EYENOVIA, INC._March 31, 2025

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

FORM 10-Q

☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended: March 31, 2025

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from to

COMMISSION FILE NUMBER: 001-38365

EYENOVIA, INC.

(Exact name of Registrant as Specified in Its Charter)

DELAWARE		47-1178401
(State or Other Jurisdiction of Incorporation or Organization)		(I.R.S. Employer Identification No.)

23461 South Pointe Drive, Suite 390 Laguna Hills, CA		92653
(Address of Principal Executive Offices)		(Zip Code)

Registrant’s telephone number, including area code: (833) 393-6684

Securities registered pursuant to Section 12(b) of the Act:


Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock, par value $0.0001 per share	EYEN	Nasdaq Capital Market

Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer	☐	Accelerated filer	☐

Non-accelerated filer	☒	Smaller reporting company	☒

		Emerging growth company	☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any news or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act). Yes ☐ No ☒

The number of outstanding shares of the registrant’s common stock was 2,882,808 as of May 15, 2025.

Table of Contents

EYENOVIA, INC.

FORM 10-Q

FOR THE QUARTERLY PERIOD ENDED MARCH 31, 2025

TABLE OF CONTENTS


PART I - FINANCIAL INFORMATION

Item 1. Financial Statements.		2

Condensed Balance Sheets as of March 31, 2025 (Unaudited) and December 31, 2024		2

Unaudited Condensed Statements of Operations for the Three Months Ended March 31, 2025 and 2024		3

Unaudited Condensed Statements of Changes in Stockholders’ (Deficiency) Equity for the Three Months Ended March 31, 2025 and 2024		4

Unaudited Condensed Statements of Cash Flows for the Three Months Ended March 31, 2025 and 2024		5

Notes to Unaudited Condensed Financial Statements		7

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations.		15

Item 3. Quantitative and Qualitative Disclosures About Market Risk.		20

Item 4. Controls and Procedures.		20

PART II - OTHER INFORMATION

Item 1. Legal Proceedings.		22

Item 1A. Risk Factors.		22

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds.		22

Item 3. Defaults Upon Senior Securities.		23

Item 4. Mine Safety Disclosures.		23

Item 5. Other Information.		23

Item 6. Exhibits.		24

SIGNATURES		25

Table of Contents

PART I – FINANCIAL INFORMATION

Item 1. Financial Statements.

EYENOVIA, INC.

Condensed Balance Sheets


	March 31,		December 31,
	2025		2024
	(unaudited)
Assets

Current Assets
Cash and cash equivalents	$	3,934,966	$	2,121,463
License fee and expense reimbursements receivable		25,787		24,827
Security deposits, current		14,968		14,968
Prepaid expenses and other current assets		1,183,262		605,941
Total Current Assets		5,158,983		2,767,199

Security deposits, non-current		182,200		182,200
Operating lease right-of-use asset		642,770		718,360
Total Assets	$	5,983,953	$	3,667,759

Liabilities and Stockholders’ Deficiency

Current Liabilities:
Accounts payable	$	1,199,961	$	2,199,768
Accrued compensation		109,934		144,161
Accrued expenses and other current liabilities		3,241,554		3,178,513
Operating lease liabilities - current portion		542,561		575,163
Notes payable - current portion, net of debt discount of $56,954 and $527,870 as of March 31, 2025 and December 31, 2024, respectively		729,999		5,212,532
Convertible notes payable - current portion, net of debt discount of $723,725 and $263,930 as of March 31, 2025 and December 31, 2024, respectively		9,276,275		4,736,070
Total Current Liabilities		15,100,284		16,046,207

Operating lease liabilities - non-current portion		597,670		717,504
Total Liabilities		15,697,954		16,763,711

Commitments and contingencies (Note 8)

Stockholders’ Deficiency:
Preferred stock, $0.0001 par value, 6,000,000 shares authorized; 0 shares issued and outstanding as of March 31, 2025 and December 31, 2024
Common stock, $0.0001 par value, 300,000,000 shares authorized; 2,830,546 and 1,506,369 shares issued and outstanding as of March 31, 2025 and December 31, 2024, respectively		283		151
Additional paid-in capital		189,079,241		182,213,889
Accumulated deficit		(198,793,525)		(195,309,992)
Total Stockholders’ Deficiency		(9,714,001)		(13,095,952)
Total Liabilities and Stockholders’ Deficiency	$	5,983,953	$	3,667,759

The accompanying notes are an integral part of these condensed financial statements.

