explain the market cap, page-40

This was the sub group results I was referring to:

An exploratory subgroup analysis was conducted in patients with a prior anti-VEGF-A treatment history
of only receiving previous Eylea to assess the effects of OPT-302 combination therapy following the most
optimal first-line standard of care used to achieve maximal VEGF-A inhibition. In this subgroup, the mean
change in BCVA at week 12 compared to baseline was 8.6 letters for OPT-302 + Eylea and 5.0 letters in
patients who continued on Eylea monotherapy. The proportion of patients in the subgroup gaining ≥10
and ≥15 letters from baseline to week 12 was 50% and 16.7% in the OPT-302 combination group
respectively and 0% for both parameters in the Eylea control. The percentage of patients losing 1 or
more letters from baseline to week 12 was 8.3% in the OPT-302 + Eylea group, and 12.5% for the Eylea
control.

This group of 20 who had a median 9 month of Eylea injections with only 38 day wash out period were the stand out performers. By 'half as much' need for OPT-302 it was in reference to the wAMD study which showed ongoing improvements up to 6 months of treatments. All patients in this study had 3 months of treatment (3 x 4 weekly injections). Just wanted to be clear on that. The call just provided some of this extra detail as well as clinician thoughts on what it potentially means. But they were very keen to highlight that a biologic effect was clearly evident.

My reference to your conclusions being 'very similar to the clinicians' was in terms of them seeing the need for use of OPT-302 on the most dosed Eylea patients rather than what many of us had expected which was to initiate a combo treatment as a first line of treatment, because these results did not support that expectation, unlike the the wAMD trials (at least they could be assessed for the type of lesions for pre-screening before deciding on therapy in wAMD whereas here it appears you need to wait for the non responders or maxed out unsatisfactory Eylea patients before starting OPT-302). So OPT-302's apparent benefit did not click for the non-trained mindset, well at least mine.