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EyePoint Pharmaceuticals(EYPT) - 2024 Q3 - Quarterly Report
EYPTEyePoint Pharmaceuticals(EYPT)2024-11-07 21:05

Revenue Performance - Product sales, net decreased by 0.2million(190.2 million (19%) to 0.7 million for Q3 2024 compared to Q3 2023, driven by lower YUTIQ® sales to ANI[115] - License and collaboration agreement revenue decreased by 4.6million(324.6 million (32%) to 9.6 million for Q3 2024 due to lower recognition of deferred revenue from YUTIQ® licensing to ANI[116] - Total revenues decreased by 4.7million(314.7 million (31%) to 10.5 million for Q3 2024 compared to Q3 2023[114] - Product sales, net decreased by 11.1million,or8211.1 million, or 82%, to 2.4 million for the nine months ended September 30, 2024, driven by the agreement granting YUTIQ® license and rights to ANI[124] - License and collaboration agreement revenue increased by 10.1million,or5710.1 million, or 57%, to 27.9 million for the nine months ended September 30, 2024, due to higher recognition of deferred revenue[125] Expenses and Costs - Research and development expenses increased by 12.2million(7012.2 million (70%) to 29.5 million for Q3 2024[114] - Research and development expenses increased by 12.2million,or7012.2 million, or 70%, to 29.5 million for the three months ended September 30, 2024, driven by higher clinical trial costs and personnel expenses[119] - Research and development expenses increased by 42.8million,or9242.8 million, or 92%, to 89.6 million for the nine months ended September 30, 2024, driven by higher clinical trial costs and personnel expenses[128] - Cost of sales decreased by 0.5million,or390.5 million, or 39%, to 0.7 million for the three months ended September 30, 2024, primarily due to lower commercial product sales[118] - Sales and marketing expenses decreased by 0.5million,or950.5 million, or 95%, for the three months ended September 30, 2024, due to discontinued YUTIQ® promotion and exit from the commercial business[120] - General and administrative expenses increased by 2.4 million, or 23%, to 13.0millionforthethreemonthsendedSeptember30,2024,primarilyduetohigherstock−basedcompensationandpersonnelcosts[121]NetLossandFinancialPerformance−Netlossincreasedby13.0 million for the three months ended September 30, 2024, primarily due to higher stock-based compensation and personnel costs[121] Net Loss and Financial Performance - Net loss increased by 16.7 million (133%) to 29.4millionforQ32024comparedtoQ32023[114]−NetcashusedinoperatingactivitiesfortheninemonthsendedSeptember30,2024totaled29.4 million for Q3 2024 compared to Q3 2023[114] - Net cash used in operating activities for the nine months ended September 30, 2024 totaled 90.4 million, primarily due to a net loss of 89.5million,reducedby89.5 million, reduced by 25.8 million of non-cash expenses[139] - Operating cash inflows for the nine months ended September 30, 2023 totaled 25.0million,primarilyduetoanetlossof25.0 million, primarily due to a net loss of 56.7 million reduced by 10.5millionofnon−cashexpenses[140]RoyaltyandInterestIncome−Royaltyincomeincreasedby10.5 million of non-cash expenses[140] Royalty and Interest Income - Royalty income increased by 0.05 million (20%) to 0.3millionforQ32024,attributedtohighernon−cashAlimeraroyaltiespayabletoSWKFundingLLC[117]−Interestincomeincreasedby0.3 million for Q3 2024, attributed to higher non-cash Alimera royalties payable to SWK Funding LLC[117] - Interest income increased by 1.6 million, or 90%, to 3.4millionforthethreemonthsendedSeptember30,2024,duetohighercashandmarketablesecurities[122]−Interestincomeincreasedby3.4 million for the three months ended September 30, 2024, due to higher cash and marketable securities[122] - Interest income increased by 6.5 million, or 142%, to 11.1millionfortheninemonthsendedSeptember30,2024,duetohighercashandmarketablesecuritiesandinterestrates[131]ClinicalTrialsandProductDevelopment−DURAVYU™2.7mgdemonstratedagainof+8.9lettersinBCVAandCSTimprovementof68.1micronsinthePhase2VERONAtrialforDME[110]−ThecompanyexpectstoreportfulltoplineresultsforthePhase2VERONAtrialofDURAVYU™forDMEinQ12025[110]FinancingandCapitalActivities−Thecompanycompleteda11.1 million for the nine months ended September 30, 2024, due to higher cash and marketable securities and interest rates[131] Clinical Trials and Product Development - DURAVYU™ 2.7mg demonstrated a gain of +8.9 letters in BCVA and CST improvement of 68.1 microns in the Phase 2 VERONA trial for DME[110] - The company expects to report full topline results for the Phase 2 VERONA trial of DURAVYU™ for DME in Q1 2025[110] Financing and Capital Activities - The company completed a 161.0 million public offering in October 2024, selling 14,636,363 shares at 11.00pershare[109]−NetcashprovidedbyfinancingactivitiesfortheninemonthsendedSeptember30,2024totaled11.00 per share[109] - Net cash provided by financing activities for the nine months ended September 30, 2024 totaled 12.3 million, including 11.8millionfromtheissuanceofCommonStockand11.8 million from the issuance of Common Stock and 5.4 million from the exercise of stock options[142] - Net cash used in financing activities for the nine months ended September 30, 2023 totaled 31.4million,including31.4 million, including 40.5 million used to pay off the SVB loan[142] Manufacturing and Facilities - The company opened a 40,000 square foot cGMP-compliant manufacturing facility in Northbridge, MA in October 2024[109] Cash and Investments - The company had cash, cash equivalents, and investments in marketable securities of 253.8millionasofSeptember30,2024,andexpectstofundoperationsinto2027[135]−NetcashusedininvestingactivitiesfortheninemonthsendedSeptember30,2024totaled253.8 million as of September 30, 2024, and expects to fund operations into 2027[135] - Net cash used in investing activities for the nine months ended September 30, 2024 totaled 123.4 million, including 119.7millionforthepurchaseofmarketablesecuritiesand119.7 million for the purchase of marketable securities and 3.7 million for property and equipment[141] Working Capital and Non-Cash Expenses - Changes in working capital for the nine months ended September 30, 2024 included 26.7million,with26.7 million, with 22.1 million related to deferred revenue from the YUTIQ product rights license agreement[139] - Changes in working capital for the nine months ended September 30, 2023 included 71.2million,with71.2 million, with 57.4 million related to deferred revenue from the YUTIQ product rights license agreement[140] - Non-cash expenses for the nine months ended September 30, 2024 included 28.8millionofstock−basedcompensation[139]−Non−cashexpensesfortheninemonthsendedSeptember30,2023included28.8 million of stock-based compensation[139] - Non-cash expenses for the nine months ended September 30, 2023 included 8.5 million of stock-based compensation and $1.3 million of loss on extinguishment of debt[140] Regulatory and Reporting - The company is a smaller reporting company and is not required to provide quantitative and qualitative disclosures about market risk[143]