Forza LUGANO: Ph3 Stats Deep Dive Points to High POS *SLIDES*

Research evidence excerpt

Forza LUGANO: Ph3 Stats Deep Dive Points to High POS *SLIDES*

USA | Biotechnology

EyePoint Pharmaceuticals Inc EquityJuneResearch11, 2026

ESTIMATE CHANGEForza LUGANO: Ph3 Stats Deep Dive Points to

RATING BUYHigh POS *SLIDES*

PRICE $12.33^

EYPT expects Ph3 wet AMD data for LUGANO ~Aug + LUCIA ~Oct. This is a

huge binary for the co as the market shifts to include durable TKI tx. Both trials PRICE TARGET | % TO PT $30.00 | +143%

evaluate Duravyu Q6M vs Eylea Q8W, BCVA non-inferior primary but injection 52W HIGH-LOW $19.11 - $7.94

reduction key. We assess 65% PoS, balancing Ph2 DAVIO2 precedent vs pot'l FLOAT (%) | ADV MM (USD) 87.8% | 11.90

BCVA drag as stricter rescue criteria helps injection reduction ep but yields MARKET CAP $1.1B

some BCVA underperformance. Risk-reward seems attractive to us. See slides. TICKER EYPT ^Prior trading day's closing price unless otherwise

noted.

Context: What are we getting in Aug w/ LUGANO?

First Ph3 data for Duravyu (VEGF TKI implant) vs Eylea (aflibercept), w/ mixed tx-naive/ref pt FY (Dec) CHANGE TO JEFe JEF vs CONS•

pop (n=400) 2026 2027 2026 2027

Primary endpoint ΔBCVA at avg of Wk52/56 w/ non-inferiority margin -4.5 letters REV NA +112% NM +46% •

Injection burden reduction is key secondary EPS +4% +14% NM -25% •

BCVA NI needed for approval but investors will focus on injection reduction and rescue-free•

%'s to assess commercial pot'l 2026 ($) Q1A Q2 Q3 Q4 FY

We like the setup at EYPT's current mkt cap relative to competition EPS (0.99) (0.94) (0.97) (0.94) (3.84)•

PREV (1.09) (3.99)

LUCIA exp ~2 mos later as identical confirmatory Ph3 >> stats analysis is equally applicable

Exhibit 1 - We derive a PoS of ~65% adjusted