Oyster Point Outlines Restructuring Plan With Savings Of Up To $48M In 2023

Oyster Point Pharma Inc OYST will implement an operating expense streamlining plan to reduce employee and non-employee expenses (up to 50 roles) across the organization.
The company plans to continue to drive the launch of Tyrvaya with approximately 150-200 field-based sales resources.
The plan is expected to reduce operating expenses by approximately $6 million - $8 million in 2H of 2022 and approximately $40 million - $48 million in 2023.
Related: FDA Approves First Nasal Spray For Dry Eye Disease From Oyster Point Pharma.
To reflect these strategic priorities, the company is also announcing that Daniel Lochner, its current CFO, will take on additional responsibilities now, serving in a dual role as the CFO and Chief Business Officer.
The company will focus its R&D efforts on OC-01 (varenicline solution) nasal spray to target stage 1 neurotrophic keratopathy and Enriched Tear Film (ETF) gene therapy to target stages 2 and 3 neurotrophic keratopathy.
The company expects study results for the OLYMPIA Phase 2 clinical trial for Stage 1 Neurotrophic Keratopathy during Q4 of 2022.
The company has submitted a Pre-IND meeting request to the FDA regarding the ETF Gene Therapy program and expects to hold the meeting during 2H of 2022.
Price Action: OYST shares closed lower by 7.16% at $4.67 on Tuesday.