4D·

Here it is: the second blow to the portfolio—study halted—chart plummeted :)

Everyone likes to show off their profits, but today I'm sharing my losses—completely transparently.

I'm going to hold onto my shares in $EYPT (-5,13%) anyway; I know @Multibagger was also an investment.

That’s just how it goes on the stock market.

After our latest speculation, which $NEOV (+3,21%) a gain of over 100%, the stock is now plummeting today.

Here’s the company announcement:

EyePoint Announces Strategic Prioritization

October 19, 2026

WATERTOWN, Massachusetts, October 19, 2026 (GLOBE NEWSWIRE) -- EyePoint, Inc. (Nasdaq: EYPT), a company dedicated to the development and commercialization of innovative therapies to improve the quality of life for patients with severe retinal diseases, announced a strategic realignment today. The goal is to reduce operating costs and focus resources on the advanced development program for DURAVYU™ in diabetic macular edema (DME). This strategic realignment follows the results of the Phase 3 LUCIA study of DURAVYU in wet AMD, which were released today. The primary non-inferiority endpoint was not met, despite improvements in visual acuity and the achievement of key secondary endpoints such as reduced treatment burden, substitution-free rates, anatomical control, and safety with repeat dosing.

To secure capital and maximize shareholder value, the Board of Directors has approved a plan to reduce the workforce by approximately 53% and to prematurely terminate the pivotal Phase 3 trials for wet AMD without fully completing the second year of the trials. EyePoint plans to prioritize the development of DURAVYU as a potential treatment for DME. The first results from the pivotal Phase 3 trial are expected in the fourth quarter of 2027.

EyePoint thanks all employees affected by these measures for their dedication and contribution to the company’s mission. While today’s setback in the clinical trial underscores the challenges of drug development, it does not diminish the team’s achievements or the company’s commitment to improving the quality of life for patients with severe retinal diseases.

Key Financial and Operational Updates

Cash Conservation: The strategic prioritization and associated operational adjustments are expected to yield annual savings of approximately $30 million.
Workforce Reduction: Affects approximately 53% of positions company-wide. The majority of the workforce reduction is expected to take place in the fourth quarter of 2026 and be completed in the first half of 2027.
Clinical Prioritization: The organization is focusing on the clinical development of DURAVYU for the potential treatment of DME. Results from the pivotal Phase 3 trials are expected in the fourth quarter of 2027.
One-time charges: The company estimates total charges of approximately $9 million related to termination benefits, including severance pay and other associated costs.

“Decisions that involve workforce reductions are extraordinarily difficult, and we sincerely thank our departing colleagues for their dedication and valuable contributions. Even though the volatility inherent in clinical development presents significant challenges, our core mission remains unchanged: We are overcoming these challenges to develop sustainable therapies that can significantly improve patients’ lives,” said Jay S. Duker. “This strategic prioritization allows us to focus on our next milestone: the pivotal Phase 3 trial evaluation for diabetic macular edema (DME). This will evaluate DURAVYU’s potential as a durable, long-term treatment option that safely reduces the burden of injections for patients. The DME program is supported by positive Phase 2 data from the VERONA study, which demonstrate sustained visual acuity and a supplement-free rate of over 70% of patients over six months. DURAVYU also enables continuous intracellular drug release that targets the pan-VEGF, PDGF, and IL-6 signaling pathways, thereby addressing both the vascular and inflammatory causes of the disease. Given the nature of this disease, DURAVYU is therefore a particularly promising potential treatment option.”

EyePoint estimates that it has approximately $118 million in cash, cash equivalents, and short-term investments as of September 30, 2026. The

About the Phase 3 DME Program

The Phase 3 program for diabetic macular edema (DME) includes COMO and CAPRI, two global, randomized, double-blind, aflibercept-controlled non-inferiority studies designed to evaluate the safety and efficacy of DURAVYU 2.7 mg in patients with active DME. A total of 551 patients participated in the studies, of whom approximately 75% were treatment-naive and 25% were pretreated. Patients were randomized in a 1:1 ratio and received either 2.7 mg of DURAVYU every six months or aflibercept every eight weeks, as approved, as the control treatment.

