EyePoint Pharmaceuticals, Inc. reported a challenging financial performance for the three months ended September 30, 2024, with total revenues of $10.5 million, a decrease of 31% from $15.2 million in the same period of 2023. This decline was primarily driven by a reduction in revenue from license and collaboration agreements, which fell to $9.6 million from $14.1 million, and a slight decrease in product sales, netting $664,000 compared to $816,000 in the prior year. For the nine months ended September 30, 2024, total revenues were $31.7 million, a marginal decline from $32.0 million in 2023.
The company's operating expenses surged to $43.3 million for the quarter, up 46% from $29.6 million in 2023, largely due to a significant increase in research and development (R&D) expenses, which rose 70% to $29.5 million. This increase was attributed to higher clinical trial costs for the lead product candidate, DURAVYU™, and increased personnel expenses. Consequently, EyePoint reported a loss from operations of $32.7 million, a 127% increase from the loss of $14.4 million in the same quarter of the previous year. The net loss for the quarter was $29.4 million, compared to $12.6 million in 2023.
For the nine-month period, the net loss escalated to $89.5 million, up from $56.7 million in 2023, reflecting a 58% increase. The accumulated deficit as of September 30, 2024, stood at $831.6 million, compared to $742.1 million at the end of 2023.
In terms of strategic developments, EyePoint completed a public offering in October 2024, raising gross proceeds of $161 million by selling 14.6 million shares at $11.00 per share. This financing is expected to support operations into 2027. The company also opened a new 41,141 square-foot cGMP-compliant manufacturing facility in Northbridge, Massachusetts, to enhance its production capabilities.
Despite these efforts, the company faced regulatory challenges, including a warning letter from the FDA regarding YUTIQ® manufacturing practices, which necessitated corrective actions. The company is actively addressing these issues to ensure compliance and maintain supply agreements.
As of September 30, 2024, EyePoint had cash, cash equivalents, and marketable securities totaling $253.8 million, a significant decrease from $281.3 million at the end of 2023. The company anticipates continued operating losses as it advances its R&D initiatives, particularly for DURAVYU™, which is in Phase 3 trials for wet age-related macular degeneration and Phase 2 trials for diabetic macular edema.
About EyePoint Pharmaceuticals, Inc.
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