Share-Based Payments

12 Months Ended

Jun. 30, 2025

Disclosure of terms and conditions of share-based payment arrangement [abstract]

Note 37. Share-Based Payments

(a)

Recognized share-based payment expenses

The expense recognized for share‑based payments during the year is shown in the table below:


	2025		2024		2023
	US$(000s)		US$(000s)		US$(000s)
Expense arising from equity-settled share-based payment transactions:
Director and employee services received		6,128		5,085		5,835
		6,128		5,085		5,835

(b)

Non‑executive director and employee share option plans

During the 2015 financial year, the Group introduced an ownership‑based compensation scheme for non‑executive directors, executives and senior employees, the Long-Term Incentive Plan (LTIP) and Non‑Executive Directors Share and Option Plan (NED Plan). In accordance with the terms of the plans, as approved by shareholders at the 2014 annual general meeting, eligible non‑executive directors, executives and senior employees with the Group may be granted options to purchase ordinary shares.

Each employee share option converts into one ordinary share of Opthea Limited on exercise. No amounts are paid or payable by the recipient on receipt of the option. The options carry neither rights to dividends nor voting rights and are not transferable. Options may be exercised at any time from the date of vesting to the date of their expiry.

The number of options granted is subject to approval by the board and rewards executives and senior employees to the extent of the Group’s and the individual’s achievement judged against both qualitative and quantitative criteria as determined by the board on a case by case basis.

The vesting condition of options granted under the LTIP and NED Plan is continuous service.

