EyePoint Pharmaceuticals has recently released its 10-K report, detailing its financial and operational performance for the fiscal year ended December 31, 2023. The company, headquartered in Watertown, Massachusetts, is focused on developing and commercializing therapeutics to improve the lives of patients with serious retinal diseases, leveraging its proprietary Durasert E technology for sustained intraocular drug delivery. Its lead product candidate, EYP-1901, is an investigational sustained delivery treatment for VEGF-mediated retinal diseases, currently in Phase 2 clinical trials for wet age-related macular degeneration (wet AMD), non-proliferative diabetic retinopathy (NPDR), and diabetic macular edema (DME).
In the fiscal year 2023, EyePoint Pharmaceuticals achieved several significant milestones and developments. The company announced the promotion of Jay S. Duker, M.D., to the additional role of President, and entered into a lease agreement to construct a 40,000-square-foot manufacturing facility in Northbridge, Massachusetts. EyePoint also granted an exclusive license and rights to YUTIQ® to Alimera Sciences, Inc., receiving a $75 million upfront cash payment and additional royalties. Additionally, the company announced positive interim safety data for EYP-1901 and the advancement of pipeline program EYP-2301 into pre-clinical development. EyePoint also closed an underwritten public offering, raising approximately $230.0 million in gross proceeds.
Regarding research and development highlights, EyePoint Pharmaceuticals entered into a research collaboration with Rallybio Corporation, completed enrollment in the Phase 2 DAVIO 2 clinical trial evaluating EYP-1901, and presented interim safety and patient demographics of the trial at the OIS Retina Innovation Summit. The company also disclosed positive interim masked safety data for EYP-1901 from the ongoing Phase 2 PAVIA trial and announced the promotion of EYP-2301 into pre-clinical development. Notably, EyePoint announced positive topline data for EYP-1901 from the Phase 2 DAVIO 2 clinical trial in wet AMD.
In recent developments, EyePoint Pharmaceuticals announced the dosing of the first patient in the Phase 2 VERONA clinical trial of EYP-1901 for DME, presented topline data from the Phase 2 DAVIO 2 trial, and appointed Ramiro Ribeiro, M.D., Ph.D. as Chief Medical Officer.
The market has reacted to these announcements by moving the company's shares -3.4% to a price of $24.44. For more information, read the company's full 10-K submission here.
