NEW YORK - Eyenovia, Inc. (NASDAQ: EYEN), an ophthalmic technology company with a current market capitalization of $12.64 million, today announced its engagement with financial advisor Chardan to evaluate strategic alternatives, which may include a sale, merger, or asset sale. According to InvestingPro analysis, the company is quickly burning through cash, making this strategic review particularly timely. Concurrently, the company is progressing on the development of its Gen-2 Optejet device, aiming for completion by the third quarter of 2025.
Eyenovia’s Optejet technology is designed to enhance the delivery of topical ophthalmic medications, potentially improving patient compliance and treatment outcomes, particularly for chronic front-of-the-eye diseases. The company is exploring the use of the Optejet as a consumer user-filled product, which could be available by the end of this year without the need for clinical trials, as it would follow a device regulatory pathway. Analysts are optimistic about the company’s prospects, with InvestingPro data showing an anticipated sales growth forecast of over 428% for the current year.
While evaluating its strategic options, Eyenovia is also focused on reducing its spending by over 60%, a crucial move given its current ratio of 0.74 indicating short-term obligations exceed liquid assets. The company has not set a deadline for the conclusion of its strategic review and has made no decisions regarding specific alternatives. Eyenovia’s Board of Directors will only provide further updates upon reaching a definitive course of action or concluding the review process. For deeper insights into Eyenovia’s financial health and valuation metrics, investors can access the comprehensive Pro Research Report available on InvestingPro.
There is no guarantee that the strategic evaluation will result in any definitive transactions or outcomes, nor is there assurance that any potential transactions would be favorable or enhance shareholder value. The company acknowledges the inherent risks in completing any strategic changes or outcomes and their potential impact on value or benefits. This is particularly relevant given the stock’s significant decline of 94% over the past year, though InvestingPro’s Fair Value analysis suggests the stock may currently be undervalued.
This announcement is based on a press release statement from Eyenovia, Inc.
In other recent news, Eyenovia Inc (NASDAQ:EYEN). is facing potential delisting from the Nasdaq due to non-compliance with the exchange’s minimum bid price requirement. Despite this, the company has secured substantial funding through direct offerings, raising approximately $1.9 million and $1.3 million respectively. These funds are earmarked for general corporate purposes, including the further development of its Optejet device and commercialization efforts for products like Mydcombi and clobetasol propionate.
Eyenovia has also negotiated a deferral of principal and interest payments on its outstanding debt with Avenue Capital Management II, L.P. until February 2025. Amid these financial challenges, the company reported a net loss of $7.9 million for Q3 2024, leading H.C. Wainwright and Brookline Capital Markets to downgrade the company’s stock rating from Buy to Neutral.
Despite the current financial hurdles, Eyenovia continues to advance its product development, nearing Phase III efficacy data readout for MicroPine, launching MydCombi and Clobetasol, and working on its Gen 2 Optejet device. These are the most recent developments in Eyenovia’s business operations.
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