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After its second trial miss, EyePoint was valued at about a third of its estimated cash

EyePoint said on Oct. 19 its second late-stage trial in wet AMD, an eye disease, missed its main goal, and it is cutting about 53% of its jobs. Its filings show shrinking cash and two trials due in late 2027.

KeyVex News··5 min readFact-checked against 11 public records
KeyVex News··5 min readFact-checked against 11 public records
EYPT$0.44▼ 85.3%Close, Oct. 19. Prices from Tiingo.
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  1. A company's stock is usually worth more than its cash, because buyers also pay for what it might earn. At the Oct. 19 close, EyePoint was worth about a third of its estimated cash.
  2. Not all that cash belongs to shareholders: EyePoint had $61.8 million of liabilities at June 30. Subtract them, and the cash estimate is still above the market value, by KeyVex's math.
  3. Its cash fell about $62 million in the third quarter, by KeyVex's math, even though it raised about $17.5 million selling new stock in July.
  4. In August, EyePoint said its money would fund operations into the fourth quarter of 2027. Its Oct. 19 releases don't repeat that.
  5. Next on the record: most of the job cuts in the fourth quarter, and results from COMO and CAPRI, its two diabetic eye trials, in the fourth quarter of 2027.

The trial: EyePoint said before the market opened on Oct. 19 that LUCIA, the second of two late-stage trials of its eye drug Duravyu in wet age-related macular degeneration, missed its main goal.8-K The trial had to show Duravyu, given every six months, kept vision about as well as aflibercept, a standard eye injection given every eight weeks. Patients on Duravyu gained 2.5 letters on an eye chart; those on aflibercept gained 6.1. EyePoint's slides put the gap at 3.7 letters, and the statistical range around it reached past the 4.5 letters the trial allowed.Deck

The cuts: The same morning, EyePoint said its board had approved cutting about 53% of its workforce and ending the wet AMD trials early.8-K The stock closed that day at $0.44, down 85% from its Oct. 16 close of $2.99. It was the lowest split-adjusted close in KeyVex's price data, which goes back to 2005.Chart data

Why it matters: At that price, the whole company was worth about $39 million, by KeyVex's math.10-Q EyePoint estimates it held about $118 million of cash and short-term investments on Sept. 30.8-K Its remaining late-stage trials, in a different eye disease, are expected to report in the fourth quarter of 2027.8-K

