EyePoint Pharmaceuticals, Inc. Q4 FY2025 earnings call

• 2025 was a year of significant progress with DuraView on track for top - line data in wet AMD in mid - 2026 and first patients dosed in pivotal phase three DME trials. - DuraView has a compelling clinical profile with durable efficacy, favorable safety profile, unique MOA inhibiting VEGF, PDGF, and IL - 6 via JAK1 receptor. - Phase III wet AMD program designed to inform real - world practice, DME program follows non - inferiority design with on - label control. - Welcomed Michael Campbell as new chief commercial officer. - Expanding operations at CGMP manufacturing facility in Northbridge, MA, preparing for pre - approval inspection.

For the quarter ended December 31st, 2025, total net revenue was $0.6 million compared to $11.6 million in the prior - year quarter. The decrease was mainly due to the recognition of remaining deferred revenue from the license of Utique product rights. Operating expenses for the quarter were $71 million vs. $57 million prior year. For the full year ended December 31st, 2025, total net revenue was $31 million vs. $43 million prior year, also due to deferred revenue recognition. Operating expenses were $275 million vs. $189 million prior year, driven by ongoing Phase III trials. Cash and investments on December 31st, 2025 were $306 million, expected to fund operations into Q4 2027.

• Expect cash and investments of $306 million to fund operations into Q4 2027. - Anticipate reporting top - line data for Phase III Lugano trial in mid - 2026, with LUCEA data to follow. - Aim to complete enrollment in Pivotal Phase III DME program in second half of 2026. - Prepare for regulatory filing in WET - AMD assuming positive Phase III data.

• Actual results may differ materially from forward - looking statements due to various factors including those in the risk factors section of the most recent annual report on Form 10 - K and other SEC filings. - Safety and efficacy of DuraView in clinical trials may not meet expectations. - Regulatory approval may be delayed or not obtained as expected. - Competition in the retinal disease market may impact adoption of DuraView.

Q: Clarify the rate of ocular AEs in cumulative safety database with DuraView, especially vitreous floaters and cataracts, and physician's feedback on safety profile.

A: Over 190 patients in completed trials, cataracts at 5.8%, vitreous floaters at 5.2%. Clinicians confident due to good phase two data, no ocular or systemic SAEs attributed to drug, no safety signals in prior trials.

Q: Regulatory front, thoughts on single study driven regulatory approvals and safety on opacity.

A: FDA allows filing with single trial for wet AMD, but not altering approach for current indications. Opacity rate in W02 trial for vitreous opacity is 1%, no anterior chamber opacity, DuraView designed to prevent free - floating drug particles, no migration of inserts seen.

Q: Continued safety looks in WET - AMD trials, cadence and reporting.

A: Have internal mask review and independent data monitoring committee. Last DMC meeting in November, next in May. Will report updates as proceed.

Q: Biomarker work on RONIB.

A: Will present additional data at ARVO in May on JAK1 receptor and IL - 6 blockage impact, extensive kinome evaluation last summer found no other significant receptors involved in retinal disease for Virolinib.

Q: DERIVOS MLT magnetic profile in regulatory and commercial messaging, preclinical evidence of IL - 6 inhibition.

A: Regulatory path is non - inferiority approach, testing for superiority on BCVA. Commercial messaging emphasizes unique MOA and potential benefit of IL - 6. Preclinical evidence on IL - 6 inhibition will be presented in DME trials.

Q: Commercial prep for DuraView launch, key steps for US launch.

A: Complete go - to - market strategy including positioning, messaging, market research, pricing, patient access. Phase III DME trial design differs from wet AMD in control arm dosing and initial dosing of DuraView.

Q: Safety on inflammatory signals, intrinsic mitigators.

A: Intraocular inflammation rate is low, 2 cases of iritis in 191 patients, no uveitis or vitritis. Virolinib is small molecule, matrix used is FDA - approved with low inflammation rates previously.

Q: Measurement of reduction in treatment burden, clinically meaningful.

A: Measured after loading doses. In WIT - AMD trials, DuraView patients should receive 2 injections in first year vs. 5 for control arm. Expect 40% reduction in treatment burden with supplementation, study is well - powered for superiority testing on treatment burden.

Q: Safety profile in Lugano Lucia vs. Davio 2, impact of insert number and drug amount.

A: No concern about insert number or drug amount, no AEs due to drug, safety in cohorts speaks for itself.

Q: Mechanism of action reducing floater, sites for COMO and corporate study.

A: Mechanism of action of Virolinib not related to floater reduction, design of insert prevents free - floating drug particles. COMO and corporate studies are global with ~140 sites, leveraging infrastructure from wet AMD program, most sites from wet AMD program agreed to participate in DME studies.

Q: Patient selection for Virolanib, adoption steps.

A: Initially, patients being treated frequently. Adoption may expand if better vision, antifibrotic, or neuroprotective benefits shown. No anticipation of step therapy being an issue, dependent on data from pivotal trials