Eyenovia (EYEN) 10-Q 14 May 21 2021 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2021	May 12, 2021
Document and Entity Information
Document Type	10-Q
Document Period End Date	Mar. 31, 2021
Entity Registrant Name	EYENOVIA, INC.
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
Trading Symbol	EYEN
Entity Shell Company	false
Title of 12(b) Security	Common Stock, $0.0001 Par Value
Security Exchange Name	NASDAQ
Entity Common Stock, Shares Outstanding		25,855,599
Entity Central Index Key	0001682639
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q1
Amendment Flag	false

Condensed Balance Sheets

Condensed Balance Sheets - USD ($)	Mar. 31, 2021	Dec. 31, 2020
Current Assets:
Cash and cash equivalents	$ 24,907,048	$ 28,371,828
Deferred license costs	800,000	1,600,000
License fee and expense reimbursements receivables	908,231	2,966,039
Prepaid expenses and other current assets	1,409,929	453,478
Total Current Assets	28,025,208	33,391,345
Property and equipment, net	707,419	396,380
Security deposit	119,035	119,035
Total Assets	28,851,662	33,906,760
Current Liabilities:
Accounts payable	1,815,117	1,461,665
Accrued compensation	570,732	1,150,672
Accrued expenses and other current liabilities	1,189,092	1,480,692
Deferred rent - current portion	6,857	7,809
Deferred license fee	12,000,000	14,000,000
Notes payable - current portion	783,818	97,539
Total Current Liabilities	16,365,616	18,198,377
Deferred rent - non-current portion	38,634	38,684
Notes payable - non-current portion	307,291	365,814
Total Liabilities	16,711,541	18,602,875
Commitments and contingencies (Note 7)
Stockholders' Equity:
Preferred stock, $0.0001 par value, 6,000,000 shares authorized; 0 shares issued and outstanding as of March 31, 2021 and December 31, 2020, respectively	0	0
Common stock, $0.0001 par value, 90,000,000 shares authorized; 25,623,577 and 24,978,585 shares issued and outstanding as of March 31, 2021 and December 31, 2020, respectively	2,563	2,498
Additional paid-in capital	94,930,144	92,742,306
Accumulated deficit	(82,792,586)	(77,440,919)
Total Stockholders' Equity	12,140,121	15,303,885
Total Liabilities and Stockholders' Equity	$ 28,851,662	$ 33,906,760

Condensed Balance Sheets (Paren

Condensed Balance Sheets (Parenthetical) - $ / shares	Mar. 31, 2021	Dec. 31, 2020
Condensed Balance Sheets
Preferred Stock, Par or Stated Value Per Share	$ 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 or Stated Value Per Share	$ 0.0001	$ 0.0001
Common Stock, Shares Authorized	90,000,000	90,000,000
Common Stock, Shares, Issued	25,623,577	24,978,585
Common Stock, Shares, Outstanding	25,623,577	24,978,585

Condensed Statements of Operati

Condensed Statements of Operations - USD ($)	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Operating Income
Revenue	$ 2,000,000
Cost of revenue	(800,000)
Gross Profit	1,200,000
Operating Expenses:
Research and development	4,247,726	$ 3,634,287
General and administrative	2,300,327	1,836,782
Total Operating Expenses	6,548,053	5,471,069
Loss From Operations	(5,348,053)	(5,471,069)
Other Income (Expense):
Interest expense	(5,148)	(3,681)
Interest income	1,534	23,840
Net Loss	$ (5,351,667)	$ (5,450,910)
Net Loss Per Share
- Basic and Diluted	$ (0.21)	$ (0.31)
Weighted Average Number of Common Shares Outstanding
- Basic and Diluted	25,330,563	17,308,804

Condensed Statements of Changes

Condensed Statements of Changes in Stockholders' Equity - USD ($)		Common Stock	Additional Paid-In Capital	Accumulated Deficit	Total
Balance at Dec. 31, 2019		$ 1,710	$ 69,409,949	$ (57,671,052)	$ 11,740,607
Balance (in shares) at Dec. 31, 2019		17,100,726
Issuance of common stock and warrants in private placement	[1]	$ 267	5,451,475	0	5,451,742
Issuance of common stock and warrants in private placement(in shares)	[1]	2,675,293
Stock-based compensation		$ 0	583,865	0	583,865
Net loss		0	0	(5,450,910)	(5,450,910)
Balance at Mar. 31, 2020		$ 1,977	75,445,289	(63,121,962)	12,325,304
Balance (in shares) at Mar. 31, 2020		19,776,019
Balance at Dec. 31, 2020		$ 2,498	92,742,306	(77,440,919)	15,303,885
Balance (in shares) at Dec. 31, 2020		24,978,585
Exercise of stock warrants		$ 65	1,530,925		1,530,990
Exercise of stock warrants (in shares)		644,992
Stock-based compensation		$ 0	656,913	0	656,913
Net loss		0	0	(5,351,667)	(5,351,667)
Balance at Mar. 31, 2021		$ 2,563	$ 94,930,144	$ (82,792,586)	$ 12,140,121
Balance (in shares) at Mar. 31, 2021		25,623,577
[1]	Includes gross proceeds of $5,984,931, less total issuance costs of $533,189.

Condensed Statements of Chang_2

Condensed Statements of Changes in Stockholders' Equity (Parenthetical) - Common Stock One [Member]	3 Months Ended
	Mar. 31, 2020USD ($)
Proceeds Of Stock Issued During Period Gross	$ 5,984,931
Adjustments to Additional Paid in Capital, Stock Issued, Issuance Costs	$ 533,189

Condensed Statements of Cash Fl

Condensed Statements of Cash Flows - USD ($)		3 Months Ended
		Mar. 31, 2021	Mar. 31, 2020
Cash Flows From Operating Activities
Net loss		$ (5,351,667)	$ (5,450,910)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation of property and equipment		33,281	28,229
Stock-based compensation		656,913	583,865
Changes in operating assets and liabilities:
Prepaid expenses and other current assets		(251,091)	(189,021)
License fee and expense reimbursements receivables		2,057,808	0
Deferred license costs		800,000	0
Accounts payable		353,452	(288,600)
Accrued compensation		(579,940)	(568,864)
Accrued expenses and other current liabilities		(291,600)	(32,623)
Deferred license fee		(2,000,000)	0
Deferred rent		(1,002)	(3)
Net Cash Used In Operating Activities		(4,573,846)	(5,917,927)
Cash Flows From Investing Activities
Purchases of property and equipment	[1]	(344,320)	(93,930)
Net Cash Used In Investing Activities		(344,320)	(93,930)
Cash Flows From Financing Activities
Proceeds from sale of common stock and warrants in private placement	[2]	0	5,569,136
Proceeds from exercise of stock warrants		1,530,990	0
Repayments of notes payable		(77,604)	(52,051)
Payment of offering issuance costs		0	(1,738)
Net Cash Provided By Financing Activities		1,453,386	5,515,347
Net Decrease in Cash and Cash Equivalents		(3,464,780)	(496,510)
Cash and cash equivalents - Beginning of Period		28,371,828	14,152,601
Cash and cash equivalents - End of Period		24,907,048	13,656,091
Supplemental Disclosure of Cash Flow Information:
Interest		3,997	1,699
Supplemental Disclosure of Non-Cash Investing and Financing Activities
Accrual of private placement offering costs		0	115,656
Purchase of insurance premium financed by note payable		$ 705,360	$ 475,216
[1]	Includes $203,799 of leasehold improvements and $140,521 of equipment purchases for the three months ended March 31, 2021.
[2]	Includes gross proceeds of $5,984,931, less issuance costs of $415,795 deducted directly from the private placement proceeds.

Condensed Statements of Cash _2

Condensed Statements of Cash Flows (Parenthetical) - USD ($)		3 Months Ended
		Mar. 31, 2021	Mar. 31, 2020
Purchases	[1]	$ 344,320	$ 93,930
Leasehold improvements
Purchases		203,799
Equipment purchases
Purchases		$ 140,521
Common Stock One [Member]
Proceeds Of Stock Issued During Period Gross			5,984,931
Payments of Debt Issuance Costs			$ 415,795
[1]	Includes $203,799 of leasehold improvements and $140,521 of equipment purchases for the three months ended March 31, 2021.

