EyePoint Pharmaceuticals, Inc.
For the period ended Sep 30, 2025. Filed Nov 6, 2025.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Sep 30, 2025 · Filed Nov 6, 2025
EYPT$0.36+1.2%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2025-06-30; filed 2025-08-07.
0001193125-25-175418
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2025-09-30; filed 2025-11-06.
0001193125-25-269471
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 133 previous paragraphs and 141 current paragraphs.
92 unchanged; 33 reworded; 14 added; 6 removed; 2 previous and 2 current paragraphs rearranged.
Tables are not compared: 5 previous and 5 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (14)
Current report
our ability to reach a negotiated resolution with the government regarding the DOJ subpoena that will not have a material impact on our business or financial condition;
Current report
the impact of the federal government shutdown on our business operations;
Current report
On October 14, 2025 we announced details for our pivotal Phase 3 program evaluating DURAVYU™ for the treatment of DME with first patient dosing anticipated in first quarter of 2026. In this announcement we shared new preclinical data that demonstrates vorolanib, the active drug in DURAVYU™, inhibits interleukin-6 (IL-6) mediated inflammation through inhibition of all Janus Kinase (JAK) receptors, in particular JAK-1, in addition to known blockage of vascular endothelial growth factor (VEGF) mediated vascular permeability. This finding reinforces the early and sustained improvements observed through six months in the Phase 2 VERONA clinical trial and positions DURAVYU™ as a potential multi-mechanism of action (MOA) treatment.
Current report
Also on October 14, 2025, we entered into an underwriting agreement (the “Underwriting Agreement”) with J.P. Morgan Securities LLC, Jefferies LLC, Citigroup Global Markets Inc. and Guggenheim Securities, LLC, as representatives of the underwriters named therein (the “Underwriters”), in connection with its previously announced underwritten public offering (the “Offering”) of 11,000,000 shares (the “Shares”) of common stock, par value $0.001 per share (the “Common Stock”) and, to certain investors, in lieu of Common Stock, pre-funded warrants (the “Pre-Funded Warrants”) to purchase 1,500,000 shares of Common Stock. The price to the public for the Shares in the Offering was $12.00 per Share and the price to the public for the Pre-Funded Warrants was $11.999 per Pre-Funded Warrant, which represents the price to the public for the Shares less the $0.001 per share exercise price for each such Pre-Funded Warrant. The Offering closed on October 16, 2025. In addition, under the terms of the Underwriting Agreement, we also granted the Underwriters an option to purchase up to an additional 1,875,000 shares of Common Stock at the same price, which was exercised and closed on October 30, 2025. The net proceeds from the Offering were approximately $162.1 million, after deducting underwriting discounts and commissions and before other estimated offering expenses payable by us.
Current report
On July 29, 2025, we announced enrollment was completed in the two pivotal Phase 3 trials for DURAVYU™ in wet AMD.
Current report
Cost of sales remained consistent for the three months ended September 30, 2025 compared to the same period the prior year.
Current report
Nine Months Ended September 30, 2025 Compared to Nine Months Ended September 30, 2024:
Current report
During the three and nine months ended September 30, 2025 we sold 495,118 shares of our common stock under the ATM facility at a weighted average price of $14.01 per share for gross proceeds of approximately $6.9 million. Share issue costs, including sales agent commissions, totaled $0.3 million.
Current report
Further, during October 2025 we sold 330,726 shares of our common stock under the ATM facility at a weighted average price of $14.24 per share for gross proceeds of approximately $4.7 million. Share issue costs, including sales agent commissions, totaled $0.1 million.
Current report
During the three and nine months ended September 30, 2024, we sold 1,299,506 shares of common stock under the ATM facility at a weighted average price of $9.36 per share for gross proceeds of approximately $12.2 million. Share issue costs, including sales agent commissions, totaled approximately $0.4 million.
