- Eyenovia (EYEN, Financial) reduced cash burn by 70% in Q1 2025 year-over-year.
- The exclusivity period for merger negotiations with Betaliq extended to June 7, 2025.
- Eyenovia aims to file for U.S. regulatory approval for the Optejet UFD in September 2025.
Eyenovia, Inc. (EYEN), a biopharmaceutical company, provided financial updates and developments for the first quarter of 2025. Part of these updates includes ongoing negotiations with Betaliq for a potential merger, with the exclusivity period now extended until June 7, 2025. This merger, if successful, could strategically align both companies for enhanced revenue opportunities, leveraging their complementary technologies.
Financially, Eyenovia reported a significant reduction in their net loss for Q1 2025. The net loss stood at $3.5 million ($1.59 per share), a drastic improvement from $10.9 million in the same quarter of the previous year. This reduction is attributed to substantial cost-cutting measures that decreased operating expenses from $10.1 million to $3.0 million, marking a 70% decrease.
Eyenovia also undertook a successful debt restructuring agreement with Avenue Capital, deferring certain repayment obligations until October 2025. The company's cash position improved to $3.9 million as of March 31, 2025, compared to $2.1 million at the end of December 2024.
The development of Eyenovia's Optejet user-filled device (UFD) remains on track, with plans to file for U.S. regulatory approval in September 2025. This innovative device aims to offer improvements over traditional eye drops, potentially addressing ease of use and reducing waste.
Despite ongoing cash constraints, these strategic efforts reflect Eyenovia's endeavors to enhance stability and pursue significant growth opportunities. Investors remain cautious, however, given the company's pre-commercial stage and continued need for external funding.