Business Organization, Nature o

Business Organization, Nature of Operations and Basis of Presentation	3 Months Ended
	Mar. 31, 2021
Business Organization, Nature of Operations and Basis of Presentation
Business Organization, Nature of Operations and Basis of Presentation	Note 1 – Business Organization, Nature of Operations and Basis of Presentation Eyenovia Inc. (“Eyenovia” or the “Company”) is a clinical stage ophthalmic company developing a pipeline of advanced therapeutics based on its propriety array print (MAP TM ) platform technology. Eyenovia aims to achieve clinical microdosing of next-generation formulations of novel and existing ophthalmic pharmaceutical agents using its high-precision targeted ocular delivery system, branded the Optejet ® , which has the potential to replace conventional eye dropper delivery and improve safety, tolerability, patient compliance and topical delivery success for ophthalmic eye treatments. In the clinical trials, the Optejet has demonstrated that Eyenovia’s targeted horizontal microdose delivery can achieve a significantly higher rate of successful ocular topical delivery compared to the established rate reported with traditional eye drops (~ 90% vs. ~ 50%). Using its proprietary delivery technology, Eyenovia is developing the next generation of smart ophthalmic therapies which target new indications or new combinations where there are currently no comparable drug therapies approved by the U.S. Food and Drug Administration (the “FDA”). Eyenovia’s microdose therapeutics follow the FDA-designated pharmaceutical registration and regulatory process. Its products are classified by the FDA as drugs, and not medical devices or drug-device combination products. 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, 2021 and for the three months ended March 31, 2021 and 2020. The results of operations for the three months ended March 31, 2021 are not necessarily indicative of the operating results for the full year ending December 31, 2021 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, 2020 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 30, 2021.

Summary of Significant Accounti

Summary of Significant Accounting Policies	3 Months Ended
	Mar. 31, 2021
Summary of Significant Accounting Policies
Summary of Significant Accounting Policies	Note 2 – Summary of Significant Accounting Policies Since the date of the Company’s Annual Report on Form 10-K for the year ended December 31, 2020, there have been no material changes to the Company’s significant accounting policies, except as disclosed below. Liquidity and Going Concern As of March 31, 2021, the Company had cash of approximately $24.9 million and an accumulated deficit of approximately $82.8 million. For the three months ended March 31, 2021 and 2020, the Company incurred net losses of approximately $5.4 million and $5.5 million, respectively, and used cash in operations of approximately $4.6 million and $5.9 million, respectively. The Company does not have recurring revenue and has not yet achieved profitability. 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 its 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 take additional measures to reduce costs in order to conserve its cash. Cash and Cash Equivalents The Company considers all highly liquid investments with an original maturity of three months or less to be cash equivalents in the financial statements. The Company has cash deposits in a financial institution which, 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, 2021 and December 31, 2020, the Company had cash balances in excess of FDIC insurance limits of $24,657,048 and $28,121,828, respectively. 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 securities are excluded from the calculation of weighted average diluted common shares because their inclusion would have been anti-dilutive: March 31, 2021 2020 Options 3,429,342 2,262,438 Warrants 1,366,321 3,344,154 Restricted stock units 105,306 60,355 Total potentially dilutive shares 4,900,969 5,666,947 Revenue Recognition Our revenues are generated primarily through research, development and commercialization agreements. The terms of such agreements may contain multiple promised goods and services, which may include (i) licenses to our intellectual property, and (ii) in certain cases, payment in connection with the manufacturing and delivery of clinical supply materials. Payments to us under these arrangements typically include one or more of the following: non-refundable, upfront license fees; milestone payments; payments for clinical product supply, and royalties on future product sales. We analyze our arrangements to assess whether such arrangements involve joint operating activities. For collaboration arrangements that are deemed to be within the scope of Accounting Standards Codification (“ASC”) Topic 808, “Collaborative Arrangements” (“ASC 808”), we allocate the contract consideration between such joint operating activities and elements that are reflective of a vendor-customer relationship and, therefore, within the scope of ASC Topic 606, “Revenue from Contracts with Customers” (“ASC 606”). Our policy is to recognize amounts allocated to joint operating activities as a reduction in research and development expense. Under ASC 606, we recognize revenue when our customers obtain control of promised goods or services, in an amount that reflects the consideration which we expect to receive in exchange for those goods or services. To determine revenue recognition for arrangements that we determine are within the scope of ASC 606, we perform the following five steps: · Step 1: Identify the contract with the customer; · Step 2: Identify the performance obligations in the contract; · Step 3: Determine the transaction price; · Step 4: Allocate the transaction price to the performance obligations in the contract; and · Step 5: Recognize revenue when the company satisfies a performance obligation. We must make significant judgments in our revenue recognition process, including identifying performance obligations in the contract, estimating the amount of variable consideration to include in the transaction price and allocating the transaction price to each performance obligation. In addition, arrangements that include rights to additional goods or services that are exercisable at a customer’s discretion are generally considered discretionary purchase options. We assess if these options provide a material right to the customer and if so, they are considered performance obligations. For upfront license fees, we must consider how many performance obligations are in the contract and, if more than one, how to allocate the fee to those performance obligations upon satisfaction of the performance obligation(s). Milestone payments represent variable consideration that will be recognized when the performance obligation is achieved. Sales-based royalty payments derived from usage of intellectual property are recognized when those sales occur. During 2020, the Company entered into a license agreement (the “Arctic Vision License Agreement”) with Arctic Vision (Hong Kong) Limited (“Arctic Vision”) and a license agreement (the “Bausch License Agreement”) with Bausch Health Companies, Inc. (“Bausch Health”). Each license has three revenue components: 1) an upfront license fee; 2) milestone payments and 3) royalty payments. See Note 7 – Commitments and Contingencies for additional details. Deferred License Fee The Company enters into license agreements which provide for the receipt of non-refundable, upfront licensing payments. These payments are recorded as deferred license fees and will be earned and recognized as revenue upon the satisfaction of performance obligations. See Note 7 – Commitments and Contingencies for additional details. Deferred License Costs The Company enters into license agreements which provide for payment of license costs in connection with the Company’s receipt of license fees. These payments are recorded as deferred license costs and will be recorded as an expense when the related license fee revenue is recognized. See Note 8 – Related Party Transactions for additional details. Recently Adopted Accounting Standards In August 2018, the FASB issued Accounting Standards Update (“ASU”) No. 2018-13 “Fair Value Measurement (Topic 820): Disclosure Framework—Changes to the Disclosure Requirements for Fair Value Measurement” (“ASU 2018-13”). The amendments in ASU 2018-13 modify the disclosure requirements on fair value measurements based on the concepts in the FASB Concepts Statement, including the consideration of costs and benefits. The amendments on changes in unrealized gains and losses, the range and weighted average of significant unobservable inputs used to develop Level 3 fair value measurements, and the narrative description of measurement uncertainty should be applied prospectively for only the most recent interim or annual period presented in the initial fiscal year of adoption. All other amendments should be applied retrospectively to all periods presented upon their effective date. The amendments are effective for fiscal years beginning after December 15, 2020. The Company adopted ASU 2018-13 effective January 1, 2021. This standard did not have a material impact on the Company’s financial position, results of operations or cash flow . Recently Issued Accounting Standards In February 2016, the FASB issued ASU 2016-02 “Leases (Topic 842)” (“ASU 2016-02”). ASU 2016-02 requires that a lessee recognize the assets and liabilities that arise from operating leases. A lessee should recognize in the statement of financial position a liability to make lease payments (the lease liability) and a right-of-use asset representing its right to use the underlying asset for the lease term. For leases with a term of 12 months or less, a lessee is permitted to make an accounting policy election by class of underlying asset not to recognize lease assets and lease liabilities. In transition, lessees and lessors are required to recognize and measure leases at the beginning of the earliest period presented using a modified retrospective approach. ASU 2016-02, as amended, is now effective for fiscal years beginning after December 15, 2021, and interim periods within fiscal years beginning after December 15, 2022. The FASB issued ASU 2019-01 “Leases (Topic 842) Codification Improvements” in March 2019 and ASU 2018-10 “Codification Improvements to Topic 842, Leases” and ASU 2018-11 “Leases (Topic 842) Targeted Improvements” in July 2018, and ASU 2018-20 “Leases (Topic 842) - Narrow Scope Improvements for Lessors” in December 2018. ASU 2019-01, ASU 2018-10 and ASU 2018-20 provide certain amendments that affect narrow aspects of the guidance issued in ASU 2016-02. ASU 2018-11 allows all entities adopting ASU 2016-02 to choose an additional (and optional) transition method of adoption, under which an entity initially applies the new leases standard at the adoption date and recognizes a cumulative-effect adjustment to the opening balance of retained earnings in the period of adoption. The Company is currently evaluating ASU 2016-02 and its impact on its financial position, results of operations, and cash flows. In December 2019, the FASB issued ASU 2019-12, “Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes,” which is intended to simplify various aspects related to accounting for income taxes. ASU 2019-12 removes certain exceptions to the general principles in Topic 740 and also clarifies and amends existing guidance to improve consistent application. ASU 2019-12 is effective for fiscal years beginning after December 15, 2021. The Company is currently evaluating ASU 2019-12 and its impact on its financial position, results of operations, and cash flows.

