0000950170-24-028523 | 10-K | XBRL Viewer | Eyepoint Pharmaceuticals INC

Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2023

Assets and Liabilities Carried at Fair Value Measured on Recurring Basis

The following tables summarize the Company’s assets by significant categories carried at fair value measured on a recurring basis at December 31, 2023 and 2022, respectively, by valuation hierarchy (in thousands):


	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


	December 31, 2022
	Carrying Value		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value		Cash Equivalents		Marketable Securities
Level 1:
Money market funds	$	77,191	$	—	$	—		$	77,191	$	77,191	$	—
Subtotal	$	77,191	$	—	$	—		$	77,191	$	77,191	$	—
Level 2:
Commercial paper	$	18,701	$	—	$	—		$	18,701	$	—	$	18,701
U.S. Treasury securities		35,266		—		(55	)		35,211		4,984		30,227
Subtotal	$	53,967	$	—	$	(55	)	$	53,912	$	4,984	$	48,928
Total	$	131,158	$	—	$	(55	)	$	131,103	$	82,175	$	48,928

Restructuring Charges - Additional Information (Detail) - USD ($) $ in Thousands		12 Months Ended
	May 17, 2023	Dec. 31, 2023
Restructuring Cost and Reserve [Line Items]
Restructuring plan executed date	May 17, 2023
2023 Restructuring Plan [Member] \| Research and Development Expense [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring charges		$ 300
2023 Restructuring Plan [Member] \| Sales and Marketing Expense [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring charges		900
2023 Restructuring Plan [Member] \| General and Administrative Expense [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring charges		200
Employee Severance [Member] \| 2023 Restructuring Plan [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring charges		$ 1,405

- 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

CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS (Parenthetical) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Unrealized gain (loss) on available-for-sale securities, tax	$ 0	$ 0

Inventory

12 Months Ended

Dec. 31, 2023

Inventory Disclosure [Abstract]

Inventory

Inventory consisted of the following (in thousands):


	December 31,		December 31,
	2023		2022
Raw materials	$	1,303	$	1,410
Work in process		882		1,078
Finished goods		1,721		398
Total inventory	$	3,906	$	2,886

Related Party Transactions - Additional Information (Detail) - USD ($) $ in Thousands			12 Months Ended
	Jan. 05, 2024	Dec. 18, 2023	Dec. 31, 2023	Dec. 31, 2022
Related Party Transaction [Line Items]
Research and development expense			$ 64,662	$ 49,642
Prepaid expenses			1,695	2,723
Altasciences Company Inc [Member]
Related Party Transaction [Line Items]
Research and development expense			1,900	1,700
Accounts payable			$ 300	$ 200
Other Liability, Related Party, Type [Extensible Enumeration]			Accounts Payable, Current	Accounts Payable, Current
Prepaid expenses			$ 500	$ 800
Dr. John Landis [Member]
Related Party Transaction [Line Items]
Annual Compensation Payment		$ 600
Dr. John Landis [Member] \| Restricted Stock Units (RSUs) [Member] \| Subsequent Event [Member]
Related Party Transaction [Line Items]
Number of Stock Units, Granted	10,000
Dr. John Landis [Member] \| Employee Stock Option \| Subsequent Event [Member]
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] \| Subsequent Event [Member]
Related Party Transaction [Line Items]
Number of Options, Granted	25,014

Prepaid Expenses and Other Current Assets (Tables)

12 Months Ended

Dec. 31, 2023

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,		December 31,
	2023		2022
Prepaid expenses	$	1,695	$	2,723
Prepaid clinical trials		6,335		6,353
Other		1,009		782
Total prepaid expenses and other current assets	$	9,039	$	9,858

Stockholders' Equity - Warrants to Purchase Common Shares - Additional Information (Detail) - $ / shares			12 Months Ended
	Jun. 26, 2018	Mar. 28, 2018	Dec. 31, 2023	Dec. 31, 2022
Class Of Stock [Line Items]
Weighted average exercise price of warrants			$ 12.33	$ 12.33
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
Weighted average exercise price of 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

- 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

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+ Details

Product Revenue Reserves and Allowances - Disaggregation of Revenue (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Disclosure of Product Revenue Reserves and Allowances [Line Items]
Revenues	$ 46,018	$ 41,404
YUTIQ [Member]
Disclosure of Product Revenue Reserves and Allowances [Line Items]
Revenues	14,232	28,329
DEXYCU [Member]
Disclosure of Product Revenue Reserves and Allowances [Line Items]
Revenues	0	11,576
Product [Member]
Disclosure of Product Revenue Reserves and Allowances [Line Items]
Revenues	$ 14,232	$ 39,905

- 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

- 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.

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+ Details

Property and Equipment, Net - Schedule of Property and Equipment (Detail) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Property Plant And Equipment [Line Items]
Gross property and equipment	$ 7,822	$ 3,467
Accumulated depreciation and amortization	(2,571)	(2,107)
Property and equipment, net	5,251	1,360
Property and Equipment [Member]
Property Plant And Equipment [Line Items]
Gross property and equipment	3,086	2,459
Construction in Progress [Member]
Property Plant And Equipment [Line Items]
Gross property and equipment	3,728
Leasehold Improvements [Member]
Property Plant And Equipment [Line Items]
Gross property and equipment	$ 1,008	$ 1,008

Leases - Future Minimum Lease Payments Under Non-Cancellable Leases (Detail) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022	Jun. 30, 2022
Operating Leases
2024	$ 877
2025	1,494
2026	1,589
2027	1,637
2028	693
Total lease payments	6,290
Less imputed interest	(821)
Total	$ 5,469	$ 6,527	$ 2,900

Restructuring Charges - Schedule of Restructuring Activities Related to Plan (Detail) - Employee Severance [Member] - 2023 Restructuring Plan [Member] $ in Thousands	12 Months Ended
	Dec. 31, 2023 USD ($)
Restructuring Cost and Reserve [Line Items]
Beginning balance	$ 0
Restructuring charges	1,405
Cash payments	(1,345)
Ending balance	$ 60

- 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 (Tables)

12 Months Ended

Dec. 31, 2023

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 plans and for inducement awards for the year ended December 31, 2023:


	Number of Options			Weighted Average Exercise Price		Weighted Average Remaining Contractual Life		Aggregate Intrinsic Value
						(in years)		(in thousands)
Outstanding at January 1, 2023		4,082,555		$	13.79
Granted		2,923,861			4.76
Exercised		(260,321	)		11.33
Forfeited		(385,075	)		7.38
Expired		(56,253	)		26.71
Outstanding at December 31, 2023		6,304,767		$	9.98		7.89	$	85,536
Exercisable at December 31, 2023		2,325,480		$	15.61		6.31	$	20,178

Schedule of Key Assumptions Used

In determining the grant date fair value of option awards during the years ended December 31, 2023 and 2022, the Company applied the Black-Scholes option pricing model based on the following key assumptions:


	Year Ended	Year Ended
	December 31,	December 31,
	2023	2022
Option life (in years)	5.27 - 6.08	5.50 - 6.09
Stock volatility	78% - 97%	76% - 78%
Risk-free interest rate	3.44% - 4.68%	1.46% - 4.15%
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, 2023 and 2022 (in thousands except per share amounts):


	Year Ended		Year Ended
	December 31,		December 31,
	2023		2022
Weighted average grant date fair value per share	$	3.46	$	6.79
Total cash received from exercise of stock options		2,955		41
Total intrinsic value of stock options exercised		1,970		14

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, 2023:


	Number of Restricted Stock Units			Weighted Average Grant Date Fair Value
Nonvested at January 1, 2023		509,170		$	10.81
Granted		1,071,354			3.92
Vested		(201,414	)		11.04
Exercised		—			—
Forfeited		(45,918	)		8.60
Nonvested at December 31, 2023		1,333,192		$	5.31

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, 2023 and 2022, respectively, as follows (in thousands):


	Year Ended		Year Ended
	December 31,		December 31,
	2023		2022
Research and development	$	4,650	$	6,130
Sales and marketing		289		1,650
General and administrative		7,118		6,397
Total stock-based compensation expense	$	12,057	$	14,177

Share-Based Payment Awards - Stock Option Activity Under Company's Equity Incentive Plan (Detail) - Equity Incentive Plans and Inducement Awards [Member] $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2023 USD ($) $ / shares shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of Options Outstanding, Beginning balance \| shares	4,082,555
Number of Options, Granted \| shares	2,923,861
Number of Options, Exercised \| shares	(260,321)
Number of Options, Forefeited \| shares	(385,075)
Number of Options, Expired \| shares	(56,253)
Number of Options Outstanding, Ending balance \| shares	6,304,767
Number of Options, Exercisable at December 31, 2023 \| shares	2,325,480
Weighted Average Exercise Price Outstanding, Beginning balance \| $ / shares	$ 13.79
Weighted Average Exercise Price, Granted \| $ / shares	4.76
Weighted Average Exercise Price, Exercised \| $ / shares	11.33
Weighted Average Exercise Price, Forefeited \| $ / shares	7.38
Weighted Average Exercise Price, Expired \| $ / shares	26.71
Weighted Average Exercise Price Outstanding, Ending balance \| $ / shares	9.98
Weighted Average Exercise Price, Exercisable at December 31, 2023 \| $ / shares	$ 15.61
Weighted Average Remaining Contractual Life, Outstanding at December 31, 2023	7 years 10 months 20 days
Weighted Average Remaining Contractual Life, Exercisable at December 31, 2023	6 years 3 months 21 days
Aggregate Intrinsic Value, Outstanding at December 31, 2023 \| $	$ 85,536
Aggregate Intrinsic Value, Exercisable at December 31, 2023 \| $	$ 20,178

