• Simplified operations
• Delisted from NASDAQ
• Concluded strategic review

Opthea Limited (ASX: OPT, NASDAQ:OPT) has released its Quarterly Activity Report and Appendix 4C for the three-month period ended 31 December 2025 ('Q2 FY26'). During the quarter, the company continued to simplify and transition its operations, resolve key financial matters, and establish a clearer capital position from which to evaluate its strategic options. Key highlights include holding its Annual General Meeting, delisting from the NASDAQ, concluding the strategic review, and initiating the OPT-302 Lymphangioleiomyomatosis (LAM) development program. At the end of the quarter, Opthea held US$22.2 million in cash and equivalents. The company received US$7.2 million in relation to the FY25 R&D tax incentive payment. Research and development expenses were US$0.1 million, administration expenses US$1.5 million, and personnel expenses US$1.5 million (inclusive of staff termination payments). With the strategic review completed, a streamlined cost base, and the receipt of the R&D tax incentive payment, Opthea is well positioned to execute its plan to investigate OPT-302 as a potential treatment for LAM. The company will continue to evaluate opportunities to deploy capital prudently and will update the market as its LAM program reaches key milestones.

The company will continue to evaluate opportunities to deploy capital prudently and will update the market as its LAM program reaches key milestones.