Eyepoint Pharmaceuticals Q3 2026 Earnings Results & Report

Eyepoint Pharmaceuticals EPS Results

• Actual EPS: -$1.07
• Consensus EPS: -$0.9304
• Beat/Miss: Missed by -$0.1396
• One Year Ago EPS: N/A
• EPS Beat Rate: 0 of last 8 quarters

Eyepoint Pharmaceuticals Revenue Results

• Actual Revenue: $756 thousand
• Expected Revenue: $231 thousand
• Beat/Miss: Beat by +$525.00 thousand
• YoY Revenue Growth: N/A

Eyepoint Pharmaceuticals (NASDAQ:EYPT) is a biopharmaceutical company focused on developing treatments for serious eye diseases. Its drug-delivery technology is designed to provide sustained release of medication in the eye, with the goal of reducing the need for frequent injections or other repeated treatments.

The company’s pipeline includes DURAVYU, an investigational sustained-release treatment being studied for retinal conditions including wet age-related macular degeneration and diabetic retinopathy. EyePoint previously developed and marketed ophthalmic products including YUTIQ and DEXYCU, and sold those commercial assets to Alimera Sciences in 2023.

Founded as pSivida, the company adopted the EyePoint Pharmaceuticals name in 2018. It is based in Watertown, Massachusetts, and its development and commercial activities are centered on ophthalmology.

Eyepoint Pharmaceuticals Q3 2026 Earnings Call Transcript

Key Takeaways

• Negative Sentiment: Both Phase III wet AMD trials missed their primary endpoint in the full analysis population. EyePoint highlighted DURAVYU’s biological activity, reduced treatment burden, and safety, but is discontinuing the wet AMD program while it reviews whether any patient subgroup could support a future path.
• Negative Sentiment: EyePoint ended September with about $118 million in cash and expects to fund operations into late Q3 2027, while COMO and CAPRI results are expected in early Q4 2027. Management says it is evaluating additional cost reductions, financing, and business-development options to preserve runway and reach the readouts.
• Positive Sentiment: EyePoint is concentrating its clinical efforts on DME, citing the disease’s distinct biology and Phase II VERONA results, including vision improvement and fewer supplemental injections with DURAVYU. The company expects simultaneous top-line results from the two Phase III trials, which enrolled more than 550 patients, in early Q4 2027; efficacy in these pivotal studies remains unproven.
• Positive Sentiment: After the wet AMD results, EyePoint amended DME rescue-injection criteria so patients may receive supplemental treatment after a greater-than-five-letter BCVA decline from baseline alongside a CST increase of at least 50 microns. The company says the change is intended to help preserve vision and protect the trials’ non-inferiority objective; it is not planning a futility analysis.
• Positive Sentiment: EyePoint plans to reduce its workforce by about 53% and says the move will generate approximately $30 million in annualized savings once fully implemented, aligning spending with the DME program.

Presentation

[Operator]

Good morning. My name is Didi, and I'll be your conference operator today. At this time, I would like to welcome everyone to the EyePoint Third Quarter 2026 Financial Results and Recent Corporate Developments Conference Call. There will be a question-and-answer session to follow at the completion of the prepared remarks. Please be advised this call is being recorded at the company's request. I would now like to turn the call over to George Elston, Executive Vice President and Chief Financial Officer of EyePoint. Sir, please go ahead.

[George Elston, EVP and CFO at EyePoint]

Thank you, and thank you all for joining us on today's conference call to discuss EyePoint's third quarter 2026 financial results and recent corporate developments. With me today is Dr. Jay Duker, President and Chief Executive Officer of EyePoint. Jay will begin with a review of recent corporate updates and discuss our clinical program for DURAVYU in DME and the results from the wet AMD program. I will close with commentary on the third quarter 2026 financial results. We will then open the call for your questions, where we will be joined by Dr. Ramiro Ribeiro, our Chief Medical Officer, Mike Campbell, our Chief Commercial Officer, and Dr. Tarek Hassan, our Chief Strategic Science Officer. Earlier this morning, we issued a press release detailing our financial results and recent corporate developments. A copy of the release can be found in the Investor Relations tab on the company website, www.eyepoint.bio.

