Summary by Futu AI
EyePoint Pharmaceuticals, Inc. reported its financial results for the first quarter ending March 31, 2024, with total net revenue of $11.7 million, a significant increase from $7.7 million in the same period the previous year. The company experienced a decrease in net product revenue, attributed to the out-licensing of the YUTIQ franchise in May 2023, which marked a strategic shift from a commercial to a pipeline-focused biopharmaceutical company. Despite this, net revenue from royalties and collaborations surged to $11.0 million, primarily due to the recognition of deferred revenue from the YUTIQ license. Operating expenses rose to $45.0 million, driven by research and development costs for clinical trials and personnel expenses. The net loss for the quarter was $29.3 million, or ($0.55) per share. EyePoint's cash and...Show More