{"id":84174,"date":"2023-11-13T22:04:48","date_gmt":"2023-11-14T03:04:48","guid":{"rendered":"https:\/\/ifintechworld.com\/news\/eyenovia-inc-eyen-q3-2023-earnings-call-transcript\/"},"modified":"2023-11-13T22:04:49","modified_gmt":"2023-11-14T03:04:49","slug":"eyenovia-inc-eyen-q3-2023-earnings-call-transcript","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=84174","title":{"rendered":"Eyenovia, Inc. (EYEN) Q3 2023 Earnings Call Transcript"},"content":{"rendered":"<div data-test-id=\"content-container\">\n<p>Eyenovia, Inc. (<span class=\"ticker-hover-wrapper\">NASDAQ:EYEN<\/span>) Q3 2023 Earnings Conference Call November 13, 2023 4:30 PM ET<\/p>\n<p><strong>Company Participants<\/strong><\/p>\n<p>Glenn Garmont &#8211; LifeSci Partners, IR<\/p>\n<p>Michael Rowe &#8211; Chief Executive Officer<\/p>\n<p>John Gandolfo &#8211; Chief Financial Officer<\/p>\n<p>Bren Kern &#8211; Chief Operating Officer<\/p>\n<p><strong>Conference Call Participants<\/strong><\/p>\n<p>John Boyle &#8211; William Blair<\/p>\n<p>Raymond Wu &#8211; Ladenburg Thalmann<\/p>\n<p>Len Yaffe &#8211; Stoc*Doc Partners<\/p>\n<p><strong>Operator<\/strong><\/p>\n<p>Good day, ladies and gentlemen. And welcome to Eyenovia\u2019s Third Quarter of 2023 Earnings Conference Call. At this time, all participants are in listen-only mode. A question-and-answer session will follow the formal presentation. As a reminder this conference is being recorded.<\/p>\n<p>I will now turn the call over to Glenn Garmont. Please go ahead sir.<\/p>\n<p><strong>Glenn Garmont<\/strong><\/p>\n<p>Thank you, Judith. Good afternoon. And welcome everybody to Eyenovia\u2019s third quarter 2023 earnings conference call and audio webcast. With me today are Eyenovia\u2019s Chief Executive Officer, Michael Rowe; Chief Financial Officer, John Gandolfo; and Chief Operating Officer, Bren Kern.<\/p>\n<p>This afternoon we issued a press release announcing financial results for the three months ended September 30, 2023. We encourage everybody to read today\u2019s press release, as well as Eyenovia\u2019s quarterly report on Form 10-Q for the quarter ended September 30, 2023 which will be filed with the SEC tomorrow November 14th and our most recently filed Form 10-K.<\/p>\n<p>The company\u2019s press release and annual report are also available on our website at www.eyenovia.com. In addition, this conference call is being webcast to the company\u2019s website and will be archived there for future reference.<\/p>\n<p>Please note that on today\u2019s call we will be discussing product, product concepts and candidates some of which have yet to receive FDA approval. Please also note that certain information discussed on the call today is covered under the Safe Harbor provision of the Private Securities Litigation Reform Act.<\/p>\n<p>We<span class=\"paywall-full-content invisible\"> caution listeners that during the call Eyenovia\u2019s management will be making forward-looking statements. Actual results could differ materially from those stated or implied by these forward-looking statements due to risks and uncertainties associated with the company\u2019s business. These forward-looking statements are subject to a number of risks, which are described in more detail<span class=\"paywall-full-content no-summary-bullets invisible\"> in our annual report on Form 10-K.<\/span><\/span><\/p>\n<p class=\"paywall-full-content invisible no-summary-bullets\">This conference call contains time-sensitive information that is accurate only as of the date of this live broadcast November 13, 2023. Eyenovia undertakes no obligation to revise or update any forward-looking statements to reflect events or circumstances after the date of this conference call, except as may be required by applicable securities law.<\/p>\n<p class=\"paywall-full-content invisible no-summary-bullets\">And with that said, I\u2019d like to turn the call over to Mike Rowe, Eyenovia\u2019s Chief Executive Officer. Michael?<\/p>\n<p class=\"paywall-full-content invisible no-summary-bullets\"><strong>Michael Rowe<\/strong><\/p>\n<p class=\"paywall-full-content invisible no-summary-bullets\">Thank you, Glenn. And welcome everyone to our third quarter 2023 financial results conference call. Eyenovia had a highly productive third quarter both in terms of tangible results, as well as setting the stage for our future success.