Current report
the impact of the government shutdown on our business operations;
Current report
$6.7 million of proceeds from the issuance of 495,118 shares of our Common Stock sold utilizing our ATM
Current report
$11.8 million of net proceeds from the issuance of 1,299,506 shares of our Common Stock sold utilizing our ATM
Removed paragraphs (6)
Previous report
On May 27, 2025, we announced enrollment was completed in the pivotal Phase 3 LUGANO clinical trial evaluating DURAVYU™. We are focused on completing patient enrollment in the LUCIA clinical trial for DURAVYU™ in the third quarter of 2025 and reporting top-line data for both the LUGANO and LUCIA clinical trials in the second half of 2026. We also completed a positive EOP2 meeting with the US FDA in July 2025 and are waiting for the formal meeting minutes to finalize the pivotal program for DURAVYU™ in DME with an anticipated start in 2026.
Previous report
On July 29, 2025, we announced enrollment was completed in the pivotal Phase 3 LUCIA clinical trial evaluating DURAVYU™.
Previous report
On May 27, 2025, we announced enrollment was completed in the pivotal Phase 3 LUGANO clinical trial evaluating DURAVYU™.
Previous report
Cost of sales decreased by $1.2 million, or 88%, to $0.2 million for the three months ended June 30, 2025 compared to the same period the prior year. This decrease was primarily due to immaterial products sales.
Previous report
Six Months Ended June 30, 2025 Compared to Six Months Ended June 30, 2024:
Previous report
Research and development expenses increased by $54.1 million, or 90%, to $114.1 million for the six months ended June 30, 2025 compared to the same period the prior year. This increase was attributable primarily to (i) a $54.2 million increase in clinical trial costs related to ongoing DURAVYU™ Phase 3 clinical trials (LUGANO and LUCIA) for wet AMD, offset by a $5.0 million decrease due to a one-time license milestone payment in the second quarter of 2024, (ii) $2.1 million increase in other professional services to support Phase 3 clinical trials, (iii) $1.9 million increase in clinical trial material expense for Phase 3 clinical trials and (iv) $1.9 million increase in facility and IT expenses for our Northbridge commercial manufacturing facility, offset by a decrease of $1.0 million in personnel costs driven by non-cash stock compensation. We anticipate clinical trial expenses will continue at similar levels in future periods due to our ongoing Phase 3 clinical trials.
Reworded paragraphs (33)
Previous wording
our belief that our cash, cash equivalents, and investments in marketable securities of $255.7 million at June 30, 2025 will enable us to fund operations into 2027, beyond the topline data expected in 2026;
Current wording
our belief that our cash, cash equivalents, and investments in marketable securities of $204.0 million at September 30, 2025, along with the net proceeds of approximately $162.1 million from our October 2025 equity financing will enable us to fund operations into the fourth quarter of 2027, beyond Phase 3 wet AMD topline data for DURAVYU™ expected in 2026;
Previous wording
our expectations regarding the timing and results of the August 2022 subpoena from the U.S. Attorney’s Office for the District of Massachusetts (DOJ) seeking production of documents related to sales, marketing and promotional practices (DOJ Subpoena), including as pertain to DEXYCU®;
Current wording
our expectations regarding the timing and results of the August 2022 subpoena from the U.S. Attorney’s Office for the District of Massachusetts (DOJ) seeking production of documents related to sales, marketing and promotional practices (DOJ Subpoena), including as pertain to DEXYCU®and our ongoing discussions with the government regarding a negotiated resolution and our expectations regarding the results of the negotiated resolution;
Previous wording
our expectations regarding the warning letter the Company received from the FDA in July 2024, or the Warning Letter, pertaining to YUTIQ® manufacturing, citing alleged violations of cGMP requirements in connection with an FDA inspection at the Company’s Watertown facility in February 2024 and our plans to implement corrective and preventive actions required by the Warning Letter;
Current wording
our expectations regarding the warning letter the Company received from the FDA in July 2024, or the Warning Letter, pertaining to YUTIQ® manufacturing, citing alleged violations of cGMP requirements in connection with an FDA inspection at the Company’s Watertown facility in February 2024 and our fully executed plan which implemented the corrective and preventive actions required by the Warning Letter;
Previous wording
We are a company committed to developing and commercializing innovative therapeutics to improve the lives of patients with serious retinal diseases. Our pipeline leverages our proprietary bioerodible Durasert E™ technology for sustained intraocular drug delivery. The Company’s lead product candidate, DURAVYU™, f/k/a EYP-1901, is an investigational sustained delivery treatment for vascular endothelial growth factor (VEGF) mediated retinal diseases combining vorolanib, a selective and patent-protected tyrosine kinase inhibitor with bioerodible Durasert™. DURAVYU™ is presently in two global Phase 3 clinical trials (LUGANO and LUCIA) as a sustained delivery treatment for wet age-related macular degeneration (wet AMD), the leading cause of vision loss among people 50 years of age and older in the United States, and completed a positive Phase 2 clinical trial for diabetic macular edema (DME) meeting primary and secondary endpoints. Additional pipeline programs include EYPT-2301, a promising TIE-2 agonist, razuprotafib, formulated in Durasert E™ to potentially improve outcomes in serious retinal diseases.
