$EYPT
EyePoint Pharmaceuticals, Inc.

2023 Q1 Form 10-K Financial Statement

#000095017023007180 Filed on March 10, 2023

View on sec.gov

Income Statement

Concept 2023 Q1 2022 Q4 2022
Revenue $7.683M $10.53M $41.40M
YoY Change -17.33% -8.76% 12.09%
Cost Of Revenue $640.0K $3.410M $8.326M
YoY Change -63.98% 12.43% 1.82%
Gross Profit $7.043M $7.123M $33.08M
YoY Change -6.31% -16.31% 15.01%
Gross Profit Margin 91.67% 67.63% 79.89%
Selling, General & Admin $14.98M $14.41M $60.32M
YoY Change -1.72% -15.37% 13.65%
% of Gross Profit 212.68% 202.32% 182.37%
Research & Development $13.62M $15.54M $49.64M
YoY Change 36.93% 74.29% 74.18%
% of Gross Profit 193.36% 218.21% 150.08%
Depreciation & Amortization $105.0K $335.0K $396.0K
YoY Change 29.63% -52.01% 27.33%
% of Gross Profit 1.49% 4.7% 1.2%
Operating Expenses $29.24M $30.16M $141.0M
YoY Change 6.02% 13.55% 67.83%
Operating Profit -$21.55M -$23.04M -$99.64M
YoY Change 17.88% 27.62% 80.25%
Interest Expense $812.0K $283.0K $3.189M
YoY Change -31.99% -120.48% -42.0%
% of Operating Profit
Other Income/Expense, Net $390.0K -$2.617M
YoY Change -114.49% -16.68%
Pretax Income -$21.16M -$43.45M -$102.3M
YoY Change 0.9% 123.61% 75.04%
Income Tax $0.00
% Of Pretax Income
Net Earnings -$21.16M -$43.45M -$102.3M
YoY Change 0.9% 123.61% 75.04%
Net Earnings / Revenue -275.47% -412.53% -246.97%
Basic Earnings Per Share -$0.56 -$2.74
Diluted Earnings Per Share -$0.56 -$1.16 -$2.74
COMMON SHARES
Basic Shares Outstanding 34.30M 34.08M 37.32M
Diluted Shares Outstanding 37.49M 37.32M

Balance Sheet

Concept 2023 Q1 2022 Q4 2022
SHORT-TERM ASSETS
Cash & Short-Term Investments $122.5M $144.6M $144.6M
YoY Change -35.8% -31.68% -31.67%
Cash & Equivalents $105.8M $95.63M $95.63M
Short-Term Investments $16.72M $48.93M $48.93M
Other Short-Term Assets $0.00 $782.0K $9.858M
YoY Change -100.0% -81.46% 133.77%
Inventory $4.071M $2.886M $2.886M
Prepaid Expenses $2.443M $2.723M
Receivables $10.42M $15.50M $15.50M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $146.1M $172.8M $172.8M
YoY Change -33.5% -27.31% -27.31%
LONG-TERM ASSETS
Property, Plant & Equipment $2.609M $1.360M $7.398M
YoY Change 378.72% 185.71% 171.19%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $150.0K $150.0K $150.0K
YoY Change 0.0% 0.0% 0.0%
Total Long-Term Assets $8.536M $7.548M $7.548M
YoY Change -65.75% -70.55% -70.55%
TOTAL ASSETS
Total Short-Term Assets $146.1M $172.8M $172.8M
Total Long-Term Assets $8.536M $7.548M $7.548M
Total Assets $154.6M $180.4M $180.4M
YoY Change -36.79% -31.52% -31.52%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $9.453M $5.919M $5.919M
YoY Change 29.46% -19.85% -19.85%
Accrued Expenses $10.49M $16.36M $16.90M
YoY Change -14.96% 13.43% 12.18%
Deferred Revenue
YoY Change
Short-Term Debt $5.295M $10.48M $10.48M
YoY Change -49.45%
Long-Term Debt Due $36.00K $36.00K
YoY Change -73.72% -73.72%
Total Short-Term Liabilities $27.24M $34.54M $34.54M
YoY Change -14.79% 45.98% 45.98%
LONG-TERM LIABILITIES
Long-Term Debt $29.37M $29.31M $29.31M
YoY Change 0.84% -19.83% -19.91%
Other Long-Term Liabilities $600.0K $600.0K $20.14M
YoY Change -96.39% -74.49% 7.5%
Total Long-Term Liabilities $29.97M $29.91M $49.45M
YoY Change -34.51% -23.14% -10.63%
TOTAL LIABILITIES
Total Short-Term Liabilities $27.24M $34.54M $34.54M
Total Long-Term Liabilities $29.97M $29.91M $49.45M
Total Liabilities $76.20M $83.99M $83.99M
YoY Change -1.97% 6.32% 6.32%
SHAREHOLDERS EQUITY
Retained Earnings -$692.5M -$671.4M
YoY Change 17.97%
Common Stock $770.1M $766.9M
YoY Change 1.9%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $78.39M $96.37M $96.37M
YoY Change
Total Liabilities & Shareholders Equity $154.6M $180.4M $180.4M
YoY Change -36.79% -31.52% -31.52%

Cashflow Statement

Concept 2023 Q1 2022 Q4 2022
OPERATING ACTIVITIES
Net Income -$21.16M -$43.45M -$102.3M
YoY Change 0.9% 123.61% 75.04%
Depreciation, Depletion And Amortization $105.0K $335.0K $396.0K
YoY Change 29.63% -52.01% 27.33%
Cash From Operating Activities -$16.84M -$12.59M -$65.01M
YoY Change -16.48% -24.48% 29.76%
INVESTING ACTIVITIES
Capital Expenditures $484.0K $585.0K $2.150M
YoY Change 224.83% 1278.21%
Acquisitions
YoY Change
Other Investing Activities $32.57M $33.50M -$15.12M
YoY Change -157.86% -201.63% -54.15%
Cash From Investing Activities $32.09M $32.92M -$17.27M
