Ocular Therapeutix shares rose 6.32% to $10.81 after EyePoint said its Phase 3 LUGANO trial of Duravyu in wet age-related macular degeneration missed the primary visual acuity non-inferiority endpoint versus 2 mg aflibercept, although key secondary endpoints and safety measures were met. EyePoint said the result was influenced by a 4% subgroup of nine patients with vision loss unrelated to wet AMD; in an ad hoc analysis excluding them, Duravyu was non-inferior, while treatment burden fell 42%, 76% of patients were supplement-free through Week 32, and 54% were supplement-free through Week 56. EyePoint shares fell 66.78% after the August 17 data release and were down 70.24% to $3.97 at publication, while China partner Betta Pharmaceuticals hit its 20% daily limit down at 55.72 yuan, leaving its China filing path dependent on the ongoing LUCIA study and talks with regulators. Analysts said the readout still supports the tyrosine kinase inhibitor class but raises regulatory risk for Duravyu and sharpens focus on Ocular's Axpaxli program, which is targeting a fourth-quarter 2026 FDA New Drug Application.