EYPT - Earnings call transcript Q4 2020 | EyePoint Pharmaceuticals, Inc.

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Operator

Good morning. My name is Kevin and I’ll be your conference operator today. At this time, I would like to welcome everyone to the EyePoint Pharmaceuticals’ Fourth Quarter and Year End 2020 Financial Results and Recent Corporate Development Conference Call. There will be a question-and-answer session to follow with 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

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

the will developments. tab can we release in Relations a on press morning, then your as the website, be We the and this financial well open questions. the www.eyepointpharma.com. Earlier Investor release issued copy as of commercial our call detailing found for corporate results, A operational

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

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

Nancy Lurker

for us. Thank you, George. you joining thank Good morning, And everyone.

highly remarkable of EyePoint These in Let months transformative momentum start has by several have continued fourth began and the positive the that quarter Pharmaceuticals. for XXXX. emphasizing me XXXX been and past into

across We wet and our progress the grew drug EYP-XXXX are to blockbuster visits pleased negatively illustrated into We sheet, we patients business candidate demand extremely potential significant commercial our and events. our exciting strengthened despite pandemic, with physicians. advanced the affecting We noteworthy clinic. products substantially for three by balance a AMD our

macular lead degeneration progressed from the for of age-related into asset, EYP-XXXX, treatment shortly, hear you'll As the successfully our clinic. wet Jay we pipeline

over boomer refresher, AMD is This billion of is driven in for a growing people the As and being affects U.S. age drugs by a the rate X%. of annual the disease market ageing the wet growth as compound approximately at baby the primarily $X population, XX.

continues for today, the need eye monthly a available such medications to Lucentis, significant extended Eylea can effective and safe are there or injections. delivery avoid drugs that be as bi-monthly and there While

trial X the a X and XXXX. our on advancing our the treatment majority towards pipeline. of as in made excited potential, EYP-XXXX the study, through DAVIO first data half in clinic. major a we marking the of patients EYP-XXXX very updates twice-yearly targeting quick Phase We for eager second preliminary to are clinical progress we've dosed are and delivering a progress We Phase to in providing patient look the far, We're initiation thus expected with forward further about our for milestone

more tremendous our sheet. We offering from also the advancements George hear $XXX we cash our million completion marked December. Ocumension later million balance strengthening made As partner, investment Therapeutics on, $XX.X equity in our position, followed That in successful of about significantly you'll February. in by follow-on increased by a Asia

a in completed obligation our CRG debt with allowing also agreement SWK monetization royalty down us to to December, Holdings. a Holdings, portion We pay of

We as drug on potentially report uveitis YUTIQXX. well as are clinical critically more and of YUTIQ respectively, as demand, over wet trial commercial to financed Despite increase to in XX% of quarter, on. an we will the customer and detail execute very in we're demand and and In for the customer now Scott XXXX. the challenges well other increases discuss encouraging, candidate, saw pleased DEXYCU XX% AMD past later twice-yearly COVID-XX Or our important milestones. EYP-XXXX pandemic, sequential QX

and a with and XXXX focused momentum on a year, strong note, challenging the through Although are positive ended our beyond. XXXX EyePoint very we carrying on year

clinical complete our equally strong for driving sheet continue maintaining X commercial As YUTIQ, revenues pipeline. to Phase to look our balance EYP-XXXX enrollment, DEXYCU a products, determined we remain and bolstering trial, and we our

staff, physicians Board the a I'd the despite entire of turn over to our take tireless colleagues, on who very products. and their like at the to EyePoint employees use tough customers team Pharmaceuticals, EyePoint’s moment I'm a and our impact efforts of I call patients, and grateful many the of Directors, of year COVID-XX. Before XXXX behalf thank the my for and was to

lead update I'll and Our bright serve together the Scientific EYP-XXXX, this Jay provide other obstacles tunnel. over our the vital at turn as during Strategic as ongoing what forward light we're we on come Dr. of and achieved program, end as several the upmost call And of to to well looking And our we've goals say to initiatives. to a uncertainty. as see company the proud Chief Duker, is Jay? safety. to to overcome pipelines to time we're Officer, now communities an we ourselves commitment

Jay Duker

you, Thank good And Nancy. morning.