[George Elston, EVP and CFO at EyePoint]

Before we begin our formal comments, I'll remind you that various remarks we make today constitute forward-looking statements for the purposes of the Safe Harbor provisions under the Private Securities Litigation Reform Act of 1995. These include statements about our future expectations, clinical developments, and regulatory matters and timelines, the potential success of our products and product candidates, financial projections, and our plans and prospects. Actual results may differ materially from those indicated by these forward-looking statements as a result of various important factors, including those discussed in the risk factor section of our most recent annual report on Form 10-K, which is on file with the SEC, and in other filings that we have made or may make with the SEC in the future. Any forward-looking statements represent our views as of today only.

[George Elston, EVP and CFO at EyePoint]

While we may elect to update these forward-looking statements at some point in the future, we specifically disclaim any obligation to do so, even if our views change. Therefore, you should not rely on these forward-looking statements as representing our views as of any date subsequent to today. I'll now turn the call over to Dr. Jay Duker, President and Chief Executive Officer of EyePoint.

[Jay Duker, President and CEO at EyePoint]

Thank you, George. Good morning, everyone, and thank you for joining us. This has been an eventful quarter for EyePoint, and I want to begin with what is top of mind for all of us. This past August and October, we announced that our two phase III wet AMD clinical trials did not meet the primary endpoint in the full analysis population. We are deeply disappointed with this result. At the same time, these two studies generated important clinical findings about DURAVYU. Across both trials, DURAVYU consistently demonstrated biological activity as well as vision improvement, superior reduction in treatment burden, anatomic control as measured by OCT, and a favorable safety profile with repeat dosing. In the pooled analysis of both trials, the greater than 50% of DURAVYU-treated patients who went supplement-free up to week 56 manifested nominal non-inferiority in mean change in BCVA versus on-label 2-milligram of aflibercept control.

[Jay Duker, President and CEO at EyePoint]

These studies confirm that DURAVYU is active and could potentially play a role in exudative retinal disease. Following LUCIA, we acted quickly to align the organization around the program where we believe additional resources are justified by both the evidence and the potential for improving patient care. As previously mentioned, to preserve our cash runway, we are discontinuing the wet AMD program, reducing our workforce by approximately 53%, and significantly reducing our operating cost structure moving forward. Our main clinical priority now is diabetic macular edema, or DME. There are several reasons to believe DURAVYU could perform differently in DME than it did in wet AMD. Our confidence in COMO and CAPRI rests on the following points. DME and wet AMD are biologically distinct diseases.

[Jay Duker, President and CEO at EyePoint]

Wet AMD is primarily caused by macular neovascularization, or the growth of abnormal blood vessels from the choroid, with VEGF playing the central role in driving angiogenesis and vascular leakage. DME, in contrast, develops from diabetes-related injury to the retinal microvasculature and breakdown of the blood-retinal barrier due to inflammation, hyperglycemia, and other factors that result in the leakage. Intraocular biomarker data reflects this difference. Unlike in wet AMD, patients with DME typically show elevated IL-6 levels. IL-6 signaling acts not only as a biomarker but is linked to inflammation, retinal vascular dysfunction, and the breakdown of the blood-retinal barrier. Previously presented clinical data suggests that blocking both IL-6 and VEGF can potentially give better results than blocking VEGF alone in DME patients. This is directly relevant to DURAVYU because vorolanib inhibits all VEGF isoforms, the PDGF receptor, and JAK1, a key mediator of IL-6 signaling.

[Jay Duker, President and CEO at EyePoint]

Our published preclinical work demonstrates a greater than 50% reduction in IL-6 activity through JAK1 inhibition. Thus, DURAVYU has the potential to address both VEGF-driven vascular permeability and IL-6-driven inflammation with one therapy. Further evidence comes from the fact that intraocular corticosteroids effectively treat DME, but with minimal benefit in wet AMD. Studies in pseudophakic eyes demonstrate that corticosteroids exhibit similar activity to anti-VEGF biologics, despite corticosteroids acting primarily through anti-inflammatory mechanisms. EyePoint's phase II VERONA data showed equivalent vision improvement for DURAVYU and aflibercept, but DURAVYU eyes had superior reduction in CST as well as leakage, as measured by fluorescein angiography. In VERONA, 73% of DURAVYU patients remained supplement-free of anti-VEGF injections through week 24, versus 50% of the aflibercept controls. DURAVYU also demonstrated rapid efficacy, with four to five letters of vision improvement and an approximately 50-micron improvement in CST compared to aflibercept at week four.

