0001410578-23-001063 | 10-Q | XBRL Viewer

Accrued Compensation (Details) - USD ($)	Mar. 31, 2023	Dec. 31, 2022
Accrued Compensation
Accrued bonus expenses	$ 330,500	$ 1,447,643
Accrued payroll expenses	306,689	299,548
Total accrued compensation	$ 637,189	$ 1,747,191

Condensed Statements of Changes in Stockholders' Equity - USD ($)

Common Stock

Additional Paid-In Capital

Accumulated Deficit

Total

Balance at the beginning at Dec. 31, 2021

$ 2,844

$ 110,683,077

$ (90,219,306)

$ 20,466,615

Balance at the beginning (in shares) at Dec. 31, 2021

28,426,616

Stock-based compensation

908,987

Issuance of common stock related to vested restricted stock units

$ 2

(2)

Issuance of common stock related to vested restricted stock units (in shares)

19,359

Issuance of common stock and warrants in registered direct offering

^[1]

$ 300

14,897,608

14,897,908

Issuance of common stock and warrants in registered direct offering (in shares)

^[1]

3,000,000

Issuance of common stock in At the Market offering

^[2]

$ 25

860,340

860,365

Issuance of common stock in At the Market offering (in shares)

^[2]

252,449

Net loss

(7,339,665)

Balance at the end at Mar. 31, 2022

$ 3,171

127,350,010

(97,558,971)

29,794,210

Balance at the end (in shares) at Mar. 31, 2022

31,698,424

Balance at the beginning at Dec. 31, 2022

$ 3,667

135,461,361

(118,230,463)

17,234,565

Balance at the beginning (in shares) at Dec. 31, 2022

36,668,980

Cashless exercise of stock options

$ 2

(2)

Cashless exercise of stock options (in shares)

19,530

Stock-based compensation

819,064

Issuance of common stock related to vested restricted stock units (in shares)

3,289

Issuance of common stock in At the Market offering

^[3]

$ 130

3,499,462

3,499,592

Issuance of common stock in At the Market offering (in shares)

^[3]

1,299,947

Net loss

(5,739,366)

Balance at the end at Mar. 31, 2023

$ 3,799

$ 139,779,885

$ (123,969,829)

$ 15,813,855

Balance at the end (in shares) at Mar. 31, 2023

37,991,746

[1]	Includes gross proceeds of $14,981,299 less total issuance costs of $83,391
[2]	Includes gross proceeds of $886,974, less total issuance costs of $26,609
[3]	Includes gross proceeds of $3,607,827 less total issuance costs of $108,235

Accrued Expenses and Other Current Liabilities (Tables)

3 Months Ended

Mar. 31, 2023

Accrued Expenses and Other Current Liabilities

Schedule of accrued expenses and other current liabilities


	March 31,		December 31,
	2023		2022
Accrued consulting and professional services	$	325,886	$	320,000
Accrued research and development expenses		59,090		35,524
Other		24,537		4,385
Credit card payable		22,286		50,639
Accrued travel and entertainment expenses		15,244		—
Accrued franchise tax		13,100		—
Accrued leasehold improvements		—		92,528
Total accrued expenses and other current liabilities	$	460,143	$	503,076

Notes Payable (Tables)

3 Months Ended

Mar. 31, 2023

Notes Payable

Schedule of notes payable


	March 31, 2023						December 31, 2022
	Notes Payable		Debt Discount		Net		Notes Payable		Debt Discount		Net
D&O insurance policy loan	$	509,110	$	—	$	509,110	$	—	$	—	$	—
Avenue - Note payable		5,212,500		(772,369)		4,440,131		5,212,500		(847,114)		4,365,386
Avenue - Convertible note payable		5,212,500		(772,369)		4,440,131		5,212,500		(847,114)		4,365,386
Total		10,934,110		(1,544,738)		9,389,372		10,425,000		(1,694,228)		8,730,772
Current portion
D&O insurance policy loan		509,110		—		509,110		—		—		—
Avenue - Note payable		833,333		(123,480)		709,853		208,333		(33,885)		174,448
Avenue - Convertible note payable		833,333		(123,480)		709,853		208,333		(33,885)		174,448
Notes Payable, Current		2,175,776		(246,960)		1,928,816		416,666		(67,770)		348,896

Notes Payable, Non-Current	$	8,758,334	$	(1,297,778)	$	7,460,556	$	10,008,334	$	(1,626,458)	$	8,381,876

Notes Payable - Schedule of notes payable (Details) - USD ($)	Mar. 31, 2023	Dec. 31, 2022
Notes Payable
Notes Payable, Total	$ 10,934,110	$ 10,425,000
Debt Discount, Total	(1,544,738)	(1,694,228)
Net, Total	9,389,372	8,730,772
Current portion
Notes Payable, Current portion	2,175,776	416,666
Debt Discount, Current portion	(246,960)	(67,770)
Net, Current portion	1,928,816	348,896
Note payable, Non Current portion	8,758,334	10,008,334
Debt Discount, Non-Current portion	(1,297,778)	(1,626,458)
Net, Non Current portion	7,460,556	8,381,876
D&O insurance policy loan
Notes Payable
Notes Payable, Total	509,110	0
Debt Discount, Total	0	0
Net, Total	509,110	0
Current portion
Notes Payable, Current portion	509,110	0
Debt Discount, Current portion	0	0
Net, Current portion	509,110	0
Avenue - Note payable
Notes Payable
Notes Payable, Total	5,212,500	5,212,500
Debt Discount, Total	(772,369)	(847,114)
Net, Total	4,440,131	4,365,386
Current portion
Notes Payable, Current portion	833,333	208,333
Debt Discount, Current portion	(123,480)	(33,885)
Net, Current portion	709,853	174,448
Avenue - Convertible note payable
Notes Payable
Notes Payable, Total	5,212,500	5,212,500
Debt Discount, Total	(772,369)	(847,114)
Net, Total	4,440,131	4,365,386
Current portion
Notes Payable, Current portion	833,333	208,333
Debt Discount, Current portion	(123,480)	(33,885)
Net, Current portion	$ 709,853	$ 174,448

Commitments and Contingencies - Future Minimum Payments under Operating Lease Agreement (Details) - USD ($)	Dec. 31, 2023	Mar. 31, 2023	Dec. 31, 2022
Minimum Lease Payments
2023	$ 482,350,000
2024	480,984,000
2025	429,992,000
2026	308,839,000
2027	214,619,000
Total future minimum lease payments	1,916,784,000
Less: amount representing imputed interest	(309,935,000)
Present value of lease liabilities	1,606,849,000
Less: current portion	(472,901,000)	$ (472,901)	$ (484,882)
Lease liabilities - non-current portion	$ 1,133,948,000	$ 1,133,948	$ 907,644

Commitments and Contingencies - Companys right-of-use assets and liabilities (Details) - USD ($)	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Commitments and Contingencies
Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows used in operating activities	$ 136,150
Right-of-use assets obtained in exchange for lease obligations; Operating leases	$ 350,473	$ 79,181
Weighted Average Remaining Lease Term (Years): Operating leases	3 years 6 months
Weighted Average Discount Rate: Operating leases	10.00%

