EyePoint plans to cut about 53 percent of its workforce after a Phase 3 wet age-related macular degeneration trial miss, Fierce Pharma and the Boston Business Journal reported Monday. Fierce Pharma said shares fell more than 84% after the Watertown, Massachusetts, company said the LUCIA study of its Duravyu implant failed a non-inferiority test against Regeneron's Eylea on best-corrected vision. Vision improved 2.5 letters over 52 weeks on Duravyu versus 6 letters on Eylea, Fierce Pharma reported.

CEO Jay Duker said on a conference call that secondary endpoints were met, including better fluid control and 38% fewer injections, with favorable safety, Fierce Pharma reported. EyePoint is ending the LUCIA and companion Lugano wet AMD trials early and shifting priority to diabetic macular edema Phase 3 trials Como and Capri, with readouts due in the fourth quarter of 2027, Fierce Pharma reported. Boston Business Journal said the company is halting wet AMD development after Phase 3 failures and cutting 53% of its Watertown workforce to focus on diabetic macular edema.

The restructuring is expected to save about $30 million a year and cost about $9 million in severance, Fierce Pharma reported, citing the company. EyePoint estimated about $118 million in cash as of September 30, Fierce Pharma reported. Most cuts are expected by year-end and to finish in the first half of 2027, Fierce Pharma reported. Jefferies had called LUCIA a "coin flip" after an earlier Lugano miss that the company blamed on unusual non-wet AMD vision loss, Fierce Pharma reported.

What we know: EyePoint is cutting about 53% of staff and ending wet AMD Phase 3 trials after LUCIA missed its primary vision goal, while citing met secondary endpoints.
What we don't: Whether Duravyu will return to wet AMD after further analysis, or how large the remaining DME-focused workforce will be.