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1. Company Snapshot

1.a. Company Description

Eyenovia, Inc., a clinical stage ophthalmic company, engages in developing therapeutics based on its proprietary microdose array print platform technology.The company focuses on developing clinical microdosing of formulations of ophthalmic pharmaceutical agents using its Optejet branded targeted ocular delivery system.It focuses on the development of therapeutic indications for patients with progressive myopia and age-related near vision impairment or presbyopia indications; and microdose fixed combination ophthalmic pharmaceutical for mydriasis to address the eye exams with pupil dilation.


The company's product candidates include MicroLine, which is in Phase III clinical development program with indications for the improvement in near vision in people with presbyopia; MicroPine, which is in Phase III clinical development program with indications for pediatric myopia progression (near-sightedness); and MydCombi, which is in Phase III clinical development program with indications for pharmaceutical mydriasis.It has a license agreement with Bausch Health Ireland Limited to develop and commercialize MicroPine in the United States and Canada; and a license agreement with Arctic Vision (Hong Kong) Limited to develop and commercialize MicroPine and MicroLine in China and South Korea.The company was formerly known as PGP Holdings V, Inc.


and changed its name to Eyenovia, Inc.in May 2014.Eyenovia, Inc.


was incorporated in 2014 and is headquartered in New York, New York.

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1.b. Last Insights on EYEN

Eyenovia's recent performance was driven by several positive developments. The company regained compliance with Nasdaq listing requirements, alleviating concerns about its continued listing status. Additionally, Eyenovia successfully restructured its debt, deferring interest and principal payments through September 2025, providing much-needed financial flexibility. The company is also making progress on its Optejet User Filled Device (UFD), with regulatory submission on track for Q4 2025. Furthermore, Eyenovia continues to negotiate a binding merger agreement with Betaliq, which could create a new publicly-listed eye care company.

1.c. Company Highlights

2. Transcript Summary

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3. NewsRoom

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Chardan Expands into Digital Assets by Advising Strategic Crypto-Backed Financings

Jun -18

Source: prnewswire.com

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Eyenovia Announces Appointment of a Strategic Advisor for Digital Asset Treasury Strategy and Amendment of Debt Agreement with Avenue Capital Group

Jun -18

Source: globenewswire.com

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Eyenovia Announces $50 Million Investment to Launch a Hyperliquid (HYPE token) Cryptocurrency Treasury Reserve Strategy

Jun -17

Source: globenewswire.com

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Eyenovia Provides Updates on Potential Merger with Betaliq and Development of the Optejet User Filled Device (UFD), and Reports First Quarter 2025 Financial Results

May -19

Source: globenewswire.com

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Eyenovia Provides Development Update on Optejet User Filled Device (UFD)

Apr -10

Source: globenewswire.com

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Eyenovia Enters into Non-Binding Letter of Intent to Effect Reverse Merger with Betaliq

Mar -20

Source: globenewswire.com

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Eyenovia Regains Compliance with All Nasdaq Continued Listing Requirements

Feb -26

Source: globenewswire.com

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Eyenovia, Inc. Announces Debt Restructuring Including Amendment to Senior Secured Debt, Improving Cash Runway to Allow for the Evaluation of Strategic Alternatives

Feb -24

Source: globenewswire.com

4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (0.00%)

6. Segments

Mydcombi and Clobetasol Propionate

Expected Growth: 8.1%

Growing demand for pediatric mydriasis treatment, increasing prevalence of inflammatory conditions, and rising adoption of combination therapies drive the market growth.

7. Detailed Products

MicroPine

MicroPine is a micro-needle based drug delivery system designed to improve the delivery of medications to the eye.

MicroStat

MicroStat is a micro-needle based system for the treatment of eye diseases, including glaucoma and presbyopia.

Optejet

Optejet is a handheld, high-precision, and high-volume jet injector for the delivery of medications to the eye.

MydCombi

MydCombi is a combination product for the treatment of mydriasis, which is the dilation of the pupil.

8. Eyenovia, Inc.'s Porter Forces

Forces Ranking

Threat Of Substitutes

Eyenovia's proprietary Microdose Array print technology and its focus on ophthalmic diseases make it difficult for substitutes to emerge.

Bargaining Power Of Customers

While customers have some bargaining power due to the availability of alternative treatments, Eyenovia's innovative products and strong pipeline mitigate this power.

Bargaining Power Of Suppliers

Eyenovia's suppliers have limited bargaining power due to the company's strong relationships and diversified supply chain.

Threat Of New Entrants

While the ophthalmic industry is highly competitive, Eyenovia's proprietary technology and strong intellectual property portfolio create barriers to entry for new entrants.

Intensity Of Rivalry

The ophthalmic industry is highly competitive, with several established players and a high level of rivalry, which may impact Eyenovia's market share and pricing power.

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

Value
Debt Weight 62.21%
Debt Cost 12.50%
Equity Weight 37.79%
Equity Cost 12.50%
WACC 12.50%
Leverage 164.63%

11. Quality Control: Eyenovia, Inc. passed 1 out of 9 key points

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

Stock-Card
Cara Therapeutics

A-Score: 4.1/10

Value: 7.4

Growth: 1.1

Quality: 5.4

Yield: 0.0

Momentum: 10.0

Volatility: 0.7

1-Year Total Return ->

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Cardio Diagnostics Holdings

A-Score: 2.9/10

Value: 7.6

Growth: 4.1

Quality: 3.2

Yield: 0.0

Momentum: 2.0

Volatility: 0.7

1-Year Total Return ->

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HCW Biologics

A-Score: 2.8/10

Value: 8.0

Growth: 4.1

Quality: 4.9

Yield: 0.0

Momentum: 0.0

Volatility: 0.0

1-Year Total Return ->

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Sangamo Therapeutics

A-Score: 2.8/10

Value: 7.2

Growth: 3.3

Quality: 4.1

Yield: 0.0

Momentum: 2.0

Volatility: 0.3

1-Year Total Return ->

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Stock-Card
Eyenovia

A-Score: 2.6/10

Value: 7.6

Growth: 4.8

Quality: 3.3

Yield: 0.0

Momentum: 0.0

Volatility: 0.0

1-Year Total Return ->

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Stock-Card
Orchestra BioMed

A-Score: 2.2/10

Value: 6.0

Growth: 2.9

Quality: 3.6

Yield: 0.0

Momentum: 0.0

Volatility: 0.7

1-Year Total Return ->

View Full Report

Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

7.56$

Current Price

7.56$

Potential

-0.00%

Expected Cash-Flows