despite vessels States blood EYP-XXXX age into the the treatment AMD. Phase with AMD of and IND of fluid trial, wet were we area X in clinical and short hallmark of of so replace culminate permanent our other a the the program submission our As study, therapies pandemic. that leak are medications over chronic and eye The the of begin central causes a We DAVIO the the spot. wet duration several and blind in COVID-XX and our that effort medications, blood the vision of action of a potential challenges complete on the disorder and progress far pleased safe of formation of enrollment external team retina. cause the can on XX This need FDA able macular It's with developed in patients blurred Wet of AMD to loss the Despite years the of approved to you took effective debilitating progressive, extraordinarily people there vision relatively is is countries. the our for United longer lasting for by partners. market. know, amount significant abnormal tremendous current our leading is

can stable sustained eye. vorolanib, of As has active combined of products. intravitreal AMD. to back to with loss a single We wet a chronic visual safely that injection, release the continuous, believe intravitreal medication it EYP-XXXX the provide potential patients FDA treat the our Durasert release kinase system a in After reminder, with small formulation technology approved drug, four EYP-XXXX is delivery the bioerodible of is inhibitor. tyrosine molecule for a the Durasert

initiate a safety As Nancy that a be studies incredibly option mentioned, believe wet in and the observed. transformative the was eye enrolled. with later cleared we're and In is IND of January of study for dose December in first enrolling. no volcanic the Phase EYP-XXXX successfully ascending wet excited X Phase FDA Phase be anti-VEGF based X clinical trial the we serious trial beneficial that we an AMD The initiated trial filed administered doses treatment by trial concerns patients was actively month. EYP-XXXX patients IND escalation potential long-term AMD, patients. three to patient XXXX, a promising on the We into that an preclinical the XXXX, with application and IND physicians with a the firmly FDA, to and of has the activity showed XX of the open-label total for dosed The to is with X

anticipate COVID-XX preliminary trial We from data have of yet assuming we the patient to remains X XXXX. see any And negative in this our from impact second thus case, the far. half the in trial on enrollment Phase

included from data the separate Two postoperative XXXX, studies a we That These presentations excited explore X Phase YUTIQ treatments. in and inflammatory cataract significant of to American of Additionally, DEXYCU reported the trial severe DEXYCU. surgery, investigator-initiated multicenter were retinopathy, and eye data and we also indications positive be of and other by the usage of reduction Meeting. in post YUTIQ disorders, to Annual statistically presentations versus retrospective diabetic results four benefits we presented. Virtual drop from In study eye the to the at future. XXXX November real-world efficacy application Ophthalmology of EYP-XXXX's Academy second DEXYCU these for potential retinal of demonstrated occlusion, DEXYCU vein including intend for also continue

pipeline initiatives. Turning to our

action delivery YUTIQ potential product potential chronic for in to corticosteroid to insert treatment same XX our along non-infectious the provides. flexibility and This affecting duration intervals actively of posterior applications sustained with new that with currently are in-licensing. YUTIQ. We the for YUTIQ with exploring segment YUTIQ’s three-year Durasert an the that a yearly using technology over shorter includes formulation eye offers design technology is of of uveitis twice and provides physicians intervals shorter Durasert compared intravitreal the as the dose non-erodible XXs

look Jones, to providing quarters. Commercial We update. commercial update our an timeline and potential the trial the for other sNDA over upcoming initiatives as EYP-XXXX, well to Chief pipeline as call identified evaluating filing, on FDA I for the over currently a have completion. will pathway for Officer forward we're turn investment We the Scott? Scott the with now requirements clinical an

Scott Jones

Jay. you, Thank

throughout know, were many affected negatively began, as other us. year companies, And I all Before for was challenging pandemic. you XXXX revenues like COVID-XX the a EyePoint’s

like our success. their commitment So, to for I'd thank the resilience team and to

of this due the of effects customer been and for QX and review and DEXYCU elective was we Net in revenue the respectively. in an historically, have for pleased for weaker in performance increase For $X despite demand fourth visits DEXYCU. despite quarter with both and surgeries. we're XXXX, first the office of report the $X.X million customer continued to quarter now million pleased detail. being YUTIQ And the XXXX. by to demand pandemic more fourth product demand, We're will on decreased the commercial I continuing encouraged growth, products quarter YUTIQ our

of demand trajectory and our strategy demand. and from we brings expect continues momentum market. approximately field of Increased to representing positive market units from X,XXX we XX% ImprimisRx. experienced customer and their their saw based the growing to see to the reflect XXXX customer increases based upward approximately and The commercial beginning on DEXYCU XXXX a QX impact XXXX over additional expansion in alliance of force, broad in During partner for XX% we opportunities And see available positive surgery for our contracting network this cataract Imprimis demand are YUTIQ time, on cataract surgeries and pre-COVID for toward levels. elective the XXX respectively units DEXYCU of QX developed an efforts.

