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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

(Mark One)

☒QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended June 30, 2025

☐TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

Commission file number: 001-37463

GLAUKOS CORPORATION

(Exact name of registrant as specified in its charter)


Delaware	33-0945406
(State or other jurisdiction of incorporation or organization)	(I.R.S. Employer Identification No.)

One Glaukos Way Aliso Viejo, California	92656
(Address of registrant’s principal executive offices)	(Zip Code)

(949) 367-9600

(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:

Title of each class		Trading Symbol(s)		Name of each exchange on which registered
Common Stock		GKOS		New York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ⌧ No ◻

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ⌧ No ◻

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of ‘‘large accelerated filer,’’ ‘‘accelerated filer,’’ ‘‘smaller reporting company’’ and “emerging growth company” in Rule 12b-2 of the Exchange Act:

☒ Large accelerated filer

☐ Accelerated filer

☐ Non-accelerated filer

☐ Smaller reporting company

☐ Emerging growth company

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

As of July 31, 2025, there were 57,349,987 shares of the registrant’s Common Stock, $0.001 par value per share, outstanding.

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GLAUKOS CORPORATION

Form 10-Q

For the Quarterly Period Ended June 30, 2025

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		Page
PART I: FINANCIAL INFORMATION		5
Item 1.	Financial Statements	5
	Condensed Consolidated Balance Sheets	5
	Condensed Consolidated Statements of Operations	6
	Condensed Consolidated Statements of Comprehensive Loss	7
	Condensed Consolidated Statements of Stockholders’ Equity	8
	Condensed Consolidated Statements of Cash Flows	9
	Notes to Condensed Consolidated Financial Statements	10
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	26
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	39
Item 4.	Controls and Procedures	39

PART II: OTHER INFORMATION		40
Item 1.	Legal Proceedings	40
Item1A.	Risk Factors	40
Item 5.	Other Information	56
Item 6.	Exhibits	57




SIGNATURES		58

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Note Regarding Forward-Looking Statements

This report contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (Securities Act), and Section 21E of the Securities Exchange Act of 1934, as amended (Exchange Act) All statements other than statements of historical or current facts included in this report are forward-looking statements. In some cases, you can identify forward-looking statements by the following words: "may," "will," "could," "would," "should," "expect," "intend," "plan," "anticipate," "believe," "estimate," "predict," "project," "potential," "continue," "ongoing" or the negative of these terms or other comparable terminology, although not all forward-looking statements contain these words. Any statements in this Quarterly Report on Form 10-Q regarding future operations, including our expectations for future expenses, capital expenditures and income, our expectations regarding the impact of the macroeconomic environment, our strategy for growth, product development activities, the impact of the regulatory environment, including the timing and likelihood of regulatory approvals and the impact of new or changing regulations and pricing, and market position are forward-looking statements. These forward-looking statements are based on management’s beliefs and assumptions based on the information available to management at the time of this report. Although we believe that we have a reasonable basis for each forward-looking statement contained in this report, we caution you that these forward-looking statements involve risks, uncertainties and other factors that may cause actual results, levels of activity, performance or achievements to be materially different from the information expressed or implied by these forward-looking statements.

You are urged to carefully review the disclosures we make concerning the risks we face and other factors that may affect the outcome of our forward-looking statements and our business and operating results, including the risks set forth in the “Risk Factors Summary” below and further described in the "Risk Factors" section of this report, which includes a discussion of important factors that may cause actual results to differ materially from those expressed or implied by the forward-looking statements. As a result of these factors, we cannot assure you that the forward-looking statements in this report will prove to be accurate, and actual results may differ materially from those expressed or implied by the forward-looking statements. In light of the significant uncertainties in these forward-looking statements, you should not regard these statements as a representation or warranty by us or any other person that we will achieve our objectives and plans in any specified time frame, or at all. You are therefore cautioned not to place undue reliance on the forward-looking statements included in this report, which speak only as of the date of this document. We undertake no obligation to publicly update any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.

We use Glaukos, our logo, iStent, iStent inject, iStent infinite, iPrism, iDose TR, iPRIME, MIGS, Avedro, Photrexa, iLink, KXL, Epioxa, iLution, PRESERFLO, Retina XR and other marks as trademarks. This report contains references to our trademarks and service marks and to those belonging to other entities. Solely for convenience, trademarks and trade names referred to in this report, including logos, artwork and other visual displays, may appear without the ® or ™ symbols, but such references are not intended to indicate in any way that we will not assert, to the fullest extent under applicable law, our rights or the rights of the applicable licensor to these trademarks and trade names. We do not intend our use or display of other entities’ trade names, trademarks or service marks to imply a relationship with, or endorsement or sponsorship of us by, any other entity.

