Analogy 1: Regeneron for sustained-release eye disease treatments.

Analogy 2: The Bausch & Lomb for innovative, long-acting eye therapeutics.

• ILUVIEN: An injectable sustained-release micro-insert for the treatment of diabetic macular edema.
• YUTIQ: A fluocinolone acetonide intravitreal implant for chronic non-infectious uveitis affecting the posterior segment of the eye.
• DEXYCU: A dexamethasone intraocular suspension for post-operative ocular inflammation, including after cataract surgery.
• EYP-1901: A twice-yearly bioerodible formulation of a tyrosine kinase inhibitor in development for wet age-related macular degeneration, diabetic retinopathy, and retinal vein occlusion.
• YUTIQ50: A treatment in development for chronic non-infectious uveitis affecting the posterior segment of the eye.

EyePoint Pharmaceuticals, Inc. (EYPT), as a pharmaceutical company, primarily sells its products to other companies within the healthcare supply chain rather than directly to individual patients. The company's major customers are typically its distribution partners, licensees, and other pharmaceutical companies with whom it has strategic collaborations or commercial alliances for the commercialization of its ophthalmic products.

Based on the provided company description, EyePoint's major customers and partners involved in commercializing its products include:

• Alimera Sciences, Inc. (Symbol: ALIM) - Strategic collaboration, particularly mentioned in relation to ILUVIEN.
• Bausch & Lomb (Symbol: BLCO) - Strategic collaboration.
• Ocumension Therapeutics - Strategic collaboration, likely for markets such as China, as mentioned in the company's operating regions.
• ImprimisRx PA, Inc. (an entity of Harrow Health, Inc., Symbol: HROW) - Commercial alliance for the joint promotion of DEXYCU.

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

Dr. Duker became President & CEO of EyePoint Pharmaceuticals in July 2023, having previously served as President and Chief Operating Officer, and Chief Strategic Scientific Officer after joining the company in 2020. He has dedicated over 30 years to ophthalmology across clinical research, business, and academic settings. Prior to EyePoint, Dr. Duker was the Director of the New England Eye Center (NEEC) and Professor and Chair of the Department of Ophthalmology at Tufts Medical Center and the Tufts University School of Medicine from 2001 to 2021. He is also the founder of several successful businesses, including SurgiSite Boston, the Boston Image Reading Center (BIRC), and Hemera Biosciences. Hemera Biosciences, a gene therapy company, was acquired by Janssen in 2020. Additionally, he served as Chairman of the Board of Sesen Bio.

George O. Elston, Executive Vice President, Chief Financial Officer

Mr. Elston joined EyePoint in 2019 as Chief Financial Officer & Head of Corporate Development and was promoted to Executive Vice President in October 2023. He brings over 30 years of diverse financial and senior leadership experience in the biopharmaceutical sector. Before EyePoint, Mr. Elston served as Chief Financial Officer & Head of Corporate Development at Enzyvant Therapeutics, where he contributed to building the precommercial rare disease firm, leading to its eventual acquisition. He also held the position of President and Chief Executive Officer at 2X Oncology, Inc., where he developed the company from a spin-out into a multiprogram, clinical-stage organization. His career began in public accounting at PriceWaterhouseCoopers, and he held senior executive roles at Juniper Pharmaceuticals, Inc., KBI Biopharma, and Optherion, Inc.

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

Dr. Ribeiro was appointed Chief Medical Officer of EyePoint Pharmaceuticals in March 2024. A trained retinal specialist, he leads the Clinical Development, Clinical Operations, and Medical Safety teams. With over 15 years of experience, Dr. Ribeiro's background spans clinical practice, academia, and the pharmaceutical industry. Prior to joining EyePoint, he was the Vice President and Head of Clinical Development at Apellis Pharmaceuticals, where he played a key role in leading a global Phase 3 clinical program for Geographic Atrophy (GA) to U.S. FDA approval. He has also held leadership positions at several other pharmaceutical companies.

Ron Honig Esq., Chief Legal Officer & Company Secretary

Ron Honig serves as the Chief Legal Officer & Company Secretary for EyePoint Pharmaceuticals.

Michael Campbell, Chief Commercial Officer

Michael Campbell holds the position of Chief Commercial Officer at EyePoint Pharmaceuticals.

The key risks to EyePoint Pharmaceuticals (EYPT) primarily revolve around the successful development and commercialization of its lead pipeline candidate, DURAVYU™ (EYP-1901), as well as ongoing financial requirements and market competition.