Current wording
We are a company committed to developing and commercializing innovative therapeutics to improve the lives of patients with serious retinal diseases. Our pipeline leverages our proprietary bioerodible Durasert E™ technology for sustained intraocular drug delivery. The Company’s lead product candidate, DURAVYU™, is an investigational sustained delivery treatment for vascular endothelial growth factor (VEGF) mediated retinal diseases combining vorolanib, a selective and patent-protected tyrosine kinase inhibitor with bioerodible Durasert™. DURAVYU™ is currently being evaluated in Phase 3 pivotal trials (LUGANO and LUCIA) for wet age-related macular degeneration (wet AMD) with data readout beginning in mid-2026. Pivotal Phase 3 clinical trials (COMO and CAPRI) in diabetic macular edema (DME) are expected to dose patients in the first quarter of 2026. Additional pipeline programs include EYPT-2301, a TIE-2 agonist, razuprotafib, formulated in Durasert E™ to potentially improve outcomes in serious retinal diseases.
Previous wording
Product sales, net represents the gross sales of YUTIQ® and DEXYCU® less provisions for product sales allowances. Product sales, net decreased by $1.0 million, or 59%, to $0.7 million for the six months ended June 30, 2025 compared to the same period the prior year. This decrease was primarily driven by lower product shipments compared to the same period the prior year.
Current wording
Product sales, net represents the gross sales of YUTIQ® less provisions for product sales allowances. Product sales, net decreased by $0.1 million, or 12%, to $0.6 million for the three months ended September 30, 2025 compared to the same period the prior year. This decrease was primarily driven by the automatic termination of the ANI CSA in the second quarter of 2025.
Previous wording
License and collaboration agreement revenue decreased by $2.4 million, or 31%, to $5.3 million for the three months ended June 30, 2025 compared to the same period the prior year. This decrease was primarily due to lower recognition of deferred revenue related to the agreement to license YUTIQ® product rights to ANI.
Current wording
License and collaboration agreement revenue decreased by $9.4 million, or 98%, to $0.2 million for the three months ended September 30, 2025 compared to the same period the prior year. This decrease was primarily driven by the recognition of remaining deferred revenue related to the Company’s 2023 agreement for the license of YUTIQ® product rights in the second quarter of 2025.
Previous wording
Royalty income decreased by $0.6 million, or 100%, to $0 for the three months ended June 30, 2025 compared to the same period the prior year. This decrease was due to the termination of the SWK royalty purchase agreement (RPA) on March 18, 2025.
Current wording
Royalty income decreased by $0.1 million, or 22%, to $0.2 million for the three months ended September 30, 2025 compared to the same period the prior year. This decrease was due to the termination of the SWK royalty purchase agreement (RPA) on March 18, 2025.
