Wed, Aug 14, 6:51 PM (153 days ago)
Eyenovia, Inc. reported significant financial challenges in its Q2 2024 results, reflecting a continued trend of net losses and cash flow deficits. For the quarter ending June 30, 2024, the company recorded a net loss of $11.1 million, up from $6.2 million in Q2 2023, with total revenue of $22.6 million primarily from its product Mydcombi. However, gross loss was substantial at $467.7 million, exacerbated by a $0.5 million inventory write-down. Research and development (R&D) expenses surged by 64% to $4.6 million, driven by increased clinical trial costs and personnel hiring to support commercialization efforts. General and administrative expenses also rose by 19% to $3.8 million, reflecting higher staffing and regulatory costs. Eyenovia's liquidity remains precarious, with cash and equivalents dropping to $2.3 million and a working capital deficit of $8.6 million. The company raised $5 million in July 2024 to bolster its financial position but faces uncertainties regarding future capital needs and operational sustainability. Continuous losses and the need for additional financing raise concerns about the company's ability to maintain operations over the next year without significant revenue generation.