Opthea is a clinical-stage biopharmaceutical company based in Australia, focused on therapies targeting VEGF-C and VEGF-D, proteins involved in abnormal blood vessel growth. Opthea's sole meaningful asset was sozinibercept, a drug designed to be used alongside existing anti-VEGF-A therapies to treat wet age-related macular degeneration (wet AMD), the leading cause of vision loss in adults over 50. The thesis was that blocking VEGF-C and VEGF-D in addition to VEGF-A could produce better visual outcomes than existing treatments alone. In March 2025, both Phase 3 trials — COAST and ShORe — failed to meet their primary or secondary endpoints, and Opthea terminated the wet AMD program, cut its workforce by roughly 80%, and wound down all clinical, manufacturing, and regulatory activities. Opthea had no internal manufacturing capabilities and relied entirely on third-party CROs and suppliers. The company funded operations through equity raises and a Development Funding Agreement with institutional investors, which it settled post-trial failure for a $20M cash payment plus a ~10% equity issuance. Opthea is now conducting a strategic review, exploring a pivot to other diseases driven by VEGF-C and VEGF-D pathways beyond ocular disease, potentially reformulating its OPT-302 compound for non-ocular delivery. With only 4 employees remaining and a depleted balance sheet, Opthea would need to raise significant capital to advance any new program.