EyePoint Pharmaceuticals, Inc. (EYPT): Business Model Canvas [Dec-2025 Updated]

You're looking at EyePoint Pharmaceuticals, Inc. right at its inflection point, moving from a royalty-dependent structure to a pure-play clinical developer, and honestly, the whole game hinges on the success of its lead asset, DURAVYU. As your former BlackRock analyst, I see a company that spent heavily-think $63.0 million on R&D in Q3 2025 alone-but the October 2025 equity raise bought them a runway past late 2027, giving them breathing room past those crucial 2026 data readouts, with about $366 million in the bank. This Business Model Canvas lays out exactly how EyePoint Pharmaceuticals, Inc. is structuring its operations-from its Durasert E technology to its key partnerships-to make or break this transition; dig in below to see the full nine blocks of their strategy.

EyePoint Pharmaceuticals, Inc. (EYPT) - Canvas Business Model: Key Partnerships

You're looking at the structure EyePoint Pharmaceuticals, Inc. uses to get its products and pipeline assets into the market, which relies heavily on strategic alliances for development and commercial reach.

Equinox Sciences (Betta Pharmaceuticals affiliate) and Vorolanib/DURAVYU

The relationship with Equinox Sciences, LLC, a Betta Pharmaceuticals affiliate, centers on vorolanib, which is the active agent in the investigational product DURAVYU™. EyePoint Pharmaceuticals holds the exclusive rights to develop and commercialize vorolanib for all ophthalmic diseases using its local delivery technologies outside of China, Macao, Hong Kong and Taiwan. Conversely, Betta Pharmaceuticals received exclusive rights for EYP-1901 (DURAVYU™) development and commercialization within that specific Territory.

Alimera Sciences and YUTIQ US Commercial Rights

The agreement with Alimera Sciences, Inc. for U.S. commercial rights to YUTIQ (fluocinolone acetonide intravitreal implant) involved significant upfront and near-term payments to EyePoint Pharmaceuticals. EyePoint received a $75 million up-front cash payment at closing, with an additional $7.5 million paid in equal quarterly installments throughout 2024. Commencing in 2025, EyePoint is set to receive a low to mid double-digit royalty on Alimera's related U.S. net sales of ILUVIEN and YUTIQ, contingent upon those combined net revenues exceeding defined thresholds starting at $70 million for the calendar year 2025, with the threshold increasing annually through 2028.

This partnership structure is detailed below, showing the financial flow related to YUTIQ commercialization:

EyePoint Pharmaceuticals also benefited from a $15.7 million equity investment from Ocumension Therapeutics in January 2021.

Clinical Research Organizations (CROs) and Phase 3 Execution

Global Phase 3 trial execution for DURAVYU™ in wet Age-Related Macular Degeneration (AMD) involved rapid enrollment managed by CROs. Both pivotal wet AMD trials, LUGANO and LUCIA, were fully enrolled as of the third quarter of 2025, involving over 900 patients in total. The company expects to fully enroll the Diabetic Macular Edema (DME) Phase 3 trials (COMO/CAPRI) in the second half of 2026, with first patient dosing anticipated in the first quarter of 2026. The financial structure supporting this R&D spend includes a cash position of $204 million as of September 30, 2025, which, combined with a $162 million net raise in October 2025, is expected to fund operations into the fourth quarter of 2027.

Potential ex-US Commercial Partners for DURAVYU

EyePoint Pharmaceuticals is preparing its Northbridge, Massachusetts commercial manufacturing facility to support global supply upon potential regulatory approval for DURAVYU™. The company presented Phase 3 trial designs at the 25th EURetina Innovation Summit and Congress in September 2025, indicating active engagement with the European market ahead of potential regulatory submissions. No specific ex-US commercial partners for DURAVYU were publicly announced as of late 2025.

EyePoint Pharmaceuticals, Inc. (EYPT) - Canvas Business Model: Key Activities

You're managing a portfolio where clinical execution dictates near-term valuation, so the Key Activities for EyePoint Pharmaceuticals, Inc. center heavily on advancing DURAVYU through late-stage trials and ensuring manufacturing readiness. The company's operational focus in late 2025 is clearly defined by these critical, data-dependent milestones.