Stockholders' Equity - Equity Financings - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands	1 Months Ended		12 Months Ended
	Dec. 31, 2023	Aug. 31, 2020	Dec. 31, 2023	Dec. 31, 2022
Class Of Stock [Line Items]
Gross proceeds from issuance of common stock			$ 226,174	$ 0
Common Stock [Member]
Class Of Stock [Line Items]
Common stock issued			14,432,180
Equity Financings [Member] \| Common Stock [Member]
Class Of Stock [Line Items]
Common stock issued				0
Equity Financings [Member] \| Share Offering [Member]
Class Of Stock [Line Items]
Common stock issued	13,529,411
Price per share	$ 17		$ 17
Gross proceeds from issuance of common stock	$ 230,000
Share issuance costs	$ 14,600
Equity Financings [Member] \| Additional Share Offering [Member]
Class Of Stock [Line Items]
Common stock issued	1,764,705
At-the-Market Offering [Member]
Class Of Stock [Line Items]
Price per share	$ 11.05		$ 11.05
Gross proceeds from issuance of common stock			$ 10,000
Share issuance costs			$ 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			902,769	0

Leases - Additional Information (Detail)			12 Months Ended
Leases - Additional Information (Detail)	Jan. 23, 2023 USD ($) ft² Tranche	Mar. 08, 2022 USD ($) ft² Tranche	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)	Sep. 30, 2022 USD ($)	Jun. 30, 2022 USD ($)
Disclosure Of Leases [Line Items]
Lease liabilities			$ 5,469,000	$ 6,527,000		$ 2,900,000
ROU assets			4,983,000	6,038,000
Estimates total lease initial noncancellable amount			$ 6,290,000
Operating lease weighted average remaining lease term			4 years 3 months 18 days
Operating lease weighted average discount rate			5.84%
Operating lease expense			$ 1,400,000	1,200,000
Variable lease cost			200,000	60,000.00
Operating lease payments			1,400,000	800,000
Finance lease, financing cash flows			36,000	$ 137,000
ASC 842 [Member]
Disclosure Of Leases [Line Items]
Lease liabilities			0
ROU assets			0
New Premises [Member]
Disclosure Of Leases [Line Items]
Lease liabilities					$ 1,600,000
ROU assets					$ 1,700,000
Massachusetts [Member]
Disclosure Of Leases [Line Items]
Lease not yet commenced term	The lease term will commence upon the substantial completion of construction of the facility and related leasehold improvements, which are owned by the lessor, to prepare the premises for the Company’s intended use, which is currently expected to occur during the second half of 2024. The Company’s obligation to pay base rent will begin four months following the commencement of the lease term.
Estimates total lease initial noncancellable amount	$ 40,800,000
Term of contract	15 years 4 months
Lessee operating lease not yet commenced option to extend	The Company will be responsible for real estate taxes, maintenance, and other operating expenses applicable to the leased premises. As of December 31, 2023, a lease commencement date in accordance with ASC 842, Leases, had not occurred, as such, no ROU or lease liability has been recorded as of December 31, 2023.
Massachusetts [Member] \| New Premises [Member]
Disclosure Of Leases [Line Items]
Original lease term	15 years 4 months
Area of property covered \| ft²	40,000
Lease existence of option to extend	true
Number of renewal options \| Tranche	2
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			$ 200,000
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		$ 700,000

Property and Equipment, Net

12 Months Ended

Dec. 31, 2023

Property, Plant and Equipment [Abstract]

Property and Equipment, Net

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


	December 31,			December 31,
	2023			2022
Property and equipment	$	3,086		$	2,459
Construction in process	$	3,728		$	—
Leasehold improvements		1,008			1,008
Gross property and equipment		7,822			3,467
Accumulated depreciation and amortization		(2,571	)		(2,107	)
Property and equipment, net	$	5,251		$	1,360
		—			—

Depreciation expense totaled $0.5 million and $0.4 million in the years ended December 31, 2023 and 2022, respectively.

Significant Accounting Policies - Potentially Dilutive Securities Excluded from Computation of Diluted Weighted-Average Shares (Detail) - shares	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive common stock equivalents outstanding excluded from diluted earnings per share calculation	7,707,642	4,670,582
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	6,304,767	4,082,555
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	21,000	30,174
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	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	1,333,192	509,170

Restructuring Charges

12 Months Ended

Dec. 31, 2023

Restructuring and Related Activities [Abstract]

Restructuring Charges

13.

Restructuring Charges

Fiscal Year 2023 Restructuring Plan

On May 17, 2023, the Company executed a restructuring plan (the Restructuring Plan) with regard to its commercial operations. The Restructuring Plan is a result of the PRA with Alimera (see Note 3). In connection with the Restructuring Plan, the Company, among other things, downsized its current workforce, with reductions coming primarily from its YUTIQ® sales force and supporting commercial operations. The Company recorded approximately $1.4 million of YUTIQ® sales force personnel and employee severance for discretionary termination benefits during the year ended December 31, 2023, upon notification of the affected YUTIQ® sales force personnel and employees in accordance with ASC 420, Exit or Disposal Cost Obligations. The charges of $1.4 million were recognized in the Company’s operating results, of which $0.3 million, $0.9 million, and $0.2 million were included in research and development expense, sales and marketing expense and general and administrative expense, respectively.

The Company expects the implementation of the Restructuring Plan will be substantially completed during the first quarter of fiscal year 2024. The charges that the Company expects to incur in connection with the Restructuring Plan are subject to a number of assumptions, and actual results may differ materially.

The following table summarizes the restructuring activities related to the Plan for the year ended December 31, 2023 (in thousands):


	Employee Severance and Benefits
Beginning balance at January 1, 2023	$	—
Restructuring charges		1,405
Cash payments		(1,345	)
Ending balance at December 31, 2023	$	60

Pay vs Performance Disclosure - USD ($) $ in Thousands	12 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Pay vs Performance Disclosure
Net Income (Loss)	$ (70,795)	$ (102,254)

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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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 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: 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 13: http://www.xbrl.org/2003/role/exampleRef
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org//1943274/2147483589/942-220-S99-1

+ Details

Property and Equipment, Net - Additional Information (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Property Plant And Equipment Useful Life And Values [Abstract]
Depreciation	$ 464	$ 396

Property and Equipment, Net (Tables)

12 Months Ended

Dec. 31, 2023

Property, Plant and Equipment [Abstract]

Schedule of Property and Equipment

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


	December 31,			December 31,
	2023			2022
Property and equipment	$	3,086		$	2,459
Construction in process	$	3,728		$	—
Leasehold improvements		1,008			1,008
Gross property and equipment		7,822			3,467
Accumulated depreciation and amortization		(2,571	)		(2,107	)
Property and equipment, net	$	5,251		$	1,360
		—			—

Fair Value Measurements - Assets and Liabilities Carried at Fair Value Measured on Recurring Basis (Detail) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable Securities	$ 49,787	$ 48,928
Fair Value, Measurements, Recurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Carrying Value	325,227	131,158
Gross Unrealized Gains	24	0
Gross Unrealized Losses	(1)	(55)
Fair Value	325,251	131,103
Cash Equivalents	275,464	82,175
Marketable Securities	49,787	48,928
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	270,476	77,191
Gross Unrealized Gains	0	0
Gross Unrealized Losses	0	0
Fair Value	270,476	77,191
Cash Equivalents	270,476	77,191
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	270,476	77,191
Gross Unrealized Gains	0	0
Gross Unrealized Losses	0	0
Fair Value	270,476	77,191
Cash Equivalents	270,476	77,191
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	54,751	53,967
Gross Unrealized Gains	24	0
Gross Unrealized Losses	(1)	(55)
Fair Value	54,775	53,912
Cash Equivalents	4,988	4,984
Marketable Securities	49,787	48,928
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	19,295	18,701
Gross Unrealized Gains	8	0
Gross Unrealized Losses	0	0
Fair Value	19,303	18,701
Cash Equivalents	1,998	0
Marketable Securities	17,305	18,701
Fair Value, Measurements, Recurring [Member] \| Significant Other Observable Inputs (Level 2) [Member] \| US Treasury Securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Carrying Value	17,762	35,266
Gross Unrealized Gains	8	0
Gross Unrealized Losses	0	(55)
Fair Value	17,771	35,211
Cash Equivalents	2,990	4,984
Marketable Securities	14,781	$ 30,227
Fair Value, Measurements, Recurring [Member] \| Significant Other Observable Inputs (Level 2) [Member] \| US Agency Securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Carrying Value	17,694
Gross Unrealized Gains	8
Gross Unrealized Losses	(1)
Fair Value	17,701
Cash Equivalents	0
Marketable Securities	$ 17,701

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Dec. 31, 2023 shares
Trading Arrangements, by Individual
Material Terms of Trading Arrangement	On December 8, 2023, Michael Pine, the Company’s Chief Business Officer, terminated a 10b5-1 trading plan. Mr. Pine’s 10b5-1 plan was originally adopted on June 12, 2023, and was designed to be in effect until June 12, 2024. The aggregate number of shares of common stock to be sold pursuant to Mr. Pine’s 10b5-1 plan was 93,634, including the potential exercise of vested stock options and the associated sale. Mr. Pine’s 10b5-1 plan was intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) under the Exchange Act. On December 21, 2023, Michael Pine, the Company’s Chief Business Officer, adopted a 10b5-1 trading plan, which is designed to be in effect until December 21, 2024. The aggregate number of shares of common stock to be sold pursuant to Mr. Pine’s 10b5-1 plan, which provides for the potential exercise of vested stock options and the associated sale, is 40,625. Mr. Pine’s 10b5-1 plan is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) under the Exchange Act.
Rule 10b5-1 Trading Plan One
Trading Arrangements, by Individual
Name	Michael Pine
Title	Chief Business Officer
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	June 12, 2023
Rule 10b5-1 Arrangement Terminated	true
Termination Date	December 8, 2023
Aggregate Available	93,634
Rule 10b5-1 Trading Plan Two
Trading Arrangements, by Individual
Name	Michael Pine
Title	Chief Business Officer
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	December 21, 2023
Termination Date	December 21, 2024
Aggregate Available	40,625

Significant Accounting Policies

12 Months Ended

Dec. 31, 2023

Accounting Policies [Abstract]

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, recoverability of acquired intangible assets, 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. The balance of accumulated other comprehensive income attributable to foreign currency translation was $0.9 million and $0.8 million at December 31, 2023 and 2022, respectively. 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, 2023. Marketable securities consisted of investment-grade commercial paper and U.S. Treasury securities at December 31, 2022. 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.

