Eyenovia Reports First Quarter 2024 Financial Results and Provides Updates on its Myopia Phase III Program and its Two FDA Approved Commercial Products, Mydcombi and Clobetasol

Core Insights - Eyenovia, Inc. is advancing its late-stage product candidate MicroPine for pediatric progressive myopia, targeting a market valued at over $3 billion annually in the U.S. and China [5] - The company plans to launch clobetasol propionate ophthalmic suspension 0.05% in Q3 2024, marking the first new ophthalmic steroid in 15 years [1][5] - Eyenovia reported a net loss of approximately $10.9 million for Q1 2024, an increase from a net loss of $5.7 million in Q1 2023 [4][18] Business Developments - The company is preparing for a Q3 2024 launch of clobetasol propionate, which has a favorable clinical profile with twice-a-day dosing and low adverse event rates [5] - Eyenovia has completed the build-out of its manufacturing capabilities, receiving FDA approval for its Redwood City location and producing commercial supply of Mydcombi [3] - The company has executed formulary agreements with Vision Source and the University of California, expanding its market reach [5] Financial Performance - For Q1 2024, research and development expenses increased by approximately 75.7% to $4.4 million compared to $2.5 million in Q1 2023 [6] - General and administrative expenses rose by approximately 30.6% to $3.8 million in Q1 2024 from $2.9 million in Q1 2023 [6] - Total operating expenses for Q1 2024 were approximately $10.3 million, an increase of about 88.1% from $5.5 million in Q1 2023 [7] Cash Position - As of March 31, 2024, Eyenovia had approximately $8.0 million in unrestricted cash and cash equivalents, not including an additional $2.2 million raised in April 2024 [8]