Income statement, balance sheet and cash flow statement for the last 7 fiscal years, taken from the XBRL data Opthea Ltd files with the SEC in its annual reports.
In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.
Income statement
FY2019
FY2021
FY2021
FY2022
FY2023
FY2024
FY2025
Revenue
0.11
0.06
0.07
0.09
0.11
0.13
0.03
Research and development
22.4
12.1
25.9
81.4
129
176
127
General and administrative
3.69
4.7
13.4
15.3
21.6
15.8
29.1
Operating income
-96.5
-150
-192
-156
Interest expense
0.01
0.01
0.01
13.5
0.01
0.01
Interest income
0.54
0.48
0.37
0.24
3.23
3.4
5.53
Pre-tax income
-25.4
-16.8
-50.3
-99.1
-148
-230
-170
Income tax
-10.5
-5.71
-4.94
-6.3
-5.93
-9.41
-6.95
Net income
-15
-11.1
-45.3
-92.8
-143
-220
-163
EPS, basic
-0.06
-0.04
-0.14
-0.26
-0.32
-0.35
-0.13
EPS, diluted
-0.06
-0.04
-0.14
-0.26
-0.32
-0.35
-0.13
Balance sheet
FY2019
FY2021
FY2021
FY2022
FY2023
FY2024
FY2025
Cash and equivalents
15.1
2.08
15.5
11.9
89.2
172
48.4
Receivables
0.2
0.57
0.26
0.64
1.43
0.42
Total current assets
49
138
59.9
98.4
188
56.8
Property, plant and equipment
0.03
0.02
0.03
0.03
0.05
0
Lease right-of-use assets
0.17
0.09
0.17
0.08
0
Total assets
49.4
138
60
98.6
189
56.8
Accounts payable
4.05
2.5
11.4
17.9
38.1
9.74
Short-term debt
4.01
2.42
11.4
17.8
38.1
9.74
Total current liabilities
4.76
3.11
12
18.7
64.1
258
Lease liabilities
0.08
0.08
0.08
Total liabilities
4.87
3.12
12.1
104
265
258
Total debt
0
0
Retained earnings
-78.8
-124
-217
-359
-580
-742
Total equity
21.9
44.6
135
48
-5.85
-75.8
-201
Total liabilities and equity
49.4
138
60
98.6
189
56.8
Cash flow statement
FY2019
FY2021
FY2021
FY2022
FY2023
FY2024
FY2025
Net income
-15
-11.1
-45.3
-92.8
-143
-220
-163
Cash from operations
-17
-5.69
-45.5
-71.3
-121
-161
-159
Capital expenditures
-0.01
-0
-0.01
-0.02
-0.02
-0.03
-0.01
Cash from investing
0.24
0.33
0.66
-0.02
-0.02
-0.03
-0.01
Stock issued
9.07
33
105
81.8
Cash from financing
9.07
33.2
117
0.17
167
244
34.8
Exchange rate effect
-1.23
-0.28
3.5
-2.38
-2.1
0.6
-0.14
Free cash flow
-17.1
-5.69
-45.6
-71.4
-121
-161
-159
Income taxes paid
-9.1
-10.1
-5.83
-4.97
-6.3
-5.93
-10.4
Key metrics
Worked out from the statements above. Latest values use fiscal 2025. Valuation uses the share price of $0.01 on September 25, 2026.
Profitability
Metric
Value
How it is calculated
Operating margin
-623,048.0%
Operating income / revenue.
Pre-tax margin
-678,952.0%
Pre-tax income / revenue.
Net margin
-651,164.0%
Net income / revenue.
FCF margin
-634,628.0%
Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin
-634,576.0%
Cash from operations / revenue.
Return on assets (ROA)
-132.6%
Net income / average total assets.
R&D / revenue
507,328.0%
Research and development expense / revenue.
Capex / revenue
52.0%
Capital expenditures / revenue.
Growth
Metric
Value
How it is calculated
Revenue growth, 1y
-80.0%
Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y
-34.9%
Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y
-15.8%
Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y
-69.9%
Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y
-1.8%
Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y
2.8%
Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Balance sheet health
Metric
Value
How it is calculated
Current ratio
0.22x
Current assets / current liabilities.
Quick ratio
0.19x
(Cash + short-term investments + receivables) / current liabilities.
Cash ratio
0.19x
(Cash + short-term investments) / current liabilities.
Liabilities / assets
454.0%
Total liabilities / total assets.
Interest coverage
-19,470x
Operating income / interest expense.
Working capital
-$201.1M
Current assets - current liabilities.
Efficiency
Metric
Value
How it is calculated
Asset turnover
0.00x
Revenue / average total assets.
Fixed asset turnover
1.04x
Revenue / average property, plant and equipment.
Receivables turnover
0.03x
Revenue / average receivables.
Days sales outstanding
13,469 days
365 x average receivables / revenue.
Per share
Metric
Value
How it is calculated
EPS, diluted
-$0.13
Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
EPS, basic
-$0.13
Net income per basic share, as reported (split-adjusted).
What was Opthea Ltd's revenue in fiscal 2025?
Opthea Ltd reported revenue of $25.0K for fiscal 2025, 80% lower than the year before.
Was Opthea Ltd profitable in fiscal 2025?
No. It reported a net loss of $162.8M.
How much free cash flow did Opthea Ltd generate in fiscal 2025?
Cash from operations of $158.6M minus capital expenditures of $13.0K left free cash flow of -$158.7M.
Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.