Wed, Apr 30, 8:13 PM (22 days ago)
**EYENOVIA, INC. (EYEN) - 10-K/A Amendment Summary** **Overview:** Eyenovia, Inc. (EYEN) filed an amendment (10-K/A) to its annual report for the fiscal year ended December 31, 2024. The amendment includes updates to Items 10 through 14 of Part III and Item 15 of Part IV, focusing on corporate governance, executive compensation, and other regulatory disclosures. **Key Points:** 1. **Corporate Governance:** - The Board of Directors consists of seven members, each serving one-year terms. Key directors include Charles E. Mather IV (Chairman), Tsontcho Ianchulev, M.D., M.P.H. (Executive Chairman), and Michael Geltzeiler. - The Board has an Audit Committee, with Michael Geltzeiler serving as the audit committee financial expert. 2. **Executive Compensation:** - Named executive officers for 2024 include Michael Rowe (CEO), Bren Kern (COO), John P. Gandolfo (former CFO), and Andrew Jones (former CFO). - Compensation for 2024 included base salaries, bonuses, and equity awards. For example, Michael Rowe received a total compensation of $807,756, including a base salary of $632,500 and equity awards valued at $101,230. 3. **Director Compensation:** - Non-employee directors receive an annual retainer of $40,000 and equity awards valued at $80,000, split between RSUs and options. - Additional retainers are provided for committee chairs and members. 4. **Security Ownership:** - As of April 23, 2025, Eyenovia had 2,830,546 shares of common stock outstanding. - Directors and executive officers collectively own 2.0% of the outstanding shares. 5. **Related Transactions:** - No material transactions exceeding $120,000 or 1% of total assets involved directors, executive officers, or 5% stockholders since January 1, 2023. - The Audit Committee reviews and approves related-party transactions. 6. **Principal Accountant Fees:** - Marcum LLP, the independent auditor, received $241,191 in audit fees and $250,815 in audit-related fees for 2024. - No tax or other fees were billed. 7. **Exhibits:** - The amendment includes various exhibits, such as certificates of incorporation, bylaws, and agreements related to licenses, loans, and employment. **Future Outlook:** - Eyenovia continues to focus on strategic initiatives and regulatory compliance. - The company aims to enhance its market position through innovative products and partnerships. **Risk Factors:** - The company faces risks related to regulatory approvals, market competition, and financial performance. - Eyenovia's success depends on its ability to execute its business strategy and manage operational challenges. **Financial Condition:** - The amendment does not include updated financial statements but refers to the original 10-K filing for detailed financial information. - The company's financial condition is subject to the risks and uncertainties outlined in the original 10-K. **Market Position:** - Eyenovia operates in the pharmaceutical industry, focusing on innovative ophthalmic treatments. - The company's market position is influenced by its product pipeline, regulatory approvals, and competitive landscape. **Conclusion:** - The 10-K/A amendment provides updates on corporate governance, executive compensation, and regulatory disclosures. - Eyenovia remains focused on strategic initiatives and regulatory compliance to enhance its market position and financial performance.