Eyenovia Reports Revenue Increase to $14,720 and Reduced Net Loss in Q1 2025

Eyenovia, Inc. reported its financial results for the first quarter of 2025, revealing a revenue of $14,720, a significant increase from $4,993 in the same period of 2024. The company achieved a gross profit of $14,672, contrasting with a gross loss of $198,034 in the prior year. Despite this improvement, Eyenovia recorded a net loss of $3.5 million, down from a net loss of $10.9 million in the first quarter of 2024, indicating a reduction in losses due to cost-cutting measures and restructuring efforts.

The company's total operating expenses for the quarter were $3.0 million, a decrease of 70% compared to $10.1 million in the previous year. This reduction was primarily driven by a significant cut in research and development expenses, which fell to $673,043 from $4.4 million, as the company wound down clinical trials and reduced staffing levels following layoffs in late 2024. General and administrative expenses also decreased to $2.4 million from $3.6 million, reflecting similar austerity measures.

Eyenovia's balance sheet showed a notable increase in cash and cash equivalents, rising to $3.9 million from $2.1 million at the end of 2024. The company’s total assets increased to $6.0 million, while total liabilities decreased to $15.7 million, down from $16.8 million. The reduction in liabilities was largely due to the restructuring of debt agreements, including a significant reduction in the current portion of notes payable. The company’s stockholders’ deficiency improved to $9.7 million from $13.1 million, reflecting the issuance of common stock and the reduction of accumulated losses.

Strategically, Eyenovia is focusing on its Optejet® drug delivery platform and has paused the national sales rollout of its products, including clobetasol propionate and Mydcombi®, until additional resources can be secured. The company is also exploring a potential business combination with Betaliq, Inc., which could enhance its product offerings and market reach. Furthermore, Eyenovia has regained compliance with Nasdaq's minimum bid price requirement following a reverse stock split executed in January 2025.

Looking ahead, Eyenovia faces challenges related to its liquidity and ongoing operational costs. The company has indicated that it may need to secure additional capital to support its operations and continue its development efforts. The management has expressed that the ability to generate sufficient recurring revenue and complete strategic transactions will be critical for the company's future viability. As of March 31, 2025, Eyenovia's working capital deficit stood at approximately $9.9 million, raising concerns about its ability to continue as a going concern over the next year.