Here are 1-3 brief analogies for EyePoint Pharmaceuticals (EYPT):

• A specialized biotech aiming to be the next Regeneron for major chronic eye diseases.
• A Vertex Pharmaceuticals for advanced eye conditions.

• YUTIQ: An intravitreal insert designed to deliver a sustained dose of fluocinolone acetonide for the treatment of chronic non-infectious uveitis affecting the posterior segment of the eye.
• DEXYCU: An intracameral suspension of dexamethasone indicated for the treatment of post-operative inflammation following ocular surgery.

EyePoint Pharmaceuticals (EYPT) sells primarily to other companies, specifically pharmaceutical wholesalers, which then distribute the products to pharmacies, hospitals, clinics, and other healthcare providers.

The company's major customers, accounting for approximately 99% of its gross product sales, are:

• AmerisourceBergen (Symbol: ABC)
• McKesson Corporation (Symbol: MCK)
• Cardinal Health, Inc. (Symbol: CAH)

EyePoint (EYPT) relies on the following major suppliers:

• Alcon Inc. (ALC)
• Cambrex Corporation
• LTS Lohmann Therapie-Systeme AG

Jay S. Duker, M.D. President & CEO and Board Director

Dr. Duker joined EyePoint in 2020 and became President & CEO in July 2023. He previously served EyePoint as President and Chief Operating Officer, and as Chief Strategic Scientific Officer. With over 30 years in the field of ophthalmology, Dr. Duker has held roles in clinical research, business, and academic settings. He also served on EyePoint's Board of Directors from 2016-2020 before re-appointment in July 2023.

George O. Elston Executive Vice President, Chief Financial Officer

Mr. Elston joined EyePoint in 2019 as CFO & Head of Corporate Development, and was promoted to Executive Vice President & CFO in October 2023. Prior to EyePoint, he was Chief Financial Officer & Head of Corporate Development at Enzyvant Therapeutics, where he contributed to building the pre-commercial rare disease firm, leading to its acquisition. He also served as President and Chief Executive Officer at 2X Oncology, Inc., advancing the company from a spin-out into a multiprogram, clinical-stage organization. His career began in public accounting at PriceWaterhouseCoopers.

Ramiro Ribeiro, M.D., Ph.D. Chief Medical Officer

Dr. Ribeiro is a retinal specialist and leads EyePoint's Clinical Development, Clinical Operations, and Medical Safety teams. He brings over 15 years of experience from clinical practice, academia, and the pharmaceutical industry.

Ron Honig Esq. Chief Legal Officer & Company Secretary

Mr. Honig has served as Chief Legal Officer and Company Secretary since 2018.

Scott Jones, M.A. Chief Commercial Officer

Mr. Jones joined EyePoint in 2019. Prior to this, he was Chief Commercial Officer and Vice President, Business Development, at Notal Vision, where he developed the organization's commercial and growth strategy.

The key risks to EyePoint Pharmaceuticals (EYPT) include:

1. Clinical Trial and Regulatory Approval Risks: The success of EyePoint Pharmaceuticals is heavily dependent on the outcomes of its clinical trials and the ability to secure regulatory approvals for its product candidates, particularly DURAVYU™ (EYP-1901). The development and approval of new drugs are subject to stringent regulatory requirements, which are time-consuming and costly. The inherent uncertainties of clinical trial results mean that delays, terminations, or even preliminary data differing from actual results can significantly harm the company's business, financial condition, and prospects.
2. Financial Risks and Need for Additional Capital: EyePoint Pharmaceuticals is currently unprofitable, with persistent losses and rising operating expenses. The company will likely require additional capital to fund its ongoing operations and product development. Should EyePoint be unable to secure sufficient funding, it may be forced to scale back its operations and adjust its business strategy, which could threaten its financial stability if key regulatory or commercial milestones are not met as projected.
3. Market Dependence and Competition: EyePoint Pharmaceuticals relies significantly on the performance of its existing commercial products, YUTIQ and DEXYCU. The ophthalmology market is highly competitive, with numerous companies vying for market share. Even with successful clinical development, the crowded nature of this market could limit the commercial potential and market penetration of EyePoint's pipeline products.

A clear emerging threat for EyePoint Pharmaceuticals is the advancement and potential commercialization of gene therapies for wet age-related macular degeneration (wet AMD), diabetic macular edema (DME), and retinal vein occlusion (RVO).

Companies such as Regenxbio (with RGX-314, licensed to AbbVie as ABBV-805) and Adverum Biotechnologies (with ADVM-022) are developing gene therapies that aim to provide continuous production of anti-VEGF proteins from a one-time subretinal or intravitreal injection. If successful in late-stage clinical trials and approved, these therapies could fundamentally disrupt the market for wet AMD, DME, and RVO treatments by potentially offering years of efficacy from a single administration, thereby reducing or eliminating the need for periodic anti-VEGF injections or sustained-release implants like EyePoint's pipeline product EYP-1901.

This emerging technology represents a potential paradigm shift, moving beyond frequent injections or even multi-month implants towards a long-term, possibly curative, solution, which could significantly undermine the value proposition of EyePoint's current and future sustained-release platforms for these indications.

