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EYPT EyePoint Pharmaceuticals

Participants
George Elston Chief Financial Officer
Nancy Lurker President and CEO
Jay Duker Chief Strategic Scientific Officer
Scott Jones Chief Commercial Officer
Dario Paggiarino Senior Vice President and CMO
Andrew D'Silva B. Riley
Call transcript
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Operator

Good morning. My name is Bridget, and I’ll be your conference operator today. At this time, I would like to welcome everyone to the EyePoint Pharmaceuticals Third Quarter 2020 Financial Results Conference Call. There will be a question-and-answer session to follow at the completion of the prepared remarks. Please be advised that this call is being recorded at the company’s request. to Officer call of like Elston, to now Financial Chief EyePoint would turn over the George I Pharmaceuticals.

George Elston

Jones, Duker quarter discuss Thank for will you, Chief me Scientific Executive on Nancy Pharmaceuticals today to and Lurker, developments. Chief Strategic Dr. Officer; recent joining all begin corporate EYP-XXXX a for with results. results recent on Scott third our comment of EyePoint Chief discuss us Commercial commercial will on is review then Officer; and the on recent and activities. XXXX Officer. today’s conference will With thank third commentary made will corporate financial XXXX developments financial pipeline you I updates, Dr. President Duker, Scott and Nancy call with quarter close and progress Jay

We where open www.eyepointpharma.com. as press Paggiarino, Medical commercial questions operational issued morning, A call on we Dr. developments. the well and for Vice tab we release will Officer. website, President will your Dario the up the Investor financial results, by found Chief detailing our in of be and this Relations Senior joined corporate then can as the Earlier release copy be a

clinical Form matters prospects. developments of and projections the XXXX. only. these timelines, regulatory various our with financial views on SEC forward-looking expectations, of discussed and Private factors, remind Litigation important Before for may including today potential today represent with as statements other results and result the our and future on the our remarks include statements of Actual recent XX-K, constitute products Harbor that and differ Reform as a the begin in future. from section the Safe you in forward-looking success statements candidates, Act purposes in may forward-looking SEC Factors most formal we product which Securities make comments, filings These the is our about report file the Any those we our under I’ll our we provisions statements by annual various that will and of make of those the materially plans indicated Risk of

Lurker, as these While we future, forward-looking so on our disclaim views to even date the at views to Officer today. Pharmaceuticals. statements the representing point in will Chief EyePoint update to Executive turn some any our elect of we now Nancy these subsequent forward-looking statements President specifically as of change. rely I should call you do over any and may obligation to if not Therefore,

Nancy Lurker

due quarter saw increase modest. is the DEXYCU in country Customer XXXX. everyone, Thank X% business a to never joining revenue the more pandemic on YUTIQ make happen, our is of fully quarter growth do second quarter March by key We driven decline experienced and XXXX. you, that and within work YUTIQ caused DEXYCU an following to the there the national quarter fully have get a demand demand by us. for by while our pandemic return as I’m hard George. is to and trajectory second morning, significant the note, since Good not accelerating that despite recognize the the back results that commercial COVID-XX for Customer up events. third over for open. pandemic lockdown constraints to to the of customer over demand safety we’re over third We progress so demand up COVID-XX, significant thank made over quarter country in XXX% still is second customer for in third Of being quarter in you encouraged operating quarter-over-quarter a for working evidenced

lead to over more integrated than in We signed has ImprimisRX ambulatory which the should which quarters. with an August force and important doubled contracts coming healthcare field alliance for with for new increased in commercial have centers DEXYCU. agreement orders surgery the multiple DEXYCU calling added ASCs physicians We networks on

a quarters efforts begin roll impact as to over order this ASC positive training coming and the having field volume out. expect We

force South We to expanded other license began jurisdictions course have Therapeutics expanded XX for August uveitis. DEXYCU across on specialists our also and physicians YUTIQ from addition and the calling treat XXXX posterior to segment uveitis YUTIQ Ocumension with agreement Southeast Korea field In of and our to XX over include retinal Asia. also in we who

with completed for we for toxicology and early degeneration our Phase studies our this have amendment. covenant or goal on CRG wet for later GLP year macular with wet agreement our product no IND charges XXXX waive of We amended the track to net filing revenue incremental revenue remain We covenant with candidate AMD in net in starting age-related XXXX XXXX. lower with EYP-XXXX, loan lead and product our connection additional our the this development X our

and part the ATM stock cash increase and $XX.X burn XXXX of existing to as by an investor approximately was manage million by $X totaled increase institutional in continue and cash driven of an position. through The biotech facility XX, equivalents established cash We our equity our in to purchase cash million. October common of

