Slide 1: Investor presentation
Investor presentation 12 June 2026
Slide 2: Important notice and disclaimer
Important notice and disclaimer This presentation has been prepared by Opthea Limited (ABN 32 006 340 567) (“Opthea” or “Company”) to provide summary information about Opthea and its affiliates and subsidiaries (the “Opthea Group”) and their activities. The information contained in this presentation
Slide 3: Agenda
Agenda REBUILDING OPTHEA 4 SCIENTIFIC AND COMMERCIAL RATIONALE 6 OPERATIONAL AND CLINICAL PROGRESS AND PLAN 11 SCIENTIFIC AND OPERATIONAL LEADERSHIP 15 CONCLUSION AND Q&A 18 APPENDIX 20 3
Slide 4: Rebuilding Opthea
Rebuilding Opthea Building a focused rare disease company around VEGFR-3 biology The rare disease opportunity for OPT-302 • Existing clinical-stage biologic with extensive prior human experience Market • Strategic transition toward rare pulmonary and lymphatic opportunity and disease limited competi
Slide 5: What we learned from the OPT-302 review
What we learned from the OPT-302 review • Comprehensive review confirmed a high-quality clinical, manufacturing, and development package • No significant safety, CMC, or data integrity concerns identified • Wet AMD outcome appears driven largely by unexpectedly strong control-arm performance rather
Slide 6: LAM: A focused path to clinical proof-of-concept
LAM: A focused path to clinical proof-of-concept • Mechanism-driven indication with strong biological rationale • Rare disease population with significant unmet need • Established specialist network and efficient recruitment model • Biomarkers and imaging endpoints support early decision- making • P
Slide 7: Why LAM
Why LAM Lymphangioleiomyomatosis (LAM), a rare progressive disease predominantly affecting women’s lungs 3-8 per 1M Adult women impacted by LAM More recent studies suggest • VEGF-C and VEGF-D biology strongly implicated in lymphatic ~20–26 per 1m1,2 dysfunction in LAM • Existing therapies are not cu
Slide 8: Scientific rationale
Scientific rationale Targeting VEGF-C/D pathway in LAM VEGF-C and VEGF-D are When VEGF-C or VEGF-D bind VEGFR-3 is the to VEGFR-3, the lymphatic “Lock and growth signals that tell receptor on system gets a strong “expand lymphatic vessels to lymphatic cells that key” system grow and become more rece
Slide 9: OPT-302
OPT-302 A VEGF-C/D “trap” suited to LAM1, 2 Fitting the Mechanism of Action with the underlying pathology a VEGF-C/D “trap” protein designed to bind and sequester VEGF-C and VEGF-D, preventing activation of OPT-302 VEGFR-3–mediated lymphatic signaling What is de-risked Why it fits LAM What happens n
Slide 10: Building a capital efficient rare disease company
Building a capital efficient rare disease company Focused execution to unlock value for patients and shareholders Hospital icon Existing Leveraging Streamlined Australian R&D Focused rare Objective is clinical-stage prior toxicology operational tax incentives disease disciplined molecule with and cl
Slide 11: Status Update
Status Update OPERATIONAL PROGRESS PRE-CLINICAL PROGRESS • Reinstatement on ASX effective 3 June 2026 • Excellent existing tox package • Extraordinary General Meeting scheduled for 3 July • On track in development of nebulised OPT-302 2026 to consider a resolution to change Company name to Ceryvyn T
Slide 12: Stage-gated plan
Stage-gated plan Rigorous data-driven milestones and pre-defined stop criteria at each gate Preclinical inhalation and Clinical proof-of-concept biology in large animals: in LAM • Nebulisation performance GATE 1 • Lung function • Lung delivery feasibility GATE 3 • Lymphatic outcomes • Acceptable tox
Slide 13: Potential clinical development program
Potential clinical development program Preclinical PHASE 1B/2A ~18 months TODAY GATE 1 GATE 2 GATE 3 13
Slide 14: Proposed 6-month Phase 1b/2a study of OPT-302 in LAM
