Opthea Limited has released its annual report for the fiscal year ending June 30, 2025. The company reported a revenue of $25,000, a significant decline from the $125,000 reported in 2024 and $108,000 in 2023. Other income for 2025 was reported at $121,000, compared to $137,000 in 2024, and $277,000 in 2023. The company has not generated revenue from sales of approved products to date, with current revenues derived from sales-based royalties related to out-licensing of intellectual property assets not central to its core business. These revenues are expected to remain nominal in future periods. Opthea is focusing on the reformulation of its drug candidates targeting VEGF-C and VEGF-D and has indicated plans to apply for the R&D tax incentive in Australia related to clinical trials for future product candidates. However, the company has stated that there is no assurance that these costs will be eligible for the tax incentive from the Australian Taxation Office. The company is facing uncertainties in the development of its biopharmaceutical product candidates and acknowledges the associated risks, which may impact its ability to achieve or maintain profitability.