EyePoint Pharmaceuticals is cutting 53% of its workforce—affecting approximately 113 employees—and terminating two Phase 3 trials early after its experimental drug Duravyu failed a second late-stage trial in wet age-related macular degeneration. The Lucia trial failed non-inferiority goals against Regeneron's Eylea, sending EyePoint shares down over 80%. The company will save $30 million annually to pivot focus toward diabetic macular edema.
Workforce reduction and restructuring plans
- ▪EyePoint Pharmaceuticals expects its workforce reduction and trial terminations to save $30 million annually while incurring approximately $9 million in aggregate severance and separation charges.
- ▪EyePoint Pharmaceuticals will reduce its workforce by approximately 53%, affecting about 113 employees out of 214 total employees reported in February 2026.
- ▪EyePoint Pharmaceuticals expects most of its workforce reduction to take place during the fourth quarter of 2026 and complete in the first half of 2027.
Phase 3 wet AMD trial results
- ▪The Phase 3 Lucia trial failure follows an August 2026 failure in the identical Phase 3 Lugano trial, prompting EyePoint Pharmaceuticals to end both pivotal wet AMD trials early without completing their second year.
- ▪In the Phase 3 Lucia trial, Duravyu improved best-corrected visual acuity by 2.5 letters over 52 weeks compared to 6 letters for Eylea, a 3.7-letter difference that fell outside the non-inferiority margin.
- ▪Despite missing the primary endpoint in the Phase 3 Lucia trial, Duravyu met secondary endpoints, achieving superior reduction in treatment burden including a 38% decrease in injections and improved fluid control.
- ▪EyePoint Pharmaceuticals announced on October 19, 2026, that its Phase 3 Lucia trial of Duravyu in wet age-related macular degeneration failed to meet its primary endpoint of non-inferiority in best-corrected visual acuity compared to Regeneron's Eylea.
Analyst reactions to trial results
- ▪Prior to the Lucia trial readout, Jefferies analysts viewed the August Lugano trial failure as potentially attributable to bad luck and leaned positive on Lucia's prospects.
- ▪JonesTrading analyst Debanjana Chatterjee stated following the trial results that she does not see an immediate regulatory path forward for Duravyu in wet age-related macular degeneration despite strong secondary endpoint results.
Stock price drops after trial readouts
- ▪Following the Phase 3 Lucia trial failure on October 19, 2026, EyePoint Pharmaceuticals stock plummeted over 75% to 84% in morning and premarket trading, reaching 55 cents per share.
- ▪EyePoint Pharmaceuticals stock previously fell 70% following the August 17, 2026 readout of the Phase 3 Lugano trial.
Pivot to diabetic macular edema program
- ▪Phase 3 trial readouts for Duravyu in diabetic macular edema are expected in the fourth quarter of 2027.
- ▪EyePoint Pharmaceuticals will reallocate saved capital to prioritize its late-stage diabetic macular edema program, testing Duravyu in the Como and Capri Phase 3 trials.
Cash position
- ▪EyePoint Pharmaceuticals reported having $118 million in cash and cash equivalents as of September 30, 2026, down from $180.5 million as of June 30, 2026.
- ▪EyePoint Pharmaceuticals had $222.5 million in cash, cash equivalents, and investments in marketable securities as of March 31, 2026.
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