Full Press Release Details
Quarterly Activity Report
Opthea Limited (ASX: OPT, NASDAQ:OPT) ("Opthea" or "the Company"), today released its Quarterly Activity Report and Appendix 4C
for the three-month period ended September 30, 2025 ("Q1 FY26").
Operational and corporate progress
During the quarter Opthea continued to simplify its operations, resolve key financial matters, and establish a clearer capital position from which to evaluate
its strategic options.
At 30 September 2025 Opthea held US $17.8 million in cash and equivalents (30 June 2025: US $48.4 million).
Operating cash outflow for the quarter was US $10.6 million, compared with US $53.6 million in the previous quarter.
Research and development expenses were US $8.3 million (Q4 FY25: US $39.8 million), administration expenses US $1.9 million, and personnel expenses
Payments to directors totalled US $0.07 million in accordance with ASX Listing Rule 4.7C.3.
With the DFA settlement completed, a streamlined
cost base, and expected strengthening of its cash position through the receipt of an R&D tax incentive, Opthea is positioned to progress and finalise its strategic review.
The Company will continue to evaluate opportunities to deploy capital prudently and to update the market as its strategic review reaches key milestones.
Trading in the Company's securities currently remains suspended by the ASX under ASX Listing Rule 17.3.
Authorised for release by the Board of Directors.
Forward-Looking Statements
This ASX announcement contains certain forward-looking statements, including within the meaning of the U.S. Private Securities Litigation Reform Act of
1995. The words "expect", "believe", "should", "could", "may", "will", "plan", "intend" and other similar expressions are intended to identify
forward-looking statements. Forward-looking statements in this announcement include statements regarding Opthea's plans to conduct a full strategic review of Opthea's business; the expected timing to update investors following such
review; the expected strengthening of Opthea's cash position and Opthea's plans to maintain its listing on the ASX. Forward-looking statements, opinions and estimates provided in this announcement are based on assumptions and
contingencies which are subject to change without notice. Forward-looking statements are provided as a general guide only and should not be relied upon as an indication or guarantee of future performance. They involve known and unknown risks and
uncertainties and other factors, many of which are beyond the control of Opthea and its directors and management and may involve significant elements of subjective judgment and assumptions as to future events that may or may not be
correct. These statements may be affected by a range of variables which could cause actual results or trends to differ materially, including but not limited to the inability to maintain the listing of Opthea's ordinary shares on the ASX ;
changes in applicable laws and regulations; Opthea's ability to identify future product candidates; future capital requirements; the development, testing, production, marketing and sale of drug treatments; regulatory risk and potential loss of
regulatory approvals; clinical research organization and labor costs, intellectual property protections; and other factors that are of a general nature which may affect the future operating and financial performance of Opthea including risk factors
set forth in Opthea's Annual Report on Form 20-F filed with the SEC on September 15, 2025, and other future filings with the SEC. Actual results, performance or achievement may vary
materially from any projections and forward-looking statements and the assumptions on which those statements are based. Subject to any continuing obligations under applicable law or any relevant ASX listing rules, Opthea disclaims any
obligation or undertaking to provide any updates or revisions to any forward-looking statements in this announcement to reflect any change in expectations in relation to any forward-looking statements or any change in events, conditions or
circumstances on which any such statement is based, except as otherwise required by applicable law.
