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Eyenovia Inc (EYEN)
NASDAQ:EYEN
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Eyenovia
(NASDAQ:EYEN)
40Underperform
Positive Factors
FDA Approvals
Eyenovia retains two FDA approvals for its Optejet delivery system, enhancing its credibility and potential market presence.
Market Expansion
Eyenovia's efforts to pursue an additional 200 active practices build on the current 230 offices for Mydcombi adoption, signaling potential expansion and increased market penetration.
Mergers and Partnerships
The proposed merger of topical ophthalmic platforms could present the next constructive chapter for Optejet and broader development.
Negative Factors
Analyst Rating
The rating for Eyenovia has been changed to Neutral from Buy, reflecting a more cautious outlook.
Clinical Trial Challenges
The Phase 3 CHAPERONE study did not meet its primary endpoint for pediatric myopia, leading to the discontinuation of the MicroPine study.
Investment Risks
Risks to the investment thesis include failure of products and/or candidates to achieve peak commercial revenue estimates due to market size, penetration rates, and/or pricing.
Eyenovia (EYEN) vs. S&P 500 (SPY)
Market Cap
$2.37M
Dividend YieldN/A
Average Volume (3M)410.76K
Price to Earnings (P/E)―
Beta (1Y)2.47
Revenue Growth2557.10%
EPS Growth-9.76%
CountryUS
Employees57
SectorHealthcare
Sector Strength72
IndustryBiotechnology
Share Statistics
EPS (TTM)-58.50
Shares Outstanding2,100,000
10 Day Avg. Volume960,823
30 Day Avg. Volume410,760
Financial Highlights & Ratios
PEG RatioN/A
Price to Book (P/B)N/A
Price to Sales (P/S)91.04
Price to Cash Flow (P/CF)-0.10
P/FCF Ratio0.00
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
$2.00Price Target Upside76.99% Upside
Rating ConsensusHold
Number of Analyst Covering1
Eyenovia Business Overview & Revenue Model
Company DescriptionEyenovia, Inc. (EYEN) is a clinical stage biopharmaceutical company focused on developing a pipeline of ophthalmology products leveraging its proprietary microdose array print (MAP) technology. Based in the United States, Eyenovia aims to transform the delivery of therapeutics for eye diseases such as myopia and presbyopia by improving precision and reducing side effects associated with traditional eye drop formulations.
How the Company Makes MoneyEyenovia generates revenue primarily through the development and commercialization of its ophthalmology products, which are based on its proprietary MAP technology. The company aims to make money by bringing these products to market, potentially through partnerships, licensing agreements, or direct sales once they receive regulatory approval. Additionally, Eyenovia may engage in collaborative partnerships with other pharmaceutical companies to leverage its technology for broader applications, which could provide milestone payments and royalties as additional sources of income.
Eyenovia Financial Statement Overview
Summary
Eyenovia faces significant financial challenges with negative profit margins and reliance on debt, posing substantial risks. The negative cash flows highlight operational inefficiencies, requiring strategic improvements for sustainable growth.Income Statement
Eyenovia's income statement reveals significant challenges. The company shows a negative gross profit margin and net profit margin on TTM data due to high costs relative to negligible revenue. Revenue growth is erratic, showing volatility without a clear upward trend. EBIT and EBITDA margins are deeply negative, indicating ongoing operational inefficiencies and high expenses surpassing revenues.25
Negative
Balance Sheet
The balance sheet indicates financial stress with high debt-to-equity ratios and declining stockholder equity. The equity ratio is low, reflecting limited equity to cover total assets. Return on equity is negative, underscoring unprofitable operations. The company is heavily reliant on debt, which poses substantial risk without adequate revenue generation.30
Negative
Cash Flow
