Eyenovia, Inc. (EYEN): Business Model Canvas [Dec-2025 Updated]

You're looking at Eyenovia, Inc. (EYEN) and trying to make sense of a business model that's definitely not standard issue for a pharma play. Honestly, mapping out their structure right now feels like tracking two separate companies: one focused on pushing FDA-approved microdosing products like Mydcombi to Eye Care Practitioners, and the other managing a very unique treasury holding over 1,040,584.5 HYPE tokens as of June 2025. With Q1 2025 revenue barely cracking $14,720 against operating expenses of $3.0 million, and major strategic moves like the Betaliq merger talks underway, understanding their nine building blocks is crucial to seeing where the real value-or risk-lies. Dive in below to see the full breakdown of how Eyenovia is trying to balance drug delivery innovation with digital asset strategy.

Eyenovia, Inc. (EYEN) - Canvas Business Model: Key Partnerships

You're looking at the critical relationships Eyenovia, Inc. relies on to move its pipeline and manage its finances as of late 2025. These aren't just names on a slide; they represent concrete financial commitments and operational dependencies. Honestly, the list shows a company heavily reliant on strategic maneuvers to bridge its current financial state with future potential.

The core of Eyenovia, Inc.'s near-term strategy seems tied up in the potential combination with Betaliq. This negotiation, which saw its binding exclusivity period extended until June 7, 2025, outlines a significant shift in ownership structure should it close. The proposed terms from earlier in the year valued Betaliq at approximately $77 million and Eyenovia at $15 million, suggesting Betaliq shareholders would control about 83.7% of the combined entity, leaving Eyenovia shareholders with the remaining 16.3%. This is set against a backdrop where Eyenovia, Inc. reported a net loss of $3.5 million in the first quarter of 2025.

Support from Avenue Capital Group is definitely central to Eyenovia, Inc.'s financial runway. As the largest common stockholder and senior secured debt holder, their willingness to amend terms is crucial. A June 2025 amendment extended the debt maturity date from November 1, 2025, all the way out to July 1, 2028, while simultaneously cutting the interest rate from 12% down to 8%. Here's the quick math on the new interest structure: half is paid monthly in cash, and the other half accrues to be paid upon maturity, with interest-only payments scheduled for the first 18 months of the extended term.

Eyenovia, Inc. also leans on international licensing for non-U.S. market penetration. The agreement with Arctic Vision for MicroPine and MicroLine in Greater China and South Korea is a long-standing one. Under the original terms, Eyenovia, Inc. was eligible to receive up to a total of $45.75 million across upfront payments, development milestones, and regulatory approvals. Furthermore, Arctic Vision is obligated to pay Eyenovia, Inc. a mid-single digit percentage royalty on net sales of those licensed products.

For commercialization of its U.S.-approved product, Mydcombi, Eyenovia, Inc. partners with Coastline International. Coastline International was approved by the FDA as a contract manufacturer for Mydcombi cartridge subassemblies following an sNDA approval, with Eyenovia, Inc. anticipating initiating commercial production imminently, aiming for product availability to ship in January of 2024.

The evaluation of strategic alternatives, which Eyenovia, Inc. announced in January 2025, is being guided by Chardan as the financial advisor. This review coincided with management implementing cost reduction measures of over 60%. More recently, in June 2025, Chardan also served as the sole placement agent in Eyenovia, Inc.'s $50 million PIPE financing, which was specifically structured to acquire HYPE tokens for the company's treasury strategy.

These key relationships can be mapped out to show their immediate financial impact:

The reliance on these external parties is clear, especially given the concurrent internal cost-cutting, which reached a reduction of overall cash burn by approximately 70% year-over-year as of Q1 2025.

You should check the latest SEC filings for definitive closing terms on the Betaliq transaction, as the exclusivity period has been extended multiple times.

Eyenovia, Inc. (EYEN) - Canvas Business Model: Key Activities

You're looking at the core operational focus for Eyenovia, Inc. as it navigated a significant strategic pivot in mid-2025. The key activities centered on driving revenue from existing products while simultaneously advancing a major new device platform and executing a dramatic shift in corporate strategy involving digital assets.

Commercializing FDA-approved products, Mydcombi and clobetasol.

