EyePoint Widens Loss as Trial Spending Accelerates Ahead of Data
EyePoint's net loss grew to $94.5 million in the second quarter as research spending on its DURAVYU Phase 3 programs climbed 51% from a year earlier, even as cash on hand fell by $43 million.
EyePoint Pharmaceuticals (EYPT) reported a net loss of $94.5 million, or $1.09 a share, in the second quarter of 2026, widening from $59.4 million, or $0.85 a share, a year earlier and from $84.8 million in the first quarter of 2026. The ophthalmic drug developer's losses have grown in each of the past two quarters as it funds late-stage trials for DURAVYU, its lead pipeline candidate.
The widening loss came alongside a near-total falloff in revenue. Total net revenue dropped to $0.5 million in the quarter from $5.3 million a year earlier and from $0.7 million in the first quarter, as EyePoint worked through the last of the deferred revenue tied to its 2023 YUTIQ license agreement. With that revenue source largely exhausted, the company's near-term financial profile now consists almost entirely of trial-related spending against a shrinking cash pile.
Operating expenses rose to $97.9 million from $67.6 million a year earlier, a 45% increase, and climbed from $87.9 million in the first quarter. Research and development costs drove the bulk of that growth, rising 51% year over year to $83.6 million from $55.5 million, outpacing the overall expense increase as EyePoint scaled up commercial manufacturing alongside its Phase 3 programs.
Cash, cash equivalents and marketable securities fell to $180 million as of June 30 from $223 million at the end of the first quarter, a decline of about $43 million in the quarter. That extends a slide from more than $300 million at the end of 2025, putting total cash burn over the past two quarters at roughly $120 million. EyePoint has held its runway guidance into the fourth quarter of 2027 across all three of the past quarterly releases, even as the cash balance has fallen by nearly half over that span.
The spending is tied to two late-stage programs advancing in parallel. EyePoint's DME Phase 3 program, comprising the COMO and CAPRI trials, completed enrollment of more than 480 patients during the quarter, finishing in five months from the first patient dosed in February 2026. That pace beat the company's first-quarter guidance, which had pointed to full enrollment in the third quarter of 2026.
On wet age-related macular degeneration, EyePoint narrowed the expected timing for topline data from its LUGANO Phase 3 trial to August 2026, sharpening earlier guidance for a readout beginning mid-2026. Data from the companion LUCIA trial, previously expected to follow LUGANO shortly after, is now guided for the fourth quarter of 2026.
EyePoint also added to its leadership team during the quarter, naming Tarek S. Hassan, M.D. as Chief Strategic Science Officer in July 2026, a role not disclosed in either of the two prior quarterly releases.
With DME enrollment complete and wet AMD data due within weeks, EyePoint's spending trajectory leaves the company's unchanged runway guidance as the figure investors are likely to watch most closely heading into the readouts.