EyePoint Pharmaceuticals Shares Crater 84% as Second DURAVYU Phase 3 Trial Fails in Wet AMD, Triggering 53% Workforce Cut

EyePoint Pharmaceuticals reported that its LUCIA trial, the second pivotal Phase 3 study of DURAVYU in wet age-related macular degeneration, failed to achieve its primary endpoint, dealing a fatal blow to the company's wet AMD program. DURAVYU had already failed in an earlier Phase 3 trial against Eylea, and the LUCIA miss confirmed the drug cannot compete in that indication. The company announced it will conclude both pivotal wet AMD trials early, without completing the second year of either study.

In response, EyePoint disclosed a strategic reprioritization that includes a 53% reduction in its workforce. Shares collapsed roughly 84% in premarket trading, pushing the stock below $1. The company did not detail what programs, if any, it will redirect resources toward following the exit from wet AMD development.