Going Concern and Summary of Significant Accounting Policies - Anti-dilutive weighted average diluted common shares (Details) - USD ($)	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Going Concern and Summary of Significant Accounting Policies
Total potentially dilutive shares	11,698,522	12,847,777
Numerator:
Net loss	$ (5,739,366)	$ (7,339,665)
Net loss attributable to common stockholders	$ (5,739,366)	$ (7,339,665)
Denominator (weighted average quantities):
Common shares issued	37,380,976	28,032,758
Add: Prefunded warrants		1,870,130
Add: Undelivered vested restricted shares	29,611	105,306
Denominator for basic net loss per share	37,410,587	30,008,194
Denominator for diluted net loss per share	37,410,587	30,008,194
Basic net loss per share of common stock	$ (0.15)	$ (0.24)
Diluted net loss per share of common stock	$ (0.15)	$ (0.24)
Options
Going Concern and Summary of Significant Accounting Policies
Total potentially dilutive shares	5,460,099	4,774,473
Warrants
Going Concern and Summary of Significant Accounting Policies
Total potentially dilutive shares	6,087,845	7,957,975
Restricted stock units
Going Concern and Summary of Significant Accounting Policies
Total potentially dilutive shares	150,578	115,329

Accrued Expenses and Other Current Liabilities (Details) - USD ($)	Mar. 31, 2023	Dec. 31, 2022
Accrued Expenses and Other Current Liabilities
Accrued consulting and professional services	$ 325,886	$ 320,000
Accrued research and development expenses	59,090	35,524
Other	24,537	4,385
Credit card payable	22,286	50,639
Accrued travel and entertainment expenses	15,244	0
Accrued franchise tax	13,100	0
Accrued leasehold improvements	0	92,528
Total accrued expenses and other current liabilities	$ 460,143	$ 503,076

Stockholders' Equity - Summary of option activity (Details) - USD ($)		3 Months Ended
	Jan. 25, 2023	Mar. 31, 2023
Stockholders' Equity
Number of Options, Exercised \| Shares	(73,334)
Stock Options
Stockholders' Equity
Number of Options, Outstanding \| Shares		5,380,553
Number of Options, Granted \| Shares		441,235
Number of Options, Exercised \| Shares		(73,334)
Number of Options, Forfeited \| Shares		(288,355)
Number of Options, Outstanding \| Shares		5,460,099
Number of Options, Exercisable \| Shares		3,933,774
Weighted Average Exercise Price, Outstanding \| $ / Shares		$ 3.55
Weighted Average Exercise Price, Granted \| $ / Shares		2.22
Weighted Average Exercise Price, Exercised \| $ / Shares		1.56
Weighted Average Exercise Price, Forfeited \| $ / Shares		3.68
Weighted Average Exercise Price, Outstanding \| $ / Shares		3.52
Weighted Average Exercise Price, Exercisable \| $ / Shares		$ 3.78
Remaining Life In Years, Outstanding		7 years 2 months 12 days
Remaining Life In Years, Exercisable		6 years 3 months 18 days
Aggregate Intrinsic Value, Outstanding \| $		$ 4,358,468
Aggregate Intrinsic Value, Exercisable		$ 2,398,462

Going Concern and Summary of Significant Accounting Policies (Tables)

3 Months Ended

Mar. 31, 2023

Going Concern and Summary of Significant Accounting Policies

Schedule of computation of basic and diluted net loss per common share


	For the Three Months Ended
	March 31,
	2023		2022
Numerator:
Net loss	$	(5,739,366)	$	(7,339,665)
Net loss attributable to common stockholders	$	(5,739,366)	$	(7,339,665)

Denominator (weighted average quantities):
Common shares issued		37,380,976		28,032,758
Add: Prefunded warrants		—		1,870,130
Add: Undelivered vested restricted shares		29,611		105,306
Denominator for basic and diluted net loss per share		37,410,587		30,008,194

Basic and diluted net loss per common share	$	(0.15)	$	(0.24)

Schedule of weighted average diluted common shares


	March 31,
	2023	2022
Options	5,460,099	4,774,473
Warrants	6,087,845	7,957,975
Restricted stock units	150,578	115,329
Total potentially dilutive shares	11,698,522	12,847,777

Condensed Balance Sheets - USD ($)	Mar. 31, 2023	Dec. 31, 2022
Current Assets:
Cash and cash equivalents	$ 18,466,322	$ 22,863,520
Deferred clinical supply costs	3,352,645	2,284,931
License fee and expense reimbursements receivable	973,677	1,183,786
Security deposits, current	119,550	119,550
Prepaid expenses and other current assets	2,011,884	1,190,719
Total Current Assets	24,924,078	27,642,506
Property and equipment, net	2,152,861	1,295,115
Security deposits, non-current	80,874	80,874
Operating lease right-of-use asset	1,508,158	1,291,592
Equipment deposits	643,513	726,326
Total Assets	29,309,484	31,036,413
Current Liabilities:
Accounts payable	1,402,076	1,428,283
Accrued compensation	637,189	1,747,191
Accrued expenses and other current liabilities	460,143	503,076
Operating lease liabilities - current portion	472,901	484,882
Notes payable - current portion, net of debt discount of $123,480 and $33,885 as of March 31, 2023 and December 31, 2022, respectively	1,218,963	174,448
Convertible notes payable - current portion, net of debt discount of $123,480 and $33,885 as of March 31, 2023 and December 31, 2022, respectively	709,853	174,448
Total Current Liabilities	4,901,125	4,512,328
Lease liabilities - non-current portion	1,133,948	907,644
Notes payable - non-current portion, net of debt discount of $648,889 and $813,229 as of March 31, 2023 and December 31, 2022, respectively	3,730,278	4,190,938
Convertible notes payable - non-current portion, net of debt discount of $648,889 and $813,229 as of March 31, 2023 and December 31, 2022, respectively	3,730,278	4,190,938
Total Liabilities	13,495,629	13,801,848
Commitments and contingencies
Stockholders' Equity:
Preferred stock, $0.0001 par value, 6,000,000 shares authorized; 0 shares issued and outstanding as of March 31, 2023 and December 31, 2022
Common stock, $0.0001 par value, 90,000,000 shares authorized; 37,991,746 and 36,668,980 shares issued and outstanding as of March 31, 2023 and December 31, 2022, respectively	3,799	3,667
Additional paid-in capital	139,779,885	135,461,361
Accumulated deficit	(123,969,829)	(118,230,463)
Total Stockholders' Equity	15,813,855	17,234,565
Total Liabilities and Stockholders' Equity	$ 29,309,484	$ 31,036,413

Prepaid Expenses and Other Current Assets (Details) - USD ($)	Mar. 31, 2023	Dec. 31, 2022
Prepaid Expenses and Other Current Assets
Prepaid insurance expenses	$ 803,486	$ 201,082
Payroll tax receivable	645,566	660,891
Prepaid general and administrative expenses	176,935	87,982
Prepaid conference expenses	132,026	97,743
Prepaid board of directors fees	106,250	0
Prepaid patent expenses	61,569	38,796
Prepaid rent and security deposit	18,750	74,959
Prepaid research and development expenses	13,006	2,521
Other	54,296	26,745
Total prepaid expenses and other current assets	$ 2,011,884	$ 1,190,719

Condensed Statements of Changes in Stockholders' Equity (Parenthetical) - USD ($)	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Common stock one
Proceeds of stock issued during period gross	$ 3,607,827	$ 14,981,299
Adjustments to additional paid in capital upon stock issuance costs	$ 108,235	83,391
Common stock two
Proceeds of stock issued during period gross		886,974
Adjustments to additional paid in capital upon stock issuance costs		$ 26,609

Going Concern and Summary of Significant Accounting Policies

3 Months Ended

Mar. 31, 2023

Going Concern and Summary of Significant Accounting Policies

Going Concern and Summary of Significant Accounting Policies

Note 2 – Going Concern and Summary of Significant Accounting Policies

Since the date of the Company’s Annual Report on Form 10-K for the year ended December 31, 2022, there have been no material changes to the Company’s significant accounting policies, except as disclosed below.

