EYEN

Ticker: $EYEN | Sector: Biotech | Float: ~2M | Market Cap: ~$3M | Reverse Merger Pending

In January 2025, EYEN executed a 1-for-80 reverse split to stay listed on Nasdaq. Since then, it authorized a 3x increase in shares outstanding (90M → 300M). Why prepare that much dilution if fundamentals are sound?

This company is bleeding, with near-zero commercial traction despite FDA approval of Mydcombi (a combo eye drop). Q1 2025 Results: Eyenovia reported a net loss of $3.5 million ($1.59 per share) with operating expenses of $3.0 million.

Clinical Trial Setbacks: A Phase III trial for a myopia treatment did not meet its primary endpoint, resulting in workforce reductions and strategic realignments.

Betaliq becomes public fast and cheap, while Eyenovia offloads its failing operations in exchange for a stake in the new, hopefully more viable, combined company.

Some red flags-
Failed trials ,Minimal revenue, High cash burn previous reverse split (1-for-80) to avoid Nasdaq delisting