Liquidity is under pressure as free cash flow reached a quarterly outflow of $66.0M in 2025Q4, significantly reducing the cash buffer from its 2023Q4 peak of $281.3M.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Jun'18 | Jun'17 | Jun'16 | Jun'15 | Jun'14 | Jun'13 | Jun'12 | Jun'11 | Jun'10 | Jun'09 | Jun'08 | Jun'07 | Jun'06 | Jun'05 | Jun'04 | Jun'03 |
|---|
| Cash from Operations | -186.99M | -240.11M | -126.23M | 1.88M | -65M | -50.1M | -14.44M | -56.7M | -21.91M | -20.49M | -16.32M | 10.3M | -10.67M | -8.74M | -9M | -3.17M | 9.9M | -8.44M | -5.14M | -21.21M | -16.14M | -9.34M | -5.44M | -3.06M |
| Operating CF Margin % | - | -765.39% | -291.7% | 4.07% | -157% | -135.62% | -41.92% | -278.41% | -739.85% | -271.79% | -1007.16% | 38.76% | -307.26% | -408.07% | -255.28% | -63.85% | 42.94% | -69.36% | -147.96% | -949.22% | -1101.3% | -1484.31% | -2049.22% | -4115.56% |
| Operating CF Growth % | -243.71% | -90.22% | -6832.05% | 102.88% | -29.76% | -247.05% | 74.54% | -158.82% | -6.92% | -25.58% | -258.45% | 196.5% | -22.02% | 2.84% | -183.94% | -132.02% | 217.34% | -64.03% | 75.76% | -31.45% | -72.72% | -71.92% | -77.62% | - |
| Net Income | -271.6M | -231.96M | -130.87M | -70.8M | -102.25M | -58.42M | -45.39M | -56.79M | -53.17M | -18.48M | -21.55M | 6.35M | -13.36M | -11.9M | -24.84M | -8.63M | 8.75M | -2.51M | -75.67M | -103.67M | -20.91M | -11.49M | -5.22M | -3.6M |
| Depreciation & Amortization | 1.81M | 2.31M | 1.54M | 464K | 2.45M | 2.77M | 2.65M | 2.6M | 1.15M | 815K | 908K | 882K | 917K | 994K | 2.23M | 3.35M | 3.33M | 3.44M | 397K | 8.72M | 8.7M | 1.24M | 240.94K | 212.09K |
| Stock-Based Compensation | 20.05M | 27.87M | 36.74M | 12.06M | 14.18M | 7.45M | 5.55M | 4.57M | 3.97M | 2.7M | 2.46M | 2.16M | 1.96M | 1.41M | 1.32M | 1.41M | 2.05M | 1.5M | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Taxes | 369K | 279K | 90K | 83K | 0 | -787K | 905K | 3.81M | 26.28M | 0 | 0 | 0 | -78K | 0 | -13K | -209K | 1K | -94K | -535K | -23.53M | -7.07M | 0 | 0 | 0 |
| Other Non-Cash Items | 81.65M | -4.83M | -5.95M | 1.18M | 23.65M | 628K | 1.72M | 1.65M | 209K | -5.59M | 87K | 98K | 45K | 152K | 14.92M | -951K | 339K | 311K | 57.22M | 92.29M | 1.45M | 1.24M | -1.02M | 67.18K |
| Working Capital Changes | -19.27M | -33.78M | -27.77M | 58.88M | -3.02M | -1.74M | 20.14M | -12.54M | 925K | 318K | 2.07M | 1.01M | 389K | 692K | -2.71M | 1.21M | -4.01M | -10.45M | 13.46M | 147K | 2.19M | -339.07K | 564.36K | 259.15K |
| Change in Receivables | -14.1M | -10.67M | -244K | 14.43M | -2.66M | -10.6M | 4.85M | -15.3M | 7K | 219K | 116K | -124K | 103K | 364K | -128K | 285K | -290K | -290K | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Inventory | 316K | 492K | 1.6M | -1.55M | -760K | 1.35M | -3.2M | -1.86M | -759K | 551K | 1.22M | 917K | 729K | 16K | -756K | 110K | -308K | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Payables | -297K | 4.68M | 5.73M | 1.52M | 1.2M | 8.48M | 1.87M | 4.6M | 1.75M | -346K | 626K | 292K | -213K | 277K | 64K | -64K | 110K | -2.16M | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash from Investing | 29.05M | 68.58M | -219.35M | -3.31M | -17.27M | -33.12M | -362K | -213K | -16.89M | 13.58M | -4.46M | -6.73M | 66K | 6.36M | 606K | -9.5M | -2.07M | -195K | -259K | 1.77M | -4.13M | -6.12M | -366.33K | -34.9K |
