The following is a summary of the Eyenovia, Inc. (EYEN) Q1 2024 Earnings Call Transcript:
Financial Performance:
Eyenovia reported a Q1 2024 net loss of about $10.9 million or $0.23 per share. This includes a $0.05 loss related to the $2.5 million costs for reassigning MicroPine back to Eyenovia.
Research and development expenses totaled approximately $4.4 million, an increase of 75.7% from Q1 2023.
Total operating expenses for Q1 2024 were approximately $10.3 million, including the $2.5 million in repatriation costs.
Eyenovia raised an additional $2.2 million capital in April 2024 and they have reduced their planned spending by around $800,000 per quarter compared to Q1 2024.
Their license agreements have generated about $16 million in license fees so far, with the potential to earn an additional $25 million in non-dilutive net license and development milestones over the next 3-4 years.
Business Progress:
Eyenovia has two FDA approved products, MidCap and clobetasol, with MicroPine in late Phase III development. They are focused on the commercialization of MydCombi and clobetasol and the expedited development of MicroPine.
The company has partnered with SGN Nanopharma on a potential treatment for chronic dry eye and is now offering Mydcombi to a market worth more than $3.3 billion annually.
The commercial launch of clobetasol is on track for summer 2024.
Eyenovia announced FDA approval of clobetasol and reacquired development and commercial rights to MicroPine for the U.S. and Canada.
A co-promotion agreement was entered with NovaBay Pharmaceuticals to market clobetasol.
The second manufacturing facility in Redwood City, California, has been FDA-approved as a commercial manufacturing facility.
Progress was made with the licensing agreement with Arctic Vision.
More details: Eyenovia IR
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