EyePoint（EYPT.US）：湿性AMD遭遇两次挫折后评级下调至低配

All in all, given that the first phase 3 trial (LUGANO) evaluating Duravyu in wet AMD failed to achieve the primary endpoint of statistical non-inferiority in mean change in BCVA vs on-label 2mg aflibercept control (see our prior note here), we are not entirely surprised by this morning’s outcome, with the second phase 3 trial (LUCIA) in the same indication similarly failing to achieve the primary endpoint. As such, we see shares remaining under pressure in the medium term. Looking ahead, EyePoint has deprioritized development in wet AMD and intends to focus instead on advancing the ongoing phase 3 COMO and CAPRI trials for Duravyu in diabetic macular edema (DME), with topline data from the trials expected in 4Q27. Although wet AMD and DME are indeed different indications, we see this as a show-me asset at this point pending derisking data from the phase 3 trials in DME. We also struggle with the lack of other near-term value drivers and EyePoint’s future cash needs (though we note tha