At December 31, 2023, 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, 2022, the Company’s interest-bearing cash equivalent balances were concentrated in one institutional money market fund that has investments consisting primarily of certificates of deposit, commercial paper, time deposits, Treasury repurchase agreements and investment-grade U.S. Treasury securities. Generally, these investments may be sold upon demand and, therefore, the Company believes they have minimal risk.

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, 2023, accounts receivable from Alimera and Ocumension Therapeutics accounted for 67.8% and 15.7% of total accounts receivable, respectively. For the year ended December 31, 2023, revenues from Alimera and Besse Medical accounted for 73.2% and 17.2% of total revenues, respectively.

As of December 31, 2022, accounts receivable from ASD Specialty Healthcare LLC and McKesson Specialty Care Distribution LLC accounted for 57.1% and 30.2% of total accounts receivable, respectively. For the year ended December 31, 2022, revenues from ASD Specialty Healthcare LLC and McKesson Specialty Care Distribution LLC accounted for 51.1% and 39.5% 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, 2023 and 2022.

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, excluding amortization of acquired intangible assets. 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, excluding amortization of acquired intangible assets, 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 $0.5

million and $1.4 million for the years ended December 31, 2023 and 2022, 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.

Capitalized Software Development Cost

The Company purchases cloud computing arrangements, such as software business applications that are used in the normal course of business, and as a result, capitalizes certain implementation costs incurred in a cloud computing agreement that is a service contract. Eligible implementation costs associated with cloud computing arrangements are capitalized in accordance with ASC 350, Intangibles – Goodwill and Other, and classified as a prepaid asset on the consolidated balance sheets. These costs are recognized on a straight-line basis on the same line of the consolidated statements of comprehensive loss as the fees for the associated cloud computing arrangement, over the term of the arrangement, plus renewal and termination periods the Company is reasonably certain to exercise.

Leases

The Company is a party to one operating lease for its headquarters in Watertown, Massachusetts, in which it leases office, laboratory, and manufacturing operations facilities. In January 2023, the Company entered into a lease agreement for its 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, if applicable, 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.

Impairment of Intangible Assets

The Company assesses potential impairments to its intangible asset when there is evidence that events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable or that the useful life of the asset is no longer appropriate. An impairment loss is recognized when the future undiscounted net cash flows expected to result from the use of an asset are less than its carrying value. If the Company considers an asset to be impaired, the impairment charge to be recognized is measured as the amount by which the carrying value of the asset exceeds its estimated fair value. In connection with a change in CMS reimbursement rules on November 1, 2022, the Company determined that the DEXYCU® intangible asset was not recoverable and recorded a $20.7 million impairment charge.

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 and May 2023, the Company is no longer commercially selling DEXYCU and YUTIQ, respectively. The Company continues to sell YUTIQ under a commercial supply agreement with Alimera and Ocumension (see Note 3).

Prior to the above dates, the Company sold YUTIQ® and DEXYCU® primarily to a limited number of specialty distributors and specialty pharmacies (collectively the Distributors) in the U.S., with whom the Company had entered into formal agreements, for delivery to physician practices for YUTIQ® and to hospital outpatient departments and ambulatory surgical centers (ASCs) for DEXYCU®. The Company recognized revenue on sales of its products when Distributors obtained control of the products, which occurred at a point in time, typically upon delivery. In addition to agreements with Distributors, the Company also entered into arrangements with healthcare providers, ASCs, and payors that provided for government mandated and/or privately negotiated rebates, chargebacks, and discounts with respect to the purchase of the Company’s products from Distributors.

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. 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, 2023 and 2022, 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.

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, amortization of intangible assets, 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.

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. The PFWs were included in the basic and diluted net loss per share calculation during the years ended December 31, 2023 and 2022, respectively.

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



	December 31,
	2023		2022
Stock options		6,304,767		4,082,555
ESPP		21,000		30,174
Warrants		48,683		48,683
Restricted stock units		1,333,192		509,170
Total		7,707,642		4,670,582

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 Issued 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. This ASU applies to all public entities that are required to report segment information in accordance with Topic 280, Segment Reporting. ASU 2023-07 is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. Early adoption is permitted and the standard should be applied retrospectively. ASU 2023-07 will be effective for the Company for the annual period of its fiscal year ending December 31, 2024. The Company does not anticipate the adoption of this ASU will have a material impact on its consolidated financial statements.

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 statements.

Contingencies

12 Months Ended

Dec. 31, 2023

Commitments and Contingencies Disclosure [Abstract]

Contingencies

17.

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 operation or cash flow.

Inventory (Tables)

12 Months Ended

Dec. 31, 2023

Inventory Disclosure [Abstract]

Schedule of Inventory

Inventory consisted of the following (in thousands):


	December 31,		December 31,
	2023		2022
Raw materials	$	1,303	$	1,410
Work in process		882		1,078
Finished goods		1,721		398
Total inventory	$	3,906	$	2,886

Income Taxes - Additional Information (Detail) £ in Millions	12 Months Ended
	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2023 GBP (£)	Dec. 31, 2023 USD ($)
Changes in valuation allowance	$ 21,600,000	$ 26,100,000
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
U.S. Federal [Member]
Operating loss carry forwards				296,500,000
Operating loss carry forwards, expiration range start dates	2023
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				254,700,000
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				8,900,000
Federal And State Tax [Member]
Research and development tax credit carry forwards expiration begin date	2023
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 - Additional Information (Detail) - USD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Schedule Of Significant Accounting Policies [Line Items]
Accumulated other comprehensive income to foreign currency translation	$ 900,000	$ 800,000
Allowance for credit loss	0	0
Impairment of inventory	500,000	1,400,000
Impairment of intangible assets	$ 0	$ 20,699,000
Pre Funded Warrants to purchase common stock	3,272,727
DEXYCU [Member]
Schedule Of Significant Accounting Policies [Line Items]
Impairment of intangible assets	$ 20,700,000
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] \| Alimera Sciences, Inc. [Member]
Schedule Of Significant Accounting Policies [Line Items]
Percentage of concentration risk	67.80%
Accounts Receivable [Member] \| Customer Concentration Risk [Member] \| ASD Specialty Healthcare LLC [Member]
Schedule Of Significant Accounting Policies [Line Items]
Percentage of concentration risk		57.10%
Accounts Receivable [Member] \| Customer Concentration Risk [Member] \| McKesson Specialty Care Distribution LLC [Member]
Schedule Of Significant Accounting Policies [Line Items]
Percentage of concentration risk		30.20%
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] \| Alimera Sciences, Inc. [Member]
Schedule Of Significant Accounting Policies [Line Items]
Percentage of concentration risk	73.20%
Sales Revenue, Net [Member] \| Customer Concentration Risk [Member] \| ASD Specialty Healthcare LLC [Member]
Schedule Of Significant Accounting Policies [Line Items]
Percentage of concentration risk		51.10%
Sales Revenue, Net [Member] \| Customer Concentration Risk [Member] \| McKesson Specialty Care Distribution LLC [Member]
Schedule Of Significant Accounting Policies [Line Items]
Percentage of concentration risk		39.50%
Sales Revenue, Net [Member] \| Customer Concentration Risk [Member] \| Besse Medical [Member]
Schedule Of Significant Accounting Policies [Line Items]
Percentage of concentration risk	17.20%

Leases

12 Months Ended

Dec. 31, 2023

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 for its new standalone manufacturing facility, including office and lab space located at 600 Commerce Drive, Northbridge, Massachusetts. The new leased premises will consist of approximately 40,000 square feet. 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 will commence upon the substantial completion of construction of the facility and related leasehold improvements, which are owned by the lessor, to prepare the premises for the Company’s intended use, which is currently expected to occur during the second half of 2024. The Company’s obligation to pay base rent will begin four months following the commencement of the lease term. The lease will create significant rights and obligations for the Company, including the payment of base rent on monthly basis, of which the Company estimates will total approximately $40.8 million during the initial non-cancellable term of the lease (i.e., fifteen years and four months). The Company will be responsible for real estate taxes, maintenance, and other operating expenses applicable to the leased premises. As of December 31, 2023, a lease commencement date in accordance with ASC 842, Leases, had not occurred, as such, no ROU or lease liability has been recorded as of December 31, 2023.

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, 2023, the weighted average remaining term of the Company’s operating leases was 4.3 years and the weighted average discount rate was 5.84%.

Supplemental balance sheet information related to operating leases as of December 31, 2023 and 2022, respectively, is as follows (in thousands):


	December 31,		December 31,
	2023		2022
Other current liabilities – operating lease current portion	$	563	$	543
Operating lease liabilities – noncurrent portion		4,906		5,984
Total operating lease liabilities	$	5,469	$	6,527

Operating lease expense recognized was $1.4 million and $1.2 million, excluding $0.2 million and $0.06 million of variable lease costs, for the years ended December 31, 2023 and 2022, respectively, and was included in the accompanying consolidated statements of comprehensive loss.

Cash paid for amounts included in the measurement of operating lease liabilities was $1.4 million and $0.8 million for the years ended December 31, 2023 and 2022, respectively.

