EyePoint Pharmaceuticals, Inc. Q3 FY2025 earnings call

• DURAVYU is on track to be first to file and market for wet AMD and DME. LUCIA trial in wet AMD completed enrollment in July, top line data expected mid-2026. - Aligned with FDA on non-inferiority trial design for DME, first patient dosing in Q1 2026 for Phase III DME trials COMO and CAPRI. - New preclinical data shows vorolanib in DURAVYU inhibits VEGF-mediated vascular permeability and IL-6-mediated inflammation. - Strong balance sheet with over $200 million in cash and equivalents at end of September 2025, and $172 million follow-on offering closed in October.

For the quarter ended September 30, 2025, total net revenue was $1 million compared to $10.5 million in the prior year period. Operating expenses totaled $63 million in Q3 2025 vs $43.3 million in Q3 2024. Net nonoperating income was $2.3 million and net loss was $59.7 million or $0.85 per share compared to a net loss of $29.4 million or $0.54 per share in the prior year. Cash and investments on September 30, 2025, totaled $204 million.

• Top line data for Phase III LUGANO trial in wet AMD expected in mid-2026. - First patient dosing in Phase III DME program (COMO and CAPRI) expected in Q1 2026. - Cash is expected to fund operations into Q4 2027, well beyond key data readouts from Phase III wet AMD trials.

Q: Market sizing question on wet AMD patient treatment intervals and use of DURAVYU.

A: Jay Duker discussed approx 20% of wet AMD patients treated monthly, Ramiro Ribeiro mentioned 65% of DURAVYU patients didn't need supplemental anti-VEGF injections in Phase II.

Q: Enrollment criteria for DME program.

A: Ramiro Ribeiro explained DURAVYU is the only TKI sustained release with DME program, and trial design leverages existing infrastructure.

Q: Blended endpoint in trials.

A: Ramiro Ribeiro stated blended endpoint prevents missing data, reduces variability, and has FDA greenlight.

Q: IL-6 inhibition differentiation.

A: Jay Duker and Ramiro Ribeiro discussed IL-6's role in DME and AMD, and how DURAVYU's multi-mechanism could offer clinical benefit.

Q: Wet AMD study expectations.

A: Jay Duker talked about expected non-inferiority to on-label Eylea, safety, and potential for superiority testing.

Q: Statistical analysis plan for superiority.

A: Ramiro Ribeiro mentioned analysis plan allows testing superiority, and a superiority claim vs on-label aflibercept would position DURAVYU as premium.