<\/p>\n<p class=\"paywall-full-content invisible no-summary-bullets\">I\u2019m excited to share our progress and plans this afternoon as we prepare for our targeted launch of Mydcombi, the potential approval and launch of APP13007 and future partnerships in glaucoma and dry eye to leverage and monetize the Optejet technology beyond our own development programs.<\/p>\n<p class=\"paywall-full-content invisible no-summary-bullets\">Let\u2019s start with our commercial preparations for the Mydcombi launch. For those of you who might not be familiar with Mydcombi, it\u2019s the first and only FDA approved fixed combination of two popular pupil dilation drugs and the first electromechanical spray platform using the Optejet.<\/p>\n<p class=\"paywall-full-content invisible no-summary-bullets\">Earlier this month we were thrilled to announce that our contract manufacturer Coastline International was approved by the FDA for Mydcombi commercial manufacturing. Production has already begun at Coastline and we expect to receive finished product into our warehouse in January 2024.<\/p>\n<p class=\"paywall-full-content invisible no-summary-bullets\">In addition to manufacturing Mydcombi, we are also continuing to prepare the market and raise awareness about the product and the Optejet technology. Last week we sponsored a course during the International Joint Commission on Allied Health Personnel in Ophthalmology\u2019s 51st Annual Continuing Education program. The course was offered to ophthalmic technicians and provided hands-on experience with our Optejet dispensing technology and the use of Mydcombi.<\/p>\n<p class=\"paywall-full-content invisible no-summary-bullets\">We also had a significant exhibition booth at the American Academy of Ophthalmology and collected many leads and product requests from doctors who believe the technology addresses a significant unmet need in their practice.<\/p>\n<p class=\"paywall-full-content invisible no-summary-bullets\">Last month we presented data at the American Academy of Optometry annual meeting demonstrating the Optejet\u2019s ability to maintain sterility even when exposed to a high microbial load. This presentation was particularly timely, given all the recent news about contaminated over-the-counter eye drops being pulled off the shelves of major drugstore chains and retailers due to the risk of serious eye infection and even blindness.<\/p>\n<p class=\"paywall-full-content invisible no-summary-bullets\">In conditions that far exceed the microbial load that the Optejet would be exposed to in actual daily use, the device demonstrated its ability to maintain product sterility. We are now in the process of validating the Optejet\u2019s ability to deliver topical medication without preservatives for an extended period of time.<\/p>\n<p class=\"paywall-full-content invisible no-summary-bullets\">Our activities at these professional meetings have been a great avenue to continue socializing Mydcombi to ophthalmologists, optometrists and technicians, and positions us well for a commercial launch of Mydcombi early next year.<\/p>\n<p class=\"paywall-full-content invisible no-summary-bullets\">The current U.S. market for pupil dilation is valued at approximately $250 million and we feel we are poised to take a good portion of that market share over the coming years, especially when we move to our next generation device. More information including ordering instructions and customer reaction to this unique product will appear shortly on mydcombi.com.<\/p>\n<p class=\"paywall-full-content invisible no-summary-bullets\">In 2024, we not only anticipate Mydcombi generating revenue for us, but we are looking forward to the potential FDA approval of APP13007 in early March 2024. We recently announced an agreement with Formosa Pharmaceuticals to acquire the exclusive U.S. rights to distribute and sell APP13007 or clobetasol propionate ophthalmic solution.<\/p>\n<p class=\"paywall-full-content invisible no-summary-bullets\">APP13007 is a potent steroid with a highly desirable safety and efficacy profile. It is currently under FDA review for post-ocular surgery inflammation and pain. Unlike almost all alternatives, this product is intended to be dosed twice daily without titration, which is significantly more convenient than the 4 times a day dosing regimens with titration for existing treatments.