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CORPORATE UPDATE INVESTOR CALL – 20 August 2025 Dr Jeremy Levin – Chairman of the Board Fred Guerard – Chief Executive Officer Tom Reilly – Chief Financial OfficerFor personal use only
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2 This investor presentation (Presentation) is dated August 19th, 2025 and has been prepared by Opthea Limited (ASX:OTP) (Opthea or the Company). SUMMARY INFORMATION This Presentation contains summary information about the current activities of Opthea and its subsidiaries (the Opthea Group or Group) which is current as at the date of this Presentation unless otherwise indicated. The information in this Presentation is of a general nature and does not purport to be complete. Th is Presentation does not purport to contain all of the information that an investor should consider when making an investment decision. It should be read in conjunction with Opthea’s other periodic and continuous disclosure announcements, available from the ASX at www.asx.com.au. Certain market and industry data used in this Presentation may have been obtained from research, surveys or studies conducted by third parties, including industry or general publications. None of the Opthea Group nor its advisers or representatives have independently verified any such market or industry data provi ded by third parties or industry or general publications. FORWARD LOOKING STATEMENTS This Presentation contains forward-looking statements which are identified by words such as ‘may’, ‘could’, ‘believes’, ‘estimates’, ‘targets’, ‘expects’, or ‘intends’ and other similar words that involve risks and uncertainties. These statements are based on an assessment of present economic and operating conditions, and on a number of assumptions regarding future events and actions that, as at the date of this Presentation, are considered reasonable. Such forward-looking statements are not a gua rantee of future performance and involve known and unknown risks, uncertainties, assumptions and other important factors, many of which are beyond the control of Opthea, the Dire ctors and the management. The Directors cannot and do not give any assurance that the results, performance or achievements expressed or implied by the forward-looking statements con tained in this Presentation will actually occur and investors are cautioned not to place undue reliance on these forward-looking statements. The Directors have no intention to upd ate or revise forward-looking statements, or to publish prospective financial information in the future, regardless of whether new information, future events or any other factors affe ct the information contained in this Presentation, except where required by law or the ASX listing rules. NO FINANCIAL PRODUCT ADVICE This Presentation is for information purposes only and is not a prospectus, disclosure document, product disclosure statement or other offering document under Australian law or the law of any other jurisdiction. This Presentation is not financial product advice or investment advice nor a recommendation to acquire securities and has been prepared without taking into account the objectives, financial situation and particular needs of individuals. Before making any investment decision, prospective inv estors should consider the appropriateness of the information having regard to their own objectives, financial situation and needs and seek appropriate advice, including financial, legal an d taxation advice appropriate to their jurisdiction. Opthea Group is not licenced to provide financial product advice in respect of securities. Important Information For personal use only
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• Introduction – Dr Jeremy Levin, Chairman of the Board • Results of Sozinibercept Phase 3 Trials (COAST and ShORe) – Fred Guerard, CEO • Update on Development Funding Agreement Negotiations – Tom Reilly, CFO • Current state of the company – Dr Jeremy Levin, Chairman of the Board • The path forward – Dr Jeremy Levin, Chairman of the Board • Q&A 3 AGENDA – CORPORATE UPDATEFor personal use only
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Introduction Dr Jeremy Levin For personal use only
