Opthea Ltd
CKDXF evidence brief
What we can confirm
- Market Cap:
- $13.7M
What it means
What to watch
Prepared research question
What matters most for CKDXF—catalysts, financial risk and supporting evidence?
Traceable citations · Unknowns marked
BioSniper AI · CKDXF
Opthea Ltd is a clinical-stage biopharmaceutical company focused on retinal disease treatments, currently undergoing a strategic review after its lead candidate sozinibercept failed Phase 3 trials.
Key risk: Cash runway limited
Market Cap
$13.7M
Cash Runway
—
Lead Asset
—
Next Catalyst
—
Financial data as of Jun 30, 2025.
Tracking 3 clinical trials for Opthea Ltd.
Opthea Ltd is a clinical-stage biopharmaceutical company focused on retinal disease treatments, currently undergoing a strategic review after its lead candidate sozinibercept failed Phase 3 trials.
- Opthea is a clinical-stage biopharmaceutical company publicly listed on the Australian Securities Exchange and Nasdaq [sec · filed 2025-09-15].
- Its lead product candidate, sozinibercept, is a VEGF-C/D 'trap' inhibitor designed for wet AMD, which met its primary endpoint in a Phase 2b trial but failed Phase 3 COAST and ShORe trials in March 2025 [sec · filed 2025-09-15].
- As of June 30, 2025, Opthea had cash and cash equivalents of US$48.4 million; following the DFA Settlement, as of August 20, 2025, cash on hand was $20 million [sec · filed 2025-09-15].
- The company has never generated revenue from product sales and reported a net loss of US$162.8 million for the year ended June 30, 2025, with an accumulated loss of US$742.5 million [sec · filed 2025-09-15].
- Opthea expects its current cash balance to fund operations into the fourth calendar quarter of 2026, dependent on the success of its strategic review and reformulation process [sec · filed 2025-09-15].
What works
- Opthea's Phase 2b trial for sozinibercept in wet AMD met its primary endpoint of statistically significant superior mean gain in visual acuity, suggesting prior clinical promise [sec · filed 2025-09-15].
- The company has raised US$377.3 million through equity issuance to finance development, indicating sustained investor interest [sec · filed 2025-09-15].
- Opthea has streamlined operations post-Phase 3 failure, reducing workforce and exiting clinical trial contracts, which may lower burn rate [sec · filed 2025-09-15].
What to weigh
- Opthea has no approved products and no current product candidates, with its lead program sozinibercept discontinued after Phase 3 failures [sec · filed 2025-09-15].
- The company has never generated revenue from product sales and has incurred net losses since inception, with an accumulated loss of US$742.5 million as of June 30, 2025 [sec · filed 2025-09-15].
- Cash on hand is only $20 million as of August 20, 2025, with no other committed external funding, and the company expects to need additional funds sooner than planned if assumptions prove wrong [sec · filed 2025-09-15].
- Opthea faces significant uncertainty regarding its ability to reformulate drug candidates for other indications and continue as a going concern [sec · filed 2025-09-15].
From the filings
Quoted directly from source documents.
Sozinibercept failed Phase 3 trials in March 2025
“In March 2025, after the primary endpoints were not met in our COAST and ShORe Phase 3 trials”
SEC filings · September 15, 2025
Cash position as of August 20, 2025
“Following the DFA Settlement, as of August 20, 2025 we have $20 million in cash on hand”
SEC filings · September 15, 2025
Accumulated loss as of June 30, 2025
“As of June 30, 2025, we had an accumulated loss of US$742.5 million”
SEC filings · September 15, 2025
No revenue from product sales to date
“We have not generated any revenue from product sales to date”
SEC filings · September 15, 2025
Risks & what to watch (4)›
Key risks
- Cash runway limited — Cash on hand of $20M as of Aug 20, 2025 expected to fund operations only into Q4 2026 [sec · filed 2025-09-15].
- No approved products — Opthea has no products approved for commercial sale and no current product candidates [sec · filed 2025-09-15].
- Reformulation uncertainty — Success of strategic review and reformulation for other indications is uncertain [sec · filed 2025-09-15].
- Going concern risk — Company may not be able to continue as a going concern if reformulation fails [sec · filed 2025-09-15].
What to watch
- Outcome of strategic review and ability to reformulate sozinibercept for other indications [sec · filed 2025-09-15].
- Cash burn rate and whether additional financing is secured before Q4 2026 [sec · filed 2025-09-15].
- Any new clinical trial plans or regulatory filings for future product candidates [sec · filed 2025-09-15].
- Potential partnerships or strategic collaborations to provide funding [sec · filed 2025-09-15].
Sources: SEC filings · Generated September 28, 2026 · How we verify sources →
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Evidence & data
Regulatory
Financials
Short Interest
as of Apr 22, 2026- % of float
- 0.4%
- Days to cover
- —
- Shares short
- 537,820
- Daily short volume
- -
Short percent of float and days-to-cover reflect reported short positioning. Daily short volume is the exchange-reported short share of a single day's trading volume and is noisier. See the most-shorted biotech ranking →
CKDXF short interestGovernance
Frequently asked questions
What is the AI investment thesis for Opthea Ltd?
Opthea Ltd is a clinical-stage biopharmaceutical company focused on retinal disease treatments, currently undergoing a strategic review after its lead candidate sozinibercept failed Phase 3 trials.
Who is the CEO of Opthea Ltd?
Dr. Jeremy Max Levin Ba Zoology, Dphil, M.D., Mb Bchir, Ph.D. is the chief executive officer of Opthea Ltd (CKDXF).
Where is Opthea Ltd headquartered?
Opthea Ltd (CKDXF) is headquartered in Hawthorn East, VIC, Australia.
What therapeutic areas does Opthea Ltd focus on?
Opthea Ltd develops therapies across Ophthalmology.
The AI overview and BioSniper Score are neutral, data-derived signals built from public SEC filings, ClinicalTrials.gov and FDA records — not investment advice.