EyePoint Cuts 53% of Workforce, Halts DURAVYU Wet AMD Work After Second Phase 3 Failure
EYPT is trading near its 52-week low of $2.93 (79% below the low).
Summary
EyePoint is cutting about 53% of its workforce and stopping DURAVYU studies in wet AMD after the LUCIA trial missed its primary non-inferiority endpoint versus Regeneron's Eylea — the second straight Phase 3 failure, following LUGANO in August. Shares fell more than 75% premarket, extending a collapse that has taken the stock from a 52-week high of $19.11 to well under $1. The company had 214 full-time US employees as of February 27. Management expects the cuts and trial shutdown to save roughly $30 million a year against about $9 million in severance charges, and is pivoting DURAVYU to diabetic macular edema, where late-stage data aren't expected until late 2027. JonesTrading's Debanjana Chatterjee said she sees no immediate regulatory path forward in wet AMD despite strong secondary endpoint results. Regeneron is only indirectly affected — Eylea keeps its standard-of-care position against this challenger. The cash runway after the restructuring is the number that matters now; DME data in late 2027 is the next real catalyst.
At the time of this announcement, EYPT was trading at $0.61 on NASDAQ in the Life Sciences sector, with a market capitalization of approximately $257.8M. The 52-week trading range was $2.93 to $19.11. This news item was assessed with negative market sentiment and an importance score of 8 out of 10. Source: Reuters.