$EYPT
EyePoint Pharmaceuticals, Inc.

2023 Q2 Form 10-Q Financial Statement

#000095017023017724 Filed on May 04, 2023

View on sec.gov

Income Statement

Concept 2023 Q2 2023 Q1 2022 Q1
Revenue $9.105M $7.683M $9.294M
YoY Change -21.27% -17.33% 26.97%
Cost Of Revenue $1.792M $640.0K $1.777M
YoY Change 3.34% -63.98% 27.84%
Gross Profit $7.313M $7.043M $7.517M
YoY Change -25.61% -6.31% 26.76%
Gross Profit Margin 80.32% 91.67% 80.88%
Selling, General & Admin $14.34M $14.98M $15.24M
YoY Change -7.1% -1.72% 41.46%
% of Gross Profit 196.14% 212.68% 202.75%
Research & Development $15.73M $13.62M $9.945M
YoY Change 21.07% 36.93% 81.51%
% of Gross Profit 215.1% 193.36% 132.3%
Depreciation & Amortization $0.00 $105.0K $81.00K
YoY Change -100.0% 29.63% 12.5%
% of Gross Profit 0.0% 1.49% 1.08%
Operating Expenses $31.87M $29.24M $27.58M
YoY Change 3.52% 6.02% 51.05%
Operating Profit -$22.76M -$21.55M -$18.28M
YoY Change 18.45% 17.88% 67.21%
Interest Expense $435.0K $812.0K $1.194M
YoY Change -21.2% -31.99% -11.29%
% of Operating Profit
Other Income/Expense, Net -$159.0K $390.0K -$2.692M
YoY Change -16.32% -114.49% -269300.0%
Pretax Income -$22.92M -$21.16M -$20.98M
YoY Change 18.11% 0.9% 70.81%
Income Tax
% Of Pretax Income
Net Earnings -$22.92M -$21.16M -$20.98M
YoY Change 18.11% 0.9% 70.81%
Net Earnings / Revenue -251.73% -275.47% -225.69%
Basic Earnings Per Share -$0.61 -$0.56 -$0.56
Diluted Earnings Per Share -$0.61 -$0.56 -$563.1K
COMMON SHARES
Basic Shares Outstanding 34.30M 34.30M 37.25M
Diluted Shares Outstanding 37.58M 37.49M 37.25M

Balance Sheet

Concept 2023 Q2 2023 Q1 2022 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $142.5M $122.5M $190.8M
YoY Change -16.73% -35.8% 37.65%
Cash & Equivalents $139.6M $105.8M $101.5M
Short-Term Investments $2.938M $16.72M $89.24M
Other Short-Term Assets $0.00 $0.00 $5.920M
YoY Change -100.0% -100.0% 104.14%
Inventory $4.261M $4.071M $3.336M
Prepaid Expenses $2.073M $2.443M
Receivables $10.95M $10.42M $19.59M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $167.1M $146.1M $219.6M
YoY Change -18.82% -33.5% 37.78%
LONG-TERM ASSETS
Property, Plant & Equipment $2.873M $2.609M $545.0K
YoY Change 158.6% 378.72% -81.83%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $3.023M $150.0K $150.0K
YoY Change 1915.33% 0.0% -25.0%
Total Long-Term Assets $8.537M $8.536M $24.93M
YoY Change -69.03% -65.75% -10.01%
TOTAL ASSETS
Total Short-Term Assets $167.1M $146.1M $219.6M
Total Long-Term Assets $8.537M $8.536M $24.93M
Total Assets $175.7M $154.6M $244.6M
YoY Change -24.75% -36.79% 30.71%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $10.72M $9.453M $7.302M
YoY Change 51.84% 29.46% 23.76%
Accrued Expenses $15.15M $10.49M $12.33M
YoY Change 5.83% -14.96% 108.44%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $5.295M $10.48M
YoY Change -100.0% -49.45%
Long-Term Debt Due $122.0K
YoY Change 22.0%
Total Short-Term Liabilities $68.92M $27.24M $31.97M
YoY Change 106.4% -14.79% 138.59%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $29.37M $29.13M
YoY Change -100.0% 0.84% -23.75%
Other Long-Term Liabilities $0.00 $600.0K $16.64M
YoY Change -100.0% -96.39% 608.95%
Total Long-Term Liabilities $0.00 $29.97M $45.77M
YoY Change -100.0% -34.51% 1849.94%
TOTAL LIABILITIES
Total Short-Term Liabilities $68.92M $27.24M $31.97M
Total Long-Term Liabilities $0.00 $29.97M $45.77M
Total Liabilities $118.4M $76.20M $77.74M
YoY Change 44.26% -1.97% 8.82%
SHAREHOLDERS EQUITY
Retained Earnings -$715.4M -$692.5M
YoY Change 17.38%
Common Stock $771.9M $770.1M
YoY Change 1.53%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $57.26M $78.39M $166.8M
YoY Change
Total Liabilities & Shareholders Equity $175.7M $154.6M $244.6M
YoY Change -24.75% -36.79% 30.68%

