Opthea Limited (ASX: OPT), a clinical-stage biopharmaceutical company, announced the receipt of an AU$15.9 million (US$10.4 million) R&D tax incentive from the Australian Taxation Office for the 2023/2024 financial year. This incentive, part of the Australian Federal Government’s program offering cash benefits for 43.5% of eligible R&D expenditures, strengthens Opthea’s cash position as it advances the Phase 3 clinical trials of its lead candidate, sozinibercept, for treating wet age-related macular degeneration (wet AMD).
The tax incentive covers both Australian and qualifying overseas costs related to sozinibercept’s development. With pivotal data from the COAST trial expected in early Q2 2025 and the ShORe trial by mid-2025, this additional funding supports Opthea's continued focus on enhancing patient outcomes through combination treatments with anti-VEGF-A therapies. This announcement underscores Opthea’s commitment to progressing its clinical pipeline and achieving regulatory milestones.
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