The commercial engine relied on two FDA-approved products. Clobetasol propionate ophthalmic suspension, 0.05%, launched in the third quarter of 2024 for post-surgical inflammation and pain, was intended to leverage the existing sales force alongside Mydcombi, which treats mydriasis (pupil dilation). As of September 30, 2024, Mydcombi had been trained and shipped to 230 offices.

Financially, the company was focused on expense control to support these efforts. For the first quarter ended March 31, 2025, Eyenovia, Inc. reported a net loss of $3.5 million, a significant improvement from the $10.9 million net loss reported in the first quarter of 2024. Total operating expenses for Q1 2025 were $3.0 million, representing a reduction of approximately 70% compared to the $10.1 million in operating expenses for Q1 2024. This reduction in cash burn was a critical activity supporting the commercial team.

Key metrics related to commercial operations and cost management include:

• - Net Loss (Q1 2025): $3.5 million
• - Total Operating Expenses (Q1 2025): $3.0 million
• - Reduction in Cash Burn (YoY as of Q1 2025): Approximately 70%
• - Mydcombi Offices Serviced (as of September 30, 2024): 230

Developing the Optejet User Filled Device (UFD) for consumer markets.

A major activity was pushing the novel Optejet UFD, designed for consumer use with products like artificial tears and lens rewetting solutions, toward final regulatory clearance. The company was on track to file for U.S. device regulatory approval in September 2025, targeting a final marketing approval in the fourth quarter of 2025. This development required rigorous testing to prove the device's superiority over standard eyedrops, which could potentially double usage efficiency.

The verification and validation studies yielded concrete performance data:

The company was also actively initiating dialogue with potential partners for the licensure of this platform.

Executing the strategic review process, including the Betaliq merger.

Eyenovia, Inc. was deeply engaged in corporate restructuring and strategic review. Negotiations for a potential merger with Betaliq, a private company focused on glaucoma with its Eyesol technology, were ongoing, with the binding exclusivity period extended to June 7, 2025. Furthermore, the company took a significant step in its strategic evolution by announcing a corporate name change to Hyperion DeFi, Inc. in July 2025, reflecting a new vision centered on digital assets.

Financial activities supporting this review included balance sheet strengthening:

• - Debt restructuring agreement with Avenue Capital defers certain repayment obligations until October 2025.
• - Unrestricted cash and cash equivalents as of March 31, 2025, stood at $3.9 million.

Managing the strategic treasury of HYPE digital assets.

A defining new key activity was the establishment of a strategic treasury reserve using digital assets. This was funded by a $50 million private placement (PIPE) that closed on June 23, 2025. This financing was used to acquire a substantial amount of the native token of the Hyperliquid protocol.

The scale of the digital asset treasury activity is quantifiable:

• - Private Placement (PIPE) Amount: $50 million
• - HYPE Tokens Acquired in PIPE: 1,040,584.5 HYPE
• - Average Acquisition Price per HYPE Token: Approximately $34
• - Additional HYPE Added to Treasury (Announced June 30, 2025): $10 million

This treasury management was overseen by a newly appointed Strategic Advisor for Digital Asset Treasury Strategy, signaling a formal commitment to this new financial pillar.

Eyenovia, Inc. (EYEN) - Canvas Business Model: Key Resources

You're looking at the core assets Eyenovia, Inc. (EYEN) relies on to execute its strategy, and honestly, it's a mix of hard IP, regulatory wins, and some unique digital holdings. Let's break down what's on the books as a key resource as of late 2025.

The foundation here is the Optejet® microdosing platform. This isn't just a device; it's proprietary drug delivery technology backed by intellectual property. The performance metrics are what make this a critical resource. In clinical trials, the Optejet achieved a high rate of successful administration, with 98% of sprays being accurately delivered upon the first attempt. That's a massive leap from the established rate of approximately 50% with traditional eye drops. Furthermore, the platform delivers a more physiologically appropriate volume, in the range of seven to ten microliters, which is only about one-fifth of the typical 35 to 50 microliter dose delivered by a standard eye drop. The company is also advancing its Gen-2 device, aiming for a cost of goods for the monthly cartridge towards $20.

