EyePoint, Inc. (Nasdaq: EYPT) reported financial results for the third quarter ended September 30, 2026, and announced a strategic pivot to focus its resources on its diabetic macular edema (DME) program.

For the quarter, total net revenue was $0.8 million, compared to $1.0 million in the same period in 2025. The company reported operating expenses of $97.6 million for the quarter, a significant increase from $63.0 million in the prior year, primarily due to ongoing Phase 3 clinical trials. Net loss for the quarter was $95.6 million, or ($1.07) per share.

As of September 30, 2026, the company held $118 million in cash, cash equivalents, and marketable securities. This represents a decrease from $306 million as of December 31, 2025. EyePoint stated that its current cash position, combined with a subsequent $10 million capital raise and anticipated operational adjustments, is expected to fund operations into the late third quarter of 2027.

The company announced a strategic prioritization following the disappointing results of its Phase 3 wet age-related macular degeneration (wet AMD) trials. The Board of Directors approved a plan to conclude the wet AMD program while extending financial resources to the DME program. This restructuring includes an approximately 53% workforce reduction and associated operational adjustments, which are expected to generate an estimated $30 million in annualized savings.

Regarding its DME program, EyePoint highlighted the positive results from the Phase 2 VERONA trial. In that trial, DURAVYU 2.7 mg met the primary endpoint, showing a +7.1-letter improvement in best-corrected visual acuity and a 76-micron reduction in central subfield thickness at Week 24. Additionally, 73% of patients remained supplement-free through Week 24 compared to 50% in the aflibercept control arm.

The company is currently enrolling patients in the pivotal Phase 3 COMO and CAPRI trials for DME, with a total of over 550 patients enrolled. Topline data for these trials is anticipated early in the fourth quarter of 2027.

In contrast, the Phase 3 LUGANO and LUCIA trials for wet AMD did not achieve the primary endpoint of statistical non-inferiority in mean change in visual acuity versus aflibercept. However, the company noted that DURAVYU achieved key secondary endpoints, including a superior reduction in treatment burden, with a favorable safety profile.