Why EyePoint Pharmaceuticals Shares Are Shooting Higher Today

EyePoint Pharmaceuticals Inc EYPT reported Q1 revenues of $7.68 million, down from $9.3 million a year ago but slightly beating the $7.43 million consensus.

Operating expenses reached $29.2 million compared with $27.6 million a year ago, primarily driven by continued investment in R&D for EYP-1901 development, offset by a reduction in sales and marketing spend for DEXYCU.

Net product revenue for Yutiq was $7.4 million, up 60% Y/Y, with a customer demand of approximately 930 units.

The company reported a smaller-than-expected EPS loss of $(0.56), beating the consensus of $(0.68).

Cash, cash equivalents, and investments of $122.5 million will provide a cash runway into the second half of 2024.

Pipeline Update:

• The company completed enrollment in an oversubscribed Phase 2 DAVIO 2 trial of EYP-1901 for maintenance treatment for wet AMD in March 2023. Topline data remain on track for Q4 of 2023.
• Enrollment ahead of schedule in the Phase 2 PAVIA trial of EYP-1901 in non-proliferative diabetic retinopathy. The trial size was reduced based on robust clinical evidence and proof-of-concept for vorolanib and EYP-1901.
• Plans to initiate a Phase 2 trial evaluating EYP-1901 in diabetic macular edema in Q1 of 2024 remain on track.

Price Action: EYPT shares are up 19.3% at $7.74 on the last check Wednesday.