Home Top Movers Why Eyenovia Inc. (EYEN) stock price went up in the after-market on...

Why Eyenovia Inc. (EYEN) stock price went up in the after-market on Friday?

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%.

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Let’s discuss EVEN’s recent developments briefly.


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Corporate update on its pipeline

On June 15, 2021, Eyenovia, Inc released a corporate update on its pipeline with recent and upcoming milestones.

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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.

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Conclusion

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.

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