Eyepoint Pharmaceuticals, Inc. (NASDAQ: EYPT) has just released its financial results for the fourth quarter and full-year ended December 31, 2024, and highlighted some key corporate developments. Let's dive into the specific figures and changes that have occurred.
In the fourth quarter of 2024, total net revenue was $11.6 million, down from $14.0 million in the same period in 2023. Net product revenue for the quarter was $0.8 million, compared to $0.7 million in the corresponding period in 2023.
Net revenue from license and royalties for the fourth quarter ended December 31, 2024, totaled $10.8 million, a decrease from $13.3 million in the corresponding period in 2023, primarily driven by lower recognition of deferred revenue from the license of Yutiq product rights.
Operating expenses for the fourth quarter ended December 31, 2024, totaled $56.8 million, a significant increase from $30.4 million in the prior year period, primarily due to the two ongoing phase 3 trials for Duravyu.
The net loss for the fourth quarter was $41.4 million, or ($0.64) per share, compared to a net loss of $14.1 million, or ($0.33) per share, for the prior year period.
For the full year ended December 31, 2024, total net revenue was $43.3 million compared to $46.0 million for the year ended December 31, 2023. Net product revenue for the full year ended December 31, 2024, was $3.2 million, a decrease from $14.2 million for the full year ended December 31, 2023, primarily due to the license of Yutiq product rights sold in May 2023.
Net revenue from license and royalties for the full year ended December 31, 2024, totaled $40.1 million, an increase from $31.8 million in the corresponding period in 2023, primarily driven by higher recognition of deferred revenue from the license of Yutiq product rights in 2023.
Operating expenses for the full year ended December 31, 2024, totaled $189.1 million versus $121.1 million in 2023, primarily due to increased clinical trial costs related to the phase 3 clinical trials of Duravyu and increased personnel-related costs across the organization, including non-cash stock-based compensation.
The net loss for the full year was $130.9 million, or ($2.32) per share, compared to a net loss of $70.8 million, or ($1.82) per share, for the prior year period.
Cash, cash equivalents, and investments in marketable securities on December 31, 2024, totaled $371 million compared to $331 million as of December 31, 2023.
Eyepoint expects the cash, cash equivalents, and investments on December 31, 2024, to enable the company to fund operations into 2027, beyond the topline phase 3 data for Duravyu in wet AMD expected in 2026. Accordingly, the company currently has no plans to access the equity capital markets in 2025.
These figures reflect the company's financial performance and its strategic positioning as it continues to advance its pipeline and clinical programs. Following these announcements, the company's shares moved 3.4%, and are now trading at a price of $6.29. Check out the company's full 8-K submission here.