The primary endpoint is non-inferiority with respect to the mean change from baseline in best-corrected visual acuity (BCVA) at the combined 52- and 56-week time points. Secondary endpoints include safety, superiority in terms of reducing treatment burden, the proportion of eyes without additional aflibercept injections, and anatomical outcomes measured by optical coherence tomography (OCT). For more information, see www.clinicaltrials.gov (COMO: NCT07449936; CAPRI: NCT07449923).

About Diabetic Macular Edema

Diabetic macular edema (DME) is the leading cause of vision loss in people with type 1 and type 2 diabetes. It occurs when damaged blood vessels in the retina leak fluid into the macula, the central area of the retina responsible for sharp vision. The resulting retinal swelling can lead to blurred vision and severe vision loss, including blindness. The pathophysiology of DME is multifactorial and involves vascular permeability as well as inflammatory processes mediated by signaling pathways such as VEGF, PDGF, and interleukin-6 (IL-6).

Diabetic macular edema (DME) affects an estimated 28 million people worldwide, and its prevalence is expected to rise as the global prevalence of diabetes increases. Current treatment options for DME patients include short-acting intravitreal anti-VEGF biologics, corticosteroids, and laser photocoagulation. Since DME is a chronic condition affecting an active population, the need for frequent treatment can place a significant burden on patients, caregivers, and physicians and contribute to under-treatment in clinical practice.

About DURAVYU™

DURAVYU™ (vorolanib insert for intravitreal administration) is a controlled-release therapy currently in development for patients with severe retinal diseases. DURAVYU combines vorolanib, a selective and patented tyrosine kinase inhibitor (TKI), with EyePoint’s proprietary, next-generation biodegradable Durasert E™. This innovative IVT (intravitreal) technology ensures continuous drug release for at least six months without free drug particles.

DURAVYU offers a potentially novel mechanism of action and a new treatment paradigm for retinal diseases that goes beyond existing therapies with VEGF ligand blockers. Vorolanib acts intracellularly by suppressing angiogenesis through the inhibition of all VEGF receptors and PDGFR, while simultaneously inhibiting inflammation by blocking interleukin-6 (IL-6)/JAK1 signaling. Furthermore, vorolanib demonstrated in an in vivo model of retinal detachment.

DURAVYU has been evaluated in several clinical trials for wet AMD and DME, including the Phase 2 DAVIO 2 trial and the Phase 3 LUGANO and LUCIA trials for wet AMD, as well as the Phase 2 VERONA trial for DME. DURAVYU is currently being evaluated in the ongoing Phase 3 COMO and CAPRI studies for DME. In six completed clinical trials—including three Phase 2 and two Phase 3 studies—no drug-related safety concerns were observed in over 630 patients.

The Phase 2 VERONA study in diabetic macular edema (DME) met its primary and secondary endpoints and demonstrated rapid and sustained improvement in visual acuity and anatomical features, as well as a consistently favorable safety and tolerability profile with dosing intervals superior to those of standard therapy. Key data from the Phase 3 program for DME are expected to be released in the fourth quarter of 2027.

About EyePoint

EyePoint, Inc. (Nasdaq: EYPT) is a clinical-stage biopharmaceutical company dedicated to developing and commercializing innovative therapies to improve the quality of life for patients with severe retinal diseases. The company’s lead product candidate, DURAVYU™, is an innovative, investigational sustained-release therapy for the treatment of severe retinal diseases. It combines vorolanib, a selective and patented tyrosine kinase inhibitor, with EyePoint’s proprietary, biodegradable Durasert E™ technology. DURAVYU is currently being evaluated in pivotal Phase 3 trials for the treatment of diabetic macular edema (DME).

The company is committed to collaborating with the retinal community to improve patients’ lives while creating long-term value. This is evidenced by four approved drugs over more than three decades and the treatment of tens of thousands of eyes with EyePoint innovations.

EyePoint is headquartered in Watertown, Massachusetts, and has a commercial manufacturing facility in Northbridge, Massachusetts.

Vorolanib is exclusively licensed to EyePoint by Equinox Sciences, a subsidiary of Betta Pharmaceuticals, for the topical treatment of all eye diseases outside of China, Macau, Hong Kong, and Taiwan.