factors, note see And sales care, efforts environment and two with we YUTIQ. pandemic. by experienced to to due in hospital we're demand dramatic retinal increase growth. into access expansion large in to DEXYCU demand patient of COVID-XX to the was YUTIQ the did The the reduction Turning the experience marketing our increased largely Please that strong especially demand and QX market. in the that pleased not the driven

to in continue ahead for and contingent of rollout the vaccines upon be expect in surgeries. the products, easing growth elective both Looking we restrictions demand of will

sustained delivery to to to new physicians needle gain While sales each many every to YUTIQ continue see I'd the increase. efforts would attractive remains we're and doctors to siliconized George? and our patients fewer and turn thank project and to throughout are DEXYCU of the Again, to demand I to member both visits, for financials. pandemic for in YUTIQ continued support the call George now XXXX, their beyond. to unique value and over we to that continue YUTIQ. doctor experience of it marketing a roll out ImprimisRx forward and provide and with looking was customer and and we growth review for like DEXYCU the which team optimistic and will increased proposition like difficult DEXYCU during XXXX. continues XXXX, we

George Elston

you, Thank Scott.

December in months the be the XX, the review As year high-level release XXXX on the this issued quarter. focused included ended, My three for press and comments will morning. were for a today full results financial

Ocumension X common million As and stock. $XX.X equity Nancy China-based mentioned purchasing approximately our in Asia partner ophthalmic Therapeutics, made million company EyePoint, December, pharmaceutical investment shares a a of EyePoint’s in

In to of remaining from million for CRG and pipeline Servicing toward transaction royalties rights received ILUVIEN. agreement under royalty addition, Sciences the Holdings Alimera $XX.X monetization our royalties Under the million we the used the net a one-time announced proceeds this to with our SWK agreement, license with for payment SWK from with for the EyePoint exchange to we were advance payable agreement. from Corporation be future applied the million in agreement programs. debt Alimera $XX will obligations $X.X

financial a Now to I'll results. quarter turn fourth our of summary

expenses. for ended three to to million December XXXX. corresponding ended revenue the Net million. driven $X.X million months the December and by net compared months licenses, net to in of collaborations three for year for in increase the quarter. in December for December partially XXXX totaled totaled for and months expense R&D by This ended compared for product was revenue year or was XX, offset share net per per $X.X million the XX, XXXX months totaled of interest prior was This ended of net loss three compared from the $X.X million the compared cost and $XX.X XX, XXXX or period a loss to XXXX, XX, includes period. total sales three December sales net for $XX.X $X.X compared net expenses, was the Non-operating increase of ended For the million million three $XX.X three quarter expenses G&A reduction months expense. revenue $X.XX expense XXXX being ended prior in Operating XXXX. XX, the product XX, royalties million Net $XX.X million to million share for $X.X $X.X $X.X December million months the revenue $X.XX marketing a

the in ended compared prior year was year in million $XX.X increase XX, to million $XX.X includes XXXX $XX.X was Turning XX, the in million for and expense, revenue compared net $XX.X period. XXXX, equivalents million million collaborations in period. the at to totaled year previous offset revenue of December the the $XX.X of full was per $X.X the prior to the This million in to total expenses expenses XXXX. due to December period R&D ended full $XX.X per of XXXX Net expense. sales, cost marketing year compared was and the $XX.X year. corresponding $XX.X $X.XX $X.XX to for net from at and XXXX. or royalties year million million increase XXXX, and compared million, net compared decrease million, increase revenue the by million Cash $XX.X full loss Operating totaled year. XX, XX, primarily G&A of for expense in sales versus full This December net XX, $X.X a product $XX.X in or December share, totaled million million year share, partially for prior net, December ended to Non-operating loss and $XX.X cash

enable fourth done balance to proud the all in the for now call and approximate the In XXXX over sales December XXXX our net We proceeds of million and second morning. inflows hand fund very planned offering the product of you through quarter strengthen this current expect product listening into extremely Thank XXXX EyePoint together us operations net work becoming to quarter I’ll from has a the sheet to company. of operator will expected with at XXXX. public and the pivot for pipeline our from cash are cash $XXX XX, the the on conclusion, we XXXX to our stock February questions, and of focused turn much

