$EYPT
EyePoint Pharmaceuticals, Inc.

2023 Q4 Form 10-Q Financial Statement

#000095017023058775 Filed on November 03, 2023

View on sec.gov

Income Statement

Concept 2023 Q4 2023 Q3
Revenue $14.03M $15.20M
YoY Change 33.18% 51.84%
Cost Of Revenue $998.0K $1.200M
YoY Change -70.73% -14.59%
Gross Profit $13.03M $14.00M
YoY Change 82.93% 62.66%
Gross Profit Margin 92.89% 92.09%
Selling, General & Admin $11.43M $11.04M
YoY Change -20.66% -27.53%
% of Gross Profit 87.74% 78.82%
Research & Development $17.95M $17.36M
YoY Change 15.49% 55.55%
% of Gross Profit 137.77% 124.02%
Depreciation & Amortization $114.0K $110.0K
YoY Change -65.97% -82.11%
% of Gross Profit 0.87% 0.79%
Operating Expenses $29.38M $29.60M
YoY Change -2.57% 4.19%
Operating Profit -$16.35M -$14.40M
YoY Change -29.01% -21.74%
Interest Expense $2.338M $0.00
YoY Change 726.15% -100.0%
% of Operating Profit
Other Income/Expense, Net $1.786M
YoY Change -8218.18%
Pretax Income -$14.02M -$12.61M
YoY Change -67.74% -31.54%
Income Tax $83.00K
% Of Pretax Income
Net Earnings -$14.10M -$12.61M
YoY Change -67.55% -31.53%
Net Earnings / Revenue -100.51% -82.96%
Basic Earnings Per Share -$0.33
Diluted Earnings Per Share -$0.33 -$0.33
COMMON SHARES
Basic Shares Outstanding 35.31M 34.98M
Diluted Shares Outstanding 38.34M

Balance Sheet

Concept 2023 Q4 2023 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $331.1M $136.0M
YoY Change 129.0% -13.52%
Cash & Equivalents $281.3M $133.0M
Short-Term Investments $49.79M $3.000M
Other Short-Term Assets $9.039M $549.0K
YoY Change 1055.88% -94.74%
Inventory $3.906M $4.577M
Prepaid Expenses $1.695M $1.610M
Receivables $805.0K $500.0K
Other Receivables $0.00 $0.00
Total Short-Term Assets $344.8M $150.2M
YoY Change 99.53% -21.83%
LONG-TERM ASSETS
Property, Plant & Equipment $10.23M $4.480M
YoY Change 652.5% 341.38%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $150.0K $200.0K
YoY Change 0.0% 33.33%
Total Long-Term Assets $10.38M $9.880M
YoY Change 37.57% -65.2%
TOTAL ASSETS
Total Short-Term Assets $344.8M $150.2M
Total Long-Term Assets $10.38M $9.880M
Total Assets $355.2M $160.0M
YoY Change 96.93% -27.41%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $30.53M $9.580M
YoY Change 415.78% 56.74%
Accrued Expenses $17.52M $13.42M
YoY Change 7.1% -16.16%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change -100.0% -100.0%
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $63.26M $63.90M
YoY Change 83.17% 86.52%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change -100.0% -100.0%
Other Long-Term Liabilities $25.60M $0.00
YoY Change 4166.33% -100.0%
Total Long-Term Liabilities $25.60M $0.00
YoY Change -14.42% -100.0%
TOTAL LIABILITIES
Total Short-Term Liabilities $63.26M $63.90M
Total Long-Term Liabilities $25.60M $0.00
Total Liabilities $88.86M $101.4M
YoY Change 5.8% 20.54%
SHAREHOLDERS EQUITY
Retained Earnings -$742.1M -$728.0M
YoY Change 10.55% 15.95%
Common Stock $1.008B $785.8M
YoY Change 31.38% 2.91%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $266.3M $58.62M
YoY Change
Total Liabilities & Shareholders Equity $355.2M $160.0M
YoY Change 96.93% -27.41%

