EyePoint, a Massachusetts‑based developer of ophthalmic medicines, filed a WARN notice indicating that it will eliminate 105 positions across its Northbridge and Watertown locations. The combined layoffs represent roughly 53% of the company’s total employment and are slated to occur between Dec. 31, 2026 and Jan. 31, 2027.
Why the cuts are happening
The company’s board approved the reductions on Oct. 17 after the second of two late‑stage trials of its drug Duravyu for age‑related macular degeneration failed to meet its primary endpoint, according to a filing with the U.S. Securities and Exchange Commission. With the trial’s outcome, EyePoint is shifting its focus to Duravyu as a potential treatment for diabetic macular edema, a vision‑threatening condition linked to diabetes.
Financial impact and next steps
EyePoint estimates it will spend about $9 million on severance and related costs. The restructuring is projected to save roughly $30 million annually. As of Sept. 30, the company reported about $118 million in cash and short‑term investments.
President and CEO Jay S. Duker said, “Decisions involving a reduction in our workforce are exceptionally difficult,” in a company announcement on Oct. 19. He added that the firm expects most of the layoffs to be completed before the end of the year, with the remainder finishing in the first half of 2027.
Local context
The Northbridge plant, a 40,000‑square‑foot facility unveiled in January 2023, was built with roughly $1.9 million in state and local incentives tied to job creation. The layoffs will affect workers in both Northbridge and nearby Watertown, two communities that have welcomed EyePoint’s presence as a boost to the regional biotech sector.
Massachusetts’ MassHire Rapid Response program, which assists employers and displaced workers, is available to help those impacted by the cuts. The program offers job‑search resources, training opportunities, and connections to other employers in the area.
What’s next for EyePoint
EyePoint plans to release results from two late‑stage trials of Duravyu for diabetic macular edema in the fourth quarter of 2027. The company hopes the new focus will restore confidence among investors and preserve the remaining jobs at its facilities.
While the layoffs are a setback for the local workforce, the company’s pivot to a different indication may ultimately sustain its operations and keep the Northbridge plant active in the long term.
Original reporting: This Week in Worcester — read the source article.
