EyePoint Pharmaceuticals Reports 6% Revenue Decline and $130.9 Million Net Loss for Fiscal Year 2024

EyePoint Pharmaceuticals, Inc. reported a significant decline in financial performance for the fiscal year ending December 31, 2024, with total revenues of $43.3 million, a decrease of 6% from $46.0 million in 2023. The company experienced a notable drop in product sales, which fell by 78% to $3.2 million, primarily due to the licensing of YUTIQ® rights to ANI Pharmaceuticals in May 2023. However, revenue from license and collaboration agreements increased by 25% to $38.5 million, driven by a full year of revenue recognition from the ANI agreement. Royalty income also rose by 63% to $1.6 million, reflecting increased royalties from YUTIQ® sales in China.

The company's operating expenses surged by 56% to $189.1 million, largely due to a 106% increase in research and development costs, which reached $132.9 million. This increase was attributed to higher clinical trial expenses related to ongoing and new trials for the lead product candidate, DURAVYU™, as well as increased personnel costs. General and administrative expenses also rose by 31% to $52.4 million, driven by personnel-related expenses, including stock-based compensation. As a result, EyePoint reported a net loss of $130.9 million, an 85% increase from the previous year's loss of $70.8 million.

Strategically, EyePoint has made significant advancements in its clinical pipeline, particularly with DURAVYU™, which is currently in Phase 3 trials for wet age-related macular degeneration (AMD) and Phase 2 trials for diabetic macular edema (DME). The company opened a new 40,000 square foot manufacturing facility in Northbridge, Massachusetts, in October 2024, to support its clinical supply and potential commercial readiness for DURAVYU™. The facility is compliant with U.S. FDA and European Medicines Agency standards, enhancing the company's manufacturing capabilities.

Operationally, EyePoint's workforce consisted of 165 full-time employees as of February 2025, with a voluntary turnover rate of 5.31%, below the average for Boston-area biotech companies. The company continues to focus on expanding its product pipeline through internal research and potential collaborations. However, it faces challenges, including the need for additional capital to fund operations, as its cash reserves of $370.9 million are projected to last until 2027. EyePoint's future success hinges on the outcomes of its clinical trials and the ability to navigate regulatory approvals, as well as the ongoing scrutiny of its business practices by the U.S. Department of Justice related to its marketing and promotional activities.