EyePoint's stock and the story's key datesDaily close, Oct. 1, 2025 to Oct. 19, 2026 ▼ 96.6%Show chartHide chart
EyePoint's stock and the story's key datesDaily close as traded. Numbered dots mark the story's key dates, not what moved the stock. Story shows Oct. 1, 2025 to Oct. 19, 2026; switch ranges, compare with the Nasdaq 100, or show the filing markers from KeyVex's EyePoint page.
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EyePoint, Inc. · Nasdaq
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Daily closes as traded, adjusted for the Dec. 9, 2020 split · Close Prices from Tiingo.comColored dots are filings · White numbered dots are the news in this story · EYPT on KeyVex
  1. 1March 4, 2026 EyePoint reports $306 million of cash at the end of 2025. It says the money will fund operations into the fourth quarter of 2027.
  2. 2Aug. 5, 2026 Cash is $180 million at June 30. The same line: operations funded into the fourth quarter of 2027.
  3. 3Aug. 17, 2026 LUGANO, the first wet AMD trial, misses its main goal. The stock closes at $4.87, from $14.75 on Aug. 14.
  4. 4Sept. 10, 2026 An investor deck targets a wet AMD filing in the first half of 2027. Provided LUCIA's results were positive; it lists the LUCIA data as expected in the fourth quarter of 2026.
  5. 5Oct. 19, 2026 LUCIA misses; EyePoint cuts about 53% of jobs. The stock closes at $0.44, from $2.99.
View the data (264 trading days)
DateCloseDay change
2026-10-19$0.44−85.3%
2026-10-16$2.99−4.8%
2026-10-15$3.14+4.3%
2026-10-14$3.01−2.0%
2026-10-13$3.07−7.5%
2026-10-12$3.32−2.4%
2026-10-09$3.40−1.7%
2026-10-08$3.46+4.2%
2026-10-07$3.32+4.7%
2026-10-06$3.17+0.6%
2026-10-05$3.15−3.1%
2026-10-02$3.25+0.6%
2026-10-01$3.23−1.2%
2026-09-30$3.27−4.4%
2026-09-29$3.42+3.3%
2026-09-28$3.31−8.6%
2026-09-25$3.62−0.8%
2026-09-24$3.65−1.9%
2026-09-23$3.72−8.6%
2026-09-22$4.07+1.2%
2026-09-21$4.02+4.4%
2026-09-18$3.85−3.5%
2026-09-17$3.99+15.7%
2026-09-16$3.45−5.7%
2026-09-15$3.66−13.9%
2026-09-14$4.25+0.5%
2026-09-11$4.23−0.5%
2026-09-10$4.25−2.1%
2026-09-09$4.34−4.8%
2026-09-08$4.56−0.4%
2026-09-04$4.58+0.3%
2026-09-03$4.57−4.7%
2026-09-02$4.79+4.6%
2026-09-01$4.58+1.8%
2026-08-31$4.50+0.4%
2026-08-28$4.48−3.2%
2026-08-27$4.63−7.2%
2026-08-26$4.99−0.3%
2026-08-25$5.00+2.8%
2026-08-24$4.87−8.5%
2026-08-21$5.32−1.5%
2026-08-20$5.40−14.3%
2026-08-19$6.30+15.2%
2026-08-18$5.47+12.3%
2026-08-17$4.87−67.0%
2026-08-14$14.75+9.4%
2026-08-13$13.48−0.4%
2026-08-12$13.53+3.7%
2026-08-11$13.05−0.2%
2026-08-10$13.07−5.9%
2026-08-07$13.89+8.3%
2026-08-06$12.83+4.7%
2026-08-05$12.25+5.0%
2026-08-04$11.67−6.0%
2026-08-03$12.42+1.4%
2026-07-31$12.25−4.7%
2026-07-30$12.86+7.9%
2026-07-29$11.92−0.3%
2026-07-28$11.96−3.6%
2026-07-27$12.41+1.8%
2026-07-24$12.19−2.2%
2026-07-23$12.47−1.5%
2026-07-22$12.66−3.0%
2026-07-21$13.05+3.1%
2026-07-20$12.66−4.8%
2026-07-17$13.30+2.0%
2026-07-16$13.04−5.8%
2026-07-15$13.85+0.9%
2026-07-14$13.73−3.9%
2026-07-13$14.28−3.0%
2026-07-10$14.72−0.8%
2026-07-09$14.84+5.9%
2026-07-08$14.01−0.1%
2026-07-07$14.02−2.9%
2026-07-06$14.44+3.3%
2026-07-02$13.98+5.9%
2026-07-01$13.20−7.7%
2026-06-30$14.30+1.3%
2026-06-29$14.11+3.3%
2026-06-26$13.66−0.4%
2026-06-25$13.71−4.8%
2026-06-24$14.40+0.1%
2026-06-23$14.38+4.7%
2026-06-22$13.73+1.1%
2026-06-18$13.58+3.3%
2026-06-17$13.15+2.1%
2026-06-16$12.88+6.6%
2026-06-15$12.08−7.3%
2026-06-12$13.03+4.2%
2026-06-11$12.50+1.4%
2026-06-10$12.33+4.8%
2026-06-09$11.77+2.8%
2026-06-08$11.45−2.8%
2026-06-05$11.78−3.9%
2026-06-04$12.26−0.6%
2026-06-03$12.34−1.5%
2026-06-02$12.53−4.7%
2026-06-01$13.15−3.2%
2026-05-29$13.58+0.6%
2026-05-28$13.50+2.6%
