External broker reports(aggregated public sources), Canaccord Genuity

Canaccord Genuity

External broker reports(aggregated public sources)

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Equity Bottom-Up

<div><div><div><div><ul><li>OPT released Phase III data from its COAST study in wet AMD, assessing OPT-302 in combination with Eylea (standard of care) vs Eylea monotherapy.</li><li>The study failed to meet its primary endpoint, with the treatment arm underperforming standard of care.</li><li>This was a catastrophic negative surprise to us - the Phase II data in a relatively large patient cohort was statistically significant and compelling from a clinical relevance perspective. </li></ul></div></div></div></div><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

OPT released Phase III data from its COAST study in wet AMD, assessing OPT-302 in combination with Eylea (standard of care) vs Eylea monotherapy.The study failed to meet its primary endpoint, with the treatment arm underperforming standard of care.This was a catastrophic negative surprise to us - the Phase II data in a relatively large patient cohort was statistically significant and compelling from a clinical relevance perspective. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Opthea Limited - Blindsided: COAST Phase III Flop

<ul><li><span data-sheets-root="1">We recently initiated on Opthea. The Phase III biopharma is focused on developing OPT-302 for wet-AMD (age-related macular degeneration).</span></li><li><span data-sheets-root="1"> OPT-302 is a biologic inhibitor designed to trap VEGF-C/D and is used in combination with standard of care anti-VEGF-A therapies for wet AMD. </span></li><li><span data-sheets-root="1">Overnight, Regeneron Pharmaceuticals (REGN-NASDAQ: US$716.90 | BUY, TP US$1152.00 | John Newman, Canaccord Genuity LLC, US), one of the market leaders in the anti-VEGF-A space released its 4Q result. </span></li></ul><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

We recently initiated on Opthea. The Phase III biopharma is focused on developing OPT-302 for wet-AMD (age-related macular degeneration). OPT-302 is a biologic inhibitor designed to trap VEGF-C/D and is used in combination with standard of care anti-VEGF-A therapies for wet AMD. Overnight, Regeneron Pharmaceuticals (REGN-NASDAQ: US$716.90 | BUY, TP US$1152.00 | John Newman, Canaccord Genuity LLC, US), one of the market leaders in the anti-VEGF-A space released its 4Q result. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Opthea Limited - Offshore Result: Implications from REGN 4Q24 Update

<div><ul><li>We are initiating coverage of Opthea Limited (OPT-ASX) with a BUY rating and a price target of $1.25. OPT is a Phase III biopharmaceutical company focused on developing drugs for two opthalmic disorders, wet AMD (age related macular degeneration) and DME (diabetic macular oedema).</li><li>There are gaps in the current standard of care (SoC) that anti-VEGF therapies (VEGF-A inhibitors) can provide with regard to the extent of the VEGF pathway inhibition and efficacy.</li><li>Lead asset, sozinibercept (OPT-302), is a biologic inhibitor designed to trap VEGF-C/D. </li></ul></div><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

We are initiating coverage of Opthea Limited (OPT-ASX) with a BUY rating and a price target of $1.25. OPT is a Phase III biopharmaceutical company focused on developing drugs for two opthalmic disorders, wet AMD (age related macular degeneration) and DME (diabetic macular oedema).There are gaps in the current standard of care (SoC) that anti-VEGF therapies (VEGF-A inhibitors) can provide with regard to the extent of the VEGF pathway inhibition and efficacy.Lead asset, sozinibercept (OPT-302), is a biologic inhibitor designed to trap VEGF-C/D. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Opthea Limited - Eye on the Prize: Zooming in on OPT-302

Global Healthcare Analyst

Tina Banerjee

<ul>
<li>
<a href="https://www.smartkarma.com/entities/circadian-technologies-ltd" target="_blank" data-smartkarma-citation="entities:13546:1" rel="noopener">Opthea Ltd (OPT AU)</a> completed enrollment in two Phase 3 trials for sozinibercept in wet AMD. Topline data from these trials are expected by mid-2025.</li>
<li>During FY24, Opthea raised $295M to extend runway through topline data readouts of Phase 3 clinical trials. Further, in July, Opthea raised $38M through retail entitlement offer.</li>
<li>Although Opthea is well-funded through mid-2025, any fund requirement beyond that period will be easier to meet amid lower interest rate scenario.</li>
</ul>



