Eyenovia, Inc., an ophthalmic technology company, reported a net loss of $49.8 million for the year ended December 31, 2024, compared to a net loss of $27.3 million in 2023. Revenue for 2024 totaled $57,336, significantly lower than the $3,787 recorded in 2023. This decrease is partially attributed to a $3.9 million write-down of inventories to net realizable value in 2024, primarily due to uncertainty surrounding the company's clobetasol propionate and Mydcombi products and its exploration of strategic alternatives. Research and development expenses increased by 11.5% to $14.5 million in 2024, while selling, general, and administrative expenses rose by 15% to $14.3 million. The company also incurred $4.9 million in reacquisition of license rights and $11.2 million in asset impairments during 2024.
The company's financial performance was significantly impacted by the negative clinical trial results for its MicroPine product in November 2024. This led to a restructuring, a reduction in force affecting approximately 75% of its workforce (with estimated severance costs of $0.3 million), and the pausing of the national sales rollout of clobetasol propionate and Mydcombi. The company engaged Chardan Capital Markets, LLC as a financial advisor to explore strategic alternatives, including a business combination, sale, reverse merger, or asset sale. In March 2025, Eyenovia entered into a non-binding letter of intent with Betaliq, Inc. for a potential business combination.
Eyenovia's key operational developments include the U.S. launch of clobetasol propionate in September 2024 and the continued development of its Optejet Gen-2 device, aiming for a 510(k) submission in the fourth quarter of 2025. The company also expanded its manufacturing capabilities through partnerships and the construction of new facilities in Reno, Nevada, and Redwood City, California. However, the production and sale of Mydcombi in the Gen-1 device were phased out as part of the cost-reduction measures. As of March 15, 2025, Eyenovia employed 14 people, 13 full-time and one part-time.
The company's financial statements reflect material weaknesses in internal control over financial reporting related to the valuation of common stock issued for licensing agreements and debt modification, and the impairment of a right-of-use asset. Eyenovia's cash and cash equivalents were $2.1 million as of December 31, 2024, with $10.2 million in principal and accrued interest owed under a loan agreement with Avenue Capital Management. The company's 10-K filing indicates substantial doubt about its ability to continue as a going concern without additional funding. The company's outlook is contingent upon securing additional financing, completing strategic transactions, or successfully commercializing its existing products.
About EYENOVIA, INC.
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