Executing Global Phase 3 Clinical Trials (LUGANO/LUCIA) for DURAVYU

EyePoint Pharmaceuticals, Inc. is driving two global Phase 3 pivotal trials, LUGANO and LUCIA, for DURAVYU in wet Age-Related Macular Degeneration (wet AMD). As of the third quarter of 2025, enrollment for both trials is complete, which is a significant operational achievement, representing one of the fastest enrolling pivotal programs for wet AMD to date. This rapid enrollment underscores the enthusiasm within the retina community for a sustained-release option.

The trials are designed to evaluate the efficacy and safety of DURAVYU dosed every six months over a two-year period, comparing it to on-label aflibercept control. The LUGANO trial alone enrolled over 400 patients in approximately seven months. The next major activity is the data readout.

• LUGANO topline data readout is on track for mid-2026.
• LUCIA topline data is expected to follow shortly after LUGANO.
• As of the September 29, 2025, data cutoff, approximately 25% of patients in the DURAVYU arms had received their second planned dose at Week 32.

The company is also advancing its pipeline, which includes EYP-2301, a TIE-2 agonist formulated in Durasert E™. This asset is currently in the preclinical stage. Furthermore, EyePoint Pharmaceuticals, Inc. is initiating its pivotal Phase 3 program for Diabetic Macular Edema (DME), with first patient dosing anticipated in Q1 2026.

Manufacturing Registration Batches at the Northbridge, MA Facility

A core activity involves maintaining the readiness of the commercial manufacturing site. EyePoint Pharmaceuticals, Inc. opened its Current Good Manufacturing Practice (cGMP) facility in Northbridge, Massachusetts, in October 2024. This 40,000 SF facility is built to support global manufacturing across the portfolio, including DURAVYU upon potential regulatory approval. The facility's design includes cleanroom manufacturing achieving ISO-7 classification, ensuring compliance with U.S. FDA and EMA standards.

Securing Regulatory Approvals (FDA/EMA) for DURAVYU

Securing regulatory clearance is the ultimate near-term goal tied to the Phase 3 data. DURAVYU is currently an investigational product and has not been approved by the FDA. The proprietary name, DURAVYU™, has been conditionally accepted by the FDA. The company is positioning itself for a potential first-to-market advantage among investigational sustained release treatments for wet AMD, contingent on the 2026 data readouts. EyePoint Pharmaceuticals, Inc. also completed a positive End-of-Phase 2 meeting with the FDA regarding the DME pivotal Phase 3 plans.

Managing Intellectual Property and Patent Portfolio for Durasert E

The business model relies on the proprietary nature of its delivery system. DURAVYU delivers patent-protected vorolanib. The underlying Durasert® technology is proven, having been safely administered to thousands of patient eyes across four U.S. FDA approved products. This established safety profile across four products is a key asset supporting the development of next-generation Durasert E™ formulations like DURAVYU.

Financially, the company is funding these activities with a cash position of $256 million as of June 30, 2025. This balance sheet strength is expected to provide a cash runway into 2027 beyond the anticipated topline Phase 3 data in 2026. The net loss for the second quarter ended June 30, 2025, was $59.4 million, or ($0.85) per share. This defintely highlights the cash burn associated with these large-scale R&D and manufacturing activities.

EyePoint Pharmaceuticals, Inc. (EYPT) - Canvas Business Model: Key Resources

You're looking at the core assets EyePoint Pharmaceuticals, Inc. (EYPT) relies on to execute its strategy in late 2025. These aren't just line items; they are the foundation for their next-generation retinal disease treatments.

Proprietary Bioerodible Durasert E™ Sustained-Release Technology

The Durasert E™ technology is the bioerodible evolution of the established Durasert® platform. This system is designed for sustained intraocular drug delivery.

• Drug delivery lasts for at least six months before the matrix fully bio-erodes.
• The proven Durasert® technology has been safely administered to thousands of patient eyes across four U.S. FDA approved products.

Patent-Protected Small Molecule Vorolanib (TKI) for DURAVYU

The active pharmaceutical ingredient for their lead candidate, DURAVYU™, is a key proprietary asset. Vorolanib is a selective tyrosine kinase inhibitor (TKI).

This TKI is formulated within the Durasert E™ insert for sustained release.

Financial Position

The balance sheet strength supports the ongoing Phase 3 development. Here's the quick math on their liquidity as of late 2025, factoring in the October equity raise.

The cash position as of September 30, 2025, was $204 million, bolstered by a $162 million net proceeds raise in October 2025.

State-of-the-Art Commercial Manufacturing Facility in Northbridge, MA

EyePoint Pharmaceuticals, Inc. has invested in its own dedicated, compliant manufacturing footprint to support pipeline progression and commercial readiness. This facility is critical for producing registration batches for DURAVYU.