<\/p>\n<p class=\"paywall-full-content invisible no-summary-bullets\">There are approximately 7 million ocular surgeries annually and almost all of these procedures utilize topical steroids during the recovery process. This is potentially a significant market for us and we expect to leverage our planned 10-person sales force for both Mydcombi and APP13007 and add significant value to optometry and ophthalmology offices and surgical centers.<\/p>\n<p class=\"paywall-full-content invisible no-summary-bullets\">In addition to providing near-term revenue, APP13007 has the potential for additional indications in the Optejet, including dry eye, a multi-billion-dollar market opportunity. Following the potential approval for the post-surgical indication on March 4th of next year, we look forward to working with Formosa and the FDA to determine the most efficient path forward for this new product.<\/p>\n<p class=\"paywall-full-content invisible no-summary-bullets\">We continue to explore additional partnering opportunities that we believe will benefit our company and our shareholders, specifically in glaucoma and dry eye, and we will provide you with updates on these developments when appropriate.<\/p>\n<p class=\"paywall-full-content invisible no-summary-bullets\">I\u2019ll provide a brief regulatory update now. We have always believed that the Optejet, due to its ergonomic design that eliminates the need for head tilting and handling small eyedropper bottles, would be easier to use in many populations than currently available topical options. In our own market research that we shared with you in the past, consumers and patients reported using eye drops was among the most difficult ways to use medication that they experienced.<\/p>\n<p class=\"paywall-full-content invisible no-summary-bullets\">With that in mind, we recently held a successful meeting with the FDA to ask how we might demonstrate this benefit. We confirmed with the agency that there is a path forward to include language in our labeling that covers patients who have difficulty or cannot reliably use eye drops, as long as we provide evidence of a clinical benefit, either in efficacy or safety, of the eye &#8212; of the Optejet product compared to the eye drop product.<\/p>\n<p class=\"paywall-full-content invisible no-summary-bullets\">We believe such labeling would not only help prescribers select our future products in classes such as glaucoma or dry eye, but this difference could lead to better formulary coverage for Optejet products, as they would be the only products to provide an option for patients who have a challenging time with eye drops.<\/p>\n<p class=\"paywall-full-content invisible no-summary-bullets\">Now turning to Apersure, our proprietary topical on-demand pilocarpine-based therapeutic candidate that we are developing for the temporary improvement in near vision associated with presbyopia.<\/p>\n<p class=\"paywall-full-content invisible no-summary-bullets\">Apersure is being designed with our more advanced Gen 2 Optejet device, which has been optimized for in-home use. These will be manufactured in our Redwood City facility, which is currently prioritizing manufacturing the Gen 2 device to supply our partners Bausch + Lomb and Arctic Vision with product for use in their pediatric myopia studies at the beginning of 2024.<\/p>\n<p class=\"paywall-full-content invisible no-summary-bullets\">As a reminder, we are paid by our partners for reducing the supply and that income helps cover a portion of our overhead for that facility. Because of this, we have moved the manufacture of registration batches for Apersure into the first quarter of 2024. We do not believe this change will materially impact the eventual timing of the Apersure launch, as the market for topical presbyopia treatments continues to evolve and mature, as evidenced by the performance to-date of the only presbyopia eye drop currently on the market.<\/p>\n<p class=\"paywall-full-content invisible no-summary-bullets\">Finally, for a corporate update, we are pleased to announce the appointment of Mr. Michael Geltzeiler to our Board of Directors as an Independent Director and Chair of our Audit Committee.