EyePoint Posts $84.8M Q1 Loss, Holds $223M Cash for Mid-2026 Readouts
EYPT•EyePoint reported a first-quarter net loss of $84.8 million on $0.7 million revenue, with operating expenses at $87.9 million and cash at $223 million as of March 31. The company expects Phase 3 wet AMD topline data beginning mid-2026 and full Phase 3 DME enrollment by Q3 2026.
1. Q1 Financial Results
For the quarter ended March 31, total net revenue was $0.7 million, down from $24.5 million a year earlier, largely due to deferred revenue recognition. Operating expenses rose to $87.9 million from $73.3 million, driving a net loss of $84.8 million (–$0.99 per share) versus a $45.2 million loss (–$0.65) in Q1 2025, while cash and investments stood at $223 million.
2. Phase 3 Clinical Progress
Phase 3 wet AMD trials LUGANO and LUCIA remain on track with over 900 patients enrolled and topline data expected beginning mid-2026. Pivotal Phase 3 DME trials COMO and CAPRI have activated ex-US sites and enrolled over one-third of the planned ~480 patients, with full enrollment anticipated by Q3 2026.
3. Preclinical and Phase 2 Data
New preclinical studies presented at the ARVO meeting demonstrated vorolanib’s inhibition of IL-6 signaling via JAK1, highlighting a multi-mechanism profile. Phase 2 DAVIO 2 (wet AMD) and VERONA (DME) trials showed durable efficacy, improved vision, strong anatomical control and no product-related serious adverse events.
4. Cash Runway and Outlook
With $223 million in cash and marketable securities as of March 31, the company expects funding into Q4 2027, covering key milestones for the mid-year wet AMD data readout and the completion of Phase 3 DME enrollment.