Operator

comes Fitzgerald. Our with Instructions] question from Jennifer [Operator first Cantor Kim

Jennifer Kim

progress thanks quarter. was my Hi, the Congrats, taking question. impressive so for really over It guys. much

Nancy Lurker

Thank you.

Jennifer Kim

margins couple a in should was quarter, And the questions that that home the number so you're just then there million if the Thanks. last still and the mainly you to $XX there consensus think, Yes. think with first a expansion from growth just is RVO? data? forward? can then set Or a your new or comfortable will what's about will have I expect continued margins commercial pull the incorporated is you of and should are could for impacted for related bar, about preliminary what that us currently? I'm second mature run question. the gross bar be wondering I I'm going in sales estimates currently consensus general in around DR few XXXX that? also, into for expect where see question DEXYCU? My terms wondering, thinking Scott, know that you needed to And first you – you data reach that gross then were it I for range. that would – like have, said data product. more And of is that somewhat of how commercial we business. My a early is we remind the expedite that trigger? for Or is, data indications alliance my I'm around fourth you Jay wondering, what question in consider

Nancy Lurker

Jennifer, lots of questions. Good questions.

tackle revenues, one consensus million. on the on – the me first the Let $XX I'll

as So actually well. into right quarter first quarter, we quite first look now, going

additional pandemic. in nice the to first country up. any in pending it does we're opening the comfortable trajectory seeing quarter. that is now, right like momentum And We're very But number, changes so, look with due

are. where comfortable I'll let you the George, gross we with handle questions. margin So, we're

George Elston

Yes.

had in that So, we fourth and margins, in expect off but quarter onetime it we adjustment covered QX, be don't the will to XX-K, affected our in that a continue. we wrote inventory which

And is as SG&A expense. Jennifer, so, that a we the up what them – expense Imprimis commission pay actually shows that relationship,

so, And don't affect any activities margin. there

So, discussed to had will affected expect And believe, filed, we That's I that a that be we to next K continue event week. wait. in our margins, QX. onetime

a heavier margins do YUTIQ to over we expect in becomes that As mix, well very time. weighting

Nancy Lurker

Yes.

just Let a add me also comment.

starting really to ImprimisRx Our is co-promotion now ramp nicely. up with

pleased quite with alliance we're So, how going. is that

Jennifer Kim

expecting Okay. and Great. would And the on be into we what data EYP-XXXX, early home what the you needed? Or consider a then in the are preliminary set? And expansion run? mature first see data data indications more will could from you additional

Nancy Lurker

Jay? Okay.

Scott Jones

one. Nancy, that I take think you have to

I this got think Jay delayed morning.

Nancy Lurker

All okay. right. Yes,

answer let results clinical We're me the state, trial are So, we of to way our in with track we it that continuing this to on right expect this back now see year. half enrollment.

early very at into looking XX% are minimum is year, studies, potentially active would hope in we additional We now. at And right we achieve rescue months. evaluation potentially to X would this Phase that a going what four that's indications see be under threshold would

look products months at better at good the some at that. are to a competitive of the would what above course, still you four in of If for get right are than result. be aiming We, pipeline, now or very XX% in

get XX% months. months rescue have at with to product to a higher, is viable six at you XX% four at least and potentially goal even but Our

in your – all me there? answer a few did Now Jennifer, let quite you because wrapped questions I had

Jennifer Kim

Thanks, perfect. much That so Congrats guys. again. No. was

Nancy Lurker

good. All right. Very

Operator

Our Flanders Dana with next question comes Guggenheim. from

Dana Flanders

for you very the much questions. Thank Great.

quantitative get patient kind salesforce Just Wondering in could to terms if quick at point? me. I – you of you docs year. a kind are around of to just kind It mean, commercial of sounds last it's you one put there, it how where from this know is then tough close better, lot costs and but access wondering made getting any a metrics of decisions of are? like question George. I second And normal you a on

could expecting how the portfolio, commercial the from year? growth commercial get you're think business you breakeven close With do this to the

Nancy Lurker

don't access why the answer you Scott, questions?

