EyePoint Pharma Takes $20.7M Intangible Impairment Charge In Q4, Shares Pipeline Update, Expects Cash Runway Into 2024

EyePoint Pharmaceuticals Inc EYPT has reported Q4 revenues of $10.5 million, down 8.8% Y/Y, almost in line with the consensus of $10.40 million.
Non-operating income totaled $0.3 million, and the net loss was $(43.5) million, or ($1.16) per share, compared to a net loss of $(19.4) million, or ($0.59) per share, for the prior year period. Wall Street's estimate was an EPS loss of $(0.61).
Net product revenue for Yutiq was $9.0 million, a 55% Y/Y increase, with customer demand of approximately 980 units.
Cash, cash equivalents, and investments in marketable securities totaled $144.6 million, with cash runway projected into 2H of 2024.
Most recently, EyePoint and Rallybio Corporation RLYB announced a research collaboration to evaluate sustained delivery of Rallybio's inhibitor of complement component 5 using EyePoint's proprietary Durasert technology for sustained intraocular drug delivery.
The initial focus will be geographic atrophy.
Pipeline Update:
- Phase 2 DAVIO 2 trial of EYP-1901 in wet AMD remains on track, with topline data anticipated by year-end 2023.
- Phase 2 PAVIA trial for EYP-1901 in non-proliferative diabetic retinopathy is on track, with enrollment completion anticipated in 4Q 2023.
- The company looks forward to presenting preclinical data on the observed neuroprotective effect of vorolanib in a mouse model of retinal detachment at the upcoming 2023 ARVO Annual Meeting in April.
Price Action: EYPT shares closed at $3.17 on Wednesday.