EyePoint Pharmaceuticals' Addressable Markets

YUTIQ® (fluocinolone acetonide intravitreal implant)

DEXYCU® (dexamethasone intraocular suspension)

EYP-1901 (DURAVYU™)

• Wet Age-related Macular Degeneration (wet AMD): This is the leading cause of vision loss among people aged 50 and older in the U.S. The number of people with AMD in the U.S. is expected to more than double from 2.07 million in 2010 to 5.44 million by 2050. The Age-related Macular Degeneration (AMD) segment is expected to dominate the overall ophthalmology drug market by indication. The global ophthalmic drugs market, which includes treatments for AMD, was estimated at USD 38.20 billion in 2024 and is projected to reach USD 62.08 billion by 2030, with North America holding the largest share (42.7% in 2024).
• Non-proliferative Diabetic Retinopathy (NPDR): This is a largely untreated disease due to limitations of available therapies.
• Diabetic Macular Edema (DME): The global ophthalmic disease therapeutics market, which includes treatments for retinal disorders like DME, was valued at USD 35.54 billion in 2024 and is projected to reach USD 60.56 billion by 2033, growing at a CAGR of 6.1% (2026–2033). The Centers for Disease Control and Prevention (CDC) predicts that by 2050, 14.6 million Americans will have diabetic retinopathy, up from 7.7 million in 2010.

Expected Drivers of Future Revenue Growth for EyePoint (EYPT)

Over the next 2-3 years, EyePoint Pharmaceuticals (EYPT) anticipates several key drivers for future revenue growth, primarily centered around the successful development and commercialization of its lead product candidate, DURAVYU™.

1. Commercialization of DURAVYU for Wet Age-related Macular Degeneration (wet AMD): EyePoint's primary revenue driver is expected to be the successful launch and market penetration of DURAVYU for wet AMD. The company has completed enrollment for its Phase 3 LUGANO and LUCIA trials in the second half of 2025, with top-line data anticipated in mid-2026. Analysts project significant revenue potential for DURAVYU, highlighting its value as a durable, long-acting (every 6 months) treatment in a multi-billion dollar market.
2. Expansion into Diabetic Macular Edema (DME) with DURAVYU: Building on the wet AMD program, EyePoint is advancing its pivotal Phase 3 program for DME, with the first patient dosing targeted for the first quarter of 2026. The company has aligned with the FDA on a non-inferiority trial design, which it believes is clinically rigorous and derisked. Positive Phase 2 VERONA trial results for DURAVYU in DME, reported in Q4 2024, further support this pipeline expansion.
3. DURAVYU's Differentiated Profile and Sustained Delivery Technology: EyePoint's proprietary bioerodible Durasert E™ technology for sustained intraocular drug delivery is expected to be a significant competitive advantage. This technology, which enables long-acting treatment, offers the potential for a first-to-market advantage in sustained release therapies for retinal diseases and is anticipated to drive strong physician adoption by reducing the frequency of eye injections.
4. Multi-Mechanism of Action and Broader Pipeline Opportunities: New preclinical data indicates that vorolanib, the active drug in DURAVYU, uniquely inhibits both VEGF-mediated vascular permeability and interleukin-6 (IL-6) mediated inflammation. This multi-mechanism of action could potentially lead to label expansion or new indications, further broadening DURAVYU's market potential. Beyond DURAVYU, EyePoint's pipeline is noted to represent multibillion-dollar product opportunities, suggesting ongoing investment in research and development for future growth.

Share Repurchases

• In December 2022, EyePoint Pharmaceuticals entered into a private stock repurchase for three million shares of common stock at $1.60 per share from BML Investment Partners, L.P..
• In 2022, the company purchased 558,976 shares of common stock at an average price of $5.01 per share under a stock repurchase plan established in June 2021, which was terminated in April 2022.

Share Issuance

• In October 2025, EyePoint Pharmaceuticals completed an underwritten public offering with gross proceeds of $172.5 million by selling 11,000,000 shares of common stock and pre-funded warrants to acquire 1,500,000 shares, including the underwriters' full exercise of their option to purchase an additional 1,875,000 shares. The net proceeds were $162 million.
• In November 2021, EyePoint announced an underwritten public offering with expected gross proceeds of approximately $100.3 million, with an option for underwriters to purchase an additional $15.0 million in shares.
• In February 2021, the company sold 10,465,000 shares of common stock in an underwritten public offering for approximately $115.1 million in gross proceeds.
• Under an at-the-market (ATM) facility, EyePoint sold 721,274 shares for approximately $7.7 million in gross proceeds after June 30, 2023, and 1,299,506 shares for approximately $12.2 million in gross proceeds during July 2024.
• In January 2024, SWK exercised warrants resulting in a net share issuance of 25,666 shares, and in April 2024, 2,181,818 pre-funded warrants were exercised, leading to a net issuance of 2,180,776 shares of common stock.

Inbound Investments

• In December 2020, Ocumension Therapeutics, a China-based ophthalmic pharmaceutical company, made a $15.7 million equity investment in EyePoint Pharmaceuticals, purchasing approximately 3.01 million shares of common stock.