• Size: 40,000 SF, single-story building.
• Compliance: Designed to meet U.S. FDA and European Medicines Agency (EMA) standards.
• Capacity: Includes ten production suites for clinical supply and commercial-scale manufacturing.
• Cleanroom Standard: Built to ISO 7 clean room standards.
• Government Support: Received a $1.9 million grant to assist in its establishment.

Experienced Clinical Development and Regulatory Affairs Teams

The team's experience is evidenced by the successful advancement of the pipeline and the management of complex regulatory pathways. They have a history of bringing products to market.

The team is driving the DURAVYU Phase 3 trials, LUGANO and LUCIA, toward topline data anticipated in 2026.

EyePoint Pharmaceuticals, Inc. (EYPT) - Canvas Business Model: Value Propositions

You're looking at the core reasons why EyePoint Pharmaceuticals, Inc. (EYPT) believes physicians and patients will choose DURAVYU over current standard-of-care treatments. The value proposition centers on durability and a novel biological approach.

For Physicians: Sustained Delivery and Reduced Burden

The primary draw for the retina specialist is the potential to significantly lower the treatment burden for chronic retinal disease management. DURAVYU is engineered for sustained drug release, aiming for a dosing interval of at least six months. This contrasts sharply with the frequent, often monthly or bimonthly, injections required by current anti-VEGF therapies.

The clinical data from Phase 2 trials strongly supports this benefit:

• Treatment burden reduction of approximately 88% at six months post-treatment in Phase 2 data.
• Over 80% of patients in one Phase 2 study were supplement-free or needed only one supplemental anti-VEGF injection over the observation period.
• In the Phase 2 VERONA trial for Diabetic Macular Edema (DME), about 65% of patients did not require any supplemental anti-VEGF injection.

For Patients: Improved Quality of Life

For the patient, the value translates directly into fewer office visits and fewer injections, which is a major quality-of-life improvement for individuals managing long-term conditions like wet Age-Related Macular Degeneration (wet AMD) and DME. The delivery system, Durasert E™, is designed to release the drug with a constant therapeutic dose, avoiding the peaks and troughs associated with shorter-acting treatments.

EyePoint Pharmaceuticals, Inc. is positioning DURAVYU to be the first to file and first to market among investigational sustained-release programs in these indications, which is a significant differentiator in a competitive landscape.

DURAVYU: Market Position and Mechanism

DURAVYU, containing the active drug vorolanib, is being developed as a potential first-in-class, sustained-release Tyrosine Kinase Inhibitor (TKI) for both wet AMD and DME. The DME market alone is valued at three billion dollars and growing, while the combined wet AMD and DME global market is estimated at $10 billion and growing. EyePoint Pharmaceuticals, Inc. is the only company with a sustained-release TKI in development for DME.

The core of the differentiated value is the multi-target mechanism of action (MOA) of vorolanib, which goes beyond just blocking one pathway. Here's a quick look at the key targets:

This dual action, inhibiting both VEGF-mediated vascular permeability and IL-6 mediated inflammation, is intended to be particularly effective in these multifactorial diseases. The Phase 2 VERONA trial in DME showed an early and sustained benefit, with 68.1 microns of improvement in central subfield thickness (CST) and a +8.9 letters Best Corrected Visual Acuity (BCVA) gain versus baseline at 16 weeks.

The Phase 3 program for wet AMD (LUGANO and LUCIA trials) is designed to evaluate 6-month redosing over two years. EyePoint Pharmaceuticals, Inc. ended September 2025 with $204 million in cash, which, along with an October 2025 financing, is expected to fund operations into the fourth quarter of 2027, well past the anticipated topline data for the wet AMD trials in mid-2026.

Finance: draft 13-week cash view by Friday.

EyePoint Pharmaceuticals, Inc. (EYPT) - Canvas Business Model: Customer Relationships

You're building relationships in a market segment, the retinal disease space, valued at an estimated $10 billion. EyePoint Pharmaceuticals, Inc. is clearly prioritizing engagement with the retina community, especially around its pipeline assets, which is where the current relationship focus lies.

