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Date

Wednesday, Nov. 5, 2025, at 8:30 a.m. ET

Call participants

  • President and Chief Executive Officer — Jay S. Duker, M.D.
  • Chief Financial Officer — George O. Elston
  • Chief Medical Officer — Ramiro Ribeiro, M.D.

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Takeaways

  • DuraVu Phase 3 Wet AMD Trials Enrollment -- Both pivotal Lugano and LUCHIA studies enrolled over 900 patients within seven months, with top-line data for DuraVu in wet AMD expected by mid-2026.
  • Phase 3 DME Trial Initiation -- COMO and CAPREIT trials using a noninferiority design will enroll approximately 240 patients each, with first patient dosing expected in Q1 2026.
  • Preclinical IL-6 Inhibition Data -- Vorolanib, DuraVu's active ingredient, reduced IL-6 activity by more than 50% in vitro, indicating a multi-mechanism of action relevant to retinal diseases.
  • Cash Position -- Ended the quarter with $204 million in cash and investments, with the runway extended into Q4 2027 following a $172 million follow-on financing in October 2025.
  • Net Revenue -- Reported $1 million for the period ended September 30, 2025, compared to $10.5 million in the prior year quarter, reflecting the absence of deferred YUTIQ license revenue.
  • Operating Expenses -- Totaled $63 million, compared to $43.3 million in the prior year period, driven by phase 3 trial costs for DuraVu in wet AMD.
  • Net Loss -- $59.7 million, or $0.85 per share, compared to a net loss of $29.4 million, or $0.54 per share, in the prior year period.
  • Phase 2 DME Data on Supplementary Injections -- "about 65% of patients do not require any supplemental injection with anti-VEGF. When we look at zero or one injection over that six-month period, the number is about 90%," according to Ramiro Ribeiro, referring to DuraVu phase 2 data over a six-month period.
  • DuraVu Manufacturing Readiness -- Registration batches completed at EyePoint's Northbridge, Massachusetts facility, equipped to support commercial launch for both FDA and EMA standards.
  • Blended Endpoint Rationale -- Non-inferiority trials for both wet AMD and DME use two-visit primary endpoints to reduce missing data and increase statistical power, with FDA alignment.
  • Trial Superiority Testing -- Statistical analysis plan allows for hierarchical testing of superiority after non-inferiority endpoints in Lugano and LUCHIA trials against aflibercept.

Summary

EyePoint Pharmaceuticals (EYPT +3.22%) advanced its lead candidate, DuraVu, through rapid phase 3 enrollment in wet AMD and aligned phase 3 DME trial initiation while maintaining an extended cash runway. Management highlighted the regulatory endorsement of their clinical design and emphasized DuraVu’s differentiated multi-mechanism targeting VEGF and IL-6. For the period ended September 30, 2025, total net revenue was $1 million, compared to $10.5 million in the prior year period. This decrease was primarily driven by the recognition of deferred revenue related to the company’s 2023 agreement for the license of YUTIQ product rights in the prior year, paired with increased operating investment in clinical progress. Inclusion of superiority analysis may position DuraVu competitively relative to current anti-VEGF therapies.

  • Management expects DuraVu to be the only tyrosine kinase inhibitor in phase 3 development for DME in 2026, with the program leveraging investigator relationships from existing wet AMD infrastructure.
  • Jay S. Duker commented, "We have already produced DuraVu registration batches at our state-of-the-art GMP compliant manufacturing facility in Northbridge, Massachusetts."
  • Chief Medical Officer Ribeiro confirmed, "we have the green light from the FDA" to use blended endpoints across both indications.

Industry glossary

  • DME: Diabetic macular edema, a retinal vascular disease causing vision loss due to fluid leakage in the macula.
  • Wet AMD: Wet age-related macular degeneration, characterized by abnormal blood vessel growth and leakage in the retina.
  • TKI: Tyrosine kinase inhibitor, a class of drugs blocking certain enzymes involved in cell signaling and vascular permeability.
  • DuraSert E technology: EyePoint’s bioerodible sustained-release drug delivery platform designed for ophthalmic therapies.
  • Blended endpoint: Clinical trial primary endpoint using measurements from two visits to lower missing data risk and better capture treatment effects.

Full Conference Call Transcript

Jay will begin with a review of recent corporate updates and discuss our clinical programs for DuraVu in wet AMD and DME. I will close with commentary on the third quarter 2025 financial results. We will then open the call for your questions where we will be joined by Dr. Ramiro Ribeiro, our Chief Medical Officer. Earlier this morning, we issued a press release detailing our financial results and recent corporate developments. A copy of this release can be found in the Investor Relations tab on the company website, www.eyepointpharma.com.