commercial our to pandemic progress work of challenges on am operational I made While business. we pleased the and we've the have pipeline more despite COVID-XX the do, with

capital to working EYP-XXXX diligently on these are revenues, continue ensure the ensure have cash, objectives. and that forward to we our to drive manage execute we move We

product encouraging million very our as $X.X These YUTIQ customer underlying for specifically underlying driven are results including approaching net million the third demand, pandemic DEXYCU. total $X.X pre-COVID-XX revenue is million sequential customer quarterly demand performance, to $X.X Turning of million and of for we reported in by levels. increase with net quarter positive revenues $XX.X

health valued ocular to COVID-XX and products. are we safety our appropriate to much cases on monitoring guidelines providing while needed access our to person with when virtually We U.S. continuing and actively across ensure are call customers, complying in the and

the recent enabling the preclinical developed quarter anti-VEGF first our human for available of including to plan fourth FDA is IND potential before global initial IND the XXXX, delivery, that intravitreal We billion for study completion quarter EYP-XXXX toxicology being on retinal our represents assuming our of advance continued first treatment schedule. our IND wet GLP AMD Turning to next year. data patient into has potentially to allows sustained potential disease our pipeline, EYP-XXXX in a in year-end R&D dose our of with $XX.X market. anti-VEGF and team our six-month other file the programs with expansion the

the lives. need about avoid injections to for treatments of potential We’re for as for the frequent, excited rest there their extended a monthly patients eye significant for is very EYP-XXXX often

South to focused and our to both additional royalties August jurisdictions as name Asia. own cash with managing exclusive sheet milestones, their balance remaining payment on but of YUTIQ remain expanded position. we sales and our for and in Korea agreement the Finally, Under In rights agreements commercialize in million and Southeast received for DEXYCU license our Therapeutics under across EyePoint. markets based payable payment Asia on a and future we with $X.X we include Ocumension all brand one-time still products extended Ocumension from other the full final by

the company. to resulting existing in debt net continue work amend partner who month covenant our the the with seen $XX our reduction the quarter, trends additional were the with belief waiver our XXXX CRG, promising on we year this to product December very Ocumension product in facility our customers We continued without products to the part of charges to the a We’re Asian innovative demand our XX, our bring able on $XX at of for support of in markets. Based products. revenue happy XXXX to to for from period CRG revenue a our outlook the support XXth ending million fiscal partners and covenant net million appreciate

manner. turn EYP-XXXX our Scientific lead initiatives. an candidate operate call development a now to of Duker, As to our XXXX, plan provide as other on we YUTIQ we driving update Officer to DEXYCU advancing Chief of remain development end cost a focused and while continuing well I'll Jay? EYP-XXXX, and over as on approach revenues efficient our Strategic the Dr. Jay challenging the pipeline in longest

Jay Duker

Thank you, to Nancy and good all. morning

observed There potential is for This medications, of six-month a ocular the FDA for blindness. Following the intravitreal technology anti-VEGF need IND working debilitating a leading relatively being wet burden approved currently treatment sustained decreased filing is providers intravitreal action the system. molecule GLP our completion Drug vorolanib and in has combines wet typically the Administration an preclinical trials two team an orally in a of the as prematurely EYP-XXXX AMD. AMD and duration progressive to after actively kinase placebo. an our Wet significant A anti-VEGF months AMD between Phase several from efficacy an disease to in is short and two with burden hepatobiliary despite and and anti-VEGF did of completing advanced with families, prior places injection signals. demonstrated EYP-XXXX of that an short of of oral this action gastrointestinal cause a compared vorolanib the medications. bioerodible in Durasert one the Food the due portion weeks. of toxicology of a replace Data enormous note U.S. duration patients trial signals therapies longer-lasting of remains injection a inhibitor X prior to as oral coming another patients, is in initiation application and as healthcare study anti-VEGF on tyrosine approved toxicity time though was group I each longer first human screening therapy. require treatment and not delivered to small Vorolanib stopped on therapy. trial will established dose