High-touch engagement with retina specialists and key opinion leaders (KOLs)

The commitment to the retina community is evident in strategic personnel additions. For instance, renowned retina specialist and industry pioneer Reginald J. Sanders, M.D., FASRS, joined the Board of Directors in January 2025. This signals a direct line to high-level clinical thought leaders. Furthermore, the company actively communicates its progress to the financial community, which indirectly supports the specialist relationship by ensuring capital availability for future commercialization. Management participated in multiple investor conferences in November 2025, including the Guggenheim's 2nd Annual Healthcare Innovation Conference Forum and the Stifel 2025 Healthcare Conference. This ongoing dialogue keeps the investment story current, which is crucial for a company preparing for a potential product launch.

Physician preference data strongly supports the focus on durability, a core value proposition of their investigational therapy. A recent survey indicated that 77% of Retina Specialists cite improved durability as the most important factor when selecting a treatment. That's a clear mandate for the relationship strategy.

Clinical trial site support and patient recruitment services

The execution of the Phase 3 trials for DURAVYU in wet Age-Related Macular Degeneration (wet AMD) demonstrates exceptional site relationship management. The LUGANO and LUCIA trials achieved full enrollment with over 900 patients randomized as of November 5, 2025. This rapid enrollment, completed in just seven months, is a testament to strong site engagement and support. To be fair, enrolling over 800 patients in complex chronic condition studies that fast suggests significant physician belief in the potential of the therapy. The LUGANO trial alone randomized 432 patients in the U.S. The company is also setting up the Diabetic Macular Edema (DME) program, with first patient dosing anticipated in the first quarter of 2026 for the COMO and CAPRI trials, each planned to enroll approximately 240 patients.

Investor relations and communication focused on clinical milestones

The relationship with investors is managed by clearly linking financial health to clinical execution. As of September 30, 2025, EyePoint Pharmaceuticals, Inc. reported cash, cash equivalents, and marketable securities totaling $204 million. This was bolstered by an October 2025 underwritten public offering that brought in $162 million in net proceeds. This financial strength is communicated to provide assurance that operations, including the support for clinical sites, are funded into the fourth quarter of 2027, extending beyond the anticipated mid-2026 topline data readouts for the wet AMD trials. Operating expenses for the third quarter ended September 30, 2025, totaled $63.0 million, up from $43.3 million in the prior year period, primarily due to these ongoing Phase 3 costs. The total net revenue for Q3 2025 was $1.0 million, down from $10.5 million in Q3 2024.

Managed access programs for approved products (e.g., DEXYCU)

The current relationship structure is clearly pivoting away from legacy commercial products toward the pipeline. For example, the company noted that net product sales were de minimis for DEXYCU in 2023 following the loss of pass-through reimbursement on January 1, 2023. Furthermore, EyePoint Pharmaceuticals, Inc. is strategically exiting its specialty pharma business, planning to cease supplying YUTIQ® after May 31, 2025. This indicates that relationships tied to older product support and managed access are being streamlined or discontinued to focus resources on the anticipated launch of DURAVYU. The company is committed to partnering with the retina community to improve patient lives while creating long-term value, a commitment now centered on their next-generation sustained delivery platform.

Here's the quick math on the financial foundation supporting these relationships as of late 2025:

Finance: draft 13-week cash view by Friday.

EyePoint Pharmaceuticals, Inc. (EYPT) - Canvas Business Model: Channels

You're looking at the structure EyePoint Pharmaceuticals, Inc. (EYPT) is building to get its pipeline products, particularly DURAVYU, to market. Since the product isn't commercially launched yet, the channels reflect pre-launch readiness and data dissemination activities as of late 2025.

Direct sales force for US commercialization of DURAVYU post-approval

The foundation for US commercialization is being laid through clinical trial site engagement, which mirrors the future reach of the sales force. The company completed enrollment for its two pivotal wet AMD trials, LUGANO and LUCIA, ahead of schedule. The LUGANO trial randomized 432 patients in the U.S. across approximately 60 active sites.

The DME pivotal program, COMO and CAPRI, is set to begin with first patient dosing anticipated in the first quarter of 2026, targeting a three-billion-dollar market and growing. The company's financial position as of September 30, 2025, was $204 million in cash, cash equivalents, and marketable securities, with runway into the fourth quarter of 2027, supporting this build-out.

