EyePoint Cuts Workforce 53% After Wet AMD Misses

The Tip Desk · November 12, 2026 · 4 min read

The company said September 30 cash of $118 million, plus $10 million raised after quarter-end and operational adjustments, will fund operations into late third quarter of 2027.

EyePoint, Inc. (EYPT), a clinical-stage biopharmaceutical company developing sustained-delivery treatments for retinal disease, reported a net loss of $95.6 million, or $1.07 a share, for the quarter ended September 30, 2026, compared with a loss of $59.7 million, or $0.85 a share, a year earlier.

The widening loss tracked a step-up in clinical spending. Operating expenses were $97.6 million, up from $63.0 million in the year-ago quarter, which the company said was primarily attributable to ongoing Phase 3 trials of DURAVYU in wet AMD and diabetic macular edema. Total net revenue was $0.8 million.

Cash, cash equivalents and marketable securities stood at $118 million as of September 30, 2026, down from $306 million at year-end 2025. The company said that cash, together with an additional $10 million raised after quarter-end under an at-the-market equity facility and anticipated operational adjustments, will enable it to fund operations into late third quarter of 2027. It said it continues to pursue business development, financing and other cost-reduction opportunities that could further extend the runway.

The quarter’s defining corporate development followed two Phase 3 wet AMD readouts. On August 17, 2026, the company said the LUGANO trial did not achieve the primary endpoint of statistical non-inferiority in mean change in best-corrected visual acuity versus on-label 2 mg aflibercept in the full analysis population, despite demonstrating visual improvement. On October 19, 2026, it said the LUCIA trial likewise missed that primary endpoint.

Both studies met key secondary endpoints. In LUGANO, DURAVYU achieved a 42% reduction in treatment burden versus aflibercept, with 54% of eyes supplement-free and 79% receiving zero or one supplement through Week 56. In LUCIA, the treatment-burden reduction was 38%, with 52% of eyes supplement-free and 71% receiving zero or one supplement. The company said DURAVYU maintained a favorable safety profile with repeat dosing and that there were no observed occurrences of insert migration, anterior chamber opacities, free-floating drug particles, or retinal vasculitis. In a pooled analysis of more than 50% of patients in both trials who were supplement-free through Week 56, DURAVYU was observed to be statistically non-inferior in mean change in BCVA versus aflibercept.

Following LUCIA, the board approved a strategic prioritization to extend financial resources and focus on the late-stage DME program. The resulting approximately 53% workforce reduction, as well as associated operational adjustments, is expected to generate an estimated annualized savings of approximately $30 million. The company said it will conclude the wet AMD program before completion of the full second year of LUGANO and LUCIA, while allowing additional patients to complete year two to support a safety database for a potential new drug application for DME. It also said it will complete additional analyses of both wet AMD trials and the pooled Phase 3 datasets to assess next steps for DURAVYU as a potential treatment for wet AMD.

Chief Executive Officer Jay S. Duker said the recent Phase 3 wet AMD data demonstrated DURAVYU’s ability to control fluid and maintain retinal anatomy through Week 56, along with a favorable safety profile that included every six-month redosing, and that the data support a strategic decision to prioritize resources on DME. Chief Financial Officer George O. Elston said capital discipline is now one of the company’s highest priorities and that the objective is to preserve the resources required to obtain pivotal DME data.

The DME program remains the remaining late-stage path. On July 30, 2026, the company said the pivotal Phase 3 COMO and CAPRI trials completed enrollment, with a total of over 550 patients in five months. The identical non-inferiority trials versus an on-label aflibercept control include every six-month re-dosing. Topline data for both DME trials are anticipated early in the fourth quarter of 2027.

President and Chief Executive Officer Jay S. Duker said the company’s conviction in the DME program is grounded in the positive Phase 2 VERONA trial, multi-mechanism activity blocking both VEGF and inflammatory IL-6 pathways, and the opportunity to evaluate the program in two fully enrolled pivotal trials within a year. In VERONA, DURAVYU 2.7 mg met the primary endpoint, with a +7.1-letter improvement in best-corrected visual acuity and a 76-micron reduction in central subfield thickness at Week 24; 73% of DURAVYU patients remained supplement-free through Week 24 versus 50% of aflibercept-treated patients.