Eyenovia(EYEN) - 2025 Q1 - Quarterly Report

Revenue and Financial Performance - Revenue for Q1 2025 totaled $14,720, a significant increase from $4,993 in Q1 2024, with cost of revenues at $48 and $203,027 respectively[83] - The company reported a net loss of $3.5 million for Q1 2025, reduced from $9.9 million in Q1 2024[77] - The company reported net losses of $3.5 million for the three months ended March 31, 2025, compared to $10.9 million for the same period in 2024[91] - Other income (expense) for Q1 2025 was approximately $0.5 million of net other expense, a decrease from $0.7 million in Q1 2024[88] - Net cash used in operating activities was approximately $4.4 million for the three months ended March 31, 2025, a decrease from $9.9 million in the same period of 2024[93] - Net cash provided by financing activities totaled approximately $6.3 million for the three months ended March 31, 2025, compared to $3.1 million in the same period of 2024[95] Expenses and Cost Management - Research and development expenses decreased by 85% to $0.7 million in Q1 2025 from $4.4 million in Q1 2024, primarily due to layoffs and the wind down of clinical trials[84] - General and administrative expenses for Q1 2025 were $2.4 million, down 35% from $3.6 million in Q1 2024, reflecting cost-cutting measures[86] Financial Position and Compliance - As of March 31, 2025, the company had an accumulated deficit of approximately $198.8 million[77] - The working capital deficit improved to $9.9 million as of March 31, 2025, from $13.3 million as of December 31, 2024[89] - The company has commitments to pay $5.1 million for accounts payable and $10.8 million for notes payable within the next twelve months[96] - The accumulated deficit as of March 31, 2025, was approximately $198.8 million[91] - The company faces substantial doubt about its ability to continue as a going concern for at least one year from the date of the financial statements[92] - The company intends to submit a plan to regain compliance with Nasdaq's minimum equity requirement of $2,500,000 by June 13, 2025[76] - The company regained compliance with Nasdaq's minimum bid price requirement of $1.00 per share after a reverse stock split on January 31, 2025[75] Strategic Initiatives - The company entered into a non-binding letter of intent for a proposed business combination with Betaliq, a clinical stage pharmaceutical company focused on glaucoma[71] - The company plans to submit its Optejet user-filled device for regulatory approval in the U.S. in the second half of 2025[70] Market and Operational Risks - The ongoing "Tariff War" could adversely affect the company's supply chain and product demand, impacting financial performance[97] - The company has no off-balance sheet arrangements that could materially affect its financial conditions[100]