EyePoint Pharmaceuticals Files 2023 Annual Report on Form 10-K

TL;DR

<b>EyePoint Pharmaceuticals filed its 2023 10-K, detailing financial activities and agreements.</b>

AI Summary

EyePoint Pharmaceuticals, Inc. (EYPT) filed a Annual Report (10-K) with the SEC on March 8, 2024. EyePoint Pharmaceuticals, Inc. filed its 2023 Form 10-K on March 8, 2024. The company was formerly known as pSivida Corp. and pSivida LTD. Key financial instruments and agreements mentioned include a Senior Secured Revolving Credit Facility with Silicon Valley Bank and a Royalty Purchase Agreement with SWK Funding LLC. The filing references various financial statement accounts and fair value measurements as of December 31, 2023. Customer concentration risk is noted with entities such as Besse Medical and Ocumension Therapeutics.

Why It Matters

For investors and stakeholders tracking EyePoint Pharmaceuticals, Inc., this filing contains several important signals. The 10-K filing provides a comprehensive overview of the company's financial health, operational risks, and strategic agreements for the fiscal year ending December 31, 2023. This filing is crucial for investors and stakeholders to assess the company's performance, understand its financial position, and evaluate potential risks and opportunities.

Risk Assessment

Risk Level: — EyePoint Pharmaceuticals, Inc. shows moderate risk based on this filing. The company has entered into various agreements, including credit facilities and royalty agreements, which carry inherent financial risks and obligations that could impact its liquidity and profitability.

Analyst Insight

Investors should review the detailed financial statements and risk factors in the 10-K to understand EyePoint Pharmaceuticals' financial performance and strategic positioning.

Key Numbers

• 2023-12-31 — Fiscal Year End (Reporting period)
• 2024-03-08 — Filing Date (Date of submission)
• 000-51122 — SEC File Number (Company's SEC file number)

Key Players & Entities

• EyePoint Pharmaceuticals, Inc. (company) — Filer
• pSivida Corp. (company) — Former company name
• pSivida LTD (company) — Former company name
• Silicon Valley Bank (company) — Senior Secured Revolving Credit Facility counterparty
• SWK Funding LLC (company) — Royalty Purchase Agreement counterparty
• Besse Medical (company) — Customer concentration risk entity
• Ocumension Therapeutics (company) — Customer concentration risk entity
• Alimera Sciences Inc (company) — Customer concentration risk entity

FAQ

Risk Factors

• Debt and Credit Facilities [medium — financial]: The company has entered into various credit facilities and royalty agreements, such as the Senior Secured Revolving Credit Facility with Silicon Valley Bank and a Royalty Purchase Agreement with SWK Funding LLC, which involve financial obligations and potential risks.
• Customer Concentration Risk [medium — financial]: The company faces risks related to customer concentration, with significant revenue generated from a limited number of customers including Besse Medical and Ocumension Therapeutics.
• Product and Market Risks [medium — operational]: Risks associated with product development, market acceptance, and competition in the pharmaceutical industry are inherent to the company's business.

Industry Context

EyePoint Pharmaceuticals operates in the pharmaceutical industry, focusing on the development and commercialization of ophthalmic products. The industry is characterized by significant research and development costs, regulatory hurdles, and competitive market dynamics.

Regulatory Implications

As a publicly traded company, EyePoint Pharmaceuticals is subject to the regulations of the U.S. Securities and Exchange Commission (SEC), including the requirement to file annual reports (10-K) detailing its financial condition and business operations.

What Investors Should Do

1. Review the detailed financial statements and notes within the 10-K for a thorough understanding of the company's financial position.
2. Analyze the risk factors section to identify potential challenges and threats to the company's business and profitability.
3. Investigate the specific agreements mentioned, such as credit facilities and royalty agreements, to assess their impact on the company's financial obligations and future prospects.

Key Dates

• 2023-12-31: Fiscal Year End — End of the reporting period for the 10-K filing.
• 2024-03-08: Filing Date — Date the 10-K was officially submitted to the SEC.

Glossary

10-K

An annual report required by the U.S. Securities and Exchange Commission (SEC), which gives a comprehensive summary of a company's financial performance. (Provides a detailed overview of EyePoint Pharmaceuticals' financial health and operations for the fiscal year.)

Year-Over-Year Comparison

This filing is the annual report for the fiscal year ending December 31, 2023, and provides updated financial and operational information compared to previous filings.

Key Financial Figures

• $0.001 — ch registered Common Stock, par value $0.001 EYPT The Nasdaq Stock Market LLC (
• $331.0 million — investments in marketable securities of $331.0 million at December 31, 2023, will provide a ca
• $82.5 million — s to our YUTIQ franchise to Alimera for $82.5 million cash plus royalties is dependent on Ali

Filing Documents

• eypt-20231231.htm (10-K) — 3026KB
• eypt-ex4_3.htm (EX-4.3) — 27KB
• eypt-ex10_17.htm (EX-10.17) — 144KB
• eypt-ex10_20.htm (EX-10.20) — 45KB
• eypt-ex10_21.htm (EX-10.21) — 63KB
• eypt-ex21_1.htm (EX-21.1) — 7KB
• eypt-ex23_1.htm (EX-23.1) — 2KB
• eypt-ex31_1.htm (EX-31.1) — 12KB
• eypt-ex31_2.htm (EX-31.2) — 12KB
• eypt-ex32_1.htm (EX-32.1) — 6KB
• eypt-ex32_2.htm (EX-32.2) — 6KB
• eypt-ex97_1.htm (EX-97.1) — 68KB
• 0000950170-24-028523.txt (&nbsp;) — 12073KB
• eypt-20231231.xsd (EX-101.SCH) — 1768KB
• eypt-20231231_htm.xml (XML) — 1885KB

BUSINESS

BUSINESS 5 ITEM 1A.

