Opthea Returns to ASX with OPT-302 Targeting Rare Lung Disease LAM

ASX Trading Resumes Amid Strategic Pivot

Opthea Limited (ASX:OPT) is back on the ASX boards as of 3 June 2026, marking a fresh chapter after a strategic overhaul that refocuses the company squarely on OPT-302, a novel therapy aimed at lymphangioleiomyomatosis (LAM). This rare and debilitating lung disease, predominantly affecting women, currently lacks approved treatments targeting the key biological drivers VEGF-C and VEGF-D. Opthea’s Executive Chair Dr Jeremy Levin framed the move as a capital-efficient play leveraging the company’s existing infrastructure and intellectual property to address this unmet medical need.

Staged Development Program Targets LAM Biology

The company has laid out a disciplined, stage-gated 18-month development program for OPT-302, designed to inhibit VEGF-C and VEGF-D signaling implicated in LAM progression. Stage 1, now underway, involves preclinical inhalation studies to evaluate nebulisation feasibility and safety in large animals, aligning treatment delivery with the lung-centric nature of LAM. Subsequent stages hinge on the success of earlier work: Stage 2 will assess early human pharmacodynamics and tolerability, while Stage 3 aims for clinical proof-of-concept in LAM patients, focusing on lung function and lymphatic outcomes.

Financial Position Supports Self-Funded Progress

Opthea reported A$31.2 million cash and equivalents as of 31 March 2026, with the Board confident this provides sufficient runway to fund the LAM program and corporate overheads for at least 18 months. The budget allocates approximately A$13.1 million to the staged program and related costs, including corporate administration, consultant fees, and director remuneration. This financial footing allows the company to maintain a lean operating model, outsourcing key scientific and clinical activities while retaining a streamlined Board and management team.

Orphan Drug Status and Intellectual Property Strength

Opthea intends to pursue orphan drug designation to secure regulatory incentives such as market exclusivity, accelerated review pathways, and fee reductions across key jurisdictions including the US, EU, Japan, and Australia. The company’s global intellectual property portfolio extends protection for OPT-302 through 2046 and includes recent US patent applications covering VEGF inhibitors for pulmonary and lymphatic disorders. This IP foundation, combined with extensive clinical and manufacturing data, underpins the company’s confidence in advancing OPT-302 for LAM.

Governance and Scientific Advisory Support

Opthea’s governance structure remains tight with Executive Chair Dr Jeremy Levin supported by non-executive directors Lawrence Gozlan and Kathy Connell. The company has established a Scientific Advisory Board chaired by Professors Deborah Yates and Frank McCormack, alongside Dr Elizabeth Daugherity, bringing deep expertise in pulmonary medicine and LAM research. This advisory input will guide the staged development strategy and ensure clinical relevance.

Name Change to Reflect New Focus

In a move to align corporate identity with its strategic direction, Opthea has proposed changing its name to Ceryvyn Therapeutics Limited, subject to shareholder approval at an upcoming extraordinary general meeting. The rebranding aims to signal the company’s commitment to advancing OPT-302 and its focus on rare pulmonary diseases.