EyePoint Pharmaceuticals(US:EYPT)2025-11-06 21:06Revenue Performance - Total revenues decreased by 91% to $966,000 for the three months ended September 30, 2025, compared to $10.5 million in the same period the prior year[90] - Product sales, net decreased by 12% to $582,000 for the three months ended September 30, 2025, primarily due to the automatic termination of the ANI CSA in Q2 2025[91] - License and collaboration agreement revenue decreased by 98% to $150,000 for the three months ended September 30, 2025, driven by the recognition of remaining deferred revenue related to the 2023 agreement for YUTIQ® product rights[92] - Total revenues for the nine months ended September 30, 2025, were $30.8 million, a decrease of $934,000 or 3% compared to the same period in 2024[101] - Product sales, net decreased by $1.1 million, or 46%, to $1.3 million for the nine months ended September 30, 2025, primarily due to the automatic termination of the ANI CSA[102] - Royalty income increased by $11.5 million, or 830%, to $12.9 million for the nine months ended September 30, 2025, mainly due to the recognition of deferred SWK royalty revenue[104] Expenses and Losses - Research and development expenses increased by 62% to $47.8 million for the three months ended September 30, 2025, compared to $29.5 million in the same period the prior year[90] - Total operating expenses increased by 46% to $63.0 million for the three months ended September 30, 2025, compared to $43.3 million in the same period the prior year[90] - Net loss increased by 103% to $59.7 million for the three months ended September 30, 2025, compared to a net loss of $29.4 million in the same period the prior year[90] - Net loss per share increased by 57% to $(0.85) for the three months ended September 30, 2025, compared to $(0.54) in the same period the prior year[90] - For the nine months ended September 30, 2025, the net loss was $164.4 million, an increase of $74.9 million compared to a net loss of $89.5 million for the same period in 2024[118] - Operating cash outflows for the nine months ended September 30, 2025 totaled $175.1 million, compared to $90.4 million for the same period in 2024, reflecting an increase of $84.7 million[119] Research and Development - DURAVYU™ is currently being evaluated in Phase 3 pivotal trials for wet AMD, with data readout expected to begin in mid-2026[85] - The first patient dosing for pivotal Phase 3 trials evaluating DURAVYU™ for DME is anticipated in Q1 2026[89] - Research and development expenses increased by $72.3 million, or 81%, to $161.8 million for the nine months ended September 30, 2025, attributed to ongoing DURAVYU™ Phase 3 clinical trials[106] Cash and Financing - The company has cash, cash equivalents, and investments totaling $204.0 million as of September 30, 2025, which, along with net proceeds of approximately $162.1 million from an equity financing, will fund operations into Q4 2027[80] - Cash, cash equivalents, and investments in marketable securities totaled $204.0 million as of September 30, 2025, expected to fund operations into the fourth quarter of 2027[115] - Net cash provided by investing activities for the nine months ended September 30, 2025 was $145.5 million, a significant increase of $266.6 million compared to a net cash outflow of $119.7 million in 2024[120] - Net cash provided by financing activities for the nine months ended September 30, 2025 totaled $6.7 million, a decrease of $5.6 million from $12.3 million in 2024[121] - The company issued 495,118 shares of Common Stock in 2025, raising $6.7 million through its ATM program[121] Operational Challenges - The company anticipates continued substantial operating losses for at least the next several years as it develops product candidates and seeks marketing approval[117] - Cash outflows related to changes in working capital for the nine months ended September 30, 2025 were $29.5 million, including $28.6 million of deferred revenue related to licensing agreements[118] - The company reported cash outflows of $29.5 million in working capital adjustments, reflecting ongoing operational challenges[118] - General and administrative expenses increased by $1.5 million, or 12%, to $14.5 million for the three months ended September 30, 2025, mainly due to an increase in contingent liability[98] - Interest income decreased by $1.1 million, or 32%, to $2.3 million for the three months ended September 30, 2025, driven by lower cash available for investment[99] - Non-cash expenses for the nine months ended September 30, 2025 included $21.1 million of stock-based compensation, compared to $28.8 million in 2024[119] - The company incurred $2.3 million for the purchase of property and equipment in 2025, compared to $3.7 million in 2024[120] - Deferred revenue related to the licensing of YUTIQ® product rights to ANI was $22.1 million in 2024, indicating a consistent revenue stream from licensing agreements[119]