0001410578-24-000226 | 10-K | XBRL Viewer

Issuance of common stock related to vested restricted stock units

3,765,364

$ 11

(11)

Issuance of common stock related to vested restricted stock units (in shares)

108,366

Net Income (Loss)

(28,011,157)

Issuance of common stock and warrants in direct offering

^[2]

$ 300

14,897,608

14,897,908

Issuance of common stock and warrants in direct offering (in shares)

^[2]

3,000,000

Issuance of common stock in debt financing

^[3]

$ 54

859,679

859,733

Issuance of common stock in debt financing (in shares)

^[3]

547,807

Origination costs related to equity in debt financing

(44,375)

Balance at the end at Dec. 31, 2022

$ 3,667

135,461,361

(118,230,463)

17,234,565

Balance at the end (in shares) at Dec. 31, 2022

36,668,980

Issuance of common stock and warrants in registered direct offering

^[4],[5]

$ 420

10,885,694

10,886,114

Issuance of common stock and warrants in registered direct offering (in shares)

^[4],[5]

4,198,633

Issuance of common stock as consideration for licensing agreement

^[6]

$ 49

999,951

1,000,000

Issuance of common stock as consideration for licensing agreement (in shares)

^[6]

487,805

Exercise of pre-funded stock warrants

$ 225

22,304

22,529

Exercise of pre-funded stock warrants (in shares)

2,252,979

Issuance of common stock in At the Market offering

^[7]

$ 187

4,591,705

$ 4,591,892

Issuance of common stock in At the Market offering (in shares)

^[7]

1,866,147

Cashless exercise of stock options

$ 2

(2)

Cashless exercise of stock options (in shares)

20,749

Exercise of stock options

$ 1

27,199

$ 27,200

Exercise of stock options (in shares)

10,000

Issuance of common stock related to vested restricted stock units

2,497,890

$ 2,497,890

$ 4

(4)

Issuance of common stock related to vested restricted stock units (in shares)

47,733

Warrant modification - incremental value

^[8]

1,738,700

Warrant modification - in issuance costs for registered direct offering

^[5]

(1,738,700)

Net Income (Loss)

(27,261,096)

Balance at the end at Dec. 31, 2023

$ 4,555

$ 154,486,098

$ (145,491,559)

$ 8,999,094

Balance at the end (in shares) at Dec. 31, 2023

45,553,026

[1]	Includes gross proceeds of $5,445,130 less total issuance costs of $163,354.
[2]	Includes gross proceeds of $14,981,299 less total issuance costs of $83,391.
[3]	Relative fair value of stock issued in connection with debt.
[4]	Includes gross proceeds of $11,977,468 less total cash issuance costs of $1,091,354.
[5]	Warrant modification in connection with registered direct offering accounted for as a non-cash issuance cost of the registered direct offering, but is presented on a separate line item for clarity.
[6]	Shares issued as partial consideration for License Agreement with Formosa Pharmaceuticals Inc.
[7]	Includes gross proceeds of $4,733,909 less total issuance costs of $142,017.
[8]	Warrant originally granted in the March 2022 offering was modified in connection with the registered direct offering.

Accrued Expenses and Other Current Liabilities

12 Months Ended

Dec. 31, 2023

Accrued Expenses and Other Current Liabilities

Accrued Expenses and Other Current Liabilities

Note 6 – Accrued Expenses and Other Current Liabilities

As of December 31, 2023 and 2022, accrued expenses and other current liabilities consisted of the following:


	December 31,
	2023		2022
Accrued rework of clinical supply returns	$	100,000	$	—
Accrued research and development expenses		89,872		35,524
Accrued professional services		63,028		320,000
Credit card payable		27,193		50,639
Other		7,835		4,385
Accrued leasehold improvements		—		92,528
Total accrued expenses and other current liabilities	$	287,928	$	503,076

Business Organization and Nature of Operations (Details)	12 Months Ended
	Dec. 31, 2023
Business Organization, Nature of Operations and Basis of Presentation
High rate of Optejet	98.00%
Rate of traditional eye drops	50.00%

Stockholders' Equity - Summary of information related to stock options (Details)	12 Months Ended
	Dec. 31, 2023 $ / shares shares
Stockholders' Equity
Options Outstanding, Outstanding Number of Options	5,306,377
Options Exercisable, Weighted Average Remaining Life In Years	6 years
Options Exercisable, Exercisable Number of Options	3,980,102
Exercise Price $1.00 - $1.99
Stockholders' Equity
Options Outstanding, Outstanding Number of Options	1,578,982
Options Exercisable, Weighted Average Remaining Life In Years	5 years 2 months 12 days
Options Exercisable, Exercisable Number of Options	1,115,074
Exercise Price $1.00 - $1.99 \| Minimum
Stockholders' Equity
Options Outstanding, Outstanding Exercise Price \| $ / shares	$ 1.00
Exercise Price $1.00 - $1.99 \| Maximum
Stockholders' Equity
Options Outstanding, Outstanding Exercise Price \| $ / shares	$ 1.99
Exercise Price $2.00 - $2.99
Stockholders' Equity
Options Outstanding, Outstanding Number of Options	1,450,663
Options Exercisable, Weighted Average Remaining Life In Years	6 years 4 months 24 days
Options Exercisable, Exercisable Number of Options	831,695
Exercise Price $2.00 - $2.99 \| Minimum
Stockholders' Equity
Options Outstanding, Outstanding Exercise Price \| $ / shares	$ 2.00
Exercise Price $2.00 - $2.99 \| Maximum
Stockholders' Equity
Options Outstanding, Outstanding Exercise Price \| $ / shares	$ 2.99
Exercise Price $3.00 - $3.99
Stockholders' Equity
Options Outstanding, Outstanding Number of Options	898,528
Options Exercisable, Weighted Average Remaining Life In Years	6 years 6 months
Options Exercisable, Exercisable Number of Options	750,743
Exercise Price $3.00 - $3.99 \| Minimum
Stockholders' Equity
Options Outstanding, Outstanding Exercise Price \| $ / shares	$ 3.00
Exercise Price $3.00 - $3.99 \| Maximum
Stockholders' Equity
Options Outstanding, Outstanding Exercise Price \| $ / shares	$ 3.99
Exercise Price $4.00 - $4.99
Stockholders' Equity
Options Outstanding, Outstanding Number of Options	333,000
Options Exercisable, Weighted Average Remaining Life In Years	7 years 7 months 6 days
Options Exercisable, Exercisable Number of Options	252,123
Exercise Price $4.00 - $4.99 \| Minimum
Stockholders' Equity
Options Outstanding, Outstanding Exercise Price \| $ / shares	$ 4.00
Exercise Price $4.00 - $4.99 \| Maximum
Stockholders' Equity
Options Outstanding, Outstanding Exercise Price \| $ / shares	$ 4.99
Exercise Price $5.00 - $5.99
Stockholders' Equity
Options Outstanding, Outstanding Number of Options	50,805
Options Exercisable, Weighted Average Remaining Life In Years	3 years 9 months 18 days
Options Exercisable, Exercisable Number of Options	50,638
Exercise Price $5.00 - $5.99 \| Minimum
Stockholders' Equity
Options Outstanding, Outstanding Exercise Price \| $ / shares	$ 5.00
Exercise Price $5.00 - $5.99 \| Maximum
Stockholders' Equity
Options Outstanding, Outstanding Exercise Price \| $ / shares	$ 5.99
Exercise Price $6.00 - $6.99
Stockholders' Equity
Options Outstanding, Outstanding Number of Options	843,759
Options Exercisable, Weighted Average Remaining Life In Years	6 years 1 month 6 days
Options Exercisable, Exercisable Number of Options	829,189
Exercise Price $6.00 - $6.99 \| Minimum
Stockholders' Equity
Options Outstanding, Outstanding Exercise Price \| $ / shares	$ 6.00
Exercise Price $6.00 - $6.99 \| Maximum
Stockholders' Equity
Options Outstanding, Outstanding Exercise Price \| $ / shares	6.99
Exercise Price $7.00+
Stockholders' Equity
Options Outstanding, Outstanding Exercise Price \| $ / shares	$ 7.00
Options Outstanding, Outstanding Number of Options	150,640
Options Exercisable, Weighted Average Remaining Life In Years	4 years 3 months 18 days
Options Exercisable, Exercisable Number of Options	150,640

Notes Payable - Allocation of debt discount and origination costs (Details) - Avenue Ventures Loan - USD ($)	12 Months Ended
	Dec. 31, 2023	Nov. 22, 2022
Allocation of Debt Discount
Allocation %	100.00%
Withheld From Proceeds	$ 280,876
Eyenovia Origination Costs	361,264
Final Payment premium	637,500	$ 425,000
Common shares issued recorded as debt discount for Avenue Loan	859,733
Total debt discount	2,094,997
Equity issuance costs	44,375
Broker Fee
Allocation of Debt Discount
Withheld From Proceeds	250,000
Legal Reimbursement
Allocation of Debt Discount
Withheld From Proceeds	30,876
Legal Fee
Allocation of Debt Discount
Eyenovia Origination Costs	86,264
Avenue Management Fee
Allocation of Debt Discount
Eyenovia Origination Costs	$ 275,000
Non-Convertible Note
Allocation of Debt Discount
Allocation %	64.01%
Withheld From Proceeds	$ 134,112
Eyenovia Origination Costs	237,378
Final Payment premium	637,500
Common shares issued recorded as debt discount for Avenue Loan	447,391
Total debt discount	$ 1,456,381
Convertible Notes Payable [Member]
Allocation of Debt Discount
Allocation %	30.09%
Withheld From Proceeds	$ 122,701
Eyenovia Origination Costs	103,574
Common shares issued recorded as debt discount for Avenue Loan	412,342
Total debt discount	$ 638,617
Private Placement Shares
Allocation of Debt Discount
Allocation %	5.90%
Withheld From Proceeds	$ 24,063
Eyenovia Origination Costs	20,312
Equity issuance costs	$ 44,375

Commitments and Contingencies - Additional Information (Details)				1 Months Ended		12 Months Ended
	Jul. 26, 2022 USD ($)	May 19, 2022 USD ($) ft²	Apr. 08, 2022 USD ($) ft²	Jun. 30, 2023 USD ($) ft²	Feb. 28, 2023 USD ($) ft²	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)
Chief Executive Officer [Member]
Commitments and Contingencies
Maximum Cash Bonus Percentage	60.00%
Executive Chairman [Member]
Commitments and Contingencies
Monthly Retainer	$ 5,000
Lease Agreement For Office Located In New York, NY [Member]
Commitments and Contingencies
Lease expiration date				Sep. 30, 2023
Security deposit in the amount				$ 118,000
Lease Agreement For Office Located In New York, NY [Member] \| Minimum
Commitments and Contingencies
Lease Monthly Base Rent				19,633
Lease Agreement For Office Located In New York, NY [Member] \| Maximum
Commitments and Contingencies
Lease Monthly Base Rent				$ 21,298
Lease Agreement For New Office Located In Laguna Hills California [Member]
Commitments and Contingencies
Area of Land \| ft²			3,916
Lessee, Operating Lease, Term of Contract			5 years 2 months
Lease expiration date			Jul. 31, 2027
Security deposit in the amount			$ 11,400
Lease Agreement For New Office Located In Laguna Hills California [Member] \| Minimum
Commitments and Contingencies
Lease Monthly Base Rent			9,203
Lease Agreement For New Office Located In Laguna Hills California [Member] \| Maximum
Commitments and Contingencies
Lease Monthly Base Rent			$ 10,358
Lease Agreement For Office Located In Redwood City, California [Member]
Commitments and Contingencies
Net rentable area \| ft²				3,800	6,700
Lease expiration date					Aug. 31, 2023
Lease Agreement For Office Located In Redwood City, California [Member] \| Additional Office Space As Per Amendment [Member]
Commitments and Contingencies
Security deposit in the amount					$ 15,000
Lease Agreement For Office Located In Redwood City, California [Member] \| Additional Office Space As Per Amendment [Member] \| Minimum
Commitments and Contingencies
Lease Monthly Base Rent					15,742
Lease Agreement For Office Located In Redwood City, California [Member] \| Additional Office Space As Per Amendment [Member] \| Maximum
Commitments and Contingencies
Lease Monthly Base Rent					$ 16,700
Lease Agreement For Office Located In Reno Nevada [Member]
Commitments and Contingencies
Area of Land \| ft²		10,880
Lessee, Operating Lease, Term of Contract		5 years 4 months
Lease expiration date		Sep. 23, 2027
Security deposit in the amount		$ 53,000
Lease Agreement For Office Located In Reno Nevada [Member] \| Minimum
Commitments and Contingencies
Lease Monthly Base Rent		13,056
Lease Agreement For Office Located In Reno Nevada [Member] \| Maximum
Commitments and Contingencies
Lease Monthly Base Rent		$ 16,663
General And Administrative Expense [Member] \| Lease Agreement For Office Located In New York, NY [Member]
Commitments and Contingencies
Operating leases, Rent expense						$ 233,534	$ 242,067
General And Administrative Expense [Member] \| Lease Agreement For New Office Located In Laguna Hills California [Member]
Commitments and Contingencies
Operating leases, Rent expense						118,746	66,196
Research And Development Expense [Member] \| Lease Agreement For Office Located In Redwood City, California [Member] \| Additional Office Space As Per Amendment [Member]
Commitments and Contingencies
Operating leases, Rent expense						192,710	180,240
Research And Development Expense [Member] \| Lease Agreement For Office Located In Reno Nevada [Member]
Commitments and Contingencies
Operating leases, Rent expense						164,950	$ 169,521
Defective clinical supply returns
Commitments and Contingencies
Loss recorded						400,000
Defective clinical supply returns \| Minimum
Commitments and Contingencies
Current estimated loss						400,000
Defective clinical supply returns \| Maximum
Commitments and Contingencies
Current estimated loss						$ 600,000

Stockholders' Equity - Related to warrants (Details) - USD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Stockholders' Equity
Exercise price	$ 0.01	$ 0.01
Outstanding Number of Warrants	10,926,554	6,087,845
Weighted Average Remaining Life, Exercisable	1 year 8 months 12 days
Exercisable Number of Warrants	1,217,715
Share X Remaining Years	2,023,685
Warrants X Exercise Price	3,272,767
Number of warrants exercised	2,252,979
Proceeds from exercise of warrants	$ 22,529	$ 18,701
Warrants at exercise price of $2.2300 (1)
Stockholders' Equity
Exercise price	$ 2.2300
Outstanding Number of Warrants	9,708,839
Warrants at exercise price of $2.4696
Stockholders' Equity
Exercise price	$ 2.4696
Outstanding Number of Warrants	909,451
Weighted Average Remaining Life, Exercisable	1 year 2 months 12 days
Exercisable Number of Warrants	909,451
Share X Remaining Years	1,093,209
Warrants X Exercise Price	2,245,980
Warrants at exercise price of $2.7240
Stockholders' Equity
Exercise price	$ 2.7240
Outstanding Number of Warrants	216,380
Weighted Average Remaining Life, Exercisable	1 year 2 months 12 days
Exercisable Number of Warrants	216,380
Share X Remaining Years	260,100
Warrants X Exercise Price	589,419
Warrants at exercise price of $4.7600
Stockholders' Equity
Exercise price	$ 4.7600
Outstanding Number of Warrants	91,884
Weighted Average Remaining Life, Exercisable	7 years 3 months 18 days
Exercisable Number of Warrants	91,884
Share X Remaining Years	670,376
Warrants X Exercise Price	437,368

Property and Equipment, Net - Property and Equipment (Details) - USD ($)	Dec. 31, 2023	Dec. 31, 2022
Property and Equipment, Net
Property and equipment, gross	$ 4,793,430	$ 1,930,953
Less: accumulated depreciation and amortization	(1,419,046)	(635,838)
Property and equipment, net	3,374,384	1,295,115
Equipment
Property and Equipment, Net
Property and equipment, gross	3,038,651	1,361,783
Equipment not yet placed in service
Property and Equipment, Net
Property and equipment, gross	711,441	726,326
Leasehold improvements
Property and Equipment, Net
Property and equipment, gross	$ 1,754,779	$ 569,170

