Eyenovia, Inc. provided an update on its restructuring efforts on November 22, 2024, announcing significant actions to reduce ongoing personnel-related costs by over 70%. This measure is intended to extend the company's financial runway.
Avenue Capital Management L.P. agreed to support a potential restructuring of Eyenovia’s Loan and Security Agreement. This includes deferring principal and interest payments on the company's outstanding debt until the end of February 2025.
These steps were taken immediately following the negative clinical trial results for MicroPine. Eyenovia continues to evaluate a broad range of strategic alternatives to maximize stakeholder value, which may include a business combination, reverse merger, or asset sales.
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