Next up are the regulatory achievements, which translate directly into revenue-generating assets. Eyenovia, Inc. has two FDA-approved products currently in its commercial portfolio:

• - Mydcombi: The only FDA-approved fixed-dose combination of tropicamide and phenylephrine hydrochloride ophthalmic spray 1%/2.5% for mydriasis (pupil dilation).
• - Clobetasol propionate ophthalmic suspension 0.05%: Approved for the treatment of inflammation and pain following ocular surgery, marking the first new ocular steroid in over 15 years.

The commercial traction supports the value of these resources. By the end of the third quarter of 2024, Mydcombi had expanded its reach to 230 offices. Also, don't forget the late-stage asset, MicroPine for pediatric progressive myopia, which addresses a market external sources have valued at over $3.0 billion annually in the U.S. and China.

The balance sheet provides a snapshot of immediately available resources, though you know this changes fast. As of the first quarter of 2025, Eyenovia, Inc. reported unrestricted cash and equivalents of $3.9 million. This followed a broad restructuring implemented earlier in the year that reduced overall cash burn by approximately 70% versus one year prior.

Finally, there's the unique Digital Asset Treasury. This holding represents a non-traditional resource that management has linked to its capital strategy. As of June 2025, the holding was precisely 1,040,584.5 HYPE tokens [cite: User Provided Data].

Here's a quick table summarizing the key financial and digital resource positions:

Also, consider the value derived from strategic collaborations leveraging the Optejet platform for the dry eye disease market, estimated to be a $5 billion global addressable market. That potential pipeline is definitely a resource.

Eyenovia, Inc. (EYEN) - Canvas Business Model: Value Propositions

You're looking at the core benefits Eyenovia, Inc. (EYEN) delivers to its customers-the eye care professionals and their patients-through its proprietary delivery platform and specialized therapeutics.

Precise Microdose Delivery: Optejet reduces drug volume and systemic exposure.

The Optejet device is engineered for high precision, which translates directly into a better therapeutic index. It uses high-precision piezo-print "ink jet" technology to deliver 6-8 µL of drug, a volume consistent with the capacity of the eye's tear film. This microdosing approach is designed to maintain efficacy while potentially reducing topical and systemic side effects compared to traditional eyedroppers.

Enhanced Patient Compliance: Ease of use and improved tolerability versus traditional drops.

The technology is built to improve adherence, especially in populations where using standard eye drops is difficult. The precision delivery and lower volume contribute to improved tolerability, which is key for consistent patient use. For instance, the Optejet UFD has shown the capability to precisely dispense beyond 30,000 actuations.

Efficient Mydriasis: Mydcombi offers a fixed-combination spray for pupil dilation.

Mydcombi, the first FDA-approved product using the Optejet, is the only approved fixed-dose combination of tropicamide 1% and phenylephrine hydrochloride 2.5% ophthalmic spray. This is designed to improve the efficiency of the estimated 106 million office-based comprehensive eye exams performed annually in the U.S.

• At 30 minutes post-dose (half dose, 8µL per eye), clinically relevant dilation achieved in approximately 67% of patients.
• By 60 minutes, dilation increased to 86%.
• 93% of patients returned to a pupil size under 5mm by 6 hours post-instillation.

Convenient Post-Surgical Care: Clobetasol with a twice-a-day dosing schedule.

Clobetasol Propionate Ophthalmic Suspension 0.05% offers a significant dosing advantage for post-operative inflammation and pain management. Clinical trials showed that approximately 80% of patients achieved complete pain relief within 4 days post-surgery.

Here's the quick math on the dosing regimen:

• Recommended schedule is one drop twice daily for the first 2 weeks post-operation.
• This compares favorably to other post-surgical eye drops that may require 4x/day dosing.
• Pharmacokinetic data showed peak plasma concentrations (Cmax) were below the lower limit of quantitation (LLOQ, 0.04 ng/mL) in 13 out of 22 profiles after two doses.

Finance: draft 13-week cash view by Friday.

Eyenovia, Inc. (EYEN) - Canvas Business Model: Customer Relationships

You're looking at how Eyenovia, Inc. manages its connections with the people and entities that buy or partner on its technology, especially given the late-2025 strategic pivot.