DURAVYU™ has been provisionally accepted by the FDA as the brand name for EYP-1901. DURAVYU is an investigational drug and has not yet been approved by the FDA. FDA approval and the timeline for potential approval are uncertain.

Forward-Looking Statements

EYEPOINT NOTICES PURSUANT TO THE U.S. PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995: To the extent that statements in this press release relate to information that is not historical, they constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements include, among other things, statements regarding our expectations regarding our clinical development and regulatory plans; our strategic prioritization plan and the associated expected annual savings; our plans to prioritize the development of DURAVYU® for the treatment of DME; our plans to reduce operating costs, conserve capital, and maximize shareholder value through the strategic prioritization plan; our expected costs and expenses related to our strategic prioritization plan; the potential of DURAVYU® to provide a stable, long-term treatment option that safely reduces the overall burden of injections for patients; our belief that DURAVYU® offers a potentially novel mechanism of action and a new treatment paradigm for retinal diseases beyond existing anti-VEGF ligand-blocking therapies; our expectations regarding the timing of the availability and release of clinical data on DME, including the release of topline results from the Phase 3 COMO and CAPRI studies on DME in the fourth quarter of 2027; our belief that DURAVYU has the potential to treat patients with active disease for six months or longer without additional anti-VEGF therapy; and other statements regarding the Company’s future plans, goals, strategies, and beliefs, which are identified by words such as “will,” “potentially,” “could,” “may,” “believe,” “intend,” “continue,” “plans,” “expects,” “anticipates,” “estimates,” “may,” or other words of similar meaning, or the use of future tense verbs.

By their nature, forward-looking statements relate to matters that are subject to varying degrees of uncertainty. Uncertainties and risks could cause EyePoint’s actual results to differ materially from those expressed or implied in EyePoint’s forward-looking statements. For EyePoint, these risks and uncertainties include, among other things, the timing, progress, and results of the company’s clinical development activities; the risk that the strategic prioritization plan may not be successful and could lead to a distraction or uncertainty that could negatively impact operating results, the business, or investor perception; uncertainties and delays related to communications with the U.S. Food and Drug Administration (FDA) and the ability to obtain FDA approval to market DURAVYU; unexpected costs and expenses; the Company’s cash reserves may not be sufficient to support its business plan for as long as planned; the risk that the results of clinical trials may not be predictive of future results and that interim and preliminary data are subject to further analysis and may change as more data becomes available; unexpected safety or efficacy data observed during clinical trials; uncertainties related to the regulatory approval process and the available development and approval pathways for the Company’s product candidates; changes in the regulatory environment; disruptions at the FDA; changes in U.S. and international trade policy; changes in expected or existing competition; the success of current and future licensing agreements; our reliance on contract research organizations and other external vendors and service providers; product liability; the impact of general business and economic conditions; the protection of our intellectual property and the prevention of intellectual property infringements; the retention of key personnel; Delays, interruptions, or failures in the manufacture and delivery of our product candidates, including due to unexpected regulatory compliance issues or warning letters regarding the Company’s manufacturing facilities; the availability of and need for additional financing; our ability to obtain additional funds to support our clinical development programs; uncertainties regarding the FDA’s warning letter concerning the Company’s manufacturing facility in Watertown, Massachusetts; and other factors described in our filings with the Securities and Exchange Commission. We cannot guarantee that the results and expectations expressed, anticipated, or implied in forward-looking statements will occur. A variety of factors, including these risks, could cause our actual results and other expectations to differ materially from the results or other expectations expressed, anticipated, or implied in our forward-looking statements. Should known or unknown risks materialize or underlying assumptions prove to be incorrect, actual results may differ materially from past results and from the results expected, estimated, or projected in the forward-looking statements. Please take this into account when considering forward-looking statements. A more detailed discussion of the risks and uncertainties that could cause our actual results to differ materially from the forward-looking statements contained in this press release can be found in the “Risk Factors” section of our most recent annual report (Form 10-K), in our other filings with the U.S. Securities and Exchange Commission (SEC), and in our future reports filed with the SEC, which are available at the following link:www.sec.gov . Our forward-looking statements speak only as of the date they are made. EyePoint undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise.

