Eyenovia (EYEN) AI Stock Analysis

• Market Cap: $3.20M
• Dividend Yield: N/A
• Average Volume (3M): 347.92K
• Price to Earnings (P/E): ―
• Beta (1Y): 1.84
• Revenue Growth: 1414.02%
• EPS Growth: -14.78%
• Country: US
• Employees: 13
• Sector: Healthcare
• Sector Strength: 69
• Industry: Biotechnology
• EPS (TTM): -61.97
• Shares Outstanding: 2,830,546
• 10 Day Avg. Volume: 39,421
• 30 Day Avg. Volume: 347,917
• PEG Ratio: N/A
• Price to Book (P/B): N/A
• Price to Sales (P/S): 0.00
• Price to Cash Flow (P/CF): 0.00
• P/FCF Ratio: 0.00
• Enterprise Value/Market Cap: 7.02
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: $2.00
• Price Target Upside: 83.49% Upside
• Rating Consensus: Hold
• Number of Analyst Covering: 1

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

Market Expansion

Eyenovia's efforts to pursue an additional 200 active practices build on the current 230 offices for Mydcombi adoption, signaling potential expansion and increased market penetration.

Mergers and Collaborations

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

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

Rating Downgrade

The rating for Eyenovia has been changed to Neutral from Buy, reflecting a more cautious outlook.

Revenue 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.

Trial Failures

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

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 faces significant financial challenges with negative profit margins and reliance on debt, posing substantial risks. The negative cash flows highlight operational inefficiencies, requiring strategic improvements for sustainable growth.

Income Statement

Eyenovia's income statement reveals significant challenges. The company shows a negative gross profit margin and net profit margin on TTM data due to high costs relative to negligible revenue. Revenue growth is erratic, showing volatility without a clear upward trend. EBIT and EBITDA margins are deeply negative, indicating ongoing operational inefficiencies and high expenses surpassing revenues.

Balance Sheet

The balance sheet indicates financial stress with high debt-to-equity ratios and declining stockholder equity. The equity ratio is low, reflecting limited equity to cover total assets. Return on equity is negative, underscoring unprofitable operations. The company is heavily reliant on debt, which poses substantial risk without adequate revenue generation.

Cash Flow

Cash flow analysis shows negative operating and free cash flows, indicating a cash burn without sufficient revenue inflow. The operating cash flow to net income ratio suggests inefficient cash generation from core operations. Although there is some financing activity, it primarily covers the operational cash shortfall rather than investment in growth.

Breakdown
Dec 2023	Dec 2022	Dec 2021	Dec 2020	Dec 2019
Income Statement		Total Revenue
3.79K	0.00	14.00M	2.00M	0.00
	Gross Profit
0.00	-307.43K	12.40M	1.20M	-15.34K
	EBIT
-25.41M	-26.91M	-12.90M	-19.78M	-21.31M
	EBITDA
-24.11M	-26.60M	-12.17M	-19.66M	-21.29M
	Net Income Common Stockholders
-27.26M	-27.73M	-12.99M	-19.69M	-20.99M
Balance Sheet		Cash, Cash Equivalents and Short-Term Investments
14.85M	22.86M	19.46M	28.37M	14.15M
	Total Assets
28.78M	31.04M	31.66M	33.91M	14.70M
	Total Debt
16.08M	10.12M	7.15M	463.35K	42.50K
	Net Debt
1.23M	-12.74M	-12.31M	-27.91M	-14.11M
	Total Liabilities
19.78M	13.80M	11.19M	18.60M	2.96M
	Stockholders Equity
9.00M	17.23M	20.47M	15.30M	11.74M
Cash Flow		Free Cash Flow
-27.81M	-25.98M	-22.49M	-6.65M	-19.09M
	Operating Cash Flow
-23.84M	-25.11M	-20.87M	-6.38M	-18.92M
	Investing Cash Flow
-3.97M	-874.75K	-1.62M	-261.26K	-166.64K
	Financing Cash Flow
19.79M	21.51M	21.46M	20.86M	13.51M

Eyenovia Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 1.09
• 50DMA: Negative
• 100DMA: Negative
• 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 Negative. The current price of 1.09 is above the 20-day moving average (MA) of 1.05, below the 50-day MA of 1.35, and below the 200-day MA of 26.67, indicating a neutral trend. The MACD of -0.11 indicates Negative momentum. The RSI at 40.24 is Neutral, neither overbought nor oversold. The STOCH value of 58.10 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for EYEN.

Eyenovia Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
Sector *	51 Neutral	$5.35B	3.41	-40.83%	2.89%	18.11%	2.60%
MTNB	45 Neutral	$3.20M	―	-180.73%	―	-100.00%	5.43%
EYEN	38 Underperform	$3.20M	―	-388.03%	―	1414.02%	-14.78%
GLTO	29 Underperform	$3.54M	―	-91.62%	―	―	48.81%
ENVB	26 Underperform	$3.34M	―	-356.82%	―	―	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.