Eyenovia, Inc. (EYEN): Marketing Mix Analysis [Dec-2025 Updated]

You're digging into Eyenovia, Inc.'s commercial playbook as they fight for share in the crowded ophthalmology space, and honestly, the execution story is what matters now. As a former BlackRock analyst, I look past the hype to the numbers: are their unique products, Mydcombi and BYQLOVI, translating into sustainable revenue? We see a clear strategy: premium pricing for Mydcombi, around $119.06 to $127.96 per cartridge, balanced against a low-fixed price for BYQLOVI, all supported by a sales force expansion that pushed Selling, General, and Administrative (SG&A) expenses to $3.7 million in the third quarter of 2024. This analysis breaks down exactly how Eyenovia, Inc. is deploying its Product, Place, Promotion, and Price strategy right now, so you can see where the near-term risk and upside truly lie.

Eyenovia, Inc. (EYEN) - Marketing Mix: Product

You're looking at the core offerings from Eyenovia, Inc. (EYEN) as of late 2025. The product strategy centers on leveraging their proprietary delivery technology across several key ophthalmic areas.

Mydcombi: This is their fixed-dose mydriasis (pupil dilation) spray. As of the third quarter of 2024, Mydcombi had expanded its reach to 230 new offices. It is slated to be the lead product for the Gen-2 Optejet device submission planned for 2025.

BYQLOVI (clobetasol propionate 0.05%): This is the company's ophthalmic steroid for post-surgical pain and inflammation. The U.S. launch was announced in the third quarter of 2024. This product is positioned as the first new ocular steroid to enter the market in approximately 15 years.

Optejet: This is the proprietary microdose array print (MAP) drug delivery platform. The technology is being explored for use in treating dry eye disease through collaboration agreements, targeting a global addressable market estimated at $5 billion.

MicroPine: This is the late-stage asset for pediatric progressive myopia. The U.S. market for this indication is estimated by third-party experts to be worth $1.8 billion, with external sources valuing the myopia market in the U.S. and China at over $3.0 billion annually. The estimated number of children at high risk in the U.S. is five million. The company was preparing for an interim analysis of the Phase 3 CHAPERONE data in the fourth quarter of 2024, with a potential New Drug Application (NDA) filing targeted for 2025.

Gen-2 Optejet: This is the advanced device platform. Manufacture of registration batches for Mydcombi using the Gen-2 device commenced in late 2024, with a planned U.S. regulatory submission for this advanced technology with Mydcombi as the lead product in 2025. A separate user-filled version of the Optejet was targeting a U.S. regulatory submission in Q4 2025. Testing demonstrated the base unit's durability performing over 30,000 sprays, and the user-filled version showed spray accuracy within 8-9 microliters or a 1 microliter deviation. The cost of goods goal for the monthly cartridge is $20.

Here's a quick look at the market context and some recent operational figures:

• U.S. market for artificial tears and lens rewetting products projected sales for 2025: $4 billion.
• Dosing precision for the user-filled device: within 1 microliter deviation.
• Longevity testing for the base unit: over 30,000 sprays.
• Target monthly cartridge cost of goods for Gen-2 Optejet: $20.
• General and administrative expenses for Q1 2025: $2.4 million.
• Research and development expenses for Q1 2025: $0.7 million.

The product strategy is clearly focused on leveraging the Optejet delivery system across existing commercial products and late-stage pipeline assets, aiming for regulatory milestones in 2025.

Finance: draft 2025 revenue forecast update incorporating Gen-2 launch assumptions by Friday.

Eyenovia, Inc. (EYEN) - Marketing Mix: Place

Eyenovia, Inc. deploys a distribution strategy centered on a direct, targeted sales force focused specifically on U.S. eye care professionals for its commercial products. The investment in this channel is reflected in the selling, general and administrative expenses, which were approximately $3.7 million for the third quarter of 2024, compared to $2.9 million for the third quarter of 2023, an increase of approximately 27.3%, reflecting the establishment of this sales force in 2024. That's how you build out the initial footprint.

The commercial reach for Mydcombi has shown measurable expansion through this direct effort. By September 30, 2024, Eyenovia, Inc. reported training and shipping Mydcombi to 230 new offices since the sales promotion started in April 2024. This physical placement is segmented by product indication and intended use setting.

Supply chain logistics for Mydcombi rely on a multi-site manufacturing approach to ensure product availability. The FDA approved Coastline International as a contract manufacturer to produce cartridge subassemblies for Mydcombi. This complements Eyenovia, Inc.'s internal capabilities, including its facility in Reno and the Redwood City facility, which completed FDA inspection for final assembly, packaging, and labeling activities to support commercial supply.