YoY Change -156.85% -199.85% -47.87%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net $0.00 $38.24M
YoY Change -100.0%
Cash From Financing Activities -5.119M -58.00K -690.0K
YoY Change 1042.63% -100.05% -100.32%
NET CHANGE
Cash From Operating Activities -16.84M -12.59M -65.01M
Cash From Investing Activities 32.09M 32.92M -17.27M
Cash From Financing Activities -5.119M -58.00K -690.0K
Net Change In Cash 10.13M 20.27M -82.96M
YoY Change -117.81% -65.57% -162.06%
FREE CASH FLOW
Cash From Operating Activities -$16.84M -$12.59M -$65.01M
Capital Expenditures $484.0K $585.0K $2.150M
Free Cash Flow -$17.32M -$13.17M -$67.16M
YoY Change -14.71% -20.97% 33.63%

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CY2022 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
2050000
CY2021 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
2460000
CY2022 us-gaap Impairment Of Intangible Assets Finitelived
ImpairmentOfIntangibleAssetsFinitelived
20699000
CY2021 us-gaap Impairment Of Intangible Assets Finitelived
ImpairmentOfIntangibleAssetsFinitelived
0
CY2022 us-gaap Depreciation
Depreciation
396000
CY2021 us-gaap Depreciation
Depreciation
311000
CY2022 eypt Amortization Of Debt Discount And Premium And Discount On Available For Sale Marketable Securities
AmortizationOfDebtDiscountAndPremiumAndDiscountOnAvailableForSaleMarketableSecurities
-558000
CY2021 eypt Amortization Of Debt Discount And Premium And Discount On Available For Sale Marketable Securities
AmortizationOfDebtDiscountAndPremiumAndDiscountOnAvailableForSaleMarketableSecurities
628000
CY2022 us-gaap Gains Losses On Extinguishment Of Debt
GainsLossesOnExtinguishmentOfDebt
-1559000
CY2021 us-gaap Gains Losses On Extinguishment Of Debt
GainsLossesOnExtinguishmentOfDebt
2065000
CY2022 us-gaap Inventory Write Down
InventoryWriteDown
1949000
CY2021 us-gaap Inventory Write Down
InventoryWriteDown
1278000
CY2022 us-gaap Share Based Compensation
ShareBasedCompensation
14177000
CY2021 us-gaap Share Based Compensation
ShareBasedCompensation
7447000
CY2022 us-gaap Increase Decrease In Accounts Receivable And Other Operating Assets
IncreaseDecreaseInAccountsReceivableAndOtherOperatingAssets
2662000
CY2021 us-gaap Increase Decrease In Accounts Receivable And Other Operating Assets
IncreaseDecreaseInAccountsReceivableAndOtherOperatingAssets
10603000
CY2022 us-gaap Increase Decrease In Inventories
IncreaseDecreaseInInventories
760000
CY2021 us-gaap Increase Decrease In Inventories
IncreaseDecreaseInInventories
-1347000
CY2022 us-gaap Increase Decrease In Accrued Liabilities And Other Operating Liabilities
IncreaseDecreaseInAccruedLiabilitiesAndOtherOperatingLiabilities
1198000
CY2021 us-gaap Increase Decrease In Accrued Liabilities And Other Operating Liabilities
IncreaseDecreaseInAccruedLiabilitiesAndOtherOperatingLiabilities
8476000
CY2022 eypt Increase Decrease In Operating Lease Liabilities And Right Of Use Asset
IncreaseDecreaseInOperatingLeaseLiabilitiesAndRightOfUseAsset
69000
CY2021 eypt Increase Decrease In Operating Lease Liabilities And Right Of Use Asset
IncreaseDecreaseInOperatingLeaseLiabilitiesAndRightOfUseAsset
-28000
CY2022 us-gaap Increase Decrease In Contract With Customer Liability
IncreaseDecreaseInContractWithCustomerLiability
-868000
CY2021 us-gaap Increase Decrease In Contract With Customer Liability
IncreaseDecreaseInContractWithCustomerLiability
-931000
CY2022 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-65005000
CY2021 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-50097000
CY2022 us-gaap Payments To Acquire Marketable Securities
PaymentsToAcquireMarketableSecurities
139115000
CY2021 us-gaap Payments To Acquire Marketable Securities
PaymentsToAcquireMarketableSecurities
32965000
CY2022 us-gaap Proceeds From Sale And Maturity Of Marketable Securities
ProceedsFromSaleAndMaturityOfMarketableSecurities
124000000
CY2021 us-gaap Proceeds From Sale And Maturity Of Marketable Securities
ProceedsFromSaleAndMaturityOfMarketableSecurities
0
CY2022 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
2150000
CY2021 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
156000
CY2022 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-17265000
CY2021 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-33121000
