EyePoint reported first-quarter 2026 revenue of $0.7 million, down sharply from $24.5 million in the same period a year earlier, as the company continued to burn through cash while advancing late-stage retina trials.
The company’s operating expenses rose to $87.9 million from $73.3 million a year ago, an increase of $14.6 million, or about 20%. The higher spending was tied to its phase 3 Duravyu studies in wet AMD and diabetic macular edema, along with scale-up of its commercial manufacturing facility.
That pushed the net loss to $84.8 million, or $0.99 per share, from $45.2 million, or $0.65 per share, in the first quarter of 2025. The loss widened by $39.6 million, nearly 88% year over year.
EyePoint ended the quarter with $223 million in cash, cash equivalents and marketable securities, down from $306 million at Dec. 31, 2025, a decline of $83 million in three months.
On the clinical side, the company said its phase 3 wet AMD trials, Lugano and Lucia, remain on track for topline data beginning in mid-2026. The identical trials have enrolled more than 900 patients, all active treatment-arm patients have reached the week 32 visit, and more than 35% have received their third planned dose at week 56.
In diabetic macular edema, the phase 3 Como and Capri studies are “over one-third” enrolled, with ex-U.S. sites now activated. EyePoint expects full enrollment in the third quarter of 2026 and topline data in the fourth quarter of 2027. The DME program is expected to enroll about 480 patients.
The company said its cash position should fund operations into the fourth quarter of 2027. The market has reacted to these announcements by moving the company's shares 3.2% to a price of $14.19. For more information, read the company's full 8-K submission here.