Before we begin our formal comments, I will remind you that various remarks we will make today constitute forward-looking statements for the purposes of the safe harbor provisions under the Private Securities Litigation Reform Act of 1995. These include statements about our future expectations, clinical developments, and regulatory matters and timelines, the potential success of our products and product candidates, financial projections, and our plans and prospects.

Actual results may differ materially from those indicated by these forward-looking statements as a result of various important factors, including those discussed in the Risk Factors section of our most recent annual report on Form 10-K, which is on file with the SEC, and in other filings that we have made or may make with the SEC in the future. Any forward-looking statements represent our views as of today only. While we may elect to update these forward-looking statements at some point in the future, we specifically disclaim any obligation to do so even if our views change. Therefore, you should not rely on these forward-looking statements as representing our views as of any date subsequent to today.

I will now turn the call over to Dr. Jay S. Duker, President and Chief Executive Officer of EyePoint Pharmaceuticals, Inc.

Jay S. Duker: Thank you, George. Good morning, everyone, and thank you for joining us. I am pleased to discuss with you today the tremendous progress we've made during the past quarter, continuing our strong track record of execution. As you will hear, our momentum underscores our confidence in the differentiated clinical profile of DuraVu, our lead program, and its potential to transform the treatment paradigm in the two largest retinal disease markets: wet age-related macular degeneration, or wet AMD, and diabetic macular edema, or DME. I'd like to start with a brief overview of our recent highlights.

DuraVu is on track to be the first to file and first to market among all current investigational sustained delivery wet AMD and DME programs, positioning DuraVu at the forefront of the treatment landscape with potential first mover advantage. We completed enrollment of the LUCHIA trial, the second phase three trial for DuraVu in wet AMD, in July. Both trials, Lugano and LUCHIA, were enrolled in seven months, and together recruited over 900 patients, making them among the fastest enrolling wet AMD pivotal programs to date. Top line data for DuraVu in wet AMD is expected in mid-2026.

Following the positive end-of-phase two meeting in July for DME, we were pleased to align with the FDA on a non-inferiority trial design that we believe is clinically rigorous, efficient, and derisked. As a reminder, DuraVu is the only tyrosine kinase inhibitor or TKI in development for DME. We are rapidly moving forward with a pivotal phase three DME program with first patient dosing expected in Q1 2026. The phase three DME trials, COMO and CAPREIT, will leverage our existing wet AMD clinical trial infrastructure and our enthusiastic network of investigators.

We announced new preclinical data showing that vorolanib, the active drug in DuraVu, is unique among TKIs being tested in retinal diseases, as it inhibits both VEGF mediated vascular permeability and interleukin six or IL-6 mediated inflammation. This multi-mechanism of action has the potential to be particularly effective in the treatment of multifactorial diseases such as wet AMD and DME. These new data underscore the impressive phase two results of the VORONA trial in DME and strengthen our confidence in our clinical programs. Finally, our path to potential success in phase three is supported by our strong balance sheet. We ended September 2025 with over $200 million in cash and equivalents, and closed a $172 million follow-on offering in October.

Our cash is now expected to fund operations into Q4 2027, well beyond phase three wet AMD data anticipated in 2026. With this continued exceptional track record, EyePoint Pharmaceuticals, Inc. will enter an eventful 2026 from a position of strength.

Jay S. Duker: Now I'd like to take a closer look at the current market landscape for wet AMD and DME. With a combined current global market of $10 billion and growing, these indications make up the vast majority of the global branded retinal disease market. Despite the size and scale of these diseases, they are dominated by a single treatment modality: monotherapy anti-VEGF biologics. Due to the high burden of frequent injections, many patients remain undertreated even with the addition of recently approved extended duration options. Additionally, the current standard of care anti-VEGFs exhibit subpar real-world efficacy in DME, with growing literature supporting the role of not only VEGF activation but also IL-6 signaling and inflammation driving disease severity.

We believe our lead product candidate, DuraVu, is well-positioned to deliver much-needed innovation in both wet AMD and DME. As a differentiated sustained release TKI, DuraVu is designed to improve the current standard of care by providing durable disease control while reducing the treatment burden. Further, DuraVu's potential multi-MOA blocking VEGF, PDGF, and IL-6 signaling may be uniquely suited to effectively address multifactorial retinal diseases such as DME and wet AMD. Beyond its unique MOA, DuraVu offers a compelling product profile that supports strong competitive positioning in both wet AMD and DME. Unlike other sustained release options in development, DuraVu is formulated in our DuraSert E technology, a bioerodible sustained release insert specifically designed to prevent free-floating drug particles.