Proposed 6-month Phase 1b/2a study of OPT-302 in LAM* OBJECTIVE Test whether OPT-302 adds biological and clinical benefit in LAM patients PRIMARY FOCUS KEY 3- and 6- MONTH MEASURE EXPLORATORY MEASURE • Safety and tolerability • Hyperpolarised 129Xe MRI • Quantitative CT cyst burden • Pharmacokinetic
Slide 15: Scientific and operational leadership
Scientific and operational leadership Strong executional capability and expertise supporting program development • Streamlined Board and operating structure focused on Scientific We have brought together global thought execution, led by Executive Chair Dr Jeremy Levin, with leaders in LAM with decad
Slide 16: Building a unique rare diseases company
Building a unique rare diseases company1,2,3 Rare diseases Existing diagnostic Potential orphan- Smaller patient Commercial support focused framework and drug advantages populations may opportunity driven development biomarker use across major support efficient by unmet need, pathways and support pa
Slide 17: Corporate and financial overview
Corporate and financial overview Company name1 Financial position Opthea Limited A$31.2 million cash and cash equivalents (as at 31 March 2026) ASX ticker1 No debt following settlement of OPT Development Funding Agreement in August 2025 Total ordinary shares on issue Cash is sufficient to support th
Slide 18: Conclusion
Conclusion Existing clinical-stage biologic with differentiated VEGF-C/D mechanism Building a focused rare disease company centred on VEGFR-3 biology Encouraging early operational progress supporting inhaled delivery evaluation Disciplined, stage-gated framework with predefined milestones and stop c
Slide 19: Q&A
Q&A
Slide 20: Appendix
Appendix OPTHEA
Slide 21: Citations
Citations • Baldwin M. OPT-302: A novel therapy for Wet AMD. Corporate Presentation (Opthea Limited; ASX PDF). January 2017. p. 11 (slide 11) (states “OPT-302 (soluble VEGFR-3, VEGF-C/-D ‘Trap’)”). • Issaka, R. B., et al. (2009). Vascular Endothelial Growth Factors C and D Induce Proliferation of Ly
Slide 22: ~70 global LAM organisations
LAM organisations A family of networks and resources for individuals with LAM across the globe Opthea will build on the substantial work completed and ongoing with the global LAM foundations, clinics and communities, establishing long-term partnerships Home - The LAM Foundation Living with LAM | LAM
Slide 23: Estimated patient populations in select rare diseases
Estimated patient populations in select rare diseases Indication Lymphangioleiomyomatosis (LAM) Rett syndrome Paediatric SR-aGvHD Erythropoietic protoporphyria (EPP) Rare neurodevelopmental disorder Rare progressive lung disease Severe complication of allogeneic Description predominantly affecting g
Slide 24: Lung MRI for LAM
Lung MRI for LAM1,2 Structure (by MRI or CT) Function (by Xenon MRI) 1. Prof. Jason Woods. 2026 24 2. Images courtesy of University of Cincinnati
Slide 25: Hyperpolarized 129Xe MRI: measures
Hyperpolarized 129Xe MRI: 3 measures Healthy COPD? Asthma CF Ventilation Alveolar size Healthy, 1 20-yr old COPD? End-stage COPD, 3 0 0.035 0.054 0.10 cm2/s) 129Xe ADC Healthy COPD? COPD with histologic validation Gas-exchange abnormalities Radiation Therapy Pulmonary Hypertension (Xenon dissolved p
Slide 26: Xe MRI: Full Lung Function Assessment
Xe MRI: Full Lung Function Assessment COPD Xe Ventilation MRI • Can quantify lung function near-perfectly, with regional specificity • Validated sensitivity and treatment-effect in multi-site trials Xe ADC MRI • Can quantify alveolar-airspaces with exquisite accuracy and precision Gas Exchange MRI (
Slide 27: Thank you
Thank you Investor contacts Ryan Thompson Alexandra Abeyratne +61 (0)423 151 378 +61 (0)438 380 057 ryan.thompson@sodali.com alexandra.abeyratne@sodali.com