Stockholders' Equity - Additional Information (Details) - USD ($)

1 Months Ended

12 Months Ended

Aug. 24, 2023

Mar. 03, 2022

Dec. 14, 2021

Apr. 07, 2020

Mar. 31, 2022

Dec. 31, 2023

Dec. 31, 2022

Aug. 31, 2023

Common stock, shares authorized

90,000,000

Common Stock, par value

$ 0.0001

Preferred stock, shares authorized

6,000,000

Preferred stock, par value

$ 0.0001

2,252,979

1,870,130

Unrecognized stock - based compensation expense

$ 2,497,890

$ 3,765,364

$ 1,812,323

Weighted average period of recognition

1 year 6 months

Weighted average estimated grant date fair value

$ 1.65

$ 1.60

Proceeds from exercise of stock options

$ 27,200

Cashless exercise of stock options (in shares)

$ 2,497,890

$ 3,765,364

10,000

Granted

106,019

Securities purchase agreement

$ 0.01

Research and Development Expense

Net proceeds (in shares)

3,000,000

Share price

$ 3.08

$ 1,809,305

General and Administrative Expense

$ 839,038

$ 1,956,062

$ 1,658,852

Restricted stock units

Weighted average period of recognition

7 months 6 days

Unrecognized stock-based compensation expense

$ 119,141

Granted

106,019

193,304

Grant date fair value

$ 224,800

$ 373,000

Common shares issued vested restricted stock units

47,733

108,366

Warrants

Warrant to purchase common stock in period

5 years

$ 2.23

Common Stock

Resignation of common stock RSU

Net proceeds (in shares)

^[1],[2]

4,198,633

47,733

108,366

Cashless exercise of stock options (in shares)

4,838,709

10,000

December 2021 Sales Agreement

$ 1.86

Proceeds from issuance of common stock

$ 50,000,000.0

Net proceeds (in shares)

1,866,147

2,716,061

Gross Proceeds Of Stock Value Issued During Period

$ 4,700,000

$ 5,400,000

Net Proceeds From Issuance Of Common Stock

$ 4,600,000

$ 5,300,000

December 2021 Sales Agreement | Common Stock

Omnibus Stock Incentive Plan 2018

Percentage on gross sale

3.00%

Number of shares of common stock reserved for further issuance

2,054,409

Cash fee paid

$ 150,000

Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period

12 months

Equity Incentive Plan

Number of shares of common stock reserved for further issuance

6,700,000

Pre-funded warrants

Percentage on gross sale

4.99%

Pre-funded warrants | Securities purchase agreement

$ 1.85

Decrease in exercise price

$ 0.01

Number of common shares

1,870,130

Pre-funded warrants | Warrants

Pre-funded warrants | IPO

$ 0.01

Pre-funded warrants | Minimum

Share price

$ 3.07

Pre-funded warrants | Maximum

2,252,979

Percentage on gross sale

9.99%

Investor warrants | Securities purchase agreement

4,198,633

Shares Issued, Price Per Share

$ 3.54

Investor warrants | IPO

4,870,130

March 2022 offering

Aggregate issuance costs of pre-funded warrants and investor warrants

$ 83,391

March 2022 offering | Securities purchase agreement

Proceeds from issuance of common stock

$ 15,000,000

Equity offering august 2023

Equity offering august 2023 | Warrants

Equity issuance costs

$ 1,700,000

Net proceeds

10,900,000

Net proceeds

$ 1,100,000

Warrant modification

Warrant modification - incremental value

$ 1,738,700

Warrant modification | Minimum

Warrant modification | Maximum

$ 2.23

Warrant Amendment | Minimum

$ 3.54

Warrant Amendment | Maximum

$ 3.54

Notes Payable and Convertible Notes Payable

$ 2.23

[1]	Includes gross proceeds of $11,977,468 less total cash issuance costs of $1,091,354.
[2]	Warrant modification in connection with registered direct offering accounted for as a non-cash issuance cost of the registered direct offering, but is presented on a separate line item for clarity.

Stockholders' Equity - Summary of option activity (Details) - USD ($)		12 Months Ended
	Jul. 26, 2022	Dec. 31, 2023	Dec. 31, 2022
Stockholders' Equity
Number of Options, Exercised \| Shares		(10,000)
Weighted Average Exercise Price, Granted \| $ / Shares		$ 1.65	$ 1.60
Share option exercised after withholding		20,749
Shares option to cashless exercise		58,250
Chief Executive Officer
Stockholders' Equity
Number of Options, Granted \| Shares	440,000
Aggregate Potential Severance Pay	$ 1,004,000
Annual Salary Payable	$ 575,000
Weighted Average Exercise Price, Granted \| $ / Shares	$ 1.66
Stock Options
Stockholders' Equity
Number of Options, Outstanding \| Shares		5,380,553
Number of Options, Granted \| Shares		848,989
Number of Options, Exercised \| Shares		(88,999)
Number of Options, Forfeited \| Shares		(834,166)
Number of Options, Outstanding \| Shares		5,306,377	5,380,553
Number of Options, Exercisable \| Shares		3,980,102
Weighted Average Exercise Price, Outstanding \| $ / Shares		$ 3.55
Weighted Average Exercise Price, Granted \| $ / Shares		2.24
Weighted Average Exercise Price, Exercised \| $ / Shares		1.83
Weighted Average Exercise Price, Forfeited \| $ / Shares		3.92
Weighted Average Exercise Price, Outstanding \| $ / Shares		3.31	$ 3.55
Weighted Average Exercise Price, Exercisable \| $ / Shares		$ 3.63
Remaining Life In Years, Outstanding		6 years 8 months 12 days
Remaining Life In Years, Exercisable		6 years
Aggregate Intrinsic Value, Outstanding \| $		$ 541,252
Aggregate Intrinsic Value, Exercisable		$ 341,137

Related Party Transactions (Details) - USD ($)			12 Months Ended
Related Party Transactions (Details) - USD ($)	Sep. 17, 2021	Apr. 08, 2020	Dec. 31, 2023	Dec. 31, 2015
Related Party Transactions
Percentage of payment of royalties		30.00%
Percentage of royalty to be transferred, Range2		40.00%
Senju Pharmaceutical
Related Party Transactions
Royalty percentage				5.00%
Upfront payments	$ 250,000
Due to related party		$ 9,000,000
Percentage of payment of royalties		30.00%
Percentage of royalty to be transferred, Range2		40.00%
Minimum
Related Party Transactions
Percentage of payment of royalties			30.00%
Maximum
Related Party Transactions
Percentage of payment of royalties			40.00%

Notes Payable and Convertible Notes Payable

12 Months Ended

Dec. 31, 2023

Notes Payable and Convertible Notes Payable

Note 7 – Notes Payable and Convertible Notes Payable

As of December 31, 2023 and 2022, notes payable and convertible notes payable consisted of the following:


	December 31, 2023						December 31, 2022
	Notes Payable		Debt Discount		Net		Notes Payable		Debt Discount		Net
Current portion:
Avenue - Note payable	$	5,833,333	$	(503,914)	$	5,329,419	$	208,333	$	(33,885)	$	174,448
Avenue - Convertible note payable		—		—		—		208,333		(33,885)		174,448
Total current portion	$	5,833,333	$	(503,914)	$	5,329,419	$	416,666	$	(67,770)	$	348,896

Non-Current portion:
Avenue - Note payable	$	4,804,167	$	(448,367)	$	4,355,800	$	5,004,167	$	(813,229)	$	4,190,938
Avenue - Convertible note payable		5,000,000		(398,569)		4,601,431		5,004,167		(813,229)		4,190,938
Total non-current portion	$	9,804,167	$	(846,936)	$	8,957,231	$	10,008,334	$	(1,626,458)	$	8,381,876

BankDirect Capital Finance Loan

On February 24, 2022, the Company issued a note payable in the amount of $675,332 for the purchase of a directors and officers’ liability insurance policy. The note payable was payable in six monthly payments consisting of principal and interest amounting to $113,628 for an aggregate amount of $681,768. The note accrued interest at a rate of 3.26% per year and matured on August 24, 2022. The note payable was repaid in full during the year ended December 31, 2022. Interest expense was $6,436 for the year ended December 31, 2022.

On February 24, 2023, the Company issued a note payable in the amount of $609,140 for the purchase of a directors and officers’ liability insurance policy. The note accrued interest at a rate of 7.11% per year and matured on August 24, 2023. The D&O Loan was payable in six monthly payments of $103,639 consisting of principal and interest. The note payable was repaid in full during the year ended December 31, 2023. Interest expense was $12,694 for the year ended December 31, 2023.

Silicon Valley Bank Loan

On May 7, 2021, or the Effective Date, the Company entered into a Loan and Security Agreement, (the “Loan”), with Silicon Valley Bank, or SVB, for an aggregate principal amount of up to $25.0 million. The initial tranche of the Loan, in the amount of $7.5 million was received by the Company on May 7, 2021. In connection with the Loan, the Company issued warrants to SVB to purchase 91,884 shares of common stock at an exercise price per share equal to $4.76. The warrants are exercisable for a period of ten years from the date of issuance. The maturity date of the Loan was May 1, 2025. The Loan indicated a prepayment fee of 2.0% of the principal balance

made on or prior to the second anniversary of the Effective Date. The Loan also provided for a final payment in an amount equal to the original aggregate principal amount of the Loan multiplied by 5.0%. On September 29, 2021, the Company and SVB executed the First Amendment to the Loan and Security Agreement, (the “Amendment”). In accordance with the Amendment, the Company was required to maintain a collateralized money market account in the amount of $7,875,000.

On November 4, 2022, the Company repaid the Loan in full. The full amount of the payment was $8,025,000, and included the principal amount of the loan ($7,500,000), the final payment ($375,000)and a 2% prepayment fee ($150,000). The final payment and prepayment fee were recorded as interest expense. The entire restricted cash account in the amount of $7,875,000 was used to make the substantial amount of the payment. During the year ended December 31, 2022, the Company recorded interest expense relating to the Loan of $1,174,736, including the amortization of debt discount of $349,632.

Avenue Ventures Loan

On November 22, 2022, the Company entered into a Loan and Security Agreement (the “Avenue Loan Agreement”) with Avenue Venture Opportunities Fund, L.P., (“Avenue 1”), and Avenue Venture Opportunities Fund, L.P. II, (“Avenue 2”), and together with Avenue, (the “Lender”), for an aggregate principal amount of up to $15,000,000 (the “Avenue Loan”). The initial tranche of the Avenue Loan was $10,000,000, consisting of $4,000,000 from Avenue and $6,000,000 from Avenue 2. Up to $5,000,000 of the principal amount outstanding may be converted at the option of the Lender into shares of the Company’s common stock at a conversion price of $2.148 per share, subject to typical anti-dilution adjustments. The Avenue Loan bears interest at an annual rate equal to the greater of (A) 7.0% and (B) the prime rate as reported in The Wall Street Journal plus 4.45%. The Avenue Loan maturity date is November 1, 2025. The Company was able to request an additional $5,000,000 of gross funding between April 1, 2023 and July 31, 2023, subject to agreed-upon conditions. The Company must also make an incremental final payment equal to 4.25% of the aggregate funding, amounting to a premium of $425,000 on the initial tranche. The Company will make monthly interest-only payments during the first twelve months of the Avenue Loan, which could be increased to up to eighteen months upon the achievement of specified performance milestones. Following the interest-only period, the Company will make equal monthly payments of principal and interest until the maturity date, plus interest. If the Company prepays the Avenue Loan, it will be required to pay a prepayment fee of 3% if the Avenue Loan is prepaid during the first year, 2% if the Avenue Loan is prepaid during the second year and 1% if the Avenue Loan is repaid during the third year.

On May 22, 2023, pursuant to the Loan and Security Agreement, the Company received an additional tranche of non-convertible debt funding in the amount of $5,000,000. The Company paid approximately $126,000 of origination and legal fees connected to this debt funding. The additional funding is subject to the same interest and maturity date as the initial tranche. The additional funding triggered the extension of the interest-only payment period from the original 12 months to 18 months (through May 2024) for the entire outstanding balance due under the Avenue Loan Agreement (initial and additional tranches). Following the interest-only period, the Company will make equal monthly payments of principal until the maturity date, plus interest. The Company must also make a final payment equal to 4.25% of the additional tranche, amounting to a premium of $212,500 on the additional tranche. The total final payment on the aggregate borrowing is $637,500. If the Company prepays the Avenue Loan, it will be required to pay a prepayment fee of 2% if the Avenue Loan is prepaid during the second year and 1% if the Avenue Loan is repaid during the third year.

The Avenue Loan requires the Company to make and maintain representations and warranties and other agreements that are customary in loan agreements of this type. The Avenue Loan is secured by all of the Company’s assets, including intellectual property. The Avenue Loan also contains customary events of default, including non-payment of principal or interest, violations of covenants, bankruptcy and material judgments. Upon the occurrence of an event of default, all interest and principal immediately become due and payable. In addition, Avenue will have the right to exercise any other right or remedy provided by applicable law.

The Company paid a portfolio management fee of 1% of the total commitment of $15,000,000, or $150,000 of cash on December 1, 2022. This has been accounted for as a component of debt discount.

In connection with the Avenue Loan, the Company granted an aggregate of 547,807 shares of its common stock to the Lender. Based on the Company’s stock price of $1.79 per share on the closing date, the shares have a gross value of $980,575 and a relative fair value of $859,733. This is accounted for as a component of debt discount.

The following is a breakdown of the allocation of debt discount and origination costs:


	Allocation of Debt Discount
				Withheld		Eyenovia								Equity
				From		Origination		Final		Equity		Total Debt		Issuance
	Allocation %			Proceeds		Costs		Payment		Issued		Discount		Costs
Non-Convertible Note		64.01	%	$	134,112	$	237,378	$	637,500	$	447,391	$	1,456,381	$	—
Convertible Note		30.09	%		122,701		103,574		—		412,342		638,617		—
Private Placement Shares		5.90	%		24,063		20,312		—		—		—		44,375
Total		100.00	%	$	280,876	$	361,264	$	637,500	$	859,733	$	2,094,997	$	44,375

Withheld From Proceeds:
Broker Fee	$	250,000
Legal Reimbursement	$	30,876
Total	$	280,876

Eyenovia Origination Costs:
Legal Fee	$	86,264
Avenue Management Fee	$	275,000
Total	$	361,264

The following is a summary of the Avenue loan at December 31, 2023:


	December 31, 2023
	Non-Convertible		Convertible		Total
Aggregate loan funding	$	10,000,000	$	5,000,000	$	15,000,000
Final payment		637,500		—		637,500
		10,637,500		5,000,000		15,637,500
Less: Unamortized debt discount		(952,281)		(398,569)		(1,350,850)
		9,685,219		4,601,431		14,286,650
Less: Current portion		(5,329,419)		—		(5,329,419)
Notes Payable, Non-Current	$	4,355,800	$	4,601,431	$	8,957,231

During the years ended December 31, 2023 and 2022, the Company recorded interest expense relating to the Loan of $2,359,157 (which includes $681,860 of amortization of debt discount) and $189,510 (which includes $62,286 of amortization of debt discount), respectively.