CY2022 eypt Proceeds From Issuance Of Stock And Pre Funded Warrants Net Of Issuance Costs
ProceedsFromIssuanceOfStockAndPreFundedWarrantsNetOfIssuanceCosts
0
CY2021 eypt Proceeds From Issuance Of Stock And Pre Funded Warrants Net Of Issuance Costs
ProceedsFromIssuanceOfStockAndPreFundedWarrantsNetOfIssuanceCosts
216825000
CY2022 us-gaap Proceeds From Issuance Of Long Term Debt
ProceedsFromIssuanceOfLongTermDebt
30000000
CY2021 us-gaap Proceeds From Issuance Of Long Term Debt
ProceedsFromIssuanceOfLongTermDebt
0
CY2022 us-gaap Payment Of Financing And Stock Issuance Costs
PaymentOfFinancingAndStockIssuanceCosts
599000
CY2021 us-gaap Payment Of Financing And Stock Issuance Costs
PaymentOfFinancingAndStockIssuanceCosts
0
CY2022 us-gaap Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
38235000
CY2021 us-gaap Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
0
CY2022 us-gaap Payments Of Debt Extinguishment Costs
PaymentsOfDebtExtinguishmentCosts
2294000
CY2021 us-gaap Payments Of Debt Extinguishment Costs
PaymentsOfDebtExtinguishmentCosts
0
CY2022 us-gaap Proceeds From Lines Of Credit
ProceedsFromLinesOfCredit
43875000
CY2021 us-gaap Proceeds From Lines Of Credit
ProceedsFromLinesOfCredit
0
CY2022 us-gaap Repayments Of Lines Of Credit
RepaymentsOfLinesOfCredit
33400000
CY2021 us-gaap Repayments Of Lines Of Credit
RepaymentsOfLinesOfCredit
0
CY2022 us-gaap Payments Related To Tax Withholding For Share Based Compensation
PaymentsRelatedToTaxWithholdingForShareBasedCompensation
295000
CY2021 us-gaap Payments Related To Tax Withholding For Share Based Compensation
PaymentsRelatedToTaxWithholdingForShareBasedCompensation
150000
CY2022 us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
395000
CY2021 us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
373000
CY2022 us-gaap Finance Lease Principal Payments
FinanceLeasePrincipalPayments
137000
CY2021 us-gaap Finance Lease Principal Payments
FinanceLeasePrincipalPayments
146000
CY2022 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-690000
CY2021 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
216902000
CY2022 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
-82960000
CY2021 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
133684000
CY2021Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
178743000
CY2020Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
45059000
CY2022Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
95783000
CY2021Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
178743000
CY2022 us-gaap Interest Paid Net
InterestPaidNet
2600000
CY2021 us-gaap Interest Paid Net
InterestPaidNet
4846000
CY2022 eypt Non Cash Unpaid Stock Issuance Costs
NonCashUnpaidStockIssuanceCosts
0
CY2021 eypt Non Cash Unpaid Stock Issuance Costs
NonCashUnpaidStockIssuanceCosts
294000
CY2022 eypt Debt Instrument Exit Fee
DebtInstrumentExitFee
600000
CY2021 eypt Debt Instrument Exit Fee
DebtInstrumentExitFee
0
CY2022 eypt Payments Forgiven Under Paycheck Protection Program Loan
PaymentsForgivenUnderPaycheckProtectionProgramLoan
0
CY2021 eypt Payments Forgiven Under Paycheck Protection Program Loan
PaymentsForgivenUnderPaycheckProtectionProgramLoan
2041000
CY2022 us-gaap Nature Of Operations
NatureOfOperations
<div style="text-indent:0.0%;display:flex;margin-top:10.0pt;justify-content:flex-start;align-items:baseline;margin-bottom:0.0pt;min-width:4.537%;text-align:left;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:bold;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;text-indent:0;display:inline-flex;font-size:10.0pt;font-family:Times New Roman;justify-content:flex-start;min-width:4.537%;">1.</span><div style="display:inline;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:bold;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;">Operations</span></div></div><p style="text-indent:4.533%;font-size:10.0pt;margin-top:10.0pt;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;">EyePoint Pharmaceuticals, Inc., a Delaware corporation (together with its subsidiaries, the Company), is a company committed to developing and commercializing therapeutics to help improve the lives of patients with serious eye disorders. The Company’s pipeline leverages its proprietary