The Glovers were seemingly cruising with strikes from Jake Gray and Otis Khan giving them a half-time lead but, like the reverse fixture at Huish Park, the Shrimpers produced a late comeback.
Vadaine Oliver and Callum Lang restored parity before an 84th-minute header from Omar Sowunmi looked to have secured three points for Town.
However, just seconds after the restart Lang scored again and veteran Kevin Ellison netted a Morecambe winner in the dying embers of the contest – his fifth goal in six games against Yeovil.
Way said: “We never dealt with their threat in the second half. There is no excuse for the second half performance and we’re all responsible.
“We’ve had a very, very poor 45 minutes as far as defending is concerned. We don’t use excuses. There’s no excuse once you cross that white line.
“I don’t feel we attacked them enough, the supporters were shouting ‘attack, attack, attack’, and I think I was shouting it at the same time but we just couldn’t carry any momentum.
“I just felt we could have shown a little bit more character, a little bit more personality. The lads have been on a good run but we’re very disappointed in that result.”
He continued: “The players have to learn from this, we’ll all be responsible for this performance.
“I’ve got to make sure we regroup and stay focused and go into the Crawley match (on New Year’s Day) full of optimism.”