| Capital Expenditures | -3M | -3.28M | -4.05M | -3.48M | -2.15M | -156K | -362K | -213K | -108K | -147K | -113K | -161K | -248K | -68K | -405K | -133K | -15K | -195K | -272K | -82K | -1.15M | -2.59M | -366.33K | -35.58K |
| CapEx % of Revenue | 39.45% | 10.46% | 9.36% | 7.57% | 5.19% | 0.42% | 1.05% | 1.05% | 3.65% | 1.95% | 6.98% | 0.61% | 7.14% | 3.17% | 11.49% | 2.68% | 0.07% | 1.6% | 7.83% | 3.67% | 78.77% | 411.38% | 138.12% | 47.85% |
| Acquisitions | 0 | 155K | 0 | -168K | -558K | 0 | 0 | 0 | -16.78M | -16.78M | 33K | 0 | 78K | 0 | 0 | 0 | 0 | 0 | 0 | 1.85M | -2.99M | -4.03B | 0 | -418.3K |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 316K | 4.83M | 5.95M | 168K | 558K | 0 | 0 | 0 | 0 | 33K | 13.72M | -4.35M | -150K | 314K | 6.43M | 1.01M | 0 | 0 | 13K | 0 | 19.24K | -3.53M | 0 | 418.98K |
| Cash from Financing | 174.6M | 173.65M | 164.02M | 187.07M | -690K | 216.9M | 37.49M | 33.86M | 60.67M | 8.5M | 16.99M | 235K | 19.04M | 4.67M | 114K | 10.06M | 802K | 802K | 18.39M | 10.13M | 21.65M | 2.76M | 25.68M | 572.75K |
| Debt Issued (Net) | -70K | -105K | -105K | -40.51M | 2.1M | -146K | -11.8M | 30M | 20M | 20M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -13.34M | 14.44M | 0 | 0 |
| Equity Issued (Net) | 174.55M | 175.14M | 163.31M | 226.17M | 395K | 216.82M | 49.92M | -120K | 29.4M | 41.52M | 8.4M | 16.5M | 0 | 18.06M | 4.67M | 0 | 10.04M | 0 | 0 | 18.39M | 24.53M | 7.5M | 2.78M | 25.37M |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 | 0 | -295K | 0 | 0 | 0 | -195K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -2.24M | 0 | 0 | 0 | 0 |
| Other Financing | 121K | -1.39M | 813K | 1.41M | -3.19M | 223K | -624K | 3.98M | -20.2M | -844K | 99K | 490K | 235K | 987K | 0 | 114K | 17K | 802K | 18.39M | 0 | 10.46M | -286K | -20.82K | 310.5K |
| Net Change in Cash | -7.45M | 2.12M | -181.56M | 185.63M | -82.96M | 133.68M | 22.7M | -23.05M | 21.88M | 1.58M | -3.81M | 3.79M | 8.44M | 2.27M | -8.29M | -2.6M | 8.62M | -8.71M | 12.94M | -10.43M | 1.9M | -14.02M | 20.97M | -2.6M |
| Free Cash Flow | -189.99M | -243.39M | -130.28M | -1.61M | -67.16M | -50.25M | -14.8M | -56.91M | -22.02M | -20.64M | -16.43M | 10.14M | -10.92M | -8.81M | -9.41M | -3.3M | 9.88M | -8.63M | -5.42M | -21.3M | -17.29M | -11.93M | -5.8M | -3.1M |
| FCF Margin % | -2495% | -775.84% | -301.06% | -3.49% | -162.19% | -136.04% | -42.97% | -279.46% | -743.5% | -273.74% | -1014.14% | 38.16% | -314.4% | -411.25% | -266.76% | -66.53% | 42.88% | -70.97% | -155.78% | -952.89% | -1180.08% | -1895.69% | -2187.34% | -4163.41% |
| FCF Growth % | -25.57% | -86.82% | -8001.87% | 97.61% | -33.63% | -239.62% | 74% | -158.51% | -6.68% | -25.61% | -262.09% | 192.83% | -23.9% | 6.3% | -184.77% | -133.42% | 214.52% | -59.39% | 74.57% | -23.15% | -44.91% | -105.7% | -87.41% | - |
| FCF per Share | -2.21 | -3.32 | -2.31 | -0.04 | -1.80 | -1.75 | -1.15 | -5.46 | -4.76 | -5.84 | -5.20 | 3.31 | -3.98 | -3.82 | -4.52 | -1.69 | 5.23 | -4.73 | -2.98 | -19.29 | -22.99 | -6.12 | -4.73 | -2.25 |
| FCF Conversion (FCF/Net Income) | 0.70x | 1.04x | 0.96x | -0.03x | 0.64x | 0.86x | 0.32x | 1.00x | 0.41x | 1.11x | 0.76x | 1.62x | 0.80x | 0.73x | 0.36x | 0.37x | 1.13x | 3.36x | 0.07x | 0.20x | 0.77x | 0.84x | 2.12x | 1.65x |