The scale of initial engagement can be seen in the clinical footprint:

• LUGANO U.S. Randomized Patients: 432
• LUCIA Randomized Patients (U.S. and ex-U.S.): Over 400
• Active U.S. Clinical Sites for each wet AMD trial: Approximately 60

Global pharmaceutical partners for ex-US market access

Ex-U.S. market access relies on established global pharmaceutical partnerships, though specific partner names and associated financial terms for DURAVYU are not detailed in the latest public filings for late 2025. The LUCIA trial included ex-U.S. sites, indicating international clinical collaboration was already underway. The company plans to activate an additional 60-80 ex-U.S. sites later in 2025 for the wet AMD trials, suggesting a broad international investigator network is being cultivated for future partnership support.

Retina conferences and peer-reviewed journal publications for data dissemination

Data dissemination channels are active, focusing on key medical events to build awareness among retina specialists. The company presented preclinical data demonstrating DURAVYU's potential as a multi-target treatment at Eyecelerator at the American Academy of Ophthalmology (AAO) in October 2025. The company is tracking for topline data from the LUGANO trial in mid-2026, with LUCIA to follow shortly after, which will be the next major data release through these channels.

Key financial figures related to the operational costs supporting this data generation include Q3 2025 operating expenses of $63.0 million, which was primarily driven by clinical trial costs.

Specialty pharmacies and distributors for product supply

For post-approval supply, EyePoint Pharmaceuticals, Inc. (EYPT) will utilize specialty pharmacies and distributors. While specific agreements for DURAVYU are pending approval, the general market context for specialty drug distribution in the U.S. involves significant infrastructure. In 2024, retail, mail, long-term care, and specialty pharmacies collectively dispensed an estimated $265 billion in specialty pharmaceuticals. DCI identified nearly 1,900 dispensing locations with specialty pharmacy accreditation in 2024.

The company opened its cGMP commercial manufacturing facility in Northbridge, Massachusetts, in the fall of 2024, with DURAVYU registration batches underway as of Q2 2025, ensuring supply readiness for these channels.

EyePoint Pharmaceuticals, Inc. (EYPT) - Canvas Business Model: Customer Segments

Retina specialists and ophthalmologists (primary prescribers/users)

• Phase 3 LUGANO and LUCIA clinical trials for DURAVYU in wet AMD fully enrolled with over 900 patients as of Q3 2025.
• Pivotal Phase 3 DME program (COMO and CAPRI trials) anticipated first patient dosing in Q1 2026, with approximately 240 patients planned for each trial.

Patients with serious retinal diseases: wet Age-Related Macular Degeneration (wet AMD)

Patients with Diabetic Macular Edema (DME)

Institutional investors and biotech-focused funds

• Institutional investors held approximately 99.41% of the stock as of the third quarter of 2025.
• Total Value of Holdings was $1,039 million at one reported period.
• Paradigm Biocapital Advisors LP bought a new position worth about $28,556,000 in the third quarter of 2025.
• Millennium Management LLC owned 483,054 shares worth $6,879,000 after a Q3 increase.
• Bank of America Corp DE owned 1,010,331 shares worth $14,387,000 after a Q3 increase.
• Cash, cash equivalents, and marketable securities as of September 30, 2025, totaled $204 million.
• Raised gross proceeds of $172.5 million in an October 2025 underwritten public offering.
• Net loss for Q3 2025 was $0.85 per share.

EyePoint Pharmaceuticals, Inc. (EYPT) - Canvas Business Model: Cost Structure

You're looking at the cost side of EyePoint Pharmaceuticals, Inc.'s operations as they push DURAVYU through late-stage trials. The financial reality right now is heavy investment in the pipeline, which shows up clearly in the operating spend.

The overall cost structure is dominated by clinical development. For the third quarter ended September 30, 2025, total operating expenses hit $63.0 million, a significant jump from $43.3 million in the prior year period. This increase is almost entirely due to the ongoing Phase 3 work.

Research and Development (R&D) is the engine driving this cost. While the prompt mentions R&D totaling $63.0 million, the actual reported R&D expense for Q3 2025 was $47.8 million, up from $29.5 million year-over-year. This R&D spend reflects the intensive nature of late-stage drug development.

Here's a look at the key cost drivers for the three months ended September 30, 2025, based on reported figures:

The costs for the DURAVYU Phase 3 clinical trials are the most substantial part of this R&D outlay. You're funding the execution of two major programs simultaneously. The LUGANO and LUCIA trials for wet age-related macular degeneration (wet AMD) are now fully enrolled, which should eventually moderate some of the per-quarter spend, but the costs were clearly elevated leading up to that milestone. Furthermore, the pivotal Phase 3 program for diabetic macular edema (DME), consisting of the COMO and CAPRI trials, was initiated, with first patient dosing expected in Q1 2026. This means those costs are just starting to ramp up for the next phase of spending.

