Eyenovia Inc (EYEN) Tops Q1 EPS by 1c
Eyenovia Inc (NASDAQ: EYEN) reported Q1 EPS of ($0.50), $0.01 better than the analyst estimate of ($0.51).
First Quarter 2019 Financial Review
- For the first quarter of 2019, net loss was approximately $5.9 million, or $(0.50) per share, compared to a net loss of approximately $3.4 million, or $(0.45) per share for the first quarter of 2018.
- Research and development expenses totaled approximately $4.0 million for the first quarter of 2019, compared to approximately $2.1 million for the same period in 2018, an increase of approximately 91%.
- For the first quarter of 2019, general and administrative expenses were approximately $1.9 million compared to approximately $1.3 million for the first quarter of 2018, an increase of approximately 45%.
- Total operating expenses for the first quarter of 2019 were approximately $6.0 million, compared to total operating expenses of approximately $3.4 million for the same period in 2018, an increase of approximately 73%.
- As of March 31, 2019, the Company’s cash and cash equivalents balance was approximately $14.3 million.
“We kicked-off 2019 with a number of successes that further validate our novel approach in ophthalmology that we believe will help us advance multiple programs towards Phase III initiations this year,” commented Dr. Sean Ianchulev, Eyenovia’s Chief Executive Officer and Chief Medical Officer. “The positive MicroStat Phase III results which we presented at the ASCRS annual meeting confirmed that we can deliver drugs to the eye with high precision and efficacy using our microdosing technology. These results also help validate our delivery platform as we work diligently towards the initiation of our MicroPine and MicroProst Phase III programs, in which we expect to begin enrolling patients towards the middle and end of 2019, respectively. We are committed to advancing our clinical initiatives, including the preparation of the necessary registration and stability manufacturing materials for the submission of our first New Drug Application for MicroStat in 2020. We look forward to making 2019 another successful year as we seek to transform the treatment paradigm of front and back-of-the-eye diseases.”
For earnings history and earnings-related data on Eyenovia Inc (EYEN) click here.