The Company’s total future minimum lease payments under non-cancellable leases at December 31, 2023, were as follows (in thousands):


	Operating Leases
2024	$	877
2025		1,494
2026		1,589
2027		1,637
2028		693
Total lease payments	$	6,290
Less imputed interest		(821	)
Total	$	5,469

Operations - Additional Information (Detail) - USD ($) $ in Millions	1 Months Ended	12 Months Ended
	May 31, 2023	Dec. 31, 2024	Dec. 31, 2023
Operations [Line Items]
Sale of YUTIQ franchise	$ 82.5
Upfront cash payment	$ 75.0
Cash, cash equivalents and investments in marketable securities			$ 331.0
Scenario, Forecast [Member]
Operations [Line Items]
Upfront cash payment		$ 7.5

Share-Based Payment Awards - Equity Incentive Plan - Additional Information (Detail) - shares	Jun. 20, 2023	Dec. 31, 2023
2016 Long Term Incentive Plan [Member]
Class Of Stock [Line Items]
Number of common stock, authorized for issuance		5,900,000
Shares remained available for grant		184,904
2023 Long Term Incentive Plan [Member]
Class Of Stock [Line Items]
Number of common stock, authorized for issuance	3,500,000
Shares remained available for grant	184,904
Equity incentive plan, approval date	Jun. 20, 2023
Shares available for grant under the Long Term Incentive Plan		2,274,000

- 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

Fair Value Measurements - Additional Information (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Interest-bearing cash equivalent consisted of money market fund	$ 270.5	$ 77.2
Interest-bearing cash equivalent consisted of investment-grade U.S.Treasury securities	$ 5.0	$ 5.0
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	98.20%	93.90%
Investment Instruments [Member] \| Credit Concentration Risk [Member] \| US Treasury Securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Percentage of concentration risk	1.80%	6.10%

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Current assets:
Cash and cash equivalents	$ 281,263	$ 95,633
Marketable securities	49,787	48,928
Accounts and other receivables, net	805	15,503
Prepaid expenses and other current assets	9,039	9,858
Inventory	3,906	2,886
Total current assets	344,800	172,808
Property and equipment, net	5,251	1,360
Operating lease right-of-use assets	4,983	6,038
Restricted cash	150	150
Total assets	355,184	180,356
Current liabilities:
Accounts payable	6,504	5,919
Accrued expenses	17,521	16,359
Deferred revenue	38,592	1,205
Short-term borrowings	0	10,475
Other current liabilities	646	579
Total current liabilities	63,263	34,537
Long-term debt		29,310
Deferred revenue - noncurrent	20,692	13,557
Operating lease liabilities - noncurrent	4,906	5,984
Other long-term liabilities		600
Total liabilities	88,861	83,988
Contingencies (Note 17)
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, 2023 and 2022, respectively; 49,043,074 and 34,082,934 shares issued and outstanding at December 31, 2023 and 2022, respectively	49	34
Additional paid-in capital	1,007,556	766,899
Accumulated deficit	(742,146)	(671,351)
Accumulated other comprehensive income	864	786
Total stockholders’ equity	266,323	96,368
Total liabilities and stockholders’ equity	$ 355,184	$ 180,356

Loan Agreements

12 Months Ended

Dec. 31, 2023

Debt Disclosure [Abstract]

Loan Agreements

SVB Loan Agreement

The Company's loans (SVB Loan) under an agreement (the SVB Loan Agreement) with First Citizens BancShares, as successor to Silicon Valley Bank (SVB), as lender (the Lender), were originally due and payable on January 1, 2027. The loans bore interest that was payable monthly in arrears at a per annum rate equal to (i) with respect to the term facility, the greater of (x) the Wall Street Journal prime rate plus 2.25% and (y) 5.50% and (ii) with respect to the revolving facility, the Wall Street Journal Prime Rate. Commencing on February 1, 2024, the Company was scheduled to begin repaying the principal of the term facility in 36 consecutive equal monthly installments. At maturity or if earlier prepaid, the Company was also required to pay an exit fee equal to 2.00% of the aggregate principal amount of the term facility.

On May 17, 2023, the Company utilized a portion of the upfront payment from the PRA with Alimera (see Note 3) to repay in full all outstanding amounts under the SVB Loan Agreement. The SVB Loan Agreement was terminated, and all security interests and other liens granted to or held by the Lender were terminated and released. This payment included (i) the remaining $30.0 million principal portion of the SVB Loan, (ii) $0.6 million, representing a prepayment fee equal to 2.00% of the aggregate principal amount of the term facility, (iii) a $0.6 million exit fee, (iv) accrued and unpaid interest of $0.1 million through the pay-off date, and (v) $0.2 million, representing in the aggregate a statement fee, termination fee and unused credit line fee under the revolving facility. As a result of the early repayment of the SVB Loan, the Company recorded a loss on extinguishment of debt of $1.4 million for the year ended December 31, 2023, related to the write-off of the remaining balance of unamortized debt discount and other extinguishment fees.

Amortization of debt discount under the SVB Loan Agreement totaled $0.1 million and $0.2 million for the years ended December 31, 2023 and 2022, respectively.

Income Taxes - Significant Components of Deferred Income Taxes (Detail) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Deferred tax assets:
Net operating loss carryforwards	$ 82,599	$ 88,584
Capitalized R&D	23,652	12,226
Deferred revenue	16,196	4,033
Lease liability	1,635	1,793
Stock-based compensation	11,720	9,461
Tax credits	8,473	6,916
Other	3,515	3,433
Total deferred tax assets	147,790	126,446
Deferred tax liabilities:
Right-of-use assets	1,361	1,650
Total deferred tax liabilities	1,361	1,650
Deferred tax assets, net	146,429	124,796
Valuation allowance	146,429	124,796
Total deferred tax liability	$ 0	$ 0

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, 2023 $ / shares shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of Stock Units Outstanding, Beginning Balance \| shares	509,170
Number of Stock Units, Granted \| shares	1,071,354
Number of Stock Units, Vested \| shares	(201,414)
Number of Stock Units, Exercised \| shares	0
Number of Stock Units, Forfeited \| shares	(45,918)
Number of Stock Units Outstanding, Ending Balance \| shares	1,333,192
Weighted Average Grant Date Fair Value Nonvested, Beginning balance \| $ / shares	$ 10.81
Weighted Average Grant Date Fair value, Granted \| $ / shares	3.92
Weighted Average Grant Date Fair value, Vested \| $ / shares	11.04
Weighted Average Grant Date Fair value, Exercised \| $ / shares	0
Weighted Average Grant Date Fair value, Forfeited \| $ / shares	8.6
Weighted Average Grant Date Fair Value Nonvested, Ending balance \| $ / shares	$ 5.31

Income Taxes

12 Months Ended

Dec. 31, 2023

Income Tax Disclosure [Abstract]

Income Taxes

16.

Income Taxes

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


	Year Ended			Year Ended
	December 31,			December 31,
	2023			2022
U.S. operations	$	(70,812	)	$	(102,354	)
Non-U.S. operations		100			100
Loss before income taxes	$	(70,712	)	$	(102,254	)

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,
	2023				2022
Federal statutory income tax rate		21.0		%		21.0		%
State income taxes, net of federal benefit		7.5				5.8
Non-U.S. income tax rate differential		—				—
Change in fair value of derivative		—				—
Change in federal tax rate		—				—
Research and development tax credits		1.3				1.0
Permanent items		(0.5	)			(1.5	)
Changes in valuation allowance		(30.4	)			(25.5	)
Other, net		1.0				(0.8	)
Effective income tax rate		(0.1	)	%		—		%

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


	December 31,		December 31,
	2023		2022
Deferred tax assets:
Net operating loss carryforwards	$	82,599	$	88,584
Capitalized R&D		23,652		12,226
Deferred revenue		16,196		4,033
Lease liability		1,635		1,793
Stock-based compensation		11,720		9,461
Tax credits		8,473		6,916
Other		3,515		3,433
Total deferred tax assets		147,790		126,446
Deferred tax liabilities:
Right-of-use assets		1,361		1,650
Total deferred tax liabilities		1,361		1,650
Deferred tax assets, net		146,429		124,796
Valuation allowance		146,429		124,796
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 2023, the Company capitalized $57.2 million of research and development expenditures.

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 $21.6 million and $26.1 million for the years ended December 31, 2023 and 2022, 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, 2023, the Company had U.S. federal net operating loss carry forwards of approximately $296.5 million. The net operating losses consist of $151.8 million, which expire at various dates between calendar years 2023 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, 2023, the Company had state net operating loss carry forwards of approximately $254.7 million, which expire between 2033 and 2040, as well as U.S. federal and state research and development tax credit carry forwards of approximately $8.9 million, which expire at various dates between calendar years 2023 and 2040. In addition, at December 31, 2023, 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 2014 through 2022 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, 2023, 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, 2023 and 2022, respectively.

As of December 31, 2023 and 2022, the Company had no accrued penalties or interest related to uncertain tax positions.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References

Reference 1: 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 2: 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 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-Name Accounting Standards Codification
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-URI https://asc.fasb.org//740/tableOfContent

Reference 4: 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 5: 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 6: 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//1943274/2147482526/740-270-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
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-Section 50
-Paragraph 17
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-17

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
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-Name Accounting Standards Codification
-Section S99
-Paragraph 2
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Reference 10: 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

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, 2021	$ 184,380	$ 34	$ 752,602	$ (569,097)	$ 841
Balance, shares at Dec. 31, 2021		33,905,826
Net Income (Loss)	(102,254)			(102,254)
Other comprehensive gain (loss)	(55)				(55)
Issuance of stock, net of issue costs	20		20
Employee stock purchase plan	354		354
Employee stock purchase plan, shares		47,787
Exercise of stock options	41		41
Exercise of stock options, shares		4,479
Vesting of stock units	(295)		(295)
Vesting of stock units, shares		124,842
Stock-based compensation	14,177		14,177
Balance at Dec. 31, 2022	$ 96,368	$ 34	766,899	(671,351)	786
Balance, shares at Dec. 31, 2022	34,082,934	34,082,934
Net Income (Loss)	$ (70,795)			(70,795)
Other comprehensive gain (loss)	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

Share-Based Payment Awards - Employee Stock Purchase Plan - Additional Information (Detail) - USD ($)		12 Months Ended
	Jun. 25, 2019	Dec. 31, 2023	Dec. 31, 2022
Class Of Stock [Line Items]
Employee stock purchase plan		$ 422,000	$ 354,000
Stock-based compensation expense		$ 12,057,000	14,177,000
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	107,056
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

CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Revenues:
Total revenues	$ 46,018	$ 41,404
Operating expenses:
Cost of sales, excluding amortization of acquired intangible assets	4,632	8,326
Research and development	64,662	49,642
Sales and marketing	11,689	25,507
General and administrative	40,102	34,817
Amortization of acquired intangible assets	0	2,050
Impairment of acquired intangible assets	0	20,699
Total operating expenses	121,085	141,041
Loss from operations	(75,067)	(99,637)
Other income (expense):
Interest and other income, net	6,949	2,131
Interest expense	(1,247)	(3,189)
Loss on extinguishment of debt	(1,347)	(1,559)
Total other income (expense), net	4,355	(2,617)
Net loss before income taxes	(70,712)	(102,254)
Provision for income taxes	(83)
Net loss	$ (70,795)	$ (102,254)
Net loss per share:
Net loss per share - basic	$ (1.82)	$ (2.74)
Net loss per share - diluted	$ (1.82)	$ (2.74)
Weighted average common shares outstanding:
Weighted average common shares outstanding - basic	38,904	37,317
Weighted average common shares outstanding - diluted	38,904	37,317
Net Income (Loss)	$ (70,795)	$ (102,254)
Other comprehensive gain (loss):
Unrealized gain (loss) on available-for-sale securities, net of tax of $0 for periods presented	78	(55)
Comprehensive loss	(70,717)	(102,309)
Product [Member]
Revenues:
Total revenues	14,232	39,905
License and Collaboration Agreements [Member]
Revenues:
Total revenues	30,797	362
Royalty Income [Member]
Revenues:
Total revenues	$ 989	$ 1,137

Accrued Expenses (Tables)

12 Months Ended

Dec. 31, 2023

Payables and Accruals [Abstract]

Schedule of Accrued Expenses

Accrued expenses consisted of the following (in thousands):


	December 31,		December 31,
	2023		2022
Personnel costs	$	12,631	$	9,515
Clinical trial costs		3,305		3,308
Professional fees		666		761
Sales chargebacks, rebates and other revenue reserves		760		1,017
Other		159		1,758
Total accrued expenses	$	17,521	$	16,359

License and Asset Purchase Agreements

12 Months Ended

Dec. 31, 2023

Organization, Consolidation and Presentation of Financial Statements [Abstract]

License and Asset Purchase Agreements

12.

License and Asset Purchase Agreements

Exclusive License Agreement with 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 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 II 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, 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.

No R&D expense was recorded for the years ended December 31, 2023 and 2022, respectively, for this license.

Share-Based Payment Awards - Compensation Expense from Stock-Based Payment Awards (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Total stock-based compensation expense	$ 12,057	$ 14,177
Research and Development Expense [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Total stock-based compensation expense	4,650	6,130
Sales and Marketing [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Total stock-based compensation expense	289	1,650
General and Administrative Expense [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Total stock-based compensation expense	$ 7,118	$ 6,397

Operations

12 Months Ended

Dec. 31, 2023

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 therapeutics to help improve the lives of patients with serious retina 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, 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™, currently in Phase 2 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 non-proliferative diabetic retinopathy (NPDR), a largely untreated disease due to limitations of available therapies, and diabetic macular edema (DME). The Company is also advancing 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.

In May 2023, the Company granted an exclusive license and rights to its YUTIQ® (fluocinolone acetonide intravitreal implant 0.18 mg) product to Alimera Sciences, Inc. (Alimera) for $82.5 million, consisting of a $75.0 million upfront cash payment (Upfront Payment) and an additional $7.5 million payment in equal quarterly installments in 2024. In addition, commencing in 2025, the Company will receive a low-to-mid double-digit royalty on Alimera's related U.S. net sales above defined thresholds for the calendar years 2025-2028.

The Company plans to identify and advance additional pipeline 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 with partner molecules and potential acquisitions of additional ophthalmic products, product candidates, or technologies.

Liquidity

The Company had cash, cash equivalents and investments in marketable securities of $331.0 million at December 31, 2023. 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 $331.0 million at December 31, 2023, 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 EYP-1901, 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.

Segment and Geographic Area Information - Additional Information (Detail)	12 Months Ended
	Dec. 31, 2023
Segment Reporting [Abstract]
Number of business segments	1

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, 2023	Dec. 31, 2022
Weighted-average grant date fair value per share	$ 3.46	$ 6.79
Total cash received from exercise of stock options	$ 2,955	$ 41
Total intrinsic value of stock options exercised	$ 1,970	$ 14

Stockholders' Equity

12 Months Ended

Dec. 31, 2023

Equity [Abstract]

Stockholders' Equity

10.

Stockholders’ Equity

Equity Financings

Common Stock Offerings

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 million. Underwriter discounts and commissions and other share issue costs totaled approximately $14.6 million.

There were no equity financings during the year ended December 31, 2022.

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, 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 million. Share issue costs, including sales agent commissions, totaled approximately $0.4 million.

During the year ended December 31, 2022, the Company did not sell any shares of its common stock under the ATM Facility.

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, 2023 and 2022 was $12.33 per share. At December 31, 2023, the weighted average remaining life of the warrant was approximately 1.28 years.

- Definition

The entire disclosure for equity.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Retirement Plans

12 Months Ended

Dec. 31, 2023

Retirement Benefits [Abstract]

Retirement Plans

15.

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 $1.6 million and $1.6 million for the years ended December 31, 2023 and 2022, 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
-SubTopic 70
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
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-Paragraph 3
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480266/715-60-50-3

+ Details

Product Revenue Reserves and Allowances - Disaggregation of Revenue (Parenthetical) (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Disaggregation Of Revenue [Line Items]
Total revenues	$ 46,018	$ 41,404
YUTIQ [Member]
Disaggregation Of Revenue [Line Items]
Total revenues	14,232	28,329
YUTIQ [Member] \| Ocumension Therapeutics [Member] \| Supply Agreement [Member]
Disaggregation Of Revenue [Line Items]
Total revenues	452	343
DEXYCU [Member]
Disaggregation Of Revenue [Line Items]
Total revenues	0	11,576
DEXYCU [Member] \| Ocumension Therapeutics [Member] \| Supply Agreement [Member]
Disaggregation Of Revenue [Line Items]
Total revenues	$ 82	$ 20

- 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

- Definition

+ References

+ Details

Share-Based Payment Awards - Stock Options - Additional Information (Detail)	12 Months Ended
	Dec. 31, 2023 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]
Award vesting percentage	25.00%
Cliff vesting period	3 years
Common stock vested during the period	1,128,000

- 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

Accrued Expenses

12 Months Ended

Dec. 31, 2023

Payables and Accruals [Abstract]

Accrued Expenses

Accrued expenses consisted of the following (in thousands):


	December 31,		December 31,
	2023		2022
Personnel costs	$	12,631	$	9,515
Clinical trial costs		3,305		3,308
Professional fees		666		761
Sales chargebacks, rebates and other revenue reserves		760		1,017
Other		159		1,758
Total accrued expenses	$	17,521	$	16,359

Income Taxes - Components of Loss Before Income Taxes (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Income Tax Disclosure [Abstract]
U.S. operations	$ (70,812)	$ (102,354)
Non-U.S. operations	100	100
Net loss before income taxes	$ (70,712)	$ (102,254)

- 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/2003/role/disclosureRef
-Topic 944
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(11))
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-URI https://asc.fasb.org//1943274/2147483589/942-220-S99-1

+ Details

Loan Agreements - Additional Information (Detail) $ in Thousands			12 Months Ended
	May 17, 2023 USD ($)	Mar. 09, 2022 Installment	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)
Term Loan Agreement [Line Items]
Loss on extinguishment of debt			$ (1,347)	$ (1,559)
Payment of exit fee			1,350	2,294
Senior Secured Term Loan [Member]
Term Loan Agreement [Line Items]
Amortization of debt discount (premium)			100	$ 200
Silicon Valley Bank [Member]
Term Loan Agreement [Line Items]
Loss on extinguishment of debt			$ (1,400)
Silicon Valley Bank [Member] \| Senior Secured Term Loan [Member]
Term Loan Agreement [Line Items]
Repayment of senior secured term loan	$ 30,000
Payment of exit fee upon repayment of secured term loan	600
Payment of accrued and unpaid interest through the date of the secured term loan refinancing	$ 100
Maturity date	May 17, 2023
Prepayment fee percentage	2.00%
Payment of exit fee	$ 600
Silicon Valley Bank [Member] \| Senior Secured Revolving Credit Facility [Member]
Term Loan Agreement [Line Items]
Line of credit facility statement fee, termination fee and unused credit fee amount	$ 200
First Citizens BancShares, Inc. [Member] \| Senior Secured Term Loan [Member]
Term Loan Agreement [Line Items]
Debt instrument effective rate		5.50%
Line of credit facility commencing date		Feb. 01, 2024
Number of consecutive equal monthly installment \| Installment		36
Exit fee percentage of the aggregate principal amount		2.00%
First Citizens BancShares, Inc. [Member] \| Senior Secured Term Loan [Member] \| Prime Rate Margin [Member]
Term Loan Agreement [Line Items]
Revolving line bears interest rate		2.25%
First Citizens BancShares, Inc. [Member] \| Senior Secured Revolving Credit Facility and Senior Secured Term Loan[Member]
Term Loan Agreement [Line Items]
Maturity date		Jan. 01, 2027

Share-Based Payment Awards - Stock-Based Compensation Expense - Additional Information (Detail) $ in Millions	12 Months Ended
	Dec. 31, 2023 USD ($)
Share-Based Payment Arrangement [Abstract]
Unrecognized compensation expense	$ 11.1
Unrecognized compensation expense weighted average period	1 year 7 months 13 days

Income Taxes - Reconciliation of U.S. Federal Statutory Income Tax Rate to Effective Income Tax Rate (Detail)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Income Tax Disclosure [Abstract]
Federal statutory income tax rate	21.00%	21.00%
State income taxes, net of federal benefit	7.50%	5.80%
Non-U.S. income tax rate differential	0.00%	0.00%
Change in fair value of derivative	0.00%	0.00%
Change in federal tax rate	0.00%	0.00%
Research and development tax credits	1.30%	1.00%
Permanent items	(0.50%)	(1.50%)
Changes in valuation allowance	(30.40%)	(25.50%)
Other, net	1.00%	(0.80%)
Effective income tax rate	(0.10%)	0.00%

Leases (Tables)

12 Months Ended

Dec. 31, 2023

Leases [Abstract]

Schedule of Supplemental Balance Sheet Information Related to Operating Leases

Supplemental balance sheet information related to operating leases as of December 31, 2023 and 2022, respectively, is as follows (in thousands):


	December 31,		December 31,
	2023		2022
Other current liabilities – operating lease current portion	$	563	$	543
Operating lease liabilities – noncurrent portion		4,906		5,984
Total operating lease liabilities	$	5,469	$	6,527

Future Minimum Lease Payments Under Non-Cancellable Leases

The Company’s total future minimum lease payments under non-cancellable leases at December 31, 2023, were as follows (in thousands):


	Operating Leases
2024	$	877
2025		1,494
2026		1,589
2027		1,637
2028		693
Total lease payments	$	6,290
Less imputed interest		(821	)
Total	$	5,469

Leases - Supplemental Balance Sheet Related to Operating Leases (Detail) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022	Jun. 30, 2022
Leases [Abstract]
Other current liabilities - operating lease current portion	$ 563	$ 543
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List]	Other current liabilities	Other current liabilities
Operating lease liabilities - noncurrent	$ 4,906	$ 5,984
Total operating lease liabilities	$ 5,469	$ 6,527	$ 2,900

Fair Value Measurements

12 Months Ended

Dec. 31, 2023

Fair Value Disclosures [Abstract]

Fair Value Measurements

14.

