Another reason I can’t see a CR before ph3 is they issued a bunch of options which expire in Aug25 with a defined strike price (70c i think). If they raise capital at these very low share prices, it would likely wipe out these holders which is not very good reputational move.
It will be a partnership with big pharma I am convinced as also the non dilutive funding had a caveat of on market raise too - which is a no go for above reasons.
They will need to strike a deal before July IMO
Ann: Opthea Completes Enrollment in Phase 3 Clinical Program, page-35
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