<?php

$html = <<<EOF
<html>
	<img class="size-full" src="http://w...content-available-to-author-only...e.com/pic.png" alt="name" width="1699" height="354" />
	<figcaption class="caption-text">Caption title here</figcaption>

	<img class="size-full" src="http://w...content-available-to-author-only...e.com/pic.png" alt="name" width="1699" height="354" />

	<img class="size-full" src="http://w...content-available-to-author-only...e.com/pic.png" alt="name" width="1699" height="354" />
	<figcaption class="caption-text">Caption title here</figcaption>
</html>
EOF;

$dom = new DOMdocument();
#libxml_use_internal_errors(true);
$dom->loadHTML($html);
#libxml_clear_errors();
$xpath = new DOMXPath($dom);

$imgs = $xpath->query("//img");

foreach ($imgs as $img) {
	if ($img->nextSibling->tagName == 'figcaption') {

		$figure = $dom->createElement('figure');
		$figure->appendChild($img->cloneNode(true));
		$figure->appendChild($img->nextSibling->cloneNode(true));

		$img->parentNode->insertBefore($figure, $img);

		$img->nextSibling->parentNode->removeChild($img->nextSibling);
		$img->parentNode->removeChild($img);

	}
}
$dom->formatOutput=true;
echo $dom->saveHTML();