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WATERTOWN, Mass. -EyePoint Pharmaceuticals, Inc. (NASDAQ:EYPT) reported fourth quarter revenue that exceeded analyst expectations on Wednesday.
The company’s shares were up 4.93% in premarket trading after the release.
The clinical-stage biopharmaceutical company focused on developing treatments for serious retinal diseases posted revenue of $11.6 million for the quarter ended December 31, 2024, surpassing the consensus estimate of $10.61 million. However, EyePoint reported a wider-than-expected loss of $0.64 per share, compared to analyst projections of a $0.50 per share loss.
Revenue declined from $14.0 million in the same quarter last year, primarily due to lower recognition of deferred revenue from the license of YUTIQ product rights. Net product revenue was $0.8 million, up slightly from $0.7 million in Q4 2023.
Operating expenses increased to $56.8 million from $30.4 million in the prior year period, driven mainly by costs associated with two ongoing Phase 3 trials for the company’s lead drug candidate DURAVYU.
"We are off to a strong start in 2025, as we advance our best-in-class sustained delivery therapy DURAVYU across clinical programs in the two largest retinal disease markets, wet age-related macular degeneration (AMD (NASDAQ:AMD)) and diabetic macular edema (DME)," said Jay Duker, M.D., President and CEO of EyePoint.
The company reported $371 million in cash and investments as of December 31, 2024, which it expects will fund operations into 2027, beyond anticipated topline Phase 3 data for DURAVYU in wet AMD expected in 2026.
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