0000950170-25-034601 | 10-K | XBRL Viewer | Eyepoint Pharmaceuticals INC

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License and Asset Purchase Agreements - Additional Information (Detail) - USD ($)	1 Months Ended	12 Months Ended
	Feb. 29, 2020	Dec. 31, 2024	Dec. 31, 2023
Collaborative Agreements And Contracts [Line Items]
Research and development		$ 132,926,000	$ 64,662,000
Equinox Science, LLC [Member]
Collaborative Agreements And Contracts [Line Items]
Non-refundable and non-creditable upfront cash payment	$ 1,000,000
Research and development		$ 5,000,000	$ 0
Equinox Science, LLC [Member] \| Maximum [Member]
Collaborative Agreements And Contracts [Line Items]
Payment upon achievement of development and regulatory milestones	$ 50,000,000

Inventory - Schedule of Inventory (Detail) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Inventory Disclosure [Abstract]
Raw materials	$ 1,657	$ 1,303
Work in process	648	882
Finished goods	0	1,721
Total inventory	$ 2,305	$ 3,906

Prepaid Expenses and Other Current Assets - Additional Information (Details) $ in Millions	Dec. 31, 2024 USD ($)
Prepaid Expense and Other Assets, Current [Abstract]
Prepaid clinical expense	$ 5.4

Prepaid Expenses and Other Current Assets

12 Months Ended

Dec. 31, 2024

Prepaid Expense and Other Assets, Current [Abstract]

Prepaid Expenses and Other Current Assets

Prepaid expenses and other current assets consisted of the following (in thousands):


	December 31, 2024		December 31, 2023
Prepaid expenses	$	2,339	$	1,695
Prepaid clinical		5,737		6,335
Other		1,405		1,009
Total prepaid expenses and other current assets	$	9,481	$	9,039

As of December 31, 2024 the Company had $5.4 million of prepaid clinical expense included in other assets on its consolidated balance sheets.

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Dec. 31, 2024	Dec. 31, 2023
Statement of Financial Position [Abstract]
Preferred stock, par value	$ 0.001	$ 0.001
Preferred stock, shares authorized	5,000,000	5,000,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Common stock, par value	$ 0.001	$ 0.001
Common stock, shares authorized	300,000,000	300,000,000
Common stock, shares issued	68,266,005	49,043,074
Common stock, shares outstanding	68,266,005	49,043,074

Pay vs Performance Disclosure - USD ($) $ in Thousands	12 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Pay vs Performance Disclosure
Net Income (Loss)	$ (130,870)	$ (70,795)

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

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+ Details

Inventory (Tables)

12 Months Ended

Dec. 31, 2024

Inventory Disclosure [Abstract]

Schedule of Inventory

Inventory consisted of the following (in thousands):


	December 31, 2024		December 31, 2023
Raw materials	$	1,657	$	1,303
Work in process		648		882
Finished goods		—		1,721
Total inventory	$	2,305	$	3,906

Income Taxes - Reconciliation of U.S. Federal Statutory Income Tax Rate to Effective Income Tax Rate (Detail)	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Income Tax Disclosure [Abstract]
Federal statutory income tax rate	21.00%	21.00%
State income taxes, net of federal benefit	7.10%	7.50%
Research and development tax credits	1.20%	1.30%
Permanent items	0.90%	(0.50%)
Changes in valuation allowance	(29.80%)	(30.40%)
Other, net	(0.50%)	1.00%
Effective income tax rate	(0.10%)	(0.10%)

License and Asset Purchase Agreements

12 Months Ended

Dec. 31, 2024

Organization, Consolidation and Presentation of Financial Statements [Abstract]

License and Asset Purchase Agreements

11.

License and Asset Purchase Agreements

Equinox Science, LLC

In February 2020, the Company entered into an Exclusive License Agreement (the Equinox License Agreement) with Equinox, pursuant to which Equinox granted the Company an exclusive, sublicensable, royalty-bearing right and license to certain patents and other Equinox intellectual property to research, develop, make, have made, use, sell, offer for sale and import the compound vorolanib and any pharmaceutical products comprising the compound for local delivery to the eye for the prevention or treatment of age-related macular degeneration, diabetic retinopathy, and retinal vein occlusion using the Company’s proprietary localized delivery technologies (the Original Field), in each case, throughout the world except China, Hong Kong, Taiwan, and Macau (the Company Territory).

In consideration for the rights granted by Equinox, the Company (i) made a one time, non-refundable, non-creditable upfront cash payment of $1.0 million to Equinox in February 2020, and (ii) agreed to pay milestone payments totaling up to $50.0 million upon the achievement of certain development and regulatory milestones, consisting of (a) completion of a Phase 2 clinical trial for the compound or a licensed product, (b) the filing of a new drug application or foreign equivalent for the compound or a licensed product in the United States, European Union, or United Kingdom and (c) regulatory approval of the compound or a licensed product in the United States, European Union, or United Kingdom.

The Company also agreed to pay Equinox tiered royalties based upon annual net sales of licensed products in the Company Territory. The royalties are payable with respect to a licensed product in a particular country in the Company Territory on a country-by-country and licensed product-by-licensed product basis until the later of (i) twelve years after the first commercial sale of such licensed product in such country and (ii) the first day of the month following the month in which a generic product corresponding to such licensed product is launched in such country. The royalty rates range from the high-single digits to low-double digits depending on the level of annual net sales. The royalty rates are subject to reduction during certain periods when there is no valid patent claim that covers a licensed product in a particular country.

On May 2, 2022, concurrent with the Company entering into the Betta License Agreement (see Note 3), the Company entered into Amendment #1 to the Equinox License Agreement, pursuant to which the Original Field was expanded to cover the prevention or treatment of ophthalmology indications using the Company’s proprietary localized delivery technologies and certain conforming changes were made to the Equinox License Agreement in connection therewith.

For the year ended December 31, 2024, the Company recorded $5.0 million of R&D expenses in connection with the milestone payment for completion of a Phase 2 clinical trial for the compound or a licensed product under the Equinox License Agreement. No R&D expense was recorded for the year ended December 31, 2023 related to the Equinox License Agreement.

Stockholders' Equity - Warrants to Purchase Common Shares - Additional Information (Detail) - $ / shares				12 Months Ended
	Apr. 18, 2024	Jun. 26, 2018	Mar. 28, 2018	Dec. 31, 2024	Jan. 31, 2024	Dec. 31, 2023	Nov. 30, 2021
Class Of Stock [Line Items]
Weighted average exercise price of warrants				$ 12.33		$ 12.33
Pre Funded Warrants to purchase common stock							3,272,727
Warrants were exercised in cashless exercise	2,181,818
Net issuance of common shares	2,180,776
Pre-funded warrants shares included in net loss per share calculation				1,090,909
Pre Funded Warrants Outstandings				1,090,909
SWK [Member] \| Warrants [Member]
Class Of Stock [Line Items]
share issuance, net					25,666
SWK [Member] \| Senior Secured Term Loan [Member] \| Warrants [Member]
Class Of Stock [Line Items]
Warrants issued to purchase shares of common stock		7,773	40,910
Warrants exercise period		7 years	7 years
Exercise price of issued warrants		$ 19.3	$ 11
Investor [Member] \| Senior Secured Term Loan [Member] \| Warrants [Member]
Class Of Stock [Line Items]
Weighted average remaining life of lender warrants				1 year 3 months 10 days

Prepaid Expenses and Other Current Assets (Tables)

12 Months Ended

Dec. 31, 2024

Prepaid Expense and Other Assets, Current [Abstract]

Schedule of Prepaid Expenses and Other Current Assets

Prepaid expenses and other current assets consisted of the following (in thousands):


	December 31, 2024		December 31, 2023
Prepaid expenses	$	2,339	$	1,695
Prepaid clinical		5,737		6,335
Other		1,405		1,009
Total prepaid expenses and other current assets	$	9,481	$	9,039

Related Party Transactions - Additional Information (Detail) - USD ($) $ in Thousands			12 Months Ended
	Jan. 05, 2024	Dec. 18, 2023	Dec. 31, 2024	Dec. 31, 2023
Related Party Transaction [Line Items]
Research and development expense			$ 132,926	$ 64,662
Revenues			43,273	46,018
Total stock-based compensation expense			36,740	12,057
Prepaid expenses			2,339	1,695
License and Collaboration Agreement [Member]
Related Party Transaction [Line Items]
Revenues			38,496	30,797
Eyebiotech License Agreement [Member] \| License and Collaboration Agreement [Member]
Related Party Transaction [Line Items]
Revenues			500
Altasciences Company Inc [Member]
Related Party Transaction [Line Items]
Research and development expense			1,500	1,900
Accounts payable			$ 400	$ 300
Other Liability, Related Party [Extensible Enumeration]			Accounts Payable, Current	Accounts Payable, Current
Prepaid expenses			$ 200	$ 500
Dr. John Landis [Member]
Related Party Transaction [Line Items]
Total stock-based compensation expense			$ 400
Annual Compensation Payment		$ 600
Dr. John Landis [Member] \| Restricted Stock Units (RSUs) [Member]
Related Party Transaction [Line Items]
Number of Stock Units, Granted	10,000
Dr. John Landis [Member] \| Employee Stock Option
Related Party Transaction [Line Items]
Number of Options, Granted	20,000
Contractual life of option grants	1 year
Dr. John Landis [Member] \| Board Stock Option Award [Member]
Related Party Transaction [Line Items]
Number of Options, Granted	25,014

Segment and Geographic Area Information - Additional Information (Detail)	12 Months Ended
	Dec. 31, 2024
Segment Reporting [Abstract]
Number of business segments	1
Segment Reporting, CODM, Individual Title and Position or Group Name [Extensible Enumeration]	srt:ChiefExecutiveOfficerMember

Property and Equipment, Net - Schedule of Property and Equipment (Detail) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Property Plant And Equipment [Line Items]
Gross property and equipment	$ 12,234	$ 7,822
Accumulated depreciation and amortization	(4,057)	(2,571)
Property and equipment, net	8,177	5,251
Property and Equipment [Member]
Property Plant And Equipment [Line Items]
Gross property and equipment	6,599	3,086
Construction in Progress [Member]
Property Plant And Equipment [Line Items]
Gross property and equipment	1,507	3,728
Leasehold Improvements [Member]
Property Plant And Equipment [Line Items]
Gross property and equipment	$ 4,128	$ 1,008

Fair Value Measurements - Additional Information (Detail) - USD ($)	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Interest-bearing cash equivalent consisted of money market fund	$ 95,900,000	$ 270,500
Interest-bearing cash equivalent consisted of investment-grade U.S.Treasury securities		5,000,000
Interest-bearing cash equivalent consisted of investment-grade commercial paper		$ 5,000,000
Investment Instruments [Member] \| Credit Concentration Risk [Member] \| Money Market Funds [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Percentage of concentration risk	100.00%	98.20%
Investment Instruments [Member] \| Credit Concentration Risk [Member] \| Commercial Paper [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Percentage of concentration risk		1.80%
Investment Instruments [Member] \| Credit Concentration Risk [Member] \| U.S. Treasury Securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Percentage of concentration risk		1.80%

Share-Based Payment Awards - Summary of Information about Stock Options (Detail) - Equity Incentive Plans [Member] - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Weighted-average grant date fair value per share	$ 14.13	$ 3.46
Total cash received from exercise of stock options	$ 5,528	$ 2,955
Total intrinsic value of stock options exercised	$ 7,887	$ 1,970

Loan Agreements - Additional Information (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Term Loan Agreement [Line Items]
Loss on extinguishment of debt	$ 0	$ (1,347)
Payment of exit fee	$ 0	$ 1,350

Share-Based Payment Awards - Stock Options - Additional Information (Detail)	12 Months Ended
	Dec. 31, 2024 shares
2016 and 2023 Long Term Incentive Plan [Member]
Class Of Stock [Line Items]
Contractual life of option grants	10 years
Stock Compensation Plan [Member]
Class Of Stock [Line Items]
Ratable monthly vesting period	4 years
Award vesting percentage	25.00%
Cliff vesting period	3 years
Common stock vested during the period	2,150,650

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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+ Details