Notes Payable - Avenue Ventures Loan (Details) - USD ($)

12 Months Ended

May 22, 2023

Dec. 01, 2022

Nov. 22, 2022

Nov. 04, 2022

Dec. 31, 2023

Dec. 31, 2022

Relative fair value of shares granted

^[1]

$ 859,733

Final payment of loan

$ 375,000

Additional tranche Of avenue loan

Payment of origination and legal fees

$ 126,000

Avenue Ventures Loan

Conversion of principal amount outstanding

$ 15,000,000

$ 5,000,000

Conversion price

$ 2.148

Interest rate (as a percent)

7.00%

Additional borrowing amount

$ 5,000,000

Incremental final payment (as percent)

4.25%

Final Payment premium

$ 425,000

$ 637,500

Percent of prepayment fee during first year

2.00%

3.00%

Percent of prepayment fee during second year

1.00%

2.00%

Percent of prepayment fee during third year

1.00%

Portfolio management fee (as percent)

1.00%

Total commitment

$ 15,000,000

Portfolio management fee amount

$ 150,000

Aggregate shares granted

547,807

Stock price per share

$ 1.79

Gross value of shares granted

$ 980,575

Relative fair value of shares granted

$ 859,733

Total debt discount

2,094,997

Current year amortization of loan

681,860

$ 62,286

Unamortized debt discount

$ 1,350,850

Avenue Ventures Loan | Minimum

Monthly interest-only payments period (in months)

12 months

Extension of interest period

12 months

Avenue Ventures Loan | Maximum

Monthly interest-only payments period (in months)

18 months

Extension of interest period

18 months

Avenue Ventures Loan | Prime Rate

Basis spread on variable rate

4.45%

Avenue Ventures Loan | Initial tranche of Avenue Loan

Avenue Ventures Loan | Additional tranche Of avenue loan

$ 10,000,000

Incremental final payment (as percent)

4.25%

Final Payment premium

$ 212,500

Debt gross amount

5,000,000

Final payment of loan

$ 637,500

Avenue Ventures Loan | Avenue, the Lender | Initial tranche of Avenue Loan

Avenue Ventures Loan | Avenue 2 | Initial tranche of Avenue Loan

4,000,000

$ 6,000,000

[1]	Relative fair value of stock issued in connection with debt.

Summary of Significant Accounting Policies (Policies)

12 Months Ended

Dec. 31, 2023

Liquidity and Going Concern

As of December 31, 2023, the Company had unrestricted cash and cash equivalents of approximately $14.8 million and an accumulated deficit of approximately $145.5 million. For the years ended December 31, 2023 and 2022, the Company incurred net losses of approximately $27.3 million and $28.0 million, respectively, and used cash in operations of approximately $23.8 million and $25.1 million, respectively. The Company does not have recurring revenue and has not yet achieved profitability. The Company expects to continue to incur cash outflows from operations for the near future. The Company expects that its research and development and general and administrative expenses will continue to increase and, as a result, it will eventually need to generate significant product revenues to achieve profitability. These circumstances raise substantial doubt about the Company’s ability to continue as a going concern for at least one year from the date that these financial statements are issued. Implementation of the Company’s plans and its ability to continue as a going concern will depend upon the Company’s ability to generate sufficient recurring revenues or the Company’s ability to raise further capital, through the sale of additional equity or debt securities or otherwise, to support its future operations.

The Company’s operating needs include the planned costs to operate its business, including amounts required to fund working capital and capital expenditures. The Company’s future capital requirements and the adequacy of its available funds will depend on many factors, including the Company’s ability to successfully commercialize its products and services, competing technological and market developments, and the need to enter into collaborations with other companies, or acquire other companies or technologies to enhance or complement its product and service offerings. If the Company is unable to generate sufficient recurring revenues or secure additional capital, it may be required to curtail its research and development initiatives and take additional measures to reduce costs in order to conserve its cash.

Use of Estimates

Preparation of financial statements in conformity with accounting principles generally accepted in the United States of America, or U.S. GAAP, requires management to make estimates, judgments and assumptions that affect the amounts reported in the financial statements and the amounts disclosed in the related notes to the financial statements. The Company bases its estimates and judgments on historical experience and on various other assumptions that it believes are reasonable under the circumstances. The amounts of assets and liabilities reported in the Company’s balance sheets and the amounts of expenses reported for each of the periods presented are affected by estimates and assumptions, which are used for, but not limited to, fair value calculations for equity securities, establishment of valuation allowances for deferred tax assets, revenue recognition, the recoverability and useful lives of long-lived assets, the realization of inventories and deferred clinical supply costs, the recovery of deferred costs and the deferral of revenues. Certain of the Company’s estimates could be affected by external conditions, including those unique to the Company and general economic conditions. It is reasonably possible that actual results could differ from those estimates.

See Note 2 - Summary of Significant Accounting Policies — Stock-Based Compensation for additional discussion of the use of estimates in estimating the fair value of the Company’s common stock.

Cash and Cash Equivalents

The Company considers all highly liquid investments with an original maturity of three months or less to be cash equivalents in the financial statements. As of December 31, 2023 and 2022, the Company had Treasury bills with original maturity dates of three months or less in the amount of $5,450,118 and $0, respectively.

The Company has cash deposits in financial institutions that, at times, may be in excess of Federal Deposit Insurance Corporation (“FDIC”) insurance limits. The Company has not experienced losses in such accounts and periodically evaluates the creditworthiness of its financial institutions. As of December 31, 2023 and 2022, the Company had cash and cash equivalent balances in excess of FDIC insurance limits of $14,243,870 and $22,613,520, respectively.

On March 10, 2023, Silicon Valley Bank (“SVB”), was closed by the California Department of Financial Protection and Innovation, and the FDIC was appointed as receiver. The Company has deposit accounts at SVB. The standard deposit insurance amount is up to $250,000 per depositor, per insured bank, for each account ownership category. As of December 31, 2023, the Company had approximately $106,000 in deposit accounts at SVB.

Property and Equipment, Net

Property and equipment are stated at cost, net of accumulated depreciation, which is recorded commencing at the in-service date using the straight-line method at rates sufficient to charge the cost of depreciable assets to operations over their estimated useful lives, which range from 1 to 10 years. Leasehold improvements are amortized over the lesser of (a) the useful life of the asset; or (b) the remaining lease term. Maintenance and repairs are charged to operations as incurred. The Company capitalizes costs attributable to the betterment of property and equipment when such betterment extends the useful life of the assets. Vendor deposits toward the purchase of property and equipment are reflected as equipment deposits on the accompanying balance sheets. The Company commences depreciation of assets when they are placed in service.

Impairment of Long-lived Assets

The Company reviews for the impairment of long-lived assets whenever events or changes in circumstances indicate that the carrying amount of an asset might not be recoverable. An impairment would be recognized when estimated future cash flows expected to result from the use of the asset and its eventual disposition are less than its carrying amount. The Company did not record any impairment losses during the years ended December 31, 2023 and 2022.

Fair Value of Financial Instruments

The Company measures the fair value of financial assets and liabilities based on Accounting Standards Codification, or ASC Topic 820 “Fair Value Measurements and Disclosures”, or ASC 820, which defines fair value, establishes a framework for measuring fair value, and expands disclosures about fair value measurements.

ASC 820 defines fair value as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. ASC 820 also establishes a fair value hierarchy, which requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. ASC 820 describes three levels of inputs that may be used to measure fair value:

Level 1 — quoted prices in active markets for identical assets or liabilities;

Level 2 — quoted prices for similar assets and liabilities in active markets or inputs that are observable; and

Level 3 — inputs that are unobservable (for example, cash flow modeling inputs based on assumptions).

The carrying amounts of the Company’s financial instruments, such as cash and cash equivalents, restricted cash, accounts payable, and notes payable approximate fair values due to the short-term nature or effective interest rates of these instruments.

Income Taxes

The Company is subject to Federal, New York State and City, and State of California income taxes and files tax returns in those jurisdictions.

The Company recognizes deferred tax assets and liabilities for the expected future tax consequences of items that have been included or excluded in the financial statements or tax returns. Deferred tax assets and liabilities are determined on the basis of the difference between the tax basis of assets and liabilities and their respective financial reporting amounts, or temporary differences, at enacted tax rates in effect for the years in which such temporary differences are expected to reverse.

The Company utilizes a recognition threshold and measurement process for financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return.

The Company’s policy is to classify assessments, if any, for tax-related interest as interest expense and penalties as general and administrative expenses in the statements of operations.

Revenue Recognition

The Company’s revenues are generated primarily through research, development and commercialization agreements. The terms of such agreements may contain multiple promised goods and services, which may include (i) licenses to its intellectual property, and (ii) in certain cases, payment in connection with the manufacturing and delivery of clinical supply materials. Payments to the Company under these arrangements typically include one or more of the following: non-refundable, upfront license fees; milestone payments; payments for clinical product supply, and royalties on future product sales.

The Company analyzes its arrangements to assess whether such arrangements involve joint operating activities. For collaboration arrangements that are deemed to be within the scope of ASC Topic 808, “Collaborative Arrangements”, or ASC 808, the Company allocates the contract consideration between such joint operating activities and elements that are reflective of a vendor-customer relationship and, therefore, within the scope of ASC Topic 606, “Revenue from Contracts with Customers”, or ASC 606. The Company’s policy is to recognize amounts allocated to joint operating activities as a reduction in research and development expense.

Under ASC 606, the Company recognizes revenue when its customers obtain control of promised goods or services, in an amount that reflects the consideration the Company expects to receive in exchange for those goods or services. To determine revenue recognition for arrangements that the Company determines are within the scope of ASC 606, the Company performs the following five steps:

●

Step 1: Identify the contract with the customer;

●

Step 2: Identify the performance obligations in the contract;

●

Step 3: Determine the transaction price;

●

Step 4: Allocate the transaction price to the performance obligations in the contract; and

●

Step 5: Recognize revenue when the company satisfies a performance obligation.

The Company recognizes revenue primarily from the following type of contract:

Product sales – Revenue is recognized at the point in time the customer obtains control of the goods and the Company satisfies its performance obligation, which is generally at the time it ships the product to the customer.

The Company must make significant judgments in its revenue recognition process, including identifying performance obligations in the contract, estimating the amount of variable consideration to include in the transaction price and allocating the transaction price to each performance obligation. Milestone payments represent variable consideration that will be recognized when the performance obligation is achieved. Sales-based royalty payments derived from usage of intellectual property are recognized when those sales occur.

Arrangements that include rights to additional goods or services that are exercisable at a customer’s discretion are generally considered discretionary purchase options. The Company assesses if these options provide a material right to the customer and if so, they are considered performance obligations.

During 2020, the Company entered into a license agreement, or the Arctic Vision License Agreement, with Arctic Vision (Hong Kong) Limited, or Arctic Vision, and a license agreement, or the Bausch License Agreement, with Bausch Health Companies, Inc., or Bausch + Lomb. Each license has three revenue components:

an upfront license fee;

milestone payments and

royalty payments.

Arctic Vision License Agreement

On August 10, 2020, the Company entered into the Arctic Vision License Agreement pursuant to which Arctic Vision may develop and commercialize MicroPine for the treatment of progressive myopia and MicroLine for the treatment of presbyopia in Greater China (mainland China, Hong Kong, Macau and Taiwan) and South Korea. On September 14, 2021, the Company and Arctic Vision executed Amendment 1 to the Arctic Vision License Agreement pursuant to which Arctic Vision may develop and commercialize MicroStat for the treatment of mydriasis in Greater China and South Korea.

Milestone Payments

The Company may receive up to $37.7 million in milestone payments in connection with the Arctic Vision License Agreement, as amended, based on various development and regulatory milestones, including the initiation of clinical research and regulatory approvals in Greater China and South Korea, related to the filing of marketing authorization applications of approximately $13.2 million and the receipt of regulatory approvals of approximately $24.5 million. The Company currently anticipates the remaining milestone related performance obligations to be achieved between late 2024 and late 2025.

Royalty Payments

Arctic Vision also will purchase its supply of MicroPine, MicroLine and MicroStat from the Company or, for such products not supplied by the Company, pay the Company a mid-single digit percentage royalty on net sales of such products, subject to certain adjustments. No royalty payments were earned through December 31, 2023. The Company will pay a percentage in the range from 30% to 40% of such payments, royalties, or net proceeds of such supply to Senju pursuant to the Senju License Agreement. See Note 10—Related Party Transactions—Senju License Agreement for additional details.

Bausch License Agreements

On October 9, 2020, the Company entered into the Bausch License Agreement pursuant to which Bausch + Lomb may develop and commercialize the Bausch Licensed Product in the Licensed Territory. Bausch + Lomb could terminate the Bausch License Agreement, with respect to the Bausch Licensed Product to either country in the Licensed Territory, at any time for convenience upon 90 days’ written notice.

On January 12, 2024, the Company and Bausch + Lomb entered into a Letter Agreement (the “Letter Agreement”), pursuant to which Eyenovia will reacquire the rights to the Bausch Licensed Product (see Note 13 – Subsequent Events). The terms of the agreement include the transfer of the rights and certain assets relating to the Bausch Licensed Product from Bausch + Lomb to the Company in exchange for cash and common stock consideration. In addition, under the terms of the Letter Agreement, the Company has also agreed to pay Bausch + Lomb a low single-digit royalty on its net sales of the Bausch Licensed Product in the United States and Canada for a period of ten years from the date of the first commercial sale by the Company (or its affiliates or licensees) of the Bausch Licensed Product in the United States. Under the Letter Agreement, (i) the Company will re-acquire any and all licenses and other rights granted by the Company to Bausch + Lomb under the original Bausch License Agreement, (ii) any and all licenses and other rights granted by Bausch + Lomb to the Company under the License Agreement are terminated, other than as set forth in the Letter Agreement, and (iii) other than as set forth in the Letter Agreement, Bausch + Lomb is released from all of their ongoing obligations under the License Agreement, including development and commercialization obligations.

In connection with the entry into the Letter Agreement, the Company will issue Bausch + Lomb $ 3.0 million in shares of the Company’s common stock, within ten business days of the completion of the Regulatory Transfers. Under the Letter Agreement, the Company has also agreed to pay Bausch + Lomb an upfront payment of $ 2.0 million in cash.

Clinical Supply Arrangements

Bausch + Lomb and Arctic Vision had contracted with the Company to manufacture and supply them with the appropriate drug-device combination products to conduct their clinical trials on a cost plus 10% mark-up basis. Based on the Letter Agreement with Bausch + Lomb referenced above, the arrangement with Bausch + Lomb is terminated. The arrangement with Arctic Vision is still in place. The Company’s licensing agreement with Arctic Vision represent collaborative arrangements and they are not a customer with respect to the clinical supply arrangements. The Company’s policy is to (a) defer the materials and manufacturing costs in order to properly match them up against the income from the clinical supply arrangements; and (b) report the net income from the clinical supply arrangements as other income. Deferred clinical supply costs were $4.3 million and $2.3 million at December 31, 2023 and 2022, respectively. Net income from the sale of clinical supplies was included in other income and amounted to $0.2 million for each of the years ended December 31, 2023 and 2022, but a $0.4 million provision for possible product returns was also charged against the results for the year ended December 31, 2023. This provision was for the cost to replace or rework the defective clinical supply product. See Note 9 – Commitments and Contingencies – Clinical Supply Returns.

Inventories

Inventories are stated at the lower of cost or net realizable value. Cost is determined using the first-in, first-out method. The cost of inventory that is sold to third parties is included within cost of sales. The Company will periodically review for slow-moving, excess or obsolete inventories.

Inventory is primarily comprised of drug-device combination products, which are available for commercial sale, as follows:


	December 31,
	2023
Finished goods	$	30,683
Work-in-process		—
Raw materials		79,115
Total inventory	$	109,798

Intangible Assets

The application of the guidance in ASC 805 (“Business Combinations”) on accounting for business combinations can differ significantly depending on whether the acquired entity is considered a “business” or an “asset.” A determination of whether the transaction represented an asset acquisition or a business combination must be made.

On August 15, 2023 (the “Effective Date”), the Company entered into a license agreement (the “License”) with Formosa Pharmaceuticals Inc. (the “Licensor”), whereby the Company acquired the exclusive U.S. rights to commercialize any product related to a novel formulation of clobetasol propionate ophthalmic suspension, 0.05%, which was approved by the FDA for ophthalmic use for inflammation and pain after ocular surgery and supplemental disease indications, if any, associated with the New Drug Application for the Licensed Product. The License will remain in effect for ten years from the date of the first commercial sale of a Licensed Product, unless earlier terminated. The Company paid the Licensor the aggregate amount of $2,000,000 (the “Upfront Payment”), consisting of (a) cash in the amount of $1,000,000 and (b) 487,805 shares of common stock valued at $1,000,000, which is included in Intangible Assets on the accompanying balance sheet. In addition to the Upfront Payment, the Company also capitalized $122,945 of transaction costs, which were primarily legal expenses. In addition, the Company must pay the Licensor up to $4 million upon the achievement of certain development milestones and up to $80 million upon the achievement of certain sales milestones. The initial trigger for development milestone payments is FDA approval of the Licensed Product. These contingent payments will be recorded when payment becomes probable and estimable.