2026-05-27$13.16−1.4%
2026-05-26$13.35+3.2%
2026-05-22$12.93+1.2%
2026-05-21$12.78+2.2%
2026-05-20$12.50+5.8%
2026-05-19$11.82+1.0%
2026-05-18$11.70−5.3%
2026-05-15$12.35−6.7%
2026-05-14$13.24−1.4%
2026-05-13$13.43−1.4%
2026-05-12$13.62−2.6%
2026-05-11$13.98+2.3%
2026-05-08$13.66+1.9%
2026-05-07$13.41+0.4%
2026-05-06$13.35−2.9%
2026-05-05$13.75−0.7%
2026-05-04$13.85+3.8%
2026-05-01$13.34+1.1%
2026-04-30$13.20+2.6%
2026-04-29$12.86−4.5%
2026-04-28$13.47−1.0%
2026-04-27$13.60−1.2%
2026-04-24$13.77−0.5%
2026-04-23$13.84−2.8%
2026-04-22$14.24+0.9%
2026-04-21$14.11−6.4%
2026-04-20$15.07+0.9%
2026-04-17$14.93+0.8%
2026-04-16$14.81+1.2%
2026-04-15$14.63+2.0%
2026-04-14$14.34−1.2%
2026-04-13$14.52+2.3%
2026-04-10$14.19−0.3%
2026-04-09$14.23+0.4%
2026-04-08$14.17+4.4%
2026-04-07$13.57+3.5%
2026-04-06$13.11−2.2%
2026-04-02$13.40+2.9%
2026-04-01$13.02+1.0%
2026-03-31$12.89+8.8%
2026-03-30$11.85−5.2%
2026-03-27$12.50−4.3%
2026-03-26$13.06+0.1%
2026-03-25$13.05+3.7%
2026-03-24$12.59−1.9%
2026-03-23$12.83−3.0%
2026-03-20$13.23−4.1%
2026-03-19$13.79+1.1%
2026-03-18$13.64−1.9%
2026-03-17$13.90+3.3%
2026-03-16$13.45+1.9%
2026-03-13$13.20−5.9%
2026-03-12$14.03−6.0%
2026-03-11$14.92−3.4%
2026-03-10$15.44−1.5%
2026-03-09$15.67−0.5%
2026-03-06$15.75−0.1%
2026-03-05$15.76−12.4%
2026-03-04$18.00−1.7%
2026-03-03$18.32−0.1%
2026-03-02$18.34+4.4%
2026-02-27$17.56−1.7%
2026-02-26$17.86+0.6%
2026-02-25$17.76+4.2%
2026-02-24$17.05−0.1%
2026-02-23$17.07+11.4%
2026-02-20$15.33+4.3%
2026-02-19$14.70+2.4%
2026-02-18$14.36−3.7%
2026-02-17$14.91+15.2%
2026-02-13$12.94−0.5%
2026-02-12$13.01+1.2%
2026-02-11$12.85−6.3%
2026-02-10$13.72−2.5%
2026-02-09$14.07+5.8%
2026-02-06$13.30+4.5%
2026-02-05$12.73+3.2%
2026-02-04$12.33−3.7%
2026-02-03$12.80−3.7%
2026-02-02$13.29−1.7%
2026-01-30$13.52−8.3%
2026-01-29$14.75−1.9%
2026-01-28$15.04−4.9%
2026-01-27$15.81+2.3%
2026-01-26$15.45+1.8%
2026-01-23$15.18−7.1%
2026-01-22$16.34+5.2%
2026-01-21$15.53−0.1%
2026-01-20$15.54+3.1%
2026-01-16$15.08−4.8%
2026-01-15$15.84−0.5%
2026-01-14$15.92−0.1%
2026-01-13$15.93−0.1%
2026-01-12$15.94−1.8%
2026-01-09$16.23−5.0%
2026-01-08$17.08−1.7%
2026-01-07$17.37+3.0%
2026-01-06$16.86−3.3%
2026-01-05$17.43−0.3%
2026-01-02$17.48−4.3%
2025-12-31$18.27+2.1%
2025-12-30$17.89−1.7%
2025-12-29$18.20−0.5%
2025-12-26$18.29+0.2%
2025-12-24$18.26−0.7%
2025-12-23$18.38−2.5%
2025-12-22$18.85+8.1%
2025-12-19$17.43+2.2%
2025-12-18$17.06+2.4%
2025-12-17$16.66−1.6%
2025-12-16$16.93+3.2%
2025-12-15$16.40+2.6%
2025-12-12$15.99−0.7%
2025-12-11$16.10−3.7%
2025-12-10$16.72−2.1%
2025-12-09$17.08−4.2%
2025-12-08$17.82+0.5%
2025-12-05$17.74+6.1%
2025-12-04$16.72+15.2%
2025-12-03$14.52+6.1%
2025-12-02$13.69−4.0%
2025-12-01$14.26−3.8%
2025-11-28$14.83+0.3%
2025-11-26$14.79+0.3%
2025-11-25$14.74+2.4%
2025-11-24$14.40+5.3%
2025-11-21$13.68+0.3%
2025-11-20$13.64−4.5%
2025-11-19$14.28+2.3%
2025-11-18$13.96+6.3%
2025-11-17$13.13+13.4%
2025-11-14$11.58+0.6%
2025-11-13$11.51−4.0%
2025-11-12$11.99+3.0%
2025-11-11$11.64+2.6%
2025-11-10$11.35+1.2%
2025-11-07$11.21+1.2%
2025-11-06$11.08+0.6%
2025-11-05$11.02−11.1%
2025-11-04$12.39−0.5%
2025-11-03$12.45−4.9%
2025-10-31$13.09+7.2%
2025-10-30$12.21+4.1%
2025-10-29$11.73−4.2%
2025-10-28$12.25+1.2%
2025-10-27$12.11+1.1%
2025-10-24$11.98+4.2%
2025-10-23$11.50+0.4%
2025-10-22$11.45−3.0%
2025-10-21$11.81−1.8%
2025-10-20$12.03+3.4%
2025-10-17$11.63+0.7%
2025-10-16$11.55−1.5%
2025-10-15$11.73−10.9%
2025-10-14$13.16−1.3%
2025-10-13$13.34−1.7%
2025-10-10$13.57−2.9%
2025-10-09$13.97+0.7%
2025-10-08$13.88+4.8%
2025-10-07$13.25−2.7%
2025-10-06$13.62−0.8%
2025-10-03$13.73+1.7%
2025-10-02$13.50+4.5%
2025-10-01$12.91

