Full Press Release Details
Reports Second Quarter 2018 Financial Results
New York, NY - August 14, 2018
- Eyenovia, Inc. (NASDAQ: EYEN), a biopharmaceutical company developing a pipeline of ophthalmology products utilizing
its patented piezo-print technology to deliver microdosed medications topically to the eye, today announced financial results for
the second quarter ended June 30, 2018.
2Q 2018 Business Highlights
Dr. Sean Ianchulev, Eyenovia's Chief
Executive Officer and Chief Medical Officer commented, "In the first half of 2018, we further validated our novel therapeutic
platform with compelling IOP lowering and usability results from our EYN PG21 study and with the allowance of two new U.S. patents.
As we continue to advance our late stage pipeline and, in particular, accelerate MicroPine for progressive myopia to address an
estimated $5 billion potential U.S. market opportunity, we are excited to bring on board Michael Rowe as our VP of Marketing. In
the near term, we look forward to leveraging his wealth of knowledge as we plan to submit two Investigational New Drug applications
this year as well as the OTC registration for MicroTears for dry eye in 2019. We believe Michael's commercial ophthalmology
experience at both Aerie Pharmaceuticals, Inc. and Allergan plc will be a valuable asset in planning our strategic direction as
we near commercialization."
Second Quarter 2018 Financial Review
For the second quarter of 2018, net loss
was approximately $(3.3) million, or $(0.33) per share, compared to a net loss of approximately $(1.0) million, or $(0.43) per
share for the second quarter of 2017.
Research and development expenses totaled
approximately $2.4 million for the second quarter of 2018, an increase of 221%, compared to approximately $0.8 million for the
same period in 2017.
For the second quarter of 2018, general
and administrative expenses were approximately $0.9 million, an increase of 304%, compared to approximately $0.2 million for the
second quarter of 2017.
Total operating expenses for the second
quarter of 2018 were approximately $3.3 million, an increase of 240%, compared to total operating expenses of approximately $1.0
million for the same period in 2017.
As of June 30, 2018, the Company's
cash balance was approximately $24.6 million compared to $27.6 million at March 31, 2018.
The Company reiterated the timeline
for its 12-month key clinical milestones:
Conference Call and Webcast
The conference call is scheduled to begin
at 8:30 am ET on Tuesday, August 14, 2018. Participants should dial 1-866-916-2921 (United States) or 1-210-874-7771 (International)
with the conference code 7341427. A live webcast of the conference call will also be available on the investor relations page of
the Company's corporate website at www.eyenoviabio.com.
After the live webcast, the event will
be archived on Eyenovia's website for one year. In addition, a telephonic replay of the call will be available until August
21, 2018. The replay can be accessed by dialing 1-855-859-2056 (United States) or 1-404- 537-3406 (International) with confirmation
Eyenovia, Inc. (NASDAQ: EYEN) is a specialty
biopharmaceutical company building a portfolio of next generation topical eye treatments based on its proprietary delivery and
formulation platform for microdosing. Eyenovia's pipeline is currently focused on the late-stage development of microdosed
medications for myopia progression, glaucoma and other eye diseases.
Forward Looking Statements
Except for historical information, all
of the statements, expectations, and assumptions contained in this press release are forward-looking statements. Forward-looking
statements include, but are not limited to, statements that express our intentions, beliefs, expectations, strategies, predictions
or any other statements relating to our future activities or other future events or conditions. These statements are based on current
expectations, estimates and projections about our business based, in part, on assumptions made by management. These statements
are not guarantees of future performance and involve risks, uncertainties and assumptions that are difficult to predict. Therefore,
actual outcomes and results may, and are likely to, differ materially from what is expressed or forecasted in the forward-looking
statements due to numerous factors discussed from time to time in documents which we file with the SEC. In addition, such statements
could be affected by risks and uncertainties related to, among other things: risks involved in clinical trials, including, but
not limited to, the initiation, timing, progress and results of such trials; the timing and our ability to submit applications
for, obtain and maintain regulatory approvals for, our product candidates; our ability to develop and implement commercialization,
marketing and manufacturing capabilities and strategies; our estimates regarding the potential market opportunity for our product
candidates; the potential advantages of our product candidates; our ability to attract and retain key personnel; the rate and degree
of market acceptance and clinical utility of our product candidates; intellectual property risks; our ability to identify additional
products, product candidates or technologies with significant commercial potential that are consistent with our commercial objectives;
our expectations regarding our ability to fund our operating expenses and capital expenditure requirements; the impact of government
laws and regulations; our competitive position; and general economic conditions. Any forward-looking statements speak only as of
the date on which they are made, and except as may be required under applicable securities laws, we do not undertake any obligation
to update any forward-looking statements.
