Eyenovia, Inc. announced on March 20, 2025, that it has entered into a non-binding letter of intent (LOI) contemplating a potential reverse merger transaction with Betaliq, Inc. Betaliq is a clinical-stage pharmaceutical company focused on glaucoma.
The proposed merger aims to create a new ophthalmic company by combining Betaliq’s EyeSol water-free drug delivery technology with Eyenovia’s Optejet device platform. The transaction assumes a value for Betaliq of approximately $77 million and a value for Eyenovia of approximately $15 million, assuming zero cash net of liabilities at merger closing.
Under the proposed terms, Betaliq equity holders would own approximately 83.7% of the combined company, while Eyenovia equity holders would own approximately 16.3% on a fully diluted basis. The EyeSol technology, already used in FDA-approved topical eye care medications like MEIBO and VEVYE, is compatible with the Optejet device.
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