Prepaid Expenses and Other Curr

Prepaid Expenses and Other Current Assets	3 Months Ended
	Mar. 31, 2021
Prepaid Expenses and Other Current Assets
Prepaid Expenses and Other Current Assets	Note 3 – Prepaid Expenses and Other Current Assets As of March 31, 2021 and December 31, 2020, prepaid expenses and other current assets consisted of the following: March 31, December 31, 2021 2020 Payroll tax receivable $ 270,682 $ 151,942 Prepaid insurance expenses 863,119 110,094 Prepaid general and administrative expenses 109,918 — Prepaid licenses and subscriptions — 57,051 Prepaid conference expenses 21,603 29,403 Prepaid board of directors expenses 69,353 68,250 Prepaid rent and security deposit 25,004 25,004 Other 50,250 11,734 Total prepaid expenses and other current assets $ 1,409,929 $ 453,478

Accrued Compensation

Accrued Compensation	3 Months Ended
	Mar. 31, 2021
Accrued Compensation
Accrued Compensation	Note 4 – Accrued Compensation As of March 31, 2021 and December 31, 2020, accrued compensation consisted of the following: March 31, December 31, 2021 2020 Accrued bonus expenses $ 284,698 $ 938,873 Accrued payroll expenses 286,034 211,799 Total accrued compensation $ 570,732 $ 1,150,672

Accrued Expenses and Other Curr

Accrued Expenses and Other Current Liabilities	3 Months Ended
	Mar. 31, 2021
Accrued Expenses and Other Current Liabilities
Accrued Expenses and Other Current Liabilities	Note 5 – Accrued Expenses and Other Current Liabilities As of March 31, 2021 and December 31, 2020, accrued expenses and other current liabilities consisted of the following: March 31, December 31, 2021 2020 Accrued research and development expenses $ 1,119,083 $ 348,254 Accrued consulting and professional services 18,167 235,355 Credit card payable 34,523 50,002 Accrued franchise tax 13,100 32,480 Accrued licensing fees — 804,447 Accrued interest 4,219 3,068 Accrued expense reimbursements — 5,459 Other — 1,627 Total accrued expenses and other current liabilities $ 1,189,092 $ 1,480,692

Notes Payable

Notes Payable	3 Months Ended
	Mar. 31, 2021
Notes Payable
Notes Payable	Note 6 – Notes Payable As of March 31, 2021 and December 31, 2020, notes payable consisted of the following: March 31, December 31, 2021 2020 Non- Non- Current Current Current Current Portion Portion Total Portion Portion Total BankDirect Capital Finance loan $ 627,756 $ — $ 627,756 $ — $ — $ — Paycheck Protection Program loan 156,062 307,291 463,353 97,539 365,814 463,353 Total $ 783,818 $ 307,291 $ 1,091,109 $ 97,539 $ 365,814 $ 463,353 On February 24, 2021, the Company issued a note payable for the purchase of a directors and officers liability insurance policy. The note payable is payable in nine monthly payments consisting of principal and interest amounting to $79,343 for an aggregate principal amount of $705,360. The note accrues interest at a rate of 2.96% per year and matures on November 24, 2021. On May 8, 2020, the Company received cash proceeds of $463,353 pursuant to a loan provided in connection with the Paycheck Protection Program under the CARES Act (the “PPP Loan”). The PPP Loan provides for monthly installment payments of $19,508 beginning in August 2021 with the remaining balance due on May 3, 2022, the maturity date. The PPP Loan bears interest at a fixed rate of 1.00% per annum. Under the terms of the CARES Act, as amended by the Paycheck Protection Program Flexibility Act of 2020, the Company is eligible to apply for and receive forgiveness for all or a portion of its PPP Loan. The Company applied for loan forgiveness on the PPP Loan in March 2021. Such forgiveness will be determined, subject to limitations, based on the use of the loan proceeds for certain permissible purposes as set forth in the PPP Loan, including, but not limited to, payroll costs and mortgage interest, rent or utility costs (collectively, “Qualifying Expenses”) incurred during the 24 weeks subsequent to funding, and on the maintenance of employee and compensation levels following the funding of the PPP Loan. The Company has used the proceeds of its PPP Loan for Qualifying Expenses. However, no assurance is provided that the Company will be able to obtain forgiveness of its PPP Loan in whole or in part. Any amounts that are not forgiven incur interest at 1.0% per annum and monthly repayments of principal and interest are deferred until six months after the Small Business Administration makes a determination on forgiveness. While the PPP Loan currently has a two-year maturity, the amended law permits the borrower to request a five-year maturity from its lender. During the three months ended March 31, 2021 and 2020, the Company recorded interest expense of $1,151 and $0, respectively.

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2021
Commitments and Contingencies
Commitments and Contingencies	Note 7 – Commitments and Contingencies See Note 8 - Related Party Transactions for certain commitments and contingencies entered into with certain related parties. 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. Arctic Vision License Agreement On August 10, 2020, the Company entered into the Arctic Vision License Agreement pursuant to which Arctic Vision may develop and commercialize MicroPine for the treatment of progressive myopia and MicroLine for the treatment of presbyopia in Greater China (mainland China, Hong Kong, Macau and Taiwan) and South Korea. Under the terms of the Arctic Vision License Agreement, the Company received a non-refundable, upfront payment of $4.0 million, before any payments to Senju Pharmaceutical Co., Ltd. ("Senju"), due under the Exclusive License Agreement between the Company and Senju, as amended on April 8, 2020 and a Letter Agreement dated August 10, 2020 (the “Senju License Agreement”). The Company had recorded the $4.0 million payment as a deferred license fee until the payment is earned. The Company considers payment earned once certain trial data has been fully submitted to Arctic Vision, permitting Arctic Vision to obtain regulatory approval with the National Medical Products Administration. The trial data for one of the two products (MicroPine) was fully submitted to Arctic Vision by March 31, 2021. Therefore, one half of the upfront payment, or $2.0 million, has been earned. As a result, the Company will recognize $2.0 million of deferred license fees and recognize $0.8 million of deferred license costs related to the Senju payment as of March 31, 2021. In addition, the Company may receive up to a total of $41.75 million in additional payments, based on various development and regulatory milestones, including the initiation of clinical research and approvals in Greater China and South Korea, and development costs. Arctic Vision also will purchase its supply of MicroPine and MicroLine from the Company or, for such products not supplied by the Company, pay the Company a mid-single digit percentage royalty on net sales of such products, subject to certain adjustments. No royalty payments were earned through March 31, 2021. The Company will pay a mid-double digit percentage of such payments, royalties, or net proceeds of such supply to Senju pursuant to the Senju License Agreement. See Note 8 – Related Party Transactions for additional details. Bausch License Agreement On October 9, 2020, the Company entered into the Bausch License Agreement pursuant to which Bausch Health may develop and commercialize the Bausch Licensed Product in the Licensed Territory. In connection with the Bausch License Agreement, Bausch Health paid the Company a non-refundable, upfront payment of $10.0 million. The Company has recorded this payment as a deferred license fee until the payment is earned. The Company will consider payment earned once certain trial data has been fully submitted to Bausch Health and certain administrative functions are transferred to Bausch Health, permitting Bausch Health to assume supervisory oversight of the ongoing MicroPine study (the CHAPERONE study). The upfront payment had not been earned as of March 31, 2021. Bausch Health could also pay the Company up to an aggregate of approximately $35.0 million in additional payments, depending on the achievement of certain regulatory and launch-based milestones. No milestone payments were earned through March 31, 2021. Under the terms of the Bausch License Agreement, on a country-to-country basis and Bausch Licensed Product-by- Bausch Licensed Product basis, Bausch Health will pay the Company royalties on a tiered basis (ranging from mid-single digit to mid-teen percentages) on gross profits from the sales of the Bausch Licensed Product in the Licensed Territory, subject to certain adjustments in the event of generic entry, negative gross profits or patent expiration, for a period of the later to occur of the 10th anniversary of the first commercial sale of a Bausch Licensed Product in such country in the Licensed Territory or the expiration of the last valid patent claim for a Bausch Licensed Product in such country in the Licensed Territory. No royalty payments were earned through March 31, 2021.

