Eyenovia Reports Third Quarter 2018 Financial Results
News Release
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Eyenovia Reports Third Quarter 2018 Financial Results
Q3 2018 and Recent Business Highlights
- Received investigational new drug (IND) acceptance to enter Phase III with MicroStat for mydriasis
- Results from PG21 study demonstrating a robust IOP lowering effect from a microdosed prostaglandin and high ocular delivery success rate have been accepted in the peer-reviewed journal Clinical Ophthalmology and are currently In Press
- Submitted Optejet™ as the trademark for the Company’s proprietary container closure system
Dr.
Third Quarter 2018 Financial Review
For the third quarter of 2018, net loss was approximately
Research and development expenses totaled approximately
For the third quarter of 2018, general and administrative expenses were approximately
Total operating expenses for the third quarter of 2018 were approximately
As of
The Company reiterated the timeline for its 12-month key clinical milestones:
- Q4 2018: Initiate MicroStat Phase III trial
- H1 2019: Report MicroStat Phase III trial results
- H1 2019: Initiate MicroPine Phase III trial
- H1 2019: Initiate MicroProst Phase III trial
- H1 2019: MicroTears OTC registration
Conference Call and Webcast
The conference call is scheduled to begin at
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
About
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
Company Contact:
Chief Financial Officer
jgandolfo@eyenoviabio.com
Investor Contact:
Tram Bui /
Phone: 646-536-7035/7037
E-mail: tbui@theruthgroup.com / alobo@theruthgroup.com
Media Contact:
508-280-6592
kthomas@theruthgroup.com
(Financial Statements to Follow)
| EYENOVIA, INC. | ||||||||||
| 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 | ||||||
| EYENOVIA, INC. | |||||||||||||||||
| Condensed Statements of Operations | |||||||||||||||||
| (unaudited) | |||||||||||||||||
| 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 | |||||||||||||
