Opthea Limited has streamlined its operations with a NASDAQ delisting and completed a strategic review, positioning itself to advance the OPT-302 treatment for LAM with a robust cash position.
- NASDAQ delisting completed in November 2025
- Strategic review concluded with investor update
- OPT-302 LAM development program initiated
- Quarterly operating cash inflow of US$4.1 million
- Cash reserves increased to US$22.2 million
Operational Streamlining and Market Focus
Opthea Limited (ASX – OPT) has taken significant steps to simplify its corporate structure and sharpen its strategic focus during the second quarter of fiscal year 2026. The company formally delisted from NASDAQ in November 2025, a move that reflects its intention to consolidate its listing and investor relations primarily within Australia. This decision followed a comprehensive strategic review, which was shared with investors in December, outlining a clearer path forward for the company.
Financial Health and Cash Flow Improvements
Financially, Opthea reported a positive turnaround with an operating cash inflow of US$4.1 million for the quarter ending December 31, 2025, a marked improvement from the US$10.6 million outflow in the previous quarter. This improvement was bolstered by a US$7.2 million R&D tax incentive payment, contributing to a healthy cash balance of US$22.2 million. The company’s streamlined cost base, including reduced research and development expenses and administration costs, underpins this improved liquidity position.
Advancing OPT-302 for Lymphangioleiomyomatosis
On the clinical front, Opthea has initiated development of OPT-302 targeting Lymphangioleiomyomatosis (LAM), a rare lung disease. The program is currently focused on evaluating the feasibility of delivering OPT-302 via nebulisation, with the final delivery method to be determined by forthcoming animal and early human studies. This initiative represents a strategic pivot towards addressing unmet medical needs in respiratory diseases, potentially opening new avenues for growth.
Outlook and Market Reinstatement Plans
Looking ahead, Opthea plans to seek reinstatement of its securities on the ASX within the first half of 2026, following the suspension under ASX Listing Rule 17.3. The company’s management emphasises prudent capital deployment as it advances the OPT-302 program and evaluates further strategic opportunities. Investors will be watching closely for updates on clinical milestones and regulatory progress that could shape Opthea’s trajectory in the coming months.
Bottom Line?
With a stronger balance sheet and a focused pipeline, Opthea’s next moves in clinical development and market relisting will be pivotal.
Questions in the middle?
- What clinical data will determine the final delivery method for OPT-302?
- How soon can Opthea achieve ASX reinstatement and resume trading?
- What strategic options remain on the table following the completed review?