Significant Accounting Policies	12 Months Ended
Significant Accounting Policies	Dec. 31, 2024
Accounting Policies [Abstract]
Significant Accounting Policies	2. Significant Accounting Policies Basis of Presentation The consolidated financial statements are presented in U.S. dollars in accordance with U.S. generally accepted accounting principles (U.S. GAAP) and include the accounts of EyePoint Pharmaceuticals, Inc. and its wholly-owned subsidiaries. All intercompany accounts and transactions have been eliminated. Use of Estimates The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make certain estimates and assumptions that affect the reported amounts and disclosure of assets and liabilities at the date of the consolidated financial statements and the reported amounts and disclosure of revenues and expenses during the reporting periods. Significant management estimates and assumptions include, among others, those related to reserves for variable consideration related to product sales, revenue recognition for multiple-deliverable arrangements, recognition of expense in outsourced clinical trial agreements, recording of excess or obsolete inventory write-offs and reserves, and realization of deferred tax assets, and determining grant date fair value of stock options and other equity awards. Actual results could differ from these and other estimates and there may be changes to the Company’s estimates in future periods. Foreign Currency The functional currency of the Company and each of its subsidiaries is the currency of the primary economic environment in which each such entity operates—the U.S. dollar or the Pound Sterling. Assets and liabilities of the Company’s foreign subsidiary are translated at period-end exchange rates. Amounts included in the consolidated statements of comprehensive loss and cash flows are translated at the weighted average exchange rates for the period. Gains and losses from currency translation are included in accumulated other comprehensive income as a separate component of stockholders’ equity on the consolidated balance sheets. Foreign currency gains or losses arising from transactions denominated in foreign currencies, whether realized or unrealized, are recorded in interest and other income, net in the consolidated statements of comprehensive loss and were not material for all periods presented. Cash Equivalents Cash equivalents represent highly liquid investments with maturities of three months or less at the date of purchase, principally consisting of institutional money market funds and investment-grade commercial paper and U.S. Treasury securities. Marketable Securities Marketable securities consist of investments with an original or remaining maturity of greater than three months but less than one year at the date of purchase. The Company has historically classified its marketable securities as available-for-sale. Accordingly, the Company records these investments at fair value, with unrealized gains and losses excluded from earnings and reported, net of tax, in accumulated other comprehensive income, which is a component of stockholders’ equity. If the Company determines that a decline of any investment is other-than-temporary, the investment is written down to fair value. Marketable securities consisted of investment-grade commercial paper, U.S. Treasury securities, and U.S. Agency securities at December 31, 2024 and 2023. The Company’s investment policy, approved by the Board of Directors, includes guidelines relative to diversification and maturities designed to preserve principal and liquidity. The fair value of marketable securities is determined based on quoted market prices at the balance sheet date of the same or similar instruments. The amortized cost of debt securities is adjusted for amortization of premiums and accretion of discounts through to the earlier of sale or maturity. Such amortization and accretion amounts are included in interest and other income, net in the consolidated statements of comprehensive loss. The cost of marketable securities sold is determined by the specific identification method. Concentrations of Credit Risk Financial instruments that potentially subject the Company to concentrations of credit risk consist principally of cash, cash equivalents, investments in marketable securities, and accounts receivable. The Company deposits its cash in financial institutions. At times, such deposits may be in excess of insured limits. The Company’s investment policy, approved by the Company’s Board of Directors, includes guidelines relative to diversification and maturities designed to preserve principal and liquidity. As of December 31, 2024, accounts receivable from ANI Pharmaceuticals, Inc. (ANI), formerly Alimera Sciences, Inc., accounted for 72.3% and accounts receivable from OncoSil Medical Ltd. accounted for 16.5% of total accounts receivable, respectively. For the year ended December 31, 2024, revenues from ANI accounted for 93.6% of total revenues. As of December 31, 2023, accounts receivable from ANI and Ocumension Therapeutics accounted for 67.8% and 15.7% of total accounts receivable, respectively. For the year ended December 31, 2023, revenues from ANI and Besse Medical accounted for 73.2% and 17.2% of total revenues, respectively. Fair Value Measurements The Company accounts for certain assets and liabilities at fair value. The hierarchy below lists three levels of fair value based on the extent to which inputs used in measuring fair value are observable in the market. The Company categorizes each of its fair value measurements in one of these three levels based on the lowest level input that is significant to the fair value measurement in its entirety. These levels are: • Level 1 – Inputs are quoted prices (unadjusted) in active markets that are accessible at the measurement date for identical assets and liabilities. • Level 2 – Inputs are directly or indirectly observable in the marketplace, such as quoted prices for similar assets or liabilities in active markets or quoted prices for identical assets or liabilities with insufficient volume or infrequent transaction (less active markets). • Level 3 – Inputs are unobservable estimates that are supported by little or no market activity and require the Company to develop its own assumptions about how market participants would price the assets or liabilities. The Company’s cash equivalents and marketable securities are classified within Level 1 or Level 2 on the basis of valuations using quoted market prices or alternative pricing sources and models utilizing market observable inputs, respectively. The marketable securities have been valued on the basis of valuations provided by third-party pricing services, as derived from such services’ pricing models. Inputs to the models may include, but are not limited to, reported trades, executable bid and ask prices, broker/dealer quotations, prices or yields of securities with similar characteristics, benchmark curves or information pertaining to the issuer, as well as industry and economic events. The pricing services may use a matrix approach, which considers information regarding securities with similar characteristics to determine the valuation for a security, and have been classified as Level 2. The carrying amounts of accounts receivable, accounts payable and accrued expenses approximate fair value because of their short-term maturity. Accounts and Other Receivables, Net Receivables arise primarily from the Company’s products sold in the U.S. The balance in accounts and other receivables, net consists primarily of amounts due from customers, net of applicable revenue reserves. The majority of the Company’s accounts receivable have standard payment terms that require payment within 30-60 days. The Company performs ongoing credit evaluations of its customers’ financial condition and continuously monitor collections and payments from its customers and analyzes accounts that are past due for collectability. The allowance for credit losses is estimated based on the Company’s analysis of trends in overall receivables aging, specific identification of certain receivables that are at risk of not being paid, past collection experience and current economic trends. Given the nature and limited history of collectability of the Company’s accounts receivable, the Company recorded no allowance for credit losses as of December 31, 2024 and 2023. Inventory Inventory is stated at the lower of cost or net realizable value, net on a first-in, first-out (FIFO) basis. Capitalization of inventory costs begins after FDA approval of a product. Prior thereto, inventory costs of products and product candidates are recorded as research and development expense, even if this inventory may later be sold as commercial product. The Company assesses the recoverability of inventory and writes down any excess and obsolete inventories to their estimated realizable value in the period in which the impairment is first identified. Write-downs are based on the age of the inventory, lower of cost or market, along with significant management judgments concerning future demands for the inventory. Such impairment charges, should they occur, are recorded within cost of sales. The determination of whether inventory costs will be realizable requires estimates by management. If actual market conditions are less favorable than management's projections, additional write-downs of inventory might be recorded in future periods. Cost of sales consists of costs associated with the manufacture of YUTIQ® and DEXYCU®, certain period costs for DEXYCU® product revenue, product shipping, and, as applicable, royalty expense. The inventory costs for YUTIQ® include purchases of various components, the active pharmaceutical ingredient (API) and direct labor and overhead for the product manufactured in the Company’s Watertown, Massachusetts facility. The inventory costs for DEXYCU® include purchased components, the API and third-party manufacturing and assembly. On November 1, 2022, the CMS published in the Federal Register the Calendar Year (CY) 2023 Medicare Hospital Outpatient Prospective Payment System and ASC Payment System Final Rule (Final Rule). The Final Rule terminated the pass-through related separate payment for DEXYCU, which was no longer separately reimbursed by Medicare as of January 1, 2023, when furnished in hospital outpatient departments and ASC settings. In connection with the change in CMS reimbursement rules on November 1, 2022, the Company recorded impairment charge of $0 and $0.5 million for the years ended December 31, 2024 and 2023, respectively, associated with the write-off of excess DEXYCU® units. Debt and Equity Instruments Debt and equity instruments are classified as either liabilities or equity in accordance with the substance of the contractual arrangement. Property and Equipment Property and equipment are recorded at cost and depreciated over their estimated useful lives (generally three to five years) using the straight-line method. Leasehold improvements are amortized on a straight-line basis over the shorter of the remaining non-cancellable lease term or their estimated useful lives. Repair and maintenance costs are expensed as incurred. When assets are retired or sold, the assets and accumulated depreciation are derecognized from the respective accounts and any gain or loss is recognized. Leases The Company is a party to two operating leases, the Company's headquarters in Watertown, Massachusetts, in which it leases office, laboratory, and manufacturing operations facilities and the Company's new standalone manufacturing facility, including office and lab space located at 600 Commerce Drive, Northbridge, Massachusetts (see Note 8). The Company determines whether an arrangement is or contains a lease at inception. Leases are recognized on the consolidated balance sheets as ROU assets, current lease liabilities and noncurrent lease liabilities. ROU assets represent the Company’s right to use an underlying asset for the lease term, and lease liabilities represent the Company’s obligation to make lease payments arising from the lease. Lease liabilities and their corresponding ROU assets are recorded based on the present value of lease payments over the expected remaining lease term. For this purpose, the Company considers only payments that are fixed and in-substance fixed at lease commencement. ROU assets may also be adjusted for items such as prepayments and lease incentives. The interest rate implicit in a lease contract is typically not readily determinable. As a result, the Company utilizes its incremental borrowing rate, which is the rate incurred to borrow on a collateralized basis over a similar term an amount equal to the lease payments in a similar economic environment. Lease terms may include options to extend or terminate the lease when it is reasonably certain that the Company will exercise that option. For operating leases, lease expense is recognized on a straight-line basis over the lease term. For finance leases, amortization expense and interest expense are recognized over the lease term. Revenue Recognition Revenue is recognized when a customer obtains control of promised goods or services, in an amount that reflects the consideration which the entity expects to receive in exchange for those goods or services. To determine revenue recognition for arrangements that an entity determines are within the scope of ASC 606, Revenue from Contracts with Customers (ASC 606), the Company performs the following five steps: (i) identify the contract(s) with a customer; (ii) identify the performance obligations in the contract; (iii) determine the transaction price; (iv) allocate the transaction price to the performance obligations in the contract; and (v) recognize revenue when (or as) the entity satisfies a performance obligation. The Company only applies the five-step model to contracts when it is probable that the entity will collect the consideration it is entitled to in exchange for the goods or services it transfers to the customer. At contract inception, once the contract is determined to be within the scope of ASC 606, the Company assesses the goods or services promised within the contract, determines those that are performance obligations and assesses whether each promised good or service is distinct. The Company then recognizes as revenue the amount of the transaction price that is allocated to the respective performance obligation when (or as) the performance obligation is satisfied. Sales, value-add and other taxes collected on behalf of third parties are excluded from revenue. Product sales, net — Effective January 2023, commercial sales of DEXYCU® were no longer supported by the Company, remaining available only through specialty distributors. Effective May 2023, YUTIQ® has been and continues to be sold under commercial supply agreements with Alimera Sciences, Inc. (Alimera) and Ocumension Therapeutics (Ocumension). On September 16, 2024, ANI announced the completion of the acquisition of Alimera. The acquisition does not impact the terms of the commercial supply agreements (see Note 3). The current supply agreement between the Company and ANI for the supply of YUTIQ® will not renew and, effective June 1, 2025, the Company will no longer be responsible for manufacturing of YUTIQ® for the U.S. market. Reserves for variable consideration — Product sales were recorded at the wholesale acquisition costs, net of applicable reserves for variable consideration. Components of variable consideration included trade discounts and allowances, provider chargebacks and discounts, payor rebates, product returns, and other allowances that were offered within contracts between the Company and its Distributors, payors and other contracted purchasers relating to the Company’s product sales. These reserves were based on the amounts earned, or to be claimed on the related sales, and were classified either as reductions of product revenue and accounts receivable or a current liability, depending on how the amount was to be settled. Overall, these reserves reflected the Company’s best estimates of the amount of consideration to which it was entitled based on the terms of the respective underlying contracts. The actual amounts of consideration ultimately received may differ from the Company’s estimates. If actual results in the future vary from the estimates, the Company adjusts product revenue and earnings in the period such variances become known. Distribution fees — The Company compensated its Distributors for services explicitly stated in the Company’s contracts and were recorded as a reduction of revenue in the period the related product sale was recognized. Provider chargebacks and discounts — Chargebacks were discounts that represented the estimated obligations resulting from contractual commitments to sell products at prices lower than the list prices charged to the Company’s Distributors. These Distributors charged the Company for the difference between what they paid for the product and the Company’s contracted selling price. These reserves were established in the same period that the related revenue was recognized, resulting in a reduction of product revenue and the establishment of a current liability which was included in accrued expenses and other current liabilities on the consolidated balance sheets. Reserves for chargebacks consisted of amounts that the Company expected to pay for units that remained in the distribution channel inventories at each reporting period-end that the Company expected to be sold under a contracted selling price, and chargebacks that Distributors had claimed, but for which the Company had not yet settled. Government rebates— The Company was subject to discount obligations under state Medicaid programs and Medicare. These reserves were recorded in the same period the related revenue was recognized, resulting in a reduction of product revenue and the establishment of a current liability which was included in accrued expenses and other current liabilities on the consolidated balance sheets. The Company’s liability for these rebates consisted of invoices received for claims from prior quarters that had not been paid or for which an invoice had not yet been received, estimates of claims for the current quarter, and estimated future claims that would be made for product that had been recognized as revenue, but which remained in the distribution channel inventories at the end of each reporting period. Payor rebates — The Company contracted with certain private payor organizations, primarily insurance companies, for the payment of rebates with respect to utilization of its products. The Company estimated these rebates and recorded such estimates in the same period the related revenue was recognized, resulting in a reduction of product revenue and the establishment of a current liability. Co-Payment assistance — The Company offered co-payment assistance to commercially insured patients meeting certain eligibility requirements. The calculation of the accrual for co-pay assistance was based on an estimate of claims and the cost per claim that the Company expected to receive associated with product that had been recognized as revenue. Product returns — The Company generally offered a limited right of return based on its returned goods policy, which included damaged product and remaining shelf life. The Company estimated the amount of its product sales that may be returned and recorded this estimate as a reduction of revenue in the period the related product revenue was recognized, as well as reductions to trade receivables, net on the consolidated balance sheets. License and collaboration agreement revenue — The Company analyzes each element of its license and collaboration arrangements to determine the appropriate revenue recognition. The terms of the license agreement may include payment to the Company of non-refundable upfront license fees, milestone payments if specified objectives are achieved, and/or royalties on product sales. The Company recognizes revenue from upfront payments at a point in time, typically upon fulfilling the delivery of the associated intellectual property to the customer. For licenses that are combined with other promises, the Company determines whether the combined performance obligation is satisfied over time or at a point in time, when (or as) the associated performance obligation in the contract is satisfied. If the contract contains a single performance obligation, the entire transaction price is allocated to the single performance obligation. Contracts that contain multiple performance obligations require an allocation of the transaction price based on the estimated relative standalone selling prices of the promised products or services underlying each performance obligation. The Company determines standalone selling prices based on the price at which the performance obligation is sold separately. If the standalone selling price is not observable through past transactions, the Company estimates the standalone selling price taking into account available information such as market conditions and internally approved pricing guidelines related to the performance obligations. The Company recognizes sales-based milestone payments as revenue upon the achievement of the cumulative sales amount specified in the contract in accordance with ASC 606-10-55-65. For those milestone payments which are contingent on the occurrence of particular future events, the Company determines that these need to be considered for inclusion in the calculation of total consideration from the contract as a component of variable consideration using the most-likely amount method. As such, the Company assesses each milestone to determine the probability and substance behind achieving each milestone. Given the inherent uncertainty associated with these future events, the Company will not recognize revenue from such milestones until there is a high probability of occurrence, which typically occurs near or upon achievement of the event. When determining the transaction price of a contract, an adjustment is made if payment from a customer occurs either significantly before or significantly after performance, resulting in a significant financing component. Applying the practical expedient in paragraph 606-10-32-18, the Company does not assess whether a significant financing component exists if the period between when the Company performs its obligations under the contract and when the customer pays is one year or less. None of the Company’s contracts contained a significant financing component as of December 31, 2024 and 2023, respectively, nor during the respective years then ended. Royalties — The Company recognizes revenue from license arrangements with its commercial partners’ net sales of products. Such revenues are included as royalty income. In accordance with ASC 606-10-55-65, royalties are recognized when the subsequent sale of the commercial partner’s products occurs. The Company’s commercial partners are obligated to report their net product sales and the resulting royalty due to the Company typically within 60-days from the end of each quarter. Based on historical product sales, royalty receipts, and other relevant information, the Company recognizes royalty income each quarter and subsequently determines a true-up when it receives royalty reports and payment from its commercial partners. Historically, these true-up adjustments have been immaterial. Sale of Future Royalties — The Company has sold its rights to receive certain royalties on product sales. In the circumstance where the Company has sold its rights to future royalties under a royalty purchase agreement (RPA) and also maintains limited continuing involvement in the arrangement (but not significant continuing involvement in the generation of the cash flows that are due to the purchaser), the Company defers recognition of the proceeds it receives for the sale of royalty streams and recognizes such unearned revenue as revenue under the units-of-revenue method over the life of the underlying license agreement. Under the units-of-revenue method, amortization for a reporting period is calculated by computing a ratio of the proceeds received from the purchaser to the total payments expected to be made to the purchaser over the term of the agreement, and then applying that ratio to the period’s cash payment. Estimating the total payments expected to be received by the purchaser over the term of such arrangements requires management to use subjective estimates and assumptions. Changes to the Company’s estimate of the payments expected to be made to the purchaser over the term of such arrangements could have a material effect on the amount of revenues recognized in any particular period. Research Collaborations — The Company recognizes revenue over the term of the statements of work under any funded research collaborations. Revenue recognition for consideration, if any, related to a license option right is assessed based on the terms of any such future license agreement or is otherwise recognized at the completion of the research collaborations. Please refer to Note 3 for further details on the license and collaboration agreements into which the Company has entered and corresponding amounts of revenue recognized during the current and prior year periods. Cost of sales — Cost of sales consist of costs associated with the manufacture of YUTIQ® and DEXYCU®, certain period costs for DEXYCU® product revenue, product shipping, and as applicable, royalty expense. For the years ended December 31, 2024 and 2023, DEXYCU® product revenue-based royalty expense as a component of cost of sales was immaterial. Please refer to Note 3 for further details on the license and collaboration agreements into which the Company has entered and corresponding amounts of revenue recognized during the current and prior year periods. Deferred Revenue Amounts received prior to satisfying the above revenue recognition criteria are recorded as deferred revenue on the accompanying consolidated balance sheets. Amounts not expected to be recognized within one year following the balance sheet date are classified as non-current deferred revenue. Research and Development Research and development costs are charged to operations as incurred. These costs include all direct costs, including cash and stock-based compensation and benefits for research, clinical development, quality assurance, quality control, operations and medical affairs personnel, third-party costs and services for clinical trials, clinical materials, pre-clinical programs, regulatory and medical affairs, external consultants, and other operational costs related to the Company’s research and development of its product candidates. The Company records accruals for estimated ongoing research and development costs, including costs with respect to outsourced agreements for clinical trials with contract research organizations (CROs). When recording these prepaid and accrued expenses, the Company analyzes progress of the studies, including the phase or completion of events, invoices received, payments made, contracted costs, communications with third-party vendors, and internal tracking of the work performed to date. Judgments and estimates are made in determining the prepaid and accrued balances at the end of any reporting period. Payments made in advance of services provided are recorded as prepaid research and development costs and recognized as expense in the period the expense is incurred. In determining the prepaid and accrued balances, management makes its assessments of the services performed based on various factors, including reporting from third-party CROs and internal tracking of work performed during the period, which are subject to management’s judgment. Actual results could differ from the Company’s estimates. Stock-Based Compensation Compensation cost related to share-based payment awards is based on the fair value of the instrument on the grant date and is recognized on a graded vesting basis over the requisite service period for each separately vesting tranche of the awards. The Company may also grant share-based payment awards that are subject to objectively measurable performance and service criteria. Compensation expense for performance-based awards begins at such time as it becomes probable that the respective performance conditions will be achieved. The Company continues to recognize the grant date fair value of performance-based awards through the vesting date of the respective awards so long as it remains probable that the related performance conditions will be satisfied. The Company estimates the fair value of stock option awards using the Black-Scholes option valuation model and the fair value of performance stock units, restricted stock units, and deferred stock units based on the observed grant date fair value of the underlying common stock. Net Loss per Share Basic net loss per share is computed by dividing the net loss by the weighted average number of common shares outstanding during the period. For periods in which the Company reports net income, diluted net income per share is determined by adding to the basic weighted average number of common shares outstanding the total number of dilutive common equivalent shares using the treasury stock method, unless the effect is anti-dilutive. Comprehensive Loss Comprehensive loss is comprised of net loss, foreign currency translation adjustments and unrealized gains and losses on available-for-sale marketable securities. Income Tax The Company accounts for income taxes under the asset and liability method. Deferred income tax assets and liabilities are computed for the expected future impact of differences between the financial reporting and income tax bases of assets and liabilities and for the expected future benefit to be derived from tax credits and loss carry forwards. Such deferred income tax computations are measured based on enacted tax laws and rates applicable to the years in which these temporary differences are expected to be recovered or settled. A valuation allowance is provided against net deferred tax assets if, based on the available evidence, it is more likely than not that some or all of the net deferred tax assets will not be realized. The Company determines whether it is more likely than not that a tax position will be sustained upon examination. If it is not more likely than not that a position will be sustained, none of the benefit attributable to the position is recognized. The tax benefit to be recognized for any tax position that meets the more likely than not recognition threshold is calculated as the largest amount that is more than 50% likely of being realized upon resolution of the uncertainty. The Company accounts for interest and penalties related to uncertain tax positions as part of its income tax provision. Recently Adopted and Recently Issued Accounting Pronouncements New accounting pronouncements are issued periodically by the Financial Accounting Standards Board (FASB) and are adopted by the Company as of the specified effective dates. Unless otherwise disclosed below, the Company believes that recently issued and adopted pronouncements will not have a material impact on the Company’s financial position, results of operations and cash flows or do not apply to the Company’s operations. Recently Adopted Accounting Pronouncements In November 2023, the FASB issued ASU 2023-07—Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures. This ASU was issued to improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses. The Company adopted ASU 2023-07 on January 1, 2024. Recently Issued Accounting Pronouncements In December 2023, the FASB issued ASU 2023-09—Income Taxes (Topic 740): Improvements to Income Tax Disclosures. This ASU was issued to address investor requests for more transparency about income tax information through improvements to income tax disclosure primarily related to the rate reconciliation and income taxes paid information, and to improve the effectiveness of income tax disclosures. This ASU is effective for public entities for annual periods beginning after December 15, 2024. Early adoption is permitted. ASU 2023-09 will be effective for the Company in the first quarter of its fiscal year ending December 31, 2025. The Company is currently evaluating the impact the adoption of this ASU will have on its consolidated financial statement disclosures. In November 2024, the FASB issued ASU 2024-03—Income Statement —Reporting Comprehensive Income —Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses. The amendments in ASU 2024-03 address investor requests for more detailed expense information and require additional disaggregated disclosures in the notes to financial statements for certain categories of expenses that are included on the face of the income statement. This guidance is effective for fiscal years beginning after December 15, 2026, and interim periods within fiscal years beginning after December 15, 2027, with early adoption permitted. The Company is currently evaluating the impact the adoption of this ASU will have on its consolidated financial statement disclosures.

Share-Based Payment Awards - Time-Vested Restricted Stock Units - Additional Information (Detail) - RSU [Member] - 2016 and 2023 Long Term Incentive Plan [Member]	12 Months Ended
	Dec. 31, 2024
Class Of Stock [Line Items]
Vesting term	1 year 6 months 7 days
Annual Basis [Member]
Class Of Stock [Line Items]
Vesting term	3 years

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Fair Value Measurements

12 Months Ended

Dec. 31, 2024

Fair Value Disclosures [Abstract]

Fair Value Measurements

12.

Fair Value Measurements

The following tables summarize the Company’s assets by significant categories carried at fair value measured on a recurring basis at December 31, 2024 and 2023, respectively, by valuation hierarchy (in thousands):


	December 31, 2024
	Carrying Value		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value		Cash Equivalents		Marketable Securities
Level 1:
Money market funds	$	95,859	$	—	$	—		$	95,859	$	95,859	$	—
Subtotal	$	95,859	$	—	$	—		$	95,859	$	95,859	$	—
Level 2:
Commercial paper	$	94,817	$	26	$	(1	)	$	94,842	$	—	$	94,842
U.S. Treasury securities	$	114,599	$	120	$	(8	)	$	114,711	$	—	$	114,711
U.S. Agency securities	$	61,605	$	53	$	(2	)	$	61,656	$	—	$	61,656
Subtotal	$	271,021	$	199	$	(11	)	$	271,209	$	—	$	271,209
Total	$	366,880	$	199	$	(11	)	$	367,068	$	95,859	$	271,209


	December 31, 2023
	Carrying Value		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value		Cash Equivalents		Marketable Securities
Level 1:
Money market funds	$	270,476	$	—	$	—		$	270,476	$	270,476	$	—
Subtotal	$	270,476	$	—	$	—		$	270,476	$	270,476	$	—
Level 2:
Commercial paper	$	19,295	$	8	$	—		$	19,303	$	1,998	$	17,305
U.S. Treasury securities		17,762		8		—			17,771		2,990		14,781
U.S. Agency securities		17,694		8		(1	)		17,701		—		17,701
Subtotal	$	54,751	$	24	$	(1	)	$	54,775	$	4,988	$	49,787
Total	$	325,227	$	24	$	(1	)	$	325,251	$	275,464	$	49,787

At December 31, 2024, a total of $95.9 million or 100% of the Company’s interest-bearing cash equivalent balances were concentrated in one institutional money market fund that has investments consisting primarily of Repurchase Agreements, U.S Treasuries, and U.S. Government Agency Debts.

