Opthea Limited · ASX:OPT
Opthea — Corporate Update (December 2025)
20 slides from Opthea's corporate update, Dec 17, 2025
Slide 1: Investor Update
Investor Update Dr Jeremy Levin, Executive Chairman 17 December 2025
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: Our intention
Our intention: Opthea is relaunching, using all the assets and knowledge we have in VEGF-C/D, to target Lymphangioleiomyomatosis (LAM) – a rare disorder with major unmet medical need, which fits the biology of OPT-302 3
Slide 4: Agenda
Agenda CURRENT STATUS STRATEGIC REVIEW OUTCOME OF REVIEW WHY LYMPHANGIOLEIOMYOMATOSIS (LAM) REINSTATEMENT OF QUOTATION ON ASX CONCLUSION AND Q&A 4
Slide 5: Current status: Strong IP, experienced team and cash reserves
Current status: Strong IP, experienced team and cash reserves Drug development | Local operations | Local ASX listing | Global outlook STRONG IP AN EXPERIENCED TEAM CASH RESERVES Patents Board Cash • Global portfolio of IP that • Jeremy Levin (Chair) • A$37.6m2 could extend protection to • Kathy Con
Slide 6: A disciplined strategic review
A disciplined strategic review: Prioritised feasibility, shareholder value and ROI The Board explored several strategic and value creating options for Opthea and the underlying shareholder capital REPURPOSE ACQUISITION OF ASSETS OR OPTION RETURN OF CAPITAL OPT-302 ASSETS AND MERGER EVALUATE OTHER VE
Slide 7: Outcome of review
Outcome of review: Targeting high need indications for Opthea’s portfolio with path to commercial viability Identifying the most promising Market opportunity re-purposing of and limited OPT-302 competition Lymphangioleiomyomatosis (LAM) This rare, chronic lung disease affecting women of reproductive
Slide 8: About LAM: A rare disease with significant unmet needs
About LAM: A rare disease with significant unmet needs affecting young women Genetic condition 35 3-8 women in every one Not caused by lifestyle Average age of diagnosis million worldwide1, 2 choices • Abnormal smooth-muscle–like cells (“LAM”) cells infiltrate lungs and lymph channels • LAM cells ov
Slide 9: LAM market and commercial logic
LAM market and commercial logic: Concentrated rare-disease pathway with limited disease-modifying therapy Prevalence reported as 3.4–7.8 cases per million Patients are concentrated and managed by a adult women; but newer data suggests 20.9– finite specialty footprint, with ~70 global LAM 26.04 per m
Slide 10: Existing patient journey
Existing patient journey: Current limitations and unmet clinical needs Current patient journey LUNG DISEASE EARLY SYMPTOMS MISDIAGNOSIS DIAGNOSIS DETERIORATION TRANSPLANT OR MANAGEMENT INCAPACITATION • Non-specific: • Often mistaken • CT-scans • Quality of life • Rapamycin2 • Quality of life breathl
Slide 11: Scientific rationale: Targeting VEGF-C/D pathway in LAM
Scientific rationale: Targeting VEGF-C/D pathway in LAM “Lock and key” system VEGF-C and VEGF-D When VEGF-C or VEGF-D bind are growth signals VEGFR-3 is the to VEGFR-3, the lymphatic receptor on that tell lymphatic system gets a strong “expand vessels to grow and lymphatic cells that and remodel” me
Slide 12: Why OPT-302
Why 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” designed to bind and sequester VEGF-C and VEGF-D, preventing activation of VEGFR-3– OPT-302 mediated lymphatic signaling What is de-risked What still must be proven Why it
Slide 13: Delivery paths
Delivery paths: Evaluating optimal delivery for efficacy and safety Exploring a nebulised formulation of OPT-302 for Inhaled direct delivery to the lung and thoracic lymphatics The final delivery path for OPT-302 will be Pathways Would provide broad access to lymphatic vessels determined under Intra
Slide 14: Regulatory strategy
Regulatory strategy: Will seek orphan designation when appropriate Orphan drug designation may unlock Orphan designation would grant 7-10 years of market exclusivity post-approval, Market exclusivity across jurisdictions (US, EU, Japan & Australia) reducing competitive risk and supporting premium pr
Slide 15: Stage-gated plan
Stage-gated plan: Rigorous data-driven milestones and stop criteria Pre-defined stop criteria at each gate Preclinical biology and Clinical proof-of-concept in inhalation in large GATE 1 LAM: GATE 3 animals: meaningful signals in: • LAM-relevant effects • lung function • acceptable safety • lymphati
Slide 16: 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 ~70 global LAM clinics, patient data bases, bi
Slide 17: Reinstatement on ASX
Reinstatement on ASX: Rebuilding market confidence through transparency Opthea plans to seek reinstatement of its securities on the ASX in the first half of calendar year 20261 • Strategic review completed. • In this presentation, Opthea has communicated the outcome of that strategic review and its
Slide 18: Conclusion
Conclusion: Focused execution to unlock value in rare disease affecting women Clearly defined problem in women’s health with The family of future opportunity unmet need and suboptimal treatment options OPT-302 has been through substantial clinical testing – the remaining focus is to determine its Ma
Slide 19: Q&A
Q&A
Slide 20: Appendix: Full citations
Appendix: Full 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 Prol