1. Clinical Trial Success and Regulatory Approval of DURAVYU™ (EYP-1901)
   EyePoint Pharmaceuticals' future prospects are heavily dependent on the successful clinical development and regulatory approval of EYP-1901, now known as DURAVYU™, its lead product candidate. This investigational sustained-delivery treatment for wet age-related macular degeneration (wet AMD) and diabetic macular edema (DME) is currently in pivotal Phase 3 trials (LUGANO and LUCIA for wet AMD, COMO and CAPRI for DME), with topline data for wet AMD expected in mid-2026. Clinical trials are inherently expensive, time-consuming, and have uncertain outcomes, meaning delays or failures could significantly harm the business, financial condition, and prospects. For example, the product candidate previously failed to show significant improvement in a Phase 2 study for non-proliferative diabetic retinopathy.
2. Need for Additional Capital
   As a biopharmaceutical company with significant research and development activities, EyePoint Pharmaceuticals has historically consumed substantial amounts of cash and anticipates a continued need for additional capital to fund its operations. If the company is unable to secure sufficient funding, it may be forced to curtail operations, reduce costs, and modify its business strategy, which could impede its growth and ability to bring innovative products to market. Analysts have also suggested that EyePoint may require further dilution to reach profitability, which is estimated to be several years away.
3. Competition and Market Adoption of DURAVYU™ and Existing Products
   Even if DURAVYU™ achieves regulatory approval, it faces substantial competition in the crowded wet AMD and DME markets, where established anti-VEGF therapies like aflibercept are the standard of care. Its commercial viability will depend on demonstrating significant clinical differentiation, such as its sustained-delivery advantage, without requiring frequent supplemental treatments. Furthermore, EyePoint's business strategy relies on the successful commercialization and market acceptance of its approved products, including DEXYCU. Although the U.S. commercial rights for YUTIQ were acquired by Alimera Sciences, Inc., EyePoint still has an interest in its performance through potential royalties. Manufacturing inconsistencies and inadequate procedures, as highlighted by an FDA warning letter concerning YUTIQ at one of EyePoint's facilities, represent an additional risk that could impact product supply or regulatory standing.

Here are 3-5 expected drivers of future revenue growth for EyePoint Pharmaceuticals (EYPT) over the next 2-3 years:

1. Regulatory approval and subsequent commercial launch of DURAVYU for wet age-related macular degeneration (wet AMD). EyePoint's lead product candidate, DURAVYU (formerly EYP-1901), is currently in global Phase 3 pivotal clinical trials (LUGANO and LUCIA) for wet AMD. Enrollment for these trials was completed, and top-line data is anticipated in mid-2026, positioning a potential launch as a significant near-term revenue driver.
2. Regulatory approval and subsequent commercial launch of DURAVYU for diabetic macular edema (DME). Following positive Phase 2 results from the VERONA clinical trial, EyePoint has initiated Phase 3 pivotal trials for DURAVYU in DME in 2026, with top-line data expected in the second half of 2027. The company views DME as a "three-billion-dollar market and growing," offering substantial revenue potential.
3. Market adoption driven by DURAVYU's differentiated profile. DURAVYU offers a sustained-delivery treatment for retinal diseases, potentially requiring fewer injections (e.g., once every six months) compared to existing therapies. Its novel multi-mechanism of action, inhibiting all vascular endothelial growth factor (VEGF) receptors, platelet-derived growth factor receptor (PDGFR), and interleukin-6 (IL-6) signaling, could provide a competitive advantage and drive market preference among retinal specialists, leading to increased sales.
4. Potential expansion of DURAVYU into additional indications, such as non-proliferative diabetic retinopathy (NPDR). EyePoint has also evaluated DURAVYU in a Phase 2 PAVIA clinical trial for NPDR. Successful progression of this program to later stages and potential future regulatory approval would further broaden DURAVYU's market reach and contribute to additional revenue streams beyond wet AMD and DME.

Share Issuance

• In October 2025, EyePoint Pharmaceuticals priced an underwritten public offering of 11 million shares of common stock at $12.00 per share, along with pre-funded warrants for up to 1.5 million additional shares, expected to generate approximately $150 million in gross proceeds. The net proceeds were intended to advance the clinical development of Duravyu for wet age-related macular degeneration (wet AMD) and diabetic macular edema (DME), support earlier-stage pipeline development initiatives, and for general corporate purposes.
• Prior to March 2026, EyePoint completed an upsized underwritten public offering of 14,636,363 shares of its common stock at $11.00 per share, generating gross proceeds of $161.0 million. The net proceeds were allocated to advance the clinical development of DURAVYU™ for wet AMD and DME, as well as to support its earlier stage pipeline development initiatives and for general corporate purposes.
• In November 2025, EyePoint Pharmaceuticals filed a prospectus supplement for a registered offering of up to $200 million in shares of its common stock, to be conducted under a Controlled Equity Offering Sales Agreement.

Inbound Investments

• In the fourth quarter of 2025, Parkman Healthcare Partners acquired 1,088,033 shares of EyePoint, representing a new investment valued at $19.88 million.
• On September 30, 2024, Vanguard Group Inc. acquired 273,728 shares of EyePoint Pharmaceuticals Inc. at a price of $7.99 each, increasing its total holdings in the company.

Outbound Investments

• In May 2023, EyePoint Pharmaceuticals entered into a definitive agreement for the sale of YUTIQ® to Alimera Sciences, Inc. for $82.5 million. This included a $75 million upfront cash payment at closing and an additional $7.5 million in equal quarterly installments in 2024. EyePoint will also receive a low-to-mid double-digit royalty on Alimera’s U.S. net sales of YUTIQ above defined thresholds for the calendar years 2025-2028. This transaction allowed EyePoint to pay off outstanding bank debt and extend its cash runway.

Capital Expenditures

• EyePoint Pharmaceuticals reported capital expenditures of $2.15 million in 2022, $3.48 million in 2023, and $4.05 million in 2024.
• Capital expenditures for 2025 were reported as $4.1 million.