WATERTOWN, Mass.—EyePoint Pharmaceuticals, Inc. (NASDAQ: EYPT), a developer of therapeutics to treat patients with serious retinal diseases, has announced financial results for the third quarter ended September 30, 2024. The company reported total net revenue of $10.5 million for the third quarter compared with $15.2 million for the quarter ended September 30, 2023. Net product revenue was $0.7 million, compared with net product revenues of $0.8 million for the prior-year period. Net non-operating income totaled $3.4 million and net loss was $29.4 million in the third quarter compared with a net loss of $12.6 million for the prior-year period.

The company also announced positive interim 16-week data for the ongoing open label Phase 2 Verona clinical trial of Duravyu for diabetic macular edema (DME) in October as well as the first patient dosed in the Phase 3 Lugano clinical trial of Duravyu in wet age-related macular degeneration (wet AMD). 

“We made tremendous progress across our pipeline in recent months, including dosing the first patient in our first global pivotal trial of Duravyu in wet AMD and reading out interim, 16-week data for our Phase 2 Verona trial in DME,” said Jay Duker, MD, president and chief executive officer of EyePoint. “Driven by positive clinical data in two indications, along with growing patient and investigator enthusiasm, we remain confident that  Duravyu’s differentiated profile underscores its potential to be the first sustained-release maintenance therapy in two significant indications, positioning EyePoint as the leader in sustained ocular drug delivery.”

Net revenue from royalties and collaborations for the third quarter totaled $9.9 million compared with $14.4 million in the corresponding period in 2023, while operating expenses for the third quarter totaled $43.3 million compared with $29.6 million in the prior-year period.

Cash and investments at September 30, 2024 totaled $253.8 million compared with $331.1 million as of December 31, 2023.

The company stated it expects the cash, cash equivalents and investments on September 30, 2024, along with the net proceeds from the October $161.0 million equity financing, will enable it to fund operations into 2027.