EyePoint Q1 net loss $29.3M; DURAVYU Phase 2 NPDR trial misses primary endpoint; cash runway to 2026

EyePoint, Inc.

2024-Q1 EPS reported -$0.55 revenue$11,684,000

Q1 net loss $29.3M ($0.55/shr) vs $21.2M ($0.56/shr) in Q1 2023; revenue $11.7M (+52% YoY) from YUTIQ deferred revenue.
Product revenue fell to $0.7M from $7.4M due to out-license of YUTIQ franchise in May 2023.
Phase 2 PAVIA trial of DURAVYU in NPDR missed primary endpoint; biologic effect observed; 12-month data expected Q3 2024.
Phase 3 LUGANO trial for DURAVYU in wet AMD on track for 2H 2024; Phase 2 VERONA DME data in Q1 2025.
Cash and investments $299.3M; funds operations through DURAVYU Phase 3 topline data in 2026.

item 2.02 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.9

EyePoint, Inc. reported the first quarter ended March 31, 2024 results: revenue $11.7 million, net income $29.3 million, EPS ($0.55) per share.

Period: the first quarter ended March 31, 2024
Revenue: $11.7 million
Net income: $29.3 million
EPS: ($0.55) per share
Result: reported results

Exact text from the filing

For the first quarter ended March 31, 2024, total net revenue was $11.7 million compared to $7.7 million for the quarter ended March 31, 2023. Net product revenue for the first quarter was $0.7 million, compared to net product revenues for the first quarter ended March 31, 2023 of $7.4 million. This decrease in net product revenue resulted from the out-license of the YUTIQ franchise in May 2023, completing the strategic pivot from a commercial company to a biopharmaceutical pipeline-focused company. Net revenue from royalties and collaborations for the first quarter ended March 31, 2024 totaled $11.0 million compared to $0.3 million in the corresponding period in 2023. This increase was primarily due to partial recognition of deferred revenue from the license of the YUTIQ franchise, which begun in 2Q 2023 and will be recognized over a 2-year period in connection with the delivery of YUTIQ supply units. Operating expenses for the first quarter ended March 31, 2024 totaled $45.0 million

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Source: SEC EDGAR

accession 0000950170-24-055055

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