EyePoint Pharmaceuticals Inc (EYPT, Financial) announced its financial results for the third quarter ended September 30, 2023, on November 1, 2023. The company reported a total net revenue of $15.2 million, up from $10.0 million for the quarter ended September 30, 2022. The increase in revenue was primarily due to partial recognition of deferred revenue from the sale of the YUTIQ franchise.
Financial Highlights
Net product revenue for the third quarter was $0.8 million, compared to net product revenues for the third quarter ended September 30, 2022, of $9.7 million. The decrease in net product revenue resulted from the sale of the YUTIQ franchise in May 2023 and the discontinuation of DEXYCU commercialization activities in 2023.
Net revenue from royalties and collaborations for the third quarter ended September 30, 2023, totaled $14.4 million compared to $0.3 million in the corresponding period in 2022. The increase was primarily due to partial recognition of deferred revenue from the sale of the YUTIQ franchise which will be recognized over a 2-year period in connection with the delivery of YUTIQ supply units.
Operating Expenses and Net Loss
Operating expenses for the third quarter ended September 30, 2023, totaled $29.6 million versus $28.4 million in the prior year period. This increase was primarily driven by R&D spending on the ongoing EYP-1901 clinical trials, partially offset by reduced sales and marketing expense. Non-operating expense, net, totaled $1.8 million and net loss was $12.6 million, or ($0.33) per share, compared to a net loss of $18.4 million, or ($.49) per share, for the prior year period.
Cash Position and Financial Outlook
Cash and investments at September 30, 2023, totaled $136.0 million compared to $144.6 million at December 31, 2022. The company expects the cash, cash equivalents, and investments on September 30, 2023, will enable it to fund its current and planned operations into 2025.
Recent Corporate Developments
EyePoint Pharmaceuticals Inc (EYPT, Financial) also highlighted recent corporate developments, including the promotion of George Elston to Executive Vice President and the appointment of Stuart M. Duty to the Company’s Board of Directors in October 2023. The company also announced positive masked safety results for its lead product candidate EYP-1901 in the ongoing DAVIO 2 and PAVIA Phase 2 clinical trials.
Explore the complete 8-K earnings release (here) from EyePoint Pharmaceuticals Inc for further details.