Chief Financial Officer
Tram Bui / Alexander Lobo
Phone: 646-536-7035/7037
E-mail: tbui@theruthgroup.com / alobo@theruthgroup.com
(Financial Statements to Follow)
Condensed Balance Sheets
| June 30, | December 31, | |||||||
| 2018 | 2017 | |||||||
| (unaudited) | ||||||||
| Assets | ||||||||
| Current Assets: | ||||||||
| Cash | $ | 24,561,711 | $ | 5,249,511 | ||||
| Prepaid expenses and other current assets | 243,457 | 37,149 | ||||||
| Total Current Assets | 24,805,168 | 5,286,660 | ||||||
| Property and equipment, net | 16,477 | 27,960 | ||||||
| Deferred offering costs | - | 328,700 | ||||||
| Total Assets | $ | 24,821,645 | $ | 5,643,320 | ||||
| Liabilities and Stockholders' Equity | ||||||||
| Current Liabilities: | ||||||||
| Accounts payable | $ | 723,006 | $ | 246,384 | ||||
| Accrued expenses and other current liabilities | 556,745 | 306,263 | ||||||
| Total Current Liabilities | 1,279,751 | 552,647 | ||||||
| Commitments and contingencies | ||||||||
| Stockholders' Equity: | ||||||||
| Preferred stock, $0.0001 par value, 6,000,000 shares authorized; | ||||||||
| Series A Convertible Preferred Stock, 0 and 20,000,000 shares designated as of June 30, 2018 and December 31, 2017, respectively, 0 and 2,932,431 shares issued and outstanding as of June 30, 2018 and December 31, 2017, respectively | - | 293 | ||||||
| Series A-2 Convertible Preferred Stock, 0 and 5,714,286 shares designated as of June 30, 2018 and December 31, 2017, respectively, 0 and 788,827 shares issued and outstanding as of June 30, 2018 and December 31, 2017, respectively | - | 79 | ||||||
| Series B Convertible Preferred Stock, 0 and 10,000,000 shares designated as of June 30, 2018 and December 31, 2017, respectively, 0 and 918,983 shares issued and outstanding as of June 30, 2018 and December 31, 2017, respectively | - | 92 | ||||||
| Common stock, $0.0001 par value, 90,000,000 shares authorized; 9,998,646 and 2,566,530 shares issued and outstanding as of June 30, 2018 and December 31, 2017, respectively | 1,000 | 257 | ||||||
| Additional paid-in capital | 49,550,750 | 24,351,138 | ||||||
| Accumulated deficit | (26,009,856 | ) | (19,261,186 | ) | ||||
| Total Stockholders' Equity | 23,541,894 | 5,090,673 | ||||||
| Total Liabilities and Stockholders' Equity | $ | 24,821,645 | $ | 5,643,320 |
Condensed Statements of Operations
| For the Three Months Ended | For the Six Months Ended | |||||||||||||||
| June 30, | June 30, | |||||||||||||||
| 2018 | 2017 | 2018 | 2017 | |||||||||||||
| Operating Expenses: | ||||||||||||||||
| Research and development | $ | 2,412,164 | $ | 751,930 | $ | 4,506,259 | $ | 1,662,771 | ||||||||
| General and administrative | 908,806 | 224,949 | 2,246,455 | 420,900 | ||||||||||||
| Total Operating Expenses | 3,320,970 | 976,879 | 6,752,714 | 2,083,671 | ||||||||||||
| Loss From Operations | (3,320,970 | ) | (976,879 | ) | (6,752,714 | ) | (2,083,671 | ) | ||||||||
| Other Income: | ||||||||||||||||
| Interest income | 1,907 | 288 | 4,044 | 731 | ||||||||||||
| Net Loss | $ | (3,319,063 | ) | $ | (976,591 | ) | $ | (6,748,670 | ) | $ | (2,082,940 | ) | ||||
| Net Loss Per Share | ||||||||||||||||
| - Basic and Diluted | $ | (0.33 | ) | $ | (0.43 | ) | $ | (0.77 | ) | $ | (0.92 | ) | ||||
| Weighted Average Number of | ||||||||||||||||
| Common Shares Outstanding | ||||||||||||||||
| - Basic and Diluted | 9,998,646 | 2,266,667 | 8,807,864 | 2,266,667 |