EyePoint Pharmaceuticals (NASDAQ:EYPT) entered a critical catalyst year on Wednesday, reporting full-year 2025 results and a clinical roadmap that places its lead candidate, DURAVYU, on track for its first pivotal Phase 3 readout in just months.
The Watertown, Massachusetts-based biotech, which specializes in sustained-delivery treatments for retinal diseases, reported a cash and investments balance of $306 million as of December 31, 2025.
Boosted by a $172.5 million public offering, the company confirmed its financial runway extends into the fourth quarter of 2027—sufficient to fund operations beyond the highly anticipated mid-2026 topline results from its Phase 3 "LUGANO" and "LUCIA" trials for wet age-related macular degeneration (wet AMD).
Operational highlights for the year focused on de-risking the upcoming commercial launch of DURAVYU, a vorolanib intravitreal insert.
The company announced it has completed registration manufacturing batches to support its future New Drug Application (NDA).
Additionally, a newly issued U.S. patent has extended the intellectual property protection for DURAVYU’s Durasert E technology through 2043, significantly lengthening the asset's potential revenue tail.
For the fiscal year 2025, EyePoint reported net revenue of $31.4 million, down from $43.3 million in 2024, primarily due to the wind-down of legacy product royalties.
The company’s GAAP net loss widened to $232 million, reflecting the heavy capital requirements of running simultaneous global Phase 3 programs.
Beyond wet AMD, EyePoint recently dosed the first patients in its "COMO" and "CAPRI" Phase 3 trials for diabetic macular edema (DME), with topline data from that program expected in the second half of 2027.