Previous wording
Research and development expenses increased by $25.7 million, or 86%, to $55.5 million for the three months ended June 30, 2025 compared to the same period the prior year. This increase was primarily attributable to (i) a $26.0 million increase in clinical trial costs related to ongoing DURAVYU™ Phase 3 clinical trials (LUGANO and LUCIA) for wet AMD, offset by a $5.0 million decrease due to a one-time license milestone payment in the second quarter of 2024, (ii) $2.2 million increase in personnel costs, (iii) $1.0 million increase in facility and IT expenses for our Northbridge commercial manufacturing facility, (iv) $0.9 million increase in other professional services to support Phase 3 clinical trials and (v) $0.6 million increase in clinical trial material expense for Phase 3 clinical trials. We anticipate R&D expenses will continue at similar levels in future periods due to our ongoing Phase 3 clinical trials and Northbridge commercial manufacturing facility.
Current wording
Research and development expenses increased by $18.2 million, or 62%, to $47.8 million for the three months ended September 30, 2025 compared to the same period the prior year. This increase was primarily attributable to ongoing DURAVYU™ Phase 3 clinical trials (LUGANO and LUCIA) for wet AMD. We anticipate R&D expenses will continue at similar levels in future periods due to our ongoing Phase 3 clinical trials and scale-up of the Northbridge commercial manufacturing facility.
Previous wording
General and administrative expenses decreased by $1.1 million, or 4%, to $25.7 million for the six months ended June 30, 2025 compared to the same period the prior year. This decrease was primarily attributable to lower personnel costs driven by non-cash stock compensation.
Current wording
General and administrative expenses increased by $1.5 million, or 12%, to $14.5 million for the three months ended September 30, 2025 compared to the same period the prior year. This increase was primarily attributable to an increase in our contingent liability, offset by lower personnel costs, including lower non-cash stock compensation and professional fees.
Previous wording
Interest income from investments in marketable securities and institutional money market funds decreased by $0.8 million, or 22%, to $2.9 million for the three months ended June 30, 2025 compared to the same period the prior year. This decrease was primarily driven by lower cash available for investment in marketable securities.
Current wording
Interest income from investments in marketable securities and institutional money market funds decreased by $1.1 million, or 32%, to $2.3 million for the three months ended September 30, 2025 compared to the same period the prior year. This decrease was primarily driven by lower cash available for investment in marketable securities.
Previous wording
Product sales, net represents the gross sales of YUTIQ® and DEXYCU® less provisions for product sales allowances. Product sales, net decreased by $1.1 million, or 100%, to $0 for the three months ended June 30, 2025 compared to the same period the prior year. This decrease was due to the fact that there were no shipments during the second quarter of 2025.
Current wording
Product sales, net represents the gross sales of YUTIQ® and DEXYCU® less provisions for product sales allowances. Product sales, net decreased by $1.1 million, or 46%, to $1.3 million for the nine months ended September 30, 2025 compared to the same period the prior year. This decrease was primarily driven by the automatic termination of the ANI CSA in the second quarter of 2025.
Previous wording
License and collaboration agreement revenue decreased by $2.0 million, or 11%, to $16.4 million for the six months ended June 30, 2025 compared to the same period the prior year. This decrease was due to lower recognition of deferred revenue related to the agreement to license YUTIQ® product rights to ANI.
Current wording
License and collaboration agreement revenue decreased by $11.4 million, or 41%, to $16.5 million for the nine months ended September 30, 2025 compared to the same period the prior year. This decrease was primarily driven by the recognition of remaining deferred revenue related to the Company’s 2023 agreement for the license of YUTIQ® product rights in the second quarter of 2025.
Previous wording
Royalty income increased by $11.6 million, or 1064%, to $12.7 million for the six months ended June 30, 2025 compared to the same period the prior year. The increase in revenue recognized was due mainly to the recognition of the remaining $12.7 million of deferred SWK royalty revenue. On March 18, 2025, ANI announced that it completed the buyout of its 3.125% perpetual royalty obligation to SWK on worldwide net revenues of ILUVIEN® and YUTIQ® for a one-time payment of $17.25 million. Under the terms of the agreement, upon making the buyout payment, no further royalty is due to SWK on net revenues beginning January 1, 2025, forward. As a result, the Company terminated the RPA effective March 18, 2025.
