EyePoint Pharmaceuticals Stock Plummets After Phase 3 Trial Miss

EyePoint Pharmaceuticals experienced a stock price collapse of more than 70% on Monday following the failure of its experimental drug-device combination, Duravyu, to meet the primary endpoint in the LUGANO phase 3 trial. The trial for wet age-related macular degeneration (wAMD) compared Duravyu against the current standard of care, Eylea, produced by Regeneron Pharmaceuticals.

Company officials reported that Duravyu failed to prove non-inferiority to Eylea regarding best-corrected visual acuity. EyePoint attributed this result to nine patients who suffered vision loss unrelated to wAMD. An ad hoc analysis excluding those patients suggested the drug was as effective as Eylea, and the company noted that Duravyu reduced the average injection burden by 42% while maintaining a strong safety profile.

CEO Jay Duker stated that while the primary result was unexpected, the secondary endpoints and ad hoc analysis present a compelling case for the drug as a potential therapeutic option. The company's path to FDA approval now relies on the LUCIA late-stage trial, with results expected between October and December 2026. EyePoint intends to file for approval in the first half of 2027.