Eyenovia, Inc. (EYEN) has experienced a decrease of 7.14% in the aftermarket. However, the last trading session closed at $3.64 with a decrease of 3.7%.
Third Quarter 2021 Results – How was the quarter?
EYEN reported third-quarter 2021 results on 10th November 2021. The company reported a net loss of $5.6 million as compared to a net loss of around $5.1 million. Moreover, research and development costs came out to be $3.5 million. Furthermore, the general and administrative costs in the third quarter of 2021 totaled $2.4 million, 40.1 percent more than that of $1.7 million in the third quarter of 2020. Furthermore, total operational expenditures in the third quarter of 2021 came out to be $5.9 million, $5.1 million more than that of the same time of 2020. Last but not least, the Company’s cash balance came out to be $21.4 million as of September 30, 2021.
The company took steps during the development of MydCombi to reduce the risk of the drug-device combination being reclassified. These efforts are paying off, and the additional data on the Optejet dispenser could help speed up regulatory approval of the two late-stage research programs, MicroLine and MicroPine, which both use similar technology. Last but not the least, the company is still optimistic that it will be able to resubmit the MydCombi NDA in early 2022.
Phase 3 VISION-2 Trial of MicroLine – Latest Updates
On 4th November 2021, EYEN announced that they have enrolled the first patient in Phase 3 clinical trial of MicroLine. Approximately 140 presbyopic participants will be treated in the VISION-2 study, which is a double-masked, non – randomized, cross-over superiority experiment. Participants will be individually allotted to one of two treatment sequences: pilocarpine 2 percent or placebo, both delivered through the OptejetTM dispenser. Enhancement in high contrast binocular distance corrected near visual acuity evaluated 2 hours after treatment is the main goal.
Furthermore, with 18 million people in the United States between the ages of 40 and 55 suffering from presbyopia, this represents a major business potential for the firm worth several billion dollars, as per recent third-party market research. Moreover, the company is excited to continue to advance this promising and distinctive treatment through slow evolution for the treatment of people, eye care providers, and stockholders.