On June 6, 2025, Formosa Pharmaceuticals, Inc. Announced the termination of licensing agreement with Eyenovia, Inc. On August 16, 2023, the Company signed an exclusive licensing agreement with Eyenovia, Inc. for the grant of exclusive rights to the commercialization of APP13007 (clobetasol propionate ophthalmic nanosuspension 0.05%) in the U.S. Reason for termination: Sales of their product APP13007 in the U.S. have been impacted since November 2024 due to the operating conditions of Eyenovia, Inc., resulting in slow sales of the Company's products in the U.S.
(2) After negotiation and communication with Eyenovia, Inc., they agreed to transfer the U.S. drug license of APP13007 back to the Company.
(3) In order to ensure that the sales of the Company's APP13007 in the U.S. can be improved as soon as possible, with the consent and support of
Eyenovia, the Company actively explored other potential licensing partners and obtained the strong interest of Harrow Inc., a leader in ophthalmic
drugs with more than 15 FDA-approved branded eye drops in the U.S., in licensing-in the Company's products. After comparing the cooperation conditions and sales capabilities of the two companies from multiple aspects, the Company decided to work with Harrow Inc., which has profound market experience and outstanding sales capabilities, to commercialize APP13007 in the U.S. market. Therefore, the Company and Eyenovia have mutually agreed to terminate the exclusive licensing agreement with Eyenovia, Inc. in advance in accordance with the relevant provisions of
the contract. Effect on the Company's finances or business: The upfront and milestone payments that the Company has already obtained are
non-refundable under the terms of the agreement. Following the termination of the licensing agreement with Eyenovia, Inc. and the simultaneous licensing to Harrow Inc., it should be of great help in promoting the sales of the Company's APP13007 in the U.S. market. It takes considerable time and expenses to develop a new drug. In addition, the success of such development cannot be guaranteed. Therefore, the investors will bear investment risk and should carefully consider investment decisions.