         Options/Rights services

         Grant date

         Grant date
fair value
 US$

         Exercise
price US$

         Expiry date

         Vesting date

LTIP - employees FY2022

October 19, 2021

0.955

0.000

October 18, 2031

October 19, 2021

LTIP - employees FY2022

October 19, 2021

0.955

0.000

October 18, 2031

October 19, 2022

LTIP - employees FY2022

October 19, 2021

0.955

0.000

October 18, 2031

October 19, 2023

LTIP - employees FY2022

October 19, 2021

0.955

0.000

October 18, 2031

January 31, 2023

LTIP - employees FY2022

October 19, 2021

0.955

0.000

October 18, 2031

November 30, 2022

LTIP - employees FY2022

October 19, 2021

0.955

0.000

October 18, 2031

April 30, 2023

LTIP - employees FY2022

October 19, 2021

0.955

0.000

October 18, 2031

April 30, 2023

LTIP - employees FY2022

October 19, 2021

0.955

0.000

October 18, 2031

September 30, 2024

LTIP - employees FY2022

October 19, 2021

0.526

0.948

October 18, 2025

October 19, 2021

LTIP - employees FY2022

October 19, 2021

0.526

0.948

October 18, 2025

October 19, 2022

LTIP - employees FY2022

October 19, 2021

0.526

0.948

October 18, 2025

October 19, 2023

LTIP - employees FY2022

October 19, 2021

0.526

0.948

October 18, 2025

October 19, 2024

LTIP - employees FY2022

June 6, 2022

0.553

1.460

June 5, 2032

June 6, 2022

LTIP - employees FY2022

June 6, 2022

0.553

1.460

June 5, 2032

June 6, 2023

LTIP - employees FY2022

June 6, 2022

0.553

1.460

June 5, 2032

June 6, 2024

LTIP - employees FY2022

June 6, 2022

0.553

1.460

June 5, 2032

June 6, 2025

LTIP - employees FY2023

November 16, 2022

0.471

0.658

November 16, 2032

November 16, 2025

LTIP - employees FY2023

November 16, 2022

0.672

0.000

November 16, 2032

November 16, 2025

LTIP - employees FY2023

December 13, 2022

0.459

0.644

December 13, 2032

December 13, 2023

LTIP - employees FY2023

December 13, 2022

0.459

0.644

December 13, 2032

December 13, 2024

LTIP - employees FY2023

December 13, 2022

0.459

0.644

December 13, 2032

December 13, 2025

LTIP - employees FY2023

December 13, 2022

0.459

0.644

December 13, 2032

December 13, 2026

LTIP - employees FY2024

September 18, 2023

0.153

0.264

September 17, 2033

September 18,2024

LTIP - employees FY2024

September 18, 2023

0.153

0.264

September 17, 2033

September 18,2025

LTIP - employees FY2024

September 18, 2023

0.153

0.264

September 17, 2033

September 18,2026

LTIP - employees FY2024

September 18, 2023

0.153

0.264

September 17, 2033

September 18,2027

LTIP - employees FY2024

October 10, 2023

0.157

0.205

October 9, 2033

October 10, 2024

LTIP - employees FY2024

October 10, 2023

0.157

0.205

October 9, 2033

October 10, 2025

LTIP - employees FY2024

October 10, 2023

0.157

0.205

October 9, 2033

October 10, 2026

LTIP - employees FY2024

October 10, 2023

0.157

0.205

October 9, 2033

October 10, 2027

LTIP - employees FY2024

November 30, 2023

0.236

0.261

November 30, 2033

November 30, 2024

LTIP - employees FY2024

November 30, 2023

0.236

0.261

November 30, 2033

November 30, 2025

LTIP - employees FY2024

November 30, 2023

0.236

0.261

November 30, 2033

November 30, 2026

LTIP - employees FY2025

September 16, 2024

0.278

0.418

September 15, 2034

Monthly for 36 months

NED Plan FY2021

October 12, 2020

1.050

3.240

October 11, 2024

October 11, 2020

NED Plan FY2021

October 12, 2020

1.050

3.240

October 11, 2024

October 11, 2021

NED Plan FY2021

October 12, 2020

1.050

3.240

October 11, 2024

October 11, 2022

NED Plan FY2021

October 12, 2020

1.050

3.240

October 11, 2024

October 11, 2023

NED Plan FY2021

October 12, 2020

1.240

2.160

October 11, 2024

October 11, 2020

NED Plan FY2021

October 12, 2020

1.240

2.160

October 11, 2024

October 11, 2021

NED Plan FY2021

October 12, 2020

1.240

2.160

October 11, 2024

October 11, 2022

NED Plan FY2021

October 12, 2020

1.240

2.160

October 11, 2024

October 11, 2023

NED Plan FY2021

January 19, 2021

0.880

1.560

January 18, 2025

January 19, 2021

NED Plan FY2021

January 19, 2021

0.880

1.560

January 18, 2025

January 19, 2022

NED Plan FY2021

January 19, 2021

0.880

1.560

January 18, 2025

January 19, 2023

NED Plan FY2021

January 19, 2021

0.880

1.560

January 18, 2025

January 19, 2024

NED Plan FY2022

October 19, 2021

0.526

0.948

October 18, 2025

October 19, 2021

NED Plan FY2022

October 19, 2021

0.526

0.948

October 18, 2025

October 19, 2022

NED Plan FY2022

October 19, 2021

0.526

0.948

October 18, 2025

October 19, 2023

NED Plan FY2022

October 19, 2021

0.526

0.948

October 18, 2025

October 19, 2024

NED Plan FY2022

April 21, 2022

0.397

0.755

April 20, 2026

April 21, 2022

NED Plan FY2022

April 21, 2022

0.397

0.755

April 20, 2026

April 21, 2023

NED Plan FY2022

April 21, 2022

0.397

0.755

April 20, 2026

April 21, 2024

NED Plan FY2022

April 21, 2022

0.397

0.755

April 20, 2026

April 21, 2025

NED Plan FY2023

November 16, 2022

0.469

0.672

November 16, 2032

November 16, 2025

NED Plan FY2023

November 16, 2022

0.471

0.658

November 16, 2032

November 16, 2025

NED Plan FY2023

November 16, 2022

0.672

0.000

November 16, 2032

November 16, 2025

NED Plan FY2024

November 30, 2023

0.213

0.382

November 29, 2033

November 30, 2024

NED Plan FY2024

November 30, 2023

0.213

0.382

November 29, 2033

November 30, 2025

NED Plan FY2024

November 30, 2023

0.213

0.382

November 29, 2033

November 30, 2026

NED Plan FY2025

November 15, 2024

0.200

0.426

November 14, 2034

Monthly for 36 months

NED Plan FY2025

November 15, 2024

0.200

0.426

November 14, 2034

November 15, 2024

NED Plan FY2025

November 15, 2024

0.200

0.426

November 14, 2034

November 15, 2025

NED Plan FY2025

November 15, 2024

0.200

0.426

November 14, 2034

November 15, 2026

NED Plan FY2025

November 15, 2024

0.200

0.426

November 14, 2034

November 15, 2027

There has been no alteration of the terms and conditions of the above share‑based payment arrangements since the grant date.