safety systemic products the with being key for of drug locally We approximately initiating We days, study ocular be forward that have of subfield central approved posterior technology patient thickness, wet The dose and or X new with secondary to to study anticipate questions, future. safety rescue the vorolanib previously pursuing rapidly these primary potential EYP-XXXX significant we results a the be anti-VEGF and previous for has escalating believe of IND responsive activity visual measures potential Phase be readout. were option study Durasert We need the order label, in initiate will allowance no its end-point even open AMD enormously acuity, shown administered of that X physicians safety adverse FDA, this vorolanib the levels FDA the with anti-VEGF and construct also and this and Upon beneficial important the dose diabetic associated has of the months, including data thousands issues no observed patients via bioerodible by of zero improve treatments. time promising approved XXXX. Patients to four an dosing for the plan one corrected anti-VEGF point EYP-XXXX XX observed. the with comparable obstruction EYP-XXXX during for treatment disruptive retinopathy treatment kinetics best no oral to without our weeks non-erodible believe therapy. anti-VEGF in in demonstrated medications. has Preclinical of then XX placing anti-VEGF the from construct. in EYP-XXXX six-month Durasert wet of no and YUTIQ in utility deliver bioerodible for Phase the the its at trial. dosed assuming the look has will our AMD. ophthalmic toxicities XX serious However, early using and one to four observed patients could injection the be of last for we events segment followed retinal injections the or the studies their typically to will first were delivery own and by eye vein our to patients EYP-XXXX sustained two of long-term into after with sustained-release and excipients trial oral FDA

Jones, advance pipeline we potential Scott along forward for are clinic and as clinic. and turn using these the YUTIQ at into Commercial other looking will with initiatives the over the progress them to into initiatives we forward our the keeping our I look on and expansion you additional assessing Chief call updated Scott? Officer are Durasert technology commercial technology product pipeline update. we to opportunities We pathways to For licensing. XX in now

Scott Jones

Nancy and both quarter made allowing These beginning Thank ongoing successful including our encouraging you, facilities Jay. of comments the YUTIQ ASH larger the well And echo the demand result factors during call let me and operations, product the customer at efforts trends DEXYCU. for trends initiatives. many thus names, are on more our a treatments more education with as healthcare of first patients contracting resuming more as

Customer uveitis increased of the for XXX non-infectious period. in demand the the YUTIQ units to chronic affecting by approximately eye. units QX Let QX for XXX driven me patient office posterior begin in in segment YUTIQ with visits was approximately compared

efforts we the especially reach commercial in-person expand Our the COVID-XX YUTIQ virtual and the worked advantages YUTIQ include on during continue our to market. retinal of disease engagements focusing long-acting to into pandemic as

In providing the during continues visits reduce the and potentially a YUTIQ can patient pandemic. COVID-XX benefit to control, to addition office steady consistent frequency anti-inflammatory during be treatment, of which

to team in seek AAO medical meetings opportunities highlight including upcoming the affairs continues medical YUTIQ Our Meeting. to Virtual

extended therapeutic now YOUTIQ Let injection. units DEXYCU as to discussed to operative cataract demand duration single over the in to units turn physicians approximately a for Customer from treating also XXXX with me for was QX The compared advantages up inflammation QX have DEXYCU’s surgery. in DEXYCU treatment apply DEXYCU XXXX post following COVID-XX QX. to significantly and appreciated approximately

to of secured integrated a to ASCs for patients. bring and networks expand chain access large additional their patients. We DEXYCU ASC ASCs execute goal and with securing Vantage volume-based to agreements We recently more our and healthcare with to contracts continued have Outsourcing on and agreements DEXYCU

Additional and new EyePoint as DEXYCU team have commercialization in will agreements progress months. we inside the self DEXYCU sales to their ImprimisRX and are help established new DEXECU customers ImpromisRX in resulted and are We ideal ophthalmologists, in to ImprimisRX burdensome drop forward pricing, to as market retain drive the now with agreement continues was third expand coming leverage we manufacturing an their partner and signed co-promotion ongoing engaged internal from note is existing to marking entirely cataract focus and in and as the these to was develop from specialist to product team September. with contracting. through leveraging will the priority hospitals infrastructure existing training on relationships EyePoint quarter and Together believe August their steroid able our and we the sales transition DEXYCU the virtually in-person ASCs. top teams with nearly have responsibility is conversations of negotiations for to I a along product regimen. marketing DEXYCU trials. eye initially and the

ImprimisRx beginning on demand in see to quarter lives. commercial impact expect We fourth an customer the the from

of surrounding the COVID-XX encouraged improving for easing While third regions we sustained of continued for products quarter, both and procedures. in U.S. demand depend pandemic during are these by the the customer will restrictions on growth the various patients return

of periods, pandemic demand quarter. is we revenue the governmental and it the trajectory the to from difficult trends Given unclear but optimistic response, project and customer for third coming on the are

and third thank continue We like I will turn products commercial efforts their to George? I dedication to recognize efforts the review when our virtually this will and forward move to able bring for in to over would and patients our call our in market. to quarter organization need. changing financials. challenging in-person the to George and now

George Elston

you, Thank Scott.