Additionally, DuraVu is shipped and stored at ambient temperature and administered via a standard intravitreal injection. DuraVu features the most robust clinical data package among all investigational sustained release programs. This includes phase two wet AMD and DME data, demonstrating meaningful visual and anatomic improvements from a single DuraVu dose, in a consistent and favorable safety and tolerability profile with no safety signals observed in over 190 patients across four completed clinical trials. Given its advantageous clinical profile, multi-target MOA, and unique storage and administration conveniences, we are confident that DuraVu offers a differentiated value proposition that is meaningful to physicians and patients.

And, if approved, would present a compelling option within the current and future landscape for retinal disease treatment. Let me now walk through recent updates for our phase three programs, beginning with wet AMD. Our fully enrolled phase three pivotal program remains on track to deliver top line data starting in mid-2026. As a reminder, in July, we completed enrollment of the phase three program with over 900 patients randomized across the two trials. To ensure we are positioned for commercialization, we are highly focused on our manufacturing capability and CMC submission for an NDA. We have already produced DuraVu registration batches at our state-of-the-art GMP compliant manufacturing facility in Northbridge, Massachusetts.

The 41,000 square foot facility was built to both US FDA and EMA standards and will have capacity to support the commercial launch. Moving on to the recently initiated phase three program in DME, our program consists of two noninferiority trials, COMO and CAPREIT, evaluating DuraVu 2.7 milligrams versus on-label aflibercept control. Each trial will enroll approximately 240 patients. Additionally, given the established noninferiority pathway, as well as our ability to leverage our existing phase three clinical trial infrastructure, we believe the program is significantly derisked. We look forward to dosing our first patient in Q1 2026.

As I mentioned earlier, there is growing clinical evidence supporting the multifactorial nature of retinal vascular diseases, with both VEGF mediated vascular leakage and inflammation contributing to disease pathogenesis. IL-6, a pro-inflammatory cytokine, is a key driver of this inflammation and is found at significantly higher levels in DME and wet AMD patients versus healthy individuals. Recent preclinical findings, which we presented at the American Academy of Ophthalmology meeting in October, demonstrate that vorolanib, the active ingredient in DuraVu, inhibits IL-6 signaling through JAK1 receptor blockage, in addition to its known inhibition of PDGF and all VEGF receptors. In vitro data shows a meaningful reduction in IL-6 activity of more than 50% with vorolanib, suggesting a multi-MOA capability.

This data may explain the rapid fluid reduction and vision improvements observed as early as week four in the DuraVu arms in the phase two VORONA trial. In summary, we are well positioned to extend our clinical leadership in sustained release therapy for the two largest retinal disease markets. We remain focused on reporting top line phase three data for both Lugano and Lucia starting mid next year, positioning DuraVu to be the first to file and potentially first to market among all investigational sustained release programs in wet AMD. Our phase three DME program is now underway, and we expect first patient dosed during 2026.

We are moving swiftly and confidently to bring DuraVu to patients in need while continuing to ensure our progress follows a derisked, clinically rigorous, and patient-centric approach. Before passing it over to George to review our financials, I want to thank the entire EyePoint team for your dedication to improving patients' lives through better vision, as well as the patients, study coordinators, and clinical investigators outside of our organization who enable our clinical research. We are grateful for your confidence, and we are proud to advance our therapeutics for the benefit of the entire retina community. We look forward to continued progress towards our upcoming milestones as we further our leadership in sustained ocular drug delivery.

I will now turn the call over to George. George?

George O. Elston: Thank you, Jay. To begin, we continue disciplined financial management and good stewardship of our resources, ending the third quarter with $204 million in cash and investments. As Jay mentioned, in October, we completed a $150 million follow-on financing plus the exercise of the underwriter's green shoe option on October 29 for a total of approximately $172 million in gross proceeds, adding to our cash position and enabling the execution of the phase three DME program. We expect that cash and investments as of September 30, along with net proceeds of the financing, will support our operations into 2027, well beyond key data readouts from the phase three Lugano and LUCIA pivotal trials anticipated in mid-2026.