[Jay Duker, President and CEO at EyePoint]

We believe this early improvement for patients, if confirmed in the phase III trials, will be important. We now have substantial clinical experience with DURAVYU in about 450 patients from the wet AMD phase III trials, demonstrating pharmacologic activity, durability, and safety with repeat dosing. The extensive safety experience is an important component in our confidence in DURAVYU going forward. Sustained release may be particularly advantageous for DME, as nearly 50% of patients discontinue treatment within six months. Patient age, comorbidities, treatment burden, and delayed perceived benefit contribute to undertreatment in the real world. We believe DURAVYU's potential to deliver earlier improvement with fewer injections could offer a compelling treatment profile. Taken together, the rationale for DURAVYU in DME rests on these points: the distinct biology of DME, our compelling VERONA data, and extensive DURAVYU's clinical experience showing fluid control and safety with repeat dosing.

[Jay Duker, President and CEO at EyePoint]

With a unique multi-mechanism of action, robust clinical data package, proven delivery technology, the ability to be shipped and stored at ambient temperatures, and administration via a standard intravitreal injection, DURAVYU represents a compelling and innovative product profile that has the potential to meaningfully change the treatment paradigm in DME, a $5 billion global market that includes $3 billion in the U.S. We expect to announce top-line results from both COMO and CAPRI, which enrolled over 550 patients, early in the fourth quarter of 2027. Our organization is focused on execution and delivering these results next year in order to maximize value for our shareholders and further our mission to improve the lives of patients with serious retinal diseases. Before passing it over to George to review our financials, I'd like to thank the entire EyePoint team for their commitment and perseverance to our mission.

[Jay Duker, President and CEO at EyePoint]

We are grateful to the study participants, study coordinators, and clinical investigators who enable our research. I will now turn the call over to George.

[George Elston, EVP and CFO at EyePoint]

Thank you, Jay. As the financial results for the three months ended September 30, 2026, were included in the press release issued this morning, my comments today will address the actions we are taking to align our cost structure with our strategic priorities and preserve our financial flexibility. As previously announced, we ended September 30, 2026, with approximately $118 million in cash equivalents and investments in marketable securities. We expect this runway to fund operations into late Q3 2027, excluding any potential cash flows from business development or financing activities that we may undertake or other operational savings and adjustments presently under active review. Capital discipline is now one of our highest priorities. Our objective is to preserve the resources required to obtain the pivotal DME data while delivering COMO and CAPRI to the utmost standard.

[George Elston, EVP and CFO at EyePoint]

We have multiple levers available to us to further extend our financial runway, and we are actively evaluating those opportunities to preserve strategic flexibility and maximize long-term shareholder value. Following the results of the LUCIA trial, we took decisive action to focus our financial and operational resources on the continued development of DURAVYU in DME. As part of this prioritization, we announced a workforce reduction of approximately 53%, generating $30 million in annualized savings once fully implemented, and the discontinuation of the phase III wet AMD program. These actions are intended to align our operating expenses with a more focused organization and development strategy. Our priorities are straightforward: execute COMO and CAPRI with the rigor required of pivotal clinical studies, carefully manage our financial resources, and maintain flexibility as we approach the next major clinical milestone. I will now turn the call back over to Jay for closing remarks.

[Jay Duker, President and CEO at EyePoint]

Thank you, George. We believe DURAVYU represents a potentially meaningful and valuable opportunity in DME, supported by compelling clinical evidence and strong scientific rationale. With our strategic priorities clearly defined and our resources focused on DME, we are committed to advancing this important program by delivering on the next clinical milestone, maintaining financial discipline, and creating long-term value for our shareholders. Thank you all for your attention this morning. I will now turn the call over to the operator for questions.