Going Concern

As of March 31, 2023, the Company had unrestricted cash and cash equivalents in the aggregate amount of approximately $18.5 million. For the three months ended March 31, 2023 and 2022, the Company incurred net losses of approximately $5.7 million and $7.3 million, respectively, and used cash in operations of approximately $7.0 million and $8.2 million, respectively. The Company does not have recurring revenue, has not yet achieved profitability and may not become profitable. The Company expects to continue to incur cash outflows from operations. The Company expects that its research and development and general and administrative expenses will continue to increase and, as a result, it will eventually need to generate significant product revenues to achieve profitability. These circumstances raise substantial doubt about the Company’s ability to continue as a going concern for at least one year from the date that these financial statements are issued. Implementation of the Company’s plans and its ability to continue as a going concern will depend upon the Company’s ability to raise further capital, through the sale of additional equity or debt securities or otherwise, to support its future operations.

The Company’s operating needs include the planned costs to operate its business, including amounts required to fund working capital and capital expenditures. The Company’s future capital requirements and the adequacy of its available funds will depend on many factors, including the Company’s ability to successfully commercialize its products and services, competing technological and market developments, and the need to enter into collaborations with other companies or acquire other companies or technologies to enhance or complement the Company’s product and service offerings. If the Company is unable to secure additional capital, it may be required to curtail its research and development initiatives and/or take additional measures to reduce costs in order to conserve its cash.

Reclassifications

Certain prior period balances have been reclassified in order to conform to current period presentation. These reclassifications have no effect on previously reported results of operations or loss per share.

Cash, Cash Equivalents and Restricted Cash

The Company considers all highly liquid investments with an original maturity of three months or less to be cash equivalents in the financial statements.As of March 31, 2023, the Company had Treasury bills with original maturity dates of three months or less in the amount of $15,910,834.

The Company has cash deposits in a financial institution that, at times, may be in excess of Federal Deposit Insurance Corporation (“FDIC”) insurance limits. The Company has not experienced losses in such accounts and periodically evaluates the creditworthiness of its financial institutions. As of March 31, 2023 and December 31, 2022, the Company had cash balances in excess of FDIC insurance limits of $2,055,488 and $22,613,520, respectively.

On March 10, 2023, Silicon Valley Bank, or SVB, was closed by the California Department of Financial Protection and Innovation, and the Federal Deposit Insurance Corporation, or FDIC, was appointed as receiver. The Company has deposit accounts at SVB. The standard deposit insurance amount is up to $250,000 per depositor, per insured bank, for each account ownership category. As of the date of filing, the Company had approximately $305,000 in a deposit account at SVB.

Net Loss Per Common Share

Basic net loss per common share is computed by dividing net loss by the weighted average number of common shares outstanding during the period plus fully vested shares that are subject to issuance for little or no monetary consideration. Diluted earnings per share reflects the potential dilution that could occur if securities or other instruments to issue common stock were exercised or converted into common stock.

The following table presents the computation of basic and diluted net loss per common share:


	For the Three Months Ended
	March 31,
	2023		2022
Numerator:
Net loss	$	(5,739,366)	$	(7,339,665)
Net loss attributable to common stockholders	$	(5,739,366)	$	(7,339,665)

Denominator (weighted average quantities):
Common shares issued		37,380,976		28,032,758
Add: Prefunded warrants		—		1,870,130
Add: Undelivered vested restricted shares		29,611		105,306
Denominator for basic and diluted net loss per share		37,410,587		30,008,194

Basic and diluted net loss per common share	$	(0.15)	$	(0.24)

The following securities are excluded from the calculation of weighted average diluted common shares because their inclusion would have been anti-dilutive:


	March 31,
	2023	2022
Options	5,460,099	4,774,473
Warrants	6,087,845	7,957,975
Restricted stock units	150,578	115,329
Total potentially dilutive shares	11,698,522	12,847,777

Clinical Supply Arrangements

Bausch + Lomb, Inc. (“B+L”) and Arctic Vision (Hong Kong) Limited (“Arctic Vision”) have contracted with the Company to manufacture and supply them with the appropriate drug-device combination products to conduct their clinical trials on a cost plus 10% mark-up basis. The Company’s licensing agreements with B+L and Arctic Vision represent collaborative arrangements and they are not a customer with respect to the clinical supply arrangements. The Company’s policy is to (a) defer the materials and manufacturing costs in order to properly match them up against the income from the clinical supply arrangements; and (b) to report the net income from the clinical supply arrangements as other income.

Recently Adopted Accounting Standards

In June 2016, the FASB issued ASU No. 2016-13, “Financial Instruments - Credit Losses (Topic 326)” and also issued subsequent amendments to the initial guidance under ASU 2018-19, ASU 2019-04 and ASU 2019-05 (collectively, “Topic 326”). Topic 326 requires the measurement and recognition of expected credit losses for financial assets held at amortized cost. This replaces the existing incurred loss model with an expected loss model and requires the use of forward-looking information to calculate credit loss estimates. The Company adopted ASU 2016-13 on January 1, 2023. The adoption of ASU 2016-13 did not have a material impact on the Company’s financial position, results of operations or cash flows.

In August 2020, the FASB issued ASU 2020-06, “Debt—Debt with Conversion and Other Options (Subtopic 470-20)” and “Derivatives and Hedging— Contracts in Entity’s Own Equity (Subtopic 815-40): Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity”, to clarify the accounting for certain financial instruments with characteristics of liabilities and equity. The amendments in this update reduce the number of accounting models for convertible debt instruments and convertible preferred stock by removing the cash conversion model and the beneficial conversion feature model. Limiting the accounting models will result in fewer embedded conversion features being separately recognized from the host contract. Convertible instruments that continue to be subject to separation models are (1) those with embedded conversion features that are not clearly and closely related to the host contract, that meet the definition of a derivative, and that do not qualify for a scope exception from derivative accounting and (2) convertible debt instruments issued with substantial premiums for which the premiums are recorded as paid-in-capital. In addition, ASU 2020-06 improves disclosure requirements for convertible instruments and earnings-per-share guidance. ASU 2020-06 also revises the derivative scope exception guidance to reduce form-over-substance-based accounting conclusions driven by remote contingent events. The amendments in this update are effective for the Company in fiscal years beginning after December 15, 2023, and interim periods within those fiscal years. Early adoption is permitted. The Company early adopted ASU 2020-06 effective January 1, 2023 which eliminates the need to assess whether a beneficial conversion feature needs to be recognized upon the issuance of new convertible instruments. The adoption of ASU 2020-06 did not have a material impact on the Company’s financial position, results of operations or cash flows.

