NEW YORK - Eyenovia, Inc. (NASDAQ: NASDAQ:EYEN), an ophthalmic company, disclosed its plans today for a public offering of its common stock or pre-funded warrants as an alternative. The timing and completion of this offering are dependent on prevailing market conditions, and there is no certainty regarding the final size or terms.
The company aims to allocate the net proceeds from this offering to support the commercialization of its products, Mydcombi and clobetasol propionate, finalize its CHAPERONE pediatric myopia study, and for general corporate purposes, which may include debt repayment. Dawson James Securities, Inc. is serving as the sole placement agent for the offering.
This offering is pursuant to a shelf registration statement, Form S-3, filed with the U.S. Securities and Exchange Commission (SEC) on December 14, 2021, and became effective on December 23, 2021. The prospectus supplement and accompanying prospectus detailing the offering's proposed terms will be filed with the SEC and accessible on its website.
Eyenovia is known for commercializing Mydcombi, a treatment for mydriasis, and Clobetasol Propionate Ophthalmic Suspension for post-surgical inflammation and pain. The company is also developing its Optejet device for pediatric progressive myopia and potential out-licensing opportunities.
The company's statements regarding the offering, anticipated use of proceeds, and strategic goals for product candidates and technology are forward-looking and involve risks and uncertainties. These may affect actual results and are not guarantees of future performance.
The information in this article is based on a press release statement from Eyenovia, Inc.
In other recent news, Eyenovia has been garnering attention for its strategic collaborations aimed at developing new treatments for dry eye disease (DED). H.C. Wainwright has maintained a Buy rating on the company's shares, highlighting the potential of Eyenovia's Optejet delivery system to drive significant growth. The company's approach involves targeting different DED market segments through its collaborations, a strategy expected to comprehensively manage the condition.
The company has also revealed several strategic initiatives during its second quarter 2024 earnings call. Despite recording a net loss of $11.1 million and an 88% increase in operating expenses, Eyenovia is focusing on its proprietary Optejet dispensing technology and a suite of treatments for dry eye conditions. The company's licensing programs with Arctic Vision have generated $16 million, with up to $25 million more expected.
Eyenovia is preparing for the launch of FDA-approved Clobetasol for post-surgical care and the Gen 2 Optejet device, expected in early 2025. Despite current financial challenges, Eyenovia expects meaningful sales growth starting in 2025, aiming for a 3-5% market share with Clobetasol within 12-15 months post-launch. These are among the recent developments in the company's growth strategy.
InvestingPro Insights
As Eyenovia, Inc. (NASDAQ: EYEN) prepares for its public offering, potential investors may be evaluating the company's financial health and market position. According to InvestingPro data, Eyenovia reported revenue of $0.03 million in the last twelve months as of Q2 2024. Despite the modest revenue, the company's gross profit margin stands at a negative 17,609.84%, indicating significant costs relative to sales. Additionally, Eyenovia's operating income margin was reported at -344,127.95%, reflecting substantial expenses beyond gross profit that affect the company's earnings.
InvestingPro Tips suggest that while analysts are expecting sales growth in the current year, they have also revised their earnings upwards for the upcoming period, indicating a potential positive shift in the company's trajectory. However, it's important to note that Eyenovia is currently not profitable, with net income expected to drop this year, and the stock price has been volatile, experiencing a significant decrease of 55.2% over the past year.
For those interested in a deeper analysis, InvestingPro offers additional insights, with 14 more tips available that could help investors make a more informed decision regarding Eyenovia's stock. These tips include considerations such as the company's liquidity, valuation, and industry positioning. To explore these further, one can visit InvestingPro's comprehensive platform at https://www.investing.com/pro/EYEN.
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