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EyePoint Pharmaceuticals | 8-K: EyePoint Pharmaceuticals Reports Second Quarter 2024 Financial Results and Highlights Recent Corporate Developments

SEC ·  Aug 7 19:01
Summary by Futu AI
EyePoint Pharmaceuticals, Inc. reported its financial results for the second quarter ended June 30, 2024, on August 7, 2024. The company announced a net revenue of $9.5 million for the quarter, a slight increase from $9.1 million in the same period the previous year. Net product revenue, however, decreased to $1.1 million from $5.3 million in Q2 2023, following the out-license of the YUTIQ franchise. Royalties and collaborations revenue rose to $8.4 million, up from $3.8 million, due to the recognition of deferred revenue from the YUTIQ license. Operating expenses increased to $44.0 million, driven by research and development costs, particularly for the DURAVYU clinical trials. The company reported a net loss of $30.8 million, or ($0.58) per share, compared to a net loss of $22.9 million, or ($0.61) per share, in the prior year. Cash...Show More
EyePoint Pharmaceuticals, Inc. reported its financial results for the second quarter ended June 30, 2024, on August 7, 2024. The company announced a net revenue of $9.5 million for the quarter, a slight increase from $9.1 million in the same period the previous year. Net product revenue, however, decreased to $1.1 million from $5.3 million in Q2 2023, following the out-license of the YUTIQ franchise. Royalties and collaborations revenue rose to $8.4 million, up from $3.8 million, due to the recognition of deferred revenue from the YUTIQ license. Operating expenses increased to $44.0 million, driven by research and development costs, particularly for the DURAVYU clinical trials. The company reported a net loss of $30.8 million, or ($0.58) per share, compared to a net loss of $22.9 million, or ($0.61) per share, in the prior year. Cash and investments totaled $280.2 million, providing a cash runway through anticipated Phase 3 wet AMD topline data for DURAVYU in 2026. EyePoint Pharmaceuticals also highlighted progress in its clinical trials, including the Phase 3 LUGANO trial for DURAVYU in wet AMD, set to begin patient dosing in 2024, and the fully enrolled Phase 2 VERONA trial in DME, with topline data expected in Q1 2025.

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