Stockholders' Equity - Summary of information related to stock options (Details)	3 Months Ended
	Mar. 31, 2023 $ / shares shares
Stockholders' Equity
Options Outstanding, Outstanding Number of Options	5,460,099
Options Exercisable, Weighted Average Remaining Life In Years	6 years 3 months 18 days
Options Exercisable, Exercisable Number of Options	3,933,774
Exercise Price $1.00 - $1.99
Stockholders' Equity
Options Outstanding, Outstanding Number of Options	1,487,183
Options Exercisable, Weighted Average Remaining Life In Years	3 years 7 months 6 days
Options Exercisable, Exercisable Number of Options	754,302
Exercise Price $1.00 - $1.99 \| Minimum
Stockholders' Equity
Options Outstanding, Outstanding Exercise Price \| $ / shares	$ 1.00
Exercise Price $1.00 - $1.99 \| Maximum
Stockholders' Equity
Options Outstanding, Outstanding Exercise Price \| $ / shares	$ 1.99
Exercise Price $2.00 - $2.99
Stockholders' Equity
Options Outstanding, Outstanding Number of Options	1,360,358
Options Exercisable, Weighted Average Remaining Life In Years	7 years 2 months 12 days
Options Exercisable, Exercisable Number of Options	938,202
Exercise Price $2.00 - $2.99 \| Minimum
Stockholders' Equity
Options Outstanding, Outstanding Exercise Price \| $ / shares	$ 2.00
Exercise Price $2.00 - $2.99 \| Maximum
Stockholders' Equity
Options Outstanding, Outstanding Exercise Price \| $ / shares	$ 2.99
Exercise Price $3.00 - $3.99
Stockholders' Equity
Options Outstanding, Outstanding Number of Options	1,056,008
Options Exercisable, Weighted Average Remaining Life In Years	6 years 10 months 24 days
Options Exercisable, Exercisable Number of Options	944,246
Exercise Price $3.00 - $3.99 \| Minimum
Stockholders' Equity
Options Outstanding, Outstanding Exercise Price \| $ / shares	$ 3.00
Exercise Price $3.00 - $3.99 \| Maximum
Stockholders' Equity
Options Outstanding, Outstanding Exercise Price \| $ / shares	$ 3.99
Exercise Price $4.00 - $4.99
Stockholders' Equity
Options Outstanding, Outstanding Number of Options	364,581
Options Exercisable, Weighted Average Remaining Life In Years	8 years 3 months 18 days
Options Exercisable, Exercisable Number of Options	220,684
Exercise Price $4.00 - $4.99 \| Minimum
Stockholders' Equity
Options Outstanding, Outstanding Exercise Price \| $ / shares	$ 4.00
Exercise Price $4.00 - $4.99 \| Maximum
Stockholders' Equity
Options Outstanding, Outstanding Exercise Price \| $ / shares	$ 4.99
Exercise Price $5.00 - $5.99
Stockholders' Equity
Options Outstanding, Outstanding Number of Options	84,137
Options Exercisable, Weighted Average Remaining Life In Years	6 years 1 month 6 days
Options Exercisable, Exercisable Number of Options	83,972
Exercise Price $5.00 - $5.99 \| Minimum
Stockholders' Equity
Options Outstanding, Outstanding Exercise Price \| $ / shares	$ 5.00
Exercise Price $5.00 - $5.99 \| Maximum
Stockholders' Equity
Options Outstanding, Outstanding Exercise Price \| $ / shares	$ 5.99
Exercise Price $6.00 - $6.99
Stockholders' Equity
Options Outstanding, Outstanding Number of Options	942,914
Options Exercisable, Weighted Average Remaining Life In Years	6 years 8 months 12 days
Options Exercisable, Exercisable Number of Options	827,450
Exercise Price $6.00 - $6.99 \| Minimum
Stockholders' Equity
Options Outstanding, Outstanding Exercise Price \| $ / shares	$ 6.00
Exercise Price $6.00 - $6.99 \| Maximum
Stockholders' Equity
Options Outstanding, Outstanding Exercise Price \| $ / shares	6.99
Exercise Price $7.00+
Stockholders' Equity
Options Outstanding, Outstanding Exercise Price \| $ / shares	$ 7.00
Options Outstanding, Outstanding Number of Options	164,918
Options Exercisable, Weighted Average Remaining Life In Years	5 years
Options Exercisable, Exercisable Number of Options	164,918

Document and Entity Information - shares	3 Months Ended
Document and Entity Information - shares	Mar. 31, 2023	May 10, 2023
Document and Entity Information
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2023
Document Transition Report	false
Entity File Number	001-38365
Entity Registrant Name	EYENOVIA, INC.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	47-1178401
Entity Address, Postal Zip Code	10017
Entity Address, Address Line One	295 Madison Avenue, Suite 2400
Entity Address, City or Town	NEW YORK
Entity Address, State or Province	NY
City Area Code	833
Local Phone Number	393-6684
Title of 12(b) Security	Common Stock, par value $0.0001 per share
Trading Symbol	EYEN
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		38,002,965
Entity Central Index Key	0001682639
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q1
Amendment Flag	false

Stockholders' Equity

3 Months Ended

Mar. 31, 2023

Stockholders' Equity

Stockholders' Equity

Note 8 – Stockholders’ Equity

At-The-Market Offering

During the three months ended March 31, 2023, the Company received approximately $3.5 million in net proceeds from the sale of 1,299,947 shares of its common stock pursuant to its Sales Agreement with SVB Securities LLC (“SVB Securities”) in an ”at-the-market” offering.

Stock-Based Compensation Expense

The Company records stock-based compensation expense related to stock options and restricted stock units (“RSUs”). For the three months ended March 31, 2023 and 2022, the Company recorded expense of $819,064 ($375,130 of which was included within research and development expenses and $443,934 was included within general and administrative expenses on the statements of operations) and $908,987 ($501,181 of which was included within research and development expenses and $407,806 was included within general and administrative expenses on the statements of operations), respectively.

Restricted Stock Units

A summary of RSU activity during the three months ended March 31, 2023 is presented below:


		Weighted
		Average
	Number of	Grant Date Value
	RSUs	Per Share
RSUs non-vested January 1, 2023	172,800	$	1.80
Granted	—		—
Vested	—		—
Forfeited	(22,222)		1.80
RSUs non-vested March 31, 2023	150,578	$	1.80

Vested RSUs undelivered March 31, 2023	29,611	$	3.68

To date, RSUs have only been granted to directors in accordance with the Company’s Amended and Restated 2018 Omnibus Stock Incentive Plan. The Company’s policy is to defer settlement of such RSUs until the termination of such director’s service on the Company’s board of directors. On February 28, 2023, the Company delivered 3,289 shares of common stock in respect of RSUs upon the resignation of a director.

As of March 31, 2023, there was $62,079 of unrecognized stock-based compensation expense related to RSUs that will be recognized over a weighted average period of 0.3 years.