Quarterly cash flow report for entities
subject to Listing Rule 4.7B
| Name of entity | ||
| OPTHEA LIMITED. | ||
| ABN | Quarter ended ("current quarter") | |
| ARBN 672 254 027 | September 30, 2025 |
| Consolidated statement of cash flows | Current quarter $US'000 | Year to date (3 months) $US'000 | ||||||||
| 1. | Cash flows from operating activities | |||||||||
| 1.1 | Receipts from customers | |||||||||
| 1.2 | Payments for | |||||||||
| (a) research and development | (8,261 | ) | (8,261 | ) | ||||||
| (b) product manufacturing and operating costs | ||||||||||
| (c) advertising and marketing | ||||||||||
| (d) leased assets | ||||||||||
| (e) staff costs | (862 | ) | (862 | ) | ||||||
| (f) administration and corporate costs | (1,911 | ) | (1,911 | ) | ||||||
| 1.3 | Dividends received (see note 3) | |||||||||
| 1.4 | Interest received | 315 | 315 | |||||||
| 1.5 | Interest and other costs of finance paid | - | - | |||||||
| 1.6 | Income taxes paid | - | - | |||||||
| 1.7 | Government grants and tax incentives | 66 | 66 | |||||||
| 1.8 | Other (provide details if material) | 21 | 21 | |||||||
| 1.9 | Net cash from / (used in) operating activities | (10,632 | ) | (10,632 | ) | |||||
| 2. | Cash flows from investing activities | |||||||||
| 2.1 | Payments to acquire or for: | |||||||||
| (a) entities | ||||||||||
| (b) businesses | ||||||||||
| (c) property, plant and equipment | - | - | ||||||||
| (d) investments | ||||||||||
| (e) intellectual property | ||||||||||
| (f) other non-current assets |
Quarterly cash flow report for entities subject to Listing Rule 4.7B
| Consolidated statement of cash flows | Current quarter $US'000 | Year to date (3 months) $US'000 | ||||||||
| 2.2 | Proceeds from disposal of: | |||||||||
| (a) entities | ||||||||||
| (b) businesses | ||||||||||
| (c) property, plant and equipment | ||||||||||
| (d) investments | ||||||||||
| (e) intellectual property | ||||||||||
| (f) other non-current assets | ||||||||||
| 2.3 | Cash flows from loans to other entities | |||||||||
| 2.4 | Dividends received (see note 3) | |||||||||
| 2.5 | Other (provide details if material) | |||||||||
| 2.6 | Net cash from / (used in) investing activities | - | - | |||||||
| 3. | Cash flows from financing activities | |||||||||
| 3.1 | Proceeds from issues of equity securities (excluding convertible debt securities) | - | - | |||||||
| 3.2 | Proceeds from issue of convertible debt securities | |||||||||
| 3.3 | Proceeds from exercise of options | - | - | |||||||
| 3.4 | Transaction costs related to issues of equity securities or convertible debt securities | - | - | |||||||
| 3.5 | Proceeds from borrowings | - | - | |||||||
| 3.6 | Repayment of borrowings | (20,000 | ) | (20,000 | ) | |||||
| 3.7 | Transaction costs related to loans and borrowings | - | - | |||||||
| 3.8 | Dividends paid | - | - | |||||||
| 3.9 | Other (provide details if material) | - | - | |||||||
| 3.10 | Net cash from / (used in) financing activities | (20,000 | ) | (20,000 | ) | |||||
| 4. | Net increase / (decrease) in cash and cash equivalents for the period | |||||||||
| 4.1 | Cash and cash equivalents at beginning of period | 48,443 | 48,443 | |||||||
| 4.2 | Net cash from / (used in) operating activities (item 1.9 above) | (10,632 | ) | (10,632 | ) | |||||
| 4.3 | Net cash from / (used in) investing activities (item 2.6 above) | - | - |
ASX Listing Rules Appendix 4C (17/07/20)
Quarterly cash flow report for entities subject to Listing Rule 4.7B
| Consolidated statement of cash flows | Current quarter $US'000 | Year to date (3 months) $US'000 | ||||||||
| 4.4 | Net cash from / (used in) financing activities (item 3.10 above) | (20,000 | ) | (20,000 | ) | |||||
| 4.5 | Effect of movement in exchange rates on cash held | 52 | 52 | |||||||
| 4.6 | Cash and cash equivalents at end of period | 17,863 | 17,863 | |||||||
| 5. | Reconciliation of cash and cash equivalents at the end of the quarter (as shown in the consolidated statement of cash flows) to the related items in the accounts | Current quarter $US'000 | Previous quarter $US'000 | |||||||
| 5.1 | Bank balances | 4,460 | 14,030 | |||||||
| 5.2 | Call deposits | 13,403 | 34,413 | |||||||
| 5.3 | Bank overdrafts | |||||||||
| 5.4 | Other (provide details) | |||||||||
| 5.5 | Cash and cash equivalents at end of quarter (should equal item 4.6 above) | 17,863 | 48,443 | |||||||
| 6. | Payments to related parties of the entity and their associates | Current quarter $US'000 | ||||||||
| 6.1 | Aggregate amount of payments to related parties and their associates included in item 1 | 69 | ||||||||
| 6.2 | Aggregate amount of payments to related parties and their associates included in item 2 | - |
Cash Paid for Directors and
Non-Executive Directors in quarter includes salaries, travel and reimbursement of any costs.