At December 31, 2023, a total of $270.5 million or 98.2% of the Company’s interest-bearing cash equivalent balances were concentrated in one institutional money market fund that has investments consisting primarily of Repurchase Agreements, U.S Treasuries, and U.S. Government Agency Debts. The Company had $5.0 million or 1.8% of the Company's interest-bearing cash equivalent balance which consisted of investment-grade Commercial paper and investment-grade U.S. Treasury securities at December 31, 2023.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

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+ Details

CONSOLIDATED STATEMENTS OF CASH FLOWS $ in Thousands	12 Months Ended
CONSOLIDATED STATEMENTS OF CASH FLOWS $ in Thousands	Dec. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)
Cash flows from operating activities:
Net loss	$ (130,870)	$ (70,795)
Adjustments to reconcile net loss to cash flows used in operating activities:
Depreciation of property and equipment	1,540	464
Amortization of debt discount and premium and discount on available-for-sale marketable securities	(5,953)	(856)
Provision for excess and obsolete inventory	0	693
Loss on extinguishment of debt	0	1,347
Stock-based compensation	36,740	12,057
Deferred income tax	90	83
Changes in operating assets and liabilities:
Accounts receivable and other current assets	(244)	14,432
Other assets	(5,832)	0
Inventory	1,600	(1,553)
Accounts payable and accrued expenses	5,731	1,519
Right-of-use assets and operating lease liabilities	1,618	(39)
Deferred revenue	(30,646)	44,523
Net cash (used in) provided by operating activities	(126,226)	1,875
Cash flows from investing activities:
Purchases of marketable securities	(398,303)	(55,116)
Sales and maturities of marketable securities	183,000	55,284
Purchases of property and equipment	(4,052)	(3,483)
Net cash (used in) provided by investing activities	(219,355)	(3,315)
Cash flows from financing activities:
Proceeds from issuance of stock	163,314	226,174
Payment of equity issue costs	(672)	(451)
Payment of long-term debt	0	(30,000)
Payment of extinguishment of debt costs	0	(1,350)
Borrowings under revolving facility	0	5,300
Repayment under revolving facility	0	(15,775)
Net settlement of stock units to satisfy statutory tax withholding	(4,512)	(169)
Proceeds from exercise of stock options and employee stock purchase plan	5,997	3,377
Principal payments on finance lease obligations	(105)	(36)
Net cash provided by (used in) financing activities	164,022	187,070
Net (decrease) increase in cash, cash equivalents and restricted cash	(181,559)	185,630
Cash, cash equivalents and restricted cash at beginning of period	281,413	95,783
Cash, cash equivalents and restricted cash at end of period	99,854	281,413
Reconciliation of cash, cash equivalents and restricted cash to the consolidated balance sheets:
Cash and cash equivalents	99,704	281,263
Restricted cash	150	150
Total cash, cash equivalents and restricted cash at end of period	99,854	281,413
Supplemental cash flow information:
Cash interest paid	0	1,405
Supplemental disclosure of non-cash investing and financing activities:
Lease liability arising from obtaining right-of-use assets	17,544	0
Stock issuance costs	$ 311	$ 325

Segment and Geographic Area Information

12 Months Ended

Dec. 31, 2024

Segment Reporting [Abstract]

Segment and Geographic Area Information

16.

Segment and Geographic Area Information

Business Segment

The Company operates in one business segment, which is the business of developing and commercializing innovative ophthalmic products for the treatment of eye diseases. Operating segments are identified as components of an enterprise about which separate discrete financial information is available for evaluation by the chief operating decision maker (CODM) in making decisions regarding resource allocation and assessing performance. The Company's CODM is the Chief Executive Officer. The CODM made such decisions and assessed performance at the Company level, as one segment.

Significant segment expenses are as follows (in thousands):


	December 31,
		2024			2023

Total revenues		$	43,273		$	46,018
DURAVYU™ direct research and development expense			(70,818	)		(32,014	)
Other direct research and development expense			(2,656	)		(714	)
Personnel expense (including stock based compensation)			(84,730	)		(56,696	)
Facilities expense			(3,921	)		(2,567	)
Depreciation and amortization			(1,540	)		(464	)
Interest expense			—			(1,247	)
Intellectual property expense			(1,361	)		(1,233	)
Legal, corporate and professional expenses			(10,177	)		(10,569	)
Provision for income taxes			(90	)		(83	)
Interest and other income, net			15,088			6,949
Other segment expenses*			(13,938	)		(18,175	)
Net loss			(130,870	)		(70,795	)

*Other segment expenses include cost of goods sold, other expenses required to operate as a public company, such as insurance, software, contracted services, as well as loss on extinguishment of debt.

Geographic Area Information

The following table summarizes the Company’s revenues and long-lived assets, net by geographic area (in thousands):


	Revenues				Long-Lived Assets, Net
	Year ended		Year ended
	December 31,		December 31,		December 31,		December 31,
	2024		2023		2024		2023
U.S.	$	42,049	$	45,270	$	8,177	$	5,251
China		1,124		648		—		—
UK		100		100		—		—
Consolidated	$	43,273	$	46,018	$	8,177	$	5,251

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

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+ Details

CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($) $ in Thousands	Total	Common Stock [Member]	Additional Paid-In Capital [Member]	Accumulated Deficit [Member]	Accumulated Other Comprehensive Income [Member]
Balance at Dec. 31, 2022	$ 96,368	$ 34	$ 766,899	$ (671,351)	$ 786
Balance, shares at Dec. 31, 2022		34,082,934
Net Income (Loss)	(70,795)			(70,795)
Other comprehensive gain	78				78
Issuance of stock, net of issue costs	225,407	$ 15	225,392
Issuance of stock, net of issue costs, shares		14,432,180
Employee stock purchase plan	422		422
Employee stock purchase plan, shares		107,056
Exercise of stock options	2,955		2,955
Exercise of stock options, shares		260,321
Vesting of stock units	(169)		(169)
Vesting of stock units, shares		160,583
Stock-based compensation	12,057		12,057
Balance at Dec. 31, 2023	$ 266,323	$ 49	1,007,556	(742,146)	864
Balance, shares at Dec. 31, 2023	49,043,074	49,043,074
Net Income (Loss)	$ (130,870)			(130,870)
Other comprehensive gain	164				164
Issuance of stock, net of issue costs	162,658	$ 16	162,642
Issuance of stock, net of issue costs, shares		15,935,869
Cashless exercise of warrants		$ 2	(2)
Cashless exercise of warrants, shares		2,206,442
Employee stock purchase plan	470		470
Employee stock purchase plan, shares		49,896
Exercise of stock options	5,528	$ 1	5,527
Exercise of stock options, shares		641,210
Vesting of stock units	(4,512)		(4,512)
Vesting of stock units, shares		389,514
Stock-based compensation	36,740		36,740
Balance at Dec. 31, 2024	$ 336,501	$ 68	$ 1,208,421	$ (873,016)	$ 1,028
Balance, shares at Dec. 31, 2024	68,266,005	68,266,005

Leases

12 Months Ended

Dec. 31, 2024

Leases [Abstract]

Leases

On March 8, 2022, the Company amended the lease for its headquarters in Watertown, Massachusetts totaling 21,649 square feet (i) to extend the term to May 31, 2028, for 13,650 square feet of laboratory and manufacturing operations space, with the landlord agreeing to provide the Company a construction allowance of up to $0.7 million to be applied toward upgrades and improvements within the space; (ii) to rent an additional 11,999 square feet of office space within the building through May 31, 2028 (New Premises); and (iii) to terminate a portion of the lease comprising 7,999 square feet of office space in the building in accordance with its existing contractual term on May 31, 2025. The amendment also reinstated the Company’s right to extend the lease for the space it occupies after May 31, 2025, for one additional period of five years. Rent for the extension period would be at the fair market rent for comparable space in comparable properties in the Watertown area. During the second quarter of 2022, the Company recognized a $2.9 million increase to its lease liabilities and right-of-use (ROU) assets resulting from the lease amendment for the term extension of the laboratory and manufacturing operations space.

The lease for the New Premises commenced during the third quarter of 2022. The Company occupied the New Premises when the landlord substantially completed its construction for the space, after which the Company’s obligation to pay base rent began. The Company recognized an increase of $1.6 million to its lease liabilities and $1.7 million to its ROU assets resulting from the lease for the New Premises.

The Company previously provided a cash-collateralized $0.2 million irrevocable standby letter of credit as security for the Company’s obligations under the lease, which will remain in effect through the period that is four months beyond the expiration date of the amended lease. The Company will also be required to pay its proportionate share of certain operating costs and property taxes applicable to the leased premises in excess of new base year amounts.

On January 23, 2023, the Company entered into a lease agreement (Northbridge Lease) for its new standalone commercial manufacturing facility, including office and lab space located at 600 Commerce Drive, Northbridge, Massachusetts. The new 41,141 square-foot manufacturing facility is Current Good Manufacturing Practice (cGMP) compliant to meet U.S. FDA and European Medicines Agency (EMA) standards to support DURAVYU™ clinical supply and commercial readiness upon regulatory approval. In addition, the building has the capacity and capabilities for pipeline expansion. The lease includes a non-cancellable lease term of fifteen years and four months, with two options to extend the lease term for two additional terms of either five years or ten years at 95% of the then-prevailing fair market rent. The lease term, under ASC 842, commenced during the second quarter of 2024. The Company entered into an amendment to the Northbridge Lease, effective September 30, 2024. Pursuant to the amendment, the Company's obligation to pay base rent began on March 1, 2025. The Company is responsible for real estate taxes, maintenance, and other operating expenses applicable to the leased premises. The Company recognized an initial increase of $17.7 million to its lease liabilities and $17.9 million to its right-of-use (ROU) assets resulting from the Northbridge Lease during the second quarter of 2024.

Since the Company elected to account for each lease component and its associated non-lease components as a single combined component, all contract consideration was allocated to the respective lease components. The expected lease terms include non-cancellable lease periods. Renewal option periods have not been included in the determination of the lease terms as they are not deemed reasonably certain of exercise. Variable lease payments, such as common area maintenance, real estate taxes, and property insurance are not included in the determination of the lease’s ROU asset or lease liability.

As of December 31, 2024, the weighted average remaining term of the Company’s operating leases was 12.6 years and the weighted average discount rate was 11.63%.

Supplemental balance sheet information related to operating leases as of December 31, 2024 and 2023, respectively, is as follows (in thousands):


	December 31,		December 31,
	2024		2023
Other current liabilities – operating lease current portion	$	1,247	$	563
Operating lease liabilities – noncurrent portion		21,858		4,906
Total operating lease liabilities	$	23,105	$	5,469

The elements of lease expense were as follows (in thousands):


	Year Ended December 31,
	2024		2023
Lease expense included in:
Research and development	$	2,739	$	1,164
General and administrative		260		259
Variable lease costs		255		152
Total lease expense	$	3,254	$	1,575

Cash paid for amounts included in the measurement of operating lease liabilities was $1.2 million and $1.4 million for the years ended December 31, 2024 and 2023, respectively.

The Company’s total future minimum lease payments under non-cancellable leases at December 31, 2024, were as follows (in thousands):


	Operating Leases
2025		3,585
2026		4,133
2027		4,222
2028		3,319
Thereafter		31,860
Total lease payments	$	47,119
Less imputed interest		(24,014	)
Total	$	23,105

Share-Based Payment Awards - Equity Incentive Plan - Additional Information (Detail) - shares	Jun. 20, 2024	Jun. 20, 2023	Dec. 31, 2024	Jun. 19, 2024
2016 Long Term Incentive Plan [Member]
Class Of Stock [Line Items]
Number of common stock, authorized for issuance				9,400,000
Shares remained available for grant				373,256
2023 Long Term Incentive Plan [Member]
Class Of Stock [Line Items]
Number of common stock, authorized for issuance	4,000,000	3,500,000
Equity incentive plan, approval date	Jun. 20, 2024	Jun. 20, 2023
Shares available for grant under the Long Term Incentive Plan			4,346,431

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Share-Based Payment Awards - Summary of Restricted Stock Unit Activity (Detail) - 2016 and 2023 Long Term Incentive Plan [Member] - RSU [Member]	12 Months Ended
	Dec. 31, 2024 $ / shares shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of Stock Units Outstanding, Beginning Balance \| shares	1,333,192
Number of Stock Units, Granted \| shares	683,620
Number of Stock Units, Vested \| shares	(591,277)
Number of Stock Units, Forfeited \| shares	(109,906)
Number of Stock Units Outstanding, Ending Balance \| shares	1,315,629
Weighted Average Grant Date Fair Value Nonvested, Beginning balance \| $ / shares	$ 5.31
Weighted Average Grant Date Fair Value, Granted \| $ / shares	19.59
Weighted Average Grant Date Fair Value, Vested \| $ / shares	6.39
Weighted Average Grant Date Fair Value, Forfeited \| $ / shares	11.33
Weighted Average Grant Date Fair Value Nonvested, Ending balance \| $ / shares	$ 11.74

Product Revenue Reserves and Allowances - Additional Information (Detail) - USD ($) $ in Thousands			3 Months Ended	12 Months Ended
	May 17, 2024	Apr. 18, 2024	Dec. 31, 2024	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Disclosure of Product Revenue Reserves and Allowances [Line Items]
Revenue					$ 43,273	$ 46,018
Issuance of stock, net of issue costs, shares		2,180,776
ANI Pharmaceuticals, Inc. [Member]
Disclosure of Product Revenue Reserves and Allowances [Line Items]
Product rights agreement, closing date					May 17, 2023
Receipt of upfront license fee					$ 75,000
Eyebiotech License Agreement [Member]
Disclosure of Product Revenue Reserves and Allowances [Line Items]
Upfront cash payment	$ 500
Receipt of upfront license fee					500
Product Sales License and Collaboration Revenue or Royalty Income [Member] \| Exclusive License Agreement With Betta Pharmaceuticals Company Limited [Member]
Disclosure of Product Revenue Reserves and Allowances [Line Items]
Revenue					0	0
Royalty Income [Member]
Disclosure of Product Revenue Reserves and Allowances [Line Items]
Revenue					1,613	989
Royalty Income [Member] \| Ocumension Therapeutics [Member]
Disclosure of Product Revenue Reserves and Allowances [Line Items]
Revenue					500	0
RPA [Member] \| SWK [Member]
Disclosure of Product Revenue Reserves and Allowances [Line Items]
Upfront cash payment					16,500
Deferred revenue, current			$ 1,800		1,800	1,400
Deferred revenue, non-current			10,900		10,900	12,400
Revenue					1,100	1,000
YUTIQ [Member]
Disclosure of Product Revenue Reserves and Allowances [Line Items]
Revenue					$ 3,100	14,200
Supply Agreement [Member] \| ANI Pharmaceuticals, Inc. [Member]
Disclosure of Product Revenue Reserves and Allowances [Line Items]
Initial term of the supply agreement					2 years
Initial Term of Estimated Supply Units					2 years
License and Collaboration Agreement [Member]
Disclosure of Product Revenue Reserves and Allowances [Line Items]
Revenue					$ 38,496	30,797
License and Collaboration Agreement [Member] \| Ocumension Therapeutics [Member]
Disclosure of Product Revenue Reserves and Allowances [Line Items]
Revenue					100	100
License and Collaboration Agreement [Member] \| ANI Pharmaceuticals, Inc. [Member]
Disclosure of Product Revenue Reserves and Allowances [Line Items]
Revenue					700	1,000
License and Collaboration Agreement [Member] \| Eyebiotech License Agreement [Member]
Disclosure of Product Revenue Reserves and Allowances [Line Items]
Revenue					500
Product Rights Agreement [Member] \| ANI Pharmaceuticals, Inc. [Member]
Disclosure of Product Revenue Reserves and Allowances [Line Items]
Upfront cash payment					75,000
Guaranteed payments			1,875		7,500
Deferred revenue, current			15,900		15,900
Deferred revenue, non-current			$ 0		$ 0
Product Rights Agreement [Member] \| ANI Pharmaceuticals, Inc. [Member] \| Maximum [Member]
Disclosure of Product Revenue Reserves and Allowances [Line Items]
Royalties payment period					2028
Product Rights Agreement [Member] \| ANI Pharmaceuticals, Inc. [Member] \| Minimum [Member]
Disclosure of Product Revenue Reserves and Allowances [Line Items]
Royalties payment period					2025
Product Rights Agreement [Member] \| Product Rights Agreement and the Supply Agreement [Member]
Disclosure of Product Revenue Reserves and Allowances [Line Items]
Revenue					$ 37,100	29,500
Product Rights Agreement [Member] \| Forecast [Member] \| ANI Pharmaceuticals, Inc. [Member] \| Maximum [Member]
Disclosure of Product Revenue Reserves and Allowances [Line Items]
Royalty payments				$ 70,000
Product [Member]
Disclosure of Product Revenue Reserves and Allowances [Line Items]
Revenue					3,164	14,232
Product [Member] \| Ocumension Therapeutics [Member]
Disclosure of Product Revenue Reserves and Allowances [Line Items]
Revenue					500	500
Product [Member] \| Product Rights Agreement and the Supply Agreement [Member]
Disclosure of Product Revenue Reserves and Allowances [Line Items]
Revenue					$ 2,600	$ 2,100

Share-Based Payment Awards - Compensation Expense from Stock-Based Payment Awards (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Total stock-based compensation expense	$ 36,740	$ 12,057
Research and Development Expense [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Total stock-based compensation expense	18,472	4,650
Sales and Marketing [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Total stock-based compensation expense	0	289
General and Administrative Expense [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Total stock-based compensation expense	$ 18,268	$ 7,118

Prepaid Expenses and Other Current Assets - Schedule of Prepaid Expenses and Other Current Assets (Detail) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Prepaid Expense and Other Assets, Current [Abstract]
Prepaid expenses	$ 2,339	$ 1,695
Prepaid clinical	5,737	6,335
Other	1,405	1,009
Total prepaid expenses and other current assets	$ 9,481	$ 9,039

Document and Entity Information - USD ($) $ in Millions	12 Months Ended
Document and Entity Information - USD ($) $ in Millions	Dec. 31, 2024	Feb. 28, 2025	Jun. 30, 2024
Cover [Abstract]
Document Type	10-K
Amendment Flag	false
Document Period End Date	Dec. 31, 2024
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	FY
Entity Registrant Name	EyePoint Pharmaceuticals, Inc.
Entity Central Index Key	0001314102
Current Fiscal Year End Date	--12-31
Entity Filer Category	Non-accelerated Filer
Trading Symbol	EYPT
Entity Common Stock, Shares Outstanding		68,728,760
Entity Public Float			$ 450.8
Entity Emerging Growth Company	false
Entity Small Business	true
Document Financial Statement Error Correction [Flag]	false
Entity Shell Company	false
Entity File Number	000-51122
Entity Tax Identification Number	26-2774444
Entity Address, Address Line One	480 Pleasant Street
Entity Address, City or Town	Watertown
Entity Address, State or Province	MA
Entity Address, Postal Zip Code	02472
City Area Code	(617)
Local Phone Number	926-5000
Document Annual Report	true
Document Transition Report	false
Entity Incorporation, State or Country Code	DE
Title of 12(b) Security	Common Stock, par value $0.001
Security Exchange Name	NASDAQ
Entity Interactive Data Current	Yes
Entity Current Reporting Status	Yes
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
ICFR Auditor Attestation Flag	false
Auditor Firm ID	34
Auditor Opinion	Opinion on the Financial Statements We have audited the accompanying consolidated balance sheets of EyePoint Pharmaceuticals, Inc. and subsidiaries (the "Company") as of December 31, 2024 and 2023, the related consolidated statements of comprehensive loss, stockholders' equity, and cash flows, for the years then ended, and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Company as of December 31, 2024 and 2023, and the results of its operations and its cash flows for the years then ended, in conformity with accounting principles generally accepted in the United States of America.
Auditor Name	Deloitte & Touche LLP
Auditor Location	Boston, Massachusetts
Documents Incorporated by Reference	Part III of this Annual Report on Form 10-K incorporates certain information by reference from the registrant’s proxy statement for the 2025 annual meeting of stockholders to be filed no later than 120 days after the end of the registrant’s fiscal year ended December 31, 2024. r

Contingencies

12 Months Ended

Dec. 31, 2024

Commitments and Contingencies Disclosure [Abstract]

Contingencies

15.

