EyePoint Pharmaceuticals reported third‑quarter 2025 results that fell short of consensus expectations, with total revenue of $966,000—well below the $3.33‑$3.46 million forecasted by analysts. Net revenue was driven almost entirely by licensing and royalty income, which declined sharply because the company deferred recognition of a prior agreement. Product sales, which had been $0.7 million in the same period a year earlier, remained flat, leaving the company’s top line largely unchanged from the previous year but far below the market’s expectations for a clinical‑stage company that is still building its commercial pipeline.
Operating expenses climbed to $63.0 million, up from $43.3 million a year earlier, largely due to a 94% jump in research and development spending that reached $58.6 million. The spike reflects the company’s accelerated investment in its Phase 3 trials for DURAVYU, the sustained‑release therapy that is the centerpiece of its future growth strategy. The higher costs, combined with the revenue miss, pushed the net loss to $59.7 million, a widening from the $29.4 million loss reported in Q3 2024.
Cash, cash equivalents and marketable securities totaled $204 million as of September 30, 2025, after a $162 million equity raise in October. The infusion, coupled with the company’s existing cash, is expected to fund operations through the fourth quarter of 2027, giving EyePoint a runway that extends beyond the anticipated data readouts for its wet age‑related macular degeneration (AMD) trials. The company’s management emphasized that the extended runway is a strategic buffer to support the critical milestones ahead.
Clinical milestones remain on track. The LUGANO and LUCIA Phase 3 programs for wet AMD are fully enrolled and are slated to deliver data in mid‑2026. A new pivotal Phase 3 program for diabetic macular edema (DME) has begun, with first patient dosing scheduled for the first quarter of 2026. CEO Jay S. Duker said, “With topline data from our LUGANO trial expected in mid‑2026 and LUCIA to closely follow, we believe we are well positioned for DURAVYU to be first to file and first to market among all investigational sustained‑release programs in this indication.”
Market reaction was muted by the dual miss on revenue and earnings per share. The company’s EPS of $‑0.85 fell short of the $‑0.77 consensus by $0.08, a 10.4% miss, while revenue missed estimates by more than 70%. Investors focused on the short‑term financial performance, but analysts noted that the company’s strong cash position and the progress of its clinical programs temper concerns about its long‑term prospects. Management reiterated confidence in the pipeline, stating that the company’s “deep commitment to the retinal disease community” and the “robust Phase 2 efficacy and safety data package” underpin its strategy to bring a first‑in‑class therapy to market.
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