It was determined that the transaction represented an asset acquisition, rather than a business combination, because substantially all of the fair value of the assets acquired is concentrated in a single identifiable asset. Consequently, the accounting is pursuant to the cost accumulation model. The Upfront Payment has been capitalized as an intangible asset by the Company, and will be amortized over the useful life of 10 years, beginning on the date of the first commercial sale of the Licensed Product.

Operating Leases

The Company adopted the Accounting Standards Update, or ASU 2016-02,“Leases (Topic 842)” as of December 31, 2022, effective January 1, 2022. The Company leases its facilities under non-cancellable operating leases. The Company evaluates the nature of each lease at the inception of an arrangement to determine whether it is an operating or financing lease and recognizes the right-of-use asset and lease liabilities based on the present value of future minimum lease payments over the expected lease term. The Company recognizes a liability to make lease payments, the “lease liability”, and an asset representing the right to use the underlying asset during the lease term, the “right-of-use asset”. The lease liability is measured at the present value of the remaining lease payments, discounted at the Company’s incremental borrowing rate. The Company’s leases do not generally contain an implicit interest rate and therefore the Company uses the incremental borrowing rate it would expect to pay to borrow on a similar collateralized basis over a similar term in order to determine the present value of its lease payments. The right-of-use asset is measured at the amount of the lease liability adjusted for the remaining balance of any lease incentives received, any cumulative prepaid or accrued rent if the lease payments are uneven throughout the lease term, any unamortized initial direct costs, and any impairment of the right-of-use-asset. Operating lease expense consists of a single lease cost calculated so that the remaining cost of the lease is allocated over the remaining lease term on a straight-line basis, variable lease payments not included in the lease liability, and any impairment of the right-of-use asset.

Research and Development

Research and development expenses are charged to operations as incurred. The Company records prepaid expenses on its balance sheet for the payment of research and development expenses in advance of services being provided.

The Company’s license agreements were determined to represent collaborative arrangements. Pursuant to these collaborative arrangements, the licensee is required to reimburse the Company for certain research and development expenses. Providing research and development activities in the context of a collaboration agreement is not an ordinary activity for the Company. Accordingly, the licensee is not a customer with respect to the reimbursements and such payments are not subject to ASC 606 – Revenue Recognition. The Company’s policy is to recognize the reimbursements as contra – research and development expense. The receivable for such payments, plus other license payments, is included in “license fee and expense reimbursements receivable” on the accompanying balance sheets.

Stock-Based Compensation

The Company measures the cost of services received in exchange for an award of equity instruments based on the fair value of the award. The fair value of the award is measured on the grant date and the fair value amount is then recognized over the period during which services are required to be provided in exchange for the award, usually the vesting period. Upon the exercise of an option, the Company issues new shares of common stock out of the shares reserved for issuance under its equity plans. See Note 11 – Stockholders’ Equity – Stock Options for additional information related to estimating the fair value of stock options.

Net Loss Per Share of Common Stock

Basic net loss per share of common stock is computed by dividing net loss by the weighted average number of shares of common stock outstanding during the period, plus fully vested shares that are subject to issuance for little or no monetary consideration. Diluted loss per share reflects the potential dilution that could occur if securities or other instruments to issue common stock were exercised or converted into common stock. The following table presents the computation of basic and diluted net loss per common share:


	For the Years Ended
	December 31,
	2023		2022
Numerator:
Net income (loss)	$	(27,261,096)	$	(28,011,157)
Net loss attributable to common stockholders	$	(27,261,096)	$	(28,011,157)

Denominator (weighted average quantities):
Common shares issued		39,907,873		33,252,644
Add: Prefunded warrants		1,042,033		333,037
Add: Undelivered vested restricted shares		83,064		64,066
Denominator for basic and diluted net loss per share		41,032,970		33,649,747

Basic and diluted net loss per common share	$	(0.66)	$	(0.83)

The following securities are excluded from the calculation of weighted average dilutive shares of common stock because their inclusion would have been anti-dilutive:


	December 31,
	2023	2022
Warrants	10,926,554	6,087,845
Options	5,306,377	5,380,553
Convertible notes	2,327,747	—
Restricted stock units	106,019	172,800
Total potentially dilutive shares	18,666,697	11,641,198

Subsequent Events

The Company has evaluated subsequent events through the date which the financial statements were issued. Based upon the evaluation, the Company did not identify any recognized or non-recognized subsequent events that would have required adjustment or disclosure in the financial statements, except as disclosed.

Recently Issued Accounting Standards

In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures. The amendments in this update address investor requests for more transparency about income tax information through improvements to income tax disclosures primarily related to the rate reconciliation and income taxes paid information. This update also includes certain other amendments to improve the effectiveness of income tax disclosures. The amendments in ASU 2023-09 are effective for fiscal years beginning after December 15, 2024, with early adoption permitted. The Company is currently evaluating the impact of this standard, but does not expect it to have a material impact on its financial statements.

Recently Adopted Accounting Standards

In June 2016, the FASB issued ASU No. 2016-13, “Financial Instruments - Credit Losses (Topic 326)” and also issued subsequent amendments to the initial guidance under ASU 2018-19, ASU 2019-04 and ASU 2019-05 (collectively, “Topic 326”). Topic 326 requires the measurement and recognition of expected credit losses for financial assets held at amortized cost. This replaces the existing incurred loss model with an expected loss model and requires the use of forward-looking information to calculate credit loss estimates. The Company adopted ASU 2016-13 on January 1, 2023. The adoption of ASU 2016-13 did not have a material impact on the Company’s financial position, results of operations or cash flows.

In August 2020, the FASB issued ASU 2020-06, “Debt—Debt with Conversion and Other Options (Subtopic 470-20)” and “Derivatives and Hedging— Contracts in Entity’s Own Equity (Subtopic 815-40): Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity”, to clarify the accounting for certain financial instruments with characteristics of liabilities and equity. The amendments in this update reduce the number of accounting models for convertible debt instruments and convertible preferred stock by removing the cash conversion model and the beneficial conversion feature model. Limiting the accounting models will result in fewer embedded conversion features being separately recognized from the host contract. Convertible instruments that continue to be subject to separation models are (1) those with embedded conversion features that are not clearly and closely related to the host contract, that meet the definition of a derivative, and that do not qualify for a scope exception from derivative accounting and (2) convertible debt instruments issued with substantial premiums for which the premiums are recorded as paid-in-capital. In addition, ASU 2020-06 improves disclosure requirements for convertible instruments and earnings-per-share guidance. ASU 2020-06 also revises the derivative scope exception guidance to reduce form-over-substance-based accounting conclusions driven by remote contingent events. The amendments in this update are effective for the Company in fiscal years beginning after December 15, 2023, and interim periods within those fiscal years. Early adoption is permitted. The Company early adopted ASU 2020-06 effective January 1, 2023 which eliminates the need to assess whether a beneficial conversion feature needs to be recognized upon the issuance of new convertible instruments. The adoption of ASU 2020-06 did not have a material impact on the Company’s financial position, results of operations or cash flows.

Statements of Cash Flows (Parenthetical) - IPO - USD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Proceeds of stock issued during period gross	$ 11,977,468	$ 14,981,299
Pre-funded warrants
Proceeds of stock issued during period gross	$ 4,168,011	$ 5,741,299

Commitments and Contingencies - Company's right-of-use assets and liabilities (Details) - USD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Commitments and Contingencies
Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows used in operating activities	$ 503,046	$ 412,478
Right-of-use assets obtained in exchange for lease obligations; Operating leases	$ 904,437	$ 1,186,098
Weighted Average Remaining Lease Term (Years): Operating leases	3 years 14 days	3 years 8 months 15 days
Weighted Average Discount Rate: Operating leases	10.00%	10.00%

Summary of Significant Accounting Policies - Inventories (Details)	Dec. 31, 2023 USD ($)
Summary of Significant Accounting Policies
Finished goods	$ 30,683
Raw materials	79,115
Total inventory	$ 109,798

Business Organization and Nature of Operations

12 Months Ended

Dec. 31, 2023

Business Organization, Nature of Operations and Basis of Presentation

Business Organization and Nature of Operations

Note 1 – Business Organization and Nature of Operations

Eyenovia, Inc., (“Eyenovia”, or “the Company”), is an ophthalmic technology company developing the Optejet® delivery system for use both in combination with its own drug-device therapeutic programs as well as out-licensing for additional indications. Eyenovia’s aim is to improve the delivery of topical ophthalmic medication through ergonomic design that facilitates ease-of-use and delivery of more physiologically appropriate medication volume, with the goal to reduce side effects and improve tolerability, and introduce digital health technology to improve therapy compliance and ultimately medical outcomes. The ergonomic and functional design of the Optejet® allows for horizontal drug delivery and eliminates the need to tilt the head back or the manual dexterity to squeeze a bottle to administer medications. Drug is delivered in a microscopic array of droplets faster than the blink reflex to help ensure instillation success. The precise delivery of a low-volume columnar spray by the Optejet® device minimizes contamination with a non-protruding nozzle and self-closing shutter. In clinical trials, the Optejet® has demonstrated that its targeted delivery achieves a high rate of successful administration, with 98% of sprays being accurately delivered upon first attempt compared to the established rate reported with traditional eye drops of ~ 50%. A more physiologically appropriate volume of medication in the range of seven to nine microliters is delivered by the Optejet, approximately one fifth of the 35 to 50 microliter dose typically delivered in a single eye drop. Lower volume of medication exposes the ocular surface to less active ingredient and preservatives, potentially reducing ocular stress and surface damage and improving tolerability. The lower volume also minimizes the potential for drug to enter systemic circulation, with the goal of avoiding some common side effects that are related to overdosing of the eye. Versions of the Optejet are being developed with on-board digital technology to provide reminders via Bluetooth to smart devices and date and time stamp device use. This information can then be used by practitioners and health care systems to measure treatment compliance and improve medical decision making. In this way, the Optejet could serve as an extension of the physician’s office by providing information that is not currently possible to collect except through the use of diaries. To address unmet medical needs, the Company is developing the next generation of smart ophthalmic therapeutics to target new indications or new combinations where there are currently no or few drug therapies approved by the U.S. Food and Drug Administration, or FDA. The Company’s investigational products are classified by the FDA as drug-device combination products with drug primary mode of action, meaning that the Center for Drug Evaluation and Research, or CDER, is designated as the lead center with primary jurisdictional oversight. Accordingly, the product candidates are submitted to the FDA and CDER for premarket review and approval under new drug applications, or NDAs.

Prepaid Expenses and Other Current Assets

12 Months Ended

Dec. 31, 2023

Prepaid Expenses and Other Current Assets

Prepaid Expenses and Other Current Assets

Note 3 – Prepaid Expenses and Other Current Assets

As of December 31, 2023 and 2022, prepaid expenses and other current assets consisted of the following:


	December 31,
	2023		2022
Payroll tax receivable	$	500,684	$	660,891
Prepaid research and development expenses		421,056		2,521
Prepaid insurance expenses		167,338		201,082
Prepaid conference expenses		123,556		97,743
Prepaid general and administrative expenses		85,938		87,982
Prepaid patent expenses		48,409		38,796
Prepaid rent and security deposit		18,750		74,959
Other		—		26,745
Total prepaid expenses and other current assets	$	1,365,731	$	1,190,719

Accrued Compensation (Tables)

12 Months Ended

Dec. 31, 2023

Accrued Compensation

Schedule of accrued compensation


	December 31,
	2023		2022
Accrued bonus expenses	$	1,302,997	$	1,447,643
Accrued payroll expenses		355,616		299,548
Total accrued compensation	$	1,658,613	$	1,747,191

Summary of Significant Accounting Policies - Basic and diluted net loss per common share (Details) - USD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Summary of Significant Accounting Policies
Total potentially dilutive shares	18,666,697	11,641,198
Numerator:
Net income (loss)	$ (27,261,096)	$ (28,011,157)
Net loss attributable to common stockholders	$ (27,261,096)	$ (28,011,157)
Denominator (weighted average quantities):
Common shares issued	39,907,873	33,252,644
Add: Prefunded warrants	1,042,033	333,037
Add: Undelivered vested restricted shares	83,064	64,066
Shares Outstanding - Basic	41,032,970	33,649,747
Shares Outstanding - Diluted	41,032,970	33,649,747
Basic net loss per share of common share	$ (0.66)	$ (0.83)
Diluted net loss per share of common share	$ (0.66)	$ (0.83)
Warrants
Summary of Significant Accounting Policies
Total potentially dilutive shares	10,926,554	6,087,845
Options
Summary of Significant Accounting Policies
Total potentially dilutive shares	5,306,377	5,380,553
Convertible notes
Summary of Significant Accounting Policies
Total potentially dilutive shares	2,327,747
Restricted stock units
Summary of Significant Accounting Policies
Total potentially dilutive shares	106,019	172,800

Notes Payable and Convertible Notes Payable - Schedule of debt discount Note payable (Details) - USD ($)		12 Months Ended
	Nov. 04, 2022	Dec. 31, 2023	Dec. 31, 2022
Debt discount:
Relative fair value of issuance costs	$ (8,025,000)
Amortization of debt discount		$ 681,860	$ 411,918
Note payable - Current portion		5,833,333	416,666
Notes payable - non-current portion, net of debt discount of $813,229 and $0 as of December 31, 2022 and 2021, respectively		$ 9,804,167	$ 10,008,334

Commitments and Contingencies

12 Months Ended

Dec. 31, 2023

Commitments and Contingencies

Commitments and Contingencies

Note 9 – Commitments and Contingencies

Employment Agreements

On February 14, 2022, the Compensation Committee of the Board approved amendments to the Executive Employment Agreements, (the “Employment Agreement Addendums”), for three executive officers. Each of the Employment Agreement Addendums provides that if the executive’s employment is terminated by the Company without “Cause” or the executive suffers an “Involuntarily Termination” (each as defined in the employment agreements), provided that the executive has signed a full release of all claims, the executive will be entitled to receive: (i) severance pay equal to twelve months of his or her then-current base salary, and (ii) a reimbursement for health insurance benefits under COBRA for the executive and his or her spouse and dependents for a period of twelve months or until the executive becomes eligible for comparable insurance benefits from another employer, whichever is earlier.

Transition of Chief Executive Officer

On July 27, 2022, the Company announced the appointment of Michael Rowe as its new Chief Executive Officer, or CEO, effective August 1, 2022, with Dr. Tsontcho Ianchulev (the former CEO) becoming Executive Chairman of the Board. Mr. Rowe is also serving as a member of the Board.

On July 26, 2022, the Company entered into an Employment Agreement, (the “Employment Agreement”), with Mr. Rowe under which he will serve as Chief Executive Officer of the Company. Under the terms of the Employment Agreement, Mr. Rowe will receive an annual salary of $575,000. He is eligible to receive a cash bonus of up to 60% of his base salary. Additionally, Mr. Rowe received an option to purchase 440,000 shares of the Company’s common stock, exercisable at $1.66 per share, pursuant to the Company’s Amended and Restated 2018 Omnibus Stock Incentive Plan, as amended. Mr. Rowe will also continue to participate in any and all benefit plans, from time to time, in effect for senior management, along with vacation, sick and holiday pay in accordance with the Company’s policies established and in effect from time to time. As a result of the change of salary, the aggregate potential severance pay for the executive officers of the Company is approximately $1,004,000.

The Company also entered into an agreement with Dr. Ianchulev, or the Executive Chairman Agreement, pursuant to which Dr. Ianchulev will provide medical expertise and consultation related to the Company’s research and development programs, and such other matters as reasonably requested by the Company for an initial period of one year. In consideration for Dr. Ianchulev’s services, the Company has agreed to provide Dr. Ianchulev with a $5,000 monthly retainer throughout the term of the agreement, in addition to the compensation payable to all non-employee members of the Board.