Fair Value Measurements


	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


	December 31, 2022
	Carrying Value		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value		Cash Equivalents		Marketable Securities
Level 1:
Money market funds	$	77,191	$	—	$	—		$	77,191	$	77,191	$	—
Subtotal	$	77,191	$	—	$	—		$	77,191	$	77,191	$	—
Level 2:
Commercial paper	$	18,701	$	—	$	—		$	18,701	$	—	$	18,701
U.S. Treasury securities		35,266		—		(55	)		35,211		4,984		30,227
Subtotal	$	53,967	$	—	$	(55	)	$	53,912	$	4,984	$	48,928
Total	$	131,158	$	—	$	(55	)	$	131,103	$	82,175	$	48,928

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.

At December 31, 2022, a total of $77.2 million, or 93.9% of the Company’s interest-bearing cash equivalent balances were concentrated in one institutional money market fund that has investments consisting primarily of certificates of deposit, commercial paper, time deposits, Treasury repurchase agreements and U.S. Treasury securities. A total of $5.0 million, or 6.1%, of the Company’s interest-bearing cash equivalent balances consisted of investment-grade U.S. Treasury securities at December 31, 2022. Generally, these deposits may be redeemed upon demand and, therefore, the Company believes they have minimal risk.

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 and have been classified as Level 2 to determine the valuation for a security.

The carrying amounts of accounts receivable, accounts payable, and accrued expenses approximate fair value because of their short-term maturity.

- 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.

+ References + Details

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Dec. 31, 2023	Dec. 31, 2022
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	49,043,074	34,082,934
Common stock, shares outstanding	49,043,074	34,082,934

Document and Entity Information - USD ($) $ in Millions	12 Months Ended
Document and Entity Information - USD ($) $ in Millions	Dec. 31, 2023	Mar. 01, 2024	Jun. 30, 2023
Cover [Abstract]
Document Type	10-K
Amendment Flag	false
Document Period End Date	Dec. 31, 2023
Document Fiscal Year Focus	2023
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		49,830,792
Entity Public Float			$ 232.9
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	Yes
Entity Voluntary Filers	No
ICFR Auditor Attestation Flag	false
Auditor Firm ID	34
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 2024 annual meeting of stockholders to be filed no later than 120 days after the end of the registrant’s fiscal year ended December 31, 2023.

Restructuring Charges (Tables)

12 Months Ended

Dec. 31, 2023

Restructuring and Related Activities [Abstract]

Schedule of Restructuring Activities Related to Plan

The following table summarizes the restructuring activities related to the Plan for the year ended December 31, 2023 (in thousands):


	Employee Severance and Benefits
Beginning balance at January 1, 2023	$	—
Restructuring charges		1,405
Cash payments		(1,345	)
Ending balance at December 31, 2023	$	60

Prepaid Expenses and Other Current Assets

12 Months Ended

Dec. 31, 2023

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,		December 31,
	2023		2022
Prepaid expenses	$	1,695	$	2,723
Prepaid clinical trials		6,335		6,353
Other		1,009		782
Total prepaid expenses and other current assets	$	9,039	$	9,858

Accrued Expenses - Schedule of Accrued Expenses (Detail) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Payables and Accruals [Abstract]
Personnel costs	$ 12,631	$ 9,515
Clinical trial costs	3,305	3,308
Professional fees	666	761
Sales chargebacks, rebates and other revenue reserves	760	1,017
Other	159	1,758
Total accrued expenses	$ 17,521	$ 16,359

Related Party Transactions

12 Months Ended

Dec. 31, 2023

Related Party Transactions

19.

Related Party Transactions

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 (the Board). 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 former Chief Executive Officer and current Executive 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 $1.9 million and $1.7 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, 2023 and 2022, respectively. Additionally, the Company recorded accounts payable of $0.3 million and $0.2 million, and prepaid expenses of $0.5 million and $0.8 million in the accompanying consolidated balance sheets related to services provided by Altasciences, as of December 31, 2023 and 2022, 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
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-Name Accounting Standards Codification
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org//1943274/2147483326/850-10-50-1

+ Details

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, 2023	Dec. 31, 2022
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenues	$ 46,018	$ 41,404
Long-Lived Assets, Net	5,251	1,360
Country US [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenues	45,270	40,481
Long-Lived Assets, Net	5,251	1,360
China [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenues	648	823
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

+ References

+ Details

CONSOLIDATED STATEMENTS OF CASH FLOWS $ in Thousands	12 Months Ended
CONSOLIDATED STATEMENTS OF CASH FLOWS $ in Thousands	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)
Cash flows from operating activities:
Net loss	$ (70,795)	$ (102,254)
Adjustments to reconcile net loss to cash flows used in operating activities:
Amortization of intangible assets	0	2,050
Impairment of intangible assets	0	20,699
Depreciation of property and equipment	464	396
Amortization of debt discount and premium and discount on available-for-sale marketable securities	(856)	(558)
Loss on extinguishment of debt	1,347	1,559
Provision for excess and obsolete inventory	693	1,949
Stock-based compensation	12,057	14,177
Deferred income tax	83
Changes in operating assets and liabilities:
Accounts receivable and other current assets	14,432	(2,662)
Inventory	(1,553)	(760)
Accounts payable and accrued expenses	1,519	1,198
Right-of-use assets and operating lease liabilities	(39)	69
Deferred revenue	44,523	(868)
Net cash provided by (used in) operating activities	1,875	(65,005)
Cash flows from investing activities:
Purchases of marketable securities	(55,116)	(139,115)
Sales and maturities of marketable securities	55,284	124,000
Purchases of property and equipment	(3,483)	(2,150)
Net cash used in investing activities	(3,315)	(17,265)
Cash flows from financing activities:
Proceeds from issuance of stock	226,174	0
Proceeds from issuance of long-term debt	0	30,000
Payment of equity and debt issue costs	(451)	(599)
Payment of long-term debt	(30,000)	(38,235)
Payment of extinguishment of debt costs	(1,350)	(2,294)
Borrowings under revolving facility	5,300	43,875
Repayment under revolving facility	(15,775)	(33,400)
Net settlement of stock units to satisfy statutory tax withholding	(169)	(295)
Proceeds from exercise of stock options and employee stock purchase plan	3,377	395
Principal payments on finance lease obligations	(36)	(137)
Net cash provided by (used in) financing activities	187,070	(690)
Net increase (decrease) in cash, cash equivalents and restricted cash	185,630	(82,960)
Cash, cash equivalents and restricted cash at beginning of year	95,783	178,743
Cash, cash equivalents and restricted cash at end of year	281,413	95,783
Reconciliation of cash, cash equivalents and restricted cash
Cash and cash equivalents	281,263	95,633
Restricted cash	150	150
Total cash, cash equivalents and restricted cash	281,413	95,783
Supplemental cash flow information:
Cash interest paid	1,405	2,600
Supplemental disclosure of non-cash investing and financing activities:
Accrued term loan exit fee	0	600
Stock issuance costs	$ 325	$ 0

Product Revenue Reserves and Allowances

12 Months Ended

Dec. 31, 2023

Revenue from Contract with Customer [Abstract]

Product Revenue Reserves and Allowances

From January 1, 2023 through May 17, 2023 (the date the Company entered into the product rights agreement (PRA) with Alimera), the Company’s product revenues were primarily from sales of YUTIQ® in the U.S. Since the execution of the PRA, the

Company’s product revenues are primarily from the Company’s commercial supply agreement with Alimera of YUTIQ® in the U.S., pursuant to which, during the term of the PRA, the Company agreed to manufacture and exclusively supply to Alimera agreed-upon quantities of YUTIQ® necessary for Alimera to commercialize YUTIQ® in the United States at certain cost plus amounts. For the year ended December 31, 2022, the Company’s product revenues were primarily from sales of YUTIQ® and DEXYCU® in the U.S.

Net product revenues by product for the years ended December 31, 2023 and 2022 were as follows (in thousands):


	Year Ended		Year Ended
	December 31,		December 31,
	2023		2022
YUTIQ (A)	$	14,232	$	28,329
DEXYCU (B)		—		11,576
Total product sales, net	$	14,232	$	39,905

(A)

Includes approximately $452 and $343 of revenue from YUTIQ® product sales to Ocumension Therapeutics under a supply agreement for the years ended December 31, 2023 and 2022, respectively.

(B)

Includes approximately $82 and $20 of revenue from DEXYCU® product sales to Ocumension Therapeutics under a supply agreement for the years ended December 31, 2023 and 2022, respectively.