[Operator]

Thank you. To ask a question, please press star one one on your telephone and wait for your name to be announced. To withdraw your question, please press star one one again. As usual, we will try to get to as many questions as we can through the course of the call, but if you limit the number of questions you ask to one, it will give others a fair chance to participate. Please stand by while we compile the Q&A roster. Our first question comes from Ms. Samimy of Stifel Nicolaus. Your line is open.

[Jack Padovano, Analyst at Stifel Nicolaus]

Hi, team. This is Jack on for Annabel. Thanks for taking our question. Could you maybe speak to the variability that you expect from DME patients compared to those in wet AMD? Are you planning on making any changes, or have you already made any changes to the COMO and CAPRI trials based on what you have learned in wet AMD that could potentially better protect non-inferiority margins on the BCVA? Thanks so much.

[Jay Duker, President and CEO at EyePoint]

Yeah. Hi, Jack. Thanks for your questions. I am going to ask Dr. Ribeiro, our Chief Medical Officer, to address both those, the variability in DME and any changes we may be making in the DME protocol.

[Ramiro Ribeiro, Chief Medical Officer at EyePoint]

Thanks, Jack. First, addressing the first question about variability, we believe both COMO and CAPRI are sufficiently powered to account for any variability on the DME patient population. If you follow the recent phase III studies in DME, what we are seeing over time, over the past few years, is that the variability on BCVA for the DME patients is decreasing, and it is an effect of early diagnosis as well as more stable controlled disease. Again, I think we are adequately powered for variability in BCVA for the DME studies. The second question regarding changes in our study, of course, we did a thorough review of the programs to ensure the success of the DME studies, and we did have an amendment to update the criteria for supplemental injection.

[Ramiro Ribeiro, Chief Medical Officer at EyePoint]

Before, the threshold was a patient would receive a supplemental injection if there was a decline of 10 letters associated with an increase in CST of 50 microns. Now, with this amendment, patients are eligible for supplemental injection if there is a decline of BCVA greater than five letters from baseline study associated on the same visit, an increase in CST of 50 microns or more. We believe that those changes have the potential to preserve BCVA and help us, of course, with the primary endpoint.

[Jack Padovano, Analyst at Stifel Nicolaus]

Great. Thanks so much.

[Operator]

Thank you. Our next question comes from Mr. Khurshid of Jefferies. Your line is open.

[Zeta Doufexi, Analyst at Jefferies]

Hi. This is Zeta on for Faisal. Thank you for your comments. I had a question regarding the DME study. Is there any futility analysis planned for this one?

[Jay Duker, President and CEO at EyePoint]

Thank you for the question. Ramiro, why don't you take that question, please?

[Ramiro Ribeiro, Chief Medical Officer at EyePoint]

Yeah. Thanks for the question. We're not planning futility analysis for the DME studies. The primary endpoint is BCVA from baseline to week 52-56. As we disclosed, we expect to have those Q4 of next year.

[Zeta Doufexi, Analyst at Jefferies]

Thank you.

[Operator]

Thank you. Our next question comes from Mr. Suneja of Guggenheim. Please go ahead.

[Min Sub Lee, Analyst at Guggenheim]

Hi, guys. Thank you for taking our question. It's Min, dialing for Yatin. One quick question on the DME. DME patients are generally younger with less GA and fewer age-related issues. Do you think this enrollment reduces the risk of these non-wet AMD vision loss that you guys saw in LUGANO? Thank you.

[Jay Duker, President and CEO at EyePoint]

Yeah. Thanks for the question. Tarek Hassan, why don't you tackle that one about the differences in age and comorbidities between wet AMD and DME?