The stock fell 67% on Aug. 17, the day EyePoint reported the first trial, and 85% on Oct. 19. Source: Tiingo end-of-day closes, as traded, via KeyVex.

Two trials, two misses

The first trial, LUGANO, missed its main goal in its full set of patients on Aug. 17. EyePoint tied that to nine patients who lost vision for reasons other than wet AMD.8-K The stock fell from $14.75 to $4.87 that day.Chart data

On Sept. 10, after LUGANO's miss, an EyePoint investor deck still said a wet AMD FDA filing was "targeted for 1H 2027," the first half of the year, provided LUCIA's results were positive. It expected LUCIA's data in the fourth quarter.Deck LUCIA, with 475 patients, met some secondary goals, including what EyePoint called a 38% reduction in "treatment burden."8-K EyePoint said it will analyze both trials further to decide next steps in wet AMD.8-K

How fast the money went

EyePoint had about $306 million of cash and investments at the end of 2025.Q4 release It fell to $223 million by March 31 and $180.5 million by June 30.Q1 release10-Q The Sept. 30 estimate, about $118 million, is about $62 million lower again.8-K The drop came even after EyePoint raised about $17.5 million in July, selling 1.2 million new shares through a program that sells stock into the market. It has had the program since 2020 and also used it in the second quarter.10-Q

EyePoint's cash and investments fell by more than half in 2026Cash, cash equivalents and investments at each quarter end, in millions of dollars
View the data
Quarter endCash and investmentsNote
Dec. 31, 2025$306MCash, cash equivalents and investments, Q4 2025 results release
March 31, 2026$223MQ1 2026 results release
June 30, 2026$180.5MForm 10-Q
Sept. 30, 2026$118MPreliminary estimate, "approximately $118 million", Oct. 19 release

The Sept. 30 figure is EyePoint's preliminary estimate; its auditors had not reviewed it. Sources: EyePoint results releases, Form 10-Q and Oct. 19 release.

8-K, Exhibit 99.1Second quarter 2026 resultsEyePoint, Inc. · accepted Aug. 5, 2026, 7:05 a.m. ET
We expect the cash, cash equivalents, and marketable securities as of June 30, 2026, will enable us to fund operations into the fourth quarter of 2027 beyond key milestones for the Phase 3 wet AMD program in 2026.
From EyePoint's Aug. 5, 2026 results release. The highlight is KeyVex's.

EyePoint estimates the cuts will save about $30 million a year. They will cost about $9 million in severance, most of it in the fourth quarter.8-K8-K

What the market price says

The $39 million counts the 86.2 million shares EyePoint reported on July 31 and 2.6 million pre-funded warrants, at $0.44.10-QChart data Not all of the cash belongs to shareholders: at June 30, EyePoint had $61.8 million of liabilities.10-Q Even net of those, its Sept. 30 cash estimate was above its market value, by KeyVex's math.

EyePoint's cash, liabilities and market valueShow chartHide chart
EyePoint's cash, liabilities and market valueIn millions of dollars; dates differ by measure
View the data
MeasureAmountNote
Cash and short-term investments (Sept. 30, 2026, company estimate)$118.0MApproximately $118 million, preliminary and unreviewed
Total liabilities (June 30, 2026, Form 10-Q)$61.8M$61,780 thousand
Stock market value (Oct. 19, 2026 close, KeyVex's math)$39.1M88,803,047 shares and pre-funded warrants x $0.44 = $39.07 million

Market value counts shares outstanding on July 31 and pre-funded warrants at June 30, times the Oct. 19 close (KeyVex's math). Sources: EyePoint Form 10-Q and Oct. 19 release; Tiingo closes via KeyVex.