Durasert</span><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;vertical-align:super;font-size:6.7pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;">®</span><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;"> technology (Durasert) for sustained intraocular drug delivery including EYP-1901, an investigational sustained delivery intravitreal treatment currently in Phase 2 clinical trials for wet age-related macular degeneration (wet AMD), the leading cause of vision loss among people 50 years of age and older in the United States and non-proliferative diabetic retinopathy (NPDR), a largely untreated disease due to limitations of available therapies. The Company also commercializes YUTIQ</span><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;vertical-align:super;font-size:6.7pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;">®</span><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;">, a once every three-year treatment for chronic non-infectious uveitis affecting the posterior segment of the eye that utilizes a non-erodible formulation of Durasert. YUTIQ is currently being sold in the United States and the Company has focused on its use with both uveitis and retinal specialist physicians. DEXYCU</span><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;vertical-align:super;font-size:6.7pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;">®</span><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;">, a single-dose treatment for postoperative inflammation following ocular surgery, is also being sold in the United States, but no longer actively marketed due to loss of pass-through reimbursement by the Center for Medicare &amp; Medicaid Services (CMS) as of January 1, 2023 (see Note 6).</span></p><p style="text-indent:4.533%;font-size:10.0pt;margin-top:10.0pt;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;">The Company plans to identify and advance additional pipeline product candidates through clinical and regulatory development. This may be accomplished through internal discovery efforts, research collaborations and/or in-licensing arrangements with partner molecules and potential acquisitions of additional ophthalmic products, product candidates or technologies that complement the Company’s current product portfolio.</span></p><p style="text-indent:0.0%;font-size:10.0pt;margin-top:10.0pt;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:bold;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;">Effects of the COVID-19 Coronavirus Pandemic</span></p><p style="text-indent:4.533%;font-size:10.0pt;margin-top:10.0pt;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;">The ongoing COVID-19 coronavirus pandemic (the Pandemic) has had a material and adverse impact on the Company’s business pursuant to a reduction in physician office visits impacting YUTIQ, specifically in early 2022. Going forward, the duration and full extent to which the Pandemic impacts the Company’s business, revenues, financial condition and cash flows depend on future developments that are highly uncertain, subject to change and are difficult to predict, including new information that may emerge concerning the Pandemic, and may cause intermittent or prolonged periods of reduced patient services at the Company’s customers’ facilities, which may negatively affect customer demand. The Company’s revenues, financial condition and cash flows may be adversely affected in the future as well. The Company is continuously monitoring the Pandemic and its potential effect on the Company’s financial position, results of operations and cash flows. Although the U.S. government has announced its intention to terminate the public health crisis associated with the Pandemic as of May 2023, there remains an uncertainty about the potential future impact of the Pandemic on the Company’s business. This uncertainty could have an impact in future periods on certain estimates used in the preparation of the Company’s periodic financial results, including reserves for variable consideration related to product sales, realizability of certain receivables and assessment for excess or obsolete inventory. Uncertainty around the extent and length of time of the Pandemic, and any future related financial impact cannot be reasonably estimated at this time.