<\/p>\n<p class=\"paywall-full-content invisible no-summary-bullets\">Mike comes to us with more than 35 years of senior financial leadership experience, including as former Chief Financial Officer of ADT Corporation, New York Stock Exchange Euronext, Reader\u2019s Digest Association and A.C. Nielsen. Mike previously served on the boards of Cypress Creek Renewables and the Euronext Supervisory Board, and is currently a board member for Madison Square Boys and Girls Club and the University of Delaware. We are excited to have Mike on board and look forward to his guidance and insights.<\/p>\n<p class=\"paywall-full-content invisible no-summary-bullets\">At this point, I\u2019d like to turn the call over to our Chief Operating Officer, Bren Kern, for our manufacturing update. Bren?<\/p>\n<p class=\"paywall-full-content invisible no-summary-bullets\"><strong>Bren Kern<\/strong><\/p>\n<p class=\"paywall-full-content invisible no-summary-bullets\">Thank you, Michael. We have made significant progress in the third quarter as we continue to build up our manufacturing capabilities to support Mydcombi, our Optejet platform in the Gen 2 configuration and registration batches for Apersure.<\/p>\n<p class=\"paywall-full-content invisible no-summary-bullets\">As Michael mentioned, we\u2019re delighted that the FDA approved the use of additional manufacturing site, Coastline International, to support the Mydcombi launch. Coastline has already commenced manufacturing of commercial products in support of a broader commercial launch of Mydcombi in the first quarter of 2024.<\/p>\n<p class=\"paywall-full-content invisible no-summary-bullets\">As our Redwood City facility is currently under review with the FDA as an additional commercial manufacturing site for Mydcombi with a PDUFA date in February of 2024. Our Redwood City facility is also working towards qualifying our Gen 2 fill and finish lines for both the clinical trial supplier of MicroPine and registration batches for Apersure. As Michael mentioned, we\u2019re targeting the delivery of batches for our partners and the initiation of Apersure registration batches in the quarter of 2024.<\/p>\n<p class=\"paywall-full-content invisible no-summary-bullets\">Additionally, our Reno facility continues to make significant progress in establishing base and ejector manufacturing. Recall, in our last earnings call, we indicated that we had installed the manufacturing equipment. Since then, the manufacturing team has been optimizing the operation of equipment, including generating qualification protocols and we are targeting the commencement of protocol execution before the end of the year.<\/p>\n<p class=\"paywall-full-content invisible no-summary-bullets\">We continue to make significant progress in increasing our manufacturing capacity. I remain confident that we\u2019ll be well positioned to meet the anticipated demand for Mydcombi, as well as for the other Optejet-based products in clinical developments.<\/p>\n<p class=\"paywall-full-content invisible no-summary-bullets\">I would now like to turn the call over to our Chief Financial Officer, John Gandolfo, to provide a financial update. John?<\/p>\n<p class=\"paywall-full-content invisible no-summary-bullets\"><strong>John Gandolfo<\/strong><\/p>\n<p class=\"paywall-full-content invisible no-summary-bullets\">Thank you, Bren. For the third quarter of 2023, net loss was approximately $7.3 million or $0.18 per share, compared to a net loss of approximately $7.3 million or $0.21 per share for the third quarter of 2022. The third quarter of 2023 includes approximately $400,000 of non-recovering expenses associated with the rework or replacement of certain clinical trial Gen 1 devices, which were found to be defective after shipment to a licensee. The rework or replacement is not expected to have any impact on the enrollment or timing of Bausch\u2019s CHAPERONE study.<\/p>\n<p class=\"paywall-full-content invisible no-summary-bullets\">Research and development expenses totaled approximately $3.6 million for the third quarter of 2023, as compared to $3.9 million for the third quarter of 2022. For the third quarter of 2023, G&amp;A expenses were approximately $2.9 million, compared to $3.4 million for the third quarter of 2022. Total operating expenses for the third quarter of 2023 were approximately $6.5 million, compared to $7.2 million for the third quarter of 2022.