Opthea Ltd Files 20-F for FY2024

Ticker: OPTEY · Form: 20-F · Filed: Aug 30, 2024 · CIK: 1815620

Sentiment: neutral

Topics: 20-F, biotech, financials, executive-compensation

TL;DR

Opthea's 20-F is in, check out their FY24 financials and exec plans.

AI Summary

Opthea Ltd filed its 20-F for the fiscal year ending June 30, 2024. The filing details its business operations in biological products, specifically focusing on treatments for eye conditions. It includes information on executive compensation plans and financial reporting standards.

Why It Matters

This filing provides investors and stakeholders with a comprehensive overview of Opthea's financial health, operational status, and corporate governance for the past fiscal year.

Risk Assessment

Risk Level: medium — As a biotechnology company, Opthea faces inherent risks related to drug development, regulatory approvals, and market competition.

Key Numbers

Key Players & Entities

FAQ

What is Opthea Ltd's primary business focus?

Opthea Ltd is primarily involved in the biological products sector, specifically focusing on treatments for eye conditions, as indicated by its SIC code 2836.

What is the fiscal year end date for this 20-F filing?

The fiscal year end date for this 20-F filing is June 30, 2024.

What are some of the share option plans mentioned in the filing?

The filing mentions plans such as the LTIP Employees FY Two Thousand And Twenty Two, Non-Executive Director and Employee Share Option Plans, and the NED Plan FY Two Thousand And Twenty One.

What is the filing's accession number?

The accession number for this filing is 0000950170-24-102094.

What is the company's business address?

Opthea Ltd's business address is Level 4, 650 Chapel Street, South Yarra, Victoria, 3141.

Filing Stats: 4,460 words · 18 min read · ~15 pages · Grade level 12.4 · Accepted 2024-08-30 08:44:57

Key Financial Figures

Filing Documents

Item 18

Item 17 Item 18 If this is an annual report, indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes No TABLE OF CONTENTS PRESENTATION OF FINANCIAL AND OTHER INFORMATION 4 ENFORCEMENT OF CIVIL LIABILITIES 6

FORWARD-LOOKING STATEMENTS

FORWARD-LOOKING STATEMENTS 7 PART I 9 Item 1. Identity of Directors, Senior Management and Advisers 9 Item 2. Offer Statistics and Expected Timetable 9 Item 3. Key Information 9 3A. Reserved 9 3B. Capitalization and Indebtedness 9 3C. Reasons for the offer and use of proceeds 9 3D.

Risk Factors

Risk Factors 9 Item 4. Information on the Company 69 4A. History and Development of Opthea 69 4B. Business Overview 69 4C. Organizational Structure 117 4D. Property, Plants and Equipment 117 Item 4A. Unresolved Staff Comments 117 Item 5. Operating and Financial Review and Prospects 117 5A. Operating Results 120 5B. Liquidity and Capital Resources 126 5C. Research and Development, Patents and Licenses 132 5D. Trend Information 132 5E. Critical Accounting Estimates 132 Item 6. Directors, Senior Management and Employees 136 6A. Directors and Senior Management 136 6B. Compensation 141 6C. Board Practices 145 6D. Employees 149 6E. Share Ownership 149 6F. Disclosure of a Registrant's Action to Recover Erroneously Awarded Compensation 150 Item 7. Major Shareholders and Related Party Transactions 150 7A. Major Shareholders 150 7B. Related Party Transactions 152 7C. Interests of Experts and Counsel 154 Item 8. Financial Information 155 8A. Consolidated Statements and Other Financial Information 155 8B. Significant Changes 155 Item 9. The Offer and Listing 155 9A. Offer and Listing Details 155 9B. Plan of Distribution 155 9C. Markets 155 9D. Selling Shareholders 155 9E.

Dilution

Dilution 155 9F. Expenses of the Issue 155 Item 10. Additional Information 156 10A. Share Capital 156 10B. Constitution 156 10C. Material Contracts 156 10D. Exchange Controls 156 10E. Taxation 156 10F. Dividends and Paying Agents 164 10G. 164 10H. Documents on Display 164 10I. Subsidiary Information 164 10J. Annual Report to Security Holders 165 Item 11.

Quantitative and Qualitative Disclosures about Market Risk

Quantitative and Qualitative Disclosures about Market Risk 165 Item 12.