Related Party Transactions

Related Party Transactions	3 Months Ended
	Mar. 31, 2021
Related Party Transactions
Related Party Transactions	Note 8 – Related Party Transactions Lease Agreements The Company’s Vice President of Research and Development and Manufacturing (“VP of R&D”) owns a company that entered into a lease agreement with the Company on September 15, 2016 to lease 953 square feet of space located in Reno, Nevada with respect to its research and development activities. The initial monthly base rent was $3,895 per month over the term of the lease and the security deposit was $3,895. On September 15, 2018, the Company amended the lease agreement to extend it until September 14, 2020 and increase the monthly base rent and security deposit to $4,012. On September 15, 2020, the Company amended the lease agreement to extend it until September 14, 2022 and increase the monthly base rent and security deposit to $5,404. The Company made $82,500 of leasehold improvements related to this lease which are included on the condensed balance sheet. The Company’s rent expense for this space is recorded in Research and Development on the condensed statement of operations and amounted to $17,020 and $12,036 for the three months ended March 31, 2021 and 2020, respectively. Senju License Agreement During 2015, the Company entered into an Exclusive License Agreement with Senju whereby the Company agreed to grant to Senju an exclusive, royalty-bearing license for its microdose product candidates for Asia to sublicense, develop, make, have made, manufacture, use, import, market, sell, and otherwise distribute the microdose product candidates. In consideration for the license, Senju agreed to pay to Eyenovia five percent (5%) royalties for the term of the license agreement. The agreement will continue in full force and effect, on a country-by-country basis, until the latest to occur of: (i) the tenth (10th) anniversary of the first commercial sale of a microdose product candidate in Asia; or (ii) the expiration of the licensed patents. As of the date of this filing, there had been no commercial sales of a microdose product candidate in Asia, such that no royalties had been earned. Senju is owned by the family of a former member of the Company’s Board of Directors and, together, they beneficially own greater than 5% of the Company’s common stock. On April 8, 2020, Eyenovia entered into an amendment (the "License Amendment") to the Exclusive License Agreement. Pursuant to the License Amendment, the Company can license to any third party the right to research, develop, commercialize, manufacture or use certain products identified below (the "Senju Licensed Products") previously licensed to Senju in China (including the People's Republic of China, Hong Kong, Macao, and Taiwan) and South Korea (the "Territory") if such a license is executed by the Company by April 8, 2021. The Senju Licensed Products are those using piezo-print technology in a microdose dispenser with (i) atropine sulfate as its sole active ingredient to treat myopia in humans and (ii) pilocarpine as its sole active ingredient to treat presbyopia in humans. Pursuant to the License Amendment, the Company must pay Senju (a) close to a mid-double digit percentage of revenue on any lump-sum payments the Company receives from the third party, revenue (net of costs) obtained by the Company from contract research and/or development of the Senju Licensed Product in the Territory, and revenue (net of costs) obtained by the Company from contract manufacture for the device of the Senju Licensed Product in the Territory, the aggregate of which must be at least a high seven figure dollar amount minimum payment to Senju; and (b) a lower-double digit percentage of any sales royalty revenue the Company receives from the third party. Since the Company executed a third-party license prior to April 8, 2021, the License Amendment will remain in effect for the duration of the license, subject to early termination. The Exclusive License Agreement was further amended in a Letter Agreement by and between the Company and Senju on August 10, 2020 (the “Letter Agreement”). Pursuant to the Letter Agreement, the Company will pay a mid-double digit percentage of certain payments, royalties, or net proceeds received from Arctic Vision in connection with the Arctic Vision License Agreement to Senju. See Note 7 – Commitments and Contingencies – Arctic Vision License Agreement for additional details.

Stockholders' Equity

Stockholders' Equity	3 Months Ended
	Mar. 31, 2021
Stockholders' Equity
Stockholders' Equity	Note 9 – Stockholders’ Equity Securities Purchase Agreement On March 24, 2020, the Company closed on a private placement of approximately $6.0 million of Units. Each Unit consists of (i) one share of the Company’s common stock, (ii) a one-year warrant to purchase 0.5 of a share of common stock (“Class A Warrant”), and (iii) a five-year warrant to purchase 0.75 of a share of common stock (“Class B Warrant”) (collectively, the Class A Warrants and Class B Warrants, the “Warrants”). The Units were sold to the public at a price of $2.21425 per Unit and to certain directors and executive officers at a price of $2.42625 per Unit. The Company generated approximately $5.3 million of net proceeds in the offering after deducting placement agent fees and offering expenses. In the offering, the Company issued an aggregate of 2,675,293 shares of common stock, Class A Warrants to purchase up to 1,337,659 shares of common stock, and Class B Warrants to purchase up to 2,006,495 shares of common stock. The exercise price of the Class A Warrants issued to the public is $2.058 per share and the exercise price of the Class A Warrants issued to the directors and officers is $2.27 per share. The exercise price of the Class B Warrants issued to the public is $2.4696 per share and the exercise price of the Class B Warrants issued to the directors and officers is $2.724 per share. In connection with the private placement, on March 23, 2020, the Company also entered into a Registration Rights Agreement with the investors. Pursuant to the Registration Rights Agreement, the Company must file with the SEC, no later than 30 days following the date on which the Company files its Form 10-K for the year ended December 31, 2019 with the SEC, a registration statement on Form S-3 covering the shares of common stock issued in the offering and the shares of common stock underlying the Warrants. The Company timely filed the registration statement on Form S-3 (Registration Statement No. 333-237790), which was declared and has remained effective with the SEC since May 13, 2020. 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, 2021 2020 Expected term (years) 5.85 5.85 Risk free interest rate 0.92 % 1.32 % Expected volatility 96 % 101 % 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 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” employee option grants. The Company does not yet have a trading history to support its historical volatility calculations. 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 weighted average estimated grant date fair value of the stock options granted for the three months ended March 31, 2021 and 2020 was approximately $3.82 and $4.13 per share, respectively. A summary of the option activity during the three months ended March 31, 2021 is presented below: Weighted Weighted Average Average Remaining Aggregate Number of Exercise Life Intrinsic Options Price In Years Value Outstanding January 1, 2021 3,427,705 $ Granted 1,637 Outstanding March 31, 2021 3,429,342 $ 7.7 $ 7,126,014 Exercisable March 31, 2021 1,862,537 $ 6.7 $ 3,889,820 The following table presents information related to stock options as of March 31, 2021: Options Outstanding Options Exercisable Weighted Outstanding Average Exercisable Exercise Number of Remaining Life Number of Price Options In Years Options $ 260,000 $ 673,544 $ 764,419 — — $ 6,000 $ 263,500 — — $ 659,849 $ 58,920 — — $ 45,000 — — $ 43,000 — — $ 2,000 7.6 $ 25,000 8.8 9,029 $ 6,000 7.4 $ 1,637 — — $ 16,500 $ 26,668 $ 50,000 — — $ 300,387 $ 60,000 $ 166,918 3,429,342 Warrants A summary of the Warrant activity for the three months ended March 31, 2021 is presented below: Weighted Weighted Average Average Remaining Aggregate Number of Exercise Life Intrinsic Warrants Price In Years Value Outstanding January 1, 2021 2,011,313 $ 2.43 Exercised (644,992) 2.37 Outstanding March 31, 2021 1,366,321 $ 2.51 4.0 $ 3,530,228 Exercisable March 31, 2021 1,366,321 $ 2.51 4.0 $ 3,530,228 The following table presents information related to Warrants as of March 31, 2021: Warrants Outstanding Warrants Exercisable Weighted Outstanding Average Exercisable Exercise Number of Remaining Life Number of Price Warrants In Years Warrants $2.4696 1,149,941 4.0 1,149,941 $2.7240 216,380 4.0 216,380 1,366,321 4.0 1,366,321 Stock-Based Compensation Expense The Company recorded stock-based compensation expense related to stock options and restricted stock units of $656,913 ($329,713 of which was included within research and development expenses and $327,200 was included within general and administrative expenses on the condensed statements of operations) and $583,865 ($307,409 of which was included within research and development expenses and $276,456 was included within general and administrative expenses on the condensed statements of operations) during the three months ended March 31, 2021 and 2020, respectively. As of March 31, 2021, there was $3,069,508 of unrecognized stock-based compensation expense which the Company expects to recognize over a weighted average period of 1.8 years.

