Summary of Opthea Limited (OPT) Corporate Update Webcast Company Overview - **Company**: Opthea Limited (OPT) - **Date of Update**: August 19, 2025 - **Context**: The call discusses the results of phase three clinical trials and the company's future direction following disappointing trial outcomes. Key Points Industry and Clinical Trials - **Phase Three Trials**: The company conducted two pivotal trials, COAST and SHORE, comparing its drug sosinibrocept with existing treatments aflibercept (Eylea) and Lucentis [6][10] - **Primary Endpoint Failure**: Both trials did not meet their primary endpoint of demonstrating superior visual acuity improvement at week 52 compared to the control arms [21][22] - **Patient Population**: Approximately 300 patients were enrolled per arm, with baseline characteristics well balanced across different treatment groups [12][13] - **Results**: The control arm showed a 13.75 letter improvement, while the combination therapy with sosinibrocept did not show statistically significant improvement [14][20] - **Safety Profile**: Sosinibrocept was well tolerated, with similar adverse event rates compared to aflibercept and Lucentis, although there was a slight trend for increased inflammation with higher doses of sosinibrocept [18][22] Financial and Development Funding Agreement (DFA) - **DFA Overview**: In August 2022, the company entered a DFA with OSCELET, initially securing $120 million, later amended to a total of $170 million [24][25] - **Settlement with Investors**: Following negative trial results, the company negotiated a settlement with DFA investors, paying $20 million in cash and providing a 9.99% equity stake, terminating the DFA [27][28] - **Current Cash Position**: As of the update, the company has approximately $20 million in cash on hand and no debt [28][32] Future Strategy and Governance - **Streamlining Operations**: The company has reduced its workforce by over 80% and the board of directors by 50% to align with its current scale [26][33] - **Strategic Review**: A comprehensive strategic review will be undertaken over the next several months to assess internal capabilities and potential partnerships [36][62] - **Focus on Shareholder Return**: The board emphasizes maximizing shareholder return as a primary objective in future decisions [36][64] Additional Insights - **Clinical Trial Insights**: The duration of the trials and patient selection may have impacted outcomes, with suggestions that the phase 2b trial's shorter duration might not have fully informed the phase 3 results [43][44] - **Future Opportunities**: The company is exploring potential therapeutic areas beyond ophthalmology, leveraging its scientific knowledge and assets [48][50] - **R&D Tax Credit**: The company plans to submit for an R&D tax credit, which has not yet been received [55] Conclusion - **Outlook**: The company is positioned to navigate its challenges with a focus on governance, operational efficiency, and strategic partnerships, aiming to enhance shareholder value moving forward [36][39][74]

CORPORATE UPDATE INVESTOR CALL – 20 August 2025 Dr Jeremy Levin – Chairman of the Board Fred Guerard – Chief Executive Officer Tom Reilly – Chief Financial Officer For personal use only Important Information This investor presentation (Presentation) is dated August 19th, 2025 and has been prepared by Opthea Limited (ASX:OTP) (Opthea or the Company). SUMMARY INFORMATION This Presentation is for information purposes only and is not a prospectus, disclosure document, product disclosure statement or other offer ...

Core Viewpoint - Opthea Limited has successfully settled the Development Funding Agreement (DFA) with its investors, ensuring the company's solvency and allowing it to continue operations after significant management changes and workforce reductions [1][6][7]. Group 1: DFA Settlement Details - The DFA was terminated following the failure to meet primary endpoints in the COAST and ShORe phase 3 clinical trials, leading to a mutual agreement with the DFA Investors [2][4]. - The settlement includes a one-time cash payment of USD20 million to the DFA Investors and the issuance of equity equivalent to 9.99% of the total issued share capital, amounting to 136,661,003 fully paid ordinary shares [4][6]. - The DFA Investors will enter a voluntary 12-month escrow period for the newly issued shares, with specific exceptions for legal requirements and certain corporate actions [4][5]. Group 2: Management Changes - Dr. Fred Guerard, the outgoing CEO, will step down on September 1, 2025, along with CFO Tom Reilly and Director Sujal Shah, who will leave on September 15, 2025 [1][7]. - Dr. Jeremy Levin will continue as Chairman and take on additional responsibilities as CEO starting September 1, 2025, overseeing the company's strategic direction [1][8]. Group 3: Financial Position and Future Strategy - Following the settlement, Opthea is expected to maintain approximately USD20 million in cash and cash equivalents, ensuring its ability to operate as a going concern [6]. - The company has reduced its workforce by over 80% and cut its Board of Directors by over 50% as part of a strategy to streamline operations [7]. - The Board will focus on maximizing shareholder value and may consider strategic partnerships, internal development, and potential capital returns to shareholders [11].

