EyePoint, Inc.
EYPT · Laboratory Analytical Instruments · 83.8M shares · +25%/yr ↑ shares · EDGAR filings ↗
Reference price $15.00 · est. market cap ~$1.3B — last insider sale, 2026-04-17 (estimated from the dated SEC Form 4 price × shares outstanding — not a live quote)
Grade
D46Clinical-stage retinal-disease company riding on binary Phase 3 readouts for DURAVYU, with a large cash pile but extreme burn and mixed pipeline data.
Strengths
- Strong liquidity cushion: cash $306M, current ratio 8.9 (87th pct); positive Phase 2 VERONA (DME) and DAVIO-2 wet-AMD durability data
- Wet-AMD Phase 3 enrollment complete with topline data expected mid-2026
Risks
- Severe burn: FCF -$243M (5th pct), net/operating margins ~-7.5 (10th pct), ~5-quarter runway (25th pct)
- Multiple negative non-core readouts (NPDR DRSS misses, mixed glaucoma) and an ongoing DOJ investigation; value hinges on unread Phase 3 results
Notable findings
- Exec changeRecent 8-K item 5.02 8-K ↗
- Net lossNet loss (net margin -739.4%)
- Cash burnNegative free cash flow (-243.4M)
- Fund exitedNotable fund(s) exited this quarter: VANGUARD GROUP INC
- Trial resultTrial topline data reported — see 8-K for outcome 8-K ↗
- Insider sellingInsider selling — 4 open-market sale(s) by 1 insider(s) (~$844,001, last 6mo) Form 4 ↗
- Trial readout soonUpcoming trial readout ~2026-08 — PHASE3 · Wet Age Related Macular Degeneration
- Notable holderHeld by 5 notable fund(s): STATE STREET CORP, CITADEL ADVISORS LLC, GOLDMAN SACHS GROUP INC +2 more (as of 2026-03-31)
Quarterly revenue
Last 4 quarters · from SEC filings.
Key metrics
Operating margin
-776.0%
Net margin
-739.4%
Return on equity
-75.8%
Return on assets
-63.7%
Revenue growth (QoQ)
12.3%
Current ratio
8.9×
Free cash flow
-$243M
EBITDA
-$241M
Tangible book value
$306M
Cash & investments
$306M
Cash runway
5q
Stock comp / revenue
88.8%
Insider transactions · last 18 months
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| 2026-05-25 | Elston George | Option exercise | 7.5K | — |
| 2026-05-25 | Elston George | Tax withheld | 3.6K | $12.93 |
| 2026-04-17 | Ribeiro Ramiro | Option exercise | 2.4K | $8.26 |
| 2026-04-17 | Ribeiro Ramiro | Sell | 2.4K | $15.00 |
| 2026-03-23 | Duker Jay S. | Other | 77K | $13.11 |
| 2026-03-23 | Duker Jay S. | Other | 77K | $13.11 |
| 2026-03-16 | Duker Jay S. | Buy | 1.5K | $13.15 |
| 2026-03-04 | Ribeiro Ramiro | Option exercise | 2.4K | $8.26 |
| 2026-03-04 | Ribeiro Ramiro | Sell | 2.4K | $17.87 |
| 2026-03-02 | Elston George | Gift | 5.0K | — |
| 2026-03-02 | Elston George | Gift | 5.0K | — |
| 2026-02-17 | Ribeiro Ramiro | Option exercise | 2.4K | $8.26 |
| 2026-02-17 | Ribeiro Ramiro | Sell | 2.4K | $15.00 |
| 2026-01-06 | Duker Jay S. | Tax withheld | 10K | $16.86 |
| 2026-01-06 | Duker Jay S. | Option exercise | 21K | — |
| 2026-01-06 | Lurker Nancy | Option exercise | 75K | — |
| 2026-01-06 | Elston George | Option exercise | 15K | — |
| 2026-01-06 | Elston George | Tax withheld | 4.5K | $16.86 |
| 2026-01-05 | Elston George | Tax withheld | 4.4K | $17.43 |
| 2026-01-05 | Duker Jay S. | Option exercise | 30K | — |
| 2026-01-05 | Duker Jay S. | Tax withheld | 15K | $17.43 |
| 2026-01-05 | Lurker Nancy | Option exercise | 13K | — |
| 2026-01-05 | Ribeiro Ramiro | Sell | 43K | $17.10 |
| 2026-01-05 | Elston George | Option exercise | 15K | — |
| 2026-01-05 | Ribeiro Ramiro | Option exercise | 29K | $8.26 |
| 2026-01-03 | Elston George | Option exercise | 20K | — |
| 2026-01-03 | Duker Jay S. | Tax withheld | 23K | $17.48 |