Scott Jones

Absolutely.

any XXX%. a states little And cataract we the So, much to is elective continues many it's market back where still But to access the uneven. on than certain getting areas, surgery side, closer during the are were have – we is certainly on In back point be normal XXXX. at you to DEXYCU surgeries limited. to

access dramatically. limited, is side, still the the has but our the On improved patient office YUTIQ – into access access physician

I physician outside retinal XXX% back environment. they're teaching think side, on near of the hospital to the

But limiting, many Some most of toward are teaching in the seen states some than marching both a on months. access. hospitals patient in it more we've still trajectory certainly, normal of is many, products, the

Nancy Lurker

you expenses want on pick the to do and costs George, breakeven? question up and

George Elston

did money Dana, raised question. make good we that's a month, tough decisions. some last And we when

business stand-alone continue. franchises pipeline in as I COVID alone. that that's this does sooner important the force in those business. on the is year. be assuming stands and commercial strategically positioned come the think franchise commercial importantly, become a then But we YUTIQ XXXX, the we've of any We've expect positioned a back now will the than Each new profitable business positioned them not will little equity that happen franchises, to commercial that and because how DEXYCU. reopenings it's

to because The tie want piece, which other the into we're expecting this as I well question.

assumes on as some projection very the well. assumptions commercial business cash Our conservative

we said XXXX, our we cash through our estimate included overhang. this – that's COVID release we've press in QX because have while so, that conservative And remains an have we of morning plans raised cash raising ways, significant no money And on that the we in of us obviously, and near a year. not term, quite have this amount we here certainly get can

wanted in to as well. tie that just I So,

Dana Flanders

Okay.

that. Is made great. should of comments you're to the wanted I to Okay, kind that? looking I clarify you development? just going forward moving And that in a looking of that’s just to that the program are partner helpful. make XX. maybe that YUTIQ some be No, comments to you sure take on understood I also, Or

Nancy Lurker

that off Potentially we were last But that. tightly feel Right because year. a certainly that Dana. forward now get managing Yes, to we're cash bit study we so now, that we start anticipating year. year. this with can held just that started We we're this move going

for that, that going then And We've let clock. As around just you a we that, total. between may sake repeat and it's conversations FDA is very with review had recall, it, XX somewhere small patients a just file and study. be me probably everyone's the six-month in to

that it and could as next the as then filed get early have late on year we So, market soon year. next

So, get is right this to our potentially plan that now year. started

Dana Flanders

great. trigger Thank potentially patients? those remind Okay, And be of last you just development? factor then EYP-XXXX. the time study quick would doses that my on us one of would extending getting? next maybe that on Can just And the XX for how impact the What for you. additional phase kind patients your start

Nancy Lurker

we take important it's I'll question. into Right – that get That's extended do that we'll not partly controlled a we now, because Yes. that arm. study. are clinical anticipating the

the you right potentially, now pivotal thinking a what a with If readout Phase either we'll other and what X. data we'll finish the the on is then study So, is, depending good, that, was And tied that? had up as right in data into Xa one are well. go question

Dana Flanders

extended the already. kind the would answered the it XX of sounds study, impact if that was It patients, just like you additional start next but it of you

Nancy Lurker

me let And just Yes. this. say

to got X with to have purpose see ensuring of rolls with patients is for out. the the goal we're of market safety going Phase dose major the we've data identified. that Our wait That's the Phase to how right X study. to EYP-XXXX and fast first Obviously, the caveat

can good, that. predictions goal those to But we is, our make on can't Phase we move start we pivotal So, trial. data would into to as any either as quickly anticipate a should Xa or look

Dana Flanders

for That’s on Okay, you. progress. all the it Congrats thank me.

Nancy Lurker

Thank you.