</span></p><p style="text-indent:0.0%;font-size:10.0pt;margin-top:10.0pt;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:bold;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;">Liquidity</span></p><p style="text-indent:4.533%;font-size:10.0pt;margin-top:10.0pt;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;">The Company had cash, cash equivalents and investments in marketable securities of $</span><span style="font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;">144.6</span><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;"> million at December 31, 2022. The Company has a history of operating losses and has not had significant recurring cash inflows from revenue. The Company’s operations have been financed primarily from sales of its equity securities, issuance of debt and a combination of license fees, milestone payments, royalty income and other fees received from its collaboration partners. The Company anticipates that it will continue to incur losses as it continues the research and development of its product candidates, and the Company does not expect revenues from its product sales to generate sufficient funding to sustain its operations in the near-term. The Company expects to continue fulfilling its funding needs through cash inflows from revenues of its product sales, licensing and research collaboration transactions, additional equity capital raises and other arrangements. The Company believes that its cash, cash equivalents and investments in marketable securities of $</span><span style="font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;">144.6</span><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;"> million at December 31, 2022 coupled with expected net cash inflows from its product sales will enable the Company to fund its current and planned operations for at least the next twelve months from the date these consolidated financial statements were issued. Actual cash requirements could differ from management’s projections due to many factors, including the uncertainty and potential effect of the Pandemic on the Company’s business and the medical community, the timing and results of the Company’s clinical trials for EYP-1901, additional investments in research and development programs, the success of ongoing commercialization efforts for YUTIQ, the actual costs of these ongoing commercialization efforts, competing technological and market developments and the costs of any strategic acquisitions and/or development of complementary business opportunities.</span></p>
CY2022Q4 us-gaap Cash Cash Equivalents And Short Term Investments
CashCashEquivalentsAndShortTermInvestments
144600000
CY2022Q4 us-gaap Cash Cash Equivalents And Short Term Investments
CashCashEquivalentsAndShortTermInvestments
144600000
CY2021Q4 eypt Pre Funded Warrants To Purchase Common Stock
PreFundedWarrantsToPurchaseCommonStock
3272727
CY2022 us-gaap Use Of Estimates
UseOfEstimates
<p style="text-indent:0.0%;font-size:10.0pt;margin-top:10.0pt;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:bold;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;">Use of Estimates</span></p><p style="text-indent:4.533%;font-size:10.0pt;margin-top:10.0pt;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;">The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make certain estimates and assumptions that affect the reported amounts and disclosure of assets and liabilities at the date of the consolidated financial statements and the reported amounts and disclosure of revenues and expenses during the reporting periods. Significant management estimates and assumptions include, among others, those related to reserves for variable consideration related to product sales, revenue recognition for multiple-deliverable arrangements, recognition of expense in outsourced clinical trial agreements, recording of excess or obsolete inventory write-offs and reserves, recoverability of acquired intangible assets, and realization of deferred tax assets, and stock options and other equity awards. Actual results could differ from these and other estimates and there may be changes to the Company’s estimates in future periods.</span></p>
CY2022Q4 us-gaap Accumulated Other Comprehensive Income Loss Foreign Currency Translation Adjustment Net Of Tax
AccumulatedOtherComprehensiveIncomeLossForeignCurrencyTranslationAdjustmentNetOfTax