Employee Benefit Plans

Employee Benefit Plans	3 Months Ended
	Mar. 31, 2021
Employee Benefit Plans
Employee Benefit Plans	Note 10 – 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 2021, the Company’s Board of Directors has 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, 2021 and 2020, the Company recorded expense of $64,178 and $57,971 associated with its matching contributions, respectively.

Subsequent Events

Subsequent Events	3 Months Ended
	Mar. 31, 2021
Subsequent Events
Subsequent Events	Note 11 – Subsequent Events Stock Warrant Exercises Subsequent to March 31, 2021, the Company issued an aggregate of 232,022 shares of common stock pursuant to the exercise of warrants for aggregate proceeds of $573,001 at an exercise prices of $2.4696. Loan and Security Agreement On May 7, 2021, the Company entered into a Loan and Security Agreement (the “Loan”) with Silicon Valley Bank (the “Lender”) for an aggregate principal amount of up to $25.0 million. The Loan bears interest at annual rate equal to the greater of (a) the sum of 1.25% plus the prime rate as reported in The Wall Street Journal and (b) 5.00%. The Loan matures on May 1, 2025. The initial tranche in the amount of $7.5 million was received by the Company on May 7, 2021. In connection with the Loan, the Company issued to the Lender warrants to purchase 91,884 shares of common stock at an exercise price per share equal to $4.76. The warrants are exercisable for a period of ten years from the date of issuance. At the Company’s option, Eyenovia has the ability to draw down the remaining $17.5 million in gross proceeds in two tranches over the next two years based upon the achievement of several milestones in accordance with the terms of the agreement.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2021
Summary of Significant Accounting Policies
Liquidity and Going Concern	Liquidity and Going Concern As of March 31, 2021, the Company had cash of approximately $24.9 million and an accumulated deficit of approximately $82.8 million. For the three months ended March 31, 2021 and 2020, the Company incurred net losses of approximately $5.4 million and $5.5 million, respectively, and used cash in operations of approximately $4.6 million and $5.9 million, respectively. The Company does not have recurring revenue and has not yet achieved profitability. 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 its 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 take additional measures to reduce costs in order to conserve its cash.
Cash and Cash Equivalents	Cash and Cash Equivalents The Company considers all highly liquid investments with an original maturity of three months or less to be cash equivalents in the financial statements. The Company has cash deposits in a financial institution which, 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, 2021 and December 31, 2020, the Company had cash balances in excess of FDIC insurance limits of $24,657,048 and $28,121,828, respectively.
Net Loss Per Common Share	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 securities are excluded from the calculation of weighted average diluted common shares because their inclusion would have been anti-dilutive: March 31, 2021 2020 Options 3,429,342 2,262,438 Warrants 1,366,321 3,344,154 Restricted stock units 105,306 60,355 Total potentially dilutive shares 4,900,969 5,666,947
Revenue Recognition	Revenue Recognition Our revenues are generated primarily through research, development and commercialization agreements. The terms of such agreements may contain multiple promised goods and services, which may include (i) licenses to our intellectual property, and (ii) in certain cases, payment in connection with the manufacturing and delivery of clinical supply materials. Payments to us under these arrangements typically include one or more of the following: non-refundable, upfront license fees; milestone payments; payments for clinical product supply, and royalties on future product sales. We analyze our arrangements to assess whether such arrangements involve joint operating activities. For collaboration arrangements that are deemed to be within the scope of Accounting Standards Codification (“ASC”) Topic 808, “Collaborative Arrangements” (“ASC 808”), we allocate the contract consideration between such joint operating activities and elements that are reflective of a vendor-customer relationship and, therefore, within the scope of ASC Topic 606, “Revenue from Contracts with Customers” (“ASC 606”). Our policy is to recognize amounts allocated to joint operating activities as a reduction in research and development expense. Under ASC 606, we recognize revenue when our customers obtain control of promised goods or services, in an amount that reflects the consideration which we expect to receive in exchange for those goods or services. To determine revenue recognition for arrangements that we determine are within the scope of ASC 606, we perform the following five steps: · Step 1: Identify the contract with the customer; · Step 2: Identify the performance obligations in the contract; · Step 3: Determine the transaction price; · Step 4: Allocate the transaction price to the performance obligations in the contract; and · Step 5: Recognize revenue when the company satisfies a performance obligation. We must make significant judgments in our revenue recognition process, including identifying performance obligations in the contract, estimating the amount of variable consideration to include in the transaction price and allocating the transaction price to each performance obligation. In addition, arrangements that include rights to additional goods or services that are exercisable at a customer’s discretion are generally considered discretionary purchase options. We assess if these options provide a material right to the customer and if so, they are considered performance obligations. For upfront license fees, we must consider how many performance obligations are in the contract and, if more than one, how to allocate the fee to those performance obligations upon satisfaction of the performance obligation(s). Milestone payments represent variable consideration that will be recognized when the performance obligation is achieved. Sales-based royalty payments derived from usage of intellectual property are recognized when those sales occur. During 2020, the Company entered into a license agreement (the “Arctic Vision License Agreement”) with Arctic Vision (Hong Kong) Limited (“Arctic Vision”) and a license agreement (the “Bausch License Agreement”) with Bausch Health Companies, Inc. (“Bausch Health”). Each license has three revenue components: 1) an upfront license fee; 2) milestone payments and 3) royalty payments. See Note 7 – Commitments and Contingencies for additional details.
Deferred License Fee	Deferred License Fee The Company enters into license agreements which provide for the receipt of non-refundable, upfront licensing payments. These payments are recorded as deferred license fees and will be earned and recognized as revenue upon the satisfaction of performance obligations. See Note 7 – Commitments and Contingencies for additional details.
Deferred License Costs	Deferred License Costs The Company enters into license agreements which provide for payment of license costs in connection with the Company’s receipt of license fees. These payments are recorded as deferred license costs and will be recorded as an expense when the related license fee revenue is recognized. See Note 8 – Related Party Transactions for additional details.
Recently Adopted Accounting Standards	Recently Adopted Accounting Standards In August 2018, the FASB issued Accounting Standards Update (“ASU”) No. 2018-13 “Fair Value Measurement (Topic 820): Disclosure Framework—Changes to the Disclosure Requirements for Fair Value Measurement” (“ASU 2018-13”). The amendments in ASU 2018-13 modify the disclosure requirements on fair value measurements based on the concepts in the FASB Concepts Statement, including the consideration of costs and benefits. The amendments on changes in unrealized gains and losses, the range and weighted average of significant unobservable inputs used to develop Level 3 fair value measurements, and the narrative description of measurement uncertainty should be applied prospectively for only the most recent interim or annual period presented in the initial fiscal year of adoption. All other amendments should be applied retrospectively to all periods presented upon their effective date. The amendments are effective for fiscal years beginning after December 15, 2020. The Company adopted ASU 2018-13 effective January 1, 2021. This standard did not have a material impact on the Company’s financial position, results of operations or cash flow . Recently Issued Accounting Standards In February 2016, the FASB issued ASU 2016-02 “Leases (Topic 842)” (“ASU 2016-02”). ASU 2016-02 requires that a lessee recognize the assets and liabilities that arise from operating leases. A lessee should recognize in the statement of financial position a liability to make lease payments (the lease liability) and a right-of-use asset representing its right to use the underlying asset for the lease term. For leases with a term of 12 months or less, a lessee is permitted to make an accounting policy election by class of underlying asset not to recognize lease assets and lease liabilities. In transition, lessees and lessors are required to recognize and measure leases at the beginning of the earliest period presented using a modified retrospective approach. ASU 2016-02, as amended, is now effective for fiscal years beginning after December 15, 2021, and interim periods within fiscal years beginning after December 15, 2022. The FASB issued ASU 2019-01 “Leases (Topic 842) Codification Improvements” in March 2019 and ASU 2018-10 “Codification Improvements to Topic 842, Leases” and ASU 2018-11 “Leases (Topic 842) Targeted Improvements” in July 2018, and ASU 2018-20 “Leases (Topic 842) - Narrow Scope Improvements for Lessors” in December 2018. ASU 2019-01, ASU 2018-10 and ASU 2018-20 provide certain amendments that affect narrow aspects of the guidance issued in ASU 2016-02. ASU 2018-11 allows all entities adopting ASU 2016-02 to choose an additional (and optional) transition method of adoption, under which an entity initially applies the new leases standard at the adoption date and recognizes a cumulative-effect adjustment to the opening balance of retained earnings in the period of adoption. The Company is currently evaluating ASU 2016-02 and its impact on its financial position, results of operations, and cash flows. In December 2019, the FASB issued ASU 2019-12, “Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes,” which is intended to simplify various aspects related to accounting for income taxes. ASU 2019-12 removes certain exceptions to the general principles in Topic 740 and also clarifies and amends existing guidance to improve consistent application. ASU 2019-12 is effective for fiscal years beginning after December 15, 2021. The Company is currently evaluating ASU 2019-12 and its impact on its financial position, results of operations, and cash flows.