The following table summarizes activity in each of the product revenue allowance and reserve categories for the years ended December 31, 2023 and 2022 (in thousands):


	Chargebacks, Discounts and Fees			Government and Other 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

As of December 31, 2023, returns, chargebacks, discounts and fees, and rebates are recorded as a component of accrued expenses on the consolidated balance sheets (see Note 7)


	Chargebacks, Discounts and Fees			Government and Other Rebates			Returns			Total
Beginning balance at January 1, 2022	$	1,153		$	1,821		$	379		$	3,353
Provision related to sales in the current year		10,970			5,520			816			17,306
Adjustments related to prior period sales		—			—			—			—
Deductions applied and payments made		(11,264	)		(7,183	)		(324	)		(18,771	)
Ending balance at December 31, 2022	$	859		$	158		$	871		$	1,888

As of December 31, 2022, returns are recorded as a reduction of accounts receivable on the consolidated balance sheets. 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

Alimera Product Rights Agreement and Commercial Supply Agreement

On May 17, 2023 (the Closing Date), the Company entered into a PRA with Alimera Sciences, Inc. (Alimera). Under the PRA, the Company granted to Alimera 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). The License also excludes any rights to YUTIQ® for the treatment of chronic non-infectious uveitis affecting the posterior segment of the eye the Company granted to Ocumension Therapeutics (Ocumension) under the license agreements and a Memorandum of Understanding for YUTIQ® (the Ocumension Agreement), pursuant to which rights have been exclusively licensed to Ocumension in China and certain other countries and regions in Asia.

Additionally, pursuant to the PRA, the Company transferred and assigned to Alimera 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). The Transferred Assets consist primarily of agreements and internally developed intangible assets which had zero carrying value at the date of transfer. Pursuant to the PRA, Alimera paid the Company a $75.0 million upfront payment. Alimera will also make four quarterly payments of $1.875 million to the Company totaling $7.5 million during 2024. Alimera will also pay royalties to the Company from 2025 to 2028 at a percentage of low-to-mid double digits of Alimera’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 Alimera’s payment of the Upfront Payment and the 2024 quarterly payments, the licenses and rights granted to Alimera will automatically become perpetual and irrevocable. Payments received from Alimera are non-refundable.

On the Closing Date, the Company and Alimera 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 Alimera agreed-upon quantities of YUTIQ® necessary for Alimera to commercialize YUTIQ® in the United States at certain cost plus amounts, subject to adjustments set forth in the CSA (the Supply Transaction and together with the License and the Asset Transfer, the Transaction). The initial term of the CSA is two years following the Closing Date, subject to certain changes set forth in the CSA. The CSA shall thereafter automatically renew for successive one (1) year terms; provided, that the term of the CSA automatically terminates upon the successful completion of the transfer of manufacturing for YUTIQ® to Alimera or its designee in accordance with the CSA.

In addition, the Company entered into a transition services agreement (TSA) under which the Company agreed to provide agreed upon transition services to Alimera on a cost-plus pricing arrangement for up to six months following the closing of the Transaction. As part of the TSA, the Company agreed to fulfill Alimera sales orders for YUTIQ® in the United States, to the extent requested by Alimera, during the period up to six months following the Closing Date, to the Company’s third-party customers on behalf of Alimera, including by invoicing for YUTIQ® and receiving payments for such invoiced YUTIQ® for fulfilling Alimera sales orders of YUTIQ® and remit such payments to Alimera (see Note 7) (the Sales Services). The Sales Services were completed during fiscal 2023.

The Company classified the cash proceeds of the $75.0 million Upfront Payment received from Alimera 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 Alimera 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.

During the year ended December 31, 2023, the Company recognized $2.1 million of revenue from sales of product supply to Alimera under the CSA and recorded this amount in product sales, net on the consolidated statements of comprehensive loss. The Company recognized $29.5 million of license and collaboration revenue related to the PRA for the years ended December 31, 2023. Under the TSA, the Company also recognized approximately $1.0 million of license and collaboration revenue related to additional transitional services for the year ended December 31, 2023. As of December 31, 2023, the Company had $37.2 million and $8.3 million as current and non-current deferred revenue recognized under the PRA, respectively.

SWK Royalty Purchase Agreement

Pursuant to a royalty purchase agreement (RPA) with SWK Funding LLC (SWK), the Company sold its right to receive royalty payments on future sales of products subject to a licensing and development agreement, as amended, with Alimera (the Amended Alimera 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 Alimera to SWK. The Company recognized $1.0 million and $0.9 million of royalty revenue related to the RPA for the years ended December 31, 2023 and 2022, 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. As of December 31, 2022, the Company classified $1.2 million and $13.6 million as current and non-current deferred revenue recognized under the RPA, respectively.

Ocumension Therapeutics

Pursuant to the Ocumension Agreement 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, at its own cost and expense in return for royalties based on sales with the Company supplying product for clinical trials and commercial sale.

During the years ended December 31, 2023 and 2022, the Company recognized $0.5 million and $0.4 million, respectively, 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 and $0.2 million, of license and collaboration revenue, respectively, related to additional technical assistance during the years ended December 31, 2023 and 2022. The Company also recorded royalty income of $0 and $0.3 million during the years ended December 31, 2023 and 2022, respectively.

The Chief Executive Officer of Ocumension is a member of the Company's board of directors.

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 13). 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, EYP-1901, 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, 2023 and 2022, related to this agreement.

Segment and Geographic Area Information

12 Months Ended

Dec. 31, 2023

Segment Reporting [Abstract]

Segment and Geographic Area Information

18.

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 in making decisions regarding resource allocation and assessing performance. The chief operating decision maker made such decisions and assessed performance at the Company level, as one segment.

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,
	2023		2022		2023		2022
U.S.	$	45,270	$	40,481	$	5,251	$	1,360
China		648		823		—		—
UK		100		100		—		—
Consolidated	$	46,018	$	41,404	$	5,251	$	1,360

- 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.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-22

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-15

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 31
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-31

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 42
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-42

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 40
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-40

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//280/tableOfContent

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 26
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-26

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 34
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-34

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 41
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-41

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-21

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-21

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

+ Details

License and Asset Purchase Agreements - Additional Information (Detail) - USD ($)	1 Months Ended	12 Months Ended
	Feb. 29, 2020	Dec. 31, 2023	Dec. 31, 2022
Collaborative Agreements And Contracts [Line Items]
Research and development		$ 64,662,000	$ 49,642,000
Equinox Science, LLC [Member]
Collaborative Agreements And Contracts [Line Items]
Non-refundable and non-creditable upfront cash payment	$ 1,000,000
Research and development		$ 0	$ 0
Equinox Science, LLC [Member] \| Maximum [Member]
Collaborative Agreements And Contracts [Line Items]
Payment upon achievement of development and regulatory milestones	$ 50,000,000

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, 2023	Dec. 31, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock volatility, minimum	78.00%	76.00%
Stock volatility, maximum	97.00%	78.00%
Risk-free interest rate, minimum	3.44%	1.46%
Risk-free interest rate, maximum	4.68%	4.15%
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 3 months 7 days	5 years 6 months
Maximum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Option life (in years)	6 years 29 days	6 years 1 month 2 days

Product Revenue Reserves and Allowances - Product Revenue Allowance and Reserves (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Disclosure Of Product Revenue Reserves And Allowances [Line Items]
Beginning balance	$ 1,888	$ 3,353
Provision related to sales in the current year	1,637	17,306
Adjustments related to prior period sales	(44)
Deductions applied and payments made	(2,721)	(18,771)
Ending balance	760	1,888
Chargebacks, Discounts and Fees [Member]
Disclosure Of Product Revenue Reserves And Allowances [Line Items]
Beginning balance	859	1,153
Provision related to sales in the current year	1,612	10,970
Adjustments related to prior period sales	65
Deductions applied and payments made	(2,453)	(11,264)
Ending balance	83	859
Government and Other Rebates [Member]
Disclosure Of Product Revenue Reserves And Allowances [Line Items]
Beginning balance	158	1,821
Provision related to sales in the current year		5,520
Adjustments related to prior period sales	(55)
Deductions applied and payments made	(103)	(7,183)
Ending balance		158
Returns [Member]
Disclosure Of Product Revenue Reserves And Allowances [Line Items]
Beginning balance	871	379
Provision related to sales in the current year	25	816
Adjustments related to prior period sales	(54)
Deductions applied and payments made	(165)	(324)
Ending balance	$ 677	$ 871

Significant Accounting Policies (Policies)

12 Months Ended

Dec. 31, 2023

Accounting Policies [Abstract]

Basis of Presentation

Use of Estimates

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.

Cash Equivalents

Marketable Securities

Concentrations of Credit Risk

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.

Fair Value Measurements

•

Level 1 – Inputs are quoted prices (unadjusted) in active markets that are accessible at the measurement date for identical assets and liabilities.

•

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

Inventory

Inventory is stated at the lower of cost or net realizable value, net on a first-in, first-out (FIFO) basis.

million and $1.4 million for the years ended December 31, 2023 and 2022, 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

Capitalized Software Development Cost

Leases

Impairment of Intangible Assets

Revenue Recognition

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.

Deferred Revenue

Research and Development

Stock-Based Compensation

Net Loss per Share

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



	December 31,
	2023		2022
Stock options		6,304,767		4,082,555
ESPP		21,000		30,174
Warrants		48,683		48,683
Restricted stock units		1,333,192		509,170
Total		7,707,642		4,670,582

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

Recently Adopted and Recently Issued Accounting Pronouncements

Recently Issued Accounting Pronouncements

Share-Based Payment Awards

12 Months Ended

Dec. 31, 2023

Share-Based Payment Arrangement [Abstract]

Share-Based Payment Awards

11.

Share-Based Payment Awards

Equity Incentive Plans

Prior to June 20, 2023, the Company had authorized the issuance of 5,900,000 shares of the Company's common stock under the 2016 Long-Term Incentive Plan (the 2016 Plan), of which 184,904 shares remained available for future grants.

At the Company’s Annual Meeting of Stockholders held on June 20, 2023, the Company’s stockholders approved the adoption of the 2023 Long Term Incentive Plan (the 2023 Plan) and authorized up to 3,500,000 shares of common stock reserved for issuance to participating employees plus the 184,904 shares that remained available for grant under the 2016 Plan upon adoption of the 2023 Plan plus any shares that would have otherwise have become available for grant under the Company's 2008 Plan or the 2016 Plan as a result of termination or forfeiture of awards under such plan. The 2023 Plan replaced the 2008 Plan and the 2016 Plan. At December 31, 2023, a total of approximately 2,274,000 shares were available for new awards under the 2023 Plan.