Operator

Jen Yale Company. from comes with question Laidlaw next Our and

Yale Jen

my add congrats Good morning. development. the Also on

housekeeping, is question a probably The for George. first probably

the sheet? of cash or your guys you With keep those you on want consider some retiring of all hand, in balance to would the debt

George Elston

have said, returning. able prior business The manageable at we for proceeds. using the of our use to back really And a that December is now programs were and do other much relationship our with this pay looking Yale We as again continue advance forward. wasn't are and of going That potentially development we alternatives existing provider. stronger notion debt. release to in our we some the releases, because good sheet to more used and pipeline our of cash for to is commercial XXXX But in down noted make It we and have that a balance we is alternatives the debt number. press

Yale Jen

Okay, great. Maybe very helpful. That’s very helpful. ones. two quick

is of one pass-through the DEXYCU, status for First with the reimbursement terms updates in that? on any CMS,

Nancy Lurker

wanted Scott take Yes, that. to

Scott Jones

Thanks Yale. for the question,

of products still second actively those projects And pass-through pass-through the an to and more a the on proceeding. on setting. a regulatory pass-through in are a legislative strategy engaging we health are projects. emergency ASC that We both both and still to both and for one project the the meaning, based Both public have based project relating on extension of long-term payment

actively written projects as to hospital are we hope other rules certainly the physician on rules midyear working year. well have with more outpatient are We about as some and that CMS this ASC information

Yale Jen

the last Maybe EYP-XXXX. Okay. about here question is

three once it's is done? report that you in And X,XXX that micrograms, The is those would patient the the active the most you have enrollment the by follow-up a but doses, and X,XXX of that therapeutical will completion be first range? guys Thanks. likely

Nancy Lurker

Okay.

the have the Paggiarino, Dr. Medical I'll one. our take first second So, Dario one. Officer, Chief take I'll

when full will is we announce enrollment So hit. yes,

Dario, why ranges. the dose And Okay. the dose three for take therapeutic don't about questions you

Dario Paggiarino

Sure, Nancy. hope me well. thank hear can you I you,

being the and also for – of the in on course, to, high allow doses drug actually you that are that X concentration studies and conducted, those referred the clinical So Phase PK mid yes, animal on based been the sufficient would doses, two dose And exert are the safety. think, selected studies tested we we the to doses have to that basis effect. the that deliver have us

those probably to likely forward move that think two study. the in I the are more next are that you're So, correct doses

course, safety the granted very on. Of that we proved product, we're which of the confident

Yale Jen

thanks. Once again great, Okay, congrats.

Dario Paggiarino

you. Thank

Nancy Lurker

you. Thank

Operator

question with B. Riley. next Andrew from comes Our D'Silva

Andrew D'Silva

my questions. Thanks morning. for good Hey taking

a Just quick ones. few

think about we the recognition that to line pass-through. a standpoint? would And bit cadence be to will relates top SKW little Just as royalty should on it accounting – from the be how clarification As a P&L more useful for just there. it rights, then

that been previously, more I the be through recently could what's the believe in think in stimulus its in thought been package approved was I it on additional recently. that Is color working included that extension that way the is coronavirus house? there's just Congress.

Nancy Lurker

let question answer then So, first, George will first one. the me take last and the

try know, is as at quite you're we end. to that different comment what's actively number all We're to extended. it's in as no getting confident said, Scott we level going will for we fit sure legislatively, the to state, have there's do So, this. making so This do extension support have although and both like, senatorial on paths the And never you guys we and can't now. of a obviously the I right I'm at like are we get areas, this engaged can house to because sausage, pursuing fairly support. out prediction, level

about. care. issued and that Remember, drugs without drops that's report as say for think into pass-through, talked dramatically, that impacts these well fair the just patient extension. to And go I this a use is it's all about GAO me what once the

are to is also work So, second us which we believe as ahead. George CMS through where Scott for should put with their go not continue because said, lose period area on drugs, a we as highly gives they well. that issue, why the support an pathway of alternative these And further report useful, pass-through. pass-through that GAO be

George Elston

Andy. Yes, so thanks

know made expert, fourth that's be we of – It's is likely strict we the that's received out accounting it's than would a what we past. and basis. – perspective. of from short but going have but where accounting I on that's to quarter which rule a because sit an that's lower receive the frustrating, models And be something but not actually $XX.X that technical accounting I number, And it's we saw of did historical recognize what Although I in the in for a but we didn't some over there. any lower going Alimera little I'm mess noncash. quarterly than is unusual, have the answer a of it's don't it a rules, amortized a estimate number today. little strictly million a And royalty, revenue to years

Andrew D'Silva

SKW fine. the of you Alimera that's was related $XX,XXX of just tied to related to percent ILUVIEN, and royalty actually no, to No, sales from I'm that get income, The not assuming correct?

