EyePoint Shares Drop 15% After Axpaxli Shows 18.3% 36-Week Efficacy Edge
Ocular Therapeutix’s Phase 3 SOL-1 trial of Axpaxli in wet AMD reported 74.1% of patients maintained visual acuity at 36 weeks versus 55.8% for Eylea (18.3% difference; p=0.0006). EyePoint shares fell 15% on concerns over Axpaxli’s narrow efficacy margin and increased floaters incidence.
1. SOL-1 Trial Data
Axpaxli maintained best-corrected visual acuity in 74.1% of wet AMD patients at 36 weeks versus 55.8% for Eylea (18.3% difference; p=0.0006) and showed 65.9% versus 44.2% at 52 weeks (21.7% difference; p<0.0001) in the Phase 3 SOL-1 superiority trial.
2. Safety Findings
No treatment-related ocular or systemic serious adverse events were observed, though Axpaxli patients experienced vitreous floaters at a rate of 12.4% versus 1.2% with Eylea and cataracts in 7.1% compared to 2.9% for the control arm.
3. Market Response
EyePoint shares dropped 15% following the release of SOL-1 trial results, as investors weighed the modest efficacy margin over Eylea and potential questions about the durability of Axpaxli’s effect.
4. Analyst Commentary
TD Cowen’s Tara Bancroft noted the strong rescue-free BCVA consistency despite the smaller-than-expected margin; Needham and RBC analysts flagged durability questions against Eylea HD and Vabysmo while acknowledging potential long-term benefits.