Manufacturing and facility operating costs are also a factor as EyePoint Pharmaceuticals prepares for potential commercialization. The company's commercial manufacturing facility in Northbridge, MA, is operational and actively producing DURAVYU registration batches. The R&D breakdown shows $1.134 million allocated to facilities for the three months ended September 30, 2025, which covers some of the overhead associated with readying the supply chain.

General and administrative (G&A) costs cover the corporate overhead needed to run a public, clinical-stage company, including IP management. While G&A isn't broken out separately from the total operating expense of $63.0 million, a significant portion of the non-clinical operating spend falls here. For context, the R&D component included $13.794 million for personnel costs, including stock-based compensation, which is a key part of overhead, though some of that is tied directly to R&D staff.

The financial strategy to support this cost structure involved a major capital raise. EyePoint Pharmaceuticals secured $172.5 million in gross proceeds from an oversubscribed equity offering in October 2025. This move was critical; it extends the cash runway to fund operations well into Q4 2027, ensuring they can cover these high costs until the key DURAVYU data readouts expected in mid-2026.

The major cost centers are:

• Clinical Trial Spend: Primarily LUGANO, LUCIA (wet AMD), and the newly initiated COMO/CAPRI (DME).
• Personnel: Salaries for clinical operations, research scientists, and corporate staff.
• Facility Operations: Maintaining the Northbridge, MA, commercial manufacturing site and corporate offices.
• Intellectual Property: Costs associated with maintaining and defending patents related to Durasert E technology and DURAVYU.

EyePoint Pharmaceuticals, Inc. (EYPT) - Canvas Business Model: Revenue Streams

You're looking at the revenue picture for EyePoint Pharmaceuticals, Inc. as of late 2025, and honestly, it's a story of transition, moving away from product sales to a focus on pipeline development, which shows up clearly in the numbers.

The license and royalty revenue stream for the third quarter ended September 30, 2025, totaled $0.4 million. This was a significant drop compared to the $9.9 million recognized in the corresponding period of 2024. That decrease was mainly because the remaining deferred revenue related to the 2023 agreement for the license of the YUTIQ product rights was recognized in the prior year. Management noted that after exiting the U.S. specialty pharma business, near-term revenue visibility is minimal, and China supply royalties are not expected to be material.

Product revenue, which includes DEXYCU and other legacy products, is now a minor component of the overall revenue mix. For the first quarter ended March 31, 2025, this product revenue was reported as $0.7 million, which was stable compared to the same period in 2024. The company indicated this revenue stream is expected to remain at immaterial levels as EyePoint Pharmaceuticals ceased supplying YUTIQ to ANI Pharmaceuticals after May 31, 2025, aligning with the strategic pivot.

Here's a quick look at the revenue components we have data for:

• Total Net Revenue Q1 2025: $24.5 million.
• Net Product Revenue Q1 2025: $0.7 million.
• Net Revenue from License and Royalties Q3 2025: $0.4 million.
• Total Net Revenue Q3 2025: $1.0 million.

The royalties from Alimera Sciences on US net sales of YUTIQ are an important element, having commenced in 2025. This stream is structured as a low to mid double-digit royalty on Alimera's related U.S. net sales above defined thresholds for the calendar years 2025 through 2028. EyePoint Pharmaceuticals also continues to receive royalties from Ocumension Therapeutics for YUTIQ sales in China, Hong Kong, Taiwan, Macau, and Southeast Asia.

Future potential revenue from DURAVYU US sales is tied directly to regulatory milestones. Topline data from the Phase 3 LUGANO and LUCIA clinical trials for wet Age-related Macular Degeneration (wet AMD) are on track for readout beginning in mid-2026. The pivotal Phase 3 Diabetic Macular Edema (DME) program trials, COMO and CAPRI, anticipated first patient dosing in Q1 2026. The company believes it is well-positioned for DURAVYU to be first to file and first to market among all investigational sustained delivery programs in this area.

Regarding milestone payments from ex-US DURAVYU licensing deals, the active drug, Vorolanib, is licensed to EyePoint exclusively by Equinox Sciences for the localized treatment of all ophthalmic diseases outside of China, Macao, Hong Kong, and Taiwan. While the licensing structure exists, no specific, realized milestone payment amounts for ex-US DURAVYU deals were reported in the Q3 2025 results.