Current wording
Royalty income increased by $11.5 million, or 830%, to $12.9 million for the nine months ended September 30, 2025 compared to the same period the prior year. The increase in revenue recognized was due mainly to the recognition of the remaining $12.7 million of deferred SWK royalty revenue. On March 18, 2025, ANI announced that it completed the buyout of its 3.125% perpetual royalty obligation to SWK on worldwide net revenues of ILUVIEN® and YUTIQ® for a one-time payment of $17.25 million. Under the terms of the agreement, upon making the buyout payment, no further royalty is due to SWK on net revenues beginning January 1, 2025, forward. As a result, the Company terminated the RPA effective March 18, 2025.
Previous wording
Cost of sales decreased by $1.2 million, or 55%, to $1.0 million for the six months ended June 30, 2025 compared to the same period the prior year. This decrease was primarily due to lower product sales.
Current wording
Cost of sales decreased by $1.2 million, or 42%, to $1.7 million for the nine months ended September 30, 2025 compared to the same period the prior year. This decrease was primarily due to lower product sales.
Previous wording
The following table summarizes our research and development expenses for the six months ended June 30, 2025 and 2024:
Current wording
The following table summarizes our research and development expenses for the nine months ended September 30, 2025 and 2024:
Previous wording
Sales and marketing expenses remained consistent and were immaterial, for the six months ended June 30, 2025 compared to the same period the prior year.
Current wording
Sales and marketing expenses remained consistent and were immaterial, for the nine months ended September 30, 2025 compared to the same period the prior year.
Previous wording
General and administrative expenses decreased by $0.9 million, or 7%, to $11.9 million for the three months ended June 30, 2025 compared to the same period the prior year. This decrease was primarily attributable to lower personnel costs driven by non-cash stock compensation.
Current wording
General and administrative expenses increased by $0.5 million, or 1%, to $40.2 million for the nine months ended September 30, 2025 compared to the same period the prior year. This increase was primarily attributable to an increase in our contingent liability, offset by lower personnel costs, including lower non-cash stock compensation.
Previous wording
Interest income from investments in marketable securities and institutional money market funds decreased by $1.2 million, or 16%, to $6.5 million for the six months ended June 30, 2025 compared to the same period the prior year. This decrease was driven by lower cash available for investment in marketable securities and general decrease in market interest rates.
Current wording
Interest income from investments in marketable securities and institutional money market funds decreased by $2.3 million, or 21%, to $8.8 million for the nine months ended September 30, 2025 compared to the same period the prior year. This decrease was driven by lower cash available for investment in marketable securities and general decrease in market interest rates.
Previous wording
We have had a history of operating losses and an absence of significant recurring cash inflows from revenue, and at June 30, 2025 we had a total accumulated deficit of $977.6 million. Our operations have been financed primarily from sales of our equity securities, issuance of debt and a combination of license fees, milestone payments, royalty income and other fees received from collaboration partners.
Current wording
We have had a history of operating losses and an absence of significant recurring cash inflows from revenue, and at September 30, 2025 we had a total accumulated deficit of $1,037.4 million. Our operations have been financed primarily from sales of our equity securities, issuance of debt and a combination of license fees, milestone payments, royalty income and other fees received from collaboration partners.
Previous wording
In August 2020, the Company entered into an at-the-market facility (the ATM Facility) with Cantor Fitzgerald& Co (Cantor). Pursuant to the ATM Facility, the Company may, at its option, offer and sell shares of its common stock from time to time, through or to Cantor, acting as sales agent. The Company will pay Cantor a commission of 3.0% of the gross proceeds from any future sales of such shares. During the three months ended June 30, 2025 and 2024, we did not sell any shares of our common stock under our ATM offering facility.