References throughout this document to “we,” “us,” “our,” the “Company,” or “Glaukos” refer to Glaukos Corporation and its consolidated subsidiaries.

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Risk Factors Summary

Investing in our securities involves a high degree of risk. The following is a summary of the principal factors that make an investment in our securities speculative or risky, all of which are further described below in the section titled “Risk Factors” in Part II, Item 1A of this report. This summary should be read in conjunction with the “Risk Factors” section and should not be relied upon as an exhaustive summary of the material risks facing our business. In addition to the following summary, you should consider the information set forth in the “Risk Factors” section and the other information contained in this report before investing in our securities.

Risks Related to Our Business

●

Failure to achieve commercial success of iDose TR could materially impact our business.

●

Downturns or volatility in general economic conditions and public health crises could harm our business.

●

Supply and/or manufacturing disruptions impacting our principal revenue-producing products could reduce our gross margins and negatively impact our operating results.

●

We may not reach sustained profitability.

●

We may fail to generate sufficient sales of our commercialized products or to develop and commercialize additional products.

●

We are subject to a variety of risks associated with our international operations.

●

We may not meet our customers’ expectations for the quality or delivery of our products, which could harm our reputation and sales.

●

If ophthalmic surgeons do not use or if they misuse our products, our business could be harmed.

●

We may fail to manage our anticipated growth effectively and may not be able to meet customer demand.

●

We may be unable to retain or recruit qualified personnel for growth.

●

We have and may continue to enter into acquisitions, collaborations, in-licensing agreements, joint ventures, alliances or partnerships with third parties that could fail or result in litigation.

●

Cybersecurity incidents, service interruptions, or data corruption could materially disrupt our operations and adversely affect our business.

●

Failure to comply with data privacy and security laws could have a material adverse effect on our business.

●

Our net operating loss tax carryforwards may not be available, or may be subject to certain limitations, to offset future taxable income.

Risks Related to Our Indebtedness

●

If we incur future indebtedness, our debt service obligations could limit our cash flow, and may adversely affect our financial condition and operating results.

●

The capped call transactions may affect the value of our common stock, par value $0.001 per share (Common Stock) and subject us to counterparty risk.

Risks Related to Our Regulatory Environment

●

Healthcare legislative reform measures and changes in U.S. and international trade policies may have a material adverse effect on our business and results of operations.

●

Compliance with applicable regulations can be costly and failure to comply with such regulations could harm our business, financial condition and operating results.

●

Legislative or regulatory reform of the healthcare system could hinder or prevent our products’ commercial success.

●

Inadequate or inconsistent reimbursement for our products may adversely impact our business.

Risks Related to Our Intellectual Property

●

Failure to protect our intellectual property could substantially impair our ability to compete.

●

Intellectual property claims or litigation could be costly, time-consuming and unsuccessful and could interfere with our ability to successfully commercialize our products.

Risks Related to Our Common Stock

●

Provisions in our Certificate of Incorporation and Bylaws limit the ability of stockholders to take certain actions and could delay or discourage takeover attempts.

●

Our Certificate of Incorporation designates the sole and exclusive forum for certain types of actions and proceedings, which could limit our stockholders’ ability to obtain a favorable judicial forum.

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PART I - FINANCIAL INFORMATION

Item 1. Financial Statements

GLAUKOS CORPORATION

CONDENSED CONSOLIDATED BALANCE SHEETS

(in thousands, except par values)


	June 30,		December 31,
	2025		2024
	(unaudited)
Assets
Current assets:
Cash and cash equivalents	$	100,813	$	169,626
Short-term investments		173,973		149,289
Accounts receivable, net		82,985		60,744
Inventory		64,621		57,678
Prepaid expenses and other current assets		13,673		12,455
Total current assets		436,065		449,792
Restricted cash		3,834		4,733
Property and equipment, net		111,816		97,867
Operating lease right-of-use asset		31,985		30,254
Finance lease right-of-use asset		40,610		41,816
Intangible assets, net		270,491		263,445
Goodwill		66,710		66,134
Deposits and other assets		25,447		20,715
Total assets	$	986,958	$	974,756

Liabilities and stockholders' equity
Current liabilities:
Accounts payable	$	13,684	$	13,026
Accrued liabilities		65,452		62,099
Total current liabilities		79,136		75,125
Operating lease liability		36,200		33,936
Finance lease liability		68,823		69,463
Deferred tax liability, net		6,910		6,928
Other liabilities		30,777		22,373
Total liabilities		221,846		207,825

Commitments and contingencies (Note 13)

Stockholders' equity:
Preferred stock, $0.001 par value; 5,000 shares authorized; no shares issued and outstanding as of June 30, 2025 and December 31, 2024		-		-
Common stock, $0.001 par value; 150,000 shares authorized; 57,277 and 56,472 shares issued and 57,249 and 56,444 shares outstanding as of June 30, 2025 and December 31, 2024, respectively		57		56
Additional paid-in capital		1,545,557		1,509,831
Accumulated other comprehensive income		2,872		2,615
Accumulated deficit		(783,242)		(745,439)
Less treasury stock (28 shares as of June 30, 2025 and December 31, 2024)		(132)		(132)
Total stockholders' equity		765,112		766,931
Total liabilities and stockholders' equity	$	986,958	$	974,756

See accompanying notes to condensed consolidated financial statements.