[Tarek Hassan, Chief Strategic Science Officer at EyePoint]

Sure. Thank you. An excellent question, and I think you are correct in your general premise. I think there is more homogeneity in regards to the underlying retinal status of the patients enrolled in the trial based on the inclusion criteria. There are so many variabilities seen with wet AMD patients, including the amount of fibrosis and geographic atrophy and hemorrhages, and those things are not necessarily expected in diabetic DME patients, certainly the ones enrolled in this trial. I think there are obviously some variabilities in the patients, whether it is glucose control or ischemia and some other things that are highly individualized, but over the larger populations, and as Ramiro had mentioned earlier, in today's population of diabetic patients, there are a lot less variables. I think that we would expect that the data would more accurately or more specifically address the mechanism of action on DME specifically.

[Operator]

Thank you. Our next question comes from Mr. Nochomovitz of Citigroup. Please go ahead.

[Yigal Nochomovitz, Analyst at Citigroup]

Yeah. Hi. Thank you. Just a few here. Just on the runway, it says that you have cash basically to the very end of 3Q, and the readouts for DME are 4Q. I just want to clarify if you will, in fact, need to secure additional capital to actually make it to get to COMO and CAPRI top line. That is the first question. The second one is, despite the wet AMD result, I presume you will still be using the data for the safety database from those studies to support a hopeful DME filing. Is that correct? Thank you.

[Jay Duker, President and CEO at EyePoint]

Thanks for the question, Yigal. I will take the second question first, and the answer is yes. We are going to be using the safety database from wet AMD to help inform the safety for DME. We should have greater than 300 patients with two years of data at the end of the DME trial, should they be positive, which should we expect, if positive, give us a label for reinjection indefinitely. As for the runway, George, why do not you tackle that one?

[George Elston, EVP and CFO at EyePoint]

Yeah. Thanks, Yigal, and good question. I think as we said on the call, as part of the strategic adjustment of the organization, we have and continue to actively review forward obligations for additional cost reductions and cash conservation as we focus on DME. And where we sit today, we just about get there, as we said on the call. There are multiple levers that we're evaluating, and we'll continue to update the street on cash as we go into 2027. From a management perspective, our plan is to not run out of cash and to make sure that we get the organization and the company to and through DME data next year.

[Yigal Nochomovitz, Analyst at Citigroup]

Great. Thank you.

[Operator]

Thank you. Our next question comes from Mr. Suvannavejh of Mizuho. Please go ahead.

[Graig Suvannavejh, Analyst at Mizuho]

Thank you. Good morning, and thanks for taking my questions. Just was wondering, in light of the phase III data that you got in wet AMD, you've been at various conferences this summer and fall. Wondering what the feedback has been from the retinal specialist community. And maybe as a related question, you talked about the potential to address the cash runway with potential BD opportunities, and I'm wondering what those conversations, if you can provide color, might be like, and what kind of BD, I guess, deal, would EyePoint be interested at this point? Thanks.

[Jay Duker, President and CEO at EyePoint]

Yeah. Graig, thanks for the questions. I think the first question, I think we can universally say that the retina community was really disappointed. We know that our patients could benefit from sustained release in diseases like wet AMD and DME, and there was a lot of hope and expectation that DURAVYU would be able to supply that durability with stable vision for wet AMD. The other thing that really strikes us when we talk to KOLs and, frankly, retina specialists in general, is how well the drug performed with respect to the secondary endpoints. The primary endpoint, of course, is what gets us approval. The secondary endpoints is what would get us commercial success. The safety, the reduction in treatment burden, the excellent control of the fluid were all points that the retina community was really looking for.

[Jay Duker, President and CEO at EyePoint]

Many of the retina specialists told us in conversation that if this drug were approved with the profile they saw in LUGANO and LUCIA, they would use it. So, I think the overriding feeling, frankly, across the board with everybody involved was really disappointment. Mike Campbell, perhaps you could expound a little bit on the commercial potential if we were able to get the drug approved in wet AMD based on the secondary endpoints?

[Mike Campbell, Chief Commercial Officer at EyePoint]

Sure. Yes. I said in the comments, there's about a $5 billion global opportunity with a little more than $3 billion in the U.S. If you look at the patient population, it's about 50% of those DME patients are actually working-age adults. So, the treatment burden is actually exponentially higher in DME than it is in AMD. These working adults taking off time from work and getting to appointments. Where it really shows up in the data is the discontinuation rate within DME patients. About 52% of these patients discontinue within one year of starting treatment. So, there is a true burden of profile like DURAVYU, where our LUGANO and LUCIA data showed that we could reduce treatment burden, and not only do it, but do it in a superior fashion compared to Eylea. I think if approved, this profile fits actually ideally within DME.