| 2026-01-03 | Elston George | Tax withheld | 6.3K | $17.48 |
| 2026-01-03 | Ribeiro Ramiro | Option exercise | 20K | — |
| 2026-01-03 | Ribeiro Ramiro | Tax withheld | 6.4K | $17.48 |
| 2026-01-03 | Duker Jay S. | Option exercise | 65K | — |
| 2025-12-19 | Elston George | Gift | 5.0K | — |
| 2025-12-19 | Elston George | Gift | 5.0K | — |
| 2025-12-04 | Cormorant Asset Management, LP | Sell | 60K | $15.70 |
| 2025-12-04 | Lurker Nancy | Sell | 9.3K | $15.11 |
| 2025-11-28 | Lurker Nancy | Sell | 500 | $14.95 |
| 2025-11-26 | Lurker Nancy | Sell | 200 | $14.95 |
| 2025-11-11 | Ribeiro Ramiro | Sell | 2.7K | $11.61 |
| 2025-09-19 | Elston George | Gift | 20K | — |
| 2025-09-19 | Elston George | Gift | 20K | — |
| 2025-07-11 | Zaderej Karen L. | Option exercise | 2.0K | — |
| 2025-07-10 | Duker Jay S. | Tax withheld | 7.7K | $11.06 |
| 2025-07-10 | Lurker Nancy | Option exercise | 11K | — |
| 2025-07-10 | Duker Jay S. | Option exercise | 17K | — |
| 2025-06-23 | Duker Jay S. | Other | 57K | $8.21 |
| 2025-05-25 | Elston George | Option exercise | 7.5K | — |
| 2025-05-25 | Elston George | Tax withheld | 2.2K | $5.68 |
| 2025-05-19 | Zaderej Karen L. | Buy | 5.0K | $5.99 |
| 2025-05-16 | Zaderej Karen L. | Buy | 5.0K | $5.81 |
| 2025-05-15 | Zaderej Karen L. | Buy | 5.0K | $5.47 |
| 2025-05-14 | Zaderej Karen L. | Buy | 5.0K | $5.42 |
| 2025-03-19 | Duker Jay S. | Other | 20K | $6.16 |
| 2025-02-09 | Elston George | Option exercise | 5.8K | — |
| 2025-02-09 | Lurker Nancy | Option exercise | 20K | — |
| 2025-02-09 | Duker Jay S. | Option exercise | 7.0K | — |
| 2025-02-09 | Duker Jay S. | Tax withheld | 2.1K | $6.50 |
| 2025-01-06 | Duker Jay S. | Tax withheld | 6.1K | $8.68 |
| 2025-01-06 | Elston George | Option exercise | 15K | — |
| 2025-01-06 | Elston George | Tax withheld | 4.8K | $8.68 |
| 2025-01-06 | Lurker Nancy | Option exercise | 75K | — |
| 2025-01-06 | Duker Jay S. | Option exercise | 21K | — |
| 2025-01-05 | Elston George | Option exercise | 15K | — |
| 2025-01-05 | Landis John B. | Option exercise | 10K | — |
| 2025-01-05 | Elston George | Tax withheld | 5.3K | $8.26 |
| 2025-01-05 | Duker Jay S. | Option exercise | 30K | — |
| 2025-01-05 | Duker Jay S. | Tax withheld | 10K | $8.26 |
| 2025-01-05 | Lurker Nancy | Option exercise | 13K | — |
All non-derivative Form 4 activity (SEC), newest first.
Clinical trials
| Trial | Title | Phase | Status | Primary completion |
|---|---|---|---|---|
| NCT07449936 ↗ | COMO: A Phase 3 Randomized, Double-Masked Study Comparing the Efficacy of EYP-1901 Against Aflibercept in DME Diabetic Macular Edema, DME | PHASE3 | Recruiting | 2027-10-01 |
| NCT07449923 ↗ | CAPRI: A Phase 3 Randomized, Double-Masked Study Comparing the Efficacy of EYP-1901 Against Aflibercept in DME Diabetic Macular Edema, DME | PHASE3 | Recruiting | 2027-10-01 |
| NCT06683742 ↗ | A 2-year Study of EYP-1901 in Subjects With Wet Age Related Macular Degeneration (wAMD) (LUCIA) Primary Efficacy Will be Determined at Week 56 Wet Age Related Macular Degeneration, wAMD | PHASE3 | Active Not Recruiting | 2026-10-01 |
| NCT06668064 ↗ | A 2-year Study of EYP-1901 in Subjects With Wet Age Related Macular Degeneration (wAMD) (LUGANO) Primary Efficacy Will be Determined at Week 56 Wet Age Related Macular Degeneration, wAMD | PHASE3 | Active Not Recruiting | 2026-08-01 |
| NCT05191706 ↗ | Evaluate the Safety of DEXYCU for the Treatment of Inflammation Following Ocular Surgery for Childhood Cataract Cataract | PHASE4 | Recruiting | 2026-01-01 |