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Tables)	3 Months Ended
	Mar. 31, 2021
Summary of Significant Accounting Policies
Schedule of anti-dilutive weighted average diluted common shares	The following securities are excluded from the calculation of weighted average diluted common shares because their inclusion would have been anti-dilutive: March 31, 2021 2020 Options 3,429,342 2,262,438 Warrants 1,366,321 3,344,154 Restricted stock units 105,306 60,355 Total potentially dilutive shares 4,900,969 5,666,947

Prepaid Expenses and Other Cu_2

Prepaid Expenses and Other Current Assets (Tables)	3 Months Ended
	Mar. 31, 2021
Prepaid Expenses and Other Current Assets
Schedule of prepaid expenses and other current assets	As of March 31, 2021 and December 31, 2020, prepaid expenses and other current assets consisted of the following: March 31, December 31, 2021 2020 Payroll tax receivable $ 270,682 $ 151,942 Prepaid insurance expenses 863,119 110,094 Prepaid general and administrative expenses 109,918 — Prepaid licenses and subscriptions — 57,051 Prepaid conference expenses 21,603 29,403 Prepaid board of directors expenses 69,353 68,250 Prepaid rent and security deposit 25,004 25,004 Other 50,250 11,734 Total prepaid expenses and other current assets $ 1,409,929 $ 453,478

Accrued Compensation (Tables)

Accrued Compensation (Tables)	3 Months Ended
	Mar. 31, 2021
Accrued Compensation
Schedule of accrued compensation	As of March 31, 2021 and December 31, 2020, accrued compensation consisted of the following: March 31, December 31, 2021 2020 Accrued bonus expenses $ 284,698 $ 938,873 Accrued payroll expenses 286,034 211,799 Total accrued compensation $ 570,732 $ 1,150,672

Accrued Expenses and Other Cu_2

Accrued Expenses and Other Current Liabilities (Tables)	3 Months Ended
	Mar. 31, 2021
Accrued Expenses and Other Current Liabilities
Schedule of accrued expenses and other current liabilities	As of March 31, 2021 and December 31, 2020, accrued expenses and other current liabilities consisted of the following: March 31, December 31, 2021 2020 Accrued research and development expenses $ 1,119,083 $ 348,254 Accrued consulting and professional services 18,167 235,355 Credit card payable 34,523 50,002 Accrued franchise tax 13,100 32,480 Accrued licensing fees — 804,447 Accrued interest 4,219 3,068 Accrued expense reimbursements — 5,459 Other — 1,627 Total accrued expenses and other current liabilities $ 1,189,092 $ 1,480,692

Notes Payable (Tables)

Notes Payable (Tables)	3 Months Ended
	Mar. 31, 2021
Notes Payable
Schedule of notes payable	As of March 31, 2021 and December 31, 2020, notes payable consisted of the following: March 31, December 31, 2021 2020 Non- Non- Current Current Current Current Portion Portion Total Portion Portion Total BankDirect Capital Finance loan $ 627,756 $ — $ 627,756 $ — $ — $ — Paycheck Protection Program loan 156,062 307,291 463,353 97,539 365,814 463,353 Total $ 783,818 $ 307,291 $ 1,091,109 $ 97,539 $ 365,814 $ 463,353

Stockholders' Equity (Tables)

Stockholders' Equity (Tables)	3 Months Ended
	Mar. 31, 2021
Stockholders' Equity
Schedule of Black-Scholes option pricing model to stock options granted	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, 2021 2020 Expected term (years) 5.85 5.85 Risk free interest rate 0.92 % 1.32 % Expected volatility 96 % 101 % Expected dividends 0.00 % 0.00 %
Schedule of the stock option activity	A summary of the option activity during the three months ended March 31, 2021 is presented below: Weighted Weighted Average Average Remaining Aggregate Number of Exercise Life Intrinsic Options Price In Years Value Outstanding January 1, 2021 3,427,705 $ Granted 1,637 Outstanding March 31, 2021 3,429,342 $ 7.7 $ 7,126,014 Exercisable March 31, 2021 1,862,537 $ 6.7 $ 3,889,820
Schedule of information related to stock options	The following table presents information related to stock options as of March 31, 2021: Options Outstanding Options Exercisable Weighted Outstanding Average Exercisable Exercise Number of Remaining Life Number of Price Options In Years Options $ 260,000 $ 673,544 $ 764,419 — — $ 6,000 $ 263,500 — — $ 659,849 $ 58,920 — — $ 45,000 — — $ 43,000 — — $ 2,000 7.6 $ 25,000 8.8 9,029 $ 6,000 7.4 $ 1,637 — — $ 16,500 $ 26,668 $ 50,000 — — $ 300,387 $ 60,000 $ 166,918 3,429,342
Summary of the Warrant activity and related information	A summary of the Warrant activity for the three months ended March 31, 2021 is presented below: Weighted Weighted Average Average Remaining Aggregate Number of Exercise Life Intrinsic Warrants Price In Years Value Outstanding January 1, 2021 2,011,313 $ 2.43 Exercised (644,992) 2.37 Outstanding March 31, 2021 1,366,321 $ 2.51 4.0 $ 3,530,228 Exercisable March 31, 2021 1,366,321 $ 2.51 4.0 $ 3,530,228 The following table presents information related to Warrants as of March 31, 2021: Warrants Outstanding Warrants Exercisable Weighted Outstanding Average Exercisable Exercise Number of Remaining Life Number of Price Warrants In Years Warrants $2.4696 1,149,941 4.0 1,149,941 $2.7240 216,380 4.0 216,380 1,366,321 4.0 1,366,321

Business Organization, Nature_2

Business Organization, Nature of Operations and Basis of Presentation (Details)	3 Months Ended
	Mar. 31, 2021
Business Organization, Nature of Operations and Basis of Presentation
Percentage Of Success Rate Of Optejet	90.00%
Percentage of Successful Rate of Traditional Eye Drops	50.00%

Summary of Significant Accoun_4

Summary of Significant Accounting Policies - Anti-dilutive weighted average diluted common shares (Details) - shares	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Total potentially dilutive shares	4,900,969	5,666,947
Restricted stock units
Total potentially dilutive shares	105,306	60,355
Options
Total potentially dilutive shares	3,429,342	2,262,438
Warrants
Total potentially dilutive shares	1,366,321	3,344,154

Summary of Significant Accoun_5

Summary of Significant Accounting Policies - Additional Information (Details) - USD ($)	Oct. 09, 2020	Aug. 10, 2020	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2020
Cash and cash equivalents			$ 24,907,048		$ 28,371,828
Accumulated deficit			(82,792,586)		(77,440,919)
Net loss			(5,351,667)	$ (5,450,910)
Cash used in operations			(4,573,846)	$ (5,917,927)
Cash, Uninsured Amount			24,657,048		$ 28,121,828
Revenue			$ 2,000,000
Bausch License Agreement
Upfront payment received	$ 10,000,000
Maximum additional payments receivable	$ 35,000,000
Arctic Vision License Agreement
Upfront payment received		$ 4,000,000
Maximum additional payments receivable		$ 41,750,000

Prepaid Expenses and Other Cu_3

Prepaid Expenses and Other Current Assets (Details) - USD ($)	Mar. 31, 2021	Dec. 31, 2020
Prepaid Expenses and Other Current Assets
Payroll tax receivable	$ 270,682	$ 151,942
Prepaid insurance expenses	863,119	110,094
Prepaid general and administrative expenses	109,918	0
Prepaid licenses and subscriptions	0	57,051
Prepaid conference expenses	21,603	29,403
Prepaid board of director expenses	69,353	68,250
Prepaid rent and security deposit	25,004	25,004
Other	50,250	11,734
Total prepaid expenses and other current assets	$ 1,409,929	$ 453,478

Accrued Compensation (Details)

