Hearts and Minds Investments (ASX:HM1) said its board decided to write down the value of its portfolio holding in Opthea (ASX:OPT) to zero, effective Monday, according to a Wednesday Australian bourse filing.
The board had previously written down the value of the holding to AU$0.20 per share.
The write-down will negatively impact the net asset value of the firm by around AU$0.034 per share, the filing said.
This move comes after Opthea said that its second phase three trial of a treatment for an eye disease had failed.
Hearts and Minds Investments' shares jumped past 1% in recent trading on Wednesday.
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