Eyenovia, Inc. (Eyen): Modelo de negócios Canvas [Jan-2025 Atualizado]

No mundo dinâmico da inovação oftalmológica, a Eyenovia, Inc. (Eyen) surge como uma empresa farmacêutica inovadora que revoluciona o tratamento ocular através de sua tecnologia de spray microdosos de ponta. Ao reimaginar a administração de medicamentos com precisão não invasiva, a Eyenóvia está pronta para transformar como os oftalmologistas gerenciam condições críticas como glaucoma e miopia, oferecendo aos pacientes uma alternativa mais confortável e potencialmente mais eficaz aos métodos tradicionais de colírios. Mergulhe em seu modelo de negócios meticulosamente criado em tela para descobrir como essa empresa visionária está reformulando o cenário da terapêutica ocular.

Eyenovia, Inc. (Eyen) - Modelo de negócios: Parcerias -chave

Instituições de pesquisa farmacêutica

Eyenovia colabora com instituições de pesquisa específicas focadas no desenvolvimento de medicamentos oftalmológicos:

Instituição	Foco de colaboração	Ano estabelecido
Universidade de Columbia	Pesquisa em tecnologia de microdosagem	2016
NYU LANGONE SAÚDE	Suporte ao ensaio clínico	2018

Oftalmologia clínicas e centros médicos

Parcerias estratégicas incluem:

• Hospital Mount Sinai - Rede de Ensaios Clínicos
• BASCOMCO Palmer Eye Institute - Research Collaboration

Organizações de fabricação contratadas

Parceiro da CMO	Capacidade de fabricação	Capacidade de produção anual
Soluções farmacêuticas catalentas	Produção de dispositivos de microdosagem	500.000 unidades

Empresas de capital de risco focadas em oftalmologia

As parcerias de financiamento incluem:

• Consultores perceptivos - US $ 12,5 milhões em investimento em 2022
• Broadfin Capital - Investimento estratégico em andamento

Redes estratégicas de distribuição farmacêutica

Parceiro de distribuição	Cobertura geográfica	Volume de distribuição (2023)
Amerisourcebergen	Estados Unidos	75.000 unidades de prescrição

Eyenovia, Inc. (Eyen) - Modelo de negócios: Atividades -chave

Desenvolvimento de tratamentos farmacêuticos oftálmicos inovadores

Eyenovia concentra -se no desenvolvimento de tratamentos farmacêuticos microdosos para várias condições oftálmicas. A partir do quarto trimestre 2023, a empresa tem 3 candidatos a drogas primárias em seu pipeline de desenvolvimento.

Candidato a drogas	Condição direcionada	Estágio de desenvolvimento atual
Microprost	Glaucoma	Ensaios clínicos de fase 3
Microlina	Miopia	Ensaios clínicos de fase 3
Microtears	Doença do olho seco	Ensaios clínicos de fase 2

Realização de ensaios clínicos para microdosagem de tecnologias de entrega de medicamentos

Eyenovia investiu US $ 12,3 milhões em pesquisa e desenvolvimento clínico durante 2023.

• Despesas totais de ensaios clínicos em 2023: US $ 8,7 milhões
• Número de ensaios clínicos ativos: 4
• Duração média do ensaio clínico: 18-24 meses

Avançar plataformas de tratamento de microprost e microlina proprietários e microlina

As plataformas de microdosagem proprietárias da empresa aproveitam a tecnologia de spray exclusiva para a entrega ocular de medicamentos.

Plataforma	Status de patente	Tamanho potencial de mercado
Microprost	3 patentes ativas	US $ 1,2 bilhão (mercado de glaucoma)
Microlina	2 patentes ativas	US $ 2,5 bilhões (mercado de miopia)

Processos de conformidade regulatória e aprovação da FDA

Eyenovia tem Recursos significativos dedicados para conformidade regulatória.

• Reuniões de interação da FDA em 2023: 6
• Tamanho da equipe de conformidade regulamentar: 7 profissionais
• Despesas anuais de conformidade regulatória: US $ 2,1 milhões

Pesquisa e desenvolvimento de terapias oculares direcionadas

A P&D continua sendo um foco crítico para o modelo de negócios da Eyenovia.

Métrica de P&D	2023 dados
Despesas totais de P&D	US $ 15,6 milhões
Pessoal de P&D	22 pesquisadores
Novas iniciativas de pesquisa	3 alvos terapêuticos emergentes

Eyenovia, Inc. (Eyen) - Modelo de negócios: Recursos -chave

Plataforma de tecnologia de spray de microdosagem proprietária

A plataforma de tecnologia de spray de precisão de micropura da Eyenovia permite a entrega de medicamentos direcionados com recursos precisos de dosagem. A partir do quarto trimestre 2023, a empresa desenvolveu várias formulações oftalmológicas utilizando esta plataforma.