         ADS Options

         Grant date

         Grant date
fair value
 US$

         Exercise
price US$

         Expiry date

         Vesting date

LTIP - employees FY2022

October 18, 2021

4.970

7.625

October 18, 2031

25% on first, second, third and fourth Anniversary

LTIP - employees FY2022

January 10, 2022

5.228

7.515

January 10, 2032

25% on first, second, third and fourth Anniversary

LTIP - employees FY2022

March 1, 2022

4.116

6.009

March 1, 2032

25% on first, second, third and fourth Anniversary

LTIP - employees FY2022

April 18, 2022

4.171

6.090

April 18, 2032

25% on first, second, third and fourth Anniversary

LTIP - employees FY2022

May 23, 2022

4.953

7.116

May 23, 2032

25% on first, second, third and fourth Anniversary

LTIP - employees FY2022

June 1, 2022

5.175

7.445

June 1, 2032

25% on first, second, third and fourth Anniversary

LTIP - employees FY2022

June 20, 2022

3.886

5.522

June 20, 2032

25% on first, second, third and fourth Anniversary

LTIP - employees FY2023

July 1, 2022

4.718

6.350

July 1, 2032

25% on first Anniversary then quarterly thereafter for the next 12 quarters

LTIP - employees FY2023

October 24, 2022

3.479

4.850

October 24, 2032

25% on first, second, third and fourth Anniversary

LTIP - employees FY2023

October 28, 2022

3.457

5.170

October 28, 2032

25% on first, second, third and fourth Anniversary

LTIP - employees FY2023

January 16, 2023

3.560

4.929

January 16, 2033

25% on first, second, third and fourth Anniversary

LTIP - employees FY2023

February 1, 2023

3.935

5.238

February 1, 2033

25% on first, second, third and fourth Anniversary

LTIP - employees FY2023

February 13, 2023

3.602

5.150

February 13, 2033

25% on first, second, third and fourth Anniversary

LTIP - employees FY2023

April 18, 2023

2.384

3.545

April 18, 2033

25% on first, second, third and fourth Anniversary

LTIP - employees FY2024

October 27, 2023

1.110

1.660

October 26, 2033

25% on first Anniversary then monthly for 24 months

LTIP - employees FY2024

October 27, 2023

0.691

1.660

October 26, 2033

Hurdles December 31, 2027 and December 31, 2028

LTIP - employees FY2024

November 1, 2023

1.082

1.660

November 1, 2033

25% on first, second, third and fourth Anniversary

LTIP - employees FY2024

November 20, 2023

1.327

1.830

November 19, 2033

25% on first, second, third and fourth Anniversary

LTIP - employees FY2024

November 22, 2023

1.316

1.890

November 21, 2033

25% on first, second, third and fourth Anniversary

LTIP - employees FY2024

February 1, 2024

1.940

2.760

February 1, 2034

25% on first Anniversary then monthly for 36 months

LTIP - employees FY2024

April 1, 2024

2.820

4.140

March 31, 2034

Over 18 month period or otherwise determined by board

LTIP - employees FY2024

April 3, 2024

2.770

3.950

April 2, 2034

Monthly for 36 months

LTIP - employees FY2024

April 8, 2024

2.640

3.750

April 7, 2034

25% on first Anniversary then monthly for 36 months

LTIP - employees FY2024

May 1, 2024

2.310

3.340

April 30, 2034

25% on first Anniversary then monthly for 36 months

LTIP - employees FY2024

June 3, 2024

1.860

2.660

June 2, 2034

25% on first Anniversary then monthly for 36 months

LTIP - employees FY2025

Sept 16, 2024

2.130

3.150

Sept 15, 2034

Monthly for 36 months