841000
CY2021Q4 us-gaap Accumulated Other Comprehensive Income Loss Foreign Currency Translation Adjustment Net Of Tax
AccumulatedOtherComprehensiveIncomeLossForeignCurrencyTranslationAdjustmentNetOfTax
841000
CY2022 us-gaap Payments To Acquire Available For Sale Securities Debt
PaymentsToAcquireAvailableForSaleSecuritiesDebt
139100000
CY2022 us-gaap Proceeds From Maturities Prepayments And Calls Of Available For Sale Securities
ProceedsFromMaturitiesPrepaymentsAndCallsOfAvailableForSaleSecurities
124000000.0
CY2022 us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<p style="text-indent:0.0%;font-size:10.0pt;margin-top:10.0pt;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:bold;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;">Concentrations of Credit Risk</span></p><p style="text-indent:4.533%;font-size:10.0pt;margin-top:10.0pt;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;">Financial instruments that potentially subject the Company to concentrations of credit risk consist principally of cash, cash equivalents and investments in marketable securities. The Company deposits its cash in financial institutions. At times, such deposits may be in excess of insured limits.</span></p><p style="text-indent:4.533%;font-size:10.0pt;margin-top:10.0pt;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;">The Company’s interest-bearing cash equivalent balances are concentrated in one institutional money market fund that has investments consisting primarily of certificates of deposit, commercial paper, time deposits, Treasury repurchase agreements and investment-grade U.S. Treasury securities. Generally, these investments may be sold upon demand and, therefore, the Company believes they have minimal risk.</span></p><p style="text-indent:4.533%;font-size:10.0pt;margin-top:10.0pt;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;">Marketable securities at December 31, 2022 and 2021 consist of investment-grade commercial paper and U.S. Treasury securities. The Company’s investment policy, approved by the Company’s Board of Directors, includes guidelines relative to diversification and maturities designed to preserve principal and liquidity.</span></p><p style="text-indent:4.533%;font-size:10.0pt;margin-top:10.0pt;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;">As of December 31, 2022, accounts receivable from ASD Specialty Healthcare LLC and McKesson Specialty Care Distribution LLC accounted for </span><span style="font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;">57.1</span><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;">% and </span><span style="font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;">30.2</span><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;">% of total accounts receivable, respectively. For the year ended December 31, 2022, revenues from ASD Specialty Healthcare LLC and McKesson Specialty Care Distribution LLC accounted for </span><span style="font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;">51.1</span><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;">% and </span><span style="font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;">39.5</span><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;">% of total revenues, respectively.</span></p><p style="text-indent:4.533%;font-size:10.0pt;margin-top:10.0pt;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;">As of December 31, 2021, accounts receivable from McKesson Specialty Care Distribution LLC and ASD Specialty Healthcare LLC accounted for </span><span style="font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;">54.7</span><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;">% and </span><span style="font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;">38.3</span><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;">% of total accounts receivable, respectively. For the year ended December 31, 2021, revenues from McKesson Specialty Care Distribution LLC and ASD Specialty Healthcare LLC accounted for </span><span style="font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;">46.6</span><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;">% and </span><span style="font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;">43.1</span><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;">% of total revenues, respectively.</span></p>