Contingencies

Legal Proceedings

The Company is subject to various routine legal proceedings and claims incidental to its business, which management believes will not have a material effect on the Company’s financial position, results of operations or cash flows.

U.S. Department of Justice Subpoena

In August 2022, the Company received a subpoena from the U.S. Attorney’s Office for the District of Massachusetts (DOJ) seeking production of documents related to sales, marketing and promotional practices, including as pertain to DEXYCU® (DOJ Subpoena). The Company is cooperating fully with the government in connection with this matter. At this time, the Company is unable to predict the duration, scope or outcome of this matter or whether it could have a material impact on the Company’s financial condition, results of operations or cash flow.

Net Loss per Share (Tables)

12 Months Ended

Dec. 31, 2024

Earnings Per Share [Abstract]

Potentially Dilutive Securities Excluded from Computation of Diluted Weighted-Average Shares

Common stock equivalents excluded from the calculation of diluted earnings per share because the effect would have been anti-dilutive were as follows:


	As of December 31,
	2024		2023
Stock options		7,670,647		6,304,767
ESPP		41,464		21,000
Warrants		—		48,683
Restricted stock units		1,315,629		1,333,192
		9,027,740		7,707,642

Share-Based Payment Awards - Stock Option Activity Under Company's Equity Incentive Plan (Detail) - Equity Incentive Plan and Inducement Awards [Member] $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2024 USD ($) $ / shares shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of Options Outstanding, Beginning balance \| shares	6,304,767
Number of Options, Granted \| shares	2,486,952
Number of Options, Exercised \| shares	(641,210)
Number of Options, Forefeited \| shares	(406,862)
Number of Options, Expired \| shares	(73,000)
Number of Options Outstanding, Ending balance \| shares	7,670,647
Number of Options, Exercisable at December 31, 2024 \| shares	3,701,708
Weighted Average Exercise Price Outstanding, Beginning balance \| $ / shares	$ 9.98
Weighted Average Exercise Price, Granted \| $ / shares	17.74
Weighted Average Exercise Price, Exercised \| $ / shares	8.62
Weighted Average Exercise Price, Forefeited \| $ / shares	10.2
Weighted Average Exercise Price, Expired \| $ / shares	22.88
Weighted Average Exercise Price Outstanding, Ending balance \| $ / shares	12.47
Weighted Average Exercise Price, Exercisable at December 31, 2024 \| $ / shares	$ 11.8
Weighted Average Remaining Contractual Life, Outstanding at December 31, 2024	7 years 5 months 4 days
Weighted Average Remaining Contractual Life, Exercisable at December 31, 2024	6 years 1 month 9 days
Aggregate Intrinsic Value, Outstanding at December 31, 2024 \| $	$ 7,478
Aggregate Intrinsic Value, Exercisable at December 31, 2024 \| $	$ 3,873

Accrued Expenses - Schedule of Accrued Expenses (Detail) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Payables and Accruals [Abstract]
Personnel costs	$ 11,830	$ 12,631
Clinical trial costs	4,541	3,305
Professional fees	840	666
Sales chargebacks, rebates and other revenue reserves	147	760
Other	745	159
Total accrued expenses	$ 18,103	$ 17,521

Product Revenue Reserves and Allowances (Tables)

12 Months Ended

Dec. 31, 2024

Revenue from Contract with Customer [Abstract]

Product Revenue Allowance and Reserves

The following table summarizes activity in each of the product revenue allowance and reserve categories for the years ended December 31, 2024 and 2023 (in thousands):


	Chargebacks, Discounts			Government and Other
	and Fees			Rebates			Returns			Total
Beginning balance at January 1, 2024	$	83		$	—		$	677		$	760
Provision related to sales in the current year		—			—			—			—
Adjustments related to prior period sales		70			—			—			70
Deductions applied and payments made		(148	)		—			(535	)		(683	)
Ending Balance at December 31, 2024	$	5		$	—		$	142		$	147

	Chargebacks, Discounts			Government and Other
	and Fees			Rebates			Returns			Total
Beginning balance at January 1, 2023	$	859		$	158		$	871		$	1,888
Provision related to sales in the current year		1,612			—			25			1,637
Adjustments related to prior period sales		65			(55	)		(54	)		(44	)
Deductions applied and payments made		(2,453	)		(103	)		(165	)		(2,721	)
Ending Balance at December 31, 2023	$	83		$	—		$	677		$	760

Share-Based Payment Awards (Tables)

12 Months Ended

Dec. 31, 2024

Share-Based Payment Arrangement [Abstract]

Stock Option Activity Under Plan

The following table provides a reconciliation of stock option activity under the Company’s equity incentive plan and for inducement awards for the year ended December 31, 2024:


	Number of Options			Weighted Average Exercise Price		Weighted Average Remaining Contractual Life		Aggregate Intrinsic Value
						(in years)		(in thousands)
Outstanding at January 1, 2024		6,304,767		$	9.98
Granted		2,486,952			17.74
Exercised		(641,210	)		8.62
Forfeited		(406,862	)		10.20
Expired		(73,000	)		22.88
Outstanding at December 31, 2024		7,670,647		$	12.47		7.43	$	7,478
Exercisable at December 31, 2024		3,701,708		$	11.80		6.11	$	3,873

Schedule of Key Assumptions Used

In determining the grant date fair value of option awards during the years ended December 31, 2024 and 2023, the Company applied the Black-Scholes option pricing model based on the following key assumptions:


	Year ended December 31,
	2024	2023
Option life (in years)	5.5 - 6.08	5.27 - 6.08
Stock volatility	97% - 100%	78% - 97%
Risk-free interest rate	3.45% - 4.60%	3.44% - 4.68%
Expected dividends	0.0%	0.0%

Summary of Information about Stock Options

The following table summarizes information about employee, non-executive director and external consultant stock options for the years ended December 31, 2024 and 2023 (in thousands except per share amounts):


	Year ended December 31,
	2024		2023
Weighted average grant date fair value per share		14.13	$	3.46
Total cash received from exercise of stock options		5,528		2,955
Total intrinsic value of stock options exercised		7,887		1,970

Summary of Restricted Stock Unit Activity

The following table provides a reconciliation of RSU activity under the 2016 Plan and the 2023 Plan for the year ended December 31, 2024:


	Number of Restricted Stock Units			Weighted Average Grant Date Fair Value
Nonvested at January 1, 2024		1,333,192		$	5.31
Granted		683,620			19.59
Vested		(591,277	)		6.39
Forfeited		(109,906	)		11.33
Nonvested at December 31, 2024		1,315,629		$	11.74

Compensation Expense from Stock-Based Payment Awards

The Company’s consolidated statements of comprehensive loss included total compensation expense from stock-based payment awards for the years ended December 31, 2024 and 2023, respectively, as follows (in thousands):


	Year Ended December 31,
	2024		2023
Compensation expense included in:
Research and development	$	18,472	$	4,650
Sales and marketing		—		289
General and administrative		18,268		7,118
	$	36,740	$	12,057

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Dec. 31, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Accrued Expenses (Tables)

12 Months Ended

Dec. 31, 2024

Payables and Accruals [Abstract]

Schedule of Accrued Expenses

Accrued expenses consisted of the following (in thousands):


	December 31,		December 31,
	2024		2023
Personnel costs	$	11,830	$	12,631
Clinical trial costs		4,541		3,305
Professional fees		840		666
Sales chargebacks, rebates and other revenue reserves		147		760
Other		745		159
Total accrued expenses	$	18,103	$	17,521

Stockholders' Equity

12 Months Ended

Dec. 31, 2024

Equity [Abstract]

Stockholders' Equity

Stockholders’ Equity

Equity Financings

Common Stock Offerings

In October 2024, the Company sold 14,636,363 shares of its common stock in an underwritten public offering at a price of $11.00 per share, including the exercise in full by the underwriters of their option to purchase an additional 1,909,090 shares of common stock. The gross proceeds of the offering to the Company were approximately $161.0 million. Underwriter discounts and commissions and other share issue costs totaled approximately $10.2 million.

In December 2023, the Company sold 13,529,411 shares of its common stock in an underwritten public offering at a price of $17.00 per share, including the exercise in full by the underwriters of their option to purchase an additional 1,764,705 shares of common stock. The gross proceeds of the offering to the Company were approximately $230.0 million. Underwriter discounts and commissions and other share issue costs totaled approximately $14.6 million.

ATM Facility

In August 2020, the Company entered into an at-the-market facility (the ATM Facility) with Cantor Fitzgerald & Co (Cantor). Pursuant to the ATM Facility, the Company may, at its option, offer and sell shares of its common stock from time to time, through or to Cantor, acting as sales agent. The Company will pay Cantor a commission of 3.0% of the gross proceeds from any future sales of such shares.

During the year ended December 31, 2024, the Company sold 1,299,506 shares of its common stock under the ATM facility at a weighted average price of $9.36 per share for gross proceeds of approximately $12.2 million. Share issue costs, including sales agent commissions, totaled approximately $0.4 million.

During the year ended December 31, 2023, the Company sold 902,769 shares of its common stock under the ATM Facility at a weighted average price of $11.05 per share for gross proceeds of approximately $10.0 million. Share issue costs, including sales agent commissions, totaled approximately $0.4 million.

Warrants to Purchase Common Shares

Pursuant to a credit agreement, the Company issued a warrant to SWK to purchase (i) 40,910 shares of the Company’s common stock on March 28, 2018, at an exercise price of $11.00 per share with a seven-year term and (ii) 7,773 shares of the Company’s

common stock on June 26, 2018, at an exercise price of $19.30 per share with a seven-year term. The weighted average exercise price for the warrants as of December 31, 2024 and 2023 was $12.33 per share. At December 31, 2024, the weighted average remaining life of the warrant was approximately 1.28 years.

In January 2024, SWK exercised their warrants in full via cashless exercise resulting in the net share issuance of 25,666 shares.

The Company issued 3,272,727 shares of Pre-Funded Warrants (PFW) to purchase common stock, in connection with the November 2021 underwritten public offering. On April 18, 2024, 2,181,818 PFWs were exercised in full as a cashless exercise, resulting in a net issuance of 2,180,776 shares of common stock.

As of December 31, 2024 1,090,909 PFWs were outstanding. The PFWs were included in the basic and diluted net loss per share calculation during the year ended December 31, 2024.

- Definition

The entire disclosure for equity.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Share-Based Payment Awards

12 Months Ended

Dec. 31, 2024

Share-Based Payment Arrangement [Abstract]

Share-Based Payment Awards

10.

Share-Based Payment Awards

Equity Incentive Plans

Prior to June 20, 2024, the Company had authorized the issuance of 9,400,000 shares of the Company's common stock under the 2016 Long-Term Incentive Plan (the 2016 Plan), of which 373,256 shares remained available for future grants.

The 2023 Long-Term Incentive Plan (the “2023 Plan”), approved by the Company’s stockholders on June 20, 2023 (the “Adoption Date”), originally provided for the issuance of up to 3,500,000 shares of the Company’s common stock reserved for issuance under the 2023 Plan plus any additional shares of the Company’s common stock that were available for grant under the 2008 and the 2016 Incentive Plan (the “2008 & 2016 Plan”) at the Adoption Date or would otherwise become available for grant under the 2008 Plan as a result of subsequent termination or forfeiture of awards under the 2008 or 2016 Plan. At the Company’s Annual Meeting of Stockholders held on June 20, 2024, the Company’s stockholders approved an amendment to the 2023 Plan to increase the number of shares authorized for issuance by 4,000,000 shares. At December 31, 2024, a total of approximately 4,346,431 shares were available for new awards under the 2023 Plan.

Starting March 2022, the Company granted non-statutory stock options to new employees as inducement awards to enter into employment with the Company. The grants were approved by the Compensation Committee of the Board of Directors and awarded in accordance with Nasdaq Listing Rule 5635(c)(4). Although not awarded under any equity incentive plans, the grants are subject to and governed by the terms and conditions of the applicable plan in effect at the time of the grant.

Stock Options

The following table provides a reconciliation of stock option activity under the Company’s equity incentive plan and for inducement awards for the year ended December 31, 2024:


	Number of Options			Weighted Average Exercise Price		Weighted Average Remaining Contractual Life		Aggregate Intrinsic Value
						(in years)		(in thousands)
Outstanding at January 1, 2024		6,304,767		$	9.98
Granted		2,486,952			17.74
Exercised		(641,210	)		8.62
Forfeited		(406,862	)		10.20
Expired		(73,000	)		22.88
Outstanding at December 31, 2024		7,670,647		$	12.47		7.43	$	7,478
Exercisable at December 31, 2024		3,701,708		$	11.80		6.11	$	3,873

The Company's stock options generally vest over four years with 25% vesting after one year of service followed by ratable monthly vesting over the remaining three years. Nonemployee awards are granted similar to the Company’s employee awards. All option grants have a 10-year term. Options to purchase a total of 2,150,650 shares of the Company’s common stock vested during the year ended December 31, 2024.


	Year ended December 31,
	2024	2023
Option life (in years)	5.5 - 6.08	5.27 - 6.08
Stock volatility	97% - 100%	78% - 97%
Risk-free interest rate	3.45% - 4.60%	3.44% - 4.68%
Expected dividends	0.0%	0.0%


	Year ended December 31,
	2024		2023
Weighted average grant date fair value per share		14.13	$	3.46
Total cash received from exercise of stock options		5,528		2,955
Total intrinsic value of stock options exercised		7,887		1,970

Time-Vested Restricted Stock Units

Time-vested restricted stock units (RSUs) issued to date under the 2016 Plan and the 2023 Plan generally vest on a ratable annual basis over three years. The related stock-based compensation expense is recorded over the requisite service period, which is the vesting period. The fair value of all time-vested RSUs is based on the closing share price of the Company’s common stock on the date of grant.

The following table provides a reconciliation of RSU activity under the 2016 Plan and the 2023 Plan for the year ended December 31, 2024:


	Number of Restricted Stock Units			Weighted Average Grant Date Fair Value
Nonvested at January 1, 2024		1,333,192		$	5.31
Granted		683,620			19.59
Vested		(591,277	)		6.39
Forfeited		(109,906	)		11.33
Nonvested at December 31, 2024		1,315,629		$	11.74

At December 31, 2024, the weighted average remaining vesting term of the RSUs was 1.52 years.

Employee Stock Purchase Plan

The Company’s Employee Stock Purchase Plan (the ESPP) allows qualified participants to purchase the Company’s common stock twice a year at 85% of the lesser of the average of the high and low sales price of the Company’s common stock on (i) the first trading day of the relevant offering period and (ii) the last trading day of the relevant offering period. The number of shares of the Company’s common stock each employee may purchase under this plan, when combined with all other employee stock purchase plans, is limited to the lower of an aggregate fair market value of $25,000 during each calendar year, or 5,000 shares of the Company’s common stock in any one offering period. The Company has maintained consecutive six-month offering periods since August 1, 2019. During the year ended December 31, 2024, 49,896 shares of the Company’s common stock were issued pursuant to the ESPP.

The Company estimated the fair value of the option component of the ESPP shares at the date of grant using a Black-Scholes valuation model. For the years ended December 31, 2024 and 2023, the compensation expense from ESPP shares was $0.2 million and $0.2 million, respectively.

Stock-Based Compensation Expense


	Year Ended December 31,
	2024		2023
Compensation expense included in:
Research and development	$	18,472	$	4,650
Sales and marketing		—		289
General and administrative		18,268		7,118
	$	36,740	$	12,057

During the year ended December 31, 2024, the Company modified certain stock options and restricted stock awards in connection with the termination of executives resulting in incremental compensation expense of $5.2 million.

At December 31, 2024, there was approximately $23.1 million of unrecognized compensation expense related to outstanding equity awards under the 2023 Plan, the 2016 Plan, the inducement awards and the ESPP that is expected to be recognized as expense over a weighted average period of approximately 1.71 years.

