Navigating capital allocation amid macro headwinds
Amid a challenging market environment, Eyepoint Pharmaceuticals is doubling down on innovation in retinal disease, with a strategic focus on DURAVYU and late-stage clinical execution. The company is advancing two global Phase III trials—Lugano and Lucia—with enrollment expected to complete in 2025 and top-line data anticipated in the second half of 2026.
To support these priorities, the company maintains a strong financial position, holding $318 million in cash as of March 2025. A successful 2024 capital raise for its diabetic macular edema (DME) program helped extend Eyepoint’s funding runway into 2027.
Funds are also being directed toward NDA readiness—including commercial-scale manufacturing and pre-approval inspections—to lay the groundwork for a successful launch.
With a growing market for retinal therapies and a differentiated approach to delivering drugs to the back of the eye, Eyepoint is positioning itself at the forefront of ophthalmic innovation.
DURAVYU’s edge
Eyepoint has a long track record of innovation using its Durasert™ technology. The latest iteration—Durasert E™, an erodible version—is being used in DURAVYU, now in Phase III trials.
Since existing eye injections only last around a month, Durasert E™ has a unique impact – a tiny implant placed in the eye that continually releases medicine for six months or more.
“What we love about the DURAVYU program, which is VERONA, it’s a tyrosine kinase inhibitor. It’s essentially the first new mechanism of action in retinal disease in the last 15 to 20 years.”
“It’s essentially the first new mechanism of action in retinal disease in the last 15 to 20 years.”
George Elston, CFO and Head of Corporate Development, Eyepoint Pharmaceuticals
Eyepoint positions DURAVYU as a maintenance therapy, offering doctors and patients a powerful tool for long-term management. “We work in conjunction with the biologics, not instead of, bringing that second mechanism of action to these diseases. It’s not an either/or, it’s both.”
From clinic to marketplace
Eyepoint is confidently navigating the FDA process for DURAVYU. There have been successful early trials for both wet AMD and DME.
As the company prepares for potential U.S. approval, it’s also evaluating the commercial pathway. Retina is a unique space in the U.S., with about 2,400 retinal doctors, and the environment is poised for Eyepoint to launch its product. “The commercial footprint to reach the market is not that heavy of a lift,” explains Elston.
Ex-U.S., however, is a different story with varying treatment dynamics. “We’ve said publicly that we do plan on bringing in a global partner for Ex-U.S. – and we’re even open to some potential co-partnership or co-promotion in the U.S.
Managing unique market risks
For financial executives considering a move into biopharma, George Elston has a word of advice: don’t overanalyze it. “Accounting people are generally risk averse. If you want to go into biopharma, don’t do the math. If you do, you’ll never go into biopharma. But the potential to be involved with a drug that can change patients’ lives is really exciting and is what drives me and my colleagues at Eyepoint every day.”
“The potential to be involved with a drug that can change patients’ lives is really exciting and is what drives me and my colleagues at Eyepoint every day.”
George Elston, CFO and Head of Corporate Development, Eyepoint Pharmaceuticals
That said, Elston stresses the importance of financial discipline. “Control your burn. You see a lot of companies make the same mistake—they raise money and spend it on furniture and fixtures. Investors want you to spend capital on drug development and clinical trials.”
In a market where biotech companies are going bankrupt or returning capital to shareholders, careful stewardship matters more than ever. “Biopharma is one of those interesting spaces where every day I have less cash tomorrow than I do today—so use it well.”