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• The results of our Phase 3 program did not meet their primary endpoints and were deeply disappointing • Thanks to our CEO’s and CFO's efforts, we have now completed negotiations with the Development Funding Agreement investors, gaining clarity on available resources and outcomes for shareholders • The purpose of this presentation is to share clinical results with shareholders, provide an update on the DFA outcomes and outline potential opportunities for the company moving forward • While there have been challenges, this marks a new chapter for the company 5 INTRODUCTION For personal use only
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Results of Sozinibercept Phase 3 Trials in Participants with Neovascular Age-related Macular Degeneration: COAST (Sozinibercept in Combination with Aflibercept) and ShORe (Sozinibercept in Combination with Ranibizumab) Fred Guerard For personal use only
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Primary Efficacy Endpoint Week 52 Primary Efficacy Endpoint Week 52 Safety Follow-up Week 100 Safety Follow-up Week 100 7 Sozinibercept Phase 3 Trials Design Standard of care administered according to approved dosing schedule: aflibercept (2 mg IVT q8w after 3 loading doses) and ranib izumab (0.5 mg IVT q4w after 3 loading doses). Sozinibercept dosed at 2 mg. Note that sham administered at visits when sozinibercept is not administered. Maintenance dosing continued through end of the safety follow-up. Wet AMD Tx-Naïve Patients N=998 Wet AMD Tx-Naïve Patients N=986 1:1:1 1:1:1 Loading Doses Maintenance Dosing Aflibercept q8w + Sozinibercept q4w Aflibercept q8w + Sham q4w Aflibercept q8w + Sozinibercept q8w Aflibercept + Sozinibercept q4w Aflibercept + Sozinibercept q4w Aflibercept + Sham q4w Ranibizumab q4w + Sozinibercept q4w Ranibizumab q4w + Sham q4w Ranibizumab q4w + Sozinibercept q8w Ranibizumab + Sozinibercept q4w Ranibizumab + Sozinibercept q4w Ranibizumab + Sham q4w • Mean change in BCVA from baseline to week 52 Primary Endpoint Key Secondary Endpoints (Baseline to Week 52) • Change in CNV area • Proportion of participants with absence of both SRF and IR cysts • Proportion of participants gaining ≥15 letters • Proportion of participants gaining ≥10 letters For personal use only
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Baseline Characteristics Were Well Balanced Across Arms 8 COAST Baseline Characteristics sozinibercept q8w + aflibercept q8w (n=330) sozinibercept q4w + aflibercept q8w (n=333) sham q4w + aflibercept q8w (n=330) Demographic/Baseline Disease Characteristic, Overall Population 74.9 (7.97)74.3 (7.80)75.2 (8.28)Mean Age – years ± SD 147 (44.5%)143 (42.9%)146 (44.2%)Male Sex – n (%) 183 (55.5%)190 (57.1%)184 (55.8%)Female 287 (87.0%)288 (86.5%)281 (85.2%)White Race – n (%) 25 (7.6%)29 (8.7%)29 (8.8%)Asian 9 (2.7%)3 (0.9%)6 (1.8%)American Indian or Alaska Native 01 (0.3%)0Black or African American 8 (2.4%)12 (3.6%)13 (3.9%)Other 52.3 (9.63)52.8 (9.04)52.4 (9.65)Mean Visual Acuity (BCVA) – letters ± SD 6.47 (3.14)6.16 (3.28)6.54 (3.19)Mean Total CNV Lesion Area - mm2 ±S D 182 (55.2%)186 (55.9%)186 (56.4%)Occult - n (%) Lesion Type* 115 (34.8%)110 (33.0%)113 (34.2%)Minimally classic – n (%) 33 (10.0%)37 (11.1%)31 (9.4%)Predominantly classic – n (%) 444.52 (142.83)445.58 (140.09)449.46 (136.55)Mean central subfield thickness (CST) - mm ±SD 92 (27.9%)93 (27.9%)92 (27.9%)North America Region 33 (10.0%)33 (9.9%)33 (10.0%)South America 178 (53.9%)179 (53.8%)176 (53.3%)Europe/West Asia 27 (8.2%)28 (8.4%)29 (8.8%)Asia and Pacific *Lesion type determined by independent reading centerFor personal use only
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13.75 13.18 13.23 0 2 4 6 8 10 12 14 16 BCVA LS Mean Change from BL to Week 52 Mean ±SE BCVA Change from Baseline (ETDRS Letters) Similar Visual Outcomes Across All Treatment Arms 9 COAST Phase 3 Trial Did Not Achieve Primary Endpoint sham q4w + aflibercept q8w (n=299) sozinibercept q4w + aflibercept q8w (n=296) sozinibercept q8w + aflibercept q8w (n=297) ∆ = -0.57 (p=0.59) ∆ = -0.52 (p=0.62) Mean BCVA Change from Baseline to Week 52 (ETDRS Letters), Minimally Classic and Occult Lesion Population BCVA: best corrected visual acuityFor personal use only
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13.66 13.48 12.82 0 2 4 6 8 10 12 14 16 BCVA LS Mean Change from BL to Week 52 Mean ±SE BCVA Change from Baseline (ETDRS Letters) Similar Visual Outcomes Across All Treatment Arms 10 COAST Phase 3 Trial Did Not Achieve Primary Endpoint sham q4w + aflibercept q8w (n=330) sozinibercept q4w + aflibercept q8w (n=333) sozinibercept q8w + aflibercept q8w (n=330) ∆ = -0.18 (p=0.86) ∆ = -0.84 (p=0.42) Mean BCVA Change from Baseline to Week 52 (ETDRS Letters), Overall Population BCVA: best corrected visual acuity Mixed Model for Repeated Measures (MMRM) Analysis For personal use only
