Eyenovia Inc. (EYEN) shares pop up 8.41% in after-hours on Friday, June 18, 2021, and close the week at $5.80 per share. Earlier, EYEN’s stock lost 1.29% to close Friday’s session at $5.35 per share. EYEN shares have risen 65.63% over the last 12 months, and they have moved down1.65% in the past week. Over the past three months, the stock has lost 16.41%, while over the past six months, it has declined 26.78%.
Let’s discuss EVEN’s recent developments briefly.
Corporate update on its pipeline
On June 15, 2021, Eyenovia, Inc released a corporate update on its pipeline with recent and upcoming milestones.
Positive Phase 3 VISION-1 Results
the company provided additional details from its Phase 3 VISION-1 clinical trial study. The VISION-1 study evaluated the safety and efficacy of Eyenovia’s MicroLine presbyopia microdose formulations versus placebo, all administered via the company’s proprietary Optejet delivery Micro-Array Print technology.
A higher proportion of subjects met the primary endpoint of 3-line or greater improvement in near vision with 2% MicroLine as compared to placebo.
Earlier on May 25, 2021, Eyenovia, Inc. announced that its VISION-1 study achieved its primary endpoint. The company is now looking for a second Phase 3 registration study, VISION-2 which are required for FDA approval and will serve as the basis for a planned New Drug Application (NDA) submission to FDA. VISION-1 results will be presented at a future ophthalmic-focused medical meeting.
Recent financial results announcement
On May 12, 2021, Eyenovia, Inc. reported its financial results for the first quarter ended March 31, 2021.
Q1 2021 financial highlights
- Eyenovia, Inc suffered a net loss of approximately $5.4 million, or $0.21 per share for Q1 2021 compared to a net loss of approximately $5.5 million, or $0.31per share, for the first quarter of 2020.
- For the first quarter of 2021, the Company reported license fee revenue of $2.0 million compared to zero revenue in Q1 2020.
- For Q1 2021, total operating expenses were approximately $6.5 million, compared to total operating expenses of approximately $5.5 million for Q1 2020.
- The Company’s cash balance was approximately $24.9 million on March 31, 2021.
New Credit Facility with Silicon Valley Bank
On May 10, 2021, Eyenovia, Inc entered into a new $25 million credit financing facility with Silicon Valley Bank (SVB).
The chief executive officer and chief medical officer of EyenoviaDr Sean Ianchulev said that the non-dilutive credit facility will provide a significant amount of financial and operating flexibility to the company at terms that he believe are favourable to the company.
Well, as of this writing there is no recent news that could be linked with its rally on Friday but past recent developments such as Phase 3 VISION-1 clinical trial study results could be the reason behind its turnaround at Friday’s after-hours session.