Eyenovia(US:EYEN)2024-05-15 20:19Financial Performance - For Q1 2024, Eyenovia reported a net loss of approximately $10.9 million, or $0.23 per share, compared to a net loss of $5.7 million, or $0.15 per share in Q1 2023[7]. - Total operating expenses for Q1 2024 were approximately $10.3 million, an increase of approximately 88.1% from $5.5 million in Q1 2023[9]. - Eyenovia's total assets decreased to $26.2 million as of March 31, 2024, down from $28.8 million at the end of 2023[19]. Research and Development - Research and development expenses increased by approximately 75.7% to $4.4 million in Q1 2024, up from $2.5 million in Q1 2023[8]. - Eyenovia plans to launch clobetasol propionate ophthalmic suspension 0.05% in Q3 2024, the first new ophthalmic steroid in 15 years[5]. - The pediatric progressive myopia market is valued at over $3.0 billion annually in the U.S. and China, with MicroPine in late-stage development[5]. Cash and Expenses Management - As of March 31, 2024, the company's unrestricted cash and cash equivalents were approximately $8.0 million, not including an additional $2.2 million raised in April 2024[10]. - The company reduced anticipated cash-based expenses by approximately $0.8 million per quarter from Q1 2024 actual levels[5]. Sales and Growth Outlook - Eyenovia has executed formulary agreements with Vision Source and the University of California, and trained 50 new Mydcombi-using offices since sales promotion began in April 2024[5]. - The company anticipates meaningful sales growth over the next 18 months, aiming towards profitability[4].