Cashflow Statement

Concept 2023 Q2 2023 Q1 2022 Q1
OPERATING ACTIVITIES
Net Income -$22.92M -$21.16M -$20.98M
YoY Change 18.11% 0.9% 70.81%
Depreciation, Depletion And Amortization $0.00 $105.0K $81.00K
YoY Change -100.0% 29.63% 12.5%
Cash From Operating Activities $57.02M -$16.84M -$20.16M
YoY Change -398.19% -16.48% 33.51%
INVESTING ACTIVITIES
Capital Expenditures $396.0K $484.0K $149.0K
YoY Change -281.65% 224.83%
Acquisitions
YoY Change
Other Investing Activities $13.86M $32.57M -$56.29M
YoY Change 6629.61% -157.86%
Cash From Investing Activities $13.47M $32.09M -$56.44M
YoY Change -112325.0% -156.85%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $0.00
YoY Change -100.0%
Debt Paid & Issued, Net $0.00 $38.24M
YoY Change -100.0%
Cash From Financing Activities -36.66M -5.119M -448.0K
YoY Change 13181.88% 1042.63% -100.41%
NET CHANGE
Cash From Operating Activities 57.02M -16.84M -20.16M
Cash From Investing Activities 13.47M 32.09M -56.44M
Cash From Financing Activities -36.66M -5.119M -448.0K
Net Change In Cash 33.83M 10.13M -56.89M
YoY Change -274.29% -117.81% -160.73%
FREE CASH FLOW
Cash From Operating Activities $57.02M -$16.84M -$20.16M
Capital Expenditures $396.0K $484.0K $149.0K
Free Cash Flow $56.63M -$17.32M -$20.31M
YoY Change -399.53% -14.71% 34.49%

