06:58 AM EDT, 03/31/2025 (MT Newswires) -- Opthea ( OPT ) said Monday that a phase 3 trial evaluating the efficacy and safety of 2 mg sozinibercept for wet age-related macular degeneration failed to meet its primary endpoint of improved visual acuity.

The announcement is the second blow for the company as another phase 3 failed to meet its primary goal last week.

Opthea ( OPT ) and its Development Funding Agreement investors have agreed to immediately discontinue the development of sozinibercept for wet age-related macular degeneration, the company said.

It added that the decision does not trigger a termination event under the Development Funding Agreement, meaning no payment is required to be made by Opthea ( OPT ).

The company said it continues discussions with Development Funding Agreement investors to explore potential options for its future.

Opthea ( OPT ) estimates it will have $100 million in cash and cash equivalents by the end of March 2025 but faces uncertainty about its ability to continue as a going concern, the drug developer said.

The ASX will suspend trading of Opthea's ( OPT ) securities until the company clarifies further.