Opthea Ltd (OPT AU) completed enrollment in two Phase 3 trials for sozinibercept in wet AMD. Topline data from these trials are expected by mid-2025.
During FY24, Opthea raised $295M to extend runway through topline data readouts of Phase 3 clinical trials. Further, in July, Opthea raised $38M through retail entitlement offer.
Although Opthea is well-funded through mid-2025, any fund requirement beyond that period will be easier to meet amid lower interest rate scenario.


Opthea (OPT AU): Getting Closer to Commercialization of First Drug; Fund Raising Adds to Confidence

Thematic (Sector/Industry)

<ul>
<li>Daiichi Sankyo received EU approval for Enhertu in breast cancer. Kaken Pharmaceutical in-licensed hereditary angioedema drug candidate sebetralstat for Japan from KalVista Pharmaceuticals for an upfront payment of $11M.</li>
<li>ABL Bio signed £2B+ outlicensing licensing deal with GSK to develop novel medicines for neurodegenerative diseases. Samsung Biologics launched Epysqli, a biosimilar referencing Soliris in the U.S.</li>
<li>U.S. court ruled in favor of Sun Pharma regarding the launch of alopecia areata drug Leqselvi. Mayne Pharma has been involved in a legal proceeding in U.S., brought by TherapeuticsMD.</li>
</ul>


Daiichi Sankyo received EU approval for Enhertu in breast cancer. Kaken Pharmaceutical in-licensed hereditary angioedema drug candidate sebetralstat for Japan from KalVista Pharmaceuticals for an upfront payment of $11M.
ABL Bio signed £2B+ outlicensing licensing deal with GSK to develop novel medicines for neurodegenerative diseases. Samsung Biologics launched Epysqli, a biosimilar referencing Soliris in the U.S.
U.S. court ruled in favor of Sun Pharma regarding the launch of alopecia areata drug Leqselvi. Mayne Pharma has been involved in a legal proceeding in U.S., brought by TherapeuticsMD.


APAC Healthcare Weekly (April 13)- Daiichi Sankyo, Kaken, ABL Bio, Samsung Biologics, Sun Pharma

Australia

Opthea Limited is a biologics drug developer for ophthalmic diseases. The Company develops therapies for diabetic macular edema, corneal neovascularization and transplantation, and dry eye disease. Opthea serves patients and healthcare providers in Australia.

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Opthea Ltd (OPT AU)

Opthea Limited - Blindsided: COAST Phase III Flop

OPT released Phase III data from its COAST study in wet AMD, assessing OPT-302 in combination with Eylea (standard of care) vs Eylea monotherapy.

Canaccord Genuity

Opthea Limited - Offshore Result: Implications from REGN 4Q24 Update

We recently initiated on Opthea. The Phase III biopharma is focused on developing OPT-302 for wet-AMD (age-related macular degeneration).

Canaccord Genuity

Opthea Limited - Eye on the Prize: Zooming in on OPT-302

The product is unique and differentiated and on a de-risked basis we see the opportunity for peak sales of US$1b and upside to >$3, pending...

Canaccord Genuity

Opthea (OPT AU): Getting Closer to Commercialization of First Drug; Fund Raising Adds to Confidence

Opthea has completed the production of three consecutive commercial-scale drug substance batches required for the validation of the manufacturing...

Tina Banerjee

APAC Healthcare Weekly (April 13)- Daiichi Sankyo, Kaken, ABL Bio, Samsung Biologics, Sun Pharma

Daiichi got EU approval for Enhertu. Kaken Pharma signed inlicensing deal, while ABL stuck outlicensing deal. Sun Pharma's Leqselvi is now free to...

Tina Banerjee

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