to its capital raising efforts.
Looking ahead, Opthea is focused on advancing its Phase 3 clinical trials and preparing for potential FDA approval and market launch of sozinibercept in the US. The company aims to deliver topline data from its pivotal trials in 2025 and plans to secure additional funding to support its commercialization activities.