Stock Options

In applying the Black-Scholes option pricing model to stock options granted, the Company used the following approximate assumptions:


	For the Three Months Ended
	March 31,
	2023	2022
Expected term (years)	5.85 - 10.00	0.58 - 10.00
Risk free interest rate	3.60% - 4.18%	0.76% - 1.98%
Expected volatility	82% - 83%	82% - 90%
Expected dividends	0.00%	0.00%

The Company has computed the fair value of stock options granted using the Black-Scholes option pricing model. Option forfeitures are accounted for at the time of occurrence. The expected term used for options issued is the estimated period of time that options granted are expected to be outstanding. The Company utilizes the “simplified” method to develop an estimate of the expected term of “plain vanilla” option grants. The Company uses a blended volatility calculation, the components of which are the Company’s historical volatility for the period from its initial public offering through the valuation date and the average peer-group data of six comparable entities to supplement the Company’s own historical data for the preceding years in computing the expected volatility. Accordingly, the Company is utilizing an expected volatility figure based on a review of the historical volatility of comparable entities over a period of time equivalent to the expected life of the instrument being valued. The risk-free interest rate was determined from the implied yields from U.S. Treasury zero-coupon bonds with a remaining term consistent with the expected term of the instrument being valued. The Company has not declared dividends, is currently in the development stage and has no plan to declare future dividends at this time.

The weighted average estimated grant date fair value of the stock options granted for the three months ended March 31, 2023 and 2022 was approximately $1.61 and $2.28 per share, respectively. On January 25, 2023, the Company issued 19,530 shares of common stock pursuant to the cashless exercise of 73,334 stock options.

A summary of the option activity during the three months ended March 31, 2023 is presented below:




		Average		Remaining	Aggregate
	Number of	Exercise		Life	Intrinsic
	Options	Price		In Years	Value
Outstanding as of January 1, 2023	5,380,553	$	3.55
Granted	441,235		2.22
Exercised	(73,334)		1.56
Forfeited	(288,355)		3.68
Outstanding as of March 31, 2023	5,460,099	$	3.52	7.2	$	4,358,468

Exercisable as of March 31, 2023	3,933,774	$	3.78	6.3	$	2,398,462

The following table presents information related to stock options as of March 31, 2023:


Options Outstanding			Options Exercisable
			Weighted
		Outstanding	Average	Exercisable
Exercise		Number of	Remaining Life	Number of
Price		Options	In Years	Options
	$1.00 - $1.99	1,487,183	3.6	754,302
	$2.00 - $2.99	1,360,358	7.2	938,202
	$3.00 - $3.99	1,056,008	6.9	944,246
	$4.00 - $4.99	364,581	8.3	220,684
	$5.00 - $5.99	84,137	6.1	83,972
	$6.00 - $6.99	942,914	6.7	827,450
	$7.00+	164,918	5.0	164,918
		5,460,099	6.3	3,933,774

As of March 31, 2023, there was $3,228,544 of unrecognized stock-based compensation expense related to stock options that will be recognized over a weighted average period of 1.6 years.

- Definition

The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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-Name Accounting Standards Codification
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-URI https://asc.fasb.org/topic&trid=2208762

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 13
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496158-112644

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-Paragraph 13
-URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496158-112644

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496171-112644

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496171-112644

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
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-Paragraph 1
-Subparagraph (SX 210.3-04)
-URI https://asc.fasb.org/extlink&oid=120397183&loc=d3e187085-122770

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496189-112644

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-Name Accounting Standards Codification
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496180-112644

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
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Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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Reference 16: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/extlink&oid=126731327&loc=SL126733271-114008

+ Details

Employee Benefit Plans

3 Months Ended

Mar. 31, 2023

Employee Benefit Plans

Employee Benefit Plans

Note 9 – Employee Benefit Plans

401(k) Plan

In April 2019, the Company adopted the Eyenovia 401(k) Plan (the “Plan”), which went into effect in May 2019. All Company employees are able to participate in the Plan, subject to eligibility requirements as outlined in the Plan documents. Under the terms of the Plan, eligible employees are able to defer a percentage of their pay every pay period up to annual limitations set by Congress and the Internal Revenue Service under Section 401(k) of the Internal Revenue Code. For 2023 and 2022, the Company’s Board of Directors approved a matching contribution equal to 100% of elective deferrals up to 4% of eligible earnings with the matching contribution subject to certain vesting requirements as outlined in the Plan documents. During the three months ended March 31, 2023 and 2022, the Company recorded expense of $78,969 and $86,099, respectively, associated with its matching contributions, respectively.

Condensed Balance Sheets (Parenthetical) - USD ($)	Mar. 31, 2023	Dec. 31, 2022
Condensed Balance Sheets
Notes payable - current portion, net of debt discount	$ 123,480	$ 33,885
Convertible notes payable - current portion, net of debt discount	123,480	33,885
Notes payable - non-current portion, net of debt discount	648,889	813,229
Convertible notes payable - non-current portion, net of debt discount	$ 648,889	$ 813,229
Preferred stock, par value	$ 0.0001	$ 0.0001
Preferred stock, shares authorized	6,000,000	6,000,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Common Stock, par value	$ 0.0001	$ 0.0001
Common stock, shares authorized	90,000,000	90,000,000
Common stock, shares issued	37,991,746	36,668,980
Common stock, shares outstanding	37,991,746	36,668,980

Accrued Compensation

3 Months Ended

Mar. 31, 2023

Accrued Compensation

Accrued Compensation

Note 4 – Accrued Compensation

As of March 31, 2023 and December 31, 2022, accrued compensation consisted of the following:


	March 31,		December 31,
	2023		2022
Accrued bonus expenses	$	330,500	$	1,447,643
Accrued payroll expenses		306,689		299,548
Total accrued compensation	$	637,189	$	1,747,191

Commitments and Contingencies

3 Months Ended

Mar. 31, 2023

Commitments and Contingencies

Commitments and Contingencies

Note 7 – Commitments and Contingencies

Operating Leases

In February 2023, the Company exercised its options to renew its three leases in Redwood City, California, for a total of approximately 6,700 square feet. The leases were due to expire on August 31, 2023. The leases were extended from September 1, 2023 to August 31, 2025.

A summary of the Company’s right-of-use assets and liabilities is as follows:


	For the Three Months Ended
	March 31, 2023

Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows used in operating activities	$	136,150

Right-of-use assets obtained in exchange for lease obligations
Operating leases	$	350,473

Weighted Average Remaining Lease Term (Years)
Operating leases		3.50 years

Weighted Average Discount Rate
Operating leases		10.0	%

Future minimum payments under all of the Company’s operating lease agreements are as follows:


For the Year Ending December 31,	Minimum Lease Payments
2023	$	482,350
2024		480,984
2025		429,992
2026		308,839
2027		214,619
Total future minimum lease payments		1,916,784
Less: amount representing imputed interest		(309,935)
Present value of lease liabilities		1,606,849
Less: current portion		(472,901)
Lease liabilities, non current portion	$	1,133,948

Litigations, Claims and Assessments

The Company may be involved in legal proceedings, claims and assessments arising in the ordinary course of business. The Company records legal costs associated with loss contingencies as incurred and accrues for all probable and estimable settlements.