<\/p>\n<p class=\"paywall-full-content invisible no-summary-bullets\">As of September 30, 2023, the company\u2019s cash and cash equivalents were approximately $20.7 million, compared to $22.9 million as of December 31, 2022. For a brief update on our licensing revenues, in addition to the cash balance noted above, we have the receivables from our licensed partners of approximately $400,000 as of September 30, 2023. And in addition, we expect a product development milestone payment of approximately $1.8 million from Arctic Vision that we anticipate in the first quarter of 2024.<\/p>\n<p class=\"paywall-full-content invisible no-summary-bullets\">I\u2019ll now provide an update on our existing licensing programs with Bausch Health for MicroPine in the U.S. and Canada, and Arctic Vision for all three of our products in China and South Korea. Bausch + Lomb is continuing to enroll in the ongoing Phase III CHAPERONE trial of MicroPine, a proprietary atropine formulation for the reduction of pediatric myopia progression. It has been shown in clinical studies to slow myopia progression by 60% or more. There are currently no FDA-approved drug therapies for this indication, and if left untreated, this can result in retinal detachment, myopic retinopathy and vision loss.<\/p>\n<p class=\"paywall-full-content invisible no-summary-bullets\">Our agreement with Arctic Vision covers Greater China and South Korea, and covers MicroPine, MicroLine and Mydcombi, and provides us sales royalties in addition to development milestones.<\/p>\n<p class=\"paywall-full-content invisible no-summary-bullets\">MicroPine in particular is a significant opportunity in China for pediatric myopia. If approved, MicroPine could be a significant source of non-deliverable funding for our company over the long-term.<\/p>\n<p class=\"paywall-full-content invisible no-summary-bullets\">To-date, our license agreements have generated approximately $16 million in license fees and with the potential to earn an additional $60 million in net license and development milestones and reimbursable expenses over the next four years.<\/p>\n<p class=\"paywall-full-content invisible no-summary-bullets\">If our products are approved upon commercialization, Eyenovia is also eligible to earn significant sales royalties. We are continuing to assess potential pipeline expansion opportunities similar to our Formosa agreement and we will continue to leverage the Optejet technology to address unmet needs and additional large ophthalmic indications.<\/p>\n<p class=\"paywall-full-content invisible no-summary-bullets\">In conclusion, we are very pleased with our performance in the third quarter of 2023 and to summarize our key highlights today, we acquired exclusive U.S. commercial rights to APP13007 as a potential treatment for post-surgical ocular pain and inflammation from Formosa Pharmaceuticals.<\/p>\n<p class=\"paywall-full-content invisible no-summary-bullets\">We achieved our first commercial sale of Mydcombi in August 2023 and continue to carry out our targeted launch. Gen 2 Optejet production continues to advance and we\u2019re continuing to build out our manufacturing capabilities to support Mydcombi production with Coastline Manufacturing now in production and a Redwood City facility anticipated to come online early 2024.<\/p>\n<p class=\"paywall-full-content invisible no-summary-bullets\">And our licensing agreements with Arctic Vision and Bausch + Lomb are progressing well and remain a promising avenue for significant development and regulatory milestones, as well as the potential for additional sales royalties.<\/p>\n<p class=\"paywall-full-content invisible no-summary-bullets\">This concludes our prepared remarks. We would now like to open the call to questions. Operator?<\/p>\n<p id=\"question-answer-session\" class=\"paywall-full-content invisible no-summary-bullets\"><strong>Question-and-Answer Session<\/strong><\/p>\n<p class=\"paywall-full-content invisible no-summary-bullets\"><strong>Operator<\/strong><\/p>\n<p class=\"paywall-full-content invisible no-summary-bullets\">Thank you, sir. [Operator Instructions] Our first question comes from Tim Lugo of William Blair. Please go ahead.<\/p>\n<p class=\"paywall-full-content invisible no-summary-bullets\"><strong><span class=\"question\">John Boyle<\/span><\/strong><\/p>\n<p class=\"paywall-full-content invisible no-summary-bullets\">This is John on for Tim. Thanks so much for taking our question. So I was wondering if you could give us\u2026<\/p>\n<p class=\"paywall-full-content invisible no-summary-bullets\"><strong><span class=\"answer\">Michael Rowe<\/span><\/strong><\/p>\n<p class=\"paywall-full-content invisible no-summary-bullets\">Hi, John.