Current wording
In August 2020, the Company entered into an at-the-market facility (the ATM Facility) with Cantor Fitzgerald & Co (Cantor). Pursuant to the ATM Facility, the Company may, at its option, offer and sell shares of its common stock from time to time, through or to Cantor, acting as sales agent. The Company will pay Cantor a commission of 3.0% of the gross proceeds from any future sales of such shares.
Previous wording
At June 30, 2025, we had cash, cash equivalents, and investments in marketable securities of $255.7 million. We expect the cash, cash equivalents and investments in marketable securities on June 30, 2025 will enable us to fund operations for the next 12 months and into 2027, beyond the topline data expected in 2026. Due to the difficulty and uncertainty associated with the design and implementation of preclinical studies and clinical trials, we will continue to assess our cash and cash equivalents and future funding requirements. However, there is no assurance that additional funding will be achieved and that we will succeed in our future operations. We expect to continue to incur substantial additional operating losses for at least the next several years as we continue to develop our product candidates and seek marketing approval and, subject to obtaining such approval, the eventual commercialization of our product candidates. If we obtain marketing approval for any of our product candidates, we will incur significant sales, marketing, and manufacturing expenses. We also expect to continue to incur significant costs to comply with corporate governance, internal controls, and similar requirements associated with operating as a public reporting company.
Current wording
At September 30, 2025, we had cash, cash equivalents, and investments in marketable securities of $204.0 million. We expect the cash, cash equivalents and investments in marketable securities on September 30, 2025, along with the net proceeds of approximately $162.1 million received from our October 2025 equity financing will enable the Company to fund operations into the fourth quarter of 2027 beyond anticipated Phase 3 wet AMD topline data for DURAVYU™ in 2026. Due to the difficulty and uncertainty associated with the design and implementation of preclinical studies and clinical trials, we will continue to assess our cash and cash equivalents and future funding requirements. However, there is no assurance that additional funding will be achieved and that we will succeed in our future operations. We expect to continue to incur substantial additional operating losses for at least the next several years as we continue to develop our product candidates and seek marketing approval and, subject to obtaining such approval, the eventual commercialization of our product candidates. If we obtain marketing approval for any of our product candidates, we will incur significant sales, marketing, and manufacturing expenses. We also expect to continue to incur significant costs to comply with corporate governance, internal controls, and similar requirements associated with operating as a public reporting company.
Previous wording
the scope, progress, results, and costs of clinical trials of DURAVYU™, as an investigational sustained delivery intravitreal treatment deploying a bioerodible Durasert E™ insert of vorolanib, a selective and patented TKI targeting wet AMD and DME;
Current wording
the scope, progress, results, and costs of Phase 3 clinical trials of DURAVYU™, as an investigational sustained delivery intravitreal treatment deploying a bioerodible Durasert E™ insert of vorolanib, a selective and patented TKI targeting wet AMD and DME;
Previous wording
the duration, scope, and outcome of the DOJ Subpoena and its impact on our financial condition, results of operations, or cash flows;
Current wording
the duration, scope, and outcome of the DOJ Subpoena and its impact on our financial condition, results of operations, or cash flows, including results of our ongoing discussions with the government regarding a negotiated settlement of the matter;
Previous wording
Operating cash outflows for the six months ended June 30, 2025 totaled $115.7 million primarily due to our net loss of $104.6 million reduced by $12.7 million of non-cash expenses, which included $14.7 million of stock-based compensation, partially offset by $2.9 million for amortization of discount on available for sale of marketable securities. We incurred cash outflows related to changes in working capital of $23.8 million, which included $28.6 million of deferred revenue related to the agreement to license YUTIQ® product rights to ANI offset by $4.8 million in other working capital adjustments.
