Specialty biopharmaceutical company EyePoint Pharmaceuticals reported $928,000 in revenue for the third quarter, up from $590,000 year over year.
Here are six takeaways from the financial report.
1. EyePoint's cash and cash equivalents totaled $16.3 million at the end of the third quarter. The company aims to gain stockholder approval June 22 for an additional $30.5 million in capital commitments from EW Healthcare, a third-party investor and finance company SWK.
2. EyePoint projects a cash balance of about $38 million at June 30, the end of its current fiscal year. It plants on using the proceeds to launch DEXYCU, a treatment for cataract surgery inflammation, and YUTIQ, a micro-insert for the treatment of non-infectious uveitis.
After acquiring privately-held Icon Bioscience and its FDA-approved product DEXYCU in March 2018, pSivida rebranded as EyePoint Pharmaceuticals, Seeking Alpha reported.
3. The company anticipates annual revenue potential for DEXYCU to reach $150 million to $200 million by the end of its third year on the market.
4. Operating expenses for the third quarter dipped to $5.6 million from $5.8 million the prior year.
5. The company reported a third-quarter net loss of $7 million, or $0.15 per share, compared to a net loss of $5.1 million, or $0.15 per share, for the third quarter of 2017.
6. Revenue for the first nine months of fiscal year 2018 was $2.2 million, down from $6.8 million for the nine months ended March 31, 2017.
"The combination of experienced executives leading our commercial team and the additional capital from EW Healthcare and SWK positions EyePoint to successfully execute on the launch of two new products in the first half of 2019, pending favorable regulatory review of YUTIQ," said EyePoint President and CEO Nancy Lurker.