EyePoint Pharmaceuticals Inc (NASDAQ:EYPT) reported on Wednesday a miss in earnings per share for the fiscal fourth quarter and also in its full-year results, but shares edged higher in premarket trade because a pair of its drugs are on the cusp of going commercial in the fiscal 2019 year.
Earnings per share for the fiscal fourth quarter showed a net loss of US$34.2mln or US$0.62 per share, a nearly four-fold rise from the same quarter a year ago of a loss of US$6.1mln or US$0.16 per share. The consensus was for a loss of US$0.11. Revenue for the quarter though rose to US$715,000, compared with US$701,000 in the year-ago quarter and the consensus of US$690,000.
The fiscal year results showed a net loss of US$53.2mln or US$1.15 per share, nearly triple the net loss last year of US$18.5mln or US$0.52 per share.
EyePoint president and chief executive Nacny Lurker said the company "had to incur a one-time non-cash accounting for our warrants of US$24mln."
READ: EyePoint Pharmaceuticals' stock climbs on reimbursement for Dexycu eye drops
The focus though is on a pair of drugs -- one of which has been approved by the FDA and the other on the cusp of gaining such approval.
The company anticipates two potential near-term product launches, including DEXYCU, a dropless, long-acting therapeutic for the treatment of postoperative inflammation, which was approved by the FDA, and YUTIQ, a three-year treatment of non-infectious posterior segment uveitis, which is currently under standard review with a PDUFA date of November 5, 2018, EyePoint said in a statement.
Uveitis is a form of eye inflammation with limited treatment options and is the third leading cause of blindness in the US.
Shares of the company were not depressed by its results, rising 0.87% to US$2.31 in the premarket on Wednesday. The stock closed on Tuesday up 3.15% at US$2.29.
EyePoint Pharmaceuticals is a specialty biopharmaceutical company committed to developing and commercializing ophthalmic products. The company is based in Watertown, Massachusetts.
Updates story with remarks of EyePoint CEO on warrants.