<\/p>\n<p class=\"paywall-full-content invisible no-summary-bullets\"><strong><span class=\"question\">John Boyle<\/span><\/strong><\/p>\n<p class=\"paywall-full-content invisible no-summary-bullets\">\u2026 any color on what, if any, gating factors you have remaining to getting 13007 into the clinic for dry eye disease or are you just waiting for the PDUFA before moving forward? And as a follow-up, just wondering if you could provide any early thoughts on the trial design study indication? Thanks.<\/p>\n<p class=\"paywall-full-content invisible no-summary-bullets\"><strong><span class=\"answer\">Michael Rowe<\/span><\/strong><\/p>\n<p class=\"paywall-full-content invisible no-summary-bullets\">We are waiting for the PDUFA because once that is done, then we can reference that file for all of the preclinical and safety information. Saves us a lot of time. So the idea would be with the product, we could go directly into Phase III. We\u2019ve spoken with the FDA. It would be two relatively short-term Phase III studies because the initial indication would be in acute dry eye.<\/p>\n<p class=\"paywall-full-content invisible no-summary-bullets\">So this would be used as an adjunct for flare-ups, for example, which is common because the current dry eye products don\u2019t do a particularly good job at solving the issue. So we\u2019ve had the discussions, we know what the design would be and we\u2019re waiting at this point for the approval because to go forward we would want to reference the approved drug.<\/p>\n<p class=\"paywall-full-content invisible no-summary-bullets\"><strong><span class=\"question\">John Boyle<\/span><\/strong><\/p>\n<p class=\"paywall-full-content invisible no-summary-bullets\">Very helpful. Thanks so much.<\/p>\n<p class=\"paywall-full-content invisible no-summary-bullets\"><strong>Operator<\/strong><\/p>\n<p class=\"paywall-full-content invisible no-summary-bullets\">Our next question comes from Matt Kaplan of Ladenburg Thalmann. Please go ahead.<\/p>\n<p class=\"paywall-full-content invisible no-summary-bullets\"><strong><span class=\"question\">Raymond Wu<\/span><\/strong><\/p>\n<p class=\"paywall-full-content invisible no-summary-bullets\">Oh! Hi. This is Raymond in for Matt. Thanks for taking our questions and congrats on all the progress. Just wanted to ask about, perhaps, the drivers and moving parts for Mydcombi Revenue as the launch is near in near-term, and I was wondering, is it state licenses, sales force rollout, any additional color would be helpful? And I just have one more follow-up question. Thanks.<\/p>\n<p class=\"paywall-full-content invisible no-summary-bullets\"><strong><span class=\"answer\">Michael Rowe<\/span><\/strong><\/p>\n<p class=\"paywall-full-content invisible no-summary-bullets\">Sure. Thanks for calling. The state licenses are falling into place. So at this point it\u2019s manufacturing which is underway. So we need to get the product into the warehouse in January. The two sales force leaders have been hired. They\u2019re now going to hire the remainder of the sales force and that\u2019s time for when the product actually is available. So at this point everything is moving the way we would expect it and I would anticipate first sales the end of January.<\/p>\n<p class=\"paywall-full-content invisible no-summary-bullets\"><strong><span class=\"question\">Raymond Wu<\/span><\/strong><\/p>\n<p class=\"paywall-full-content invisible no-summary-bullets\">Appreciate that. Yeah. And I guess, you mentioned in prepared remarks the Gen 2 device. The FDA mentioned clinical efficacy. Is that more superiority or non-inferiority over eye drops?<\/p>\n<p class=\"paywall-full-content invisible no-summary-bullets\"><strong><span class=\"answer\">Michael Rowe<\/span><\/strong><\/p>\n<p class=\"paywall-full-content invisible no-summary-bullets\">Well, I\u2019ll give you an example and I\u2019ll use safety as an example. We know that the Optejet delivers one-fourth or one-fifth the dose, for example, of conventional eye drops. So if you use beta blockers as an example, if you take a beta blocker as an eye drop and this is in the literature, it actually slows your heart rate by one or two beats per minute as a systemic side effect because the majority of that beta blocker you\u2019re going to end up drinking because you\u2019re overdosing the eye.