Stockholders' Equity - Black Scholes option (Details)	3 Months Ended
Stockholders' Equity - Black Scholes option (Details)	Mar. 31, 2023	Mar. 31, 2022
Stockholders' Equity
Expected dividends	0.00%	0.00%
Minimum
Stockholders' Equity
Expected term (years)	5 years 10 months 6 days	6 months 29 days
Risk free interest rate	3.60%	0.76%
Expected volatility	82.00%	82.00%
Maximum
Stockholders' Equity
Expected term (years)	10 years	10 years
Risk free interest rate	4.18%	1.98%
Expected volatility	83.00%	90.00%

Condensed Statements of Cash Flows - USD ($)

3 Months Ended

Mar. 31, 2023

Mar. 31, 2022

Cash Flows From Operating Activities

Net loss

$ (5,739,366)

$ (7,339,665)

Adjustments to reconcile net loss to net cash used in operating activities:

Stock-based compensation

819,064

908,987

Depreciation of property and equipment

63,119

75,432

Amortization of debt discount

149,490

26,215

Amortization of operating lease right-of-use asset

133,907

89,718

Changes in operating assets and liabilities:

Prepaid expenses and other current assets

(212,025)

(907,774)

License fee and expense reimbursements receivables

210,109

440,756

Deferred clinical supply costs

(1,067,714)

Accounts payable

(26,207)

(79,340)

Accrued compensation

(1,110,002)

(868,224)

Accrued expenses and other current liabilities

(42,933)

(441,012)

Lease liabilities

(136,150)

(89,492)

Net Cash Used In Operating Activities

(6,958,708)

(8,184,399)

Cash Flows From Investing Activities

Purchases of property and equipment

(920,865)

(174,567)

Vendor deposits for property and equipment

82,813

(33,095)

Net Cash Used In Investing Activities

(838,052)

(207,662)

Cash Flows From Financing Activities

Proceeds from sale of common stock and warrants in direct offering

^[1]

14,981,299

Proceeds from sale of common stock in At the Market offering

^[2]

3,607,827

860,365

Payment of issuance costs for At the Market offering

(108,235)

Repayments of notes payable

(100,030)

(111,793)

Payment of offering issuance costs

(83,391)

Net Cash Provided By Financing Activities

3,399,562

15,646,480

Net (Decrease) Increase in Cash and Cash Equivalents

(4,397,198)

7,254,419

Cash, cash equivalents and restricted cash - Beginning of Period

22,863,520

27,336,850

Cash, cash equivalents and restricted cash - End of Period

18,466,322

34,591,269

Cash, cash equivalents and restricted cash consisted of the following:

Cash and cash equivalents

18,466,322

26,716,269

Restricted cash

7,875,000

Total

18,466,322

34,591,269

Supplemental Disclosure of Cash Flow Information:

Interest

304,512

95,585

Supplemental Disclosure of Non-Cash Investing and Financing Activities

Purchase of insurance premium financed by note payable

609,140

675,331

Recognition of right-of-use asset for lease liability upon adoption of ASU 2016-02

618,906

Right-of-use assets obtained in exchange for lease liabilities

350,473

79,181

Cashless exercise of stock options

$ 2

Issuance of common stock related to vested restricted stock units

$ 2

[1]	Includes gross proceeds of $14,981,299, of which $5,741,299 is pre-funded warrants.
[2]	Includes gross proceeds of $886,974, less total issuance costs of $26,609

Employee Benefit Plans (Details) - USD ($)	1 Months Ended	3 Months Ended
Employee Benefit Plans (Details) - USD ($)	Apr. 30, 2019	Mar. 31, 2023	Mar. 31, 2022
Employee Benefit Plans
Defined contribution plan, employer matching contribution, percent of match	100.00%
Defined contribution plan, employers matching contribution, annual vesting percentage	4.00%
Defined contribution plan, maximum annual contributions per employee, amount		$ 78,969	$ 86,099

Notes Payable

3 Months Ended

Mar. 31, 2023

Notes Payable

Notes Payable

Note 6 – Notes Payable

As of March 31, 2023 and December 31, 2022, notes payable consisted of the following:


	March 31, 2023						December 31, 2022
	Notes Payable		Debt Discount		Net		Notes Payable		Debt Discount		Net
D&O insurance policy loan	$	509,110	$	—	$	509,110	$	—	$	—	$	—
Avenue - Note payable		5,212,500		(772,369)		4,440,131		5,212,500		(847,114)		4,365,386
Avenue - Convertible note payable		5,212,500		(772,369)		4,440,131		5,212,500		(847,114)		4,365,386
Total		10,934,110		(1,544,738)		9,389,372		10,425,000		(1,694,228)		8,730,772
Current portion
D&O insurance policy loan		509,110		—		509,110		—		—		—
Avenue - Note payable		833,333		(123,480)		709,853		208,333		(33,885)		174,448
Avenue - Convertible note payable		833,333		(123,480)		709,853		208,333		(33,885)		174,448
Notes Payable, Current		2,175,776		(246,960)		1,928,816		416,666		(67,770)		348,896

Notes Payable, Non-Current	$	8,758,334	$	(1,297,778)	$	7,460,556	$	10,008,334	$	(1,626,458)	$	8,381,876

On February 24, 2023, the Company issued a note payable in the amount of $609,140 for the purchase of a directors and officers’ liability insurance policy (the “D&O Loan”). The note accrues interest at a rate of 7.11% per year and matures on August 24, 2023. The D&O Loan is payable in six monthly payments of $103,639 consisting of principal and interest. During the three months ended March 31, 2023, the Company repaid $100,030 of principal owed on the D&O Loan.

During the three months ended March 31, 2023, the Company recorded interest expense of $454,003, of which $450,394 is related to the Loan and Security Agreement with Avenue Capital Management II, L.P. (“Avenue”) and related entities, (including amortization of

debt discount of $149,490) and $3,609 is related to the D&O Loan. During the three months ended March 31, 2022, the Company recorded interest expense of $145,237, of which $143,403 was related to a fully repaid loan and $1,834 was related to the D&O Loan.