Accrued Compensation (Details) - USD ($)	Mar. 31, 2021	Dec. 31, 2020
Accrued Compensation
Accrued bonus expenses	$ 284,698	$ 938,873
Accrued payroll expenses	286,034	211,799
Total accrued compensation	$ 570,732	$ 1,150,672

Accrued Expenses and Other Cu_3

Accrued Expenses and Other Current Liabilities (Details) - USD ($)	Mar. 31, 2021	Dec. 31, 2020
Accrued Expenses and Other Current Liabilities
Accrued research and development expenses	$ 1,119,083	$ 348,254
Accrued consulting and professional services	18,167	235,355
Credit card payable	34,523	50,002
Accrued franchise tax	13,100	32,480
Accrued licensing fees	0	804,447
Accrued interest	4,219	3,068
Accrued expense reimbursements	0	5,459
Other	0	1,627
Total accrued expenses and other current liabilities	$ 1,189,092	$ 1,480,692

Notes Payable - Schedule of not

Notes Payable - Schedule of notes payable (Details) - USD ($)	Mar. 31, 2021	Dec. 31, 2020
Current Portion	$ 783,818	$ 97,539
Non-Current Portion	307,291	365,814
Total	1,091,109	463,353
BankDirect Capital Finance loan
Current Portion	627,756	0
Non-Current Portion	0	0
Total	627,756	0
Paycheck Protection Program loan
Current Portion	156,062	97,539
Non-Current Portion	307,291	365,814
Total	$ 463,353	$ 463,353

Notes Payable - Additional Info

Notes Payable - Additional Information (Details) - USD ($)	May 08, 2020	Feb. 24, 2020	Mar. 31, 2021	Mar. 31, 2020
Notes Payable
Repayments of loan			$ 77,604	$ 52,051
Interest expense			$ 1,151	$ 0
Notes payable
Notes Payable
Number of monthly payments		9 months
Debt Instrument, Periodic Payment		$ 79,343
Aggregate principal payments		$ 705,360
Interest rate (as a percent)		2.96%
Paycheck Protection Program loan
Notes Payable
Debt Instrument, Periodic Payment	$ 19,508
Interest rate (as a percent)	1.00%
Cash proceeds from loan	$ 463,353
Period for usage of loan proceeds	168 days
Interest rate on non forgiven amount	1.00%
Paycheck Protection Program loan | Minimum [Member]
Notes Payable
Maturity term	2 years
Paycheck Protection Program loan | Maximum [Member]
Notes Payable
Maturity term	5 years

Commitments and Contingencies -

Commitments and Contingencies - Additional Information (Details) - USD ($)	Oct. 09, 2020	Aug. 10, 2020	Mar. 31, 2021
Arctic Vision License Agreement
Upfront payment received		$ 4,000,000
Deferred license fees			$ 2,000,000
Maximum additional payments receivable		41,750,000
Royalty payments earned			0
Bausch License Agreement
Upfront payment received	$ 10,000,000
Maximum additional payments receivable	$ 35,000,000
Royalty payments earned			0
Milestone payments earned			0
Senju License Agreement [Member]
Deferred license fees		$ 4,000,000
Deferred license cost			$ 800,000

Related Party Transactions (Det

Related Party Transactions (Details)	Sep. 15, 2020USD ($)	Sep. 15, 2018USD ($)	Sep. 15, 2016USD ($)ft²	Mar. 31, 2021USD ($)	Mar. 31, 2020USD ($)	Dec. 31, 2015	Dec. 31, 2020USD ($)
Security Deposit				$ 119,035			$ 119,035
License Agreement
Minority Interest Ownership Percentage In Company						5.00%
Vice President of Research and Development
Net Rentable Area | ft²			953
Lease, Monthly Base Rent	$ 5,404	$ 4,012	$ 3,895
Operating Leases, Rent Expense				17,020	$ 12,036
Security Deposit	$ 5,404	$ 4,012	$ 3,895
Leasehold Improvements, Gross				$ 82,500
Senju Pharmaceutical Co [Member]
Royalty Percentage						5.00%

Stockholders' Equity - Black Sc

Stockholders' Equity - Black Scholes option (Details)	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Stockholders' Equity
Expected term (years)	5 years 10 months 6 days	5 years 10 months 6 days
Risk free interest rate	0.92%	1.32%
Expected volatility	96.00%	101.00%
Expected dividends	0.00%	0.00%

Stockholders' Equity - Summary

Stockholders' Equity - Summary of option activity (Details) - USD ($)	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Weighted Average Exercise Price, Granted | $ / Shares	$ 3.82	$ 4.13
Stock Options [Member]
Number of Options Outstanding | Shares	3,427,705
Number of Options Granted | Shares	1,637
Number of Options Outstanding | Shares	3,429,342
Number of Options Exercisable | Shares	1,862,537
Weighted Average Exercise Price, Outstanding | $ / Shares	$ 3.37
Weighted Average Exercise Price, Granted | $ / Shares	5.11
Weighted Average Exercise Price, Outstanding | $ / Shares	3.37
Weighted Average Exercise Price, Exercisable | $ / Shares	$ 3.54
Weighted Average Remaining Life In Years, Outstanding	7 years 8 months 12 days
Weighted Average Remaining Life In Years, Exercisable	6 years 8 months 12 days
Aggregate Intrinsic Value, Outstanding | $	$ 7,126,014
Aggregate Intrinsic Value, Exercisable	$ 3,889,820

Stockholders' Equity - Addition

Stockholders' Equity - Additional information related to Warrants (Details) - USD ($)	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2020
Class of Warrant or Right [Line Items]
Outstanding Number of Warrants	1,366,321		2,011,313
Weighted Average Remaining Life, Exercisable	4 years
Exercisable Number of Warrants	1,366,321
Number of warrants exercised	(644,992)
Proceeds from exercise of warrants	$ 1,530,990	$ 0
Warrants at exercise price of $2.4696
Class of Warrant or Right [Line Items]
Exercise Price of Warrants Outstanding	$ 2.4696
Outstanding Number of Warrants	1,149,941
Weighted Average Remaining Life, Exercisable	4 years
Exercisable Number of Warrants	1,149,941
Warrants at exercise price of $2.7240
Class of Warrant or Right [Line Items]
Exercise Price of Warrants Outstanding	$ 2.7240
Outstanding Number of Warrants	216,380
Weighted Average Remaining Life, Exercisable	4 years
Exercisable Number of Warrants	216,380

Stockholders' Equity - Warrants

Stockholders' Equity - Warrants Activity (Details)	3 Months Ended
	Mar. 31, 2021USD ($)$ / sharesshares
Stockholders' Equity
Outstanding at beginning balance | shares	2,011,313
Exercised | shares	(644,992)
Outstanding at ending balance | shares	1,366,321
Exercisable Number of warrants | shares	1,366,321
Outstanding at beginning balance | $ / shares	$ 2.43
Exercised | $ / shares	2.37
Outstanding at ending balance | $ / shares	2.51
Exercisable | $ / shares	$ 2.51
Weighted Average Remaining Life, Outstanding	4 years
Weighted Average Remaining Life, Exercisable	4 years
Aggregate Intrinsic Value, Outstanding | $	$ 3,530,228
Aggregate Intrinsic Value, Exercisable | $	$ 3,530,228