Clinical Supply Returns

A certain portion of clinical supply product sold to a licensee has been determined to be defective and will be returned to the Company to be replaced or reworked. The Company is still working to determine the exact quantity of the defective clinical supply and the cost to replace or rework the product. As of December 31, 2023, the estimate of the range of the loss is between $400,000 and $600,000, with no amount within that range being a more accurate estimate than the others at this time. Accordingly, as of December 31, 2023, the Company has recorded a charge equal to the low end of the range or $400,000, which is included within other income (expense), because the original sales to the licensee were recorded on that line item. See Note 13 – Subsequent Events.

Operating Leases

In April 2022, the Company entered into a new lease agreement for 3,916 square feet in Laguna Hills, California. The new lease term is five years and two months, commencing on June 1, 2022 and expiring on July 31, 2027. The monthly base rent ranges from $9,203 to $10,358 per month over the term of the lease. The security deposit is $11,400. The Company’s rent expense for all Laguna Hills space is recorded in general and administrative expense and amounted to $118,746 and $66,196 for the years ended December 31, 2023 and 2022, respectively.

In May 2022, the Company entered into a lease agreement to lease 10,880 square feet of office space in Reno, Nevada. The lease term is five years and four months, commencing on May 23, 2022 and expiring on September 23, 2027. The monthly base rent ranges from $13,056 to $16,663 per month over the term of the lease. The security deposit is $53,000. The Company’s rent expense for this space is recorded in research and development expense and amounted to $164,950 and $169,521 for the years ended December 31, 2023 and 2022, respectively.

In February 2023, the Company exercised its options to renew its three leases in Redwood City, California, for a total of approximately 6,700 square feet. The leases were due to expire on August 31, 2023. The leases were extended from September 1, 2023 to August 31, 2025. The aggregate monthly base rent ranges from $15,742 to $16,700 per month over the term of the lease. The security deposit is $15,000. The Company’s rent expense for this space is recorded in research and development expense and amounted to $192,710 and $180,240 for the years ended December 31, 2023 and 2022, respectively.

In June 2023, the Company entered into an extension agreement to renew its lease for approximately 3,800 square feet of office space in New York, NY. The lease was due to expire on September 30, 2023. The lease was extended from November 1, 2023 to December 31, 2026. The monthly base rent ranges from $19,633 to $21,298 per month over the term of the lease. The security deposit is $118,000. The Company’s rent expense for this space is recorded in general and administrative expense and amounted to $233,534 and $242,067 for the years ended December 31, 2023 and 2022, respectively.

A summary of the Company’s right-of-use assets and liabilities is as follows:


	For the Years Ended
	December 31,
	2023			2022
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows used in operating activities	$	503,046		$	412,478

Right-of-use assets obtained in exchange for lease obligations
Operating leases	$	904,437		$	1,186,098

Weighted Average Remaining Lease Term (Years)
Operating leases		3.04 years			3.71 years

Weighted Average Discount Rate
Operating leases		10.0	%		10.0	%

Future minimum payments under the Company’s operating lease agreements are as follows:


For the Years Ending
December 31,	Minimum Lease Payments
2024	$	660,923
2025		675,400
2026		560,996
2027		214,619
Total future minimum lease payments		2,111,938
Less: Imputed interest		(318,021)
Present value of lease liabilities		1,793,917
Less: current portion		(501,250)
Lease liabilities, non-current portion	$	1,292,667

Litigations, Claims and Assessments

In the normal course of business, the Company may be involved in legal proceedings, claims and assessments arising in the ordinary course of business. The Company records legal costs associated with loss contingencies as incurred and accrues for all probable and estimable settlements.

Notes Payable and Convertible Notes Payable - Additional Information (Details) - USD ($)					12 Months Ended
	Feb. 24, 2023	Nov. 04, 2022	Feb. 24, 2022	May 07, 2021	Dec. 31, 2023	Dec. 31, 2022	Nov. 22, 2022	Sep. 29, 2021	Feb. 24, 2021
Notes Payable
Short term notes payable					$ 5,329,419	$ 174,448
Repayments of notes payable					$ 609,140	$ 8,175,332
Exercise price					$ 0.01	$ 0.01
Number of warrants issued					2,252,979	1,870,130
Final payment		$ 7,500,000
Final payment of loan		375,000
Restricted Cash Used For Repayment of Loan		7,875,000
Prepayment fees		$ (150,000)
Percentage of prepayment fees		2.00%
Avenue Ventures Loan
Notes Payable
Interest rate (as a percent)							7.00%
Interest expense					$ 2,359,157	$ 189,510
Amortization of debt discount					$ 681,860	62,286
Silicon Valley Bank loan
Notes Payable
Maturity date					May 01, 2025
Long-term Debt				$ 7,500,000
Debt Instrument Principal Amount				$ 25,000,000.0
Original Principal Loan Percentage				5.00%
Interest expense					$ 1,174,736
Amortization of debt discount					349,632
Restricted cash								$ 7,875,000
Exercise price				$ 4.76
Number of warrants issued				91,884
Notes Payable Other Payables
Notes Payable
Short term notes payable			$ 681,768
Directors and Officers Insurance Policy Loan [Member]
Notes Payable
Short term notes payable									$ 675,332
Maturity date	Aug. 24, 2023		Aug. 24, 2022
Interest rate (as a percent)	7.11%		3.26%
Number of monthly payments	6 months		6 months
Debt Instrument, Periodic Payment	$ 103,639		$ 113,628
Interest expense					$ 12,694	$ 6,436
Second Anniversary [Member]
Notes Payable
Prepayment of Loan Fee Percentage				2.00%

Stockholders' Equity - Black Scholes option (Details)	12 Months Ended
Stockholders' Equity - Black Scholes option (Details)	Dec. 31, 2023	Dec. 31, 2022
Stockholders' Equity
Expected dividends	0.00%	0.00%
Minimum
Stockholders' Equity
Expected term (years)	5 years 6 months	6 months 29 days
Risk free interest rate	3.44%	0.76%
Expected volatility	80.00%	82.00%
Maximum
Stockholders' Equity
Expected term (years)	10 years	10 years
Risk free interest rate	4.72%	3.80%
Expected volatility	95.00%	90.00%

Balance Sheets - USD ($)	Dec. 31, 2023	Dec. 31, 2022
Current Assets
Cash and cash equivalents	$ 14,849,057	$ 22,863,520
Inventories	109,798
Deferred clinical supply costs	4,256,793	2,284,931
License fee and expense reimbursements receivable	123,833	1,183,786
Security deposits, current	1,506	119,550
Prepaid expenses and other current assets	1,365,731	1,190,719
Total Current Assets	20,706,718	27,642,506
Property and equipment, net	3,374,384	1,295,115
Security deposits, non-current	197,168	80,874
Intangible assets	2,122,945
Operating lease right-of-use asset	1,666,718	1,291,592
Equipment deposits	711,441	726,326
Total Assets	28,779,374	31,036,413
Current Liabilities:
Accounts payable	1,753,172	1,428,283
Accrued compensation	1,658,613	1,747,191
Accrued expenses and other current liabilities	287,928	503,076
Operating lease liabilities - current portion	501,250	484,882
Notes payable - current portion, net of debt discount of $503,914 and $33,885 as of December 31, 2023 and 2022, respectively	5,329,419	174,448
Convertible notes payable - current portion, net of debt discount of $0 and $33,885 as of December 31, 2023 and 2022, respectively		174,448
Total Current Liabilities	9,530,382	4,512,328
Operating lease liabilities - non-current portion	1,292,667	907,644
Notes payable - non-current portion, net of debt discount of $448,367 and $813,229 as of December 31, 2023 and 2022, respectively	4,355,800	4,190,938
Convertible notes payable - non-current portion, net of debt discount of $398,569 and $813,229 as of December 31, 2023 and 2022, respectively	4,601,431	4,190,938
Total Liabilities	19,780,280	13,801,848
Commitments and contingencies (Note 9)
Stockholders' Equity:
Preferred stock, $0.0001 par value, 6,000,000 shares authorized; 0 shares issued and outstanding as of December 31, 2023 and 2022
Common stock, $0.0001 par value, 90,000,000 shares authorized; 45,553,026 and 36,668,980 shares issued and outstanding as of December 31, 2023 and 2022, respectively	4,555	3,667
Additional paid-in capital	154,486,098	135,461,361
Accumulated deficit	(145,491,559)	(118,230,463)
Total Stockholders' Equity	8,999,094	17,234,565
Total Liabilities and Stockholders' Equity	$ 28,779,374	$ 31,036,413

Related Party Transactions

12 Months Ended

Dec. 31, 2023

Related Party Transactions

Related Party Transactions

Note 10 – Related Party Transactions

See Note 9 - Commitments and Contingencies for certain commitments and contingencies entered into with certain related parties.

Senju License Agreement

During 2015, the Company entered into an exclusive license agreement with Senju, or the Senju License Agreement, whereby the Company agreed to grant to Senju an exclusive, royalty-bearing license for its microdose product candidates for Asia to sublicense, develop, make, have made, manufacture, use, import, market, sell, and otherwise distribute the microdose product candidates. In consideration for the license, Senju agreed to pay to Eyenovia five percent (5%) royalties on sales (net of certain manufacturing costs) for the term of the Senju License Agreement, subject to certain adjustments upon the loss of patent coverage for the term of the license agreement. The agreement will continue in full force and effect, on a country-by-country basis, until the latest to occur of: (i) the tenth (10th) anniversary of the first commercial sale of such a product candidate in a country; or (ii) the expiration of the licensed patents in a country. As of the date of this filing, there have been no commercial sales of such a product in Asia; therefore, no royalties have been earned. Senju is owned by the family of a former member of the Company’s Board of Directors.

On April 8, 2020, Eyenovia entered into an amendment, (the “Senju License Amendment”), to the Senju License Agreement. Pursuant to the Senju License Amendment, the Company can license to any third party the right to research, develop, commercialize, manufacture or use certain products, or the Senju Licensed Products previously licensed to Senju in China (including the People’s Republic of China, Hong Kong, Macao, and Taiwan) and South Korea, or the Territory.

Pursuant to the Senju License Amendment, the Company must pay Senju (a) a percentage in the range of 30% to 40% of revenue on (i) any lump-sum payments the Company receives from the third party, (ii) revenue (net of costs) obtained by the Company from contract research and/or development of the Senju Licensed Product in the Territory, and (iii) revenue (net of costs) obtained by the Company from contract manufacture for the device of the Senju Licensed Product in the Territory, the aggregate of which must be at least a $9 million minimum payment to Senju; and (b) a percentage in the range of 30% to 40% of any sales royalty revenue the Company receives from the third party. Since the Company executed a third-party license prior to the April 8, 2021 expiration of the Senju License, the Senju License Amendment will remain in effect for the duration of the license, subject to early termination.

The Senju License Agreement was further amended in a Letter Agreement by and between the Company and Senju on August 10, 2020, or the Letter Agreement. Pursuant to the Letter Agreement, the Company will pay to Senju a percentage in the range of 30% to 40% of certain payments, royalties, or net proceeds received from Arctic Vision in connection with the Arctic Vision License Agreement. The Senju License Agreement was amended further by the License Amendment 2, effective September 14, 2021, (“Amendment 2”). The Amendment 2 excludes Greater China and South Korea from the territory in which Senju was granted an exclusive royalty-bearing license from the Company. In consideration for this exclusion, and upon and after the execution of Amendment 1 with Arctic Vision, the Company must make payments to Senju based on non-royalty license revenue and sales revenue, including the following:

a one-time upfront payment of $250,000, paid on September 17, 2021, which represented an inducement to Senju to approve Amendment 1 of the Arctic Vision License Agreement related to the MicroStat product.

a percentage in the range from 30% to 40% of any upfront or milestone lump sum payments, or net revenues received by the Company in connection with any licensed product using piezo-print technology in a microdose dispenser containing: (a) the chemical substance atropine sulfate as its sole active ingredient and that is used for the treatment of myopia in humans; (b) the chemical substance pilocarpine as its sole active ingredient and that is used for the treatment of presbyopia in humans; or (c) the chemical substances phenylephrine and tropicamide in combination as active ingredients that are used for pharmaceutical mydriasis in humans (the “LA2 Licensed Product”) from certain third parties, and

a percentage in the range from thirty to forty percent of the amounts received by the Company in connection with sales of the LA2 Licensed Product in China and South Korea by certain third parties.

See Note 2 – Summary of Significant Accounting Policies – Revenue Recognition - Arctic Vision License Agreement for additional details regarding the Arctic Vision License Agreement.

The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

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-Paragraph 1
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483326/850-10-50-1

Schedule of property and equipment

Property and Equipment, Net (Tables)

12 Months Ended

Dec. 31, 2023

Property and Equipment, Net


	December 31,
	2023		2022
Equipment	$	3,038,651	$	1,361,783
Leasehold improvements		1,754,779		569,170
		4,793,430		1,930,953
Less: accumulated depreciation and amortization		(1,419,046)		(635,838)
Property and equipment, net	$	3,374,384	$	1,295,115

Equipment not yet placed in service	$	711,441	$	726,326

Statements of Changes in Stockholders' Equity (Parenthetical) - USD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Adjustments to additional paid in capital upon stock issuance costs		$ 44,375
Common stock one
Proceeds of stock issued during period gross		14,981,299
Adjustments to additional paid in capital upon stock issuance costs		83,391
At Market Offering
Proceeds of stock issued during period gross	$ 4,733,909	5,445,130
Adjustments to additional paid in capital upon stock issuance costs	142,017	$ 163,354
Registered direct offering
Proceeds of stock issued during period gross	11,977,468
Adjustments to additional paid in capital upon stock issuance costs	$ 1,091,354

Statements of Operations - USD ($)	12 Months Ended
Statements of Operations - USD ($)	Dec. 31, 2023	Dec. 31, 2022
Operating Income
Revenue	$ 3,787
Cost of revenue	(3,787)
Operating Expenses:
Research and development	12,975,832	$ 13,378,680
General and administrative	12,430,614	13,532,835
Total Operating Expenses	25,406,446	26,911,515
Loss From Operations	(25,406,446)	(26,911,515)
Other (Expense) Income:
Other (expense) income , net	(176,411)	197,090
Interest expense	(2,371,851)	(1,380,058)
Interest income	693,612	83,326
Total Other Expense	(1,854,650)	(1,099,642)
Net Loss	$ (27,261,096)	$ (28,011,157)
Net Loss Per Share
Net Loss Per Share - Basic	$ (0.66)	$ (0.83)
Net Loss Per Share - Diluted	$ (0.66)	$ (0.83)
Weighted Average Number of Common Shares Outstanding
Shares Outstanding - Basic	41,032,970	33,649,747
Shares Outstanding - Diluted	41,032,970	33,649,747

Summary of Significant Accounting Policies - Additional Information (Details) - USD ($)

12 Months Ended

Jan. 12, 2024

Aug. 15, 2023

Mar. 10, 2023

Mar. 03, 2022

Oct. 09, 2020

Apr. 08, 2020

Dec. 31, 2023

Dec. 31, 2022

Cash and cash equivalents

$ 14,849,057

$ 22,863,520

Accumulated deficit

145,491,559

118,230,463

Net Income (Loss)

(27,261,096)

(28,011,157)

Cash used in operations

(23,836,539)

(25,105,482)

Treasury bills

5,450,118

Cash, uninsured amount

14,243,870

22,613,520

Standard deposit insurance

^[1],[2]

10,886,114

Percentage of payment of royalties

30.00%

Deferred clinical supply costs

4,256,793

2,284,931

Provision for clinical supplies to be returned

400,000

Issuance of common stock as consideration for licensing agreement

^[3]

$ 1,000,000

License | Formosa Pharmaceuticals Inc

Percentage of product approved by FDA

0.05%

Upfront payment paid in cash

$ 1,000,000

Issuance of common stock as consideration for licensing agreement (in shares)

487,805

Issuance of common stock as consideration for licensing agreement

$ 1,000,000

Legal expenses capitalized

122,945

Maximum amount payable upon achievement of certain development milestones

4,000,000

Maximum amount payable upon achievement of certain sales milestones

$ 80,000,000

Life of product

10 years

Upfront payment

$ 2,000,000

Clinical Supply Arrangements

Clinical trials, percentage of additional mark-up on cost

10.00%

Deferred clinical supply costs

$ 4,300,000

2,300,000

Net income from the sale of clinical supplies

200,000

$ 200,000

Securities purchase agreement

Issuance of common stock and warrants in registered direct offering (in shares)

3,000,000

Securities purchase agreement | Silicon Valley Bank loan

Standard deposit insurance

$ 250,000

Securities purchase agreement | Silicon Valley Bank loan | Pre-funded warrants

Standard deposit insurance

106,000

Bausch License Agreement

Arctic Vision License Agreement

Written notice period

90 days

Maximum additional payments receivable

37,700,000

Aggregate milestone revenue related to filing of marketing authorization applications

13,200,000

Receipt of regulatory approvals

24,500,000

Royalty payments earned

$ 0

Maximum

Property, Plant and Equipment, Useful Life

10 years

Percentage of payment of royalties

40.00%

Minimum

Property, Plant and Equipment, Useful Life

1 year

Percentage of payment of royalties

30.00%

Subsequent Event | Bausch License Agreement | License

Issue of common stock

$ 3,000,000.0

Upfront payment received

$ 2,000,000.0

[1]	Includes gross proceeds of $11,977,468 less total cash issuance costs of $1,091,354.
[2]	Warrant modification in connection with registered direct offering accounted for as a non-cash issuance cost of the registered direct offering, but is presented on a separate line item for clarity.
[3]	Shares issued as partial consideration for License Agreement with Formosa Pharmaceuticals Inc.

