EyePoint, Inc. (NASDAQ: EYPT)

Sector: Healthcare Industry: Biotechnology CIK: 0001314102
Market Cap 912.17 Mn
P/B 4.56
P/E -4.43
P/S 21.54
ROIC (Qtr) -89.24
Div Yield % 0.00
Rev 1y % (Qtr) -90.82
Total Debt (Qtr) 21.30 Mn
Debt/Equity (Qtr) 0.11

About

EyePoint Pharmaceuticals, Inc., a clinical-stage biopharmaceutical company, operates in the industry of developing and commercializing therapeutics for retinal diseases. The company's main business activities involve developing and commercializing therapeutics for retinal diseases, with a focus on sustained delivery technologies. EyePoint's primary products are EYP-1901, a sustained delivery treatment for anti-vascular endothelial growth factor (anti-VEGF) mediated retinal diseases, and YUTIQ, a once every three-year treatment for chronic non-infectious...

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Price action

Investment thesis

Bull case

  • Strong tangible asset base of 251.69M provides 11.82x coverage of total debt 21.30M, indicating robust asset backing and low credit risk.
  • Short-term investments of 129.44M provide solid 6.47x coverage of other current liabilities 20.02M, indicating strong liquidity.
  • Tangible assets of 251.69M provide robust 12.57x coverage of other current liabilities 20.02M, indicating strong asset backing.
  • Cash reserves of 74.73M provide solid 633.28x coverage of other non-current liabilities 118000, indicating strong liquidity.
  • Cash reserves of 74.73M provide robust 2.48x coverage of current liabilities 30.09M, indicating strong short-term solvency.

Bear case

  • Operating cash flow of (210.91M) barely covers its investment activities of 47.28M, with a coverage ratio of -4.46, indicating heavy reliance on external financing for growth which may not be sustainable in a tighter credit environment.
  • Investment activities of 47.28M provide weak support for R&D spending of 205.20M, which is 0.23x, suggesting potentially insufficient investment in innovation relative to other capital deployment.
  • The company's operating cash flow of (210.91M) shows concerning coverage of stock compensation expenses of 29.02M, with a -7.27 ratio indicating potential earnings quality issues.
  • Operating cash flow of (210.91M) provides minimal -1152.52x coverage of tax expenses of 183000, suggesting potential tax planning inefficiencies or unsustainable tax positions.
  • Free cash flow of (213.59M) provides weak coverage of capital expenditures of 2.68M, with a -79.76 ratio suggesting additional external financing needs for growth initiatives.

Product and Service Breakdown of Revenue (2024)

Geographical Breakdown of Revenue (2024)

Peer comparison

Companies in the Biotechnology
S.No. Ticker Company Market Cap P/E P/S Total Debt (Qtr)
1 SMMT Summit Therapeutics Inc. 1,151.25 Bn -1,249.17 0.00 0.01 Bn
2 ONC BeOne Medicines Ltd. 485.22 Bn 7,078.40 97.58 1.90 Bn
3 VRTX Vertex Pharmaceuticals Inc / Ma 122.74 Bn 33.40 10.47 1.83 Bn
4 REGN Regeneron Pharmaceuticals, Inc. 82.16 Bn 18.24 5.73 2.71 Bn
5 ARGX Argenx Se 48.85 Bn 32.43 25,472.44 -
6 ALNY Alnylam Pharmaceuticals, Inc. 46.12 Bn 1,058.58 14.37 3.21 Bn
7 BNTC Benitec Biopharma Inc. 42.24 Bn -1,010.00 0.00 0.00 Bn
8 INSM INSMED Inc 28.75 Bn -24.29 64.32 0.74 Bn

Industry comparisons

Current Valuation Value Ind Avg Percentile
EV to Assets EV to Assets 3.64 11.12
EV to Cash from Ops. EV/CFO -4.34 26.73
EV to Debt EV to Debt 42.98 686.78
EV to EBIT EV/EBIT -4.45 -10.71
EV to EBITDA EV/EBITDA -4.23 8.30
EV to Free Cash Flow [EV/FCF] EV/FCF -4.29 25.45
EV to Market Cap EV to Market Cap 0.95 166.02
EV to Revenue EV/Rev 21.62 153.59
Price to Book Value [P/B] P/B 4.82 20.63
Price to Earnings [P/E] P/E -4.69 -0.19
Dividend Metrics Value Ind Avg Percentile
Dividend Coverage Ratio Dividend Coverage Ratio 0.00 -12.47
Dividend Payout Ratio % Div Payout % (Qtr) 0.00 0.17
Dividend per Basic Share Div per Share (Qtr) 0.00 0.01
FCF Dividend Payout Ratio % FCF Div Payout % (Qtr) 0.00 -0.14
Interest Coverage Int. cover (Qtr) -14,682.50 860.86
Growth Metrics Value Ind Avg Percentile
Capex Growth (1y) % Capex 1y % (Qtr) 41.16 -26.99
Cash and Equivalents Growth (1y) % Cash & Equiv 1y % (Qtr) -6.57 756.81
Dividend Growth (1y) % Dividend Growth (1y) % 0.00 0.01
EBIAT Growth (1y) % EBIAT 1y % (Qtr) -98.65 -52.99
EBITDA Growth (1y) % EBITDA 1y % (Qtr) -86.77 -4.39
EBIT Growth (1y) % EBIT 1y % (Qtr) -98.63 -62.52
EBT Growth (1y) % EBT 1y % (Qtr) -98.64 -19.16
EPS Growth (1y) % EPS 1y % (Qtr) -50.75 -4.04
FCF Growth (1y) % FCF 1y % (Qtr) -80.95 -33.35
Gross Profit Growth (1y) % Gross Profit 1y % (Qtr) -4.75 264.38
Liquidity Ratios Value Ind Avg Percentile
Asset Utilization Ratio Asset Util Ratio (Qtr) 0.17 0.14
Cash Payout Ratio Cash Payout (Qtr) 0.00 0.00
Cash Ratio Cash Ratio (Qtr) 2.48 3.83
Current Ratio Curr Ratio (Qtr) 7.18 7.27
Debt to Equity Ratio Debt/Equity (Qtr) 0.11 0.43
Interest Cover Ratio Int Coverage (Qtr) -14,682.50 860.86
Times Interest Earned Times Interest Earned (Qtr) -14,682.50 860.86
Profitability Value Ind Avg Percentile
EBITDA Margin % EBITDA Margin % (Qtr) -480.60 -17,746.13
EBIT Margin % EBIT Margin % (Qtr) -485.49 -18,101.92
EBT Margin % EBT Margin % (Qtr) -485.52 -18,961.86
Gross Margin % Gross Margin % (Qtr) 94.10 -9.24
Net Profit Margin % Net Margin % (Qtr) -486.00 -18,911.61