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11 Similar Results Observed Across Secondary Visual Acuity Endpoints 52.1 52.2 51.5 0 20 40 60 80 100 % Gaining ≥ 15 Letters % Participants % Gaining ≥ 15 Letters from Baseline to Week 52, Overall Population 66.1 64.4 65.4 0 20 40 60 80 100 % Gaining ≥ 10 Letters (overall population) % Participants % Gaining ≥ 10 Letters from Baseline to Week 52, Overall Population sham q4w + aflibercept q8w (n=330) sozinibercept q4w + aflibercept q8w (n=333) sozinibercept q8w + aflibercept q8w (n=330) ∆ = +0.1 (p=0.98) ∆ = -0.7 (p=0.86) ∆ = -1.7 (p=0.66) ∆ = -0.8 (p=0.82) Multiple Imputation Analysis Assuming Missing at RandomFor personal use only
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12 Similar Reductions in CST Observed in All Treatment Arms CST: central subfield thickness -200 -180 -160 -140 -120 -100 -80 -60 -40 -20 0 0 4 8 12 16 20 24 28 32 36 40 44 48 52 Mean Change in CST (µm), 95% CI Week Mean CST Change from Baseline Over Time, Overall Population -155.29 µm (-170.03, -140.55) sham q4w + aflibercept q8w sozinibercept q4w + aflibercept q8w sozinibercept q8w + aflibercept q8w -152.79 µm (-167.65, -137.93) -149.36 µm (-165.09, -133.64) Mean CST Change from Baseline to Week 52, 95% CI For personal use only
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13 No Statistically Significant Difference in CNV Regression Across Treatment Arms CNV: choroidal neovascularization Mixed Model for Repeated Measures (MMRM) Analysis -4.61 -4.91 -4.92 -6 -5 -4 -3 -2 -1 0 Mean Change in CNV Area Mean Change in CNV Area (SE) (mm2) LS Mean Change in CNV Area from Baseline to Week 52, Overall Population sham q4w + aflibercept q8w (n=330) sozinibercept q4w + aflibercept q8w (n=333) sozinibercept q8w + aflibercept q8w (n=330) ∆ = -0.30 (p=0.20) ∆ = -0.31 (p=0.19) For personal use only
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14 Sozinibercept Combination Therapy Demonstrated Similar Safety Profile to Aflibercept Treatment Emergent Adverse Events sozinibercept q8w + aflibercept q8w (n=330) sozinibercept q4w + aflibercept q8w (n=333) sham q4w + aflibercept q8w (n=330) 255 (77.3%)260 (78.1%)256 (77.6%)TEAEs, n (%) 130 (39.4%)140 (42.0%)124 (37.6%)Ocular in the study eye 199 (60.3%)202 (60.7%)204 (61.8%)Non-ocular 29 (8.8%)42 (12.6%)50 (15.2%)Serious TEAEs, n (%) 3 (0.9%)5 (1.5%)6 (1.8%)Ocular in the study eye 25 (7.6%)37 (11.1%)44 (13.3%)Non-ocular 9 (2.7%)15 (4.5%)7 (2.1%)TEAEs leading to study discontinuation, n (%) 1 (0.3%)10 (3.0%)2 (0.6%)Ocular in the study eye 8 (2.4%)5 (1.5%)5 (1.5%)Non-ocular TEAEs: treatment emergent adverse eventsFor personal use only
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15 Sozinibercept Combination Therapy Demonstrated Similar Safety Profile to Aflibercept Serious Ocular TEAEs sozinibercept q8w + aflibercept q8w (n=330) sozinibercept q4w + aflibercept q8w (n=333) sham q4w + aflibercept q8w (n=330)Serious ocular TEAEs in study eye, n (%) 01 (0.3)1 (0.3)Visual acuity reduced 01 (0.3)0Retinal detachment 1 (0.3)02 (0.6)Retinal haemorrhage 1 (0.3)00Eye inflammation 1 (0.3)00Uveitis 001 (0.3)Ocular hypertension 001 (0.3)Rhegmatogenous retinal detachment 03 (0.9)1 (0.3)Endophthalmitis 01 (0.3)0Cataract traumatic TEAEs: treatment emergent adverse eventsFor personal use only
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16 Low Rates of IOI, Majority of Cases Observed in Sozinibercept Combination Arms Cases of Intraocular Inflammation in the Study Eye sozinibercept q8w + aflibercept q8w (n=330) sozinibercept q4w + aflibercept q8w (n=333) sham q4w + aflibercept q8w (n=330) 6 (1.8)10 (3.0)0Intraocular Inflammation 2 (0.6)4 (1.2)0Uveitis 1 (0.3)4 (1.2)0Iridocyclitis 1 (0.3)2 (0.6)0Eye inflammation 1 (0.3)2 (0.6)0Vitritis 01 (0.3)0Keratic precipitates 2 (0.6)00Anterior chamber cell 1 (0.3)00Anterior chamber inflammation 03 (0.9)1 (0.3)Endophthalmitis IOI: intraocular inflammationFor personal use only