ASX Listing Rules Appendix 4C (17/07/20)
Quarterly cash flow report for entities subject to Listing Rule 4.7B
| 7. | Financing facilities Note: the term "facility' includes all forms of financing arrangements available to the entity. Add notes as necessary for an understanding of the sources of finance available to the entity. | Total facility amount at quarter end $US'000 | Amount drawn at quarter end $US'000 | |||||||
| 7.1 | Loan facilities | - | - | |||||||
| 7.2 | Credit standby arrangements | - | - | |||||||
| 7.3 | Other (please specify) | - | - | |||||||
| 7.4 | Total financing facilities | - | - | |||||||
| 7.5 | Unused financing facilities available at quarter end | - | ||||||||
| 7.6 | Include in the box below a description of each facility above, including the lender, interest rate, maturity date and whether it is secured or unsecured. If any additional financing facilities have been entered into or are proposed to be entered into after quarter end, include a note providing details of those facilities as well. | |||||||||
| After extensive negotiations, Opthea has reached a binding agreement with the DFA investors to terminate the Development Funding Agreement ("DFA"). For further information refer to the ASX announcement on 19 August 2025. | ||||||||||
| 8. | Estimated cash available for future operating activities | $US'000 | ||||||||
| 8.1 | Net cash from / (used in) operating activities (item 1.9) | (10,632 | ) | |||||||
| 8.2 | Cash and cash equivalents at quarter end (item 4.6) | 17,863 | ||||||||
| 8.3 | Unused finance facilities available at quarter end (item 7.5) | - | ||||||||
| 8.4 | Total available funding (item 8.2 + item 8.3) | 17,863 | ||||||||
| 8.5 | Estimated quarters of funding available (item 8.4 divided by item 8.1) (A) | 1.7 | ||||||||
| (A) The future cash burn is expected to decrease due to the discontinuation of the Shore and Coast development program and settlement of DFA financial liability. Note: if the entity has reported positive net operating cash flows in item 1.9, answer item 8.5 as "N/A". Otherwise, a figure for the estimated quarters of funding available must be included in item 8.5. | ||||||||||
| 8.6 | If item 8.5 is less than 2 quarters, please provide answers to the following questions: | |||||||||
| 8.6.1 Does the entity expect that it will continue to have the current level of net operating cash flows for the time being and, if not, why not? | ||||||||||
| Answer: Yes. The anticipated net operating cash flows are expected to decline significantly, now that all external contracts relating to the trial have been finalized and closed as well as the settlement payment to the DFA investors. Operations are currently functioning with reduced staffing levels while evaluating the next phase of Opthea. | ||||||||||
| 8.6.2 Has the entity taken any steps, or does it propose to take any steps, to raise further cash to fund its operations and, if so, what are those steps and how likely does it believe that they will be successful? | ||||||||||
| Answer: No. We note the anticipated significant declines in net operating cash flows described in 8.6.1 above, and that the Company is currently undertaking a strategic review. | ||||||||||
| 8.6.3 Does the entity expect to be able to continue its operations and to meet its business objectives and, if so, on what basis? | ||||||||||
| Answer: Yes, the company anticipates that it will be able to continue its restructured operations whilst finalising its strategic review. |
ASX Listing Rules Appendix 4C (17/07/20)
Quarterly cash flow report for entities subject to Listing Rule 4.7B
Compliance statement
Date: October 31, 2025
Authorised by: Jeremy Levin, Executive Chair
(Name of body or officer authorising release - see note 4)
ASX Listing Rules Appendix 4C (17/07/20)