Income Taxes - Components of Loss Before Income Taxes (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Income Tax Disclosure [Abstract]
U.S. operations	$ (130,880)	$ (70,812)
Non-U.S. operations	100	100
Net loss before income taxes	$ (130,780)	$ (70,712)

- Definition

Amount of income (loss) from continuing operations, including income (loss) from equity method investments, before deduction of income tax expense (benefit), and income (loss) attributable to noncontrolling interest.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
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Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Fair Value Measurements - Assets and Liabilities Carried at Fair Value Measured on Recurring Basis (Detail) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable Securities	$ 271,209	$ 49,787
Fair Value, Measurements, Recurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Carrying Value	366,880	325,227
Gross Unrealized Gains	199	24
Gross Unrealized Losses	(11)	(1)
Fair Value	367,068	325,251
Cash Equivalents	95,859	275,464
Marketable Securities	271,209	49,787
Fair Value, Measurements, Recurring [Member] \| Quoted Prices in Active Markets (Level 1) [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Carrying Value	95,859	270,476
Gross Unrealized Gains	0	0
Gross Unrealized Losses	0	0
Fair Value	95,859	270,476
Cash Equivalents	95,859	270,476
Marketable Securities	0	0
Fair Value, Measurements, Recurring [Member] \| Quoted Prices in Active Markets (Level 1) [Member] \| Money Market Funds [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Carrying Value	95,859	270,476
Gross Unrealized Gains	0	0
Gross Unrealized Losses	0	0
Fair Value	95,859	270,476
Cash Equivalents	95,859	270,476
Marketable Securities	0	0
Fair Value, Measurements, Recurring [Member] \| Significant Other Observable Inputs (Level 2) [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Carrying Value	271,021	54,751
Gross Unrealized Gains	199	24
Gross Unrealized Losses	(11)	(1)
Fair Value	271,209	54,775
Cash Equivalents	0	4,988
Marketable Securities	271,209	49,787
Fair Value, Measurements, Recurring [Member] \| Significant Other Observable Inputs (Level 2) [Member] \| Commercial Paper [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Carrying Value	94,817	19,295
Gross Unrealized Gains	26	8
Gross Unrealized Losses	(1)	0
Fair Value	94,842	19,303
Cash Equivalents	0	1,998
Marketable Securities	94,842	17,305
Fair Value, Measurements, Recurring [Member] \| Significant Other Observable Inputs (Level 2) [Member] \| U.S. Treasury Securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Carrying Value	114,599	17,762
Gross Unrealized Gains	120	8
Gross Unrealized Losses	(8)	0
Fair Value	114,711	17,771
Cash Equivalents	0	2,990
Marketable Securities	114,711	14,781
Fair Value, Measurements, Recurring [Member] \| Significant Other Observable Inputs (Level 2) [Member] \| U.S. Agency Securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Carrying Value	61,605	17,694
Gross Unrealized Gains	53	8
Gross Unrealized Losses	(2)	(1)
Fair Value	61,656	17,701
Cash Equivalents	0	0
Marketable Securities	$ 61,656	$ 17,701

Retirement Plans - Additional Information (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Retirement Benefits [Abstract]
Maximum percentage of eligible compensation matched by employer	6.00%
Employer contributions to retirement plans	$ 1.4	$ 1.6

Retirement Plans

12 Months Ended

Dec. 31, 2024

Retirement Benefits [Abstract]

Retirement Plans

13.

Retirement Plans

The Company operates a defined contribution plan intended to qualify under Section 401(k) of the U.S. Internal Revenue Code. Participating U.S. employees may contribute a portion of their pre-tax compensation, as defined, subject to statutory maximums. The Company matches employee contributions up to 6% of eligible compensation, subject to a stated calendar year Internal Revenue Service maximum.

The Company contributed a total of $1.4 million and $1.6 million for the years ended December 31, 2024 and 2023, respectively, in connection with these retirement plans.

- Definition

The entire disclosure for retirement benefits.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1
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-URI https://asc.fasb.org/1943274/2147480794/715-70-50-1

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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480266/715-60-50-3

+ Details

Property and Equipment, Net

12 Months Ended

Dec. 31, 2024

Property, Plant and Equipment [Abstract]

Property and Equipment, Net

Property and equipment, net consisted of the following (in thousands):


	December 31,			December 31,
	2024			2023
Property and equipment	$	6,599		$	3,086
Construction in process		1,507			3,728
Leasehold improvements		4,128			1,008
Gross property and equipment		12,234			7,822
Accumulated depreciation and amortization		(4,057	)		(2,571	)
Property and equipment, net	$	8,177		$	5,251

Depreciation expense totaled $1.5 million and $0.5 million in the years ended December 31, 2024 and 2023, respectively.

Leases - Additional Information (Detail) $ in Thousands			3 Months Ended	12 Months Ended
Leases - Additional Information (Detail) $ in Thousands	Jan. 23, 2023 ft²	Mar. 08, 2022 USD ($) ft² Tranche	Jun. 30, 2024 USD ($)	Dec. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)	Sep. 30, 2022 USD ($)	Jun. 30, 2022 USD ($)
Disclosure Of Leases [Line Items]
Lease liabilities				$ 23,105	$ 5,469		$ 2,900
ROU assets				$ 21,000	4,983
Operating lease weighted average remaining lease term				12 years 7 months 6 days
Operating lease weighted average discount rate				11.63%
Operating lease payments				$ 1,200	$ 1,400
New Premises [Member]
Disclosure Of Leases [Line Items]
Lease liabilities						$ 1,600
ROU assets						$ 1,700
Massachusetts [Member]
Disclosure Of Leases [Line Items]
Increase in lease liabilities			$ 17,700
Increase in right-of-use assets			$ 17,900
Lease description	The lease term, under ASC 842, commenced during the second quarter of 2024. The Company entered into an amendment to the Northbridge Lease, effective September 30, 2024. Pursuant to the amendment, the Company's obligation to pay base rent began on March 1, 2025.
Massachusetts [Member] \| New Premises [Member]
Disclosure Of Leases [Line Items]
Original lease term	15 years 4 months
Area of property covered \| ft²	41,141
Lease option to extend	The lease includes a non-cancellable lease term of fifteen years and four months, with two options to extend the lease term for two additional terms of either five years or ten years at 95% of the then-prevailing fair market rent.
Lease renewal rate at 95% of market rent at time of renewal	95.00%
Massachusetts [Member] \| Maximum [Member] \| New Premises [Member]
Disclosure Of Leases [Line Items]
Additional lease renewal option period	10 years
Massachusetts [Member] \| Minimum [Member] \| New Premises [Member]
Disclosure Of Leases [Line Items]
Additional lease renewal option period	5 years
Massachusetts [Member] \| Second Amendment Lease [Member]
Disclosure Of Leases [Line Items]
Irrevocable standby letter of credit				$ 200
Massachusetts [Member] \| Fourth Amendment Lease [Member]
Disclosure Of Leases [Line Items]
Lease commencement date		Mar. 08, 2022
Lease term expiration date		May 31, 2028
Termination of property area \| ft²		7,999
Area of property covered \| ft²		21,649
Lease existence of option to extend				true
Number of renewal options \| Tranche		1
Additional lease renewal option period		5 years
Massachusetts [Member] \| Fourth Amendment Lease [Member] \| New Premises [Member]
Disclosure Of Leases [Line Items]
Additional Space leased \| ft²		11,999
Massachusetts [Member] \| Fourth Amendment Lease [Member] \| Laboratory and Manufacturing [Member]
Disclosure Of Leases [Line Items]
Area of property covered \| ft²		13,650
Massachusetts [Member] \| Fourth Amendment Lease [Member] \| Maximum [Member]
Disclosure Of Leases [Line Items]
Construction allowance		$ 700

Segment and Geographic Area Information - Summary of Company's Revenues and Long-Lived Assets, Net, by Geographic Area (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenues	$ 43,273	$ 46,018
Long-Lived Assets, Net	8,177	5,251
Country US [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenues	42,049	45,270
Long-Lived Assets, Net	8,177	5,251
China [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenues	1,124	648
Long-Lived Assets, Net	0	0
UNITED KINGDOM [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenues	100	100
Long-Lived Assets, Net	$ 0	$ 0

- Definition

Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Name Accounting Standards Codification
-Section 50
-Paragraph 41
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-URI https://asc.fasb.org/1943274/2147482810/280-10-50-40

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-22

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-4

+ Details

Leases - Future Minimum Lease Payments Under Non-Cancellable Leases (Detail) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023	Jun. 30, 2022
Operating Leases
2025	$ 3,585
2026	4,133
2027	4,222
2028	3,319
Thereafter	31,860
Total lease payments	47,119
Less imputed interest	(24,014)
Total	$ 23,105	$ 5,469	$ 2,900

Inventory

12 Months Ended

Dec. 31, 2024

Inventory Disclosure [Abstract]

Inventory

Inventory consisted of the following (in thousands):


	December 31, 2024		December 31, 2023
Raw materials	$	1,657	$	1,303
Work in process		648		882
Finished goods		—		1,721
Total inventory	$	2,305	$	3,906

Share-Based Payment Awards - Employee Stock Purchase Plan - Additional Information (Detail) - USD ($)		12 Months Ended
	Jun. 25, 2019	Dec. 31, 2024	Dec. 31, 2023
Class Of Stock [Line Items]
Employee stock purchase plan		$ 470,000	$ 422,000
Stock-based compensation expense		$ 36,740,000	12,057,000
ESPP [Member]
Class Of Stock [Line Items]
Price of common stock purchased twice a year under ESPP, percent	85.00%
Employee stock purchase plan	$ 25,000
Employee stock purchase plan, shares	5,000	49,896
Consecutive six month offering period	Aug. 01, 2019
Stock-based compensation expense		$ 200,000	$ 200,000

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Net Loss per Share

12 Months Ended

Dec. 31, 2024

Earnings Per Share [Abstract]

Net Loss per Share

17. Net Loss per Share

Basic net loss per share is computed by dividing the net loss by the weighted average number of common shares outstanding during the period. For periods in which the Company reports net income, diluted net income per share is determined by adding to the basic weighted average number of common shares outstanding the total number of dilutive common equivalent shares using the treasury stock method, unless the effect is anti-dilutive.

Common stock equivalents excluded from the calculation of diluted earnings per share because the effect would have been anti-dilutive were as follows:


	As of December 31,
	2024		2023
Stock options		7,670,647		6,304,767
ESPP		41,464		21,000
Warrants		—		48,683
Restricted stock units		1,315,629		1,333,192
		9,027,740		7,707,642

Net Loss per Share - Potentially Dilutive Securities Excluded from Computation of Diluted Weighted-Average Shares (Detail) - shares	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive common stock equivalents outstanding excluded from diluted earnings per share calculation	9,027,740	7,707,642
Employee Stock Option
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive common stock equivalents outstanding excluded from diluted earnings per share calculation	7,670,647	6,304,767
ESPP [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive common stock equivalents outstanding excluded from diluted earnings per share calculation	41,464	21,000
Warrants [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive common stock equivalents outstanding excluded from diluted earnings per share calculation		48,683
Restricted Stock Units [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive common stock equivalents outstanding excluded from diluted earnings per share calculation	1,315,629	1,333,192

Share-Based Payment Awards - Stock-Based Compensation Expense - Additional Information (Detail) $ in Millions	12 Months Ended
	Dec. 31, 2024 USD ($)
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Unrecognized compensation expense	$ 23.1
Unrecognized compensation expense weighted average period	1 year 8 months 15 days
Stock Option and Restricted Stock Awards [Member]
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Incremental compensation expense	$ 5.2

Related Party Transactions

12 Months Ended

Dec. 31, 2024

Related Party Transactions

18.

Related Party Transactions

On May 17, 2024, the Company executed the Eyebio License Agreement with Eyebio. The Chief Executive Officer (David Guyer) and Chief Scientific Officer (Anthony Adamis) of Eyebio were members of the Company’s board of directors when the agreement was executed. During the year ended December 31, 2024, the Company recorded $0.5 million in license and collaboration

revenue in connection with the upfront payment pursuant to the Eyebio License Agreement. On September 3, 2024, Adamis and Guyer resigned from their positions as directors on the Company’s Board due to their transition to full-time roles at Merck & Co.

On December 18, 2023, the Company entered into a consulting agreement with Dr. John Landis who also serves as the Company's Chair of the Science Committee and a member of the board of directors. Pursuant to the terms of the consulting agreement, Dr. Landis is entitled to receive an annual compensation payment of up to $0.6 million in exchange for performing certain research and development services as the Company's interim head of development. On January 5, 2024, pursuant to the consulting agreement, the Company granted Dr. Landis (i) stock options to purchase 20,000 shares of the Company’s common stock and (ii) 10,000 of restricted stock units. All equity grants to Dr. Landis vest after one year. He also received the Board stock option award to purchase 25,014 shares of the Company’s common stock. The compensation expense related to the consulting agreement recognized by the Company for the year ended December 31, 2023 was immaterial. The compensation expense related to the consulting agreement recognized by the Company for the year ended December 31, 2024 was $0.4 million. Services under this agreement concluded during the second quarter of 2024.

Nancy S. Lurker, the former Chief Executive Officer and Executive Vice Chair of the Company and current Vice Chair of the Board is a member of the board of directors of Altasciences, the parent company of Calvert Laboratories, Inc. (Calvert Labs), an entity with which the Company conducts business. The Company recorded $1.5 million and $1.9 million of research and development expense in the accompanying consolidated statements of comprehensive loss related to preclinical and analytical services provided by Altasciences for the years ended December 31, 2024 and 2023, respectively. Additionally, the Company recorded accounts payable of $0.4 million and $0.3 million, and prepaid expenses of $0.2 million and $0.5 million in the accompanying consolidated balance sheets related to services provided by Altasciences, as of December 31, 2024 and 2023, respectively.

- Definition

The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-2

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-5

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-6

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(g)(3))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(c))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(e))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/850/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-6

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

+ Details

Product Revenue Reserves and Allowances - Product Revenue Allowance and Reserves (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Disclosure Of Product Revenue Reserves And Allowances [Line Items]
Beginning balance	$ 760	$ 1,888
Provision related to sales in the current year		1,637
Adjustments related to prior period sales	70	(44)
Deductions applied and payments made	(683)	(2,721)
Ending balance	147	760
Chargebacks, Discounts and Fees [Member]
Disclosure Of Product Revenue Reserves And Allowances [Line Items]
Beginning balance	83	859
Provision related to sales in the current year		1,612
Adjustments related to prior period sales	70	65
Deductions applied and payments made	(148)	(2,453)
Ending balance	5	83
Government and Other Rebates [Member]
Disclosure Of Product Revenue Reserves And Allowances [Line Items]
Beginning balance		158
Adjustments related to prior period sales		(55)
Deductions applied and payments made		(103)
Returns [Member]
Disclosure Of Product Revenue Reserves And Allowances [Line Items]
Beginning balance	677	871
Provision related to sales in the current year		25
Adjustments related to prior period sales		(54)
Deductions applied and payments made	(535)	(165)
Ending balance	$ 142	$ 677

Significant Accounting Policies - Additional Information (Detail)	12 Months Ended
	Dec. 31, 2024 USD ($) Leases	Dec. 31, 2023 USD ($)
Schedule Of Significant Accounting Policies [Line Items]
Allowance for credit loss	$ 0	$ 0
Impairment of inventory	$ 0	$ 500,000
Number of operating leases \| Leases	2
Change in Accounting Principle, Accounting Standards Update, Adopted [true false]	true
Change in Accounting Principle, Accounting Standards Update, Adoption Date	Jan. 01, 2024
Accounting Standards Update [Extensible Enumeration]	us-gaap:AccountingStandardsUpdate202307Member
Minimum [Member]
Schedule Of Significant Accounting Policies [Line Items]
Accounts receivable standard payment terms	30 days
Estimated useful lives of assets	3 years
Maximum [Member]
Schedule Of Significant Accounting Policies [Line Items]
Accounts receivable standard payment terms	60 days
Estimated useful lives of assets	5 years
Accounts Receivable [Member] \| Customer Concentration Risk [Member] \| ANI Pharmaceuticals, Inc. [Member]
Schedule Of Significant Accounting Policies [Line Items]
Percentage of concentration risk	72.30%	67.80%
Accounts Receivable [Member] \| Customer Concentration Risk [Member] \| OncoSil Medical Ltd [Member]
Schedule Of Significant Accounting Policies [Line Items]
Percentage of concentration risk	16.50%
Accounts Receivable [Member] \| Customer Concentration Risk [Member] \| Ocumension Therapeutics [Member]
Schedule Of Significant Accounting Policies [Line Items]
Percentage of concentration risk		15.70%
Sales Revenue, Net [Member] \| Customer Concentration Risk [Member] \| ANI Pharmaceuticals, Inc. [Member]
Schedule Of Significant Accounting Policies [Line Items]
Percentage of concentration risk	93.60%	73.20%
Sales Revenue, Net [Member] \| Customer Concentration Risk [Member] \| Besse Medical [Member]
Schedule Of Significant Accounting Policies [Line Items]
Percentage of concentration risk		17.20%

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Current assets:
Cash and cash equivalents	$ 99,704	$ 281,263
Marketable securities	271,209	49,787
Accounts and other receivables, net	607	805
Prepaid expenses and other current assets	9,481	9,039
Inventory	2,305	3,906
Total current assets	383,306	344,800
Property and equipment, net	8,177	5,251
Operating lease right-of-use assets	21,000	4,983
Restricted cash	150	150
Other assets	5,832	0
Total assets	418,465	355,184
Current liabilities:
Accounts payable	11,721	6,504
Accrued expenses	18,103	17,521
Deferred revenue	17,784	38,592
Other current liabilities	1,440	646
Total current liabilities	49,048	63,263
Deferred revenue - noncurrent	10,853	20,692
Operating lease liabilities - noncurrent	21,858	4,906
Other noncurrent liabilities	205	0
Total liabilities	81,964	88,861
Contingencies (Note 15)
Stockholders’ equity:
Preferred stock, $.001 par value, 5,000,000 shares authorized, no shares issued and outstanding	0	0
Common stock, $.001 par value, 300,000,000 shares authorized at December 31, 2024 and December 31, 2023; 68,266,005 and 49,043,074 shares issued and outstanding at December 31, 2024 and December 31, 2023, respectively	68	49
Additional paid-in capital	1,208,421	1,007,556
Accumulated deficit	(873,016)	(742,146)
Accumulated other comprehensive income	1,028	864
Total stockholders’ equity	336,501	266,323
Total liabilities and stockholders’ equity	$ 418,465	$ 355,184

Stockholders' Equity - Equity Financings - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands		1 Months Ended			12 Months Ended
	Apr. 18, 2024	Oct. 31, 2024	Dec. 31, 2023	Aug. 31, 2020	Dec. 31, 2024	Dec. 31, 2023
Class Of Stock [Line Items]
Common stock issued	2,180,776
Gross proceeds from issuance of common stock					$ 163,314	$ 226,174
Share issuance costs					$ 672	$ 451
Common Stock [Member]
Class Of Stock [Line Items]
Common stock issued					15,935,869	14,432,180
Equity Financings [Member] \| Share Offering [Member]
Class Of Stock [Line Items]
Common stock issued		14,636,363	13,529,411
Price per share		$ 11	$ 17			$ 17
Gross proceeds from issuance of common stock		$ 161,000	$ 230,000
Share issuance costs		$ 10,200	$ 14,600
Equity Financings [Member] \| Additional Share Offering [Member]
Class Of Stock [Line Items]
Common stock issued		1,909,090	1,764,705
At-the-Market Offering [Member]
Class Of Stock [Line Items]
Price per share			$ 11.05		$ 9.36	$ 11.05
Gross proceeds from issuance of common stock					$ 12,200	$ 10,000
Share issuance costs					$ 400	$ 400
Stock issuances, sales agent commission maximum percentage				3.00%
At-the-Market Offering [Member] \| Common Stock [Member]
Class Of Stock [Line Items]
Common stock issued					1,299,506	902,769

