EyePoint Pharmaceuticals, a company focused on developing treatments for serious retinal diseases, reported a net loss of $29.4 million for the third quarter ended September 30, 2024, a 133% increase from the $12.6 million loss in the same period last year. The net loss per share also rose by 64% to $0.54. Total revenues for the quarter decreased by 31% year-over-year to $10.5 million, with product sales net dropping by 19% and license and collaboration agreements revenue falling by 32%. However, royalty income saw a 20% increase. Operating expenses surged by 46% to $43.3 million, driven by a 70% rise in research and development costs due to the advancement of DURAVYU™ into Phase 3 clinical trials. The company's cash position remains strong, with $253.8 million in cash, cash equivalents, and marketable securities, bolstered by...Show More

EyePoint Pharmaceuticals, a company focused on developing treatments for serious retinal diseases, reported a net loss of $29.4 million for the third quarter ended September 30, 2024, a 133% increase from the $12.6 million loss in the same period last year. The net loss per share also rose by 64% to $0.54. Total revenues for the quarter decreased by 31% year-over-year to $10.5 million, with product sales net dropping by 19% and license and collaboration agreements revenue falling by 32%. However, royalty income saw a 20% increase. Operating expenses surged by 46% to $43.3 million, driven by a 70% rise in research and development costs due to the advancement of DURAVYU™ into Phase 3 clinical trials. The company's cash position remains strong, with $253.8 million in cash, cash equivalents, and marketable securities, bolstered by a $161 million equity financing in October, which is expected to fund operations into 2027. EyePoint's lead product candidate, DURAVYU™, is currently in Phase 3 trials for wet AMD and Phase 2 for DME, with positive interim data reported from the VERONA trial. The company also celebrated the grand opening of its new manufacturing facility and the appointment of Fred Hassan to its Board of Directors. Looking ahead, EyePoint anticipates reporting full topline results from the VERONA trial in the first quarter of 2025 and is preparing for potential regulatory approval of DURAVYU™.