EyePoint Pharmaceuticals Reports Q2 2024 Financial Results

By Tamara Parker • Wednesday, August 07 08:04 • Permanent Link

Eyepoint Pharmaceuticals, Inc. (NASDAQ: EYPT) has reported its financial results for the second quarter ended June 30, 2024, and has also highlighted various corporate developments. Let's dive into the key details:

Financial Results: Total net revenue for the second quarter of 2024 was $9.5 million, compared to $9.1 million for the same period in 2023. Net product revenue for the second quarter was $1.1 million, a decrease from $5.3 million for the second quarter of 2023, mainly due to the out-license of the YUTIQ® franchise in May 2023. * Net revenue from royalties and collaborations for the second quarter of 2024 totaled $8.4 million, compared to $3.8 million in the corresponding period in 2023, primarily due to the partial recognition of deferred revenue from the license of the YUTIQ franchise.

Operating Expenses: * Operating expenses for the second quarter of 2024 totaled $44.0 million, compared to $31.9 million in the prior year period, driven by significant growth in research and development costs, including Duravyu clinical trial activities and personnel expenses, among others.

Cash and Investments: * As of June 30, 2024, cash and investments totaled $280.2 million, a decrease from $331.1 million at December 31, 2023.

Corporate Developments: Eyepoint Pharmaceuticals highlighted progress in its preparations for the upcoming phase 3 pivotal trials evaluating Duravyu™ in wet age-related macular degeneration (wet AMD), with over 110 trial sites now committed. Positive twelve-month data from the phase 2 DAVIO 2 clinical trial evaluating Duravyu for the treatment of wet AMD continue to demonstrate favorable safety and efficacy. * The Phase 2 Verona trial of Duravyu in diabetic macular edema (DME) has been fully enrolled, with topline data anticipated in Q1 2025.

Outlook: * Eyepoint Pharmaceuticals expects the cash, cash equivalents, and investments on June 30, 2024, to enable funding of operations through anticipated phase 3 wet AMD topline data for Duravyu in 2026.

The market has reacted to these announcements by moving the company's shares 4.9% to a price of $9.02. For the full picture, make sure to review EyePoint Pharmaceuticals's 8-K report.

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