LTIP - employees FY2025

Sept 16, 2024

1.518

3.150

Sept 15, 2034

Hurdles December 31, 2027 and December 31, 2028

LTIP - employees FY2025

Sept 16, 2024

2.170

3.150

Sept 15, 2034

25% on first Anniversary then monthly for 36 months

LTIP - employees FY2025

Sept 16, 2024

2.180

3.150

Sept 15, 2034

Monthly for 36 months

LTIP - employees FY2025

Sept 16, 2024

1.170

3.150

December 9, 2026

Fully vested on separation

LTIP - employees FY2025

November 4 , 2024

2.530

4.340

November 3, 2034

25% on first Anniversary then monthly for 36 months

LTIP - employees FY2025

December 12 , 2024

2.020

3.300

December 12, 2034

25% on first Anniversary then monthly for 36 months

(c)

Fair value of share options granted

Where relevant, the expected life used in the model has been adjusted based on management’s best estimate for the effects of non‑transferability, exercise restrictions (including the probability of meeting conditions attached to the option), and behavioral considerations. Expected volatility is based on the historical share price volatility over the past 4 or 5 years.


Options/Rights services	Grant date share price US$		Exercise price US$		Fair value per option US$		Expected volatility			Option life	Dividend yield			Risk free interest rate			Model used
LTIP - director FY2019		0.420		0.625		0.150		58.00	%	4 years		0	%		2.04	%	Binomial
LTIP - employees FY2018		0.340		0.920		0.260		66.00	%	5 years		0	%		2.09	%	Binomial
LTIP - employees FY2019		0.480		0.608		0.180		57.00	%	4 years		0	%		2.04	%	Binomial
LTIP - employees FY2022		0.955		0.948		0.526		74.78	%	4 years		0	%		0.25	%	Binomial
LTIP - employees FY2022		0.955	nil			0.955	na			10 years		0	%	n/a			n/a
LTIP - employees FY2022		0.901		1.460		0.553		75.00	%	6.5 years		0	%		3.40	%	Binomial
LTIP - employees FY2023		0.672		0.658		0.471		75.00	%	6.5 years		0	%		3.60	%	Binomial
LTIP - employees FY2023		0.672	nil			0.672		75.00	%	10 years		0	%		3.70	%	Binomial
LTIP - employees FY2023		0.643		0.644		0.459		75.00	%	7 years		0	%		3.30	%	Binomial
LTIP - employees FY2024		0.238		0.263		0.153		67.50	%	6.5 years		0	%		4.10	%	Binomial
LTIP - employees FY2024		0.225		0.205		0.157		67.50	%	7 years		0	%		4.30	%	Binomial
LTIP - employees FY2024		0.334		0.261		0.236		67.50	%	6.5 years		0	%		4.20	%	Binomial
LTIP - employee FY2025		0.431		0.282		0.279	70.24%-74.54%			5.04-6.5 years		0	%	3.45%-3.57%			Black-Scholes
NED Plan FY2016		0.280		0.360		0.140		65.00	%	5 years		0	%		2.09	%	Binomial
NED Plan FY2019		0.420		0.625		0.150		58.00	%	4 years		0	%		2.04	%	Binomial
NED Plan FY2021		2.190		2.160		1.240		77.25	%	4 years		0	%		0.25	%	Binomial
NED Play FY2021		2.190		3.240		1.050		77.25	%	4 years		0	%		0.25	%	Binomial
NED Plan FY2021		1.560		1.560		0.880		77.01	%	4 years		0	%		0.25	%	Binomial
NED Plan FY2022		0.955		0.945		0.526		74.78	%	4 years		0	%		0.25	%	Binomial
NED Plan FY2022		0.741		0.755		0.397		75.00	%	3.5 years		0	%		2.70	%	Binomial
NED Plan FY2023		0.672		0.672		0.469		75.00	%	6.5 years		0	%		3.60	%	Binomial
NED Plan FY2023		0.672		0.658		0.471		75.00	%	6.5 years		0	%		3.60	%	Binomial
NED Plan FY2023		0.672	nil			0.672		75.00	%	10 years		0	%		3.70	%	Binomial
NED Plan FY2024		0.334		0.382		0.334		67.50	%	6.5 years		0	%		4.20	%	Binomial
NED Plan FY2025		0.200		0.423		0.198	60.14-70.14%			5-5.6 years		0	%		4.40	%	Black-Scholes