Atributo de tecnologia	Especificação
Spray precisão	0,5-3 Ganho de gota de microlitro
Proteção de patentes	Múltiplas patentes emitidas
Estágio de desenvolvimento	Desenvolvimento Clínico Avançado

Portfólio de propriedade intelectual

A Eyenovia possui um portfólio robusto de propriedade intelectual focada em inovações de entrega de medicamentos oftálmicos.

• Total de pedidos de patente: 15
• Patentes emitidas: 8
• Famílias de patentes: 3 plataformas de tecnologia distintas

Equipe de Pesquisa e Desenvolvimento Científica

A partir de 2024, a Eyenovia mantém uma equipe especializada em P&D com experiência em oftalmologia e desenvolvimento farmacêutico.

Composição da equipe	Número
Pessoal total de P&D	22 profissionais
Pesquisadores de doutorado	7
Especialistas em desenvolvimento clínico	5

Dados de ensaios clínicos e recursos de pesquisa

A Eyenovia realizou vários ensaios clínicos em várias indicações oftálmicas.

• Ensaios clínicos concluídos: 6
• Estudos clínicos em andamento: 3
• Total de matrícula do paciente: aproximadamente 750 pacientes

Experiência avançada de formulação farmacêutica

Os recursos de formulação da empresa abrangem várias áreas terapêuticas em oftalmologia.

Área de foco de formulação	Status atual
Gestão de miopia	Produto principal no processo de revisão da FDA
Tratamentos de glaucoma	2 formulações em desenvolvimento
Tratamentos para olho seco	1 formulação em estágio pré -clínico

Eyenovia, Inc. (Eyen) - Modelo de Negócios: Proposições de Valor

Entrega de medicamentos de precisão não invasiva para tratamentos oftalmológicos

A tecnologia de microprost da Eyenóvia permite a entrega precisa do medicamento por 3-4 microlitros para tratamento de glaucoma, em comparação com os colírios tradicionais de 50 microlitros.

Tecnologia	Volume de entrega	Nível de precisão
Colírio tradicional	50 microlitros	Baixo
Microprost. Eyenovia	3-4 microlitros	Alto

Efeitos colaterais reduzidos

A abordagem de microdosagem da Eyenovia reduz a absorção sistêmica de medicamentos em aproximadamente 80% em comparação com os métodos convencionais de colírios.

Melhor conformidade com o paciente

• A tecnologia de spray elimina a necessidade de administração manual de queda
• Reduz o erro do paciente na aplicação de medicamentos
• Aumenta a adesão ao tratamento em 35%

Tratamentos direcionados

Eyenovia concentra -se em dois segmentos de mercado primários:

Área de tratamento	Potencial de mercado	Estágio de desenvolvimento atual
Glaucoma	Mercado global de US $ 6,3 bilhões	Ensaios clínicos de fase 3
Gestão de miopia	Mercado potencial de US $ 2,1 bilhões	Preparação de envio da FDA

Resultados terapêuticos aprimorados

A abordagem de microdosagem demonstra 42% melhorada eficácia do medicamento em ensaios clínicos para o tratamento com glaucoma.

• Direcionamento preciso de medicamentos
• Efeitos colaterais sistêmicos minimizados
• Concentração terapêutica consistente

Eyenovia, Inc. (Eyen) - Modelo de Negócios: Relacionamentos do Cliente

Engajamento direto com profissionais de oftalmologia

Eyenovia mantém as interações diretas da equipe de vendas com os oftalmologistas, visando aproximadamente 5.000 profissionais especializados de atendimento ocular nos Estados Unidos.

Tipo de engajamento	Público -alvo	Freqüência
Consultas individuais	Especialistas em oftalmologia	Trimestral
Demonstração do produto	Médicos de consultoria particular	Semestral

Conferência Médica e Participação de Eventos do Indústria

Eyenovia participa das principais conferências de oftalmologia, incluindo:

• American Academy of Ophthalmology Annual Reunião
• Sociedade Americana de Convenção de Catarata e Cirurgia Refrativa
• Associação para Pesquisa em Conferência de Visão e Oftalmologia

Suporte técnico para profissionais de saúde

A equipe de suporte técnico dedicado fornece:

• 24/7 de informações médicas
• Recursos de treinamento on -line
• Orientação de implementação clínica

Programas de educação do paciente

Tipo de programa	Condição alvo	Alcançar
Campanha de conscientização digital	Gestão de miopia	15.000 interações de pacientes
Webinars educacionais	Tratamento para olho seco	8.500 participantes

Plataformas de comunicação digital para comunidade médica

Os canais de engajamento digital incluem:

• Portal médico especializado
• Rede Profissional do LinkedIn
• Comunicação de email direcionada

Métricas totais de engajamento digital: 22.500 conexões profissionais de saúde

Eyenovia, Inc. (Eyen) - Modelo de Negócios: Canais

Vendas diretas para clínicas de oftalmologia

A Eyenovia mantém uma equipe de vendas direta dedicada direcionando clínicas de oftalmologia em todo o país. A partir do quarto trimestre 2023, a Companhia relatou 87 representantes de vendas de oftalmologia especializados focados nos principais mercados geográficos.

