Highlights

• Opthea Ceryvyn Therapeutics Company: Ceryvyn Therapeutics Limited | ASX code: CYV Verified index: None verified (index omitted; ASX-listed).

• Ceryvyn Therapeutics Limited , the company formerly known as Opthea Limited, is putting its remaining effort into CYV-101.

• The programme has three development stages, and progression from one to the next depends on Board review of.

• Ceryvyn has assembled a Scientific Advisory Board co-chaired by Professor Deborah Yates in Sydney and Professor Frank McCormack.

Opthea Ceryvyn Therapeutics (ASX:CYV) — Company: Ceryvyn Therapeutics Limited | ASX code: CYV Verified index: None verified (index omitted; ASX-listed) Publication date: 2026-10-29 Data cut-off: Company disclosures covering the quarter ended 30 June 2026, via secondary summary; index check against S&P Dow Jones Indices ASX 200 announcement of 4 September 2026 Body word count: 600

The short answer

Ceryvyn Therapeutics Limited , the company formerly known as Opthea Limited, is putting its remaining effort into CYV-101, an inhaled protein therapy aimed at lymphangioleiomyomatosis, or LAM. The reason appears to be focus: after a change of name and a return to trading, the company has narrowed its story to one rare lung disease and a single preclinical programme. The company is listed on the ASX, and this article could not confirm membership of any ASX index.

Who is Ceryvyn?

Ceryvyn describes itself as a clinical-stage biopharmaceutical company focused on rare diseases. According to a Kalkine Media summary of company disclosures, its securities were reinstated to ASX trading on 3 June 2026, shareholders approved the change of name at an Extraordinary General Meeting on 3 July 2026, and trading under the new code CYV began on 9 July 2026.

That sequence matters because the old Opthea identity is now history.

What is CYV-101 trying to do?

LAM is a rare, progressive lung disease that mainly affects women. The summary notes that current treatments relieve symptoms but do not cure the condition. CYV-101 is a fusion protein designed to bind and neutralise two growth factors, VEGF-C and VEGF-D, which have been linked to abnormal growth of lymphatic vessels in the disease.

The distinctive element is delivery. Rather than injecting the drug, the company is studying a nebulised, inhaled formulation intended to reach the lungs directly. During the June 2026 quarter, Stage 1 preclinical biology and inhalation studies were reported as being on schedule, including animal inhalation safety and tolerability assessments.

The programme has three development stages, and progression from one to the next depends on Board review of scientific, operational and capital criteria. Timelines, endpoints and funding needs for Stages 2 and 3 were not disclosed in the material reviewed.

Expert input and intellectual property

Ceryvyn has assembled a Scientific Advisory Board co-chaired by Professor Deborah Yates in Sydney and Professor Frank McCormack in Ohio, with Dr Elizabeth Daugherity of Texas as a member.

On intellectual property, the company withdrew two US provisional patent applications filed in August 2025 and filed a new US provisional application covering nebulised VEGF inhibitors for pulmonary diseases, including LAM.

The financial picture

The same summary reports cash and equivalents of A$30.0 million at 30 June 2026, down from A$31.2 million at 31 March 2026. Operating cash outflow for the June quarter was A$1.1 million, against A$1.5 million in the previous quarter. Research and development spending in the quarter was A$0.1 million, while administration and corporate costs were A$1.2 million and interest income was A$0.2 million.

For the 2026 financial year, research and development expenses were A$13.127 million, administration and corporate costs were A$7.499 million, government grants and tax incentives were A$10.968 million, and net operating cash outflow was A$12.5 million. No formal cash runway guidance was provided, so any estimate of how long the funds will last would be speculation.

Context and risks

Rare-disease programmes can attract regulatory incentives, but they also face small patient populations and uncertain commercial returns. CYV-101 remains preclinical, which means the path to human trials, and any approval, is long and uncertain. Dependence on Board-reviewed criteria means the later stages are not guaranteed to proceed.

The company's place in the wider ASX biotechnology sector is that of a small, cash-backed developer rather than a revenue generator. Being ASX-listed carries disclosure obligations, but it says nothing about future performance.

What to watch

Useful markers include further preclinical inhalation data, any announcement on Stage 2 planning, the next quarterly cash report, and clarity on future funding. Readers should check the company's ASX announcements, because the figures here come from a secondary summary and have not been matched line by line against the original filing.