2024 Q4 Form 10-Q Financial Statement

#000095017024123267 Filed on November 07, 2024

View on sec.gov

Income Statement

Concept 2024 Q4 2024 Q3
Revenue $10.52M
YoY Change -30.77%
Cost Of Revenue $736.0K
YoY Change -38.67%
Gross Profit $9.788M
YoY Change -30.09%
Gross Profit Margin 93.01%
Selling, General & Admin $12.99M
YoY Change 17.75%
% of Gross Profit 132.75%
Research & Development $29.54M
YoY Change 70.14%
% of Gross Profit 301.82%
Depreciation & Amortization $408.0K
YoY Change 270.91%
% of Gross Profit 4.17%
Operating Expenses $42.54M
YoY Change 43.7%
Operating Profit -$32.75M
YoY Change 127.45%
Interest Expense $3.387M
YoY Change
% of Operating Profit
Other Income/Expense, Net $3.387M
YoY Change 89.64%
Pretax Income -$29.36M
YoY Change 132.84%
Income Tax
% Of Pretax Income
Net Earnings -$29.36M
YoY Change 132.8%
Net Earnings / Revenue -278.99%
Basic Earnings Per Share -$0.54
Diluted Earnings Per Share -$0.54
COMMON SHARES
Basic Shares Outstanding 68.25M 53.52M
Diluted Shares Outstanding 54.45M

Balance Sheet

Concept 2024 Q4 2024 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $253.8M
YoY Change 86.61%
Cash & Equivalents $79.83M
Short-Term Investments $174.0M
Other Short-Term Assets $1.298M
YoY Change 136.43%
Inventory $2.807M
Prepaid Expenses $2.441M
Receivables $378.0K
Other Receivables $0.00
Total Short-Term Assets $268.5M
YoY Change 78.84%
LONG-TERM ASSETS
Property, Plant & Equipment $8.391M
YoY Change 87.3%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $2.422M
YoY Change 1111.0%
Total Long-Term Assets $32.37M
YoY Change 227.61%
TOTAL ASSETS
Total Short-Term Assets $268.5M
Total Long-Term Assets $32.37M
Total Assets $300.9M
YoY Change 88.02%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $7.343M
YoY Change -23.35%
Accrued Expenses $14.17M
YoY Change 5.58%
Deferred Revenue
YoY Change
Short-Term Debt $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $48.79M
YoY Change -23.64%
LONG-TERM LIABILITIES
Long-Term Debt $0.00
YoY Change
Other Long-Term Liabilities $233.0K
YoY Change
Total Long-Term Liabilities $233.0K
YoY Change
TOTAL LIABILITIES
Total Short-Term Liabilities $48.79M
Total Long-Term Liabilities $233.0K
Total Liabilities $82.18M
YoY Change -18.97%
SHAREHOLDERS EQUITY
Retained Earnings -$831.6M
YoY Change 14.23%
Common Stock $1.049B
YoY Change 33.51%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $218.7M
YoY Change
Total Liabilities & Shareholders Equity $300.9M
YoY Change 88.02%

Cashflow Statement

Concept 2024 Q4 2024 Q3
OPERATING ACTIVITIES
Net Income -$29.36M
YoY Change 132.8%
Depreciation, Depletion And Amortization $408.0K
YoY Change 270.91%
Cash From Operating Activities -$39.03M
YoY Change 156.59%
INVESTING ACTIVITIES
Capital Expenditures $1.574M
YoY Change -8.49%
Acquisitions
YoY Change
Other Investing Activities $17.77M
YoY Change
Cash From Investing Activities $16.20M
YoY Change -1041.63%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 11.89M
YoY Change 14.8%
NET CHANGE
Cash From Operating Activities -39.03M
Cash From Investing Activities 16.20M
Cash From Financing Activities 11.89M
Net Change In Cash -10.94M
YoY Change 66.5%
FREE CASH FLOW
Cash From Operating Activities -$39.03M
Capital Expenditures $1.574M
Free Cash Flow -$40.60M
YoY Change 139.82%

Facts In Submission

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<div class="item-list-element-wrapper" style="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:4.533%;word-break:keep-all;display:inline-flex;justify-content:flex-start;">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-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, 2024 and for the three and nine months ended September 30, 2024 and 2023 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, 2023. 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, 2023, 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, 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, 2024 are not necessarily indicative of the results that may be expected for the entire 2024 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-size:10pt;font-family:Times New Roman;min-width:fit-content;">The Company is committed to developing and commercializing innovative therapeutics to help improve the lives of patients with serious retinal diseases. The Company’s pipeline leverages its proprietary bioerodible Durasert E</span><span style="color:#000000;white-space:pre-wrap;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-size:10pt;font-family:Times New Roman;min-width:fit-content;"> technology (Durasert E</span><span style="color:#000000;white-space:pre-wrap;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-size:10pt;font-family:Times New Roman;min-width:fit-content;">) for sustained intraocular drug delivery. The Company’s lead product candidate, DURAVYU</span><span style="color:#000000;white-space:pre-wrap;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-size:10pt;font-family:Times New Roman;min-width:fit-content;">, f/k/a EYP-1901, is an investigational sustained delivery treatment for anti-vascular endothelial growth factor (anti-VEGF) mediated retinal diseases combining vorolanib, a selective and patent-protected tyrosine kinase inhibitor with Durasert E</span><span style="color:#000000;white-space:pre-wrap;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-size:10pt;font-family:Times New Roman;min-width:fit-content;">. DURAVYU</span><span style="color:#000000;white-space:pre-wrap;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-size:10pt;font-family:Times New Roman;min-width:fit-content;"> is currently in Phase 3 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 a Phase 2 clinical trial for diabetic macular edema (DME). The Company is also advancing EYP-2301, a promising TIE-2 agonist, razuprotafib, formulated in Durasert E</span><span style="color:#000000;white-space:pre-wrap;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-size:10pt;font-family:Times New Roman;min-width:fit-content;"> to potentially improve outcomes in serious retinal 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-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 and potential acquisitions of additional products, product candidates or technologies.</span></p><p style="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-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="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">$</span><span style="font-size:10pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;min-width:fit-content;">253.8</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> million at September 30, 2024. The Company has a history of operating losses and has not had significant recurring cash inflows from revenue. The Company’s operations have been financed primarily from sales of its equity securities, issuance of debt and a combination of license fees, milestone payments, royalty income, and other fees received from its collaboration partners. The Company anticipates that it will continue to incur losses as it continues the research and development of its product candidates, and the Company does not expect revenues to generate sufficient funding to sustain its operations in the near-term. The Company expects to continue fulfilling its funding needs through cash inflows from revenues, licensing and research collaboration transactions, additional equity capital raises and other arrangements. The Company believes that its cash, cash equivalents and investments in marketable securities of </span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">$</span><span style="font-size:10pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;min-width:fit-content;">253.8</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> million at September 30, 2024 will enable the Company to fund its current and planned operations for at least the next twelve months from the date these condensed 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 DURAVYU</span><span style="color:#000000;white-space:pre-wrap;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-size:10pt;font-family:Times New Roman;min-width:fit-content;">, 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-size:10pt;font-family:Times New Roman;min-width:fit-content;">ntary business opportunities.</span></p>
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