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EYENOVIA, INC.

Condensed Statements of Operations

(unaudited)


	For the Three Months Ended
	March 31,
	2025		2024
Operating Income
Revenue	$	14,720	$	4,993
Cost of revenue		(48)		(203,027)
Gross Profit		14,672		(198,034)

Operating Expenses:
Research and development		673,043		4,431,601
General and administrative		2,372,322		3,637,189
Reversion of license rights		—		2,000,000
Total Operating Expenses		3,045,365		10,068,790
Loss From Operations		(3,030,693)		(10,266,824)

Other Income (Expense):
Other (expense) income, net		3,687		(97,558)
Gain on extinguishment of debt		89,623		—
Interest expense		(581,499)		(678,658)
Interest income		35,349		120,939
Total Other Expense		(452,840)		(655,277)

Net Loss	$	(3,483,533)	$	(10,922,101)

Net Loss Per Share - Basic and Diluted	$	(1.59)	$	(18.75)

Shares Outstanding - Basic and Diluted		2,188,938		582,584

The accompanying notes are an integral part of these condensed financial statements.

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EYENOVIA, INC.

Condensed Statements of Changes in Stockholders’ (Deficiency) Equity

(unaudited)


	For the Three Months Ended March 31, 2025
				Additional				Total
	Common Stock			Paid-In		Accumulated		Stockholders’
	Shares	Amount		Capital		Deficit		(Deficiency) Equity
Balance - January 1, 2025	1,506,369	$	151	$	182,213,889	$	(195,309,992)	$	(13,095,952)
Issuance of common stock in At the Market offering [1]	1,127,100		113		5,663,153		—		5,663,266
Stock-based compensation	—		—		279,628		—		279,628
Induced exercise of stock warrants [2]	197,118		19		922,731		—		922,750
Reverse stock split settlement of fractional shares	(41)		—		(160)		—		(160)
Warrant modification and additional warrants - incremental value [3]	—		—		1,194,102		—		—
Warrant modification and additional warrants - in issuance costs for inducement [4]	—		—		(1,194,102)		—		—
Net loss	—		—		—		(3,483,533)		(3,483,533)
Balance - March 31, 2025	2,830,546	$	283	$	189,079,241	$	(198,793,525)	$	(9,714,001)


	For the Three Months Ended March 31, 2024
				Additional				Total
	Common Stock			Paid-In		Accumulated		Stockholders’
	Shares	Amount		Capital		Deficit		Equity
Balance - January 1, 2024	569,413	$	57	$	154,490,596	$	(145,491,559)		8,999,094
Issuance of common stock in At the Market offering [5]	22,917		2		3,194,545		—		3,194,547
Stock-based compensation	—		—		546,232		—		546,232
Net loss	—		—		—		(10,922,101)		(10,922,101)
Balance - March 31, 2024	592,330	$	59	$	158,231,373	$	(156,413,660)	$	1,817,772

[1] Includes gross proceeds of $5,851,007 less total issuance costs of $187,741.

[2] Includes gross proceeds of $1,039,206 less total issuance costs of $116,456.

[3] Incremental value from the warrant inducement entered into on January 16, 2025 (see Note 9 – Stockholders’ Equity).

[4] Non-cash warrant modification and additional warrants issuance costs related to the warrant inducement are shown as a separate line item for clarity.

[5] Includes gross proceeds of $3,293,347 less total issuance costs of $98,800.

The accompanying notes are an integral part of these condensed financial statements.

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EYENOVIA, INC.

Condensed Statements of Cash Flows

(unaudited)


	For the Three Months Ended
	March 31,
	2025		2024
Cash Flows From Operating Activities
Net loss	$	(3,483,533)	$	(10,922,101)
Adjustments to reconcile net loss to net cash used in operating activities:
Stock-based compensation		279,628

SEC Form 10-Q filed by Eyenovia Inc.