Cash flow analysis shows negative operating and free cash flows, indicating a cash burn without sufficient revenue inflow. The operating cash flow to net income ratio suggests inefficient cash generation from core operations. Although there is some financing activity, it primarily covers the operational cash shortfall rather than investment in growth.35
Negative
| Breakdown | |||||
| TTM | Dec 2023 | Dec 2022 | Dec 2021 | Dec 2020 | Dec 2019 |
|---|---|---|---|---|---|
| Income Statement | Total Revenue | ||||
| 31.83K | 3.79K | 0.00 | 14.00M | 2.00M | 0.00 | Gross Profit |
| -1.50M | 0.00 | -307.43K | 12.40M | 1.20M | -15.34K | EBIT |
| -34.75M | -25.41M | -26.91M | -12.90M | -19.78M | -21.31M | EBITDA |
| -34.16M | -24.11M | -26.60M | -12.17M | -19.66M | -21.29M | Net Income Common Stockholders |
| -37.83M | -27.26M | -27.73M | -12.99M | -19.69M | -20.99M |
| Balance Sheet | Cash, Cash Equivalents and Short-Term Investments | ||||
| 19.73M | 14.85M | 22.86M | 19.46M | 28.37M | 14.15M | Total Assets |
| 20.02M | 28.78M | 31.04M | 31.66M | 33.91M | 14.70M | Total Debt |
| 0.00 | 16.08M | 10.12M | 7.15M | 463.35K | 42.50K | Net Debt |
| -19.73M | 1.23M | -12.74M | -12.31M | -27.91M | -14.11M | Total Liabilities |
| 3.14M | 19.78M | 13.80M | 11.19M | 18.60M | 2.96M | Stockholders Equity |
| 16.88M | 9.00M | 17.23M | 20.47M | 15.30M | 11.74M |
| Cash Flow | Free Cash Flow | ||||
| -30.64M | -27.81M | -25.98M | -22.49M | -6.65M | -19.09M | Operating Cash Flow |
| -30.33M | -23.84M | -25.11M | -20.87M | -6.38M | -18.92M | Investing Cash Flow |
| -306.71K | -3.97M | -874.75K | -1.62M | -261.26K | -166.64K | Financing Cash Flow |
| 17.12M | 19.79M | 21.51M | 21.46M | 20.86M | 13.51M |
Eyenovia Technical Analysis
Negative
1.13
Price Trends
2.25
Negative
8.09
Negative
32.64
Negative
Market Momentum
-0.36
Negative
25.20
Positive
5.46
Positive
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For EYEN, the sentiment is Negative. The current price of 1.13 is below the 20-day moving average (MA) of 1.51, below the 50-day MA of 2.25, and below the 200-day MA of 32.64, indicating a bearish trend. The MACD of -0.36 indicates Negative momentum. The RSI at 25.20 is Positive, neither overbought nor oversold. The STOCH value of 5.46 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for EYEN.
Eyenovia Risk Analysis
Eyenovia disclosed 65 risk factors in its most recent earnings report. Eyenovia reported the most risks in the “Tech & Innovation” category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Eyenovia Peers Comparison
Overall Rating
UnderperformOutperform
Sector (49)
Financial Indicators
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
54 Neutral | $1.21B | ― | -95.21% | ― | 9.03% | -25.00% | |
49 Neutral | $6.85B | 0.81 | -52.91% | 2.50% | 17.48% | 1.17% | |
48 Neutral | $400.69M | ― | -43.42% | ― | -5.97% | -25.87% | |
48 Neutral | $398.26M | ― | -58.54% | ― | ― | -47.28% | |
42 Neutral | $36.85M | ― | -430.96% | ― | ― | 70.70% | |
40 Underperform | $2.37M | ― | -388.03% | ― | 2557.10% | -9.76% | |
40 Underperform | $233.47M | ― | -154.01% | ― | 187.79% | 32.40% |
* Healthcare Sector Average
Performance Comparison
EYEN
Eyenovia
1.13
-77.55
-98.56%
EYPT
EyePoint Pharmaceuticals
5.83
-14.44
-71.24%
ALDX
Aldeyra Therapeutics
6.67
3.40
103.98%
OCUL
Ocular Therapeutix
7.58
-1.11
-12.77%
OCGN
Ocugen
0.80
-0.74
-48.05%
KALA
Kala Pharmaceuticals
6.05
-1.94
-24.28%
Eyenovia Earnings Call Summary
Earnings Call Date: Mar 26, 2025 | % Change Since: -15.04% | Next Earnings Date: May 14, 2025
Earnings Call Sentiment Neutral
The earnings call presented a mixed outlook with significant advances in product development and strategic partnerships but was overshadowed by financial challenges and a need for further capital. The company is making strong progress in product launches and regulatory approvals but faces ongoing financial hurdles that need addressing.Highlights
Significant Progress in MicroPine Development
Eyenovia is approaching a Phase III efficacy data readout for MicroPine, targeting a multibillion-dollar market for pediatric progressive myopia.