Subsequent Events

12 Months Ended

Dec. 31, 2023

Subsequent Events

Subsequent Events

Note 13 – Subsequent Events

Bausch + Lomb/ Eyenovia Reversion of Licensed Rights Under Mutual Termination Agreement

On January 12, 2024, the Company and Bausch + Lomb entered into a Letter Agreement (the “Letter Agreement”), pursuant to which Eyenovia will reacquire the rights to the Bausch Licensed Product. See Note 2 – Summary of Significant Accounting Policies – Revenue Recognition – Bausch + Lomb License Agreement for details of the Letter Agreement.

As presented in Note 9 – Commitments and Contingencies – Clinical Supply Returns, the Company had recorded a charge equal to $400,000 for the cost to replace or to rework the clinical supply product. The Letter Agreement will result in a reversal of the clinical supply return reserve, because Bausch + Lomb will no longer be returning the defective product.

Summary of Significant Accounting Policies

12 Months Ended

Dec. 31, 2023

Summary of Significant Accounting Policies

Note 2 – Summary of Significant Accounting Policies

Liquidity and Going Concern

Use of Estimates

See Note 2 - Summary of Significant Accounting Policies — Stock-Based Compensation for additional discussion of the use of estimates in estimating the fair value of the Company’s common stock.

Cash and Cash Equivalents

Property and Equipment, Net

Impairment of Long-lived Assets

Fair Value of Financial Instruments

Level 1 — quoted prices in active markets for identical assets or liabilities;

Level 2 — quoted prices for similar assets and liabilities in active markets or inputs that are observable; and

Level 3 — inputs that are unobservable (for example, cash flow modeling inputs based on assumptions).

Income Taxes

The Company is subject to Federal, New York State and City, and State of California income taxes and files tax returns in those jurisdictions.

The Company utilizes a recognition threshold and measurement process for financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return.

The Company’s policy is to classify assessments, if any, for tax-related interest as interest expense and penalties as general and administrative expenses in the statements of operations.

Revenue Recognition

●

Step 1: Identify the contract with the customer;

●

Step 2: Identify the performance obligations in the contract;

●

Step 3: Determine the transaction price;

●

Step 4: Allocate the transaction price to the performance obligations in the contract; and

●

Step 5: Recognize revenue when the company satisfies a performance obligation.

The Company recognizes revenue primarily from the following type of contract:

an upfront license fee;

milestone payments and

royalty payments.

Arctic Vision License Agreement

Milestone Payments

Royalty Payments

Bausch License Agreements

Clinical Supply Arrangements

Inventories

Inventory is primarily comprised of drug-device combination products, which are available for commercial sale, as follows:


	December 31,
	2023
Finished goods	$	30,683
Work-in-process		—
Raw materials		79,115
Total inventory	$	109,798

Intangible Assets

Operating Leases

Research and Development

Stock-Based Compensation

Net Loss Per Share of Common Stock


	For the Years Ended
	December 31,
	2023		2022
Numerator:
Net income (loss)	$	(27,261,096)	$	(28,011,157)
Net loss attributable to common stockholders	$	(27,261,096)	$	(28,011,157)

Denominator (weighted average quantities):
Common shares issued		39,907,873		33,252,644
Add: Prefunded warrants		1,042,033		333,037
Add: Undelivered vested restricted shares		83,064		64,066
Denominator for basic and diluted net loss per share		41,032,970		33,649,747

Basic and diluted net loss per common share	$	(0.66)	$	(0.83)

The following securities are excluded from the calculation of weighted average dilutive shares of common stock because their inclusion would have been anti-dilutive:


	December 31,
	2023	2022
Warrants	10,926,554	6,087,845
Options	5,306,377	5,380,553
Convertible notes	2,327,747	—
Restricted stock units	106,019	172,800
Total potentially dilutive shares	18,666,697	11,641,198

Subsequent Events

Recently Issued Accounting Standards

Recently Adopted Accounting Standards

Pay vs Performance Disclosure - USD ($)	12 Months Ended
Pay vs Performance Disclosure - USD ($)	Dec. 31, 2023	Dec. 31, 2022
Pay vs Performance Disclosure
Net Income (Loss)	$ (27,261,096)	$ (28,011,157)

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

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Stockholders' Equity

12 Months Ended

Dec. 31, 2023

Stockholders' Equity

Note 11 – Stockholders’ Equity

Authorized Capital

The Company is authorized to issue 90,000,000 shares of common stock, par value of $0.0001 per share, and 6,000,000 shares of preferred stock, par value of $0.0001 per share. The holders of the Company’s common stock are entitled to one vote per share. The Board of Directors is empowered, without stockholder approval, to issue preferred stock with dividend, liquidation, redemption, voting or other rights.

Equity Incentive Plans

On April 7, 2020, the Company’s Board of Directors approved the Company’s Amended and Restated 2018 Omnibus Stock Incentive Plan (the “Restated Plan”), which stockholders approved on June 30, 2020. Under the Restated Plan, as amended on June 16, 2022 and June 27, 2023, 6,700,000 shares of the Company’s common stock are reserved for issuance. The Restated Plan requires that all equity awards issued under the Restated Plan vest at least twelve months from the applicable grant date, subject to accelerated vesting, and provides that no dividend or dividend equivalent will be paid on any unvested equity award, although dividends with respect to unvested portions of equity may accrue and be paid when, and if, the awards later vest and the shares are actually issued to the grantee. In addition, the Restated Plan sets an annual limit on the grant date fair value of awards to any non-employee director, together with any cash fees

paid during the year, of $150,000, subject to certain exceptions for a non-executive chair of the Board. As of December 31, 2023, the number of securities remaining available for future issuance under equity compensation plans was 2,054,409.

At-The-Market Offering

December 2021 Sales Agreement

On December 14, 2021, the Company entered into a Sales Agreement, (the “December 2021 Sales Agreement”), with SVB Securities under which the Company may offer and sell, from time to time at its sole discretion, shares of common stock for gross proceeds of up to $50.0 million through SVB Securities as its sales agent, or the Offering. The issuance and sale of shares, if any, of common stock by the Company under the December 2021 Sales Agreement will be pursuant to the Company’s Registration Statement on Form S-3 (File No. 333-261638) filed with the SEC on December 14, 2021, or the Registration Statement, and the prospectus relating to the Offering filed therewith that forms a part of the Registration Statement.

Subject to the terms and conditions of the December 2021 Sales Agreement, SVB Securities may sell the common stock by any method permitted by law deemed to be an “at the market offering” as defined in Rule 415(a)(4) of the Securities Act of 1933, as amended. SVB Securities will use commercially reasonable efforts to sell the common stock from time to time, based upon instructions from the Company (including any price, time or size limits or other customary parameters or conditions the Company may impose). The Company will pay SVB Securities a commission equal to three percent (3.0)% of the gross sales proceeds of any common stock sold through SVB Securities under the December 2021 Sales Agreement, and also has provided SVB Securities with certain indemnification rights.

During the year ended December 31, 2022, the Company received approximately $5.4 million in gross proceeds and $5.3 million in net proceeds from the sale of 2,716,061 shares of its common stock under the December 2021 Sales Agreement. During the year ended December 31, 2023, the Company received approximately $4.7 million in gross proceeds and $4.6 million in net proceeds from the sale of 1,866,147 shares of its common stock.

Securities Purchase Agreement

On March 3, 2022, the Company entered into a securities purchase agreement, (the “Purchase Agreement”) with a certain institutional and accredited investor, or the Purchaser, pursuant to which the Company issued (i) 3,000,000 shares of common stock, (ii) pre-funded warrants, (the “Pre-Funded Warrants”), to purchase an aggregate of 1,870,130 shares of common stock and (iii) warrants to purchase an aggregate of 4,870,130 shares of common stock, (the “Investor Warrants”), (together, the “the March 2022 Offering”). The Company determined that the warrants qualified for equity classification.

The offering price for the shares was $3.08 per share and the offering price for the Pre-Funded Warrants was $3.07 per Pre-Funded Warrant, which represents the per share public offering price less $0.01 per share exercise price for each Pre-Funded Warrant. The Investor Warrants will have an exercise price of $3.54 per share and each Investor Warrant became exercisable for one share of Common Stock. The Investor Warrants became exercisable six months from the date of issuance and the Pre-Funded Warrants were exercisable immediately upon issuance. The Pre-Funded Warrants shall terminate when fully exercised and the Investor Warrants will terminate five years from the initial exercisability date. The aggregate gross proceeds to the Company from the March 2022 Offering were approximately $15 million, excluding the proceeds, if any, from the exercise of the Pre-Funded Warrants and the Investor Warrants. No underwriter or placement agent participated in the March 2022 Offering. The Company incurred issuance costs in the amount of $83,391 in connection with the March 2022 offering.

The March 2022 Offering was made pursuant to an effective registration statement on Form S-3 (Registration Statement No. 333-261638), as previously filed with and declared effective by the Securities and Exchange Commission and a related prospectus.

Registered Direct Offering

On August 24, 2023, the Company entered into a securities purchase agreement with a certain institutional and accredited investor (the “Purchaser”), pursuant to which the Company agreed to sell, in a registered direct offering by the Company directly to the Purchaser (the “August 2023 Offering”), 4,198,633 shares of common stock, pre-funded warrants to purchase up to 2,252,979 shares of common stock and warrants to purchase up to 4,838,709 shares of common stock (the “Common Warrants” and, together with the Pre-Funded

Warrants, the “Warrants”). The combined offering price for each share of common stock and accompanying Common Warrant was $1.86, and the combined offering price for each Pre-Funded Warrant and accompanying Common Warrant was $1.85.

The Common Warrants will be exercisable beginning six months following the date of issuance and may be exercised for a period of five years from the initial exercisability date at an exercise price of $2.23 per share. The Pre-Funded Warrants were immediately exercisable and may be exercised at any time until all of the Pre-Funded Warrants are exercised in full at an exercise price of $0.01 per share. The exercise prices and numbers of shares of common stock issuable upon exercise of the Common Warrants and the Pre-Funded Warrants are subject to typical anti-dilution provisions. A holder may not exercise any portion of such holder’s Common Warrants or Pre-Funded Warrants to the extent that the holder would own more than 4.99% of the Company’s outstanding common stock immediately after exercise (unless the holder otherwise elects a limitation of 9.99%). The Company determined that the Warrants met the criteria to be classified as equity.

The net cash proceeds of the August 2023 Offering were approximately $10.9 million after deducting cash issuance costs in the aggregate amount of approximately $1.1 million. See Warrant Modification below for details about an additional $1.7 million of non-cash issuance costs. The August 2023 Offering closed on August 29, 2023.

Warrant Modification

In connection with the August 2023 Offering (see “Registered Direct Offering” below), the Company entered into a warrant amendment agreement (the “Amendment”) with the Purchaser, whereby the Company agreed to amend the March 2022 Investor Warrants to (i) reduce the exercise price from $3.54 per share of common stock to $2.23 per share of common stock, (ii) extend the term of the March 2022 Investor Warrants until March 1, 2029, (iii) include a stockholder approval requirement in connection with a modification of the beneficial ownership limitation and (iv) prohibit exercise of the March 2022 Investor Warrants for the six-month period following the effective date of the Amendment.

The Company accounted for the modification of the March 2022 Investor Warrants as an exchange of the old warrants for new warrants. The incremental value of the new warrant (resulting from the decrease in exercise price from $3.54 to $2.23 per share and the extension of the warrant expiration date to March 1, 2029) was measured as the excess of the fair value of the modified warrants over the fair value of the original warrants immediately before modification. The increase in the incremental value of $1,738,700 was credited to additional paid-in-capital (“APIC”) and debited to APIC as an issuance cost of the August 2023 Offering.

Warrants

A summary of the warrant activity during the year ended December 31, 2023 is presented below:


				Weighted
		Weighted		Average
		Average		Remaining
	Number of	Exercise		Life
	Warrants	Price		In Years
Outstanding January 1, 2023	6,087,845	$	3.37
Granted	7,091,688		1.52
Repriced - (Old)	(4,870,130)		3.54
Repriced - (New)	4,870,130		2.23
Exercised	(2,252,979)		0.01
Outstanding December 31, 2023	10,926,554	$	2.28	4.8

Exercisable December 31, 2023	1,217,715	$	2.69	1.7

The following table presents information related to warrants as of December 31, 2023:


Warrants Outstanding		Warants Exercisable
		Weighted
	Outstanding	Average	Exercisable	Shares x	Warrants x
Exercise	Number of	Remaining Life	Number of	Remaining	Exercise
Price	Warrants	In Years	Warrants	Years	Price
$2.2300 (1)	9,708,839	—	—	—	—
$2.4696	909,451	1.2	909,451	1,093,209	2,245,980
$2.7240	216,380	1.2	216,380	260,100	589,419
$4.7600	91,884	7.3	91,884	670,376	437,368
	10,926,554	1.7	1,217,715	2,023,685	3,272,767

(1) - These warrants become exercisable on or about February 24, 2024.

During the year ended December 31, 2023, warrants for the purchase of 2,252,979 shares of the Company’s common stock with an exercise price of $0.01 per share were exercised for aggregate proceeds of $22,529.

During the year ended December 31, 2022, warrants for the purchase of 1,870,130 shares of the Company’s common stock with an exercise price $0.01 per share were exercised for aggregate proceeds of $18,701.

Stock-Based Compensation Expense

The Company records stock-based compensation expense related to stock options and restricted stock units, or RSUs. For the years ended December 31, 2023 and 2022, the Company recorded stock-based compensation expense of $2,497,890 ($839,038 of which was included within research and development expenses and $1,658,852 was included within general and administrative expenses on the statements of operations) and $3,765,364 ($1,809,305 of which was included within research and development expenses and $1,956,062 was included within general and administrative expenses on the statements of operations), respectively.

Restricted Stock Units

A summary of the restricted stock units activity during the year ended December 31, 2023 is presented below:


		Weighted
		Average
	Number of	Exercise
	RSUs	Price
RSUs non-vested January 1, 2023	172,800	$	1.80
Granted	106,019		2.12
Vested	(150,578)		1.80
Forfeited	(22,222)		1.80
RSUs non-vested December 31, 2023	106,019	$	2.12

Vested RSUs undelivered December 31, 2023	135,745	$	2.22

To date, the RSUs have only been granted to directors in accordance with the Company’s Amended and Restated 2018 Omnibus Stock Incentive Plan. The Company’s policy is not to deliver shares underlying the RSUs until the termination of service.

