Full Press Release Details
Eyenovia Reports Third Quarter 2018 Financial
New York, NY - November 13, 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 third quarter ended September 30, 2018.
Q3 2018 and Recent Business Highlights
Dr. Sean Ianchulev, Eyenovia's Chief
Executive Officer and Chief Medical Officer commented, "With the acceptance of our IND application for MicroStat for mydriasis,
we expect to initiate our first Phase III study this month, followed by two additional Phase III studies for myopia progression
and chronic angle closer glaucoma over the next nine months. As we seek to further support these upcoming trials, our PG21 study
demonstrated superior patient self-administration of 90 percent and similar intra ocular pressure lowering efficacy compared to
traditional eyedrops and was recently selected for publication by Clinical Ophthalmology. We look forward to continuing
to develop and validate our proprietary, high precision microdosing technology platform, and are very pleased to officially brand
our technology, the Optejet."
Third Quarter 2018 Financial Review
For the third quarter of 2018, net loss
was approximately $(4.3) million, or $(0.43) per share, compared to a net loss of approximately $(0.9) million, or $(0.10) per
share for the third quarter of 2017.
Research and development expenses totaled
approximately $2.5 million for the third quarter of 2018, an increase of 336%, compared to approximately $0.6 million for the same
For the third quarter of 2018, general
and administrative expenses were approximately $1.8 million, an increase of 482%, compared to approximately $0.3 million for the
third quarter of 2017.
Total operating expenses for the third
quarter of 2018 were approximately $4.3 million, an increase of 388%, compared to total operating expenses of approximately $0.9
million for the same period in 2017.
As of September 30, 2018, the Company's
cash balance was approximately $21.0 million compared to $24.6 million at June 30, 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, November 13, 2018. Participants should dial 1-866-916-2921 (United States) or 1-210-874-7771 (International)
with the conference code 1797567. 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 November
20, 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, mydriasis 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; 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; our estimates
regarding the potential market opportunity for 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 /
(Financial Statements to Follow)
Condensed Balance Sheets
| September 30, | December 31, | |||||||
| 2018 | 2017 | |||||||
| (unaudited) | ||||||||
| Assets | ||||||||
| Current Assets: | ||||||||
| Cash | $ | 21,044,135 | $ | 5,249,511 | ||||
| Prepaid expenses and other current assets | 298,450 | 37,149 | ||||||
| Total Current Assets | 21,342,585 | 5,286,660 | ||||||
| Property and equipment, net | 11,152 | 27,960 | ||||||
| Deferred offering costs | - | 328,700 | ||||||
| Security deposit | 117,800 | - | ||||||
| Total Assets | $ | 21,471,537 | $ | 5,643,320 | ||||
| Liabilities and Stockholders' Equity | ||||||||
| Current Liabilities: | ||||||||
| Accounts payable | $ | 840,230 | $ | 246,384 | ||||
| Accrued expenses and other current liabilities | 888,984 | 306,263 | ||||||
| Total Current Liabilities | 1,729,214 | 552,647 | ||||||
| Deferred rent | 2,332 | - | ||||||
| Total Liabilities | 1,731,546 | 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 September 30, 2018 and December 31, 2017, respectively, | ||||||||
| 0 and 2,932,431 shares issued and outstanding | ||||||||
| as of September 30, 2018 and December 31, 2017, respectively | - | 293 | ||||||
| Series A-2 Convertible Preferred Stock, 0 and 5,714,286 shares designated | ||||||||
| as of September 30, 2018 and December 31, 2017, respectively, | ||||||||
| 0 and 788,827 shares issued and outstanding | ||||||||
| as of September 30, 2018 and December 31, 2017, respectively | - | 79 | ||||||
| Series B Convertible Preferred Stock, 0 and 10,000,000 shares designated | ||||||||
| as of September 30, 2018 and December 31, 2017, respectively, | ||||||||
| 0 and 918,983 shares issued and outstanding | ||||||||
| as of September 30, 2018 and December 31, 2017, respectively | - | 92 | ||||||
| Common stock, $0.0001 par value, 90,000,000 shares authorized; | ||||||||
| 10,088,996 and 2,566,530 shares issued and outstanding | ||||||||
| as of September 30, 2018 and December 31, 2017, respectively | 1,009 | 257 | ||||||
| Additional paid-in capital | 50,070,169 | 24,351,138 | ||||||
| Accumulated deficit | (30,331,187 | ) | (19,261,186 | ) | ||||
| Total Stockholders' Equity | 19,739,991 | 5,090,673 | ||||||
| Total Liabilities and Stockholders' Equity | $ | 21,471,537 | $ | 5,643,320 |
Condensed Statements of Operations
| For the Three Months Ended | For the Nine Months Ended | |||||||||||||||
| September 30, | September 30, | |||||||||||||||
| 2018 | 2017 | 2018 | 2017 | |||||||||||||
| Operating Expenses: | ||||||||||||||||
| Research and development | $ | 2,487,573 | $ | 570,422 | $ | 6,993,832 | $ | 2,233,193 | ||||||||
| General and administrative | 1,832,794 | 314,859 | 4,079,249 | 735,759 | ||||||||||||
| Total Operating Expenses | 4,320,367 | 885,281 | 11,073,081 | 2,968,952 | ||||||||||||
| Loss From Operations | (4,320,367 | ) | (885,281 | ) | (11,073,081 | ) | (2,968,952 | ) | ||||||||
| Other Income (Expense): | ||||||||||||||||
| Interest income (expense) | (964 | ) | 665 | 3,080 | 1,396 | |||||||||||
| Net Loss | $ | (4,321,331 | ) | $ | (884,616 | ) | $ | (11,070,001 | ) | $ | (2,967,556 | ) | ||||
| Net Loss Per Share | ||||||||||||||||
| - Basic and Diluted | $ | (0.43 | ) | $ | (0.10 | ) | $ | (1.20 | ) | $ | (0.35 | ) | ||||
| Weighted Average Number of | ||||||||||||||||
| Common Shares Outstanding | ||||||||||||||||
| - Basic and Diluted | 10,030,296 | 8,514,906 | 9,219,818 | 8,514,906 |