| Interest Paid | 0 | 0 | 0 | 0 | 2.6M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 0 | 0 | 600K | 0 | 0 | 0 | 0 | 0 | 0 | 4K | 263K | 0 | 0 | 0 | 56K | 266K | 0 | 0 | 0 | 0 | 0 | 0 |
Clinical trial funding runway
As reported in recent financial statements, EyePoint's free cash flow has consistently trended deeper into negative territory, reaching a quarterly outflow of $66.0M by 2025Q4, which underscores the intensifying capital requirements as the company advances its late-stage clinical programs without a corresponding revenue offset.
The trajectory of free cash flow reflects a company in the midst of a high-stakes transition where R&D spending is decoupled from commercial income. Investors should monitor the widening gap between cash outflows and the company's limited liquidity, as this trend suggests an increasing reliance on external capital markets to sustain operations.
Based on the provided cash flow data, the OCF/NI ratio has fluctuated significantly, often exceeding 1.0, which indicates that non-cash charges like stock-based compensation are masking the true extent of the company's operational cash consumption relative to its reported net losses.
The persistent disconnect between net income and operating cash flow suggests that accounting losses are being exacerbated by real-world cash expenditures required for clinical trial execution. This pattern implies that the quality of earnings is secondary to the immediate, non-discretionary cash burn required to maintain the pipeline.
According to historical cash flow filings, working capital changes have been a significant source of volatility, with a peak outflow of $14.5M in 2025Q1, suggesting that the company's cash position is highly sensitive to the timing of clinical trial payments and vendor obligations.
The erratic nature of working capital movements indicates that management is likely managing liquidity by stretching payables or timing clinical milestones. This volatility warrants further investigation into whether these fluctuations represent operational inefficiencies or a deliberate strategy to preserve cash during critical trial phases.
As indicated by the cash flow statements, the company's reliance on stock-based compensation, which reached $7.9M in 2024Q4, serves to obscure the true economic cost of talent retention while the company simultaneously burns through its cash reserves to fund non-capitalized R&D activities.
The cash flow statement reveals that while capital expenditures remain relatively low, the true cost of the business is buried in operating expenses that are not capitalized. This structure effectively hides the full intensity of the company's investment in its proprietary Durasert platform from a traditional asset-based perspective.
Quick answers to the most common questions about buying EYPT stock.
EyePoint Pharmaceuticals, Inc. (EYPT) generated $-240.1M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
EyePoint Pharmaceuticals, Inc. (EYPT) reported negative free cash flow of $243.4M in 2025, indicating capital requirements exceeded cash from operations.
EyePoint Pharmaceuticals, Inc. (EYPT) spent $3.3M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.