Investors & Media:

Robin Garner

, Vice President of Corporate Communications & Investor Relations

Raketentoni

@Raketentoni

1Semana·

EyePoint: A Second Chance for the Retina—or Another Blow to the Portfolio?

It's great to have you stop by my winter garden here in Denmark again!

The coffee's ready.

Today, though, no cozy dividend payer, but rather a stock where the next clinical trial announcement could have a bigger impact than three years’ worth of quarterly earnings reports.

I’m talking about EyePoint, Nasdaq ticker EYPT $EYPT (-5,13%) .

The company develops long-acting treatments for severe retinal diseases. The idea is appealing: fewer injections into the eye, without having to compromise on vision.

However, following a disappointing Phase 3 trial, the market has—for now—pulled the plug on the hope machine.

Is this an interesting second chance—or is the stock price in the gutter for a reason?

Analysts see great potential here, so speculators, take note!

We’re taking a closer look—with a flashlight, not through rose-colored biotech glasses.

Research date: October 12, 2026. Price basis: $3.40, U.S. closing price as of October 9, 2026. The charts provided show a pre-market price of approximately $3.36.

1. Business Model – What Does EyePoint Actually Do?

EyePoint develops drugs with sustained-release formulations for retinal diseases.

The company emerged from pSivida and was renamed EyePoint Pharmaceuticals following the acquisition of Icon Bioscience in 2018.

The focus is on DURAVYU, formerly EYP-1901: a biodegradable drug carrier designed to release vorolanib over at least six months. It is administered via an injection into the eye.

The treatment is being developed for wet age-related macular degeneration and diabetic macular edema.

Important: DURAVYU has not yet been approved. The stock is currently driven by its development potential, not by an established pharmaceutical business.

2. Market Position & Moat – Technology in Place, Proof Still Pending

Specialized drug delivery, development experience, and licensing rights are genuine assets. However, these do not yet constitute a secure economic moat.

My assessment:

Technologically, there’s more to this than just a nice lab presentation.

Commercially, though, EyePoint still has to earn its position.

Furthermore, a great deal hinges on DURAVYU. Multiple study names do not automatically mean multiple independent products.

Or to put it another way: Four door signs don’t turn a single house into a row house neighborhood.

3. Core Quality Formula – this time with a warning label

Our usual framework is:

Revenue growth + operating margin.

For a development-stage biotech, this equation can yield absurd results.

EyePoint generated only about $0.507 million in revenue, compared to $5.333 million in the prior year.

That corresponds to approximately −90.5%. At the same time, the operating loss amounted to approximately $97.38 million. The decline in revenue is largely due to the recognition of prior YUTIQ licensing revenue.

Dividing research costs by a minuscule amount of licensing revenue does not yield a meaningful quality rating.

Therefore: no artificial score.

EyePoint is currently not an operational “quality-growth” stock. Clinical evidence, financing, and the regulatory approval pathway are the decisive factors.

The Excel spreadsheet is welcome—it just shouldn’t try to call the shots.

4. Cash Flow Quality Formula – the tank is full, but the engine is guzzling fuel

In the first half of 2026:

Operating cash flow: −142.9 million USD
Capital expenditures: $2.2 million
Simple free cash flow: approximately −145.1 million USD
Cash and marketable securities as of June 30: $180.5 million.

Management expects secured financing through Q4 2027.

A purely mechanical extrapolation of current cash burn, however, results in a significantly shorter cash runway.

This extrapolation is not a forecast of insolvency: study costs may decline, and payments may fluctuate.

However, it shows that: The future cost trajectory is crucial.

And $180 million in a June account does not automatically equate to $180 million in today’s account.

5. Dividend Filter – The Payout Is Research

EyePoint does not pay dividends.

This means the stock is not an income stock. It also currently lacks a self-financing operating business.

That does not mean that non-dividend-paying companies are inherently bad. With EyePoint, it is simply a bet on development and events.

6. P/E Ratio – Minus One Isn’t Particularly Cheap

A negative P/E ratio is not an indicator of a bargain when the company is reporting losses.

A risk-adjusted pipeline value would make more sense: potential profits after approval, probability of success, remaining costs, and future number of shares.