Income Taxes - Additional Information (Detail) £ in Millions	12 Months Ended
	Dec. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)	Dec. 31, 2024 GBP (£)	Dec. 31, 2024 USD ($)
Changes in valuation allowance	$ 39,000,000	$ 21,600,000
Unrecognized tax benefits		0		$ 0
Unrecognized tax benefits recognized in comprehensive income (loss)	$ 0
Accrued penalties or interest related to uncertain tax positions		0		0
Capitalized research and development expenses net section 174		$ 57,200,000		113,900,000
U.S. Federal [Member]
Operating loss carry forwards				369,500,000
Operating loss carry forwards, expiration range start dates	2024
Operating loss carry forwards, expiration range end dates	2039
Tax years that remain subject to examination	2014 2015 2016 2017 2018 2019 2020 2021 2022
State [Member]
Operating loss carry forwards				326,000,000
Operating loss carry forwards, expiration range start dates	2033
Operating loss carry forwards, expiration range end dates	2040
United Kingdom Tax Authority [Member]
Operating loss carry forwards			£ 20.9	25,300,000
Tax years that remain subject to examination	2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021
Expire Year Between 2023 and 2039 \| U.S. Federal [Member]
Operating loss carry forwards				151,800,000
Federal and State Research and Development Tax Credit Carryforward [Member]
Research and development tax credit carry forwards				10,700,000
Federal And State Tax [Member]
Research and development tax credit carry forwards expiration begin date	2024
Research and development tax credit carry forwards expiration end date	2040
Icon Bioscience Inc [Member] \| U.S. Federal [Member]
Operating loss carry forwards				$ 49,300,000

Significant Accounting Policies (Policies)	12 Months Ended
Significant Accounting Policies (Policies)	Dec. 31, 2024
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The consolidated financial statements are presented in U.S. dollars in accordance with U.S. generally accepted accounting principles (U.S. GAAP) and include the accounts of EyePoint Pharmaceuticals, Inc. and its wholly-owned subsidiaries. All intercompany accounts and transactions have been eliminated.
Use of Estimates	Use of Estimates The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make certain estimates and assumptions that affect the reported amounts and disclosure of assets and liabilities at the date of the consolidated financial statements and the reported amounts and disclosure of revenues and expenses during the reporting periods. Significant management estimates and assumptions include, among others, those related to reserves for variable consideration related to product sales, revenue recognition for multiple-deliverable arrangements, recognition of expense in outsourced clinical trial agreements, recording of excess or obsolete inventory write-offs and reserves, and realization of deferred tax assets, and determining grant date fair value of stock options and other equity awards. Actual results could differ from these and other estimates and there may be changes to the Company’s estimates in future periods.
Foreign Currency	Foreign Currency The functional currency of the Company and each of its subsidiaries is the currency of the primary economic environment in which each such entity operates—the U.S. dollar or the Pound Sterling. Assets and liabilities of the Company’s foreign subsidiary are translated at period-end exchange rates. Amounts included in the consolidated statements of comprehensive loss and cash flows are translated at the weighted average exchange rates for the period. Gains and losses from currency translation are included in accumulated other comprehensive income as a separate component of stockholders’ equity on the consolidated balance sheets. Foreign currency gains or losses arising from transactions denominated in foreign currencies, whether realized or unrealized, are recorded in interest and other income, net in the consolidated statements of comprehensive loss and were not material for all periods presented.
Cash Equivalents	Cash Equivalents Cash equivalents represent highly liquid investments with maturities of three months or less at the date of purchase, principally consisting of institutional money market funds and investment-grade commercial paper and U.S. Treasury securities.
Marketable Securities	Marketable Securities Marketable securities consist of investments with an original or remaining maturity of greater than three months but less than one year at the date of purchase. The Company has historically classified its marketable securities as available-for-sale. Accordingly, the Company records these investments at fair value, with unrealized gains and losses excluded from earnings and reported, net of tax, in accumulated other comprehensive income, which is a component of stockholders’ equity. If the Company determines that a decline of any investment is other-than-temporary, the investment is written down to fair value. Marketable securities consisted of investment-grade commercial paper, U.S. Treasury securities, and U.S. Agency securities at December 31, 2024 and 2023. The Company’s investment policy, approved by the Board of Directors, includes guidelines relative to diversification and maturities designed to preserve principal and liquidity. The fair value of marketable securities is determined based on quoted market prices at the balance sheet date of the same or similar instruments. The amortized cost of debt securities is adjusted for amortization of premiums and accretion of discounts through to the earlier of sale or maturity. Such amortization and accretion amounts are included in interest and other income, net in the consolidated statements of comprehensive loss. The cost of marketable securities sold is determined by the specific identification method.
Concentrations of Credit Risk	Concentrations of Credit Risk Financial instruments that potentially subject the Company to concentrations of credit risk consist principally of cash, cash equivalents, investments in marketable securities, and accounts receivable. The Company deposits its cash in financial institutions. At times, such deposits may be in excess of insured limits. The Company’s investment policy, approved by the Company’s Board of Directors, includes guidelines relative to diversification and maturities designed to preserve principal and liquidity. As of December 31, 2024, accounts receivable from ANI Pharmaceuticals, Inc. (ANI), formerly Alimera Sciences, Inc., accounted for 72.3% and accounts receivable from OncoSil Medical Ltd. accounted for 16.5% of total accounts receivable, respectively. For the year ended December 31, 2024, revenues from ANI accounted for 93.6% of total revenues. As of December 31, 2023, accounts receivable from ANI and Ocumension Therapeutics accounted for 67.8% and 15.7% of total accounts receivable, respectively. For the year ended December 31, 2023, revenues from ANI and Besse Medical accounted for 73.2% and 17.2% of total revenues, respectively.
Fair Value Measurements	Fair Value Measurements The Company accounts for certain assets and liabilities at fair value. The hierarchy below lists three levels of fair value based on the extent to which inputs used in measuring fair value are observable in the market. The Company categorizes each of its fair value measurements in one of these three levels based on the lowest level input that is significant to the fair value measurement in its entirety. These levels are: • Level 1 – Inputs are quoted prices (unadjusted) in active markets that are accessible at the measurement date for identical assets and liabilities. • Level 2 – Inputs are directly or indirectly observable in the marketplace, such as quoted prices for similar assets or liabilities in active markets or quoted prices for identical assets or liabilities with insufficient volume or infrequent transaction (less active markets). • Level 3 – Inputs are unobservable estimates that are supported by little or no market activity and require the Company to develop its own assumptions about how market participants would price the assets or liabilities. The Company’s cash equivalents and marketable securities are classified within Level 1 or Level 2 on the basis of valuations using quoted market prices or alternative pricing sources and models utilizing market observable inputs, respectively. The marketable securities have been valued on the basis of valuations provided by third-party pricing services, as derived from such services’ pricing models. Inputs to the models may include, but are not limited to, reported trades, executable bid and ask prices, broker/dealer quotations, prices or yields of securities with similar characteristics, benchmark curves or information pertaining to the issuer, as well as industry and economic events. The pricing services may use a matrix approach, which considers information regarding securities with similar characteristics to determine the valuation for a security, and have been classified as Level 2. The carrying amounts of accounts receivable, accounts payable and accrued expenses approximate fair value because of their short-term maturity.
Accounts and Other Receivables, Net	Accounts and Other Receivables, Net Receivables arise primarily from the Company’s products sold in the U.S. The balance in accounts and other receivables, net consists primarily of amounts due from customers, net of applicable revenue reserves. The majority of the Company’s accounts receivable have standard payment terms that require payment within 30-60 days. The Company performs ongoing credit evaluations of its customers’ financial condition and continuously monitor collections and payments from its customers and analyzes accounts that are past due for collectability. The allowance for credit losses is estimated based on the Company’s analysis of trends in overall receivables aging, specific identification of certain receivables that are at risk of not being paid, past collection experience and current economic trends. Given the nature and limited history of collectability of the Company’s accounts receivable, the Company recorded no allowance for credit losses as of December 31, 2024 and 2023.
Inventory	Inventory Inventory is stated at the lower of cost or net realizable value, net on a first-in, first-out (FIFO) basis. Capitalization of inventory costs begins after FDA approval of a product. Prior thereto, inventory costs of products and product candidates are recorded as research and development expense, even if this inventory may later be sold as commercial product. The Company assesses the recoverability of inventory and writes down any excess and obsolete inventories to their estimated realizable value in the period in which the impairment is first identified. Write-downs are based on the age of the inventory, lower of cost or market, along with significant management judgments concerning future demands for the inventory. Such impairment charges, should they occur, are recorded within cost of sales. The determination of whether inventory costs will be realizable requires estimates by management. If actual market conditions are less favorable than management's projections, additional write-downs of inventory might be recorded in future periods. Cost of sales consists of costs associated with the manufacture of YUTIQ® and DEXYCU®, certain period costs for DEXYCU® product revenue, product shipping, and, as applicable, royalty expense. The inventory costs for YUTIQ® include purchases of various components, the active pharmaceutical ingredient (API) and direct labor and overhead for the product manufactured in the Company’s Watertown, Massachusetts facility. The inventory costs for DEXYCU® include purchased components, the API and third-party manufacturing and assembly. On November 1, 2022, the CMS published in the Federal Register the Calendar Year (CY) 2023 Medicare Hospital Outpatient Prospective Payment System and ASC Payment System Final Rule (Final Rule). The Final Rule terminated the pass-through related separate payment for DEXYCU, which was no longer separately reimbursed by Medicare as of January 1, 2023, when furnished in hospital outpatient departments and ASC settings. In connection with the change in CMS reimbursement rules on November 1, 2022, the Company recorded impairment charge of $0 and $0.5 million for the years ended December 31, 2024 and 2023, respectively, associated with the write-off of excess DEXYCU® units.
Debt and Equity Instruments	Debt and Equity Instruments Debt and equity instruments are classified as either liabilities or equity in accordance with the substance of the contractual arrangement.
Property and Equipment	Property and Equipment Property and equipment are recorded at cost and depreciated over their estimated useful lives (generally three to five years) using the straight-line method. Leasehold improvements are amortized on a straight-line basis over the shorter of the remaining non-cancellable lease term or their estimated useful lives. Repair and maintenance costs are expensed as incurred. When assets are retired or sold, the assets and accumulated depreciation are derecognized from the respective accounts and any gain or loss is recognized.
Leases	Leases The Company is a party to two operating leases, the Company's headquarters in Watertown, Massachusetts, in which it leases office, laboratory, and manufacturing operations facilities and the Company's new standalone manufacturing facility, including office and lab space located at 600 Commerce Drive, Northbridge, Massachusetts (see Note 8). The Company determines whether an arrangement is or contains a lease at inception. Leases are recognized on the consolidated balance sheets as ROU assets, current lease liabilities and noncurrent lease liabilities. ROU assets represent the Company’s right to use an underlying asset for the lease term, and lease liabilities represent the Company’s obligation to make lease payments arising from the lease. Lease liabilities and their corresponding ROU assets are recorded based on the present value of lease payments over the expected remaining lease term. For this purpose, the Company considers only payments that are fixed and in-substance fixed at lease commencement. ROU assets may also be adjusted for items such as prepayments and lease incentives. The interest rate implicit in a lease contract is typically not readily determinable. As a result, the Company utilizes its incremental borrowing rate, which is the rate incurred to borrow on a collateralized basis over a similar term an amount equal to the lease payments in a similar economic environment. Lease terms may include options to extend or terminate the lease when it is reasonably certain that the Company will exercise that option. For operating leases, lease expense is recognized on a straight-line basis over the lease term. For finance leases, amortization expense and interest expense are recognized over the lease term.
Revenue Recognition	Revenue Recognition Revenue is recognized when a customer obtains control of promised goods or services, in an amount that reflects the consideration which the entity expects to receive in exchange for those goods or services. To determine revenue recognition for arrangements that an entity determines are within the scope of ASC 606, Revenue from Contracts with Customers (ASC 606), the Company performs the following five steps: (i) identify the contract(s) with a customer; (ii) identify the performance obligations in the contract; (iii) determine the transaction price; (iv) allocate the transaction price to the performance obligations in the contract; and (v) recognize revenue when (or as) the entity satisfies a performance obligation. The Company only applies the five-step model to contracts when it is probable that the entity will collect the consideration it is entitled to in exchange for the goods or services it transfers to the customer. At contract inception, once the contract is determined to be within the scope of ASC 606, the Company assesses the goods or services promised within the contract, determines those that are performance obligations and assesses whether each promised good or service is distinct. The Company then recognizes as revenue the amount of the transaction price that is allocated to the respective performance obligation when (or as) the performance obligation is satisfied. Sales, value-add and other taxes collected on behalf of third parties are excluded from revenue. Product sales, net — Effective January 2023, commercial sales of DEXYCU® were no longer supported by the Company, remaining available only through specialty distributors. Effective May 2023, YUTIQ® has been and continues to be sold under commercial supply agreements with Alimera Sciences, Inc. (Alimera) and Ocumension Therapeutics (Ocumension). On September 16, 2024, ANI announced the completion of the acquisition of Alimera. The acquisition does not impact the terms of the commercial supply agreements (see Note 3). The current supply agreement between the Company and ANI for the supply of YUTIQ® will not renew and, effective June 1, 2025, the Company will no longer be responsible for manufacturing of YUTIQ® for the U.S. market. Reserves for variable consideration — Product sales were recorded at the wholesale acquisition costs, net of applicable reserves for variable consideration. Components of variable consideration included trade discounts and allowances, provider chargebacks and discounts, payor rebates, product returns, and other allowances that were offered within contracts between the Company and its Distributors, payors and other contracted purchasers relating to the Company’s product sales. These reserves were based on the amounts earned, or to be claimed on the related sales, and were classified either as reductions of product revenue and accounts receivable or a current liability, depending on how the amount was to be settled. Overall, these reserves reflected the Company’s best estimates of the amount of consideration to which it was entitled based on the terms of the respective underlying contracts. The actual amounts of consideration ultimately received may differ from the Company’s estimates. If actual results in the future vary from the estimates, the Company adjusts product revenue and earnings in the period such variances become known. Distribution fees — The Company compensated its Distributors for services explicitly stated in the Company’s contracts and were recorded as a reduction of revenue in the period the related product sale was recognized. Provider chargebacks and discounts — Chargebacks were discounts that represented the estimated obligations resulting from contractual commitments to sell products at prices lower than the list prices charged to the Company’s Distributors. These Distributors charged the Company for the difference between what they paid for the product and the Company’s contracted selling price. These reserves were established in the same period that the related revenue was recognized, resulting in a reduction of product revenue and the establishment of a current liability which was included in accrued expenses and other current liabilities on the consolidated balance sheets. Reserves for chargebacks consisted of amounts that the Company expected to pay for units that remained in the distribution channel inventories at each reporting period-end that the Company expected to be sold under a contracted selling price, and chargebacks that Distributors had claimed, but for which the Company had not yet settled. Government rebates— The Company was subject to discount obligations under state Medicaid programs and Medicare. These reserves were recorded in the same period the related revenue was recognized, resulting in a reduction of product revenue and the establishment of a current liability which was included in accrued expenses and other current liabilities on the consolidated balance sheets. The Company’s liability for these rebates consisted of invoices received for claims from prior quarters that had not been paid or for which an invoice had not yet been received, estimates of claims for the current quarter, and estimated future claims that would be made for product that had been recognized as revenue, but which remained in the distribution channel inventories at the end of each reporting period. Payor rebates — The Company contracted with certain private payor organizations, primarily insurance companies, for the payment of rebates with respect to utilization of its products. The Company estimated these rebates and recorded such estimates in the same period the related revenue was recognized, resulting in a reduction of product revenue and the establishment of a current liability. Co-Payment assistance — The Company offered co-payment assistance to commercially insured patients meeting certain eligibility requirements. The calculation of the accrual for co-pay assistance was based on an estimate of claims and the cost per claim that the Company expected to receive associated with product that had been recognized as revenue. Product returns — The Company generally offered a limited right of return based on its returned goods policy, which included damaged product and remaining shelf life. The Company estimated the amount of its product sales that may be returned and recorded this estimate as a reduction of revenue in the period the related product revenue was recognized, as well as reductions to trade receivables, net on the consolidated balance sheets. License and collaboration agreement revenue — The Company analyzes each element of its license and collaboration arrangements to determine the appropriate revenue recognition. The terms of the license agreement may include payment to the Company of non-refundable upfront license fees, milestone payments if specified objectives are achieved, and/or royalties on product sales. The Company recognizes revenue from upfront payments at a point in time, typically upon fulfilling the delivery of the associated intellectual property to the customer. For licenses that are combined with other promises, the Company determines whether the combined performance obligation is satisfied over time or at a point in time, when (or as) the associated performance obligation in the contract is satisfied. If the contract contains a single performance obligation, the entire transaction price is allocated to the single performance obligation. Contracts that contain multiple performance obligations require an allocation of the transaction price based on the estimated relative standalone selling prices of the promised products or services underlying each performance obligation. The Company determines standalone selling prices based on the price at which the performance obligation is sold separately. If the standalone selling price is not observable through past transactions, the Company estimates the standalone selling price taking into account available information such as market conditions and internally approved pricing guidelines related to the performance obligations. The Company recognizes sales-based milestone payments as revenue upon the achievement of the cumulative sales amount specified in the contract in accordance with ASC 606-10-55-65. For those milestone payments which are contingent on the occurrence of particular future events, the Company determines that these need to be considered for inclusion in the calculation of total consideration from the contract as a component of variable consideration using the most-likely amount method. As such, the Company assesses each milestone to determine the probability and substance behind achieving each milestone. Given the inherent uncertainty associated with these future events, the Company will not recognize revenue from such milestones until there is a high probability of occurrence, which typically occurs near or upon achievement of the event. When determining the transaction price of a contract, an adjustment is made if payment from a customer occurs either significantly before or significantly after performance, resulting in a significant financing component. Applying the practical expedient in paragraph 606-10-32-18, the Company does not assess whether a significant financing component exists if the period between when the Company performs its obligations under the contract and when the customer pays is one year or less. None of the Company’s contracts contained a significant financing component as of December 31, 2024 and 2023, respectively, nor during the respective years then ended. Royalties — The Company recognizes revenue from license arrangements with its commercial partners’ net sales of products. Such revenues are included as royalty income. In accordance with ASC 606-10-55-65, royalties are recognized when the subsequent sale of the commercial partner’s products occurs. The Company’s commercial partners are obligated to report their net product sales and the resulting royalty due to the Company typically within 60-days from the end of each quarter. Based on historical product sales, royalty receipts, and other relevant information, the Company recognizes royalty income each quarter and subsequently determines a true-up when it receives royalty reports and payment from its commercial partners. Historically, these true-up adjustments have been immaterial. Sale of Future Royalties — The Company has sold its rights to receive certain royalties on product sales. In the circumstance where the Company has sold its rights to future royalties under a royalty purchase agreement (RPA) and also maintains limited continuing involvement in the arrangement (but not significant continuing involvement in the generation of the cash flows that are due to the purchaser), the Company defers recognition of the proceeds it receives for the sale of royalty streams and recognizes such unearned revenue as revenue under the units-of-revenue method over the life of the underlying license agreement. Under the units-of-revenue method, amortization for a reporting period is calculated by computing a ratio of the proceeds received from the purchaser to the total payments expected to be made to the purchaser over the term of the agreement, and then applying that ratio to the period’s cash payment. Estimating the total payments expected to be received by the purchaser over the term of such arrangements requires management to use subjective estimates and assumptions. Changes to the Company’s estimate of the payments expected to be made to the purchaser over the term of such arrangements could have a material effect on the amount of revenues recognized in any particular period. Research Collaborations — The Company recognizes revenue over the term of the statements of work under any funded research collaborations. Revenue recognition for consideration, if any, related to a license option right is assessed based on the terms of any such future license agreement or is otherwise recognized at the completion of the research collaborations. Please refer to Note 3 for further details on the license and collaboration agreements into which the Company has entered and corresponding amounts of revenue recognized during the current and prior year periods. Cost of sales — Cost of sales consist of costs associated with the manufacture of YUTIQ® and DEXYCU®, certain period costs for DEXYCU® product revenue, product shipping, and as applicable, royalty expense. For the years ended December 31, 2024 and 2023, DEXYCU® product revenue-based royalty expense as a component of cost of sales was immaterial. Please refer to Note 3 for further details on the license and collaboration agreements into which the Company has entered and corresponding amounts of revenue recognized during the current and prior year periods. Deferred Revenue Amounts received prior to satisfying the above revenue recognition criteria are recorded as deferred revenue on the accompanying consolidated balance sheets. Amounts not expected to be recognized within one year following the balance sheet date are classified as non-current deferred revenue.
Research and Development	Research and Development Research and development costs are charged to operations as incurred. These costs include all direct costs, including cash and stock-based compensation and benefits for research, clinical development, quality assurance, quality control, operations and medical affairs personnel, third-party costs and services for clinical trials, clinical materials, pre-clinical programs, regulatory and medical affairs, external consultants, and other operational costs related to the Company’s research and development of its product candidates. The Company records accruals for estimated ongoing research and development costs, including costs with respect to outsourced agreements for clinical trials with contract research organizations (CROs). When recording these prepaid and accrued expenses, the Company analyzes progress of the studies, including the phase or completion of events, invoices received, payments made, contracted costs, communications with third-party vendors, and internal tracking of the work performed to date. Judgments and estimates are made in determining the prepaid and accrued balances at the end of any reporting period. Payments made in advance of services provided are recorded as prepaid research and development costs and recognized as expense in the period the expense is incurred. In determining the prepaid and accrued balances, management makes its assessments of the services performed based on various factors, including reporting from third-party CROs and internal tracking of work performed during the period, which are subject to management’s judgment. Actual results could differ from the Company’s estimates.
Stock-Based Compensation	Stock-Based Compensation Compensation cost related to share-based payment awards is based on the fair value of the instrument on the grant date and is recognized on a graded vesting basis over the requisite service period for each separately vesting tranche of the awards. The Company may also grant share-based payment awards that are subject to objectively measurable performance and service criteria. Compensation expense for performance-based awards begins at such time as it becomes probable that the respective performance conditions will be achieved. The Company continues to recognize the grant date fair value of performance-based awards through the vesting date of the respective awards so long as it remains probable that the related performance conditions will be satisfied. The Company estimates the fair value of stock option awards using the Black-Scholes option valuation model and the fair value of performance stock units, restricted stock units, and deferred stock units based on the observed grant date fair value of the underlying common stock.
Net Loss per Share	Net Loss per Share Basic net loss per share is computed by dividing the net loss by the weighted average number of common shares outstanding during the period. For periods in which the Company reports net income, diluted net income per share is determined by adding to the basic weighted average number of common shares outstanding the total number of dilutive common equivalent shares using the treasury stock method, unless the effect is anti-dilutive.
Comprehensive Loss	Comprehensive Loss Comprehensive loss is comprised of net loss, foreign currency translation adjustments and unrealized gains and losses on available-for-sale marketable securities.
Income Tax	Income Tax The Company accounts for income taxes under the asset and liability method. Deferred income tax assets and liabilities are computed for the expected future impact of differences between the financial reporting and income tax bases of assets and liabilities and for the expected future benefit to be derived from tax credits and loss carry forwards. Such deferred income tax computations are measured based on enacted tax laws and rates applicable to the years in which these temporary differences are expected to be recovered or settled. A valuation allowance is provided against net deferred tax assets if, based on the available evidence, it is more likely than not that some or all of the net deferred tax assets will not be realized. The Company determines whether it is more likely than not that a tax position will be sustained upon examination. If it is not more likely than not that a position will be sustained, none of the benefit attributable to the position is recognized. The tax benefit to be recognized for any tax position that meets the more likely than not recognition threshold is calculated as the largest amount that is more than 50% likely of being realized upon resolution of the uncertainty. The Company accounts for interest and penalties related to uncertain tax positions as part of its income tax provision.
Recently Adopted and Recently Issued Accounting Pronouncements	Recently Adopted and Recently Issued Accounting Pronouncements New accounting pronouncements are issued periodically by the Financial Accounting Standards Board (FASB) and are adopted by the Company as of the specified effective dates. Unless otherwise disclosed below, the Company believes that recently issued and adopted pronouncements will not have a material impact on the Company’s financial position, results of operations and cash flows or do not apply to the Company’s operations. Recently Adopted Accounting Pronouncements In November 2023, the FASB issued ASU 2023-07—Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures. This ASU was issued to improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses. The Company adopted ASU 2023-07 on January 1, 2024. Recently Issued Accounting Pronouncements In December 2023, the FASB issued ASU 2023-09—Income Taxes (Topic 740): Improvements to Income Tax Disclosures. This ASU was issued to address investor requests for more transparency about income tax information through improvements to income tax disclosure primarily related to the rate reconciliation and income taxes paid information, and to improve the effectiveness of income tax disclosures. This ASU is effective for public entities for annual periods beginning after December 15, 2024. Early adoption is permitted. ASU 2023-09 will be effective for the Company in the first quarter of its fiscal year ending December 31, 2025. The Company is currently evaluating the impact the adoption of this ASU will have on its consolidated financial statement disclosures. In November 2024, the FASB issued ASU 2024-03—Income Statement —Reporting Comprehensive Income —Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses. The amendments in ASU 2024-03 address investor requests for more detailed expense information and require additional disaggregated disclosures in the notes to financial statements for certain categories of expenses that are included on the face of the income statement. This guidance is effective for fiscal years beginning after December 15, 2026, and interim periods within fiscal years beginning after December 15, 2027, with early adoption permitted. The Company is currently evaluating the impact the adoption of this ASU will have on its consolidated financial statement disclosures.