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GLAUKOS CORPORATION

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(unaudited)

(in thousands, except per share amounts)


	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2025		2024		2025		2024
Net sales	$	124,120	$	95,690	$	230,784	$	181,312
Cost of sales		26,896		22,550		51,212		42,808
Gross profit		97,224		73,140		179,572		138,504
Operating expenses:
Selling, general and administrative		83,375		66,188		154,048		128,163
Research and development		36,538		34,426		68,891		65,152
Acquired in-process research and development		-		2,500		-		14,229
Total operating expenses		119,913		103,114		222,939		207,544
Loss from operations		(22,689)		(29,974)		(43,367)		(69,040)
Non-operating income (expense):
Interest income		2,574		2,828		5,650		5,911
Interest expense		(1,151)		(3,355)		(2,314)		(6,805)
Charges associated with convertible senior notes		-		(18,012)		-		(18,012)
Other income (expense), net		1,857		(1,701)		2,802		(2,729)
Total non-operating income (expense)		3,280		(20,240)		6,138		(21,635)
Loss before taxes		(19,409)		(50,214)		(37,229)		(90,675)
Income tax provision		248		331		574		708
Net loss	$	(19,657)	$	(50,545)	$	(37,803)	$	(91,383)
Basic and diluted net loss per share	$	(0.34)	$	(1.00)	$	(0.66)	$	(1.82)
Weighted-average shares outstanding used to compute basic and diluted net loss per share		57,205		50,715		56,922		50,169

See accompanying notes to condensed consolidated financial statements.

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GLAUKOS CORPORATION

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS

(unaudited)

(in thousands)


	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2025		2024		2025		2024
Net loss	$	(19,657)	$	(50,545)	$	(37,803)	$	(91,383)
Other comprehensive income (loss):
Foreign currency translation income		274		633		127		988
Unrealized (loss) income on short-term investments		(7)		121		130		38
Other comprehensive income		267		754		257		1,026
Total comprehensive loss	$	(19,390)	$	(49,791)	$	(37,546)	$	(90,357)

See accompanying notes to condensed consolidated financial statements.

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GLAUKOS CORPORATION

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY

(unaudited)

(in thousands)


						Accumulated
				Additional		other
	Common stock			paid-in		comprehensive		Accumulated		Treasury stock			Total
	Shares	Amount		capital		income (loss)		deficit		Shares	Amount		equity
Balance at December 31, 2024	56,472	$	56	$	1,509,831	$	2,615	$	(745,439)	(28)	$	(132)	$	766,931
Common stock issued under stock plans, net	297		1		2,197		-		-	-		-		2,198
Stock-based compensation	-		-		12,986		-		-	-		-		12,986
Other comprehensive loss	-		-		-		(10)		-	-		-		(10)
Net loss	-		-		-		-		(18,146)	-		-		(18,146)
Balance at March 31, 2025	56,769	$	57	$	1,525,014	$	2,605	$	(763,585)	(28)	$	(132)	$	763,959
Common stock issued under stock plans, net	508		-		2,524		-		-	-		-		2,524
Stock-based compensation	-		-		18,019		-		-	-		-		18,019
Other comprehensive income	-		-		-		267		-	-		-		267
Net loss	-		-		-		-		(19,657)	-		-		(19,657)
Balance at June 30, 2025	57,277	$	57	$	1,545,557	$	2,872	$	(783,242)	(28)	$	(132)	$	765,112


						Accumulated
				Additional		other
	Common stock			paid-in		comprehensive		Accumulated		Treasury stock			Total
	Shares	Amount		capital		income		deficit		Shares	Amount		equity
Balance at December 31, 2023	49,148	$	49	$	1,059,751	$	1,165	$	(599,067)	(28)	$	(132)	$	461,766
Common stock issued under stock plans, net	672		1		13,364		-		-	-		-		13,365
Asset acquisition through issuance of common stock	55		-		5,000		-		-	-		-		5,000
Stock-based compensation	-		-		11,165		-		-	-		-		11,165
Other comprehensive income	-		-		-		272		-	-		-		272
Net loss	-		-		-		-		(40,838)	-		-		(40,838)
Balance at March 31, 2024	49,875	$	50	$	1,089,280	$	1,437	$	(639,905)	(28)	$	(132)	$	450,730
Common stock issued under stock plans, net	724		1		8,818		-		-	-		-		8,819
Issuance of common stock in exchange for convertible senior notes	4,253		4		244,084		-		-	-		-		244,088
Stock-based compensation	-		-		11,313		-		-	-		-		11,313
Other comprehensive income	-		-		-		754		-	-		-		754
Net loss	-		-		-		-		(50,545)	-		-		(50,545)
Balance at June 30, 2024	54,852	$	55	$	1,353,495	$	2,191	$	(690,450)	(28)	$	(132)	$	665,159

See accompanying notes to condensed consolidated financial statements.