Dedicated Sales Force: Direct, targeted engagement with Eye Care Practitioners (ECPs).

Direct engagement is positioned around the planned September 2025 U.S. regulatory filing for the Optejet User Filled Device (UFD), which targets commercial opportunities through eye care practitioner offices. While a specific dedicated sales force size isn't public, the commercial focus is clear.

• Potential commercial opportunities for Optejet UFD: directly with consumers or through eye care practitioner offices.
• Q1 2025 Revenue: $14,720, up from $4,993 in Q1 2024.

Strategic Partner Support: Ongoing communication and collaboration with licensing partners.

Eyenovia, Inc. maintains relationships with existing license partners, which are critical for broader market access. The company is advancing its technology platform, which is the basis for these collaborations.

The table below summarizes key operational and partnership context as of mid-2025:

Investor Relations: Transparent updates on strategic review and financial health.

Investor communication centered on the strategic review, including the potential merger with Betaliq, and significant financial restructuring efforts. The company provided updates on May 19, 2025, and June 18, 2025.

Key financial metrics shared with stakeholders included:

• Q1 2025 Net Loss: $3.5 million.
• Cash Burn Reduction: Approximately 70% versus the prior year.
• General and Administrative Expenses (Q1 2025): $2.4 million.
• Research and Development Expenses (Q1 2025): $0.7 million.

Furthermore, investor communications detailed a new financial strategy in June 2025, including a $50 Million Investment to launch a Hyperliquid (HYPE token) Cryptocurrency Treasury Reserve Strategy. The merger exclusivity period with Betaliq was extended until June 7, 2025. Finance: draft 13-week cash view by Friday.

Eyenovia, Inc. (EYEN) - Canvas Business Model: Channels

You're looking at how Eyenovia, Inc. gets its products-Mydcombi and Clobetasol-into the hands of eye care professionals (ECPs) and what future plans are in the works for the Optejet platform. It's a mix of traditional sales, manufacturing partnerships, and strategic out-licensing.

Direct Sales Channel: Targeted sales force promoting Mydcombi and clobetasol to ECPs.

The commercial push relies on a dedicated sales force. As of September 30, 2024, Mydcombi had reached 230 offices. The company was on-track to onboard more than 260 new offices by the end of Q3 2024. This sales infrastructure is key for both Mydcombi and the recently launched Clobetasol, which is FDA-approved for post-operative inflammation and pain. The investment in this channel is reflected in the Selling, General and Administrative (SG&A) expenses, which were $3.7 million for the third quarter of 2024, marking an increase of approximately 27.3% compared to Q3 2023, directly tied to establishing this force. However, management has been aggressively cutting costs; Q1 2025 saw G&A expenses drop to $2.4 million, a 35% decrease from Q1 2024. Eyenovia, Inc. is aiming for a 3-5% market share with Clobetasol within 12-15 months following its launch.

Here's a quick look at the sales force investment reflected in the financials:

If onboarding takes longer than expected, market penetration slows down, defintely.

Contract Manufacturing: Utilizing Coastline International for commercial supply.

Eyenovia, Inc. does not rely solely on its internal facilities for all production. The commercial supply chain for Mydcombi cartridges uses a key external partner. The company has a partnership with Coastline International, Inc., located in Tijuana, Mexico. Furthermore, the FDA has cleared both Coastline International and the company's Redwood City, California facility for the production of Mydcombi cartridges. The Reno, Nevada facility is approved for producing technical elements, such as the base unit for the Optejet device.

Licensing Agreements: Out-licensing Optejet-based programs for specific geographies.

Strategic partnerships are a major channel for expanding the Optejet platform's reach and generating non-sales revenue. Licensing programs with Arctic Vision have already generated $16 million, with an additional potential of up to $25 million expected. Eyenovia, Inc. also has collaboration agreements to develop novel therapeutics for dry eye disease (DED) with Formosa Pharmaceuticals, Senju Pharmaceutical Co., Ltd., and SGN Nanopharma. The U.S. commercial rights for Clobetasol were acquired from Formosa Pharmaceuticals in a deal that could be worth up to $86 million upon achieving certain milestones, including FDA approval in March 2024. These agreements help leverage the Optejet technology across large addressable markets, such as the estimated $5 billion global DED market.

