Regulatory filing citing an Ophthalmology Science paper — Eyepoint, 2024-05-08
EyepointEyepointNASDAQ EYPT
Filings SEC · Quote Yahoo cited a paper published in Ophthalmology Science in its regulatory filing with the U.S. Securities and Exchange CommissionU.S. Securities and Exchange Commission
Regulator · Website. The company read the paper in the order it was written and the scope it actually presented. It recorded where the stock price movement over the following month compared to past cases of the same type. This is a hindsight judgment written after knowing the results. The paper was read only up to the abstract.
The disclosure wrote the paper in the press release like this
When a U.S. listed company has something to inform shareholders, the report submitted to the Securities and Exchange Commission is called 8-K. The item number of the document filed by Eyepoint on 2024-05-08 was 2.02 Earnings announcement · 9.01 Financial statements · Attached documents. The company cited a paper published in Ophthalmology Science in the attached press release. If the sentence citing the paper is copied verbatim, it reads as follows.
The sentence citing the paper in the press release could not be automatically found. Confirm it via the original link. Do not replace it with another paragraph.
What readers see first is where the company placed the paper in the press release. The next step is to determine whether the paper supports the company's entire claim or only part of it. To answer the latter question, one must read the full paper. This article, which reads only the abstract, cannot answer that.
The scope of the paper discussed in the abstract is limited to this extent.
The paper title is Phase I DAVIO Trial: EYP-1901 Bioerodible, Sustained-Delivery Vorolanib Insert in Patients With Wet Age-Related Macular Degeneration and it was published in Ophthalmology Science on 2024-04-09. The authors' affiliations are Retina Research Institute of Texas · West Texas Retina Consultants · Retina Associates · Texas Retina Associates (United States). The summary published at the beginning of the paper is called abstract. This article reads only up to there. This paragraph was written by a person after filtering a draft generated by a machine reading the abstract through numerical comparison, so it is of a different grade from a full-text reading and original judgment.
A phase 1 trial implanted EYP-1901, a small implant that slowly releases the drug, into the eyes of 17 patients with age-related macular degeneration who had previously received anti-VEGF injections. The implants were administered in four different dose groups. The primary objective was to assess safety. Visual acuity, retinal thickness, and the reduction in the number of additional injections were also evaluated. No dose-limiting toxicity or serious adverse effects in the eye or body were observed, and no toxicity related to the drug composition or delivery device was detected. This was an open-label trial with 17 participants, so the magnitude of efficacy cannot be determined from this paper alone.
The parts not answered by the abstract remain in the full text and appendices. This article leaves the blanks as they are. Readers are to determine which sentence in the abstract corresponds to the company's cited excerpt by comparing the two citations above.
One month later, the stock price was in the bottom quartile of the sample.
The remaining return after subtracting the portion that moves with the overall market is called excess return. Dates are counted only on days when the stock market is open, referred to as trading days. In terms of the calendar, 20 trading days is approximately one month. The excess return on the day of the regulatory filing and for the following month are presented in the table below.
| Period | Excess return relative to the market | Meaning |
|---|---|---|
| 5 trading days before the filing | −28.5% | The extent of movement before the filing |
| On the filing date | −2.6% | On the filing date or the first trading day afterward |
| Cumulative over +1 to +5 trading days | +7.2% | One week |
| Cumulative over +1 to +20 trading days | −21.4% | One month |
A bundle of past cases of the same type is called a sample. The position counted from the bottom is expressed as a percentile. The one-month excess return of -21.4% in this case is within the bottom quarter, at the 22% position from the bottom among 142 samples.
| Sample scale (20 trading days) | Tenth from the bottom | Fourth from the bottom | Median | Top 25% | Top 10% | This case |
|---|---|---|---|---|---|---|
| Excess return | −31.9% | −20.1% | −6.9% | +5.5% | +19.5% | −21.4% |
Half of the sample falls between the two central marks on the chart. One checks the chart to see whether this case lies within or outside the range. The sample consists of cases where U.S.-listed companies cited papers in 8-K filings over the past decade. The company itself is excluded from the sample. The numbers listed here are historical facts, not rules applicable to future cases.
After the filing, the company issued such documents.
Three 8-K filings issued by the company after the filing date are listed by item number only. In 8-K filings without titles, the item number indicates the type of content. One can determine whether it was an earnings announcement or a contract based on the number. The specific event is read in the original text via each link.
- 2024-05-28 8-K Item 8.01,9.01 — Other Events · Financial Statements and Exhibits
- 2024-06-21 8-K Item 5.02,5.07,9.01 — Officer and Director Changes · Shareholder Meeting Results · Financial Statements and Exhibits
- 2024-06-26 8-K Item 2.02,8.01,9.01 — Earnings Announcement · Other Events · Financial Statements and Exhibits
What this article does not answer
This article, based only on abstracts, does not answer what methods the paper used, what it reviewed, or how far it demonstrated. How many times the cited paper was subsequently cited can be verified again via the OpenAlexOpenAlex
Data source · Website citation count. What will be examined next is whether the company's next 8-K filing cites the same paper again.
Glossary
- 8-K
- A voluntary report submitted to the Securities and Exchange Commission when a U.S. listed company has something to inform shareholders. Types are indicated by item numbers such as earnings, contracts, and executive changes. All events in this article come from this document.
- Excess return
- The remainder after subtracting the overall market return from the stock return. It is used to see the movement of the company alone by removing the portion where the market as a whole rises or falls.
- Trading day
- A date counting only the days when the stock market is open. Since weekends and holidays are excluded, 20 trading days are approximately one calendar month.
- Sample and percentile
- A bundle of past cases of the same type is a sample, and the position from the bottom within it is expressed as a percentile. A percentile of 10 means that nine out of ten cases performed better than this case.
- Abstract
- A summary placed at the beginning of a paper. The author writes in a few sentences what was done, how it was done, and what results were obtained. Without reading the full paper, one cannot know the details and limitations of the method.