Cashflow Statement

Concept 2023 Q4 2023 Q3
OPERATING ACTIVITIES
Net Income -$14.10M -$12.61M
YoY Change -67.55% -31.53%
Depreciation, Depletion And Amortization $114.0K $110.0K
YoY Change -65.97% -82.11%
Cash From Operating Activities -$23.11M -$15.21M
YoY Change 83.55% 15.79%
INVESTING ACTIVITIES
Capital Expenditures $883.0K $1.720M
YoY Change 50.94% -243.57%
Acquisitions
YoY Change
Other Investing Activities -$46.26M $0.00
YoY Change -238.09% -100.0%
Cash From Investing Activities -$47.14M -$1.720M
YoY Change -243.22% -127.42%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 218.5M 10.36M
YoY Change -376806.9% 11160.87%
NET CHANGE
Cash From Operating Activities -23.11M -15.21M
Cash From Investing Activities -47.14M -1.720M
Cash From Financing Activities 218.5M 10.36M
Net Change In Cash 148.2M -6.570M
YoY Change 631.29% -2.98%
FREE CASH FLOW
Cash From Operating Activities -$23.11M -$15.21M
Capital Expenditures $883.0K $1.720M
Free Cash Flow -$23.99M -$16.93M
YoY Change 82.1% 41.82%