Accrued Expenses

12 Months Ended

Dec. 31, 2024

Payables and Accruals [Abstract]

Accrued Expenses

Accrued expenses consisted of the following (in thousands):


	December 31,		December 31,
	2024		2023
Personnel costs	$	11,830	$	12,631
Clinical trial costs		4,541		3,305
Professional fees		840		666
Sales chargebacks, rebates and other revenue reserves		147		760
Other		745		159
Total accrued expenses	$	18,103	$	17,521

Product Revenue Reserves and Allowances

12 Months Ended

Dec. 31, 2024

Revenue from Contract with Customer [Abstract]

Product Revenue Reserves and Allowances

For the years ended December 31, 2024 and 2023, the Company’s product revenues were primarily from the Company’s existing commercial supply agreements with ANI and Ocumension. For the years ended December 31, 2024 and 2023, the Company’s product revenues were made up of $3.1 million and $14.2 million, respectively, from the sales of YUTIQ®. For the years ended December 31, 2024 and 2023, the Company’s product revenues from the sales of DEXYCU® were immaterial.

The following table summarizes activity in each of the product revenue allowance and reserve categories for the years ended December 31, 2024 and 2023 (in thousands):


	Chargebacks, Discounts			Government and Other
	and Fees			Rebates			Returns			Total
Beginning balance at January 1, 2024	$	83		$	—		$	677		$	760
Provision related to sales in the current year		—			—			—			—
Adjustments related to prior period sales		70			—			—			70
Deductions applied and payments made		(148	)		—			(535	)		(683	)
Ending Balance at December 31, 2024	$	5		$	—		$	142		$	147

	Chargebacks, Discounts			Government and Other
	and Fees			Rebates			Returns			Total
Beginning balance at January 1, 2023	$	859		$	158		$	871		$	1,888
Provision related to sales in the current year		1,612			—			25			1,637
Adjustments related to prior period sales		65			(55	)		(54	)		(44	)
Deductions applied and payments made		(2,453	)		(103	)		(165	)		(2,721	)
Ending Balance at December 31, 2023	$	83		$	—		$	677		$	760

Chargebacks, discounts and fees, and rebates are recorded as a component of accrued expenses on the consolidated balance sheets (see Note 7).

License and Collaboration Agreements and Royalty Income

Eyebiotech Limited

On May 17, 2024, the Company entered into a license agreement (the Eyebio License Agreement) with Eyebiotech Limited (Eyebio). Under this agreement, the Company granted Eyebio a non-exclusive, sublicensable, assignable license to certain patent rights to make, have made, use, offer to sell, sell, import, and export licensed products for therapeutic ophthalmological uses worldwide.

In consideration for the rights granted, Eyebio made a one-time upfront payment of $0.5 million to the Company upon execution of the Eyebio License Agreement. Additionally, Eyebio agreed to pay certain milestone payments and tiered royalties based on the achievement of development and regulatory milestones and the annual net sales of licensed products, respectively.

The Company classified the cash proceeds of the $0.5 million upfront payment received from Eyebio as license and collaboration revenue upon the execution of the Eyebio License Agreement, as this was the only performance obligation identified. This amount is not an advance payment for the provision of future goods or services and is included in the current transaction price. The non-exclusive, sublicensable, assignable license is a functional, right-to-use license, and, therefore, any consideration associated with it is recognized at a point in time.

During the year ended December 31, 2024, the Company recorded $0.5 million in license and collaboration revenue related to the upfront payment.

On July 12, 2024, Merck & Co., Inc. announced the completion of the acquisition of Eyebio. Eyebio is now a wholly-owned subsidiary of Merck & Co., Inc. The acquisition does not materially impact the terms of the Eyebio License Agreement.

ANI Product Rights Agreement and Commercial Supply Agreement

On May 17, 2023 (the Closing Date), the Company entered into a PRA with ANI (formerly Alimera). Under the PRA, the Company granted to ANI an exclusive and sublicensable right and license (the License) under the Company’s and its affiliates’ interest in certain of the Company’s and its affiliates’ intellectual property to develop, manufacture, sell, commercialize, and otherwise exploit certain products, including YUTIQ®, for the treatment and prevention of uveitis in the entire world except Europe, the Middle East and Africa (EMEA).

Additionally, pursuant to the PRA, the Company transferred and assigned to ANI certain assets (the Transferred Assets) and certain contracts with third parties related to YUTIQ®, including the new drug application for YUTIQ® (collectively, the Asset Transfer). Pursuant to the PRA, ANI paid the Company a $75.0 million upfront payment. ANI made four quarterly payments of $1.875 million to the Company totaling $7.5 million during 2024. ANI will also pay royalties to the Company from 2025 to 2028 at a percentage of low-to-mid double digits of ANI’s related U.S. annual net sales of certain products (including YUTIQ®) in excess of certain thresholds, beginning at $70 million in 2025, and increasing annually thereafter. Upon ANI’s payment of the Upfront Payment and the 2024 quarterly payments, the licenses and rights granted to ANI will automatically become perpetual and irrevocable. Payments received from ANI are non-refundable.

On the Closing Date, the Company and ANI also entered into a commercial supply agreement (CSA), pursuant to which, during the term of the PRA, the Company agreed to manufacture and exclusively supply to ANI agreed-upon quantities of YUTIQ® necessary for ANI to commercialize YUTIQ® in the United States at certain cost plus amounts, subject to adjustments and potential extensions and terminations set forth in the CSA (the Supply Transaction and together with the License and the Asset Transfer, the Transaction). The current supply agreement between the Company and ANI for the supply of YUTIQ® will not renew and, effective June 1, 2025, the Company will no longer be responsible for manufacturing of YUTIQ® for the U.S. market.

The Company classified the cash proceeds of the $75.0 million Upfront Payment received from ANI as deferred revenue at the Closing Date, pursuant to the PRA and the CSA because the License and supply units to be delivered under both agreements comprise a single, combined performance obligation as ANI will not have the right or ability to manufacture YUTIQ® (or have YUTIQ® manufactured by a third-party contract manufacturing organization) over the initial two-year term pursuant to the CSA. The combined performance obligation is satisfied over time using the units delivered output method to measure progress based on initial estimated supply units of YUTIQ® over the two-year term for purposes of recognizing revenue, such that revenue is recognized based on the value transferred in the form of units of product in the satisfaction of a performance obligation. Through this method, the Company compares the actual units delivered to date with the current estimated total to be delivered in the contractual term to measure the satisfaction of the performance obligation and recognize revenue. The Company will monitor its estimate of total units to be delivered to determine if an adjustment is needed to ensure that revenue is recognized proportionally for units delivered to date relative to the total units expected to be delivered for the combined performance obligation. Such estimates of the total delivery will be reassessed on an ongoing basis. If the Company determines that a change in estimate is necessary, it will adjust revenue using a cumulative catch-up method.

Revenue from sales of product supply to ANI under the CSA was $2.6 million and $2.1 million during the years ended December 31, 2024 and 2023, respectively. License and Collaboration revenue related to the PRA was $37.1 million and $29.5 million during the years ended December 31, 2024 and 2023, respectively. License and collaboration revenue, related to additional transitional services was $0.7 million and $1.0 million during the years ended December 31, 2024 and 2023, respectively. As of December 31, 2024, the Company had $15.9 million and $0 as current and non-current deferred revenue recognized under the PRA.

SWK Royalty Purchase Agreement

On December 17, 2020 the Company entered into a royalty purchase agreement (RPA) with SWK Funding LLC (SWK). Pursuant to the RPA, the Company sold its right to receive royalty payments on future sales of products subject to a licensing and development agreement, as amended, with ANI (the Amended ANI Agreement) for an upfront cash payment of $16.5 million. The Company classified the proceeds received from SWK as deferred revenue at inception of the RPA and is recognizing revenue as royalty payments are made from ANI to SWK. The Company recognized $1.1 million and $1.0 million of royalty revenue related to the RPA for the years ended December 31, 2024 and 2023, respectively. As of December 31, 2024, the Company classified $1.8 million and $10.9 million as current and non-current deferred revenue recognized under the RPA, respectively. As of December 31, 2023, the Company classified $1.4 million and $12.4 million as current and non-current deferred revenue recognized under the RPA, respectively.

Ocumension Therapeutics

The Company entered into an Exclusive License Agreement on November 2, 2018, as amended by a Memorandum of Understanding dated March 1, 2019, a Memorandum of Understanding dated August 18, 2020, a Supply and Quality Agreement on February 19, 2019 and a Memorandum of Understanding on August 26, 2024. Pursuant to the license agreement and Memorandum of Understanding signed with the Company, Ocumension has:

•

An exclusive license for the development and commercialization of its three-year micro insert using the Durasert® technology for the treatment of posterior segment uveitis of the eye (YUTIQ® in the U.S.) in Mainland China, Hong Kong, Macau, and Taiwan at its own cost and expense in return for royalties based on sales with the Company supplying products for clinical trials and commercial sale;

•

An exclusive license for the development and commercialization in Mainland China, Hong Kong, Macau, and Taiwan of DEXYCU® for the treatment of post-operative inflammation following ocular surgery at its own cost and expense in return for royalties based on sales with the Company supplying product for clinical trials and commercial sale; and

•

Exclusive rights to develop and commercialize YUTIQ® and DEXYCU® products under its own brand names in South Korea and other jurisdictions across Southeast Asia in Brunei, Burma (Myanmar), Cambodia, Timor-Leste, Indonesia, Laos, Malaysia, the Philippines, Singapore, Thailand, and Vietnam (the Territory), at its own cost and expense in return for royalties based on sales with the Company supplying product for clinical trials and commercial sale.

•

The right and obligation to manufacture YUTIQ®, either by itself or through affiliates or sub-contractors, for sale and use in the Territory following completion of a technology and know-how transfer from the Company to Ocumension.

During both years ended December 31, 2024 and 2023, the Company recognized $0.5 million of revenue from sales of product supply to Ocumension under the supply agreement and recorded this amount in product sales, net on the condensed consolidated statements of operations and comprehensive loss. The Company recognized approximately $0.1 million, of license and collaboration revenue related to additional technical assistance during both years ended December 31, 2024 and 2023. The Company also recorded royalty income of $0.5 million and $0 during the years ended December 31, 2024 and 2023, respectively.

Exclusive License Agreement with Betta Pharmaceuticals, Co., Ltd.

On May 2, 2022, the Company entered into an exclusive license agreement (the Betta License Agreement) with Betta Pharmaceuticals Co., Ltd. (Betta), an affiliate of Equinox Sciences, LLC (Equinox) (see Note 11). Under the Betta License Agreement, the Company granted to Betta an exclusive, sublicensable, royalty-bearing license under certain of the Company’s intellectual property to develop, use (but not make or have made), sell, offer for sale and import the Company’s product candidate, DURAVYU™, an investigational sustained delivery treatment for anti-VEGF-mediated retinal diseases combining vorolanib, a selective and patent-protected tyrosine kinase inhibitor (TKI) with Durasert E™ (the Licensed Product), in the field of ophthalmology (the Betta Field) in the greater area of China, including China, the Hong Kong Special Administrative Region, the Macau Special Administrative Region, and Taiwan (the Betta Territory). The Company retained rights under the Company’s intellectual property to, among other things, conduct clinical trials on the Licensed Product in the Betta Field in the Betta Territory.

In consideration for the rights granted by the Company, Betta agreed to pay the Company tiered, mid-to-high single-digit royalties based upon annual net sales of Licensed Products in the Betta Territory. The royalties are payable on a Licensed Product-by-Licensed Product and region-by-region basis commencing on the first commercial sale of a Licensed Product in a region and continuing until the later of (i) the date that is twelve (12) years after first commercial sale of such Licensed Product in such region, and (ii) the first day of the month following the month in which a generic product corresponding to such Licensed Product is launched in the relevant region. The royalty rate is subject to reduction under certain circumstances, including when there is no valid claim of a licensed patent that covers a Licensed Product in a particular region.