RISK FACTORS

RISK FACTORS 31 ITEM 1B. UNRESOLVED STAFF COMMENTS 61 ITEM 1C. CYBERSECURITY 61 ITEM 2.

PROPERTIES

PROPERTIES 62 ITEM 3.

LEGAL PROCEEDINGS

LEGAL PROCEEDINGS 63 ITEM 4. MINE SAFETY DISCLOSURES 63 PART II ITEM 5. MARKET FOR REGISTRANT'S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES 64 ITEM 6. [RESERVED] 64 ITEM 7.

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS 65 ITEM 7A.

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK 73 ITEM 8.

FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA

FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA 73 ITEM 9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE 73 ITEM 9A.

CONTROLS AND PROCEDURES

CONTROLS AND PROCEDURES 73 ITEM 9B. OTHER INFORMATION 74 ITEM 9C. DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS 74 PART III ITEM 10. DIRECTORS, EXECUTIVE OFFICERS, AND CORPORATE GOVERNANCE 75 ITEM 11.

EXECUTIVE COMPENSATION

EXECUTIVE COMPENSATION 75 ITEM 12.

SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS

SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS 75 ITEM 13. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR INDEPENDENCE 75 ITEM 14. PRINCIPAL ACCOUNTING FEES AND SERVICES 75 PART IV ITEM 15. EXHIBITS AND FINANCIAL STATEMENT SCHEDULES 76 ITEM 16. FORM 10-K SUMMARY 79 Preliminary Note Regarding Forward-Looking Statements Various statements made in this Annual Report on Form 10-K are forward-looking and involve risks and uncertainties. All statements that address activities, events or developments that we intend, expect or believe may occur in the future are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Such statements give our current expectations or forecasts of future events and are not statements of historical or current facts. These statements include, among others, statements about: the potential for EYP-1901, as an investigational sustained delivery intravitreal treatment deploying a bioerodible Durasert E insert of vorolanib, a selective and patented tyrosine kinase inhibitor (TKI) targeting wet age-related macular degeneration (wet AMD), non-proliferative diabetic retinopathy (NPDR), and diabetic macular edema (DME); our expectations regarding the timing and outcome of our ongoing and planned clinical trials for EYP-1901 for the treatment of wet AMD, NPDR, and DME; our expectations regarding the timing and clinical development of our other product candidates, including EYP-2301, a promising TIE-2 agonist, razuprotafib, f/k/a AKB-9778, formulated in Durasert E to potentially improve outcomes in serious retinal diseases; our strategic alliances with other companies; our belief that our cash, cash equivalents, and investments in marketable securities of $331.0 million at December 31, 2023, will provide a cash runway into 2026 through topl

B USINESS

ITEM 1. B USINESS Overview EyePoint Pharmaceuticals (Nasdaq: EYPT) is a clinical-stage biopharmaceutical company committed to developing and commercializing therapeutics to help improve the lives of patients with serious retinal diseases. The Company's pipeline leverages its proprietary bioerodible Durasert E technology (Durasert E ) for sustained intraocular drug delivery. The Company's lead product candidate, EYP-1901, is an investigational sustained delivery treatment for anti-vascular endothelial growth factor (anti-VEGF) mediated retinal diseases combining vorolanib, a selective and patent-protected tyrosine kinase inhibitor with Durasert E . Additional pipeline programs include EYP-2301, a promising TIE-2 agonist, razuprotafib, f/k/a AKB-9778, formulated in Durasert E to potentially improve outcomes in serious retinal diseases. The proven Durasert drug delivery technology (Durasert ) has been safely administered to thousands of patient eyes across four products approved by the U.S. Food and Drug Administration (FDA). EyePoint Pharmaceuticals is headquartered in Watertown, Massachusetts. The Durasert technology (Durasert) provides for the development of a miniaturized solid cylinder of drug that can be delivered through a standard intravitreal (IVT) injection in the physician office. A Durasert IVT insert can be designed to provide consistent, sustained "zero-order kinetics" release of drug over a period of months to years and can generally be tailored for each drug and disease indication. Durasert inserts can be developed in non-erodible formulations or in bioerodible formulations using Durasert E . EYP-1901 has the potential to bring a new mechanism of action and treatment paradigm for anti-VEGF mediated serious eye diseases. Vorolanib acts through intracellular binding of all vascular endothelial growth factor (VEGF) receptors thereby blocking all VEGF isoforms. Vorolanib has also demonstrated encouraging neuroprotection data in preclinical in-vivo s

View Full Filing

View this 10-K filing on SEC EDGAR