Future market access and distribution potential are being built through strategic collaborations, particularly in the dry eye disease space. Eyenovia, Inc. announced collaboration agreements with Formosa Pharmaceuticals, Senju Pharmaceutical Co., Ltd., and SGN Nanopharma to develop novel therapeutics for use with the Optejet dispenser for dry eye disease. This indication is estimated to represent a $5 billion global addressable market.

The distribution footprint is supported by securing access agreements:

• Executed formulary agreements with Vision Source.
• Executed formulary agreements with the University of California system.

Finance: draft 13-week cash view by Friday.

Eyenovia, Inc. (EYEN) - Marketing Mix: Promotion

You're looking at how Eyenovia, Inc. communicates its value proposition to the market, which is all about getting the right message about their specialized ophthalmic products to the right doctors and patients. It's a focused effort, given the niche they operate in.

The promotion strategy heavily features the technological advantages of the Optejet® system. Key marketing highlights center on:

• Marketing highlights Optejet's microdose delivery.
• Emphasizing touchless application technology.
• Stressing the benefit of reduced drug waste.

This technology focus is critical because it directly impacts the economics for the prescribing physician and the experience for the patient. For instance, the Optejet system's precision delivery is a core differentiator in promotional materials.

To support the commercial efforts, you see the investment reflected in the operating expenses. Sales, General, and Administrative (SG&A) expenses increased 27.3% to $3.7 million in Q3 2024, reflecting sales force expansion. This spend increase is a direct indicator of the company putting more boots on the ground to drive awareness and adoption of their products, which is a classic promotion tactic.

For the newer or key products, the promotional messaging is tailored:

BYQLOVI promotion emphasizes its convenient twice-daily dosing and efficacy profile. This targets both patient compliance and physician confidence in the treatment regimen. Mydcombi is positioned on improved administration efficiency for doctors and patient comfort. This dual focus helps drive adoption by addressing pain points for both key stakeholders in the prescribing process.

The promotional activities are also framed within the broader corporate context. Eyenovia, Inc. is actively exploring strategic alternatives, including potential sale or merger, to maximize shareholder value. This corporate communication, while not product-specific promotion, influences investor and partner perception, which is a form of high-level promotion of the company's future potential.

Here's a quick look at how the expense structure relates to the promotional push:

The investment in the sales force expansion, which drove that SG&A increase, is the engine behind delivering the promotional messages about microdosing and convenient dosing schedules directly to the ophthalmology community. If onboarding new reps takes longer than expected, the promotional cadence definitely slows.

Eyenovia, Inc. (EYEN) - Marketing Mix: Price

Price for Eyenovia, Inc. (EYEN) products reflects a dual strategy targeting both procedural efficiency gains and direct patient access, particularly as the commercial rights for one key asset shifted in mid-2025.

Mydcombi, the only FDA-approved tropicamide and phenylephrine fixed combination for mydriasis, is positioned at a premium price point compared to traditional eye drops. This positioning is supported by the value proposition derived from its device design, which inherently addresses issues like cross-contamination risk associated with multi-use dropper bottles.

The perceived value is translated into specific cost-benefit discussions for the provider setting. Retail discount prices for a Mydcombi cartridge start around $119.06 to $127.96. The pricing strategy for Mydcombi emphasizes the cost savings realized from reduced waste and the elimination of cross-contamination risk, which can lead to significant savings for doctors and surgical centers.

For the post-surgical care asset, BYQLOVI (clobetasol propionate ophthalmic suspension 0.05%), which saw its U.S. commercial rights transfer to Harrow in June 2025, the intended strategy focused on market penetration. The original strategy for BYQLOVI involved marketing with a low fixed price and streamlined distribution to bypass complex insurance hurdles.

The target market for BYQLOVI was identified as a significant $1.3 billion annual opportunity in post-surgical care. This market segment, focused on post-operative cataract surgery inflammation treatment, was globally valued at $4.44 billion in 2024, projected to grow to $4.79 billion in 2025.

Here is a comparison of the pricing context for Eyenovia's key commercial assets as of late 2025:

The pricing approach for Mydcombi centers on justifying the unit cost through operational efficiencies:

• Elimination of protruding tip contact risk.
• Addressing waste from discarding bottles after each use.
• Providing significant cost savings to doctors and surgical centers.

The strategic intent behind the BYQLOVI pricing model was to maximize adoption quickly within the large post-surgical segment.

The financial structure around Eyenovia in 2025 also influenced pricing flexibility, as the company implemented a broad restructuring to reduce cash burn by approximately 70% versus one year ago. This focus on expense management was concurrent with the evaluation of strategic alternatives.

Key financial metrics related to the company's operational spend, which underpins pricing decisions, for Q1 2025 included:

• Net loss: $3.5 million.
• Total operating expenses: $3.0 million.
• Research and development expenses: $0.7 million.

Finance: draft updated COGS model for Mydcombi based on Coastline manufacturing costs by next Tuesday.