Why Is Vision Disorder-Focused EyePoint Pharmaceuticals Stock Trading Higher Today?

EyePoint Pharmaceuticals Inc EYPT reported Q3 revenues of $15.20 million, up from $10 million a year ago and beating the $7.52 million consensus.

Net product revenue for the third quarter was $0.8 million, compared to $9.7 million a year ago. 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.

Operating expenses reached $29.6 million compared with $28.4 million a year ago, primarily driven by R&D spending on the ongoing EYP-1901 clinical trials, partially offset by reduced sales and marketing expenses.

The company reported a smaller-than-expected EPS loss of 33 cents, beating the consensus loss of 51 cents.

Cash, cash equivalents, and investments of $136 million will provide a cash runway into 2025.

Also Read: EyePoint's EYP-1901 Tipped to Transform Wet AMD Market, Analyst Predicts Potential $870M Sales by 2035.

Last month, EyePoint Pharmaceuticals announced interim masked safety data for its lead product candidate EYP-1901 from its ongoing Phase 2 PAVIA trial of EYP-1901 as a potential nine-month treatment for moderately severe to severe non-proliferative diabetic retinopathy and DAVIO 2 trial as a potential six-month sustained delivery maintenance treatment for wet age-related macular degeneration. 

At Eyecelerator, the company will be presenting interim masked safety data through October 1, 2023 from its ongoing DAVIO 2 and PAVIA Phase 2 trials.

Pipeline Update:

The company's plans to initiate the VERONA Phase 2 clinical trial evaluating EYP-1901 in diabetic macular edema (DME) in the first quarter of 2024 remain on track.

Price Action: EYPT shares are up 17.20% at $7.06 on the last check Wednesday.