diff --git a/experimental/cuda2/event_semaphore.c b/experimental/cuda2/event_semaphore.c
index 47efd65e5817..0bddc8a83747 100644
--- a/experimental/cuda2/event_semaphore.c
+++ b/experimental/cuda2/event_semaphore.c
@@ -389,6 +389,10 @@ iree_status_t iree_hal_cuda2_event_semaphore_acquire_timepoint_device_wait(
         (iree_hal_cuda2_timepoint_t*)tp;
     if (signal_timepoint->kind == IREE_HAL_CUDA_TIMEPOINT_KIND_DEVICE_SIGNAL &&
         signal_timepoint->base.minimum_value >= min_value) {
+      // We've found an existing signal timepoint to wait on; we don't need a
+      // standalone wait timepoint anymore. Decrease its refcount before
+      // overwriting it to return it back to the pool and retain the new one.
+      iree_hal_cuda2_event_release(wait_timepoint->timepoint.device_wait);
       iree_hal_cuda2_event_t* event = signal_timepoint->timepoint.device_signal;
       iree_hal_cuda2_event_retain(event);
       wait_timepoint->timepoint.device_wait = event;