EyePoint Pharmaceuticals reported that Duravyu (vorolanib intravitreal insert) failed to meet its Phase 3 LUGANO primary goal of non-inferiority versus aflibercept (Eylea) in wet age-related macular degeneration. The outcome undercuts EyePoint’s plan to seek regulatory approval using a less frequent injection regimen. Updated investor reactions show how primary endpoint misses can quickly reprice late-stage development risk, particularly when the competitive benchmark remains Eylea. EyePoint still references ongoing thinking about the program, but the failed study narrows the near-term approval pathway. For retina and ophthalmic biotech, the readout emphasizes the sensitivity of competitive value to durability and injection burden in late-stage programs.