Especially in the wake of LUGANO, these assumptions are highly uncertain.

That’s why I’m not providing what might appear to be a precise intrinsic fair value here.

A nice decimal place doesn’t turn uncertain study data into a robust valuation model.

7. KCV – Also Not a “Bargain” Indicator

Operating cash flow is negative. A mathematically negative P/CF ratio therefore has no traditional significance.

Financing is more important.

Dilution is not just a theoretical possibility: EyePoint already sold approximately 1.43 million new shares in Q2 and another approximately 1.21 million shares in July through its ATM program.

I could not confirm any specific upcoming new share issuance.

However, further capital raises remain possible.

Strong results could facilitate financing. Weak results could make it significantly more expensive.

8. P/S Ratio – High Multiple, Incorrect Benchmark

With an estimated market capitalization of around $293 million and very low current revenues, the revenue multiple is in the triple-digit range.

That sounds like a sky-high price, but it’s not a meaningful comparison with a pharmaceutical company that’s already selling drugs.

The right question isn’t:

“How cheap are today’s revenues?”

But rather:

“How much are we paying for a future approval that’s still uncertain?”

9. P/B Ratio – Book Value Is Not an Airbag

Equity stood at approximately $166.4 million as of June 30. This results in a rough P/B ratio of about 1.76.

But research consumes cash. The historical book value is therefore not a stable safety net.

The debt figure in the report also needs to be put into context:

The approximately $22.4 million largely corresponds to operating lease obligations, not a traditional bank loan of the same amount. Nevertheless, they are economically relevant.

Cash is a buffer. It is not a guaranteed minimum price.

10. Current Figures & Catalysts – What Went Wrong at LUGANO?

On August 17, 2026, EyePoint reported that LUGANO failed to meet the primary endpoint: the predefined non-inferiority in visual acuity compared to aflibercept.

Management points to nine DURAVYU patients with significant vision loss, which it attributes to other causes. After excluding these cases, a post-hoc analysis showed non-inferiority.

This explanation warrants further examination. However, it does not turn the study—which missed its primary endpoint—into a successful one.

There were also positive signs: 42% lower treatment burden and 54% without additional treatment through week 56. These patients were not left untreated—they received DURAVYU.

And when will LUCIA be available?

Officially: Q4 2026.

The CEO recently clarified: possibly later in October or early November. A specific release date has not been confirmed.

LUCIA includes more patients than LUGANO. A supporting analysis is intended to incorporate findings from LUGANO; according to management, the primary endpoint remains unchanged.

What matters is success according to the planned analysis protocol—not just a promising subgroup.

11. Competition & Risks – The Competition Isn’t Resting on Its Laurels

Regeneron offers EYLEA HD, now with extended dosing intervals for suitable patients. Roche has Vabysmo and Susvimo. Ocular Therapeutix is also developing a long-acting therapy with AXPAXLI.

Roche also published new real-world data on Vabysmo on October 1.

The competitive landscape continues to evolve.

The biggest risks:

Another failure to meet the primary endpoint.
Additional trials despite positive LUCIA data.
Financing and dilution.
Reliance on a single active ingredient.
Manufacturing, reimbursement, and commercialization.
Share price gaps following trial announcements.

Incidentally, the FDA warning letter mentioned in the report dates from July 2024 and concerns the YUTIQ manufacturing process at that time. It is not a new DURAVYU warning letter from October 2026. I was unable to confirm the current formal closure status with certainty.

12. Outlook—Three Scenarios Instead of a Magic Number

A positive LUCIA result could restore confidence. EyePoint is aiming for a potential regulatory filing in H1 2027; DME data from COMO and CAPRI are expected in Q4 2027. These are company plans, not guaranteed outcomes.

For discussion purposes, here are my own illustrative price charts for the weeks to months following LUCIA:

Positive: $6–9. Primary endpoint achieved, convincing safety profile, and a credible regulatory pathway. This would represent a significant turnaround, though not yet the valuation of an established pharmaceutical company.

Very positive: 9–13 USD. For this, additional regulatory clarity or a value-adding partner would be helpful.

Mixed: $2.50–$4.50. Interesting secondary data, but the regulatory path remains unclear.