[Jay Duker, President and CEO at EyePoint]

Oh, thanks, Mike. In the second question about business development, I'm going to say two things, really at the highest level. The first is, we are going to proceed in a path that has the best opportunity to give our investors value. That's number one. Number two is we're leaving no stone unturned here. Obviously, by our current market cap, the investment community is not really taking into account what we believe is a real opportunity in DME. Our conversations with others suggest that DME is a real possibility, along with potentially, should we be able to identify a subgroup of patients or biomarker from the wet AMD data that might suggest the ability to have a successful trial, the possibility of trying to get approval in wet AMD again. So, we are leaving no stone unturned here, Graig, and talking to any number of potential supporters.

[Operator]

Thank you. Our next question comes from Mr. Jen of Laidlaw. Please go ahead.

[Yale Jen, Analyst at Laidlaw]

Good morning, and thanks for taking the questions. We have two here. The first one is that in terms of the COMO and the CAPRI, when you report the data in fourth quarter, would you report them at the same time or separately? Then I have a quick follow-up.

[Jay Duker, President and CEO at EyePoint]

Thanks for the question, Yale. Our plan is to report them simultaneously. The studies both ended within days of each other, and therefore, the current plan would be to report them simultaneously, and that looks to be on track for early in the fourth quarter of 2027.

[Yale Jen, Analyst at Laidlaw]

Okay, and thanks. The other one is that you just mentioned in terms of the subgroup analysis of wet AMD study data. Any elaboration you can offer at this point? Thanks.

[Jay Duker, President and CEO at EyePoint]

Yeah, with no elaboration at this point in the subgroup analysis. We want to, of course, be as sure as we can before we come out publicly with any findings as to specific biomarkers that would suggest success or failure with DURAVYU, or other demographics or other pieces of data that we're looking at. We have quite a bit of data to go through, and again, I mentioned this with respect to going forward, building value. We're leaving no stone unturned here. We believe that if approved, DURAVYU could help many patients with wet AMD, and so the question is there a pathway forward in wet AMD? At the same time, we remain quite confident in DME.

[Yale Jen, Analyst at Laidlaw]

Okay. Great, thanks, and best of luck.

[Operator]

Thank you. Our next question comes from Ms. Chatterjee of JonesTrading. Please go ahead.

[Debanjana Chatterjee, Analyst at JonesTrading]

Thank you so much for taking my question. If you identify a subgroup of patients that are actually benefiting from DURAVYU more than the aflibercept arm, would you fall back on a similar trial design? Or if you think of a new trial in wet AMD, would you consider a different design for that?

[Jay Duker, President and CEO at EyePoint]

I think it's an excellent question, and we need to have the data first as to what might be new inclusion/exclusion criteria or a different design of a trial that may get us approval. The first part of the answer is find what I've referred to as the smoking gun or smoking guns. Once we have that, if we can define it clearly, then I think the trial design follows, and obviously, we would want to run something that has a high probability of success. We're, again, open to a variety of potential changes in the protocol, but not committing to anything right now until, in fact, we find enough scientific evidence that would make it a low-risk trial to run.

[Debanjana Chatterjee, Analyst at JonesTrading]

Makes sense. A quick follow-up on the design. How do you think it might influence the outcome if you measure the change from instead of measuring the change from baseline in BCVA, like your baseline starts after the three loading doses versus before the three loading doses?

[Jay Duker, President and CEO at EyePoint]

Yes, so that's a good question, and that really gets back to the regulatory requirements for a wet AMD trial. First of all, the FDA is clear that they want to see randomization on day one. While a run-in is possible, which might enrich the database or the population, one also needs to be cognizant that if you select for a very small subgroup of patients after a run-in, the risk you take is that the control arm will not behave similarly to the control arms that gave us the non-inferiority margin. This is a regulatory question, and while I wouldn't say that a run-in would be not in the cards, I think we would obviously discuss it quite extensively with the agency before we went forward with something like that.