Facts In Submission

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DebtInstrumentExitFee
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<div style="text-indent:0;font-size:0;margin-top:10pt;justify-content:flex-start;align-items:baseline;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;min-width:fit-content;text-indent:0;display:inline-flex;font-size:10pt;font-family:Times New Roman;justify-content:flex-start;min-width:4.533%;">1.</span><div style="width:100%;display:inline;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">Operations</span></div></div><p style="text-indent:4.533%;font-size:10pt;margin-top:10pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;font-family:Times New Roman;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 September 30, 2023 and for the three and nine months ended September 30, 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 and nine months ended September 30, 2023 are not necessarily indicative of the results that may be expected for the entire 2023 fiscal year or any future period.</span></p><p style="text-indent:4.533%;font-size:10pt;margin-top:10pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;font-family:Times New Roman;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="color:#000000;white-space:pre-wrap;font-weight:normal;vertical-align:super;font-size:6.7pt;font-family:Times New Roman;min-width:fit-content;">™ </span><span style="color:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">technology (Durasert E) for sustained intraocular drug delivery including EYP-1901, an investigational intravitreal treatment delivering vorolanib, 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 is also advancing EYP-2301 into pre-clinical development delivering razuprotafib in Durasert E for the potential treatment of diabetic eye diseases.</span></p><p style="text-indent:4.533%;font-size:10pt;margin-top:10pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">In May 2023, the Company granted an exclusive license and rights to its YUTIQ</span><span style="color:#000000;white-space:pre-wrap;font-weight:normal;vertical-align:super;font-size:6.7pt;font-family:Times New Roman;min-width:fit-content;">®</span><span style="color:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> (fluocinolone acetonide intravitreal implant) 0.18 mg (YUTIQ) product to Alimera Sciences, Inc. (Alimera) for $</span><span style="font-size:10pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">82.5</span><span style="color:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> million, consisting of a $</span><span style="font-size:10pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">75.0</span><span style="color:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> million upfront cash payment (Upfront Payment) and an additional $</span><span style="font-size:10pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">7.5</span><span style="color:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> million payment in equal quarterly installments in 2024. In addition, commencing in 2025, the Company will receive a low-to-mid double-digit royalty on Alimera's related U.S. net sales above defined thresholds for the calendar years 2025-2028.</span></p><p style="text-indent:4.533%;font-size:10pt;margin-top:10pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">The Company plans to identify and advance additional product candidates through clinical and regulatory development for its pipeline. This may be accomplished through internal discovery efforts, research collaborations and/or in-licensing arrangements with partner molecules and potential acquisitions of additional products, product candidates or technologies.</span></p><p style="text-indent:0;font-size:10pt;margin-top:10pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">Liquidity</span></p><p style="text-indent:4.533%;font-size:10pt;margin-top:10pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> The Company had cash, cash equivalents and investments in marketable securities of $</span><span style="font-size:10pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">136.0</span><span style="color:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> million at September 30, 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 to generate sufficient funding to sustain its operations in the near-term. </span><span style="color:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">The Company expects to continue fulfilling its funding needs through cash inflows from revenues, 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:10pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">136.0</span><span style="color:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> million at September 30, 2023 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 timing and results of the Company’s clinical trials for EYP-1901, additional investments in research and development programs, competing technological and market developments and the costs of any strategic acquisitions and/or development of compleme</span><span style="color:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">ntary business opportunities.</span></p><div style="font-size:10pt;font-family:Times New Roman;"><p style="text-indent:0;font-size:10pt;margin-top:10pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">Recently Adopted and Recently Issued Accounting Pronouncements</span></p><p style="text-indent:4.533%;font-size:10pt;margin-top:10pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;font-family:Times New Roman;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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us-gaap Operating Lease Payments
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us-gaap Operating Lease Payments
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346000
CY2023Q3 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
1392000
CY2023Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
1494000
CY2023Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
1589000
CY2023Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
1637000
CY2023Q3 eypt Lessee Operating Lease Liability Payments Due After Year Four
LesseeOperatingLeaseLiabilityPaymentsDueAfterYearFour
693000
CY2023Q3 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
7151000
CY2023Q3 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
908000
CY2022Q3 us-gaap Class Of Warrant Or Right Exercise Price Of Warrants Or Rights1
ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1
12.33
CY2020Q4 us-gaap Class Of Warrant Or Right Exercise Price Of Warrants Or Rights1
ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1
12.33
CY2023Q3 us-gaap Class Of Warrant Or Right Exercise Price Of Warrants Or Rights1
ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1
12.33
CY2021Q4 us-gaap Class Of Warrant Or Right Exercise Price Of Warrants Or Rights1
ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1
12.33
CY2023Q3 eypt Pre Funded Warrants Shares Included In Net Income Loss Per Share Calculation
PreFundedWarrantsSharesIncludedInNetIncomeLossPerShareCalculation
3272727
CY2022Q3 eypt Pre Funded Warrants Shares Included In Net Income Loss Per Share Calculation
PreFundedWarrantsSharesIncludedInNetIncomeLossPerShareCalculation
3272727
CY2023Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
3629000
CY2022Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
3199000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
8467000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
10816000
CY2023Q3 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognized
13000000
us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Period For Recognition1
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognition1
P1Y6M29D
CY2023Q2 us-gaap Restructuring And Related Activities Initiation Date
RestructuringAndRelatedActivitiesInitiationDate
2023-05-17
CY2023Q3 us-gaap Money Market Funds At Carrying Value
MoneyMarketFundsAtCarryingValue
126200000
CY2023Q3 us-gaap Us Government Securities At Carrying Value
USGovernmentSecuritiesAtCarryingValue
0
CY2022Q4 us-gaap Money Market Funds At Carrying Value
MoneyMarketFundsAtCarryingValue
77200000
CY2022Q4 us-gaap Us Government Securities At Carrying Value
USGovernmentSecuritiesAtCarryingValue
5000000
CY2023Q3 us-gaap Marketable Securities Current
MarketableSecuritiesCurrent
3000000
CY2022Q4 us-gaap Marketable Securities Current
MarketableSecuritiesCurrent
48900000
CY2021Q4 eypt Pre Funded Warrants To Purchase Common Stock
PreFundedWarrantsToPurchaseCommonStock
3272727
eypt Pre Funded Warrants Shares Included In Net Income Loss Per Share Calculation
PreFundedWarrantsSharesIncludedInNetIncomeLossPerShareCalculation
3272727
CY2023Q3 eypt Antidilutive Securities Excluded From Computation Of Earnings Per Share
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShare
7731609
CY2022Q3 eypt Antidilutive Securities Excluded From Computation Of Earnings Per Share
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShare
4622875

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