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14.23 13.14 12.68 0 2 4 6 8 10 12 14 16 BCVA LS Mean Change from BL to Week 52 Mean ±SE BCVA Change from Baseline (ETDRS Letters) ShORe (Sozinibercept in Combination with Ranibizumab) Unmasked Early Following COAST Results 17 ShORe Phase 3 Trial Did Not Achieve Primary Endpoint sham q4w + ranibizumab q4w (n=299) sozinibercept q4w + ranibizumab q4w (n=301) sozinibercept q8w + ranibizumab q4w (n=301) ∆ = -1.09 (p=0.30) ∆ = -1.55 (p=0.14) Mean BCVA Change from Baseline to Week 52 (ETDRS Letters), Minimally Classic and Occult Lesion Population BCVA: Best Corrected Visual Acuity Because the ShORe trial was unmasked before completion, there ar e some immaterial differences between the data announced at the time of the trial termination, or presented at subsequent scientific meetings, and the final data presented here For personal use only
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14.30 13.20 12.41 0 2 4 6 8 10 12 14 16 BCVA LS Mean Change from BL to Week 52 Mean ±SE BCVA Change from Baseline (ETDRS Letters) ShORe (Sozinibercept in Combination with Ranibizumab) Unmasked Early Following COAST Results 18 ShORe Phase 3 Trial Did Not Achieve Primary Endpoint sham q4w + ranibizumab q4w (n=331) sozinibercept q4w + ranibizumab q4w (n=328) sozinibercept q8w + ranibizumab q4w (n=326) ∆ = -1.10 (p=0.28) ∆ = -1.88 (p=0.07) Mean BCVA Change from Baseline to Week 52 (ETDRS Letters), Overall Population BCVA: Best Corrected Visual Acuity Because the ShORe trial was unmasked before completion, there ar e some immaterial differences between the data announced at the time of the trial termination, or presented at subsequent scientific meetings, and the final data presented here For personal use only
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19 ShORe Trial: CST Reductions Observed in All Treatment Arms CST: central subfield thickness ShORe trial unmasked early following negative COAST results. ShORe CST results are not validated, 95% CI not available. -180 -160 -140 -120 -100 -80 -60 -40 -20 0 0 4 8 12 16 20 24 28 32 36 40 44 48 52 Mean Change in CST (µm) Week Mean CST Change from Baseline Over Time, Overall Population -143.41 µm -156.68 µm -161.16 µm Mean CST Change from Baseline to Week 52 sham q4w + ranibizumab q4w sozinibercept q4w + ranibizumab q4w sozinibercept q8w + ranibizumab q4w For personal use only
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• The COAST and ShORe Phase 3 trials did not meet the primary endpoint of superiority in vision improvement from baseline to week 52 • No statistically significant differences in key anatomical outcomes were observed between treatment arms • Sozinibercept combination therapy was well tolerated • In this large global Phase 3 program, VEGF-C and VEGF-D inhibition did not provide additional functional benefit beyond standard of care anti-VEGF-A therapy in wet AMD patients 20 COAST and ShORe Trials Key TakeawaysFor personal use only
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Update on Development Funding Agreement (DFA) Negotiations Tom Reilly For personal use only
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• In August 2022, Opthea entered into a Development Funding Agreement (DFA) with Ocelot SPV LP which provided USD$120M of funding to support our development of sozinibercept for the treatment of wet AMD • In December 2023, Opthea entered into an Amended and Restated DFA with Ocelot as collateral agent, pursuant to which a new co-investor provided an additional USD$50 million in funding, bringing the total funding to USD$170 million • If sozinibercept was approved, repayment to the DFA investors was 4x investment (USD$680M) • Under the DFA, the DFA investors held security over the assets of Opthea in the form of an "all assets" lien • There are termination clauses in the DFA which involve repayments ranging from USD$0M up to USD$680M 22 Original terms of the DFA For personal use only
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• Following the negative topline data of the COAST trial, Opthea’s management and Board of Directors began discussions with the DFA investors related to the next steps of the Sozinibercept Wet AMD program • In consultation with the DFA investors, Opthea determined the most appropriate course of action for wet AMD patients, Opthea shareholders, and other stakeholders was to accelerate the timing of the ShORE trial topline data • Following the negative topline data of the COAST and ShORE trial, Opthea in consultation with the DFA investors determined to terminate the Sozinibercept wet AMD program. Opthea determined that this was in the best interests of Opthea shareholders, including to preserve cash • Since