Between February 14, 2022 and August 18, 2022, the Company granted members of its Board of Directors an aggregate of 193,304 RSUs under the Restated Plan. Each RSU is subject to settlement into one share of the Company’s common stock. The RSUs vest on the earlier of (i) the one-year anniversary of the date of grant and (ii) the date of the 2023 annual stockholders meeting, subject to the grantee remaining on the Board until then. The RSUs had a grant date fair value of $373,000, which will be recognized over the vesting period. In 2022, there was 108,366 of common shares issued related to vested RSUs.

Between June 27, 2023 and November 14, 2023, the Company granted members of its Board of Directors an aggregate of 106,019 RSUs under the Restated Plan. Each RSU is subject to settlement into one share of the Company’s common stock. The RSUs vest on the earlier of (i) the one-year anniversary of the date of grant and (ii) the date of the 2024 annual stockholders meeting, subject to the grantee remaining on the Board until then. The RSUs had a grant date fair value of $224,800, which will be recognized over the vesting period. In 2023, there was 47,733 of common shares issued related to vested RSUs.

As of December 31, 2023, there was $119,141 of unrecognized stock-based compensation expense related to RSUs which will be recognized over a weighted average period of 0.6 years.

Stock Options

A summary of the option activity during the year ended December 31, 2023 is presented below:


				Weighted
		Weighted		Average
		Average		Remaining	Aggregate
	Number of	Exercise		Life	Intrinsic
	Options	Price		In Years	Value
Outstanding, January 1, 2023	5,380,553	$	3.55
Granted	848,989		2.24
Exercised	(88,999)		1.83
Forfeited	(834,166)		3.92
Outstanding, December 31, 2023	5,306,377	$	3.31	6.7	$	541,252

Exercisable, December 31, 2023	3,980,102	$	3.63	6.0	$	341,137

The 2023 option exercises resulted in common stock issuances of (a) 10,000 shares; and (b) 20,749 shares after withholding 58,250 shares pursuant to a cashless exercise.

The following table presents information related to stock options as of December 31, 2023:


	Outstanding	Average	Exercisable
Exercise	Number of	Remaining Life	Number of
Price	Options	In Years	Options
$1.00 - $1.99	1,578,982	5.2	1,115,074
$2.00 - $2.99	1,450,663	6.4	831,695
$3.00 - $3.99	898,528	6.5	750,743
$4.00 - $4.99	333,000	7.6	252,123
$5.00 - $5.99	50,805	3.8	50,638
$6.00 - $6.99	843,759	6.1	829,189
$7.00+	150,640	4.3	150,640
	5,306,377	6.0	3,980,102

In applying the Black-Scholes option pricing model to stock options granted, the Company used the following approximate assumptions:


	For the Year Ended
	December 31,
	2023	2022
Expected term (years)	5.50 - 10.00	0.58 - 10.00
Risk free interest rate	3.44% - 4.72%	0.76% - 3.80%
Expected volatility	80% - 95%	82% - 90%
Expected dividends	0.00%	0.00%

The Company has computed the fair value of stock options granted using the Black-Scholes option pricing model. Option forfeitures are accounted for at the time of occurrence. The expected term used for options issued is the estimated period of time that options granted are expected to be outstanding. The Company utilizes the “simplified” method to develop an estimate of the expected term of “plain vanilla” option grants. The Company uses its historical volatility for the period from its initial public offering through the valuation date in computing the expected volatility. Accordingly, the Company is utilizing an expected volatility figure based on a review of its historical volatility over a period of time equivalent to the expected life of the instrument being valued. The risk-free interest rate was determined from the implied yields from U.S. Treasury zero-coupon bonds with a remaining term consistent with the expected term of the instrument being valued. The Company has not declared dividends, is currently in the development stage and has no plan to declare future dividends at this time.

The weighted average estimated grant date fair value of the stock options granted for the years ended December 31, 2023 and 2022 was approximately $1.65 and $1.60 per share, respectively.

As of December 31, 2023, there was $1,812,323 of unrecognized stock-based compensation expense related to stock options which will be recognized over a weighted average period of 1.5 years.

The entire disclosure for equity.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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Reference 16: http://www.xbrl.org/2003/role/disclosureRef
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Reference 19: http://www.xbrl.org/2003/role/disclosureRef
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Prepaid Expenses and Other Current Assets

Prepaid Expenses and Other Current Assets (Tables)

12 Months Ended

Dec. 31, 2023

Schedule of prepaid expenses and other current assets


	December 31,
	2023		2022
Payroll tax receivable	$	500,684	$	660,891
Prepaid research and development expenses		421,056		2,521
Prepaid insurance expenses		167,338		201,082
Prepaid conference expenses		123,556		97,743
Prepaid general and administrative expenses		85,938		87,982
Prepaid patent expenses		48,409		38,796
Prepaid rent and security deposit		18,750		74,959
Other		—		26,745
Total prepaid expenses and other current assets	$	1,365,731	$	1,190,719

Notes Payable - Summary of Avenue loan (Details) - USD ($)	Dec. 31, 2023	Dec. 31, 2022	Nov. 22, 2022
Notes Payable
Less: Current portion	$ 5,329,419	$ 348,896
Notes Payable, Non-Current	8,957,231	$ 8,381,876
Avenue Ventures Loan
Notes Payable
Aggregate loan funding	15,000,000
Final Payment premium	637,500		$ 425,000
Total before unamortized debt discount	15,637,500
Debt Discount, Total	(1,350,850)
Total	14,286,650
Less: Current portion	(5,329,419)
Notes Payable, Non-Current	8,957,231
Avenue Ventures Loan \| Non-Convertible Note
Notes Payable
Aggregate loan funding	10,000,000
Final Payment premium	637,500
Total before unamortized debt discount	10,637,500
Debt Discount, Total	(952,281)
Total	9,685,219
Less: Current portion	(5,329,419)
Notes Payable, Non-Current	4,355,800
Avenue Ventures Loan \| Convertible Note
Notes Payable
Aggregate loan funding	5,000,000
Total before unamortized debt discount	5,000,000
Debt Discount, Total	(398,569)
Total	4,601,431
Notes Payable, Non-Current	$ 4,601,431

Employee Benefit Plans (Details) - USD ($)	1 Months Ended	12 Months Ended
Employee Benefit Plans (Details) - USD ($)	Apr. 30, 2019	Dec. 31, 2023	Dec. 31, 2022
Employee Benefit Plans
Defined contribution plan, employer matching contribution, percent of match	100.00%
Defined contribution plan, employers matching contribution, annual vesting percentage	4.00%
Defined contribution plan, maximum annual contributions per employee, amount		$ 218,170	$ 208,006

Income Taxes

12 Months Ended

Dec. 31, 2023

Income Taxes

Income Taxes

Note 8 – Income Taxes

The provision for income taxes consists of the following (expenses) benefits:


	For The Years Ended
	December 31,
	2023		2022
Deferred tax (provision) benefit:
Federal	$	5,381,793	$	5,879,362
State and local		(849,201)		(208,806)
		4,532,592		5,670,556
Change in valuation allowance		(4,532,592)		(5,670,556)
Provision for income taxes	$	—	$	—

The provision for income taxes differs from the United States Federal statutory rate as follows:


	For The Years Ended
	December 31,
	2023		2022
Federal statutory rate	(21.0)	%	(21.0)	%
State tax rate, net of federal benefit	0.0	%	(2.5)	%
Permanent differences	1.2	%	1.6	%
Research & development tax credits	0.0	%	(1.0)	%
Prior period adjustments and other	1.3	%	1.3	%
Rate and apportionment changes	1.9	%	1.3	%
Change in valuation allowance	16.6	%	20.3	%
Effective income tax rate	0.0	%	0.0	%

Deferred tax assets consist of the following:


	For The Years Ended
	December 31,
	2023		2022
Deferred tax assets:
Net operating loss carryforwards	$	23,804,461	$	20,165,693
Research and development tax credits		528,894		799,182
Capitalized research and development costs		3,581,962		2,304,110
Stock-based compensation		2,080,864		2,089,014
Intangible assets		688,746		633,151
Lease liability		376,883		327,276
Total gross deferred tax assets		31,061,809		26,318,426
Deferred tax liabilities:
Property and equipment		(348,323)		(184,138)
Right of use asset		(350,160)		(303,554)
Deferred tax assets, net before allowance		30,363,326		25,830,734
Valuation allowance		(30,363,326)		(25,830,734)
Deferred tax assets, net	$	—	$	—

Changes in valuation allowance	$	(4,532,592)	$	(5,670,556)

As of December 31, 2023, the Company had approximately $104,300,000 of domestic federal net operating loss carryforwards, or NOLs, that may be available to offset future federal taxable income. Approximately $10,800,000 of those NOLs will expire during the years ranging from 2034 to 2037. The remaining NOLs of approximately $93,500,000 have no expiration dates. Internal Revenue Code Section 382 limits the utilization of approximately $35,000,000 of those NOLs to approximately $918,000 on an annual basis as a result of ownership changes that occurred through July 15, 2019. As of December 31, 2023, the Company had approximately $20,600,000 of state NOLs, of which approximately $20,400,000 will expire during the years ranging from 2040 to 2041, and approximately $200,000 will not expire, and had approximately $6,400,000 of local NOLs which do not expire.

The Company has assessed the likelihood that deferred tax assets will be realized in accordance with the provisions of ASC 740 “Income Taxes Accounting”, or ASC 740. ASC 740 requires that a valuation allowance be established when it is “more likely than not” that all, or a portion of, deferred tax assets will not be realized. The assessment considers all available positive or negative evidence, including the scheduled reversal of deferred tax liabilities, projected future taxable income, and tax planning strategies. After the performance of such reviews as of December 31, 2023 and 2022, management believes that uncertainty exists with respect to future realization of its deferred tax assets and has, therefore, established a full valuation allowance as of those dates.

Management has evaluated and concluded that there were no material uncertain tax positions requiring recognition in the Company’s financial statements as of December 31, 2023 and 2022. The Company does not expect any significant changes in its unrecognized tax benefits within twelve months of the reporting date.

No tax audits were commenced or were in process during the years ended December 31, 2023 and 2022. No tax related interest or penalties were incurred during the years ended December 31, 2023 and 2022. The Company’s federal, state and local income tax returns beginning with the year ended December 31, 2020 remain subject to examination.

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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-Section 50
-Paragraph 13
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-Subparagraph (SAB Topic 11.C)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479360/740-10-S99-2

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482603/740-30-50-2

Stockholders' Equity - Restricted stock units activity (Details)	12 Months Ended
	Dec. 31, 2023 $ / shares shares
Number of RSUs
RSUs non-vested at beginning of period \| shares	172,800
Granted \| shares	106,019
Vested \| shares	(150,578)
Forfeited \| shares	(22,222)
RSUs non-vested at end of the period \| shares	106,019
Vested RSUs undelivered \| shares	135,745
Weighted Average Grant Date Value Per Share
RSUs non-vested January 1, 2023 \| $ / shares	$ 1.80
Granted \| $ / shares	2.12
Vested \| $ / shares	1.80
Forfeited \| $ / shares	1.80
RSUs non-vested December 31, 2023 \| $ / shares	2.12
Vested RSUs undelivered September 30, 2023 \| $ / shares	$ 2.22

Prepaid Expenses and Other Current Assets (Details) - USD ($)	Dec. 31, 2023	Dec. 31, 2022
Prepaid Expenses and Other Current Assets
Payroll tax receivable	$ 500,684	$ 660,891
Prepaid research and development expenses	421,056	2,521
Prepaid insurance expenses	167,338	201,082
Prepaid conference expenses	123,556	97,743
Prepaid general and administrative expenses	85,938	87,982
Prepaid patent expenses	48,409	38,796
Prepaid rent and security deposit	18,750	74,959
Other	0	26,745
Total prepaid expenses and other current assets	$ 1,365,731	$ 1,190,719

Stockholders' Equity - Warrants Activity (Details)	12 Months Ended
Stockholders' Equity - Warrants Activity (Details)	Dec. 31, 2023 $ / shares shares
Number of Warrants
Outstanding at beginning balance \| shares	6,087,845
Granted \| shares	7,091,688
Repriced - Old \| shares	(4,870,130)
Repriced - New \| shares	4,870,130
Exercised \| shares	(2,252,979)
Outstanding at ending balance \| shares	10,926,554
Exercisable Number of warrants \| shares	1,217,715
Weighted Average Exercise Price
Outstanding at beginning balance \| $ / shares	$ 3.37
Granted \| $ / shares	1.52
Repriced - Old \| $ / shares	3.54
Repriced - New \| $ / shares	2.23
Exercised \| $ / shares	0.01
Outstanding at ending balance \| $ / shares	2.28
Exercisable \| $ / shares	$ 2.69
Weighted Average Remaining Life, Outstanding	4 years 9 months 18 days
Weighted Average Remaining Life, Exercisable	1 year 8 months 12 days

Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2023

Schedule of computation of basic and diluted net loss per common share

Schedule of inventory


	December 31,
	2023
Finished goods	$	30,683
Work-in-process		—
Raw materials		79,115
Total inventory	$	109,798


	For the Years Ended
	December 31,
	2023		2022
Numerator:
Net income (loss)	$	(27,261,096)	$	(28,011,157)
Net loss attributable to common stockholders	$	(27,261,096)	$	(28,011,157)

Denominator (weighted average quantities):
Common shares issued		39,907,873		33,252,644
Add: Prefunded warrants		1,042,033		333,037
Add: Undelivered vested restricted shares		83,064		64,066
Denominator for basic and diluted net loss per share		41,032,970		33,649,747

Basic and diluted net loss per common share	$	(0.66)	$	(0.83)

Schedule of weighted average diluted common shares


	December 31,
	2023	2022
Warrants	10,926,554	6,087,845
Options	5,306,377	5,380,553
Convertible notes	2,327,747	—
Restricted stock units	106,019	172,800
Total potentially dilutive shares	18,666,697	11,641,198

Balance Sheets (Parenthetical) - USD ($)	Dec. 31, 2023	Dec. 31, 2022
Balance Sheets
Notes payable - current portion, net of debt discount	$ 503,914	$ 33,885
Convertible notes payable - current portion, net of debt discount	0	33,885
Notes payable - non-current portion, net of debt discount	448,367	813,229
Convertible notes payable - non-current portion, net of debt discount	$ 398,569	$ 813,229
Preferred stock, par value	$ 0.0001	$ 0.0001
Preferred stock, shares authorized	6,000,000	6,000,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Common Stock, par value	$ 0.0001	$ 0.0001
Common stock, shares authorized	90,000,000	90,000,000
Common stock, shares issued	45,553,026	36,668,980
Common stock, shares outstanding	45,553,026	36,668,980

Document and Entity Information - USD ($) $ in Millions	12 Months Ended
Document and Entity Information - USD ($) $ in Millions	Dec. 31, 2023	Mar. 15, 2024	Jun. 30, 2023
Document and Entity Information
Document Type	10-K
Document Period End Date	Dec. 31, 2023
Document Annual Report	true
Document Transition Report	false
Entity File Number	001-38365
Entity Registrant Name	EYENOVIA, INC.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	47-1178401
Entity Address, Postal Zip Code	10017
Entity Address, Address Line One	295 Madison Avenue
Entity Address, City or Town	NEW YORK
Entity Address, State or Province	NY
City Area Code	833
Local Phone Number	393-6684
Title of 12(b) Security	Common Stock, $0.0001 Par Value
Trading Symbol	EYEN
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Address, Address Line Two	Suite 2400
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Small Business	true
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	false
Document Financial Statement Error Correction [Flag]	false
Entity Shell Company	false
Auditor Firm ID	688
Auditor Name	Marcum LLP
Auditor Location	New York, NY
Entity Public Float			$ 88.0
Entity Common Stock, Shares Outstanding		47,386,349
Entity Central Index Key	0001682639
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	FY
Amendment Flag	false