Chief executive Jay Duker said the company believes Duravyu is "well positioned to potentially deliver stable vision with fewer injections" in diabetic macular edema (DME), a diabetes-related eye disease.8-K Its two trials there, COMO and CAPRI, enrolled 551 patients and are due to report in the fourth quarter of 2027.8-K

Ophthalmology Times, a trade publication for eye doctors, wrote on Oct. 20 that the DME case "rests mainly on" VERONA, a mid-stage trial that enrolled 27 patients. It called Duker's reasoning "plausible, but it has not been tested."Ophthalmology Times

Neither Oct. 19 release says how long the remaining cash will last.8-K8-K When it last said in its filings, in August and before the job cuts, EyePoint expected the money to fund operations into the fourth quarter of 2027, the quarter COMO and CAPRI are expected to report.Q2 release

What to watch

  1. Most of the job cuts, and most of the about $9 million in severance charges, per EyePoint's Oct. 19 filing.

  2. The workforce reduction is to be completed.

  3. The last of the severance charges are to be recognized.

  4. Topline results from COMO and CAPRI, the two trials in diabetic macular edema.

The paper trail

EyePoint filings cited in this story, March 4 through Oct. 19, 2026, with the time EDGAR accepted each one where it matters.

Filed (ET)FormFilerWhat it shows
March 48-KEyePointQ4 2025 results: $306 million of cash and investments; funded into the fourth quarter of 2027.
May 68-KEyePointQ1 2026 results: $223 million; the same runway sentence.
Aug. 5, 7:05 a.m.8-KEyePointQ2 2026 results: $180 million; the same runway sentence.
Aug. 5, 4:05 p.m.10-QEyePoint86,212,138 shares outstanding July 31; 2,590,909 pre-funded warrants; $61.8 million of liabilities; July stock sales of 1,208,718 shares.
Aug. 178-KEyePointLUGANO topline: primary endpoint not met in the full dataset.
Sept. 10, 7:05 a.m.8-KEyePointInvestor deck: wet AMD FDA filing targeted for the first half of 2027.
Oct. 19, 7:05 a.m.8-KEyePointLUCIA topline: primary endpoint not met. Deck with the 2.5 vs. 6.1 letter results.
Oct. 19, 9:22 a.m.8-KEyePointBoard plan approved Oct. 17: about 53% of jobs cut, wet AMD trials ended early, about $118 million of cash at Sept. 30.

Sources

14 sources, 11 of them public records

How we got these numbers

  • Prices are end-of-day closes as traded, not adjusted for dividends. Daily moves are close to close. Closes before Dec. 9, 2020 are adjusted for a share split on that date, in the chart and in the low: as traded, closes in 2020 before the split were below $0.44; split-adjusted, $0.44 is the lowest close in KeyVex's data, which starts Jan. 27, 2005. The Filings switch shows the filing markers from KeyVex's EyePoint page, a selection of insider sales, Form 144 notices and 8-Ks: not every filing, and not only those tied to this story.
  • Market value is KeyVex's math: 86,212,138 shares outstanding on July 31, 2026, plus 2,590,909 pre-funded warrants outstanding at June 30, 2026 (88,803,047 in all), times the Oct. 19 close of $0.44, or $39.07 million. Counting common shares alone gives $37.9 million. EyePoint may have issued or retired shares since those dates.
  • The Sept. 30 cash figure is EyePoint's preliminary estimate, "approximately $118 million" of cash, cash equivalents and short-term investments, which its auditors had not reviewed. The third-quarter decline, about $62 million, is $180.5 million at June 30 less that estimate, and is net of about $17.5 million (gross) raised from July stock sales.
  • Cash net of liabilities is KeyVex's math across two dates: the Sept. 30 cash estimate (about $118 million) less total liabilities at June 30 ($61.8 million), about $56 million, against a market value of about $39 million. EyePoint has not reported Sept. 30 liabilities.
  • The 2.5, 6.1 and 3.7 letter figures are least-squares means from EyePoint's Oct. 19 presentation, as printed there; the 3.7 difference is EyePoint's, as printed; it does not equal 6.1 minus 2.5, likely because of rounding. They are preliminary, pending final analysis.

How KeyVex News works. Our stories are researched, drafted and checked with AI tools from public records. Every figure is checked against the filing it cites, and each story passes a final review before publication. Corrections are made in place and noted at the top of the story.

KeyVex News reports on public records. Nothing here is investment advice or a recommendation to buy or sell any security. Close prices from Tiingo.com.

The image shown with this story is AI-generated.

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