<\/p>\n<p class=\"paywall-full-content invisible no-summary-bullets\">If you use the Optejet, you will have significantly less available systemically and it is likely that we would be able to show that you don\u2019t have that impact, that safety impact, because you are getting the lower dose. That\u2019s the kind of thing that could end up in the label to differentiate the product.<\/p>\n<p class=\"paywall-full-content invisible no-summary-bullets\"><strong><span class=\"question\">Raymond Wu<\/span><\/strong><\/p>\n<p class=\"paywall-full-content invisible no-summary-bullets\">Appreciate the color and I\u2019ll hop back in the queue. Thanks.<\/p>\n<p class=\"paywall-full-content invisible no-summary-bullets\"><strong><span class=\"answer\">Michael Rowe<\/span><\/strong><\/p>\n<p class=\"paywall-full-content invisible no-summary-bullets\">Thank you.<\/p>\n<p class=\"paywall-full-content invisible no-summary-bullets\"><strong>Operator<\/strong><\/p>\n<p class=\"paywall-full-content invisible no-summary-bullets\">Our next question comes from Len Yaffe of Stoc*Doc Partners. Please go ahead.<\/p>\n<p class=\"paywall-full-content invisible no-summary-bullets\"><strong><span class=\"question\">Len Yaffe<\/span><\/strong><\/p>\n<p class=\"paywall-full-content invisible no-summary-bullets\">Thank you very much. Hi, Mike. I want to ask you a question about AP13 bond (sic) [APP13007] and I was wondering, I was very excited to hear you talk about the dry eye application because that\u2019s seemingly a very large market. Could you discuss to the extent you have data in the U.S. the size of that market? How much of it is Xiidra and Restasis versus over-the-counter drops? And you mentioned initially you\u2019ll be competing in the acute dry eye segment. How big of the total dry eye market is that? And it seems like this would be a perfect drug to be put in the Gen 2 Optejet device. How much more do you think that could potentially expand the use of the drug, given that you\u2019d have it available in Optejet? Thanks so much.<\/p>\n<p class=\"paywall-full-content invisible no-summary-bullets\"><strong><span class=\"answer\">Michael Rowe<\/span><\/strong><\/p>\n<p class=\"paywall-full-content invisible no-summary-bullets\">Thank you, Len, and I think I\u2019m going to steal that AP13 bond from now on. It\u2019s easier to say. We think it\u2019s a tremendous opportunity, and let me start with why in the Optejet, and I\u2019ll go back to when we talked to the FDA about differentiating the Optejet from an eye drop.<\/p>\n<p class=\"paywall-full-content invisible no-summary-bullets\">One of the issues with steroids as a class is that, historically, when you use them for an extended period of time, they can cause something called an IOP spike, which is a transient intraocular pressure increase, which you don\u2019t want to see in patients who are sensitive, like patients who have glaucoma. So the FDA is very concerned about that.<\/p>\n<p class=\"paywall-full-content invisible no-summary-bullets\">Now, clobetasol, the formulation we have in clinical trials, we only saw that in one patient out of 180, which is basically the same as you would see in the general population without drug. So we think this is a particularly good drug for dry eye, because you don\u2019t see the IOP spike to begin with.<\/p>\n<p class=\"paywall-full-content invisible no-summary-bullets\">But the benefit of using the Optejet is because you\u2019re delivering one-quarter to one-fifth of dose, is that if these IOP spikes are related to dosing, you should see it even less, which would be the additional benefit, while still getting the dry eye pain and inflammation relief. So that\u2019s why we want to put it into the Optejet to get that additional benefit.<\/p>\n<p class=\"paywall-full-content invisible no-summary-bullets\">As for the market opportunity for people who are on Cyclosporine or Restasis or on Lifitegrast, many of you know that that\u2019s not enough and you\u2019re still using artificial tears and you\u2019re still having problems. So this would be a product, if approved, that you would use for those times where it\u2019s getting just a little bit too much and you need something for 14 weeks to calm down the ocular surface.