As results for the three months ended September 30, 2025, were included in the press release issued this morning, my comments today will be focused on a high-level review for the quarter. For the quarter ended September 30, 2025, total net revenue was $1 million compared to $10.5 million for the quarter ended September 30, 2024. This decrease was primarily driven by the recognition of deferred revenue related to the company's 2023 agreement for the license of YUTIQ product rights in the prior year period. Operating expenses for the quarter ended September 30, 2025, totaled $63 million compared to $43.3 million in the prior year period.

This increase was primarily driven by clinical trial costs related to the ongoing phase three Lugano and LUCHIA clinical trials of DuraVu for wet AMD. Net non-operating income totaled $2.3 million and net loss was $59.7 million or $0.85 per share compared to a total net loss of $29.4 million or $0.54 per share in the prior year period. As I noted earlier, cash and investments on September 30, 2025, totaled $204 million compared to $371 million as of December 31, 2024, which, along with net proceeds from the October financing, we expect will enable operations into Q4 2027.

In conclusion, we are very pleased with our progress and continued execution in 2025 and are well capitalized to deliver DuraVu phase three wet AMD data in 2020 while advancing our phase three DME program with the COMO and CAPREIT clinical trials. I will now turn the call back over to Jay for closing remarks.

Jay S. Duker: Thank you, George. As you've heard this morning, EyePoint Pharmaceuticals, Inc. is on the cusp of a milestone year in 2026. Our decades of drug development experience, clinical track record, next-generation technology, and the blockbuster potential of our DuraVu franchise underscore our exciting growth story. With our strong balance sheet and disciplined cash management, along with our thoughtful, derisked development strategy, we are prepared to execute through our key upcoming milestones, including top line data for the phase three Lugano trial anticipated in mid-2026 with Lucia data to closely follow, positioning us for a potential NDA submission for DuraVu in wet AMD.

And the first patient dosing at our pivotal phase three DME program anticipated in Q1 2026 with full enrollment expected in 2026. Thank you all for your attention this morning. I will now turn the call over to the operator for your questions.

Antoine: Thank you. At this time, we will conduct a question and answer session. As a reminder, to ask a question, you would need to press 11 on your telephone and wait for your name to be announced. To withdraw your question, please press 11 again. As usual, we'll try to get to as many questions as we can during the course of the call. Please limit the number of questions you ask to one to give others a fair chance to participate. Please stand by while I compile the Q&A roster.

Tessa Thomas Romero: Thank you. Good morning, Jay and team. I wanted to ask a market sizing question today. Can you just refresh us for the wet AMD population over here in the US? What percent of patients are treated every four weeks, every six weeks, every eight weeks, or longer? And what is your latest view on how the doctors will use DuraVue if available in that context? Thanks so much.

Jay S. Duker: Good morning, Tess. Thanks for the question. It is insightful, and as you may surmise, the data is not strong to give exact numbers for each of those intervals. What we do know is approximately 20% of wet AMD patients have to be treated monthly regardless of the drug that they're using. If you look at the clinical trial data, even with the newer extended duration agents, 50% of the eyes can't go longer than every eight weeks. Depending on a doctor's toleration for fluid, some patients can certainly go three and four months in between injections. But again, it's individualized to the patient and oftentimes individualized to the doctor's tolerance of fluid and adherence to the label.

So, I don't, off the top of my head, have exact numbers to give you for those other percentages. And I'll pause and see if Romero has any other insight.

Ramiro Ribeiro: Yeah. No. Thanks, Kevin, for the question. When we think about DuraVu, in our phase two data, we show that after dosing DuraVu, about 65% of patients do not require any supplement injection with anti-VEGF. And even when we look at zero or one injection over that six-month period, then the number is about 90%. So we believe that DuraVu is really well-positioned if we see the results in the phase three study being replicated to be in the market for wet AMD patients. As Jay mentioned, I don't think you can look at it as an either-or, meaning if DuraVu is approved, doctors will be limited to just using one agent.

We're a different MOA, and clearly, the more recent data with IL-6 inhibition suggests that we may offer an MOA that the ligand blockers cannot. That would open up the market tremendously to us. And as Romero just explained, physicians, I'm sure, would be willing to take advantage of two MOAs. We do that in chronic diseases all the time. And therefore, the market share for DuraVu when you speak to some of the KOLs on the podium even recently have said up to 80% of their patients would be eligible. So, we're really optimistic that the acceptance of a multi-MOA TKI with sustained release in both wet AMD and DME is going to be high.

Tessa Thomas Romero: Great. Thanks so much.

