EyePoint will lay off half of its staff after the failure of the second late-stage clinical trial of its experimental drug.

Reuters, October 19 - EyePoint EYPT.O said on Monday that it will cut about 53% of its workforce and halt clinical research on its experimental eye drug for age-related vision diseases after it failed in a second late-stage trial.

Details are as follows:

• The trial targeted patients with wet age-related macular degeneration, comparing EyePoint's Duravyu with Regeneron REGN.O flagship eye drug Eylea. Wet age-related macular degeneration is one of the main causes of blindness in the elderly.

• EyePoint stated that although patients treated with Duravyu experienced vision improvement, the drug failed to demonstrate effectiveness comparable to standard treatments for preserving vision.

• According to regulatory filings, as of February 27, the company had 214 full-time employees, all based in the United States.

• This setback comes after a similar failure (link) in August this year, when Duravyu failed to meet primary endpoints in a similar late-stage clinical trial, causing its stock to plunge more than 65%.

• EyePoint said that the layoffs and halting the trial are expected to save about $30 million annually.

• The company estimates that it will incur about $9 million in related severance costs.

• EyePoint stated that it will shift its focus and resources to developing Duravyu for another retinal disease — diabetic macular edema. Late-stage clinical results for this indication are expected in the fourth quarter of 2027.

• EyePoint shares were halted in pre-market trading.

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