Property and Equipment, Net - Additional Information (Details) - USD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Property and Equipment, Net
Depreciation expense	$ 783,208	$ 307,430
Research and development expenses	12,975,832	13,378,680
General and administrative expenses	12,430,614	13,532,835
Outstanding deposits of property and equipments		334,385
Outstanding deposits for equipment purchases	711,441	726,326
Equipment
Property and Equipment, Net
Outstanding deposits for equipment purchases	711,441	726,326
Property and Equipment
Property and Equipment, Net
Depreciation expense	783,208	307,430
Research and development expenses	776,479	301,205
General and administrative expenses	$ 6,729	$ 6,225

Accrued Compensation

12 Months Ended

Dec. 31, 2023

Accrued Compensation

Accrued Compensation

Note 5 – Accrued Compensation

As of December 31, 2023 and 2022, accrued compensation consisted of the following:


	December 31,
	2023		2022
Accrued bonus expenses	$	1,302,997	$	1,447,643
Accrued payroll expenses		355,616		299,548
Total accrued compensation	$	1,658,613	$	1,747,191

Commitments and Contingencies - Future Minimum Payments under Operating Lease Agreement (Details) - USD ($)	Dec. 31, 2023	Dec. 31, 2022
Minimum Lease Payments
2024	$ 660,923
2025	675,400
2026	560,996
2027	214,619
Total future minimum lease payments	2,111,938
Less: amount representing imputed interest	(318,021)
Present value of lease liabilities	1,793,917
Less: current portion	(501,250)	$ (484,882)
Lease liabilities, non current portion	$ 1,292,667	$ 907,644

Notes Payable and Convertible Notes Payable (Tables)

12 Months Ended

Dec. 31, 2023

Notes Payable and Convertible Notes Payable

Schedule of notes payable


	December 31, 2023						December 31, 2022
	Notes Payable		Debt Discount		Net		Notes Payable		Debt Discount		Net
Current portion:
Avenue - Note payable	$	5,833,333	$	(503,914)	$	5,329,419	$	208,333	$	(33,885)	$	174,448
Avenue - Convertible note payable		—		—		—		208,333		(33,885)		174,448
Total current portion	$	5,833,333	$	(503,914)	$	5,329,419	$	416,666	$	(67,770)	$	348,896

Non-Current portion:
Avenue - Note payable	$	4,804,167	$	(448,367)	$	4,355,800	$	5,004,167	$	(813,229)	$	4,190,938
Avenue - Convertible note payable		5,000,000		(398,569)		4,601,431		5,004,167		(813,229)		4,190,938
Total non-current portion	$	9,804,167	$	(846,936)	$	8,957,231	$	10,008,334	$	(1,626,458)	$	8,381,876

Schedule of breakdown of the allocation of debt discount and origination costs


	Allocation of Debt Discount
				Withheld		Eyenovia								Equity
				From		Origination		Final		Equity		Total Debt		Issuance
	Allocation %			Proceeds		Costs		Payment		Issued		Discount		Costs
Non-Convertible Note		64.01	%	$	134,112	$	237,378	$	637,500	$	447,391	$	1,456,381	$	—
Convertible Note		30.09	%		122,701		103,574		—		412,342		638,617		—
Private Placement Shares		5.90	%		24,063		20,312		—		—		—		44,375
Total		100.00	%	$	280,876	$	361,264	$	637,500	$	859,733	$	2,094,997	$	44,375

Withheld From Proceeds:
Broker Fee	$	250,000
Legal Reimbursement	$	30,876
Total	$	280,876

Eyenovia Origination Costs:
Legal Fee	$	86,264
Avenue Management Fee	$	275,000
Total	$	361,264

Summary of Avenue loan


	December 31, 2023
	Non-Convertible		Convertible		Total
Aggregate loan funding	$	10,000,000	$	5,000,000	$	15,000,000
Final payment		637,500		—		637,500
		10,637,500		5,000,000		15,637,500
Less: Unamortized debt discount		(952,281)		(398,569)		(1,350,850)
		9,685,219		4,601,431		14,286,650
Less: Current portion		(5,329,419)		—		(5,329,419)
Notes Payable, Non-Current	$	4,355,800	$	4,601,431	$	8,957,231

Statements of Cash Flows - USD ($)

12 Months Ended

Dec. 31, 2023

Dec. 31, 2022

Cash Flows From Operating Activities

Net income (loss)

$ (27,261,096)

$ (28,011,157)

Adjustments to reconcile net loss to net cash used in operating activities:

Depreciation of property and equipment

2,497,890

3,765,364

783,208

307,430

Amortization of debt discount

681,860

411,918

Write-off of property and equipment

209,040

Write-down of inventories to net realizable value

12,218

Provision for clinical supplies to be returned

400,000

Non-cash rent expense

529,311

474,778

Changes in operating assets and liabilities:

Prepaid expenses and other current assets

434,128

219,555

License fee and expense reimbursements receivables

1,059,953

621,279

Deferred clinical supply costs

(2,271,862)

(2,284,931)

Inventories

(122,016)

Security and equipment deposits

1,750

(81,389)

Accounts payable

324,889

(185,821)

Accrued compensation

(88,578)

203,573

Accrued expenses and other current liabilities

(315,148)

(342,643)

Lease liabilities

(503,046)

(412,478)

Net Cash Used In Operating Activities

(23,836,539)

(25,105,482)

Cash Flows From Investing Activities

Purchases of property and equipment

(2,847,592)

(540,360)

Vendor deposits for property and equipment

(334,385)

Investment in intangible asset

(1,122,945)

Net Cash Used In Investing Activities

(3,970,537)

(874,745)

Cash Flows From Financing Activities

Proceeds from sale of common stock and warrants in direct offering

^[1],[2]

11,977,468

14,981,299

Payment of offering issuance costs

(1,091,354)

(83,391)

Proceeds from sale of common stock in At the Market offering

4,733,909

5,445,130

Payment of issuance costs for At the Market offering

(142,017)

(163,354)

Proceeds from exercise of stock options

27,200

Proceeds from exercise of stock warrants

22,529

18,701

Proceeds from note payable and equity issued to Avenue

5,000,000

10,000,000

Payment of issuance costs for equity issued to Avenue

(46,836)

Payment of issuance costs for notes issued to Avenue

(125,982)

(469,320)

Repayments of notes payable

(609,140)

(8,175,332)

Net Cash Provided By Financing Activities

19,792,613

21,506,897

Net Decrease in Cash and Cash Equivalents

(8,014,463)

(4,473,330)

Cash and Cash Equivalents - Beginning of Year

22,863,520

27,336,850

Cash and Cash Equivalents - End of Year

14,849,057

22,863,520

Supplemental Disclosure of Cash Flow Information:

Interest

1,690,548

315,550

Supplemental Disclosure of Non-Cash Investing and Financing Activities

Purchase of insurance policy financed by note payable

609,140

675,332

Recognition of right-of-use asset for lease liability upon adoption of ASU 2016-02

618,906

Right-of-use assets obtained in exchange for lease liabilities

904,437

1,186,098

Right-of-use assets and lease liabilities recognized upon lease renewal

904,437

Vendor deposits applied to purchases of property and equipment

14,885

Original issue discount on notes payable

212,500

Warrant modification - incremental value

^[3]

1,738,700

Issuance of common stock as consideration for licensing agreement

1,000,000

Cashless exercise of stock options

Common shares issued recorded as debt discount for Avenue Loan

859,733

Issuance of common stock related to vested restricted stock units

$ 4

$ 11

[1]	For 2022, includes gross proceeds of $14,981,299, of which $5,741,299 is pre-funded warrants.
[2]	For 2023, includes gross proceeds of $11,977,468, of which $4,168,011 is pre-funded warrants.
[3]	Warrant originally granted in the March 2022 offering was modified in connection with the registered direct offering.

Property and Equipment, Net

12 Months Ended

Dec. 31, 2023

Property and Equipment, Net

Property and Equipment, Net

Note 4 - Property and Equipment, Net

As of December 31, 2023 and 2022, property and equipment consisted of the following:


	December 31,
	2023		2022
Equipment	$	3,038,651	$	1,361,783
Leasehold improvements		1,754,779		569,170
		4,793,430		1,930,953
Less: accumulated depreciation and amortization		(1,419,046)		(635,838)
Property and equipment, net	$	3,374,384	$	1,295,115

Equipment not yet placed in service	$	711,441	$	726,326

Depreciation expense was $783,208 and $307,430 for the years ended December 31, 2023 and 2022, respectively, of which $776,479 and $301,205, respectively, was included within research and development expenses and $6,729 and $6,225, respectively, was included in general and administrative expenses in the accompanying statements of operations.

As of December 31, 2023 and 2022, the Company had $711,441 and $726,326 of outstanding deposits for equipment purchases, which are presented as non-current assets on the balance sheet.

Accrued Expenses and Other Current Liabilities (Tables)

12 Months Ended

Dec. 31, 2023

Accrued Expenses and Other Current Liabilities

Schedule of accrued expenses and other current liabilities


	December 31,
	2023		2022
Accrued rework of clinical supply returns	$	100,000	$	—
Accrued research and development expenses		89,872		35,524
Accrued professional services		63,028		320,000
Credit card payable		27,193		50,639
Other		7,835		4,385
Accrued leasehold improvements		—		92,528
Total accrued expenses and other current liabilities	$	287,928	$	503,076

Subsequent Events (Details) - USD ($)		12 Months Ended
Subsequent Events (Details) - USD ($)	Jan. 12, 2024	Dec. 31, 2023
Subsequent Events
Supply returns		$ 3,787
Subsequent Event
Subsequent Events
Supply returns	$ 400,000

Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 924
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 11.L)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479941/924-10-S99-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-5

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 30
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-30

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 42
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-42

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-22

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 40
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-40

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-22

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 41
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-41

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-4

Schedule of provision for income taxes

Income Taxes - Provision for income taxes (Details) - USD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Deferred tax provision (benefit):
Federal	$ 5,381,793	$ 5,879,362
State and local	(849,201)	(208,806)
Total	4,532,592	5,670,556
Change in valuation allowance	$ (4,532,592)	$ (5,670,556)

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2023

Income Taxes


	For The Years Ended
	December 31,
	2023		2022
Deferred tax (provision) benefit:
Federal	$	5,381,793	$	5,879,362
State and local		(849,201)		(208,806)
		4,532,592		5,670,556
Change in valuation allowance		(4,532,592)		(5,670,556)
Provision for income taxes	$	—	$	—

Schedule of effective income tax rate reconciliation


	For The Years Ended
	December 31,
	2023		2022
Federal statutory rate	(21.0)	%	(21.0)	%
State tax rate, net of federal benefit	0.0	%	(2.5)	%
Permanent differences	1.2	%	1.6	%
Research & development tax credits	0.0	%	(1.0)	%
Prior period adjustments and other	1.3	%	1.3	%
Rate and apportionment changes	1.9	%	1.3	%
Change in valuation allowance	16.6	%	20.3	%
Effective income tax rate	0.0	%	0.0	%

Schedule of deferred tax assets


	For The Years Ended
	December 31,
	2023		2022
Deferred tax assets:
Net operating loss carryforwards	$	23,804,461	$	20,165,693
Research and development tax credits		528,894		799,182
Capitalized research and development costs		3,581,962		2,304,110
Stock-based compensation		2,080,864		2,089,014
Intangible assets		688,746		633,151
Lease liability		376,883		327,276
Total gross deferred tax assets		31,061,809		26,318,426
Deferred tax liabilities:
Property and equipment		(348,323)		(184,138)
Right of use asset		(350,160)		(303,554)
Deferred tax assets, net before allowance		30,363,326		25,830,734
Valuation allowance		(30,363,326)		(25,830,734)
Deferred tax assets, net	$	—	$	—

Changes in valuation allowance	$	(4,532,592)	$	(5,670,556)

Employee Benefit Plans

12 Months Ended

Dec. 31, 2023

Employee Benefit Plans

Employee Benefit Plans

Note 12 – Employee Benefit Plans

401(k) Plan

In April 2019, the Company adopted the Eyenovia 401(k) Plan, or the Plan, which went into effect in May 2019. All Company employees are able to participate in the Plan, subject to eligibility requirements as outlined in the Plan documents. Under the terms of the Plan, eligible employees are able to defer a percentage of their pay every pay period up to annual limitations set by Congress and the Internal Revenue Service under Section 401(k) of the Internal Revenue Code. The Company’s Board of Directors approved a matching contribution equal to 100% of elective deferrals up to 4% of eligible earnings with the matching contribution subject to certain vesting requirements as outlined in the Plan documents. For the years ended December 31, 2023 and 2022, the Company recorded expense of $218,170 and $208,006 associated with its matching contributions, respectively.

Income Taxes - Effective income tax rate reconciliation (Details)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Income Taxes
Federal statutory rate	(21.00%)	(21.00%)
State tax rate, net of federal benefit	0.00%	(2.50%)
Permanent differences	1.20%	1.60%
Research & development tax credits	0.00%	1.00%
Prior period adjustments and other	1.30%	1.30%
Rate and apportionment changes	1.90%	1.30%
Change in valuation allowance	16.60%	20.30%
Effective income tax rate	0.00%	0.00%

Income Taxes - Additional information (Details) - USD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Income Taxes
Operating loss carryforwards	$ 104,300,000
Operating loss carryforwards, subject to expiration	$ 10,800,000
Operating loss carry forwards expiration term	2034 to 2037
Operating loss carryforwards, not subject to expiration	$ 93,500,000
Net operating loss limit for utilization as per internal revenue code	35,000,000
Net operating loss annual utilization limit as per internal revenue code	918,000
Tax related interest or penalties were incurred	0	$ 0
State
Income Taxes
Operating loss carryforwards	20,600,000
Local
Income Taxes
Operating loss carryforwards	6,400,000
Operating loss carryforwards, subject to expiration	$ 20,400,000
Operating loss carry forwards expiration term	2040 to 2041
Operating loss carryforwards, not subject to expiration	$ 200,000

Commitments and Contingencies (Tables)

12 Months Ended

Dec. 31, 2023

Commitments and Contingencies

Summary of company's right-of-use assets and liabilities


	For the Years Ended
	December 31,
	2023			2022
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows used in operating activities	$	503,046		$	412,478

Right-of-use assets obtained in exchange for lease obligations
Operating leases	$	904,437		$	1,186,098

Weighted Average Remaining Lease Term (Years)
Operating leases		3.04 years			3.71 years

Weighted Average Discount Rate
Operating leases		10.0	%		10.0	%

Schedule of future minimum payments under the Company's operating lease agreements

Future minimum payments under the Company’s operating lease agreements are as follows:


For the Years Ending
December 31,	Minimum Lease Payments
2024	$	660,923
2025		675,400
2026		560,996
2027		214,619
Total future minimum lease payments		2,111,938
Less: Imputed interest		(318,021)
Present value of lease liabilities		1,793,917
Less: current portion		(501,250)
Lease liabilities, non-current portion	$	1,292,667

Notes Payable and Convertible Notes Payable - Schedule of notes payable (Details) - USD ($)	Dec. 31, 2023	Dec. 31, 2022
Current portion
Notes Payable, Current portion	$ 5,833,333	$ 416,666
Debt Discount, Current portion	(503,914)	(67,770)
Net, Current portion	5,329,419	348,896
Note payable, Non Current portion	9,804,167	10,008,334
Debt Discount, Non-Current portion	(846,936)	(1,626,458)
Net, Non Current portion	8,957,231	8,381,876
Avenue - Note payable
Current portion
Notes Payable, Current portion	5,833,333	208,333
Debt Discount, Current portion	(503,914)	(33,885)
Net, Current portion	5,329,419	174,448
Note payable, Non Current portion	4,804,167	5,004,167
Debt Discount, Non-Current portion	(448,367)	(813,229)
Net, Non Current portion	4,355,800	4,190,938
Avenue - Convertible note payable
Current portion
Notes Payable, Current portion		208,333
Debt Discount, Current portion		(33,885)
Net, Current portion		174,448
Note payable, Non Current portion	5,000,000	5,004,167
Debt Discount, Non-Current portion	(398,569)	(813,229)
Net, Non Current portion	$ 4,601,431	$ 4,190,938

Stockholders' Equity (Tables)

12 Months Ended

Dec. 31, 2023