Fair value of ADS options granted


ADS Options	Grant date share price US$		Exercise price US$		Fair value per ADS option US$		Expected volatility			ADS Option life	Dividend yield			Risk free interest rate			Model used
LTIP - employee 2022		7.240		7.625		4.970		75.00	%	7 years		0	%		1.40	%	Binomial
LTIP - employee 2022		7.500		7.515		5.228		75.00	%	7 years		0	%		1.70	%	Binomial
LTIP - employee 2022		5.925		6.009		4.116		75.00	%	7 years		0	%		1.70	%	Binomial
LTIP - employee 2022		5.915		6.090		4.171		75.00	%	7 years		0	%		2.90	%	Binomial
LTIP - employee 2022		7.000		7.116		4.953		75.00	%	7 years		0	%		2.90	%	Binomial
LTIP - employee 2022		7.309		7.445		5.175		75.00	%	7 years		0	%		3.00	%	Binomial
LTIP - employee 2022		5.500		5.522		3.886		75.00	%	7 years		0	%		3.40	%	Binomial
LTIP - employee 2023		6.600		6.350		4.718		75.00	%	7 years		0	%		2.90	%	Binomial
LTIP - employee 2023		4.810		4.850		3.479		75.00	%	7 years		0	%		4.30	%	Binomial
LTIP - employee 2023		4.850		5.170		3.457		75.00	%	7 years		0	%		4.10	%	Binomial
LTIP - employee 2023		4.959		4.929		3.560		75.00	%	7 years		0	%		3.60	%	Binomial
LTIP - employee 2023		5.450		5.238		3.935		75.00	%	7 years		0	%		3.50	%	Binomial
LTIP - employee 2023		5.030		5.150		3.602		75.00	%	7 years		0	%		3.80	%	Binomial
LTIP - employee 2023		3.360		3.545		2.384		75.00	%	7 years		0	%		3.60	%	Binomial
LTIP - employee 2024		1.660		1.660		1.110		67.50	%	6.5 years		0	%		4.90	%	Binomial
LTIP - employee 2024		1.660		1.660		0.691		67.50	%	7.6 years		0	%		4.90	%	Binomial
LTIP - employee 2024		1.630		1.660		1.082		67.50	%	6.5 years		0	%		4.70	%	Binomial
LTIP - employee 2024		1.920		1.830		1.327		67.50	%	7 years		0	%		4.50	%	Binomial
LTIP - employee 2024		1.920		1.890		1.316		67.50	%	7 years		0	%		4.50	%	Binomial
LTIP - employee 2024		2.760		2.760		1.830		71.71	%	6 years		0	%		3.81	%	Binomial
LTIP - employee 2024		3.030		3.030		2.740		71.64	%	6 years		0	%		4.34	%	Binomial
LTIP - employee 2024		4.140		4.140		3.160		70.68	%	6 years		0	%		4.34	%	Binomial
LTIP - employee 2024		3.950		3.950		3.010		70.68	%	6 years		0	%		4.34	%	Binomial
LTIP - employee 2024		3.750		3.750		2.490		70.72	%	6 years		0	%		4.43	%	Binomial
LTIP - employee 2024		3.290		3.340		2.180		70.76	%	6 years		0	%		4.65	%	Binomial
LTIP - employee 2024		2.660		2.660		1.750		69.85	%	6 years		0	%		4.41	%	Binomial
LTIP - employee 2025		3.325		3.150		1.520		70.00	%	4.29 years		0	%		3.37	%	Monte Carlo
LTIP - employee 2025		3.330		3.150		2.130	70.24-74.54%			5-6.5 years		0	%	3.38 - 3.45%			Black-Scholes
LTIP - employees FY2025		3.330		3.150		2.170	69.30%-73.61%			5.3-7 years		0	%	3.40-3.47%			Black-Scholes
LTIP - employees FY2025		3.330		3.150		2.180	69.30%-73.61%			5.3-7 years		0	%	3.40-3.47%			Black-Scholes
LTIP - employees FY2025		3.330		3.150		1.170		73.73	%	1.23 years		0	%		3.81	%	Black-Scholes
LTIP - employees FY2025		4.210		4.340		2.530	68.00% -87.00%			5.1 - 7 years		0	%	4.18 - 4.25%			Black-Scholes
LTIP - employees FY2025		3.300		3.300		2.020	69.00% - 87.53%			5.1 -7 years		0	%	4.17 - 4.24%			Black-Scholes
Contractor - 2024		3.030		3.030		2.020		71.64	%	6 years		0	%		4.27	%	Binomial
Contractor - 2024		4.140		4.140		2.740		70.68	%	6 years		0	%		4.34	%	Binomial