Core Insights - Optiva Inc. reported its second quarter financial results for the period ending June 30, 2025, highlighting continued growth in bookings and customer acquisition [2][3]. Financial Performance - Revenue for Q2 2025 was $10.3 million, a decrease from $11.4 million in Q2 2024 [11][14]. - Total Contract Value (TCV) bookings for Q2 2025 reached $26.6 million, with a trailing twelve months TCV of $64.3 million [8][9]. - The gross margin for Q2 2025 was 49%, down from 56% in the same period last year, primarily due to lower high-margin support and subscription revenue [14]. - The adjusted EBITDA loss for Q2 2025 was $1.6 million, slightly improved from a loss of $1.7 million in Q2 2024 [11][14]. - The net loss for Q2 2025 was $4.4 million, compared to a net loss of $5.6 million in Q2 2024 [11][14]. Customer Acquisition and Strategic Developments - Optiva secured two new customers in Q2 2025, including a Tier 1 European mobile virtual network operator (MVNO) and a Tier 1 European telecom, bringing the total new customers to 13 over the past two years [3][9]. - A key existing customer, Digitel, renewed its BSS platform support agreement for an additional three years [9]. - Optiva was recognized as a finalist for the Most Innovative Telco AI/ML Product or Solution for the Leading Lights 2025 Awards [10]. Cash Position and Operational Updates - The company ended Q2 2025 with approximately $12.9 million in cash, sufficient to meet working capital commitments for the foreseeable future [5][14]. - Optiva has entered into a 45-day support agreement with 85% of noteholders to negotiate a strategic transaction, with expectations of reaching a binding agreement before the end of the forbearance period [4][19].

Core Viewpoint - Optiva Inc. has entered into a Support Agreement with holders of approximately 85% of its outstanding 9.75% senior secured PIK toggle notes, allowing for a 45-day grace period to negotiate a Potential Transaction [1][2]. Group 1: Support Agreement and Grace Period - The Support Agreement provides a 45-day grace period for Optiva's special committee to negotiate with Noteholders and potential merger partners [2]. - During this grace period, Noteholders have agreed to forbear from exercising their rights related to any payment default on the Notes due July 20, 2025 [2]. Group 2: Financial Position and Operations - Optiva has approximately $12 million in cash as of July 13, 2025, ensuring business continuity and the ability to meet financial commitments [3]. - The company will continue to operate normally, fulfilling commitments to customers, employees, and suppliers during this period [10]. Group 3: Potential Transaction Details - The Potential Transaction involves exchanging the outstanding principal amount of the Notes and accrued interest for a combination of shares and new notes, along with a merger with a strategic third party [4][10]. - Common shareholders of Optiva are expected to receive nominal consideration for their shares in connection with the Potential Transaction [4][10]. Group 4: Repayment and Financial Obligations - The repayment of approximately $108.6 million in principal and $5.2 million in accrued interest due on July 20, 2025, will be addressed as part of the Potential Transaction if reached within the grace period [5]. Group 5: Regulatory and Approval Requirements - Completion of any Potential Transaction will require approval from Optiva's securityholders, court approvals if structured as a plan of arrangement, Toronto Stock Exchange approval, and necessary regulatory approvals [7].

Group 1 - Optiva Inc. announced the election of six new members to its board of directors during the annual meeting of common shareholders [1] - The elected directors include Patrick DiPietro, Lee Matheson, Simon Parmar, Robert Stabile, Barry Symons, and Birgit Troy, with voting results showing a high approval rate ranging from 96.35% to 96.42% [2] - KPMG LLP was re-appointed as the auditor of the Company, with the board authorized to determine the auditor's remuneration [3] Group 2 - Optiva Inc. is a leading provider of cloud-native, AI-powered revenue management software for the telecommunications industry, established in 1999 and listed on the Toronto Stock Exchange [5]

Core Insights - Optiva Inc. has been awarded the MVNOs World award for AI & Analytics Excellence for its BSS Platform, which enhances agility and scalability for MVNEs and MVNOs in the telecom market [1][2] - The platform's cloud-native and AI-driven architecture enables rapid digital onboarding and customer-centric offerings, significantly improving customer acquisition and reducing operational costs [2][3] - Key features such as eSIM enablement and advanced product catalogs allow MVNOs to quickly adapt to market demands, while AI agents provide insights for churn prediction and dynamic pricing [3][4] Company Overview - Optiva Inc. is a leading provider of cloud-native, agentic AI-powered revenue management software for the telecommunications industry, established in 1999 and listed on the Toronto Stock Exchange [6] - The company focuses on maximizing opportunities in digital, 5G, IoT, and emerging markets to drive business success [6] Product Features and Benefits - The Optiva BSS Platform includes AI agents that enhance customer experience through automation, improving resolution times and customer satisfaction [7] - Operational efficiency is increased through proactive management by AI agents, which reduces ticket resolution time and manual efforts [7] - Hyper-personalized engagement is facilitated by sales AI agents, enhancing customer loyalty and sales efficiency [7]