Betta is responsible for all costs relating to development, registration, manufacturing, marketing, advertising, promotional, launch, and sales activities in connection with the Licensed Products in the Betta Field in the Betta Territory. Betta is required to use commercially reasonable efforts to develop, seek regulatory approval for, and commercialize at least one Licensed Product in the Betta Field in the Betta Territory. The Betta License Agreement also requires Betta to achieve certain diligence milestones relating to regulatory filings, patient dosing, and regulatory approval by certain specified deadlines set forth in the Betta License Agreement, subject to certain exceptions and extensions as set forth in the Betta License Agreement. Betta’s development activities will be conducted pursuant to a development plan subject to periodic updates. In the event that the Company conducts a global registrational clinical trial for a Licensed Product in the Betta Field, Betta will have the right to participate in such clinical trial by including clinical trial sites in the Betta Territory in accordance with the terms of the Betta License Agreement. The Company has also agreed to provide certain technology transfer and other support services to Betta subject to certain conditions and limitations set forth in the Betta License Agreement.

The Company recorded no revenue from product sales, license and collaboration revenue, or royalty income for the years ended December 31, 2024 and 2023, related to this agreement.

Income Taxes

12 Months Ended

Dec. 31, 2024

Income Tax Disclosure [Abstract]

Income Taxes

14.

Income Taxes

The components of loss before income taxes are as follows (in thousands):


	Year ended			Year Ended
	December 31,			December 31,
	2024			2023
U.S. operations	$	(130,880	)	$	(70,812	)
Non-U.S. operations		100			100
Loss before income taxes	$	(130,780	)	$	(70,712	)

A reconciliation of the U.S. federal statutory income tax rate to the Company’s effective income tax rate is as follows:


	December 31,				December 31,
	2024				2023
Federal statutory income tax rate		21.0		%		21.0		%
State income taxes, net of federal benefit		7.1				7.5
Research and development tax credits		1.2				1.3
Permanent items		0.9				(0.5	)
Changes in valuation allowance		(29.8	)			(30.4	)
Other, net		(0.5	)			1.0
Effective income tax rate		(0.1	)	%		(0.1	)	%

The significant components of deferred income taxes are as follows (in thousands):


	December 31,		December 31,
	2024		2023
Deferred tax assets:
Net operating loss carryforwards	$	102,514	$	82,599
Capitalized R&D		45,965		23,652
Deferred revenue		7,824		16,196
Lease liability		6,340		1,635
Stock-based compensation		17,717		11,720
Tax credits		10,503		8,473
Other		298		3,515
Total deferred tax assets		191,161		147,790
Deferred tax liabilities:
Right-of-use assets		5,737		1,361
Total deferred tax liabilities		5,737		1,361
Deferred tax assets, net		185,424		146,429
Valuation allowance		185,424		146,429
Total deferred tax liability	$	—	$	—

Beginning in 2022, the Tax Cuts and Jobs Act of 2017 (TCJA) eliminated the option to deduct research and development expenditures in the current year and requires taxpayers to amortize them over five or fifteen years pursuant to IRC Section 174. During 2024 and 2023, the Company capitalized $113.9 million and $57.2 million of research and development expenditures, respectively.

The valuation allowance generally reflects limitations on the Company’s ability to use the tax attributes and reduces the value of such attributes to the more-likely-than-not realizable amount. Management assessed the available positive and negative evidence to estimate if sufficient taxable income will be generated to use the existing net deferred tax assets. Based on a weighting of the objectively verifiable negative evidence in the form of cumulative operating losses over the three-year period ended December 31, 2020, management believes that it is not more likely than not that the deferred tax assets will be realized and, accordingly, a full valuation allowance has been established. The valuation allowance increased $39.0 million and $21.6 million for the years ended

December 31, 2024 and 2023, respectively, with such increases attributed to the re-measurement of the net deferred tax assets at the year-end dates.

The Company has tax net operating loss and tax credit carry forwards in its individual tax jurisdictions. Including approximately $49.3 million related to our 2018 acquisition of Icon Bioscience, Inc. at December 31, 2024, the Company had U.S. federal net operating loss carry forwards of approximately $369.5 million. The net operating losses consist of $151.8 million, which expire at various dates between calendar years 2024 and 2039. The utilization of certain of these loss and tax credit carry forwards may be limited by Sections 382 and 383 of the Internal Revenue Code as a result of historical or future changes in the Company’s ownership. At December 31, 2024, the Company had state net operating loss carry forwards of approximately $326.0 million, which expire between 2033 and 2040, as well as U.S. federal and state research and development tax credit carry forwards of approximately $10.7 million, which expire at various dates between calendar years 2024 and 2040. In addition, at December 31, 2024, the Company had net operating loss carry forwards in the UK of £20.9 million (approximately $25.3 million), which are not subject to any expiration dates.

The Company’s U.S. federal income tax returns for calendar years 2007 through 2023 remain subject to examination by the Internal Revenue Service. The Company’s UK tax returns for fiscal years 2006 through 2021 remain subject to examination.

Through December 31, 2024, the Company had no unrecognized tax benefits in its consolidated statements of comprehensive loss and no unrecognized tax benefits in its consolidated balance sheets as of December 31, 2024 and 2023, respectively.

As of December 31, 2024 and 2023, the Company had no accrued penalties or interest related to uncertain tax positions.

- Definition

The entire disclosure for income tax.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 231
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482663/740-10-55-231

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12C
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12C

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12B

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 270
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477891/740-270-50-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 6.I.5.Q1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479360/740-10-S99-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-13

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/740/tableOfContent

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-14

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-21

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 17
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-17

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 11.C)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479360/740-10-S99-2

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482603/740-30-50-2

+ Details

Leases (Tables)

12 Months Ended

Dec. 31, 2024

Leases [Abstract]

Schedule of Supplemental Balance Sheet Information Related to Operating Leases

Supplemental balance sheet information related to operating leases as of December 31, 2024 and 2023, respectively, is as follows (in thousands):


	December 31,		December 31,
	2024		2023
Other current liabilities – operating lease current portion	$	1,247	$	563
Operating lease liabilities – noncurrent portion		21,858		4,906
Total operating lease liabilities	$	23,105	$	5,469

Summary of Lease Expense

The elements of lease expense were as follows (in thousands):


	Year Ended December 31,
	2024		2023
Lease expense included in:
Research and development	$	2,739	$	1,164
General and administrative		260		259
Variable lease costs		255		152
Total lease expense	$	3,254	$	1,575

Future Minimum Lease Payments Under Non-Cancellable Leases

The Company’s total future minimum lease payments under non-cancellable leases at December 31, 2024, were as follows (in thousands):


	Operating Leases
2025		3,585
2026		4,133
2027		4,222
2028		3,319
Thereafter		31,860
Total lease payments	$	47,119
Less imputed interest		(24,014	)
Total	$	23,105

Share-Based Payment Awards - Summary of Company Applied the Black-Scholes Option Pricing (Detail) - 2016 and 2023 Long Term Incentive Plan [Member]	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock volatility, minimum	97.00%	78.00%
Stock volatility, maximum	100.00%	97.00%
Risk-free interest rate, minimum	3.45%	3.44%
Risk-free interest rate, maximum	4.60%	4.68%
Expected dividends	0.00%	0.00%
Minimum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Option life (in years)	5 years 6 months	5 years 3 months 7 days
Maximum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Option life (in years)	6 years 29 days	6 years 29 days

Leases - Supplemental Balance Sheet Related to Operating Leases (Detail) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023	Jun. 30, 2022
Leases [Abstract]
Other current liabilities - operating lease current portion	$ 1,247	$ 563
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List]	Other current liabilities	Other current liabilities
Operating lease liabilities - noncurrent	$ 21,858	$ 4,906
Total operating lease liabilities	$ 23,105	$ 5,469	$ 2,900

Property and Equipment, Net (Tables)

12 Months Ended

Dec. 31, 2024

Property, Plant and Equipment [Abstract]

Schedule of Property and Equipment

Property and equipment, net consisted of the following (in thousands):


	December 31,			December 31,
	2024			2023
Property and equipment	$	6,599		$	3,086
Construction in process		1,507			3,728
Leasehold improvements		4,128			1,008
Gross property and equipment		12,234			7,822
Accumulated depreciation and amortization		(4,057	)		(2,571	)
Property and equipment, net	$	8,177		$	5,251

Segment and Geographic Area Information - Summary of Significant Segment Expenses (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Segment Reporting [Abstract]
Revenues	$ 43,273	$ 46,018
DURAVYU direct research and development expense	(70,818)	(32,014)
Other direct research and development expense	(2,656)	(714)
Personnel expense (including stock based compensation)	(84,730)	(56,696)
Facilities expense	(3,921)	(2,567)
Depreciation and amortization	(1,540)	(464)
Interest expense	0	(1,247)
Intellectual property expense	(1,361)	(1,233)
Legal, corporate and professional expenses	(10,177)	(10,569)
Provision for income taxes	(90)	(83)
Interest and other income, net	15,088	6,949
Other segment expenses	(13,938)	(18,175)
Net loss	$ (130,870)	$ (70,795)

Operations

12 Months Ended

Dec. 31, 2024

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Operations

EyePoint Pharmaceuticals, Inc., a Delaware corporation (together with its subsidiaries, the Company), is a clinical-stage biopharmaceutical company committed to developing and commercializing innovative therapeutics to help improve the lives of patients with serious retinal diseases. The Company's pipeline leverages its proprietary bioerodible Durasert E™ technology (Durasert E™) for sustained intraocular drug delivery. The Company’s lead product candidate, DURAVYU™, previously EYP-1901, is an investigational sustained delivery treatment for anti-vascular endothelial growth factor (anti-VEGF) mediated retinal diseases combining vorolanib, a selective and patent-protected tyrosine kinase inhibitor with Durasert E™. DURAVYU™ is currently in Phase 3 global, pivotal clinical trials for wet age-related macular degeneration (wet AMD), the leading cause of vision loss among people 50 years of age and older in the United States and in Phase 2 clinical trials for diabetic macular edema (DME). Additional pipeline programs include EYP-2301, a promising TIE-2 agonist, razuprotafib, f/k/a AKB-9778, formulated in Durasert E™ to potentially improve outcomes in serious retinal diseases.

The Company plans to identify and advance additional product candidates through clinical and regulatory development for its pipeline. This may be accomplished through internal discovery efforts, research collaborations and/or in-licensing arrangements and potential acquisitions of additional products, product candidates or technologies.

Liquidity

The Company had cash, cash equivalents and investments in marketable securities of $370.9 million at December 31, 2024. The Company has a history of operating losses and has not had significant recurring cash inflows from revenue. The Company’s operations have been financed primarily from sales of its equity securities, issuance of debt, and a combination of license fees, milestone payments, royalty income and other fees received from its collaboration partners. The Company anticipates that it will continue to incur losses as it continues the research and development of its product candidates, and the Company does not expect revenues from its product sales to generate sufficient funding to sustain its operations in the near-term. The Company expects to continue fulfilling its funding needs through cash inflows from revenues, licensing and research collaboration transactions, additional equity capital raises and other arrangements. The Company believes that its cash, cash equivalents and investments in marketable securities of $370.9 million at December 31, 2024, will enable the Company to fund its current and planned operations for at least the next twelve months from the date these consolidated financial statements were issued. Actual cash requirements could differ from management’s projections due to many factors, the timing and results of the Company’s clinical trials for DURAVYU™, additional investments in research and development programs, competing technological and market developments, and the costs of any strategic acquisitions, and/or development of complementary business opportunities.

CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Revenues:
Total revenues	$ 43,273	$ 46,018
Operating expenses:
Cost of sales	3,712	4,632
Research and development	132,926	64,662
Sales and marketing	131	11,689
General and administrative	52,358	40,102
Total operating expenses	189,127	121,085
Loss from operations	(145,854)	(75,067)
Other (expense) income:
Interest and other income, net	15,088	6,949
Interest expense	(14)	(1,247)
Loss on extinguishment of debt	0	(1,347)
Total other income, net	15,074	4,355
Net loss before income taxes	(130,780)	(70,712)
Provision for income taxes	(90)	(83)
Net loss	$ (130,870)	$ (70,795)
Net loss per share:
Net loss per share - basic	$ (2.32)	$ (1.82)
Net loss per share - diluted	$ (2.32)	$ (1.82)
Weighted average common shares outstanding:
Weighted average common shares outstanding - basic	56,298	38,904
Weighted average common shares outstanding - diluted	56,298	38,904
Net Income (Loss)	$ (130,870)	$ (70,795)
Other comprehensive gain (loss):
Unrealized gain (loss) on available-for-sale securities	164	78
Comprehensive loss	(130,706)	(70,717)
Product sales, net [Member]
Revenues:
Total revenues	3,164	14,232
License and Collaboration Agreements [Member]
Revenues:
Total revenues	38,496	30,797
Royalty Income [Member]
Revenues:
Total revenues	$ 1,613	$ 989

Operations - Additional Information (Detail) $ in Millions	Dec. 31, 2024 USD ($)
Operations [Line Items]
Cash, cash equivalents and investments in marketable securities	$ 370.9

Segment and Geographic Area Information (Tables)

12 Months Ended

Dec. 31, 2024

Segment Reporting [Abstract]

Summary of Significant Segment Expenses

Significant segment expenses are as follows (in thousands):


	December 31,
		2024			2023

Total revenues		$	43,273		$	46,018
DURAVYU™ direct research and development expense			(70,818	)		(32,014	)
Other direct research and development expense			(2,656	)		(714	)
Personnel expense (including stock based compensation)			(84,730	)		(56,696	)
Facilities expense			(3,921	)		(2,567	)
Depreciation and amortization			(1,540	)		(464	)
Interest expense			—			(1,247	)
Intellectual property expense			(1,361	)		(1,233	)
Legal, corporate and professional expenses			(10,177	)		(10,569	)
Provision for income taxes			(90	)		(83	)
Interest and other income, net			15,088			6,949
Other segment expenses*			(13,938	)		(18,175	)
Net loss			(130,870	)		(70,795	)

*Other segment expenses include cost of goods sold, other expenses required to operate as a public company, such as insurance, software, contracted services, as well as loss on extinguishment of debt.

Summary of Company's Revenues and Long-Lived Assets, Net, by Geographic Area

The following table summarizes the Company’s revenues and long-lived assets, net by geographic area (in thousands):


	Revenues				Long-Lived Assets, Net
	Year ended		Year ended
	December 31,		December 31,		December 31,		December 31,
	2024		2023		2024		2023
U.S.	$	42,049	$	45,270	$	8,177	$	5,251
China		1,124		648		—		—
UK		100		100		—		—
Consolidated	$	43,273	$	46,018	$	8,177	$	5,251

Property and Equipment, Net - Additional Information (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Property Plant And Equipment Useful Life And Values [Abstract]
Depreciation	$ 1,540	$ 464

Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2024

Fair Value Disclosures [Abstract]

Assets and Liabilities Carried at Fair Value Measured on Recurring Basis


	December 31, 2024
	Carrying Value		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value		Cash Equivalents		Marketable Securities
Level 1:
Money market funds	$	95,859	$	—	$	—		$	95,859	$	95,859	$	—
Subtotal	$	95,859	$	—	$	—		$	95,859	$	95,859	$	—
Level 2:
Commercial paper	$	94,817	$	26	$	(1	)	$	94,842	$	—	$	94,842
U.S. Treasury securities	$	114,599	$	120	$	(8	)	$	114,711	$	—	$	114,711
U.S. Agency securities	$	61,605	$	53	$	(2	)	$	61,656	$	—	$	61,656
Subtotal	$	271,021	$	199	$	(11	)	$	271,209	$	—	$	271,209
Total	$	366,880	$	199	$	(11	)	$	367,068	$	95,859	$	271,209


	December 31, 2023
	Carrying Value		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value		Cash Equivalents		Marketable Securities
Level 1:
Money market funds	$	270,476	$	—	$	—		$	270,476	$	270,476	$	—
Subtotal	$	270,476	$	—	$	—		$	270,476	$	270,476	$	—
Level 2:
Commercial paper	$	19,295	$	8	$	—		$	19,303	$	1,998	$	17,305
U.S. Treasury securities		17,762		8		—			17,771		2,990		14,781
U.S. Agency securities		17,694		8		(1	)		17,701		—		17,701
Subtotal	$	54,751	$	24	$	(1	)	$	54,775	$	4,988	$	49,787
Total	$	325,227	$	24	$	(1	)	$	325,251	$	275,464	$	49,787

Income Taxes - Significant Components of Deferred Income Taxes (Detail) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Deferred tax assets:
Net operating loss carryforwards	$ 102,514	$ 82,599
Capitalized R&D	45,965	23,652
Deferred revenue	7,824	16,196
Lease liability	6,340	1,635
Stock-based compensation	17,717	11,720
Tax credits	10,503	8,473
Other	298	3,515
Total deferred tax assets	191,161	147,790
Deferred tax liabilities:
Right-of-use assets	5,737	1,361
Total deferred tax liabilities	5,737	1,361
Deferred tax assets, net	185,424	146,429
Valuation allowance	185,424	146,429
Total deferred tax liability	$ 0	$ 0

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2024

Income Tax Disclosure [Abstract]

Components of Loss Before Income Taxes

The components of loss before income taxes are as follows (in thousands):


	Year ended			Year Ended
	December 31,			December 31,
	2024			2023
U.S. operations	$	(130,880	)	$	(70,812	)
Non-U.S. operations		100			100
Loss before income taxes	$	(130,780	)	$	(70,712	)

Reconciliation of U.S. Federal Statutory Income Tax Rate to Effective Income Tax Rate

A reconciliation of the U.S. federal statutory income tax rate to the Company’s effective income tax rate is as follows:


	December 31,				December 31,
	2024				2023
Federal statutory income tax rate		21.0		%		21.0		%
State income taxes, net of federal benefit		7.1				7.5
Research and development tax credits		1.2				1.3
Permanent items		0.9				(0.5	)
Changes in valuation allowance		(29.8	)			(30.4	)
Other, net		(0.5	)			1.0
Effective income tax rate		(0.1	)	%		(0.1	)	%

Significant Components of Deferred Income Taxes

The significant components of deferred income taxes are as follows (in thousands):


	December 31,		December 31,
	2024		2023
Deferred tax assets:
Net operating loss carryforwards	$	102,514	$	82,599
Capitalized R&D		45,965		23,652
Deferred revenue		7,824		16,196
Lease liability		6,340		1,635
Stock-based compensation		17,717		11,720
Tax credits		10,503		8,473
Other		298		3,515
Total deferred tax assets		191,161		147,790
Deferred tax liabilities:
Right-of-use assets		5,737		1,361
Total deferred tax liabilities		5,737		1,361
Deferred tax assets, net		185,424		146,429
Valuation allowance		185,424		146,429
Total deferred tax liability	$	—	$	—

Leases - Summary of Lease Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Lease, Cost [Abstract]
Variable Lease, Cost	$ 255	$ 152
Total lease expense	3,254	1,575
Research and Development [Member]
Lease, Cost [Abstract]
Operating Lease, Cost	2,739	1,164
General and Administrative [Member]
Lease, Cost [Abstract]
Operating Lease, Cost	$ 260	$ 259