Going Concern and Summary of Significant Accounting Policies - Additional Information (Details) - USD ($)		3 Months Ended		9 Months Ended
	Mar. 10, 2023	Mar. 31, 2023	Mar. 31, 2022	Sep. 30, 2021	Dec. 31, 2023	Dec. 31, 2022
Going Concern and Summary of Significant Accounting Policies
Cash and cash equivalents		$ 18,466,322	$ 26,716,269			$ 22,863,520
Accumulated deficit		(123,969,829)				(118,230,463)
Net loss		(5,739,366)	(7,339,665)
Cash used in operations		(6,958,708)	$ (8,184,399)	$ (8,200,000)
Treasury bills		15,910,834
Cash, uninsured amount		$ 2,055,488				22,613,520
Net proceeds (in shares)		1,299,947
Operating lease right-of-use asset		$ 1,508,158				1,291,592
Lease liabilities, non current portion		1,133,948			$ 1,133,948,000	907,644
Deferred clinical supply costs		$ 3,352,645				$ 2,284,931
Stock Issued During Period, Shares, New Issues		1,299,947
Clinical Supply Arrangements
Going Concern and Summary of Significant Accounting Policies
Clinical trials, percentage of additional mark-up on cost		10.00%
Securities purchase agreement
Going Concern and Summary of Significant Accounting Policies
Net proceeds (in shares)	250,000
Stock Issued During Period, Shares, New Issues	250,000
Securities purchase agreement \| Silicon Valley Bank loan \| Pre-funded warrants
Going Concern and Summary of Significant Accounting Policies
Cash and cash equivalents		$ 305,000

Stockholders' Equity - Additional Information (Details) - USD ($)				3 Months Ended
	Mar. 10, 2023	Feb. 28, 2023	Jan. 25, 2023	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Stockholders' Equity
Common stock, shares authorized				90,000,000		90,000,000
Common Stock, par value				$ 0.0001		$ 0.0001
Preferred stock, shares authorized				6,000,000		6,000,000
Preferred stock, par value				$ 0.0001		$ 0.0001
Net proceeds (in shares)				1,299,947
Stock-based compensation				$ 819,064	$ 908,987
Unrecognized stock - based compensation expense				$ 3,228,544
Weighted average period of recognition				1 year 7 months 6 days
Stock-based compensation				$ 819,064	908,987
Number Of Shares Issued Upon Exercise Of Stock Options			19,530
Cashless exercise of stock options (in shares)			73,334
Net proceeds				3,500,000
Securities purchase agreement
Stockholders' Equity
Net proceeds (in shares)	250,000
Research and Development Expense.
Stockholders' Equity
Stock-based compensation				501,181	375,130
General and Administrative Expense
Stockholders' Equity
Stock-based compensation				443,934	$ 407,806
Restricted stock units
Stockholders' Equity
Resignation of common stock RSU		3,289
Unrecognized stock - based compensation expense				$ 62,079
Weighted average period of recognition				3 months 18 days
Options
Stockholders' Equity
Weighted average estimated grant date fair value				$ 1.61	$ 2.28
Common Stock
Stockholders' Equity
Resignation of common stock RSU				3,289	19,359
Cashless exercise of stock options (in shares)				19,530

Condensed Statements of Operations - USD ($)	3 Months Ended
Condensed Statements of Operations - USD ($)	Mar. 31, 2023	Mar. 31, 2022
Operating Expenses:
Research and development	$ 2,521,950	$ 3,712,584
General and administrative	2,936,886	3,474,965
Total Operating Expenses	5,458,836	7,187,549
Loss From Operations	(5,458,836)	(7,187,549)
Other Income (Expense):
Other income (expense), net	70,993	(7,073)
Interest expense	(454,003)	(145,237)
Interest income	102,480	194
Net Loss	$ (5,739,366)	$ (7,339,665)
Net Loss Per Share
Net Loss Per Share - Basic	$ (0.15)	$ (0.24)
Net Loss Per Share - Diluted	$ (0.15)	$ (0.24)
Weighted Average Number of Common Shares Outstanding
Weighted Average Number of Common Shares Outstanding - Basic	37,410,587	30,008,194
Weighted Average Number of Common Shares Outstanding - Diluted	37,410,587	30,008,194

Commitments and Contingencies (Tables)

3 Months Ended

Mar. 31, 2023

Commitments and Contingencies

Summary of company's right-of-use assets and liabilities


	For the Three Months Ended
	March 31, 2023

Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows used in operating activities	$	136,150

Right-of-use assets obtained in exchange for lease obligations
Operating leases	$	350,473

Weighted Average Remaining Lease Term (Years)
Operating leases		3.50 years

Weighted Average Discount Rate
Operating leases		10.0	%

Schedule of future minimum operating lease payments


For the Year Ending December 31,	Minimum Lease Payments
2023	$	482,350
2024		480,984
2025		429,992
2026		308,839
2027		214,619
Total future minimum lease payments		1,916,784
Less: amount representing imputed interest		(309,935)
Present value of lease liabilities		1,606,849
Less: current portion		(472,901)
Lease liabilities, non current portion	$	1,133,948

Prepaid Expenses and Other Current Assets

3 Months Ended

Mar. 31, 2023

Prepaid Expenses and Other Current Assets

Prepaid Expenses and Other Current Assets

Note 3 – Prepaid Expenses and Other Current Assets

As of March 31, 2023 and December 31, 2022, prepaid expenses and other current assets consisted of the following:


	March 31,		December 31,
	2023		2022
Prepaid insurance expenses	$	803,486	$	201,082
Payroll tax receivable		645,566		660,891
Prepaid general and administrative expenses		176,935		87,982
Prepaid conference expenses		132,026		97,743
Prepaid board of directors fees		106,250		—
Prepaid patent expenses		61,569		38,796
Prepaid rent and security deposit		18,750		74,959
Prepaid research and development expenses		13,006		2,521
Other		54,296		26,745
Total prepaid expenses and other current assets	$	2,011,884	$	1,190,719

Prepaid Expenses and Other Current Assets (Tables)

3 Months Ended

Mar. 31, 2023

Prepaid Expenses and Other Current Assets

Schedule of prepaid expenses and other current assets


	March 31,		December 31,
	2023		2022
Prepaid insurance expenses	$	803,486	$	201,082
Payroll tax receivable		645,566		660,891
Prepaid general and administrative expenses		176,935		87,982
Prepaid conference expenses		132,026		97,743
Prepaid board of directors fees		106,250		—
Prepaid patent expenses		61,569		38,796
Prepaid rent and security deposit		18,750		74,959
Prepaid research and development expenses		13,006		2,521
Other		54,296		26,745
Total prepaid expenses and other current assets	$	2,011,884	$	1,190,719

Accrued Expenses and Other Current Liabilities

3 Months Ended

Mar. 31, 2023

Accrued Expenses and Other Current Liabilities

Accrued Expenses and Other Current Liabilities

Note 5 – Accrued Expenses and Other Current Liabilities

As of March 31, 2023 and December 31, 2022, accrued expenses and other current liabilities consisted of the following:


	March 31,		December 31,
	2023		2022
Accrued consulting and professional services	$	325,886	$	320,000
Accrued research and development expenses		59,090		35,524
Other		24,537		4,385
Credit card payable		22,286		50,639
Accrued travel and entertainment expenses		15,244		—
Accrued franchise tax		13,100		—
Accrued leasehold improvements		—		92,528
Total accrued expenses and other current liabilities	$	460,143	$	503,076

Commitments and Contingencies - Additional Information (Details) - Lease Agreement For Office Located In Redwood City, California [Member]	1 Months Ended
	Feb. 28, 2023 ft²
Commitments and Contingencies
Net rentable area	6,700
Lease expiration date	Aug. 31, 2023

Condensed Statements of Cash Flows (Parenthetical) - USD ($)	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Common stock one
Proceeds of stock issued during period gross		$ 14,981,299
Common stock one \| Pre-funded warrants
Proceeds of stock issued during period gross		5,741,299
Common stock two
Proceeds of stock issued during period gross	$ 886,974	886,974
Payments of debt issuance costs	$ 26,609	$ 26,609