Stockholders' Equity - Summar_2

Stockholders' Equity - Summary of information related to stock options (Details)	3 Months Ended
	Mar. 31, 2021$ / sharesshares
Options Outstanding, Outstanding Number of Options	3,429,342
Options Exercisable, Weighted Average Remaining Life In Years	6 years 8 months 12 days
Options Exercisable, Exercisable Number of Options	1,862,537
Exercise Price 1.24 [Member]
Options Outstanding, Outstanding Exercise Price | $ / shares	$ 1.24
Options Outstanding, Outstanding Number of Options	260,000
Options Exercisable, Weighted Average Remaining Life In Years	4 years
Options Exercisable, Exercisable Number of Options	260,000
Exercise Price 1.95 [Member]
Options Outstanding, Outstanding Exercise Price | $ / shares	$ 1.95
Options Outstanding, Outstanding Number of Options	673,544
Options Exercisable, Weighted Average Remaining Life In Years	6 years 3 months 18 days
Options Exercisable, Exercisable Number of Options	673,544
Exercise Price 2.72 [Member]
Options Outstanding, Outstanding Exercise Price | $ / shares	$ 2.72
Options Outstanding, Outstanding Number of Options	764,419
Options Exercisable, Weighted Average Remaining Life In Years	0 years
Options Exercisable, Exercisable Number of Options	0
Exercise Price 2.74 [Member]
Options Outstanding, Outstanding Exercise Price | $ / shares	$ 2.74
Options Outstanding, Outstanding Number of Options	6,000
Options Exercisable, Weighted Average Remaining Life In Years	7 years 9 months 18 days
Options Exercisable, Exercisable Number of Options	4,333
Exercise Price 2.89 [Member]
Options Outstanding, Outstanding Exercise Price | $ / shares	$ 2.89
Options Outstanding, Outstanding Number of Options	263,500
Options Exercisable, Weighted Average Remaining Life In Years	0 years
Options Exercisable, Exercisable Number of Options	0
Exercise Price 3.11 [Member]
Options Outstanding, Outstanding Exercise Price | $ / shares	$ 3.11
Options Outstanding, Outstanding Number of Options	659,849
Options Exercisable, Weighted Average Remaining Life In Years	8 years 4 months 24 days
Options Exercisable, Exercisable Number of Options	369,646
Exercise price 3.43 [Member]
Options Outstanding, Outstanding Exercise Price | $ / shares	$ 3.43
Options Outstanding, Outstanding Number of Options	58,920
Options Exercisable, Weighted Average Remaining Life In Years	0 years
Options Exercisable, Exercisable Number of Options	0
Exercise price 3.48 [Member]
Options Outstanding, Outstanding Exercise Price | $ / shares	$ 3.48
Options Outstanding, Outstanding Number of Options	45,000
Options Exercisable, Weighted Average Remaining Life In Years	0 years
Options Exercisable, Exercisable Number of Options	0
Exercise price 3.71 [Member]
Options Outstanding, Outstanding Exercise Price | $ / shares	$ 3.71
Options Outstanding, Outstanding Number of Options	43,000
Options Exercisable, Weighted Average Remaining Life In Years	0 years
Options Exercisable, Exercisable Number of Options	0
Exercise Price 4.00 [Member]
Options Outstanding, Outstanding Exercise Price | $ / shares	$ 4
Options Outstanding, Outstanding Number of Options	2,000
Options Exercisable, Weighted Average Remaining Life In Years	7 years 7 months 6 days
Options Exercisable, Exercisable Number of Options	1,556
Exercise price 4.68 [Member]
Options Outstanding, Outstanding Exercise Price | $ / shares	$ 4.68
Options Outstanding, Outstanding Number of Options	25,000
Options Exercisable, Weighted Average Remaining Life In Years	8 years 9 months 18 days
Options Exercisable, Exercisable Number of Options	9,029
Exercise Price 5.10 [Member]
Options Outstanding, Outstanding Exercise Price | $ / shares	$ 5.10
Options Outstanding, Outstanding Number of Options	6,000
Options Exercisable, Weighted Average Remaining Life In Years	7 years 4 months 24 days
Options Exercisable, Exercisable Number of Options	5,000
Exercise Price 5.11 [Member]
Options Outstanding, Outstanding Exercise Price | $ / shares	$ 5.11
Options Outstanding, Outstanding Number of Options	1,637
Options Exercisable, Weighted Average Remaining Life In Years	0 years
Options Exercisable, Exercisable Number of Options	0
Exercise Price 5.19 [Member]
Options Outstanding, Outstanding Exercise Price | $ / shares	$ 5.19
Options Outstanding, Outstanding Number of Options	16,500
Options Exercisable, Weighted Average Remaining Life In Years	7 years 4 months 24 days
Options Exercisable, Exercisable Number of Options	13,750
Exercise Price 5.25 [Member]
Options Outstanding, Outstanding Exercise Price | $ / shares	$ 5.25
Options Outstanding, Outstanding Number of Options	26,668
Options Exercisable, Weighted Average Remaining Life In Years	5 years 6 months
Options Exercisable, Exercisable Number of Options	26,668
Exercise Price 5.77 [Member]
Options Outstanding, Outstanding Exercise Price | $ / shares	$ 5.77
Options Outstanding, Outstanding Number of Options	50,000
Options Exercisable, Weighted Average Remaining Life In Years	0 years
Options Exercisable, Exercisable Number of Options	0
Exercise Price 6.20 [Member]
Options Outstanding, Outstanding Exercise Price | $ / shares	$ 6.20
Options Outstanding, Outstanding Number of Options	300,387
Options Exercisable, Weighted Average Remaining Life In Years	7 years 3 months 18 days
Options Exercisable, Exercisable Number of Options	283,298
Exercise Price 6.30 [Member]
Options Outstanding, Outstanding Exercise Price | $ / shares	$ 6.30
Options Outstanding, Outstanding Number of Options	60,000
Options Exercisable, Weighted Average Remaining Life In Years	7 years 3 months 18 days
Options Exercisable, Exercisable Number of Options	53,333
Exercise Price 8.72 [Member]
Options Outstanding, Outstanding Exercise Price | $ / shares	$ 8.72
Options Outstanding, Outstanding Number of Options	166,918
Options Exercisable, Weighted Average Remaining Life In Years	7 years
Options Exercisable, Exercisable Number of Options	162,380

Stockholders' Equity - Additi_2

Stockholders' Equity - Additional Information (Details) - USD ($)	Mar. 24, 2020	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2020
Common stock, shares authorized		90,000,000		90,000,000
Common Stock, Par or Stated Value Per Share		$ 0.0001		$ 0.0001
Preferred Stock, Shares Authorized		6,000,000		6,000,000
Preferred Stock, Par or Stated Value Per Share		$ 0.0001		$ 0.0001
Stock-based compensation		$ 656,913	$ 583,865
Aggregate number of shares issued including over-allotment option (in shares)	2,675,293
Net Proceeds From Issuance Of Common Stock	$ 5,300,000
Share-based Compensation		656,913	$ 583,865
Unrecognized stock - based compensation expense		$ 3,069,508
Weighted average period of recognition		1 year 9 months 18 days
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price		$ 3.82	$ 4.13
Proceeds from exercise of stock warrants		$ 1,530,990	$ 0
Directors And Executive Officers [Member]
Units issued price per unit	$ 2.42625
Research and Development Expense [Member]
Stock-based compensation		329,713	307,409
General and Administrative Expense [Member]
Stock-based compensation		327,200	276,456
Class A Warrants [Member]
Aggregate number of shares issued including over-allotment option (in shares)	1,337,659
Shares Issued, Price Per Share	$ 2.058
Class of Warrant or Right, Exercise Price of Warrants or Rights	$ 2.27
Class B Warrants [Member ]
Aggregate number of shares issued including over-allotment option (in shares)	2,006,495
Shares Issued, Price Per Share	$ 2.4696
Class of Warrant or Right, Exercise Price of Warrants or Rights	$ 2.724
Common Stock
Stock-based compensation		$ 0	$ 0
IPO [Member]
Aggregate number of shares issued including over-allotment option (in shares)	6,000,000
Units issued price per unit	$ 2.21425
IPO [Member] | Class A Warrants [Member]
Class of Warrant or Right, Exercise Price of Warrants or Rights	$ 0.5
Warrant to purchase common stock in period	1 year
IPO [Member] | Class B Warrants [Member ]
Class of Warrant or Right, Exercise Price of Warrants or Rights	$ 0.75
Warrant to purchase common stock in period	5 years
Warrants at exercise price of $2.4696
Class of Warrant or Right, Exercise Price of Warrants or Rights		$ 2.4696

Employee Benefit Plans (Details

Employee Benefit Plans (Details) - USD ($)	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
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	$ 64,178	$ 57,971

Subsequent Events (Details)

Subsequent Events (Details)	May 07, 2021USD ($)item$ / sharesshares	May 31, 2021USD ($)$ / sharesshares	Mar. 31, 2021USD ($)	Mar. 31, 2020USD ($)
Proceeds from exercise of stock warrants			$ 1,530,990	$ 0
Subsequent Event [Member]
Warrants for purchase of common stock | shares		232,022
Proceeds from exercise of stock warrants		$ 573,001
Exercise price of warrants | $ / shares		$ 2.4696
Silicon Valley Bank [Member] | Subsequent Event [Member]
Warrants for purchase of common stock | shares	91,884
Exercise price of warrants | $ / shares	$ 4.76
Debt Instrument, Face Amount	$ 25,000,000
Interest rate (as a percent)	5.00%
Loan received	$ 7,500,000
Maturity term	10 years
Remaining borrowing amount	$ 17,500,000
Number of tranches | item	2
Silicon Valley Bank [Member] | Subsequent Event [Member] | Prime Rate [Member]
Variable Annual rate	1.25%