Starting March 2022, the Company also 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 the 2023 Plan or the 2016 Plan, the grants are subject to and governed by the terms and conditions of the 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 plans and for inducement awards for the year ended December 31, 2023:


	Number of Options			Weighted Average Exercise Price		Weighted Average Remaining Contractual Life		Aggregate Intrinsic Value
						(in years)		(in thousands)
Outstanding at January 1, 2023		4,082,555		$	13.79
Granted		2,923,861			4.76
Exercised		(260,321	)		11.33
Forfeited		(385,075	)		7.38
Expired		(56,253	)		26.71
Outstanding at December 31, 2023		6,304,767		$	9.98		7.89	$	85,536
Exercisable at December 31, 2023		2,325,480		$	15.61		6.31	$	20,178

The Company has granted stock options with 25% of the option vesting after one year 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 1,128,000 shares of the Company’s common stock vested during the year ended December 31, 2023.


	Year Ended	Year Ended
	December 31,	December 31,
	2023	2022
Option life (in years)	5.27 - 6.08	5.50 - 6.09
Stock volatility	78% - 97%	76% - 78%
Risk-free interest rate	3.44% - 4.68%	1.46% - 4.15%
Expected dividends	0.0%	0.0%


	Year Ended		Year Ended
	December 31,		December 31,
	2023		2022
Weighted average grant date fair value per share	$	3.46	$	6.79
Total cash received from exercise of stock options		2,955		41
Total intrinsic value of stock options exercised		1,970		14

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, 2023:


	Number of Restricted Stock Units			Weighted Average Grant Date Fair Value
Nonvested at January 1, 2023		509,170		$	10.81
Granted		1,071,354			3.92
Vested		(201,414	)		11.04
Exercised		—			—
Forfeited		(45,918	)		8.60
Nonvested at December 31, 2023		1,333,192		$	5.31

At December 31, 2023, the weighted average remaining vesting term of the RSUs was 1.46 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, 2023, 107,056 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, 2023 and 2022, the compensation expense from ESPP shares was $0.2 million and $0.2 million, respectively.

Stock-Based Compensation Expense


	Year Ended		Year Ended
	December 31,		December 31,
	2023		2022
Research and development	$	4,650	$	6,130
Sales and marketing		289		1,650
General and administrative		7,118		6,397
Total stock-based compensation expense	$	12,057	$	14,177

At December 31, 2023, there was approximately $11.1 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 1.62 years.

Product Revenue Reserves and Allowances - Additional Information (Detail) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended				12 Months Ended
	May 31, 2023	Dec. 31, 2024	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Disclosure of Product Revenue Reserves and Allowances [Line Items]
Revenue								$ 46,018	$ 41,404
Upfront cash payment	$ 75,000
Alimera Sciences, 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
Forecast [Member]
Disclosure of Product Revenue Reserves and Allowances [Line Items]
Upfront cash payment							$ 7,500
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								989	1,137
Royalty Income [Member] \| Ocumension Therapeutics [Member]
Disclosure of Product Revenue Reserves and Allowances [Line Items]
Revenue								0	300
RPA [Member] \| SWK [Member]
Disclosure of Product Revenue Reserves and Allowances [Line Items]
Revenue								1,000	900
Upfront cash payment								16,500
Deferred revenue, current								1,400	1,200
Deferred revenue, non-current								12,400	13,600
YUTIQ [Member]
Disclosure of Product Revenue Reserves and Allowances [Line Items]
Revenue								14,232	28,329
DEXYCU [Member]
Disclosure of Product Revenue Reserves and Allowances [Line Items]
Revenue								$ 0	11,576
Commercial Supply Agreement [Member] \| Alimera Sciences, 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								$ 30,797	362
License and Collaboration Agreement [Member] \| Ocumension Therapeutics [Member]
Disclosure of Product Revenue Reserves and Allowances [Line Items]
Revenue								100	200
Product Rights Agreement [Member] \| Alimera Sciences, Inc. [Member]
Disclosure of Product Revenue Reserves and Allowances [Line Items]
Intangible assets, net								0
Upfront cash payment								75,000
Deferred revenue, current								37,200
Deferred revenue, non-current								$ 8,300
Product Rights Agreement [Member] \| Alimera Sciences, Inc. [Member] \| Maximum [Member]
Disclosure of Product Revenue Reserves and Allowances [Line Items]
Royalties payment period								2028
Product Rights Agreement [Member] \| Alimera Sciences, 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								$ 500
Product Rights Agreement [Member] \| Forecast [Member] \| Alimera Sciences, Inc. [Member]
Disclosure of Product Revenue Reserves and Allowances [Line Items]
Guaranteed payments		$ 1,875	$ 1,875	$ 1,875	$ 1,875		$ 7,500
Product Rights Agreement [Member] \| Forecast [Member] \| Alimera Sciences, 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								14,232	39,905
Product [Member] \| Product Rights Agreement and the Supply Agreement [Member]
Disclosure of Product Revenue Reserves and Allowances [Line Items]
Revenue								2,100
Product [Member] \| Ocumension Therapeutics [Member]
Disclosure of Product Revenue Reserves and Allowances [Line Items]
Revenue								500	$ 400
Transition Services Agreement [Member] \| Alimera Sciences, Inc. [Member]
Disclosure of Product Revenue Reserves and Allowances [Line Items]
Revenue								$ 1,000

Inventory - Schedule of Inventory (Detail) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Inventory Disclosure [Abstract]
Raw materials	$ 1,303	$ 1,410
Work in process	882	1,078
Finished goods	1,721	398
Total inventory	$ 3,906	$ 2,886

Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2023

Accounting Policies [Abstract]

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

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



	December 31,
	2023		2022
Stock options		6,304,767		4,082,555
ESPP		21,000		30,174
Warrants		48,683		48,683
Restricted stock units		1,333,192		509,170
Total		7,707,642		4,670,582

Segment and Geographic Area Information (Tables)

12 Months Ended

Dec. 31, 2023

Segment Reporting [Abstract]

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,
	2023		2022		2023		2022
U.S.	$	45,270	$	40,481	$	5,251	$	1,360
China		648		823		—		—
UK		100		100		—		—
Consolidated	$	46,018	$	41,404	$	5,251	$	1,360

Product Revenue Reserves and Allowances (Tables)

12 Months Ended

Dec. 31, 2023

Revenue from Contract with Customer [Abstract]

Disaggregation of Revenue

Net product revenues by product for the years ended December 31, 2023 and 2022 were as follows (in thousands):


	Year Ended		Year Ended
	December 31,		December 31,
	2023		2022
YUTIQ (A)	$	14,232	$	28,329
DEXYCU (B)		—		11,576
Total product sales, net	$	14,232	$	39,905

(A)

Includes approximately $452 and $343 of revenue from YUTIQ® product sales to Ocumension Therapeutics under a supply agreement for the years ended December 31, 2023 and 2022, respectively.

(B)

Includes approximately $82 and $20 of revenue from DEXYCU® product sales to Ocumension Therapeutics under a supply agreement for the years ended December 31, 2023 and 2022, respectively.

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, 2023 and 2022 (in thousands):


	Chargebacks, Discounts and Fees			Government and Other 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

As of December 31, 2023, returns, chargebacks, discounts and fees, and rebates are recorded as a component of accrued expenses on the consolidated balance sheets (see Note 7)


	Chargebacks, Discounts and Fees			Government and Other Rebates			Returns			Total
Beginning balance at January 1, 2022	$	1,153		$	1,821		$	379		$	3,353
Provision related to sales in the current year		10,970			5,520			816			17,306
Adjustments related to prior period sales		—			—			—			—
Deductions applied and payments made		(11,264	)		(7,183	)		(324	)		(18,771	)
Ending balance at December 31, 2022	$	859		$	158		$	871		$	1,888

Prepaid Expenses and Other Current Assets - Schedule of Prepaid Expenses and Other Current Assets (Detail) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Prepaid Expense and Other Assets, Current [Abstract]
Prepaid expenses	$ 1,695	$ 2,723
Prepaid clinical trials	6,335	6,353
Other	1,009	782
Total prepaid expenses and other current assets	$ 9,039	$ 9,858

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2023

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,
	2023			2022
U.S. operations	$	(70,812	)	$	(102,354	)
Non-U.S. operations		100			100
Loss before income taxes	$	(70,712	)	$	(102,254	)

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,
	2023				2022
Federal statutory income tax rate		21.0		%		21.0		%
State income taxes, net of federal benefit		7.5				5.8
Non-U.S. income tax rate differential		—				—
Change in fair value of derivative		—				—
Change in federal tax rate		—				—
Research and development tax credits		1.3				1.0
Permanent items		(0.5	)			(1.5	)
Changes in valuation allowance		(30.4	)			(25.5	)
Other, net		1.0				(0.8	)
Effective income tax rate		(0.1	)	%		—		%

Significant Components of Deferred Income Taxes

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


	December 31,		December 31,
	2023		2022
Deferred tax assets:
Net operating loss carryforwards	$	82,599	$	88,584
Capitalized R&D		23,652		12,226
Deferred revenue		16,196		4,033
Lease liability		1,635		1,793
Stock-based compensation		11,720		9,461
Tax credits		8,473		6,916
Other		3,515		3,433
Total deferred tax assets		147,790		126,446
Deferred tax liabilities:
Right-of-use assets		1,361		1,650
Total deferred tax liabilities		1,361		1,650
Deferred tax assets, net		146,429		124,796
Valuation allowance		146,429		124,796
Total deferred tax liability	$	—	$	—

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, 2023
Class Of Stock [Line Items]
Vesting term	1 year 5 months 15 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

Retirement Plans - Additional Information (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Retirement Benefits [Abstract]
Maximum percentage of eligible compensation matched by employer	6.00%
Employer contributions to retirement plans	$ 1.6	$ 1.6