| NCT06099184 ↗ | Study of EYP-1901 in Patients With Diabetic Macular Edema (DME) Diabetic Macular Edema | PHASE2 | Completed | 2024-10-24 |
| NCT05383209 ↗ | Study of EYP-1901 in Patients With Nonproliferative Diabetic Retinopathy (NPDR) Nonproliferative Diabetic Retinopathy | PHASE2 | Completed | 2024-02-12 |
| NCT05381948 ↗ | Study of EYP-1901 in Subjects With Wet Age Related Macular Degeneration (wAMD) Wet Age-related Macular Degeneration | PHASE2 | Completed | 2023-11-29 |
| NCT05550350 ↗ | A Study to Evaluate the Efficacy and Safety of DEXYCU® for the Treatment of Ocular Pain Associated With Cataract Surgery Cataract | PHASE3 | Withdrawn | 2023-09-01 |
| NCT05550363 ↗ | A Study to Evaluate the Efficacy and Safety of DEXYCU® for the Treatment of Ocular Pain Associated With Cataract Surgery (2) Cataract | PHASE3 | Withdrawn | 2023-09-01 |
| NCT05070728 ↗ | Safety and Efficacy of an Injectable Fluocinolone Acetonide Intravitreal (FAI) Insert Uveitis, Uveitis, Posterior | PHASE3 | Terminated | 2023-04-12 |
| NCT04747197 ↗ | First in Human Study to Evaluate the Safety and Tolerability of EYP-1901 in Patients With Wet Age Related Macular Degeneration (wAMD) Wet Age-related Macular Degeneration | PHASE1 | Completed | 2022-05-11 |
| NCT04511650 ↗ | Evaluation of the Safety and Efficacy of Razuprotafib in Hospitalized Subjects With Coronavirus Disease 2019 COVID-19, Acute Respiratory Distress Syndrome (ARDS) | PHASE2 | Terminated | 2021-02-26 |
| NCT04405245 ↗ | Study to Assess the Efficacy, Safety and Tolerability of AKB-9778 Ophthalmic Solution as and Adjunct to Latanoprost in Patients With Ocular Hypertension or Open Angle Glaucoma Ocular Hypertension, Primary Open Angle Glaucoma | PHASE2 | Completed | 2020-11-05 |
| NCT04290676 ↗ | DEXYCU (Dexamethasone Intraocular Suspension) 9% Retrospective Study 001 Cataract | — | Completed | 2020-05-01 |
| NCT02746991 ↗ | Safety and Efficacy Study of a FAI Insert in Subjects With Chronic Non-infectious Posterior Uveitis Posterior Uveitis, Intermediate Uveitis | PHASE3 | Completed | 2019-10-04 |
| NCT03197870 ↗ | The TIME-2b Study: A Study of AKB-9778 (Razuprotafib), a Novel Tie 2 Activator, in Patients With Non-Proliferative Diabetic Retinopathy (NPDR) Nonproliferative Diabetic Retinopathy | PHASE2 | Completed | 2019-01-09 |
| NCT01694186 ↗ | Safety and Efficacy of an Injectable Fluocinolone Acetonide Intravitreal Insert Non-Infectious Uveitis | PHASE3 | Completed | 2018-03-26 |
| NCT02748512 ↗ | Utilization and Safety of the Mk II Inserter and the Safety of the FAI Insert in Non-Infectious Uveitis Non-Infectious Uveitis | PHASE3 | Completed | 2017-08-17 |
Source: ClinicalTrials.gov (U.S. NIH) · active studies first.
Notable events (8-K)
Recent filings
| Form | Filed | Period | Accession |
|---|---|---|---|
| 8-K | 2026-06-22 | 2026-06-18 | 0001193125-26-276688 ↗ |
| 8-K | 2026-05-14 | 2026-05-14 | 0001193125-26-222750 ↗ |
| 10-Q | 2026-05-07 | 2026-03-31 | 0001193125-26-211870 ↗ |
| 8-K | 2026-05-06 | 2026-05-06 | 0001193125-26-207537 ↗ |
| 8-K | 2026-04-13 | 2026-04-13 | 0001193125-26-152852 ↗ |
| 8-K | 2026-03-20 | 2026-03-20 | 0001193125-26-117745 ↗ |
| 10-K | 2026-03-05 | 2025-12-31 | 0001193125-26-093917 ↗ |
| 8-K | 2026-03-04 | 2026-03-04 | 0001193125-26-089856 ↗ |
| 8-K | 2026-03-02 | 2026-02-26 | 0001193125-26-084154 ↗ |
| 8-K | 2026-01-07 | 2026-01-07 | 0001193125-26-005418 ↗ |
| 8-K | 2025-12-08 | 2025-12-08 | 0001193125-25-310731 ↗ |
| 8-K | 2025-11-19 | 2025-11-19 | 0001193125-25-286961 ↗ |