EyePoint shares crash after Duravyu misses in late-stage wet AMD trial

what happened

According to Seeking Alpha, EyePoint stock lost more than 80% in premarket trading on Monday. The cause was lead candidate Duravyu failing a late-stage study that measured it against 2 mg aflibercept, the top-selling eye-disease therapy that Regeneron markets as Eylea. The Phase 3 LUCIA trial in wet age-related macular degeneration did not reach its primary goal of non-inferiority in mean change in best-corrected visual acuity. Still, the company reported key secondary goals were met, and repeat dosing stayed safe, consistent with the earlier LUGANO Phase 3 study of the intravitreal insert.

The company now intends to wind down its remaining pivotal wet AMD trials for Duravyu ahead of schedule. A cost-reduction plan will eliminate jobs for close to 53% of staff and is projected to save about $30 million a year. Priority shifts to diabetic macular edema, where a Phase 3 readout is expected in Q4 2027. As of September 30, EyePoint held roughly $118 million in cash and short-term investments and expects about $9 million in one-time charges.

why it matters

For a small biotech, a failed pivotal trial that removes its main indication can quickly reset the valuation. Investors will focus on the remaining cash and the fate of the diabetic macular edema program. For Regeneron, the news is a setback for a challenger rather than a direct hit to Eylea sales.

market impact

EYPT: failed key trial and layoffs weigh on the shares; Regeneron: a challenger to Eylea missed its target

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