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CY2021 us-gaap Income Tax Reconciliation State And Local Income Taxes
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CY2021 us-gaap Income Tax Reconciliation Foreign Income Tax Rate Differential
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CY2022 eypt Income Tax Reconciliation Change In Fair Value Of Derivative Liability
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CY2021 eypt Income Tax Reconciliation Change In Fair Value Of Derivative Liability
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CY2022 us-gaap Income Tax Reconciliation Change In Enacted Tax Rate
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CY2021 us-gaap Income Tax Reconciliation Change In Enacted Tax Rate
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CY2022 us-gaap Income Tax Reconciliation Tax Credits Research
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CY2021 us-gaap Income Tax Reconciliation Tax Credits Research
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CY2021 eypt Income Tax Reconciliation Permanent Items
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CY2022 us-gaap Income Tax Reconciliation Change In Deferred Tax Assets Valuation Allowance
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CY2021 us-gaap Income Tax Reconciliation Change In Deferred Tax Assets Valuation Allowance
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CY2021 us-gaap Income Tax Reconciliation Other Adjustments
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CY2022 us-gaap Income Tax Expense Benefit
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CY2021 us-gaap Income Tax Expense Benefit
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CY2021Q4 us-gaap Deferred Tax Assets Operating Loss Carryforwards
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CY2022Q4 eypt Deferred Tax Assets Capitalized Research And Development
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CY2021Q4 eypt Deferred Tax Assets Capitalized Research And Development
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CY2022Q4 us-gaap Deferred Tax Assets Deferred Income
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CY2021Q4 us-gaap Deferred Tax Assets Deferred Income
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CY2022Q4 us-gaap Deferred Tax Assets Tax Deferred Expense Compensation And Benefits Share Based Compensation Cost
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CY2022Q4 us-gaap Deferred Tax Liabilities Goodwill And Intangible Assets Intangible Assets
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CY2021Q4 us-gaap Deferred Tax Liabilities Goodwill And Intangible Assets Intangible Assets
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CY2022Q4 us-gaap Deferred Tax Liabilities Leasing Arrangements
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CY2022Q4 us-gaap Deferred Income Tax Liabilities
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CY2021Q4 us-gaap Deferred Income Tax Liabilities
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CY2022Q4 eypt Deferred Tax Assets Liabilities Net Before Valuation Allowance
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CY2022Q4 us-gaap Deferred Tax Assets Valuation Allowance
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CY2021Q4 us-gaap Deferred Tax Assets Valuation Allowance
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CY2022Q4 eypt Tax Cuts And Jobs Act Of2017 Research And Development Expenditures Capitalized
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CY2022 eypt Unrecognized Tax Benefits Recognized In Comprehensive Income Loss
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CY2022Q4 us-gaap Unrecognized Tax Benefits
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CY2022Q4 us-gaap Unrecognized Tax Benefits Income Tax Penalties And Interest Accrued
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CY2022 us-gaap Number Of Operating Segments
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CY2022 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
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