Antoine: Our next question comes from Yigal Dov Nochomovitz from Citi. Please go ahead.

John Kim: Hey. This is John Kim on for Yigal. Thanks for taking our question. Regarding DME, can you provide any additional color on how you're structuring your enrollment criteria to provide the broadest reach in the DME marketplace relative to competitors in the long-acting TKI space? Thanks.

Jay S. Duker: Sure. I'll let Ramiro answer that question. Thank you very much for it. And again, I can quickly answer the second part of the question. We're the only TKI sustained release that has a DME program, so that part's easy. But, Ramiro, why don't you talk a little bit about how we've designed the trial?

Ramiro Ribeiro: Yeah. So first, to give an overview on our phase three DME program, covimab. So we are going to be enrolling patients with active DME both treatment-naive and previously treated. As a control arm, we're gonna use aflibercept on label. And then DuraVu is gonna be dosed every six months. We are very fortunate to have a strong infrastructure here at EyePoint Pharmaceuticals, Inc. As we conducted our wet AMD study, we have a very strong relationship with investigators. So, for our DME program, we're going to be able to leverage those strengths into a hopefully rapid enrollment for the DME program.

I think it's our understanding that we might be the only phase three program enrolling patients next year for this indication. So, again, I think we expect to see a rapid enrollment similar to the strengths we did for the wet AMD program.

John Kim: And regarding enrollment, just for clarification, I believe I heard you say second half 2026. Is that for both COMO and CAPREIT?

Ramiro Ribeiro: I think what we're guiding now is that both studies are going to be starting in Q1 of next year, 2026.

John Kim: Got it. Thank you so much. Appreciate it.

Antoine: Our next question comes from Tyler Van Buren from TD Cowen. Please go ahead.

Sam: Hi. This is Sam on for Tyler. Thanks for taking our question. I wanted to ask about the use of the blended endpoint, which you guys have remained consistent on with the pivotal wet AMD and DME trials. We've seen the FDA green light a single endpoint more recently. So, curious if you thought about using a single endpoint at all for the DME studies and why you believe the blended endpoint is the best approach. Thanks.

Jay S. Duker: Thanks, Sam. Appreciate the question. And I'll let Romero go into the details. But to answer quite simply, did you think about a single endpoint? The quick answer is no. Romero, why don't you talk a little bit about our interactions with the FDA over endpoint and why the blended is actually derisking?

Ramiro Ribeiro: Yeah. And thanks, Sam, for the question. So, for both our wet AMD program and our DME program, we are using a blended endpoint, meaning that for the primary endpoint, we're counting two visits. The benefit of that is that we prevent missing data. So in this type of study, it's not uncommon to see patients missing a visit because they have medical appointments or they're in the hospital for some systemic disease. So, by having two visits, we reduce the amount of missing data. And also, very importantly, if a patient has, for any reason, a loss in vision in one of the visits, it has the ability to capture the recovery of that vision in the next visit.

The use of the blended endpoint has been common in clinical trials for retinal diseases for the past few years, with the main goal of decreasing variability and increasing the power of the study. And that's why we feel confident in using the blended endpoint for both wet AMD and DME. And, of course, we have the green light from the FDA to do so.

Sam: Great. Thank you for that clarification. Really appreciate it.

Antoine: Thank you. Our next question comes from Clara Dong from Jefferies. Please go ahead.

Jenna: Hi. Good morning. This is Jenna on for Clara. Could you talk about the differentiation in IL-6 inhibition, and could you help us kind of elaborate on how that could translate into clinical benefits in DME versus an anti-VEGF only approach? Thank you.

Jay S. Duker: Thanks for the question, Jenna. And this is really, timely because you may be aware there's some recent data from Genentech who used an IL-6 blocker in a DME trial combined with an anti-VEGF. Both were delivered monthly, and the arm with the IL-6 blocker, along with the anti-VEGF, had better vision as early as week four and sustained through the trial. We were able to show a very similar vision improvement and course of improvement in our VORONA trial using just two injections over six months as opposed to 12 injections over six months.

And when we looked into it more closely, we discovered that, in fact, vorolanib is a potent inhibitor of the IL-6 pathway by blocking the JAK1 receptor. There is substantial evidence in both wet AMD and DME that IL-6 plays a pathogenic role, especially in eyes that are not responding. And, therefore, the ability to block both the VEGF pathway and the inflammatory IL-6 pathway could be a significant improvement over what we have now, especially coupled with sustained release so that you're not having to give two biologics on a monthly basis.