<\/p>\n<p class=\"paywall-full-content invisible no-summary-bullets\">In terms of market size, it doesn\u2019t really compete with the other drugs. It\u2019s used in addition to them from time-to-time. There are millions and millions of patients out there. So this could easily be a multi-billion-dollar opportunity for the right drug and we think we have something that is really special with a AP13 bond. Thank you.<\/p>\n<p class=\"paywall-full-content invisible no-summary-bullets\"><strong><span class=\"question\">Len Yaffe<\/span><\/strong><\/p>\n<p class=\"paywall-full-content invisible no-summary-bullets\">Okay. And secondly, could you comment on when the MicroPine studies would be complete, either by Bausch or Arctic so the drug could be ready for filing, given that that market, especially post-pandemic and younger folks spending so much time on their cell phones either texting or playing video games, so the incidence of progressive myopia is increasing. It seems like it\u2019s a very large market.<\/p>\n<p class=\"paywall-full-content invisible no-summary-bullets\"><strong><span class=\"answer\">Michael Rowe<\/span><\/strong><\/p>\n<p class=\"paywall-full-content invisible no-summary-bullets\">Yeah. I can\u2019t speak for either of those companies as they\u2019re operating their own studies. I can tell you that in previous conversations, I know that they would like to finish their enrollment in 2024, so assuming that\u2019s the case, it\u2019s three years to an efficacy endpoint, after that which would take you to the end of 2027, so I think any kind of filing would probably be in 2028.<\/p>\n<p class=\"paywall-full-content invisible no-summary-bullets\"><strong><span class=\"question\">Len Yaffe<\/span><\/strong><\/p>\n<p class=\"paywall-full-content invisible no-summary-bullets\">Great. And when you refer to it as bond, I\u2019ll take a little like C or P with my name after it. So if that\u2019s appropriate. Thanks so much.<\/p>\n<p class=\"paywall-full-content invisible no-summary-bullets\"><strong><span class=\"answer\">Michael Rowe<\/span><\/strong><\/p>\n<p class=\"paywall-full-content invisible no-summary-bullets\">Fair enough. Thank you.<\/p>\n<p class=\"paywall-full-content invisible no-summary-bullets\"><strong>Operator<\/strong><\/p>\n<p class=\"paywall-full-content invisible no-summary-bullets\">Thank you. Ladies and gentlemen, we have reached the end of the question-and-answer session. I will now hand over to Michael Rowe for closing remarks.<\/p>\n<p class=\"paywall-full-content invisible no-summary-bullets\"><strong>Michael Rowe<\/strong><\/p>\n<p class=\"paywall-full-content invisible no-summary-bullets\">Thank you, Operator, and thank all of you for joining us today and that concludes today\u2019s call. We are very pleased with the year we have had so far and we are excited to close out 2023 with strong momentum. So thank you again for joining us. We look forward to our full fiscal year update in March or April of next year.<\/p>\n<p class=\"paywall-full-content invisible no-summary-bullets\"><strong>Operator<\/strong><\/p>\n<p class=\"paywall-full-content invisible no-summary-bullets\">Thank you. Ladies and gentlemen, that concludes today\u2019s event. Thank you for joining us and you may now disconnect your lines.<\/p>\n<\/div>\n<p>Read the full article <a href=\"https:\/\/seekingalpha.com\/article\/4651397-eyenovia-inc-eyen-q3-2023-earnings-call-transcript?source=feed_all_articles\" target=\"_blank\" rel=\"noopener\">here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Eyenovia, Inc. (NASDAQ:EYEN) Q3 2023 Earnings Conference Call November 13, 2023 4:30 PM ET Company Participants Glenn Garmont &#8211; LifeSci Partners, IR Michael Rowe &#8211; Chief Executive Officer John Gandolfo &#8211; Chief Financial Officer Bren Kern &#8211; Chief Operating Officer Conference Call Participants John Boyle &#8211; William Blair Raymond Wu &#8211; Ladenburg Thalmann Len Yaffe [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":613,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"gallery","meta":{"footnotes":""},"categories":[236],"tags":[83],"class_list":["post-84174","post","type-post","status-publish","format-gallery","has-post-thumbnail","hentry","category-news","tag-featured","post_format-post-format-gallery"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v20.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Eyenovia, Inc. 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