Eyenovia (EYEN) AI Stock Analysis

• Market Cap: $11.76M
• Dividend Yield: N/A
• Average Volume (3M): 4.94M
• Price to Earnings (P/E): ―
• Beta (1Y): 1.82
• Revenue Growth: 1414.02%
• EPS Growth: -14.78%
• Country: US
• Employees: 13
• Sector: Healthcare
• Sector Strength: 44
• Industry: Biotechnology
• EPS (TTM): -1.59
• Shares Outstanding: 2,882,808
• 10 Day Avg. Volume: 8,263,027
• 30 Day Avg. Volume: 4,940,370
• PEG Ratio: -2.35
• Price to Book (P/B): 254.60
• Price to Sales (P/S): 0.00
• P/FCF Ratio: -168.89
• Enterprise Value/Market Cap: 371.98
• Enterprise Value/Revenue: 33.82K
• Enterprise Value/Gross Profit: -1.02K
• Enterprise Value/Ebitda: -30.65
• 1Y Price Target: $2.00
• Price Target Upside: -40.65% Downside
• Rating Consensus: Hold
• Number of Analyst Covering: 0

• Rating: 38 Underperform
• Price Target: ―

Eyenovia's stock is heavily weighed down by poor financial performance, including significant operational losses and a weak balance sheet. While there is revenue growth, the negative equity and insufficient cash flow generation are critical risks. Technical indicators also point to a bearish trend, and the valuation metrics are unappealing due to a negative P/E ratio and absence of dividends. These factors result in a low overall score.

Positive Factors

Mergers and Partnerships

The proposed merger of topical ophthalmic platforms could present the next constructive chapter for Optejet and broader development.

Product Development

Collaborations in dry eye disease development are seen as upside, with the user-filled Optejet potentially defining the most realistic shot for near-term progress.

Technological Advancements

The new user-filled Optejet incorporates a sterile disposable cartridge that can be user-filled from a traditional eyedropper bottle, allowing consistent and precise spray delivery.

Negative Factors

Clinical Trials

The Phase 3 CHAPERONE trial using the Optejet optimized spray dispenser for delivering MicroPine atropine for reduction of pediatric progressive myopia was discontinued.

Market Risks

Risks to the investment thesis include failure of products and/or candidates to achieve peak commercial revenue estimates due to market size, penetration rates, and/or pricing.

Eyenovia Business Overview & Revenue Model

Company Description

Eyenovia, Inc. is a clinical-stage biopharmaceutical company focused on developing and commercializing transformative ophthalmic therapies. The company operates in the biotechnology and pharmaceuticals sectors, with a core focus on creating microdosed medications for eye care using its proprietary Optejet dispenser. Eyenovia's pipeline includes therapies for myopia progression, presbyopia, and pupil dilation.

How the Company Makes Money

Eyenovia generates revenue primarily through the development and commercialization of its ophthalmic therapies. The company's revenue model involves licensing agreements and collaborations with pharmaceutical companies to develop and market its products. Eyenovia's proprietary microdosing technology, Optejet, is a key asset that differentiates its offerings and enhances the efficacy and safety of its treatments. The company may also receive milestone payments and royalties from its partners as products progress through clinical trials and reach commercialization. Additionally, strategic partnerships with other biotechnology companies or research institutions can contribute to the company's earnings by expanding its research capabilities and market reach.

Eyenovia Financial Statement Overview

Summary

Eyenovia is facing significant financial challenges with high operational losses, negative profitability margins, and a precarious balance sheet. While revenue growth is a positive sign, the company's overall financial health is at risk due to negative equity and insufficient cash flow generation.

Income Statement

Eyenovia has shown considerable revenue growth from 2023 to 2024 but continues to face significant losses. The gross profit margin remains negative, and the net profit margin is significantly low due to high operational costs and expenses. EBIT and EBITDA margins are also deeply negative, indicating operational inefficiencies.

Balance Sheet

The company's financial leverage is concerning, with a negative stockholders' equity indicating potential financial instability. The debt-to-equity ratio cannot be calculated due to negative equity, and the equity ratio is also negative, highlighting a risky financial structure.