Core Insights - The collaboration among Optiva Inc., PlektonLabs, and Qeema focuses on a TM Forum Open Innovation Catalyst project named INFINITY, aimed at unlocking revenue through dynamic pricing and APIs in the telecommunications sector [2][3][6]. Group 1: Project Overview - The INFINITY project introduces a dynamic pricing solution that allows telecom companies to adapt pricing in real-time based on customer needs and network utilization, thereby creating new revenue streams [3][4]. - The project will be showcased at the DTW25 Ignite event in Copenhagen from June 17-19, 2025 [2][8]. Group 2: Benefits of Dynamic Pricing - Dynamic pricing enables telecom operators to adjust prices based on real-time demand, optimizing network capacity and enhancing customer experience [7]. - The approach allows for monetization of API ecosystems and tailored packages for B2B2C, generating new revenue streams [7][6]. - By leveraging AI and real-time network telemetry, the INFINITY project simplifies API discovery and supports dynamic quote management, facilitating easy monetization and real-time ordering [7][5]. Group 3: Industry Context - The need for dynamic pricing is emphasized as critical in the rapidly evolving telecom landscape, moving operators beyond traditional static pricing models [4]. - The project aims to transform telecom networks from cost centers into agile profit engines by capitalizing on advanced features like network slicing [4][6].

Core Insights - Optiva Inc. reported its first quarter financial results for the period ending March 31, 2025, highlighting a focus on cloud-native billing and revenue management solutions for the telecom industry [2][11]. Business Highlights - Optiva was selected by three existing customers for upgrades and renewals, including a next-generation BSS platform and an Intelligent Network platform upgrade [3][12]. - The company integrated advanced generative AI technology into its BSS and charging solutions, enhancing operational efficiency and customer experience [4][12]. - Optiva's partnership with BT Group was strengthened to implement innovative communication services, leveraging Optiva's latest Application Server [9]. Financial Performance - Revenue for Q1 2025 was $11.6 million, a slight decrease from $11.7 million in Q1 2024 [10][13]. - The company reported a net loss of $2.3 million, an improvement from a net loss of $6.0 million in the same period last year [10][14]. - Adjusted EBITDA for the quarter was $0.5 million, compared to a loss of $2.3 million in Q1 2024 [10][14]. - Gross margin increased to 64% from 58% year-over-year, attributed to higher support and subscription revenue [13]. Cash Position - As of March 31, 2025, Optiva had a cash balance of $8.0 million, down from $12.0 million at the end of Q1 2024 [10][14]. - The company is actively engaged with strategic third parties regarding its $108 million Secured Notes maturing on July 20, 2025, with over 75% of noteholders committed to support [5][6].

Core Insights - Optima Health plc reported a full year revenue of approximately £105 million, aligning with market expectations, with a 7% growth in H2 2025 compared to H1 2025 [6][10] - The Group's net debt position (excluding leases) as of 31 March 2025 was £2.2 million, with a cash balance of £14.8 million and drawdowns from a revolving credit facility of £17.0 million [6][10] - Optima has made significant operational progress since its AIM listing in September 2024, winning new contracts and making strategic acquisitions to enhance long-term growth [7][10] Strategic Contracts and Acquisitions - In February 2025, Optima was selected as the exclusive medical assessment provider for the UK Ministry of Defence's Armed Forces Recruitment Service, with a contract valued at up to £210 million over an initial 7-year term [8] - The Group acquired Cognate Health Limited for up to €9 million, expected to add approximately €7 million in revenue and €1 million in EBITDA annually [9] - Optima also acquired BHSF Occupational Health Limited for £1.4 million, anticipated to contribute around £7 million in revenue per year, and Care first for a net consideration of £15,000, expected to add approximately £3.7 million in revenue annually [9] Future Outlook - Optima is expected to report its Preliminary Results for the twelve months ended 31 March 2025 by mid-July 2025 [10] - The CEO expressed confidence in the company's ability to capture further market share and enhance its position as the UK's leading occupational health and wellbeing partner [11]