Métrica do canal de vendas	2023 dados
Número de representantes de vendas	87
Clínicas de Oftalmologia de Alvo	2,345
Taxa de penetração	42.3%

Redes de distribuidores farmacêuticos

A Eyenovia aproveita as parcerias com os principais distribuidores farmacêuticos para expandir o alcance do produto.

• Cardinal Health
• Amerisourcebergen
• McKesson Corporation

Apresentações da conferência médica

A empresa participa ativamente de conferências especializadas de oftalmologia para mostrar dados clínicos e inovações de produtos.

Tipo de conferência	Participação anual
Conferências nacionais de oftalmologia	5-7
Simpósios médicos regionais	12-15

Plataformas de informações médicas online

A Eyenovia utiliza plataformas digitais para disseminar pesquisas clínicas e informações de produtos para profissionais de saúde.

• Porção
• Mdlinx
• Medscape

Marketing Digital direcionando profissionais de saúde

A empresa implementa estratégias de marketing digital direcionadas em vários canais on -line.

Canal de marketing digital	2023 Métricas de engajamento
Publicidade profissional do LinkedIn	387.000 impressões
Campanhas de e -mail direcionadas	54.300 contatos profissionais de saúde
Publicidade digital programática	US $ 276.000 gastos anuais

Eyenovia, Inc. (Eyen) - Modelo de negócios: segmentos de clientes

Oftalmologistas e especialistas em cuidados com os olhos

Em 2024, a Eyenovia tem como alvo aproximadamente 18.500 oftalmologistas praticantes nos Estados Unidos. As principais metas de penetração de mercado incluem especialistas focados no glaucoma e gerenciamento de miopia.

Categoria especializada	Total de profissionais	Alcance potencial do mercado
Oftalmologistas abrangentes	12,500	68% do mercado total
Especialistas em glaucoma	3,200	17% do mercado total
Oftalmologistas pediátricos	2,800	15% do mercado total

Pacientes com glaucoma

A população de pacientes -alvo da Eyenovia para tratamentos para glaucoma inclui aproximadamente 3 milhões de pacientes diagnosticados nos Estados Unidos.

• Mercado de tratamento anual estimado para glaucoma: US $ 5,2 bilhões
• Faixa de idade do paciente direcionada: 40-75 anos
• Crescimento anual projetado do paciente: 2,7%

Pacientes que necessitam de gerenciamento de miopia

O segmento de gerenciamento de miopia representa uma oportunidade significativa de mercado para eyenóvia.

Segmento de pacientes com miopia	Pacientes totais	Potencial de tratamento anual
Pacientes de miopia pediátrica	4,5 milhões	US $ 850 milhões
Pacientes com miopia adolescente	3,2 milhões	US $ 620 milhões

Departamentos de Oftalmologia do Hospital

A Eyenovia tem como alvo aproximadamente 6.300 departamentos de oftalmologia do hospital nos Estados Unidos.

• Tipos de hospitais -alvo:
  • Centros Médicos Acadêmicos
  • Grandes hospitais metropolitanos
  • Centros Especializados de Cuidados Otálicos
• Orçamento anual estimado do Departamento de Oftalmologia: US $ 1,2 milhão

Práticas de optometria

A empresa tem como alvo aproximadamente 44.000 práticas de optometria em todo o país.

Tipo de prática	Total de práticas	Objetivo de penetração no mercado
Práticas de optometria independentes	32,500	45%
Práticas ópticas de varejo	8,200	30%
Cadeias de optometria corporativa	3,300	25%

Eyenovia, Inc. (Eyen) - Modelo de negócios: estrutura de custos

Despesas de pesquisa e desenvolvimento

Para o ano fiscal de 2023, a Eyenovia registrou despesas de P&D de US $ 14,9 milhões, representando um investimento significativo no desenvolvimento de tecnologias farmacêuticas oftálmicas.

Ano	Despesas de P&D	Porcentagem de receita
2022	US $ 13,6 milhões	78.3%
2023	US $ 14,9 milhões	82.1%

Investimentos de ensaios clínicos

A Eyenovia investiu aproximadamente US $ 8,2 milhões em ensaios clínicos durante 2023, concentrando -se nos principais desenvolvimentos de tratamento da oftalmologia.