Negative: $1–$2 or lower. Another failure, additional years of development, or unfavorable financing could trigger further significant losses.

These ranges are not model-calibrated and are not price forecasts. They translate possible scenarios into orders of magnitude. A total loss falls within the extreme risk spectrum in the long term.

A successful trial does not yet equate to corporate profit. After that, the FDA, financing, and the market await.

13. Technical Analysis – Weekly Chart

On the weekly chart:

Price approximately $3.40
50-day EMA approximately $9.67
200-day EMA approximately $10.68
RSI approx. 28.3
MACD remains negative.

This is a severely damaged long-term trend.

On the daily chart, the downward momentum is easing somewhat.

The RSI is around 34.8; the MACD histogram is positive, but the lines are still below zero.

My technical observation zones:

$3.00–$3.20: recent low range.
$3.60–$3.80: first recovery zone.
$4.20–$4.50: next major hurdle.
$5.00–$5.80: previous trading zone and range toward the daily EMA50.

A bottom could be forming. A trend reversal has not yet been confirmed.

Unfortunately, “oversold” does not mean “immune to further losses.”

14. Bargain Hunter’s List – Entry Zones

$3.05–$3.25: speculative entry point.

Only after stabilization and only if a significant technical gap were tolerable. The lower entry price does not reduce the clinical risk.

$2.70–$2.90: lower speculative limit scenario.

No confirmed historical support. Following negative trial data, the previous thesis no longer applies unchanged.

Above $3.70–$3.80: Momentum variant.

Confirmation of the closing price, increased volume, and—ideally—a stable retest would be helpful. However, the next hurdle is already at $4.20–$4.50.

My preferred approach: wait for the data.

Better to pay a higher price for better evidence than a low price for a flawed thesis.

A technical trade with, for example, an entry price of $3.20, an invalidation level of $2.90, and a target of $4.20 would have a calculated CRV of about 3.3.

This CRV does not apply to holding the stock through the study announcement.

A price gap can significantly increase the actual loss.

After a positive jump, I would reassess the resistance zones and, in the event of strong price gains without clear approval prospects, also consider partial sales.

In the event of another failure to meet the primary endpoint, the rule is: first review the thesis; do not automatically sell at a discount.

15. My Personal Conclusion

EyePoint is not an empty biotech shell. It has technology, clinical activity, and a liquidity buffer. A reduced treatment burden would have real medical and economic value.

But today, we’re not buying a proven cash cow.

We’re buying into the betthat the next data set will significantly reduce the doubts raised after LUGANO.

My verdict:

🟠 Speculatively interesting – 🔴 high clinical and financial risk.

Ahead of LUCIA, I view EyePoint more as a limited event-driven speculation. As a long-term investment, I would require better clinical evidence as well as more clarity regarding approval and financing.

I wouldn’t buy just because the stock has fallen sharply. For me, waiting for the data takes priority over a larger investment at this time.

The spot in the sunroom remains reserved. But you won’t get the house key until LUCIA delivers more than just a nice excuse.

What’s your take on this: a statistical blip in LUGANO or legitimate doubts about the therapy? Constructive counterarguments are expressly welcome.

The following sources were used for this analysis:

EyePoint Investor Relations: Company announcements and quarterly results
SEC: EyePoint quarterly report for the second quarter of 2026
EyePoint: Results of the Phase 3 LUGANO study
Management Q&A at the Cantor Fitzgerald Healthcare Conference on September 10, 2026, via Quartr/StockAnalysis
FDA: Warning letter regarding the YUTIQ manufacturing process at that time, dated July 2024
Regeneron, Roche, and Ocular Therapeutix: Product and trial announcements regarding the competition
StockAnalysis and Investing.com: Stock price data and analyst targets
Investing.com Pro Research: EyePoint report provided on October 8, 2026
Daily and weekly charts provided as of October 12, 2026

@Get_Rich_or_Die_Tryin

and, of course, all the others :)

+ 1

2 Comentários

Valentin H.@valentin28

TLDR

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Stocktective@Stocktective

Ouch, that hurts—a little sweeping change involving the Retina Project? Does this look like cost-cutting measures and, possibly, an improvement, or will it end up going off the rails?

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