Launch of Clobetasol
Eyenovia launched clobetasol, an FDA-approved ophthalmic steroid, seeing strong interest and distribution in over 100 offices.
Expansion of MydCombi
MydCombi, based on Optejet technology, is now used in over 200 ophthalmology offices, with plans to expand to 200 more offices.
Strategic Partnerships and Collaborations
Established development collaborations with Formosa, Senju, and SGN for dry eye disease treatments leveraging Optejet technology.
Manufacturing and Regulatory Progress
Successful audits by the Nevada Board of Pharmacy and FDA, enabling manufacturing and distribution from the Reno facility.
Lowlights
Financial Losses
Reported a net loss of $7.9 million for Q3 2024, an increase compared to the previous year, driven by inventory write-downs and increased operating expenses.
MydCombi Gross Loss
Continued gross losses on MydCombi sales due to adjustments in inventory valuation and overhead costs.
Cash Position Concerns
Reported unrestricted cash of $7.2 million, indicating the need for ongoing capital raising to fund operations and loan payments.
Company Guidance
During the Eyenovia third-quarter 2024 earnings call, the company provided significant guidance and updates on their strategic developments. Michael Rowe, the CEO, highlighted the nearing Phase III efficacy data readout for MicroPine, a product targeting pediatric progressive myopia, and the potential to access a multibillion-dollar market. Eyenovia is also advancing its next-generation Optejet technology, expected to enhance their profitability profile. The company is commercializing MydCombi and clobetasol, with the latter already placed in over 100 pharmacies. The CEO discussed the potential for the MicroPine NDA submission as soon as early 2026 if the ongoing Phase III CHAPERONE study yields positive results. Furthermore, the Gen 2 Optejet device could provide margins of up to 90%. Eyenovia's partnerships with Formosa, Senju, and SGN to address unmet needs in the dry eye market were also emphasized, alongside a licensing program with Arctic Vision in China and South Korea, potentially bringing in $37 million in future milestones. The company reported a net loss of $7.9 million for the quarter, with unrestricted cash at $7.2 million, reflecting ongoing strategic investments and commercialization efforts.Eyenovia Corporate Events
Private Placements and FinancingBusiness Operations and Strategy
Eyenovia’s $1.9M Offering to Boost Optejet Development
Positive
Dec 9, 2024
Eyenovia, Inc. has announced a $1.9 million registered direct offering, selling common stock and warrants to an institutional investor. The proceeds are intended for working capital, corporate purposes, and advancing their Optejet device. The offering, facilitated by Chardan Capital Markets, is poised to enhance Eyenovia’s market presence in ophthalmic technology. Investors are keen on the potential strategic partnerships and the innovative Gen-2 Optejet device development.
Private Placements and FinancingBusiness Operations and Strategy
Eyenovia’s Direct Offering to Support Strategic Initiatives
Neutral
Nov 26, 2024
Eyenovia, Inc. has announced a registered direct offering worth approximately $1.3 million, involving the sale of over 12 million shares and warrants. The company plans to use the proceeds for working capital, debt repayment, and advancing its Optejet device and commercialization activities. The offering, facilitated by Chardan Capital Markets, is set to close by November 26, 2024, and aims to bolster Eyenovia’s strategic initiatives in ophthalmic technology.
Executive/Board ChangesPrivate Placements and FinancingBusiness Operations and Strategy
Eyenovia Restructures Finances and Leadership Team
Neutral
Nov 25, 2024
Eyenovia, Inc. has restructured its financial agreements by amending a Loan and Security Agreement with Avenue Capital Management, deferring payments to February 2025. Alongside, they issued new shares in a Subscription Agreement to the lenders. The company’s CFO, Andrew D. Jones, transitioned to a consulting role, with CEO Michael Rowe taking over his responsibilities. These strategic changes come as Eyenovia navigates its financial commitments and leadership dynamics.
Glossary
OutperformA stock rated as "Outperform" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests that the stock is likely to deliver higher returns compared to the average returns of other stocks in the same sector or market index. Investors might consider this stock a good buying opportunity.
NeutralA stock rated as "Neutral" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly attractive nor unattractive for investment. Investors may consider holding onto the stock, as it is not expected to either significantly outperform or underperform the market.
UnderperformA stock rated as "Underperform" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests that the stock may deliver lower returns compared to the average returns of other stocks in the same sector or market index. Investors might consider selling the stock or avoiding it as an investment.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.