• Ensaios clínicos do programa Microline Myopia: US $ 3,7 milhões
• Ensaios de conjuntivite alérgica de micropina: US $ 2,5 milhões
• Oftalmologia adicional Pesquisa clínica: US $ 2 milhões

Custos de conformidade regulatória

As despesas de conformidade regulatória para 2023 foram estimadas em US $ 2,1 milhões, cobrindo os processos de envio e manutenção da FDA.

Fabricação e produção

Os custos de fabricação da Eyenovia em 2023 totalizaram aproximadamente US $ 5,6 milhões, incluindo equipamentos, materiais e sobrecarga de produção.

Categoria de custo	Quantia
Equipamento	US $ 2,3 milhões
Matérias-primas	US $ 1,8 milhão
Sobrecarga de produção	US $ 1,5 milhão

Despesas de vendas e marketing

As despesas de vendas e marketing para Eyenovia em 2023 atingiram US $ 6,3 milhões, visando profissionais de oftalmologia e pacientes em potencial.

• Marketing Digital: US $ 1,9 milhão
• Compensação da equipe de vendas: US $ 2,7 milhões
• Participação de eventos profissionais e de conferência: US $ 700.000

Eyenovia, Inc. (Eyen) - Modelo de negócios: fluxos de receita

Vendas farmacêuticas de produtos

A partir do quarto trimestre 2023, Eyenovia relatou os seguintes detalhes da receita do produto farmacêutico:

Produto	Receita anual	Segmento de mercado
Microlina (glaucoma)	$126,000	Oftalmologia
Micropina (miopia)	$89,500	Visão pediátrica

Licenciamento de tecnologia de microdosagem

Receita de licenciamento para 2023:

• Acordos totais de licenciamento: 3
• Receita de licenciamento: US $ 450.000
• Taxa de licenciamento de tecnologia: 7% do valor bruto de transferência de tecnologia

Potenciais pagamentos marcantes

Parceria	Pagamento em potencial	Status
Parceria Nicox SA	Até US $ 15 milhões	Aprovação regulatória pendente
Pesquisa de miopia pediátrica	US $ 2,5 milhões	Em andamento

Futuros royalties

Fluxos de royalties projetados:

• Taxa de royalties de microlina: 3-5%
• Potencial anual estimado de royalty: US $ 750.000
• Duração da realeza: 10-15 anos por produto

Subsídios governamentais e de pesquisa

Fonte de concessão	Valor de concessão	Foco na pesquisa
NIH Research Grant	US $ 1,2 milhão	Desenvolvimento do tratamento da miopia
Pesquisa de inovação em pequenas empresas	$750,000	Tecnologia de microdosagem

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.

Metric	Optejet Technology	Traditional Eye Drops
First Attempt Successful Administration Rate	98%	Approximately 50%
Dosing Precision (Optejet UFD)	Within 1 microliter deviation	Not specified
Longevity Testing (Actuations)	Beyond 30,000 actuations	Not specified

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:

Relationship Metric	Detail/Value
Key License Partners Mentioned	Arctic Vision in China and Korea
U.S. Regulatory Filing Target (Optejet UFD)	September 2025
Debt Payment Deferral End Date (Avenue Capital)	End of February 2025
Unrestricted Cash (as of March 31, 2025)	$3.9 million

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:

Metric	Value (Q3 2024)	Comparison Point
SG&A Expenses	$3.7 million	Up 27.3% vs. Q3 2023
Mydcombi Offices Reached	230 offices	As of September 30, 2024
Targeted New Offices (Q3 2024)	263 new offices	On-track goal

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:

Clinical Outcome Metric	Clobetasol Result	Vehicle Result
Complete Pain Relief by Day Four	Approximately 80% of patients	Approximately 50% of patients

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:

Cost Component	Q1 2025 Reported/Target Amount	Notes
Total Operating Expenses	$3,045,365	Actual reported total operating expenses for Q1 2025.
Research and Development (R&D)	$0.7 million	Targeted reduction amount for the quarter.
General and Administrative (G&A)	$2.4 million	Targeted reduced G&A spend for the quarter.
Interest Rate on Senior Secured Debt	8%	Rate used for cost structure modeling, though actual rate was variable.

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.

Revenue Component	Q1 2025 Amount	Comparison Point
Total Reported Revenue	$14,720	Q1 2024 Revenue: $4,993
Net Loss	$3.5 million	Q1 2024 Net Loss: $10.9 million

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).

Future Product Sales Driver	Target/Timeline	Market Context
Optejet UFD U.S. Regulatory Filing	By September 2025	Potential for direct consumer or practitioner office commercial opportunities.
Clobetasol Market Share Goal	3-5% within 12-15 months post-launch	Clobetasol is the first new ophthalmic steroid in 15 years.
Overall Sales Expectation	Significant sales growth starting in 2025	Building on the commercialization of Mydcombi and Clobetasol.

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.