(d)

Movements in share options during the year

The following reconciles the share/rights options outstanding at the beginning and end of the year:


	2025					2024				2023
	Number of options and rights			Weighted average exercise price US$		Number of options and rights		Weighted average exercise price US$		Number of options and rights			Weighted average exercise price US$
Balance at beginning of year		35,300,000			0.89		25,450,000		1.04		22,988,000			1.16
Granted during the year:
To employees and directors under the LTIP and NED Plan		16,127,200			0.65		9,850,000		0.30		10,050,000			0.58
Exercised during the year		(156,250	)		0.21		—		—		(6,613,000	)		0.62
Expired during the year		(7,481,867	)		2.71		—		—		(975,000	)		0.61
Balance at end of the year		43,789,083			0.51		35,300,000		0.89		25,450,000			1.04
Exercisable at end of year		24,354,341			0.60		20,024,203		1.19		10,842,234			1.48

The share options outstanding at the end of the year had a weighted average exercise price of US $0.60 (2024: US$1.19, 2023: US$1.48) and a weighted average remaining contractual life of 2,677 days (2024: 2,135 days, 2023: 555 days).

Movements in ADS options during the year

The following reconciles the ADS options outstanding at the beginning and end of the year:


	2025					2024					2023
	Number of options and rights			Weighted average exercise price US$		Number of options and rights			Weighted average exercise price US$		Number of options and rights			Weighted average exercise price US$
Balance at beginning of year		5,748,000			2.64		1,505,000			5.81		925,000			6.75
Granted during the year:
To employees and directors under the LTIP and NED Plan		6,333,500			3.53		4,768,000			1.97		755,000			5.07
Exercised during the year		(7,500	)		1.89		—			—		—			—
Expired during the year		(5,094,457	)		2.90		(525,000	)		5.62		(175,000	)		7.62
Balance at end of the year		6,979,543			3.26		5,748,000			2.64		1,505,000			5.81
Exercisable at end of year		2,138,378			3.52		537,914			6.01		250,000			6.70

The ADS options outstanding at the end of the year has a weighted average exercise price of US$3.52 (2024:US$6.01, 2023:US$6.70) and a weighed average remaining contractual life of 3,159 days (2024:3,329 days, 2023:3,158)

Movements in contractor ADS options during the year

The following reconciles the contractor ADS options outstanding at the beginning and end of the year:


	2025					2024				2023
	Number of options and rights			Weighted average exercise price US$		Number of options and rights		Weighted average exercise price US$		Number of options and rights		Weighted average exercise price US$
Balance at beginning of year		277,000			3.14		—		—		—		—
Granted during the year:
To contractors under additional terms		—			—		277,000		3.14		—		—
Exercised during the year		—			—		—		—		—		—
Expired during the year		(169,284	)		3.14		—		—		—		—
Balance at end of the year		107,716			3.14		277,000		3.14		—		—
Exercisable at end of year		107,716			3.14		39,220		3.16		—		—