Jenna: Thank you. Thank you. That's all.

Antoine: Our next question comes from Yatin Suneja from Guggenheim. Please go ahead.

Yatin Suneja: Hey, guys. Thank you for taking my question. Maybe two questions from me. One is on the mechanism regarding the IL-6. Jay, if you can comment on, you know, the relevance of it in one disease versus the other. Do you think there is more relevance in DME versus AMD? So that's one. Then the second question is, you know, now more around the expectation now that the studies wet AMD expectations, right? Now the studies are enrolled, I think our investors are sort of beginning to think about what we should be expecting from the data. And I think there is a focus on three things.

One is the, you know, BCV and non-inferiority, what sort of injection burden you can produce, and how should we think about rescue. Right? If you can comment on that, that'd be very helpful. Thank you.

Jay S. Duker: Thanks, Yatin. Two great questions. Let me start with the IL-6 question. IL-6 has been implicated in inflammatory macular edema for well over a decade. Additional data suggests that IL-6 levels in the vitreous are much higher in DME patients than in diabetics with no diabetic retinopathy. In addition, there's data that suggests high IL-6 levels in aqueous humor portend a worse outcome in both DME and wet AMD. So, overall, the evidence for a role of IL-6 as an inflammatory pathway in DME is very strong. And while it's there in wet AMD as well, it appears to be a prognostic factor in the percentage of eyes that aren't doing well with VEGF blockage alone.

We believe that if the preclinical data we have shown, and the rapid and early and sustained response in our VORONA trial can be shown in phase three, this would be an exceptional result which would put us at the forefront of both wet AMD and DME therapies. As for the clinical trial results, which we expect again, the first trial Lugano mid next year, second trial Lucia soon to follow. Based on our strong phase two data, we would expect noninferiority to the on-label EYLEA control. With continued safety. And again, safety is of paramount importance here as I'm sure you all know.

But based on the ongoing mask safety that we've seen in these two phase three trials as well, as the extensive safety database we have for both DuraVu and vorolanib, we're confident that the safety will be quite good. As for reduction in treatment burden, again, that's important. There's no specific cutoff that says it has to be above or below a certain level. And based on our discussions with KOLs and the design of the trials, we think a 50% reduction in treatment burden will, again, put us into the forefront of therapies for wet AMD.

Yatin Suneja: Thank you.

Antoine: Our next question comes from Debanjana Chatterjee from Jones. Please go ahead.

Debanjana Chatterjee: Hi. Thanks for taking my question, and congrats on all the progress. So assuming Lugano and Lucia meet their non-inferiority endpoint, does your statistical analysis plan allow for test superiority? And if so, how do you expect clinicians to interpret those data related to on-label EYLEA compared to potential competitors pursuing superiority claims based on, like, less frequent dosing? So Romero, why don't you answer that? Thanks, Deb. I appreciate the question.

Ramiro Ribeiro: Yeah. Thanks for the great question. So our, as you mentioned, our analysis plan does allow for testing superiority again, the flubracept if our non-inferiority is met. So it's a hierarchical test. So we have the ability to test for that. Of course, if we see that DuraVu produces superior visual outcomes compared to on-label flubracept, then, of course, I think it would be an outstanding result for the retina community and wet AMD patients and would allow us to position DuraVu as a premium medication. Of course, having a superiority claim against on-label flubracept I think from a retina specialty perspective, is much more relevant than having superiority versus a single dose of aflibercept.

So we are, you know, we continue to be optimistic with our Lugano and Uchiha study. We were very fortunate to have the DAB2 or phase two study to support the design of the phase three programs, a lot of the learnings coming from there, and looking forward to see the results mid next year.

Debanjana Chatterjee: Very helpful. Thank you.

Antoine: This concludes the question and answer session. I will now turn it over to Jay S. Duker for closing remarks.

Jay S. Duker: Thanks very much. Before we close, I do want to mention a tremendous honor that EyePoint Pharmaceuticals, Inc. received this week. We were voted a 2026 best places to work by BioSpace. In fact, we were in the top five best biotech companies nationally. This is a testament to the incredible team and culture we built here at EyePoint Pharmaceuticals, Inc. Exceptional execution does not come in a vacuum. I want to thank all of our amazing team for this honor, but especially our human resources group led by our Chief People Officer Jen Leonard. Thank you all for your time and attention this morning.

Antoine: Thank you for your participation in today's conference. This concludes the program. You may now disconnect.