2023-05-03 13:01:00 ET
EyePoint Pharmaceuticals ( NASDAQ: EYPT ) stock rose ~20% on Wednesday after Q1 results surpassed analysts estimates.
Net loss was largely flat at -$21.16M, compared to -$20.98M in Q1 2022.
Total revenue fell -17.3% Y/Y to $7.68M but beat estimates.
Q1 net product sales of eye implant therapy Yutiq grew +60% Y/Y to $7.4M.
Customer demand for Yutiq was about 930 units, compared to 650 units in Q1 2022.
Net product revenue fell -17.9% Y/Y to $7.39M, mainly because of significant reduction in Dexycu revenues due to discontinuation of pass-through reimbursement for the product effective Jan. 1, the company added.
Speaking on its pipeline , EyePoint CEO Nancy Lurker said , "we have modified the trial size to enroll a minimum of 60 patients for the Phase 2 PAVIA clinical trial evaluating EYP-1901 in NPDR, which allows for enrollment completion ahead of schedule in the second quarter of this year, an accelerated path to Phase 2 data in the first half of 2024 and, subsequently, an earlier initiation timeline for the Phase 3 clinical trials."
Cash and investments at March 31 were $122.5M, compared to $144.6M at Dec. 31, 2022.
Outlook :
EyePoint anticipates the money and expected cash from product sales will help fund operations into H2 2024.
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EyePoint stock soars 20% after Q1 sees growth in Yutiq sales