[Debanjana Chatterjee, Analyst at JonesTrading]

Thanks for the color.

[Operator]

Thank you. Our next question comes from Ms. Walter of RBC. Your line is open.

[Lisa Walter, Analyst at RBC]

Oh, good morning, and thanks for taking our question. Just wondering, can you walk us through what inspired you to change the DME rescue criteria, and was this in response to the LUGANO/LUCIA studies? As well, are you monitoring any blinded data in COMO and CAPRI, for instance, safety or rate of rescue injections? Any color here would be helpful.

[Jay Duker, President and CEO at EyePoint]

Yeah, thanks, Lisa. First of all, the decision we have, of course, with respect to rescue or supplemental injections has to do with the fact that we're supplementing with a different drug, not our drug. Therefore, it's quite clear that if, in any trial, if the number of supplements is extensive, the statistical analysis may suggest that any good visual outcome would be attributed to the supplements as opposed to the study drug. On the other side, the fewer the supplements, the better the potential for commercial uptake. So it's a bit of threading a needle. Of course, when you think about only five letters of change, that's one line in an eye chart. That's not a lot of change, and especially in a group of patients where their vision can be variable from one visit to the next.

[Jay Duker, President and CEO at EyePoint]

That's a little bit of background about supplements. But the decision to make the change was to try to protect the non-inferiority margin.

[Operator]

Thank you. Our next question comes from Mr. Seedhouse from Cantor. Please go ahead.

[Steven Seedhouse, Analyst at Cantor]

Yeah, great. Thanks so much. Wanted to follow up on the DME trial protocol. So one of the features here, it looks like there is two additional Eylea loading doses in the control arm of the COMO and CAPRI studies, that are not in the DURAVYU arm. There is matching shams in the DURAVYU arm, and that is different from wet AMD obviously, where the number of loading doses was equal. So do you think that makes meeting non-inferiority here sort of even more of an uphill battle in the DME trials, or what would be your response, I guess, to that argument or concern? Thanks.

[Jay Duker, President and CEO at EyePoint]

Yeah. So Steve, that trial design came from two factors. The first factor is the FDA insists that if you are running a non-inferiority trial, and you can only run it against the control group of 2-milligram Eylea or Lucentis, and you have to run it on label. On label 2-milligram Eylea for DME is five monthly injections, and then every other month. So, that trial design for the control arm comes directly from requirements of the FDA. With respect to Eylea in the study arm, remember in VERONA, our phase II trial, where we got excellent results as early as week four, we only gave those active diabetic patients a single injection of Eylea 30 minutes before they got DURAVYU.

[Jay Duker, President and CEO at EyePoint]

So we believe that two additional injections of Eylea, when you look at the visual acuity improvements and the OCT improvements curves in DME, will be sufficient to give us non-inferiority, as well as the important reduction in treatment burden, which we would expect to see and hope to see also.

[Steven Seedhouse, Analyst at Cantor]

Okay. Thanks, Jay.

[Operator]

Thank you. Ladies and gentlemen, thank you for participating in today's conference. This does conclude your program, and you may now disconnect. Everyone, have a great day.

Participants

Executives

• Jay Duker, President and CEO
• Ramiro Ribeiro, Chief Medical Officer

Analysts

• George Elston, EVP and CFO at EyePoint
• Jack Padovano, Analyst at Stifel Nicolaus
• Zeta Doufexi, Analyst at Jefferies
• Min Sub Lee, Analyst at Guggenheim
• Tarek Hassan, Chief Strategic Science Officer at EyePoint
• Yigal Nochomovitz, Analyst at Citigroup
• Graig Suvannavejh, Analyst at Mizuho
• Mike Campbell, Chief Commercial Officer at EyePoint
• Yale Jen, Analyst at Laidlaw
• Debanjana Chatterjee, Analyst at JonesTrading
• Lisa Walter, Analyst at RBC
• Steven Seedhouse, Analyst at Cantor