were will XXXX quarter. high-level ended today As comments was XX, morning, this September release I issued in for focus and the a on results my months the three the included overview press for months that nine financial the

as $XX.X XXXX XX, For $X.X was customer and for and in $XX.X Operating EyePoint’s XXXX driven revenue year product XX, XX, million loss in XXXX the XXXX year ended million ended the driven million three for for increase XXXX totaled equivalents net million per three in in XXXX practices ended XXXX distributors. months markets cost of increase from This $X.X that $X.X product purchases additional the three was collaborations million September corresponding XXXX. purchased million period. ended for was the This XX, the quarter by revenue September Non-operating $X.X XX, of $X.X for the the to for total $X.XX XX, by product totaled to September $X.X $X.X a XX, note XXXX, generated million compared $XX.X versus XXXX primarily three XX, net R&D ended revenue Net months from by marketing ended Asia. net for product to G&A a by compared demand XXXX EyePoint offset payments months three months compared expenses expense and DEXYCU. the for licenses, at for million loss cash September Please being were expense, $X.XX reduction months net a October million sales, ASCs in million Cash the was product million and $X.X ended to distributors a was million revenue royalties with net associated a the or September million months of $X.X revenue September at net represents expense represents $XX.X million million months in the per the with or sales XX, YOUTIQ September agreement increase for share with XX, prior Ocumension at and of totaled million by license Compared expense, months to DEXYCU. in September increase in and three expansion expense. December $XX.X or net XXXX. million million our share $XX.X the for interest ended of physician and product September by million of three net prior quarter. $X.X $X.X XX, $XX.X $X.X million $X compared three

fund hand XXXX. sales, transactions licensing and inflows DEXYCU We the financing and operating projected into company's anticipated YUTIQ anticipated and expect additional with can that collaboration on research our along plan cash cash from product activities

the Phase for initiation X of of the current and the enable the of U.S., achieve the including can management IND FDA the with to some careful study. various our important assumptions in across COVID-XX of for EYP-XXXX regions us cash extent our catalysts filing the the Given closures related

including technologies. delivery of and for the to call ex-US evaluate our opportunities products We the pursue commercial I'll for over and continue non-dilutive out-licensing to now turn capital, questions. operator sources

Operator

first from Instruction] HC line Our comes the with [Operator question Raghuram Wainwright. Selvaraju of

open. line Your is

Unidentified Analyst

on Ram. prepared morning. was Thanks wondering firstly, remain the [indiscernible] taking ambulatory surgical are resurging good during open is for This for to well Hi, centers questions. I my pandemic?

Nancy Lurker

And cautious start are, being that’s what’s of spend we should this we they we terms softening. though all predict say Yes, to very a to resurgence good our during how capital a question. we very will going are prepared and happen see that I be to in can't

Unidentified Analyst

alliance company with regarding telemedicine product seeing considering And commercial their expansion prominently marketing is I your this platform? you are Okay. was the ImprimisRx, an reach of wondering initial

Nancy Lurker

Yes, good company know the actually, you well, very question.

We have we are tele than field new ambulatory and trained them surgical time does our reimbursement. office, for for surgery the and the representatives, both doubled have more force. detail the to It sales it in-person take the then is centers, get whether educate submit suite get or

starting So productivity to though. team sales really see will now to we that you always that, quarters. see won't we the kick for have ImprimisRX orders in that from are coming in said, I two three say

Unidentified Analyst

All very questions. Thanks right, encouraging. my that’s for taking

Nancy Lurker

You're welcome.

Operator

Instructions] Andrew with question Our D'Silva of [Operator Riley. line B. comes the next from

is Your line open.

Andrew D'Silva

taking questions. good morning. for Hi, you Thank my

relative a curious to DEXYCU, if that start, to of believe a while injection centers And where you you just just and what do including being standpoint to the that of on just you initiatives know can the someone that are for established? handshaking? the expansion? starting just standpoint And front, stock-based potential are physician And reimbursement then or some on the start are ones utilization if proper where related system from the are a actually all a that’s selling to to that’s the let just ubiquitously expected just And monetization couple I’m product? specific more you So we the now, comp dynamics keeping on get then quarter? agitation quick answer, product then, pulled, gap pass-through couple book regulatory a that could were and to CapEx bridge

