Eyenovia Sells 1M Shares at $1.00, Secures $1M Capital Infusion

TL;DR

**Eyenovia just raised $1M by selling 1M shares at $1.00 each to an institutional investor.**

AI Summary

On January 16, 2024, Eyenovia, Inc. (EYEN) terminated its previous material definitive agreement and entered into a new one, selling 1,000,000 shares of its common stock at $1.00 per share to an institutional investor. This transaction, totaling $1,000,000, provides Eyenovia with much-needed capital, which is crucial for a pharmaceutical company like EYEN that often requires significant funding for research and development. For investors, this matters because it indicates a fresh capital injection, potentially reducing immediate liquidity concerns and supporting ongoing operations, though it also involves dilution.

Why It Matters

This capital raise provides Eyenovia with $1,000,000 in funding, which can support its operations and development efforts, potentially reducing the need for more dilutive financing in the short term.

Risk Assessment

Risk Level: medium — While the capital raise provides liquidity, the sale of shares at $1.00 each could indicate a lower valuation than previous financings and results in dilution for existing shareholders.

Analyst Insight

A smart investor would monitor how Eyenovia utilizes the newly raised capital and assess its impact on future financial statements and product development timelines. While the capital infusion is positive for liquidity, the dilution and the $1.00 per share price warrant careful consideration of the company's valuation and future growth prospects.

Key Numbers

• 1,000,000 — shares of common stock sold (the number of shares Eyenovia sold to an institutional investor)
• $1.00 — price per share (the price at which each share of common stock was sold)
• $1,000,000 — total proceeds from stock sale (the total amount of capital raised by Eyenovia from this transaction)

Key Players & Entities

• Eyenovia, Inc. (company) — the registrant selling equity securities
• $1.00 (dollar_amount) — the per-share price of the common stock sold
• January 16, 2024 (date) — the date of the earliest event reported and the date of the stock sale
• The Nasdaq Stock Market (Nasdaq Capital Market) (company) — the exchange where Eyenovia's common stock is registered

Forward-Looking Statements

• Eyenovia will use the $1,000,000 capital to fund ongoing research and development projects. (Eyenovia, Inc.) — medium confidence, target: 2024-12-31
• The stock price of EYEN may experience short-term volatility due to the dilution from the share sale. (EYEN) — medium confidence, target: 2024-03-31

FAQ

Key Financial Figures

• $0.0001 — h registered) Common stock, par value $0.0001 per share EYEN The Nasdaq Stock Mar
• $3 million — tter Agreement, Eyenovia will issue B&L $3 million in shares of the Company's common stock
• $2 million — agreed to pay B&L an upfront payment of $2 million in cash. Michael Rowe, chief executive

Filing Documents

• tm243285d1_8k.htm (8-K) — 37KB
• tm243285d1_ex99-1.htm (EX-99.1) — 17KB
• tm243285d1_ex99-1img01.jpg (GRAPHIC) — 3KB
• 0001104659-24-003908.txt ( ) — 237KB
• eyen-20240116.xsd (EX-101.SCH) — 3KB
• eyen-20240116_lab.xml (EX-101.LAB) — 33KB
• eyen-20240116_pre.xml (EX-101.PRE) — 22KB
• tm243285d1_8k_htm.xml (XML) — 3KB

01. Entry Into a Material Definitive Agreement

Item 1.01. Entry Into a Material Definitive Agreement. In 2020, Eyenovia licensed MicroPine, our lead candidate in development for pediatric progressive myopia, to Bausch Health Ireland Limited, an Ireland corporation and wholly owned subsidiary of Bausch Health Companies Inc. ("Bausch Health"), in exchange for an up-front fee, milestone payments associated with regulatory and launch success and sales-based royalties . The license agreement was subsequently assigned to Bausch + Lomb Ireland Limited ("B&L"), in connection with Bausch Health's planned spinoff transaction of its eye health business. The pediatric progressive myopia market represents a potential multi-billion dollar opportunity, according to the Review of Optometric Business. It is estimated that about one in three children in the United States are affected by myopia, which is a chronic, progressive disease characterized by the eye growing too long. This lengthening of the eye changes its ability to focus on distant objects, resulting in blurry vision (nearsightedness). It may also increase the risk of permanent vision loss. Since 2020, pediatric progressive myopia has received much greater attention, especially as the COVID pandemic left many children to learn at home in front of computer and tablet screens, which often caused their myopia to worsen at an accelerated pace. On January 12, 2024, after successful negotiations between Eyenovia and B&L regarding the pediatric progressive myopia program, B&L and Eyenovia entered into a Letter Agreement (the "Letter Agreement"), pursuant to which Eyenovia will reacquire the rights to this program. The terms of the agreement include the transfer of the rights and certain assets relating to the pediatric progressive myopia program from B&L to Eyenovia in exchange for cash and common stock consideration. In addition, under the terms of the Letter Agreement, Eyenovia has also agreed to pay B&L a low single-digit royalty on Eyenovia's net sales of MicroPine i

02. Termination of a Material Definitive Agreement

Item 1.02. Termination of a Material Definitive Agreement. The information provided in Item 1.01 of this Current Report on Form 8-K regarding the Letter Agreement is incorporated by reference into this Item 1.02.

02. Unregistered Sales of Equity Securities

Item 3.02. Unregistered Sales of Equity Securities. The information provided in Item 1.01 of this Current Report on Form 8-K regarding the Letter Agreement is incorporated by reference into this Item 3.02.

01. Regulation FD Disclosure

Item 7.01. Regulation FD Disclosure. On January 16, 2024, the Company issued a press release announcing entry into the Letter Agreement. A copy of the press release is furnished as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated herein by reference. The information contained in this Item 7.01, including Exhibit 99.1, is being "furnished" and shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or otherwise subject to the liability of that Section or Sections 11 and 12(a)(2) of the Securities Act of 1933, as amended (the "Securities Act"). The information contained in this Item 7.01, including Exhibit 99.1, shall not be incorporated by reference into any registration statement or other document pursuant to the Securities Act or into any filing or other document pursuant to the Exchange Act, except as otherwise expressly stated in any such filing.

Forward-Looking Statements

Forward-Looking Statements Except for historical information, all the statements, expectations and assumptions contained in this Current Report on Form 8-K are forward-looking statements. Forward-looking predictions or any other statements relating to the Company's future activities or other future events or conditions, including on current expectations, estimates and projections about the Company's business based, in part, on assumptions made by management. These statements are not guarantees of future performance and involve risks, uncertainties and assumptions that are difficult to predict. Therefore, actual outcomes and results may, and in some cases are likely to, differ materially from what is expressed or forecasted in the forward-looking statements due to numerous factors discussed from time to time in documents which the Company files with the U.S. Securities and Exchange Commission. Any forward-looking statements speak only as of the date on which they are made, and except as may be required under applicable securities laws, the Company does not undertake any obligation to update any forward-looking statements.

01. Financial Statements and Exhibits

Item 9.01. Financial Statements and Exhibits. (d) Exhibits Exhibit No. Description 99.1 Press release dated January 16, 2024. 104 Cover Page Interactive Data File (embedded within the Inline XBRL document).

SIGNATURES

SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. EYENOVIA, INC. Date: January 16, 2024 /s/ John Gandolfo John Gandolfo Chief Financial Officer

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View this 8-K filing on SEC EDGAR