these negative Phase 3 results, Opthea has reduced the work force by over 80%, reduced the Board of Directors by 50%, renegotiated all contracts related to the clinical trials & had active discussions with the DFA investors to settle the DFA arrangements • As announced on August 18th/August 19th (Australia), Opthea has agreed to settle with the DFA investors with a cash payment of USD20M & 9.99% equity stake in the Company (equivalent to 136.7M common shares). These settlement arrangements include termination of the DFA and all liens(1) • As of August 19th, 2025 (after payment of USD20M to the DFA investors) the company has cash of approximately USD20M and after issue of the new shares to the DFA investors ~1,4B common shares outstanding 23 Successful DFA Negotiations Allowed The Company to Remain Solvent Which Is a Better Outcome For Shareholders (1) For further detail regarding the material terms of the Settlement Agreement and Subscription Deed, see the Company's ASX Announcement dated August 19th, 2025 For personal use only
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Current State of the Company Dr Jeremy Levin For personal use only
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• Opthea settled arrangements with the DFA investors removing financial uncertainty • Opthea retains meaningful assets: • Significant cash position • No debt • No lien on any asset (1) • Dual-listing on ASX and NASDAQ. Trading in Opthea's listed securities remains suspended by ASX under ASX Listing Rule 17.3. Opthea is currently engaging with the ASX regarding these matters. • Clinical, preclinical, scientific knowledge and assets and IP related to VEGF-C and VEGF-D • Existing API and materials to allow potential new investigations • Streamlining of operations has been achieved. Only 3 employees to remain as of September 15th • Board of Directors was reduced by half to four directors. Sujal Shah to step down as of September 15th. • As announced to the market on August 19th, given settlement of the DFA arrangements, Opthea is no longer relying on the ‘safe harbour’ provisions in section 588GA of the Corporations Act 2001 (Cth). 25 Successful DFA Negotiations Resulted in Positive Outcome for Shareholders (1) For further detail regarding the material terms of the Settlement Agreement and Subscription Deed, see the Company's ASX Announcement dated August 19th 2025 For personal use only
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The Path Forward Dr Jeremy Levin For personal use only
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Board of Directors: • Dr. Jeremy Levin • Kathy Connell • Lawrence Gozlan • Sujal Shah, who will step down as of September 15th, 2025 Planned Executive Departures: • Fred Guerard, CEO – stepping down effective September 1st, 2025 • Tom Reilly, CFO – stepping down effective September 15th, 2025 • Karen Adams, Corporate Secretary – stepping down effective November 1, 2025 Management: We have implemented a streamlined, cost-efficient structure that aligns with the Company’s current scale and strategic priorities. This includes active engagement of our Board, whose deep expertise across areas including science, business development, finance, commercial operations, and investment is being fully leveraged to ensure effective governance, operational oversight 27 Leadership and Governance For personal use only
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The Board will continue to focus on maximizing shareholder value and will assess the following: • Full strategic review over the next six months • Targeted internal development • Strategic partnerships or potential BD/licensing, where appropriate • Return of capital to shareholders, where appropriate 28 Strategy To Maximize Shareholder ReturnFor personal use only
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Strategic Transition: Clear Priorities, Steady Progress • A comprehensive business and asset review is actively underway • The Board • Is focused on delivering long-term shareholder value • Will provide additional support to the company during these transitional stages • Expects to provide shareholders with a further update in CY Q4 Thank you for your continued trust and support 29 Executing with Focus and AccountabilityFor personal use only
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Q&A For personal use only
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Thank you For personal use only