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Sep 30, 2020
EyePoint Pharmaceuticals Q3 2020 Earnings Report
Reported financial results for the third quarter ended September 30, 2020.
Key Takeaways
EyePoint Pharmaceuticals reported total net revenue of $15.7 million for the third quarter of 2020, compared to $2.5 million for the same period in 2019. Net product revenue was $5.8 million, with $3.5 million from YUTIQ and $2.3 million from DEXYCU. The company's net loss was $3.8 million, or $0.03 per share, compared to a net loss of $15.6 million, or $0.15 per share, for the prior year quarter. Cash and cash equivalents as of October 31, 2020, were $30.5 million.
Total revenues reached $15.7 million, with net product revenues of $5.8 million.
Customer demand for DEXYCU increased by over 120% sequentially, while YUTIQ saw an increase of over 5%.
The company's EYP-1901 remains on track for Q4 IND filing.
The CRG debt facility was amended, waiving and modifying net product revenue covenants for 2020 and 2021, respectively.
Revenue by Segment
Forward Guidance
EyePoint Pharmaceuticals expects that its existing cash and cash equivalents, combined with projected cash inflows from product sales and other financing activities, can fund operations into 2021, assuming no significant increase in COVID-19-related closures.
Positive Outlook
- Existing cash and cash equivalents can fund operations into 2021.
- Projected cash inflows from YUTIQ and DEXYCU product sales will contribute to funding.
- Other expected financing activities will support operations.
- The company is actively assessing additional cash conservation measures.
- The company is actively assessing additional cash generation measures.
Challenges Ahead
- Funding is contingent on no significant increase in COVID-19-related closures.
- COVID-19-related closures could materially affect ophthalmology office visits.
- COVID-19-related closures could materially affect the number of cataract surgical procedures.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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