Wed, May 15, 8:29 PM (304 days ago)
Eyenovia, Inc.'s 10-Q report for the quarter ending March 31, 2024, highlights several key financial metrics and operational updates: 1. **Financial Health**: Eyenovia reported cash and cash equivalents of $7.98 million, a significant decrease from $14.85 million at the end of 2023. The company’s working capital turned negative, showing a deficit of $2.01 million, and total stockholders' equity dropped to $1.82 million from $9 million. 2. **Revenue and Expenses**: Revenue was minimal at $4,993, offset by an equal cost of revenue. Operating expenses surged, driven by increased research and development costs ($4.43 million) and general and administrative expenses ($3.84 million). The company also recorded a $2 million expense for reacquiring license rights from Bausch + Lomb. 3. **Net Loss**: The net loss for the quarter was $10.92 million, nearly doubling from $5.74 million in the same period last year. This loss reflects higher operational costs and strategic investments. 4. **Cash Flow**: Operating activities used $9.89 million in cash, primarily due to the net loss and changes in working capital. Investing activities used $0.11 million for property and equipment purchases, while financing activities provided $3.13 million, mainly from stock sales. 5. **Future Operations and Liquidity**: Eyenovia faces substantial doubt about its ability to continue as a going concern due to its cash position and accumulated deficit. The company plans to raise additional capital and manage expenses to support its operations and growth initiatives.