Opthea (OPT.AX) — Stock, Pipeline & Market Cap

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OPT.AX · Stock Price

AUD 0.60+0.60 (+0.00%)

Market Cap: $594.6M

Historical price data

Market Cap: $594.6MPipeline: 5 drugs (2 Phase 3)Founded: 2007Employees: 11-50HQ: Melbourne, Australia

Sector Ranking#114 in Biologics / Biosimilars

Overview

Opthea's mission is to develop first-in-class VEGF-C/D inhibition therapies for diseases driven by abnormal vascular and lymphatic growth. The company's key achievement is the development of sozinibercept (OPT-302), a soluble 'trap' molecule that has completed Phase 2b/3 trials in wet age-related macular degeneration (AMD). Its current strategy is a decisive pivot to apply this validated platform to Lymphangioleiomyomatosis (LAM), targeting a high-unmet-need rare disease with a clear biological rationale and potential for accelerated development and regulatory pathways.

Rare Disease (Pulmonary)Ophthalmology

Technology Platform

VEGF-C/D inhibition platform utilizing sozinibercept (OPT-302), a soluble 'trap' fusion protein that selectively neutralizes VEGF-C and VEGF-D ligands to inhibit pathological angiogenesis and lymphangiogenesis.

Pipeline

5

5 drugs in pipeline2 in Phase 3

Drug	Indication	Stage
2.0 mg OPT-302 + 2.0 aflibercept	Neovascular Age-related Macular Degeneration	Phase 3
2.0 mg OPT-302 + 0.5 mg ranibizumab	Neovascular Age-related Macular Degeneration	Phase 3
OPT-302 + ranibizumab	Neovascular Age-related Macular Degeneration	Phase 2
Aflibercept + OPT-302	Diabetic Macular Edema	Phase 1/2
OPT-302 + Lucentis™	Eye Diseases	Phase 1

Funding History

2

Total raised:$30M

Grant$10MAustralian GovernmentJan 1, 2020

IPO$20MUndisclosedJan 1, 2015

Opportunities

Opthea's pivot to LAM presents a first-mover opportunity in a rare disease with no approved therapies, enabling potential for orphan drug pricing, accelerated regulatory pathways, and rapid market penetration in a concentrated patient population.

The strong biological rationale, supported by VEGF-D as a key biomarker, de-risks clinical translation and offers a clear path to becoming a leader in this niche space.

Risk Factors

The primary risk is clinical failure of OPT-302 in LAM, which would devastate the company's value proposition.

Significant dilution risk exists as the pre-revenue company will require substantial additional capital to fund development.

The strategic pivot itself carries execution risk, including potential challenges in recruiting for a new indication and managing the legacy ophthalmology assets.

Competitive Landscape

In LAM, Opthea faces no direct clinical-stage competitors, only the off-label use of mTOR inhibitors (sirolimus, everolimus), providing a clear first-mover advantage. This contrasts sharply with its former focus in ophthalmology (wet AMD/DME), where it competed against entrenched blockbuster therapies in a highly saturated market.