Description of Securities Other than Equity Securities

Description of Securities Other than Equity Securities 165 12A. Debt Securities 165 12B. Warrants and Rights 165 2 TABLE OF CONTENTS 12C. Other Securities 165 12D. American Depositary Shares 165 PART II 168 Item 13. Defaults, Dividend Arrearages and Delinquencies 168 Item 14. Material Modifications to the Rights of Security Holders and Use of Proceeds 168 Item 15.

Controls and Procedures

Controls and Procedures 168 Item 16 Reserved 169 16A. Audit Committee Financial Expert 169 16B. Code of Ethics 169 16C. Principal Accountant Fees and Services 169 16D. Exemptions from the Listing Standards for Audit Committees 170 16E. Purchases of Equity Securities by the Issuer and Affiliated Purchasers 170 16F. Change in Registrant's Certifying Accountant 170 16G. Corporate Governance 170 16H. Mine Safety Disclosure 171 16I. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 171 16J. Insider Trading Policies 171 16K Cybersecurity 171 PART III 173 Item 17.

Financial Statements

Financial Statements 173 Item 18.

Financial Statements

Financial Statements 173 Item 19. Exhibits 173 3 presentation of financia l and other information Our reporting and functional currency is the U.S. dollar, and our financial statements included elsewhere in this Annual Report on Form 20-F, or annual report, are presented in U.S. dollars. The consolidated financial statements and related notes included elsewhere in this annual report have been prepared under the International Financial Reporting Standards, or IFRS, as issued by the International Accounting Standards Board, or IASB, which differs in certain significant respects from U.S. Generally Accepted Accounting Principles, or GAAP. Except where the context requires otherwise and for purposes of this annual report only: "ADSs" refers to our American depositary shares, each of which represents eight of our ordinary shares, no par value, and "ADRs" refers to the American depositary receipts that evidence our ADSs. "Opthea," "we," "us" "Group" or "our" refer to Opthea Limited and its subsidiaries. "A$" or "Australian dollar" refers to the legal currency of Australia. "IFRS" refers to the International Financial Reporting Standards as issued by the International Accounting Standards Board, or IASB. "AIFRS" refers to the Australian equivalents to International Financial Reporting Standards as issued by the Australian Accounting Standards Board, or AASB. "U.S. GAAP" refers to the Generally Accepted Accounting Principles in the United States. "EMA" refers to the European Medicines Agaency "FDA" refers to the United States Food and Drug Administration. "US$" or "U.S. dollars" refers to the legal currency of the United States. "U.S." or "United States" refers to the United States of America. Except with respect to U.S. dollar amounts presented as contractual terms, amounts denominated in U.S. dollars when received or paid and unless otherwise indicated, certain Australian dollar amounts contained in this annual report have been transl

Identity of Dire ctors, Senior Management and Advisers

Item 1. Identity of Dire ctors, Senior Management and Advisers Not applicable.

Offer Statistics and Expected Timetable

Item 2. Offer Statistics and Expected Timetable Not applicable.

Key Information

Item 3. Key Information 3A. Re serve d 3B. Capitalization and Indebtedness Not applicable. 3C. Reasons for the off er and use of proceeds Not applicable. 3D. Risk Factors Investing in our securities involves a high degree of risk. You should consider and read carefully all of the risks and uncertainties described below, as well as other information included in this annual report, including our consolidated financial statements and related notes included elsewhere in this annual report, before making an investment decision. If any of the following risks actually occur, it could harm our business, prospects, results of operations and financial condition. In such event, the trading price of the ADSs could decline and you might lose all or part of your investment. You should not interpret our disclosure of any of the following risks to imply that such risks have not already materialized. Risk Factors Summary Our business is subject to a number of risks and uncertainties, including those risks discussed at-length below in this summary. These risks include, among others, the following: Risks Related to our Financial Position, Need for Capital and the Funding Agreement We have not received approval for any product candidate for commercial sale and, as a result, we have never generated any revenue from products, have incurred significant financial losses and expect to continue to incur significant financial losses in the future, which makes it difficult to assess our future viability. We will require additional capital in the future, including funding to complete the efficacy and safety stages of the trials, which may not be available to us on commercially favorable terms, or at all. Our ability to continue our development activities as a going concern may be dependent on raising such additional capital. Raising additional capital may cause dilution to holders of our ordinary shares and ADSs. The Funding Agreement contains terms that require us to

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