Cash Flow

Eyenovia's cash flow remains negative, with decreasing free cash flow over the years. The operating cash flow to net income ratio is negative, suggesting inefficiencies in converting revenue into cash. Free cash flow to net income is also negative, indicating financial strain.

Breakdown
Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement		Total Revenue
57.34K	3.79K	0.00	14.00M	2.00M
	Gross Profit
-3.87M	0.00	-307.43K	12.40M	1.20M
	EBIT
-48.74M	-25.41M	-26.91M	-12.90M	-19.78M
	EBITDA
-46.21M	-24.11M	-26.60M	-12.17M	-19.66M
	Net Income Common Stockholders
-49.82M	-27.26M	-27.73M	-12.99M	-19.69M
Balance Sheet		Cash, Cash Equivalents and Short-Term Investments
2.12M	14.85M	22.86M	19.46M	28.37M
	Total Assets
3.67M	28.78M	31.04M	31.66M	33.91M
	Total Debt
11.24M	16.08M	10.12M	7.15M	463.35K
	Net Debt
9.12M	1.23M	-12.74M	-12.31M	-27.91M
	Total Liabilities
16.76M	19.78M	13.80M	11.19M	18.60M
	Stockholders Equity
-13.10M	9.00M	17.23M	20.47M	15.30M
Cash Flow		Free Cash Flow
-30.28M	-27.81M	-25.98M	-22.49M	-6.65M
	Operating Cash Flow
-30.12M	-23.84M	-25.11M	-20.87M	-6.38M
	Investing Cash Flow
-161.48K	-3.97M	-874.75K	-1.62M	-261.26K
	Financing Cash Flow
17.55M	19.79M	21.51M	21.46M	20.86M

Eyenovia Technical Analysis

• Technical Analysis Sentiment: Neutral
• Last Price: 3.37
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Negative
• MACD: Negative
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For EYEN, the sentiment is Neutral. The current price of 3.37 is above the 20-day moving average (MA) of 2.26, above the 50-day MA of 1.55, and below the 200-day MA of 14.25, indicating a neutral trend. The MACD of 0.60 indicates Negative momentum. The RSI at 53.76 is Neutral, neither overbought nor oversold. The STOCH value of 41.16 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for EYEN.

Eyenovia Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
Sector *	54 Neutral	$5.38B	3.40	-45.06%	3.28%	16.75%	-0.02%
MTNB	45 Neutral	$4.48M	―	-192.85%	―	-100.00%	5.43%
EYEN	38 Underperform	$11.76M	―	-388.03%	―	1414.02%	-14.78%
GLTO	29 Underperform	$4.44M	―	-91.32%	―	―	48.81%
ENVB	24 Underperform	$3.16M	―	-178.91%	―	―	82.47%

Eyenovia Corporate Events

Eyenovia’s $1.9M Offering to Boost Optejet Development

Eyenovia, Inc. has announced a $1.9 million registered direct offering, selling common stock and warrants to an institutional investor. The proceeds are intended for working capital, corporate purposes, and advancing their Optejet device. The offering, facilitated by Chardan Capital Markets, is poised to enhance Eyenovia’s market presence in ophthalmic technology. Investors are keen on the potential strategic partnerships and the innovative Gen-2 Optejet device development.

Eyenovia’s Direct Offering to Support Strategic Initiatives

Eyenovia, Inc. has announced a registered direct offering worth approximately $1.3 million, involving the sale of over 12 million shares and warrants. The company plans to use the proceeds for working capital, debt repayment, and advancing its Optejet device and commercialization activities. The offering, facilitated by Chardan Capital Markets, is set to close by November 26, 2024, and aims to bolster Eyenovia’s strategic initiatives in ophthalmic technology.

Eyenovia Restructures Finances and Leadership Team

Eyenovia, Inc. has restructured its financial agreements by amending a Loan and Security Agreement with Avenue Capital Management, deferring payments to February 2025. Alongside, they issued new shares in a Subscription Agreement to the lenders. The company’s CFO, Andrew D. Jones, transitioned to a consulting role, with CEO Michael Rowe taking over his responsibilities. These strategic changes come as Eyenovia navigates its financial commitments and leadership dynamics.