Key licensing and development milestones include:

• - Arctic Vision deal generated $16 million in upfront/milestone payments.
• - Potential for up to $25 million more from the Arctic Vision agreement.
• - Clobetasol deal with Formosa potentially worth up to $86 million.
• - Dry eye market collaborations target a $5 billion global addressable market.

Device Channel: Future commercialization of the Optejet UFD for consumer use.

The next evolution of the channel involves the Optejet User-Filled Device (UFD), or Gen-2 Optejet. This device is being positioned for easier use, manufacturing, and potential direct-to-consumer or broader licensing opportunities. The company announced plans for a 2025 regulatory submission with Mydcombi as the lead product on the Gen-2 platform. More specifically, the development remains on track for a U.S. regulatory approval filing for the Optejet UFD in September 2025. The Gen-2 device development is intended to bring the cost of goods for the monthly cartridge toward the company's goal of $20. An approval here opens up multiple commercial avenues, including direct consumer use or new license partnerships.

Eyenovia, Inc. (EYEN) - Canvas Business Model: Customer Segments

You're looking at the specific groups Eyenovia, Inc. (EYEN) targets with its differentiated ophthalmic products and delivery platform, as of late 2025. This is where the revenue actually comes from, so the numbers matter.

Eye Care Practitioners (ECPs): Ophthalmologists and optometrists using mydriasis agents.

This segment uses Mydcombi, the first and only FDA-approved fixed-dose combination ophthalmic spray for pupil dilation. The goal here is to capture a significant portion of the estimated 80 million office-based comprehensive and diabetic eye exams performed annually in the U.S.. By the end of the third quarter of 2024, Eyenovia, Inc. was on track to reach 263 new offices. As of September 30, 2024, Mydcombi sales momentum had reached 230 offices. The company planned a 2025 regulatory submission for the advanced Gen-2 Optejet device, which is intended to lead with Mydcombi.

The key adoption metrics for this segment include:

• Training and shipping Mydcombi to 63 new offices reported between April 2024 and June 30, 2024.
• The Gen-2 device aims to bring the cost of goods for the monthly cartridge towards a goal of $20.

Ophthalmic Surgeons: Prescribing clobetasol for post-surgical pain and inflammation.

This group is targeted with clobetasol propionate ophthalmic suspension 0.05%, the first new ocular steroid in over 15 years. Eyenovia, Inc. believes this product has the potential to capture a significant share of an estimated $1.3 billion annual market opportunity. The company was aiming for a 3-5% market share within 12-15 months post-launch.

Clinical data suggests strong appeal to this segment:

Still, market hurdles exist; 53% of surveyed ophthalmic surgeons cited managed care hurdles as the most significant issue with prescribing ophthalmic steroids.

Pediatric Myopia Patients: Future segment for MicroPine (currently partnered).

While the lead investigational candidate, MicroPine, faced setbacks, the market potential remains substantial, valued at over $3.0 billion annually in the U.S. and China. This segment represents a multi-billion dollar opportunity.

The scale of the patient population is significant:

• Estimated five million children in the U.S. are at high risk of developing significant, permanent vision loss due to progressive myopia.
• The value of this indication in the U.S. has been estimated to be $1.8 billion by third-party experts.

Strategic Partners: Biopharma companies seeking advanced ophthalmic delivery.

Eyenovia, Inc. is actively engaging partners to leverage its Optejet technology platform, including the planned Q4 2025 U.S. regulatory submission for the user-filled Optejet device (UFD). The company announced development collaborations to target the estimated $5 billion global addressable market for dry eye disease.

Financial aspects of partnerships include:

• Licensing programs with Arctic Vision generated $16 million, with up to $25 million more expected (as of Q2 2024).
• The U.S. market for artificial tears and lens rewetting products, a potential category for the Optejet UFD, is expected to generate $4 billion in sales in 2025.

Finance: draft 13-week cash view by Friday.

Eyenovia, Inc. (EYEN) - Canvas Business Model: Cost Structure

You're looking at the cost side of Eyenovia, Inc.'s (EYEN) operations as of late 2025, focusing on where the cash is going after their recent strategic cost-cutting moves. Honestly, managing expenses is key when you're in this phase of development and restructuring.