Nancy Lurker

Andy, thank that’s a lot you. of questions, but

all up them got I've George CapEx options. and is Okay, coming with down, while

call have vortex. and we one our what we got which you pertained So question

into the it’s pre-supplied listeners separate it to is well ultrasound shake an those on seconds shake takes offices, DEXYCU XX and call, of yes. our it for answer suspension the vial, So, administer it, five now as the is to one so in all opposed bit. It you shaken. having actually put in -- of to, does the before it no, We've to is that spinner it for which important you opposed seconds a because automatic as

by now shaker ultrasound just hitting five for consistent get suspension that about seconds. You

is is answer the yes, So, helping that lot. a

So with we’re that. pleased

but not thing The a also it, better easier so that second the we've implemented that but thing few out and when ASCs, only is it they and talked things are confident administer it that, for other is, also, they a we've the gone have of second do delivery we've also offices make to technique. much is correct, the we about

well, called have delivery addressed and so got we’ve -- injected was it anterior chamber to now are right little this the posterior sure it caused it eye. tiny, and patient is as though -- was getting it fully efficient a the explain very confident we popping when had We it why to it way. right behind out eye that problems, the they ability the in Sometimes the technique you seeing any their a make the pearl, suspended of we're at still of bottom never now to

turn questions making the injection extended to over and commercial As pass-through that code, Scott, pass-through, I'm going for He get leading getting an the is to sure officer. try our regulatory efforts. chief to we those those

Scott Jones

question. Good morning, thanks the for

could code this the of in fee deadline that included this. injection for stimulus early public professional code, together based in application which the process So, Related and code upcoming be there the XXXX or pass-through give seamless to We before, to is on either XXXX still next. we’re an in would happen do heard does our XXXX. have, one in injection waiting. are but with think extend expectation be working the an pass-through on health Those on of probably we actively package the the have We bills the would legislation year hope putting that emergency. you if for are I this they meeting authority existing the

we’re again, So and shortly. going the right process following we now through that that’s that will be

Andrew D'Silva

you finalize you. happen stock the quarter? third CapEx comp to numbers George did and based for Thank

George Elston

Yes, in largely our is with million tight think, Andy, here think I We’ve $X under to in Q year-to-date. capital is stock-based spending a year-to-date, that both is rough non-cash our on we’ll so YUTIQ file I that’s driven our expanded XXXX. tomorrow, very and investment GMP the terms And $XXX,XXX and but manufacture been facility around then comp Watertown item.

Andrew D'Silva

Okay, that’s us perfect, around thank you. is more revenue bit from me. give And just at a or least little quick just [indiscernible]. color a commission ones or what's couple more around share Can with talk you the

time you XX%, I was and you it down mentioned in the think help modeling? narrow quite be a between useful bit that XX% would little could it last if

Nancy Lurker

we’re we confidential that Andy, agreement. certainly disclose can’t liberty Yes, to not at with and that. disclose That’s Imprimis’ our

would the to we’re is that a for it But at disclose market So continue you not let rate me going just that. stress, see deal. to

make to that the want we not they up. ramping product incentivize are we We’re overpaying, but sell that also sure and to them

Andrew D'Silva

to question Okay, is just last and YUTIQ. related

you and it have demand with at may is stocking inventory now out levels if very stand-point. give So playing year color how a nearing seeing you the that point? choppy around can we’re And mentioned see you what any much. bit this You from thank customer just additional other a this Is those little dynamics? with can connection

Nancy Lurker

question. good Yes,

more saw equilibrium that We an reached we have gyrations year. last not the and seeing we’re of any definitely

the delay, that and between channel, what ordered demand as alignment by very confident come ultimately you’re now there’s we’re we’re what channel, orders seeing through and what recorded in when the distribution seeing, between revenues. distribution flows a gets how consistent then that gets that’s a the again So but

right any So those customer see two, that also now we disclosing which would why would we’re now, not expect demand. is I choppiness between

by substantially I you don't to you like, because But what’s the the quarter just look the what’s and that through and has distribution take on whack that what’s between changing. as said, is to want that’s have see goes say customer which orders lag demand the I a the caution gap we coming again, distribution narrowed channel Now everyone, going channel. multiply can't in in and a and

Andrew D'Silva

Okay, you closing questions at of wonderful for year. my the thank and out and very luck taking best much

Nancy Lurker

you. Thank

Operator

and remarks. back questions, I’m further over so now the you any showing to CEO closing Nancy Lurker, I’ll Thank not turn call for

Nancy Lurker

time to continue thank hard we I additional manage everyone cash Yes, the and we to for want to continue taking working that to are our need we very ensure you draw the stress listen. to to that cash in. that minimize

forward We’re that and tight pipeline that our sure ability in remain conscious milestones of much into while Thank revenues fact very, you management. highly we very want look going we’re our driving to we’re cash hit advancing to very the continued We make to confident and discussions. our XXXX.

Operator

great program. and Ladies gentlemen, a day. this have Everyone does conclude the Thank you for participating.