Notes Payable - Additional Information (Details) - USD ($)		3 Months Ended
	Feb. 24, 2022	Mar. 31, 2023	Mar. 31, 2022	Aug. 24, 2023	Feb. 24, 2023	Dec. 31, 2022
Notes Payable
Short term notes payable		$ 1,218,963				$ 174,448
Repayments of notes payable		100,030	$ 111,793
Amount pledged to establish and maintain a collateralized money market account			7,875,000
Interest expense			145,237
Avenue Ventures Loan
Notes Payable
Interest expense		454,003
Interest expense related to the Loan and Security Agreement with Avenue Capital Management		450,394
D&O insurance policy loan
Notes Payable
Short term notes payable					$ 609,140
Interest rate (as a percent)				7.11%
Number of monthly payments	6 months
Debt Instrument, Periodic Payment		103,639
Loan issuance costs			143,403
Amortization of debt discount		149,490
Amortization of debt discount related to loans		$ 3,609
Repayments of loans			$ 1,834

Accrued Compensation (Tables)

3 Months Ended

Mar. 31, 2023

Accrued Compensation

Schedule of accrued compensation


	March 31,		December 31,
	2023		2022
Accrued bonus expenses	$	330,500	$	1,447,643
Accrued payroll expenses		306,689		299,548
Total accrued compensation	$	637,189	$	1,747,191

Business Organization, Nature of Operations and Basis of Presentation

3 Months Ended

Mar. 31, 2023

Business Organization, Nature of Operations and Basis of Presentation

Business Organization and Nature of Operations

Note 1 – Business Organization, Nature of Operations and Basis of Presentation

Eyenovia, Inc. (“Eyenovia” or the “Company”) is an ophthalmic technology company developing the Optejet® delivery system for use both in combination with its own drug-device therapeutic programs in mydriasis (pupil dilation), presbyopia and pediatric progressive myopia as well as out-licensing for additional indications. The Company’s investigational products are classified by the Food and Drug Administration (“FDA”) as drug-device combination products with drug primary mode of action, meaning that the Center for Drug Evaluation and Research, or CDER, is designated as the lead center with primary jurisdictional oversight. Accordingly, the product candidates are submitted to the FDA and CDER for premarket review and approval under new drug applications, or NDAs.

The accompanying unaudited condensed financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) for interim financial information and with the instructions to Form 10-Q and Article 8 of Regulation S-X. Accordingly, they do not include all of the information and disclosures required by U.S. GAAP for complete financial statements. In the opinion of management, such statements include all adjustments (consisting only of normal recurring items) which are considered necessary for a fair presentation of the condensed financial statements of the Company as of March 31, 2023 and for the three months ended March 31, 2023 and 2022. The results of operations for the three months ended March 31, 2023 are not necessarily indicative of the operating results for the full year ending December 31, 2023 or any other period. These unaudited condensed financial statements should be read in conjunction with the audited financial statements and related disclosures of the Company as of December 31, 2022 and for the year then ended, which were included in the Company’s Annual Report on Form 10-K filed with the Securities and Exchange Commission (“SEC”) on March 31, 2023, as amended by Amendment No. 1, filed with the SEC on May 1, 2023.

Going Concern and Summary of Significant Accounting Policies (Policies)

3 Months Ended

Mar. 31, 2023

Going Concern and Summary of Significant Accounting Policies

Going Concern

Reclassifications

Cash, Cash Equivalents and Restricted Cash

Net Loss Per Share of Common Stock

Net Loss Per Common Share

The following table presents the computation of basic and diluted net loss per common share:


	For the Three Months Ended
	March 31,
	2023		2022
Numerator:
Net loss	$	(5,739,366)	$	(7,339,665)
Net loss attributable to common stockholders	$	(5,739,366)	$	(7,339,665)

Denominator (weighted average quantities):
Common shares issued		37,380,976		28,032,758
Add: Prefunded warrants		—		1,870,130
Add: Undelivered vested restricted shares		29,611		105,306
Denominator for basic and diluted net loss per share		37,410,587		30,008,194

Basic and diluted net loss per common share	$	(0.15)	$	(0.24)

The following securities are excluded from the calculation of weighted average diluted common shares because their inclusion would have been anti-dilutive:


	March 31,
	2023	2022
Options	5,460,099	4,774,473
Warrants	6,087,845	7,957,975
Restricted stock units	150,578	115,329
Total potentially dilutive shares	11,698,522	12,847,777

Clinical Supply Arrangements

Recently Adopted Accounting Standards

Stockholders' Equity - Restricted stock units activity (Details)	3 Months Ended
	Mar. 31, 2023 $ / shares shares
Number of RSUs
RSUs non-vested at beginning of period \| shares	172,800
Forfeited \| shares	(22,222)
RSUs non-vested at end of the period \| shares	150,578
Vested RSUs undelivered \| shares	29,611
Weighted Average Grant Date Value Per Share
RSUs non-vested January 1, 2023 \| $ / shares	$ 1.80
Forfeited \| $ / shares	1.80
RSUs non-vested December 31, 2023 \| $ / shares	1.80
Vested RSUs undelivered September 30, 2023 \| $ / shares	$ 3.68

Stockholders' Equity (Tables)

3 Months Ended

Mar. 31, 2023

Stockholders' Equity

Schedule of Restricted Stock Units activity


		Weighted
		Average
	Number of	Grant Date Value
	RSUs	Per Share
RSUs non-vested January 1, 2023	172,800	$	1.80
Granted	—		—
Vested	—		—
Forfeited	(22,222)		1.80
RSUs non-vested March 31, 2023	150,578	$	1.80

Vested RSUs undelivered March 31, 2023	29,611	$	3.68

Schedule of Black-Scholes option pricing model to stock options granted


	For the Three Months Ended
	March 31,
	2023	2022
Expected term (years)	5.85 - 10.00	0.58 - 10.00
Risk free interest rate	3.60% - 4.18%	0.76% - 1.98%
Expected volatility	82% - 83%	82% - 90%
Expected dividends	0.00%	0.00%

Summary of the option activity




		Average		Remaining	Aggregate
	Number of	Exercise		Life	Intrinsic
	Options	Price		In Years	Value
Outstanding as of January 1, 2023	5,380,553	$	3.55
Granted	441,235		2.22
Exercised	(73,334)		1.56
Forfeited	(288,355)		3.68
Outstanding as of March 31, 2023	5,460,099	$	3.52	7.2	$	4,358,468

Exercisable as of March 31, 2023	3,933,774	$	3.78	6.3	$	2,398,462

Schedule of information related to stock options

The following table presents information related to stock options as of March 31, 2023:


Options Outstanding			Options Exercisable
			Weighted
		Outstanding	Average	Exercisable
Exercise		Number of	Remaining Life	Number of
Price		Options	In Years	Options
	$1.00 - $1.99	1,487,183	3.6	754,302
	$2.00 - $2.99	1,360,358	7.2	938,202
	$3.00 - $3.99	1,056,008	6.9	944,246
	$4.00 - $4.99	364,581	8.3	220,684
	$5.00 - $5.99	84,137	6.1	83,972
	$6.00 - $6.99	942,914	6.7	827,450
	$7.00+	164,918	5.0	164,918
		5,460,099	6.3	3,933,774