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<div style="text-indent:0.0%;font-size:0;margin-top:10.0pt;justify-content:flex-start;align-items:baseline;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;text-indent:0;display:inline-flex;font-size:10.0pt;font-family:Times New Roman;justify-content:flex-start;min-width:4.533%;">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;">The accompanying condensed consolidated financial statements of EyePoint Pharmaceuticals, Inc., a Delaware corporation (together with its subsidiaries, the Company), as of March 31, 2023 and for the three months ended March 31, 2023 and 2022 are unaudited. Certain information in the footnote disclosures of these financial statements has been condensed or omitted in accordance with the rules and regulations of the Securities and Exchange Commission. These financial statements should be read in conjunction with the Company’s audited consolidated financial statements and footnotes included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2022. In the opinion of management, these statements have been prepared on the same basis as the audited consolidated financial statements as of and for the year ended December 31, 2022, and include all adjustments, consisting only of normal recurring adjustments, that are necessary for the fair presentation of the Company’s financial position, results of operations, comprehensive loss and cash flows for the periods indicated. The preparation of financial statements in accordance with United States (U.S.) generally accepted accounting principles requires management to make assumptions and estimates that affect, among other things, (i) reported amounts of assets and liabilities; (ii) disclosure of contingent assets and liabilities at the date of the consolidated financial statements; and (iii) reported amounts of revenues and expenses during the reporting period. The results of operations for the three months ended March 31, 2023 are not necessarily indicative of the results that may be expected for the entire fiscal year or any future period.</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 is committed to developing and commercializing therapeutics to help improve the lives of patients with serious eye disorders. The Company’s pipeline leverages its proprietary erodible DURASERT E</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 E) 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 in the United States due to loss of pass-through reimbursement by the Center for Medicare &amp; Medicaid Services (CMS) as of January 1, 2023.</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><span style="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;"> </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. 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 the termination of the public health emergency 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;">122.5</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;"> million at March 31, 2023. 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;">122.5</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;"> million at March 31, 2023 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><div style="font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;"><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;">Recently Adopted and Recently Issued Accounting Pronouncements</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;">New accounting pronouncements are issued periodically by the Financial Accounting Standards Board and are adopted by the Company as of the specified effective dates. The Company believes that recently issued and adopted pronouncements will not have a material impact on the Company’s financial position, results of operations and cash flows or do not apply to the Company’s operations.</span></p></div>
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7570000
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1095000
CY2023Q1 us-gaap Operating Lease Liability
OperatingLeaseLiability
6475000
CY2023Q1 us-gaap Long Term Debt Maturities Repayments Of Principal Remainder Of Fiscal Year
LongTermDebtMaturitiesRepaymentsOfPrincipalRemainderOfFiscalYear
0
CY2023Q1 us-gaap Long Term Debt Maturities Repayments Of Principal In Next Twelve Months
LongTermDebtMaturitiesRepaymentsOfPrincipalInNextTwelveMonths
9167000
CY2023Q1 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Two
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearTwo
10000000
CY2023Q1 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Three
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearThree
10000000
CY2023Q1 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Four
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFour
833000
CY2023Q1 us-gaap Long Term Debt
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30000000
CY2022Q4 us-gaap Class Of Warrant Or Right Outstanding
ClassOfWarrantOrRightOutstanding
48683
CY2022Q4 us-gaap Class Of Warrant Or Right Exercise Price Of Warrants Or Rights1
ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1
12.33
CY2021Q4 us-gaap Class Of Warrant Or Right Outstanding
ClassOfWarrantOrRightOutstanding
48683
CY2021Q4 us-gaap Class Of Warrant Or Right Exercise Price Of Warrants Or Rights1
ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1
12.33
CY2023Q1 us-gaap Class Of Warrant Or Right Outstanding
ClassOfWarrantOrRightOutstanding
48683
CY2023Q1 us-gaap Class Of Warrant Or Right Exercise Price Of Warrants Or Rights1
ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1
12.33
CY2022Q1 us-gaap Class Of Warrant Or Right Outstanding
ClassOfWarrantOrRightOutstanding
48683
CY2022Q1 us-gaap Class Of Warrant Or Right Exercise Price Of Warrants Or Rights1
ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1
12.33
CY2023Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
3050000
CY2022Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
3477000
CY2023Q1 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognized
11900000
CY2023Q1 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Period For Recognition1
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognition1
P1Y8M12D
CY2023Q1 us-gaap Money Market Funds At Carrying Value
MoneyMarketFundsAtCarryingValue
99800000
CY2022Q4 us-gaap Money Market Funds At Carrying Value
MoneyMarketFundsAtCarryingValue
77200000
CY2023Q1 us-gaap Us Government Securities At Carrying Value
USGovernmentSecuritiesAtCarryingValue
0
CY2022Q4 us-gaap Us Government Securities At Carrying Value
USGovernmentSecuritiesAtCarryingValue
5000000.0
CY2023Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
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6448335
CY2022Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
4590335

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