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What is the current valuation of Opthea’s Sozinibercept

Sozinibercept is a fusion protein commercialized by Opthea, with a leading Phase III program in Wet (Neovascular / Exudative) Macular Degeneration. According to Globaldata, it is involved in 5 clinical trials, of which 3 were completed, and 2 are ongoing. GlobalData uses proprietary data and analytics to provide a complete picture of Sozinibercept’s valuation in its risk-adjusted NPV model (rNPV). Buy the model here.

The revenue for Sozinibercept is expected to reach an annual total of $316 mn by 2036 in the US based off GlobalData’s Expiry Model. The drug’s revenue forecasts along with estimated costs are used to measure the value of an investment opportunity in that drug, otherwise known as net present value (NPV). Applying the drug’s phase transition success rate to remaining R&D costs and likelihood of approval (LoA) to sales related costs provides a risk-adjusted NPV model (rNPV). The rNPV model is a more conservative valuation measure that accounts for the risk of a drug in clinical development failing to progress.

Sozinibercept Overview

OPT-302 (VGX-300) is under development for the treatment of wet age-related macular degeneration and diabetic macular edema. The drug candidate is administered through the intravitreal route. It is a soluble fusion protein comprising of vascular endothelial growth factor receptor 3 (VEGFR-3) fused to the Fc fragment of human immunoglobulin G1 (IgG1). The drug candidate acts by targeting vascular endothelial growth factor C (VEGF-C) and vascular endothelial growth factor D (VEGF-D). It was also under development for the treatment of solid tumors.

Opthea Overview

Opthea formerly Circadian Technologies, is a biotechnology company that develops novel biologic therapy for the treatment of eye diseases. The company carries out research and development of angiogenesis and vascular leakage-based treatments for cancer concentrating on vascular endothelial growth factors. Its pipeline products include VEGF-C, VEGF-D and VEGFR-3. Opthea’s lead compound, OPT-302 is used in combination with existing VEGF-A inhibitors in patients with age-related macular degeneration and diabetic macular edema. The company’s VEGF-D diagnostics is a prognostic indicator of number of tumor types, and VEGF-C diagnostics, an indicator of survival rate. It partners with healthcare and diagnostic centers. Circadian is headquartered in Melbourne, Victoria, Australia.

The company reported revenues of (US Dollars) US$0.1 million for the fiscal year ended June 2022 (FY2022), an increase of 31.9% over FY2021. The operating loss of the company was US$96.7 million in FY2022, compared to an operating loss of US$39.7 million in FY2021. The net loss of the company was US$92.8 million in FY2022, compared to a net loss of US$45.3 million in FY2021.

For a complete picture of Sozinibercept’s valuation, buy the drug’s risk-adjusted NPV model (rNPV) here.

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