Quarterly Activities/Appendix 4C Cash Flow Report

• Initiated the OPT-302 Lymphangioleiomyomatosis (LAM) development program
• Continued engagement with ASX for securities reinstatement
• Held AUD $31.2 million in cash at quarter end

Opthea Ltd released its Quarterly Activity Report and Appendix 4C for the three-month period ended 31 March 2026 (Q3 FY26). The company focused on progressing the newly established Lymphangioleiomyomatosis (LAM) development program and re-engagement with the ASX for the reinstatement of its securities. At the end of the quarter, Opthea held AUD $31.2 million in cash and equivalents. Operating cash outflow for the quarter was AUD $1.5 million, with research and development expenses of AUD $0.2 million, administration expenses of AUD $1.1 million, and personnel expenses of $nil. Payments to Directors totalled AUD $0.2 million. The company plans to continue updating the market on the progress of the LAM program and the expected timeline for the reinstatement of its securities on the ASX in the first half of 2026.

The company will continue to update the market as the LAM program progresses and key milestones are reached. The company plans to seek reinstatement of its securities on the ASX in the first half of calendar year 2026.