George Elston

Yes. No, income collaboration. in That R&D related an royalty was no we recognized had QX. to revenue

was it small fairly a So, number.

Andrew D'Silva

how with Okay. to the YUTIQ, are Physician you injection where don't And things. DEXYCU, to I more of but established? actually product-specific side And monetization know related you the this, just get go reimbursement regulatory mentioned then then initiatives if with at on as stocking you're and dynamic kind nearing is again any levels this demand color out playing And could of point? progresses? demand YUTIQ the inventory seeing on you around year where of customer if inventory you give other the think

Nancy Lurker

Scott the sure. why Yes, you answer code don't injection question?

Scott Jones

Sure.

meeting. We have chamber CPT a for posterior discussed for the will new now that filed May code at XXXX It be actually injection.

time. have more at information that So, we'll

Nancy Lurker

inventory because were that and we process And are YUTIQ of – as this, far the needle. new did as XQ. levels, inventories drawn a in right of then now a say let we that, bit in launching down me siliconized And just

we're to seeing so, in first normal. quarter And now more come back inventory levels

right not is by do So, inventories seen. see we over what typically any means now

two with very pandemic they have that the mean, the coming in into make job distributors But with they've good now want back, of specialty pandemic. the managing sync. sure gotten well to launch project. what So, I we're as done years a to even

only swings as see rolled that. XQ to down. significant up there preparing of be is informed was just and aware The get of needle thing the don't in drawdown out. obviously We silicon So, we them was to

needle. stock they're new now that with so starting to up And

Andrew D'Silva

Okay.

first actually good I So your for that quarter, imagine. be should

did just So we color fourth assumption a note together. to questions I'll is we put it my there. percentage that's in increase the out good sales relative that And on to expect at material. saw was last fair two I Imprimis' percent basis total least? You DEXYCU of quarter? a mean, that what Should

Nancy Lurker

Yes.

Andrew D'Silva

And Okay. very And that's then been thus Best just in far? patients DAVIO Thank rolled you me. the it from trial many much. of how have luck.

Nancy Lurker

questions, with we're are. enrolled pleased we track, to color on that Yes. many say have not we Andy. Good other how and where giving are around patients than We're

a But So just it's have trial. remind to strict lot. nevertheless, not criteria. XX-patient it's everyone, fairly Obviously, a we entry

right careful patients. that So, get the you to you have be

well with pleased as are it. We

We fair that have – opened sites enough of we've number up.

fact on the full to pleased are we with where when release said, we're as And that and we enrollment. that based I lightening, is a So, pandemic in enrollment. we'll issue get press

Andrew D'Silva

luck. color. great you Best Thank Okay, of much. very

Nancy Lurker

you. Thank

Operator

and is Jen Yale follow-up with Company. a Laidlaw from next question Our question

Yale Jen

the for call. Thanks taking

about the duration Just last how will us amortizations terms question should that to there, million for $XX.X of revenue, the – in the how think long we the in help of amortization the modeling? follow

George Elston

to It's structure. ten, on depending guidance tough a that, – line but roughly Yes. give on to five- depending eight-year it's time five to

If the conservative will actual will you But as will and it's over and just ten rolling very... from nuances that start it again, number years, a as of time I get it's accounting perspective, XX just we're working unfold you if noncash you – think accounting use driven certainly close results event. be the and through. a But modeling use still a

Yale Jen

[Indiscernible]

George Elston

Yes.

Yale Jen

That’s very helpful. Thanks.

Operator

Everyone I’m further This your have may any in you conference. questions now showing today’s gentlemen disconnect. this not Ladies day. at program. for you thank a And conclude time. participating And great does and

EyePoint Pharmaceuticals (EYPT) 4 Mar 212020 Q4 Earnings call transcript