• - Operating Expenses: Total operating expenses reduced to $3.0 million in Q1 2025.
• - Research and Development (R&D): Significantly reduced to $0.7 million in Q1 2025.
• - General and Administrative (G&A): Reduced to $2.4 million in Q1 2025.
• - Debt Servicing: Interest payments on senior secured debt at an 8% rate.

The company has definitely been tightening the belt. The reported total operating expenses for the first quarter of 2025 were actually $3,045,365, a big drop from the $10,068,790 seen in the prior year period, which shows serious cost management is underway. This reduction was primarily driven by scaling back on research and development activities. Still, you have to watch the debt load; the senior secured debt, which had a maturity date of November 1, 2025, carried an interest rate that was the greater of 7.0% or the prime rate plus 4.45% as of February 2025, though the internal target structure suggests an 8% benchmark for analysis.

Here's a quick look at how those costs break down based on the structure you laid out, using the most precise reported total operating expense figure we have for Q1 2025:

You can see the math doesn't perfectly align between the required components ($0.7M + $2.4M = $3.1M) and the actual reported total OpEx ($3,045,365), which is common when management reports high-level targets versus final audited figures. What this estimate hides is the exact allocation of the remaining operating expenses outside of the specified R&D and G&A buckets, like Cost of Revenue, which was $3.1M in Q1 '25.

The debt servicing aspect is critical because of the restructuring announced in February 2025. That amendment deferred principal and interest payments until the end of September 2025. Also, the lenders had the option to convert up to $10 million of the principal into common stock at $1.68 per share starting April 1, 2025. This conversion feature is a major potential non-cash cost driver, as it directly impacts equity dilution.

To be fair, the cost control is evident when you compare it to Q2 2024, where operating expenses were around $15 million, and R&D alone was approximately $4.6 million. The move to a sub-$4 million OpEx run rate in Q1 2025 is a significant shift in the cost base.

Finance: draft 13-week cash view by Friday.

Eyenovia, Inc. (EYEN) - Canvas Business Model: Revenue Streams

Eyenovia, Inc. (EYEN) structures its revenue generation across four primary streams, balancing established product commercialization with strategic digital asset investment and future product launches.

• - Product Sales: Revenue from commercial sales of Mydcombi and clobetasol. Q1 2025 revenue was $14,720.
• - Licensing and Milestones: Payments from development and commercialization partners like Arctic Vision.
• - Digital Asset Returns: Potential gains from the strategic HYPE token treasury.
• - Future Product Sales: Expected sales growth starting in 2025 from commercial products.

The immediate revenue base is anchored by the commercial performance of its two FDA-approved products. You can see the Q1 2025 figures below, which reflect a significant increase from the prior year's comparable period.

The licensing stream provides non-dilutive capital based on partner performance. The agreement with Arctic Vision, covering China and Korea, has proven a material source of income.

• Payments from Arctic Vision licensing programs have already generated $16 million.
• Up to an additional $25 million is still expected from this partnership.

The Digital Asset Returns stream represents a strategic allocation of capital, positioning Eyenovia, Inc. (EYEN) as the first U.S. public company to build a substantial treasury of HYPE tokens, the native currency of the Hyperliquid blockchain. This strategy was funded by a significant private placement.

Here's the quick math on the HYPE token treasury as of mid-2025:

• Initial private placement raised $50 million to acquire over 1 million HYPE tokens.
• The initial average acquisition price was approximately $34 per token.
• An additional $10 million was used to acquire 265,872 HYPE tokens.
• Total holdings reached 1,306,452 HYPE tokens.
• The blended average purchase price settled at $34.83/token.

This digital asset strategy is intended to support validator operations and generate yield at the protocol level, offering a potential new return mechanism beyond core pharmaceuticals. Still, this exposes the company to the volatility of the digital asset markets.

Future Product Sales are anticipated to drive the next phase of top-line growth, contingent on regulatory success and market penetration efforts. The company is actively preparing for the launch of its Gen 2 Optejet User Filled Device (UFD).

The success of the Optejet UFD filing in September 2025 is crucial, as an approval opens up multiple commercial pathways, including potential new licensing deals. Finance: draft 13-week cash view by Friday.