Current wording
Operating cash outflows for the nine months ended September 30, 2025 totaled $175.1 million primarily due to our net loss of $164.4 million reduced by $18.8 million of non-cash expenses, which included $21.1 million of stock-based compensation, partially offset by $3.9 million for amortization of discount on available for sale of marketable securities. We incurred cash outflows related to changes in working capital of $29.5 million, which included $28.6 million of deferred revenue related to the agreement to license YUTIQ® product rights to ANI offset by $0.8 million in other working capital adjustments.
Previous wording
Operating cash outflows for the six months ended June 30, 2024 totaled $51.4 million primarily due to our net loss of $60.1 million reduced by $19.8 million of non-cash expenses, which included $21.4 million of stock-based compensation, partially offset by $2.3 million for amortization of discount on available for sale of marketable securities. This was further offset by changes in working capital of $11.0 million, including $14.3 million of deferred revenue related to the agreement to license YUTIQ® product rights to Alimera.
Current wording
Operating cash outflows for the nine months ended September 30, 2024 totaled $90.4 million primarily due to our net loss of $89.5 million reduced by $25.8 million of non-cash expenses, which included $28.8 million of stock-based compensation, partially offset by $4.1 million for amortization of discount on available for sale of marketable securities. We incurred cash outflows related to changes in working capital of $26.7 million, including $22.1 million of deferred revenue related to the agreement to license YUTIQ® product rights to ANI.
Previous wording
For the six months ended June 30, 2025, $89.4 million of net cash was provided by the sales of marketable securities, and $1.5 million was used for the purchase of property and equipment.
Current wording
For the nine months ended September 30, 2025, $145.5 million of net cash was provided by investing activities from the sales of marketable securities, offset by $2.3 million used for the purchase of property and equipment.
Previous wording
For the six months ended June 30, 2024, $137.5 million of net cash was used for the purchase of marketable securities, and $2.1 million was used for the purchase of property and equipment.
Current wording
For the nine months ended September 30, 2024, $119.7 million of net cash was used in investing activities from the purchase of marketable securities, and $3.7 million was used for the purchase of property and equipment.
Previous wording
Net cash used in financing activities for the six months ended June 30, 2025 totaled $0.7 million and consisted mainly of the following:
Current wording
Net cash provided by financing activities for the nine months ended September 30, 2025 totaled $6.7 million and consisted mainly of the following:
Previous wording
$5.2 million from the exercise of stock options
Current wording
$1.8 million from the exercise of stock options; and
Previous wording
$4.7 million used for the settlement of stock units and payment of equity issue costs
Current wording
$1.7 million used for the settlement of stock units and payment of equity issue costs
Previous wording
Net cash provided by financing activities for the six months ended June 30, 2024 totaled $0.4 million and consisted of the following:
Current wording
Net cash provided by financing activities for the nine months ended September 30, 2024 totaled $12.3 million and consisted of the following:
Previous wording
$0.9 million provided by the exercise of stock options
Current wording
$5.4 million from the exercise of stock options; and
Previous wording
$0.3 million used for payment of equity issue costs
Current wording
$4.8 million used for the settlement of stock units and payment of equity issue costs
Rearranged current paragraphs (2)
Current report — wording carried from elsewhere
our expectations regarding the timing and outcome of our ongoing and planned clinical trials for DURAVYU™ for the treatment of wet AMD and DME;
Current report — wording carried from elsewhere
Research and development expenses increased by $72.3 million, or 81%, to $161.8 million for the nine months ended September 30, 2025 compared to the same period the prior year. This increase was primarily attributable to ongoing DURAVYU™ Phase 3 clinical trials (LUGANO and LUCIA) for wet AMD. We anticipate R&D expenses will continue at similar levels in future periods due to our ongoing Phase 3 clinical trials and scale-up of the Northbridge commercial manufacturing facility.
Rearranged previous paragraphs (2)
Previous report — wording carried elsewhere
the potential impact of disruptions at the FDA, including due to a reduction in the FDA’s workforce and/or inadequate funding for the FDA, on our business;
Previous report — wording carried elsewhere
$1.2 million used for the settlement of stock units to satisfy statutory tax withholding