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GLAUKOS CORPORATION

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(unaudited)

(in thousands)


	Six Months Ended June 30,
	2025		2024
Operating Activities
Net loss	$	(37,803)	$	(91,383)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation		5,376		5,438
Amortization of intangible assets		11,420		12,473
Amortization of right-of-use lease assets		2,133		2,132
Amortization of debt issuance costs		-		595
Deferred income tax benefit		(18)		(2)
Loss on disposal of fixed assets		11		64
Stock-based compensation		31,005		22,478
Unrealized foreign currency losses		3,883		2,911
Amortization of premium on short-term investments		(2,199)		(2,225)
Other liabilities		815		3,496
Acquired in-process R&D acquired through the issuance of common stock		-		5,000
Inducement expense related to exchange of convertible senior notes		-		17,412
Allowance for doubtful accounts		4,067		(34)
Changes in operating assets and liabilities:
Accounts receivable		(23,984)		(11,980)
Inventory		(4,399)		(15,105)
Prepaid expenses and other current assets		(919)		3,653
Accounts payable and accrued liabilities		(113)		(4,971)
Deposits and other assets		(817)		(2,191)
Net cash used in operating activities		(11,542)		(52,239)
Investing activities
Cash paid for acquisitions, net of cash acquired		(12,437)		-
Purchase of real estate property		(16,607)		-
Purchases of short-term investments		(116,765)		(91,089)
Proceeds from sales and maturities of short-term investments		94,411		101,730
Purchases of property and equipment		(3,117)		(3,117)
Proceeds from disposal of property and equipment		-		38
Investment in company-owned life insurance		(2,465)		(2,081)
Other investing activities		(750)		-
Net cash (used in) provided by investing activities		(57,730)		5,481
Financing activities
Proceeds from exercise of stock options		9,054		24,000
Proceeds from share purchases under Employee Stock Purchase Plan		2,961		2,687
Payment of employee taxes related to vested restricted stock units		(7,294)		(4,505)
Principal paid on finance lease		(526)		(423)
Net cash provided by financing activities		4,195		21,759
Effect of exchange rate changes on cash and cash equivalents		(4,635)		(1,516)
Net decrease in cash, cash equivalents and restricted cash		(69,712)		(26,515)
Cash, cash equivalents and restricted cash at beginning of period		174,359		99,323
Cash, cash equivalents and restricted cash at end of period	$	104,647	$	72,808
Supplemental disclosures of cash flow information
Taxes paid, net of refunds	$	511	$	801
Interest paid on convertible senior notes	$	-	$	3,953
Other interest paid	$	2,115	$	2,316
Supplemental schedule of noncash investing and financing activities
Contingent consideration acquired	$	7,700	$	-
Convertible senior notes exchanged for common stock, net of debt issuance costs	$	-	$	226,676
Purchases of property and equipment included in accounts payable and accrued liabilities	$	590	$	512

See accompanying notes to condensed consolidated financial statements.

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GLAUKOS CORPORATION

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(unaudited)

Note 1. Organization and Basis of Presentation

Organization and business

Glaukos Corporation (Glaukos or the Company), incorporated in Delaware on July 14, 1998, is an ophthalmic pharmaceutical and medical technology company focused on developing novel dropless platform therapies and commercializing associated products for the treatment of glaucoma, corneal disorders, and retinal diseases. The Company first developed Micro-Invasive Glaucoma Surgery (MIGS) as an alternative to the traditional glaucoma treatment paradigm, launching its first MIGS device commercially in 2012. The Company also offers commercially a proprietary bio-activated pharmaceutical therapy for the treatment of a rare corneal disorder, keratoconus, that was approved by the United States (U.S.) Food and Drug Administration (FDA) in 2016. In 2024, the Company commenced controlled commercial launch activities for iDose TR. The Company is developing a portfolio of platforms to support ongoing pharmaceutical and medical device innovations. Products or product candidates for each of these platforms are designed to advance the standard of care through better treatment options across the areas of glaucoma; corneal disorders such as keratoconus, dry eye and refractive vision correction; and retinal diseases such as neovascular age-related macular degeneration, diabetic macular edema and retinal vein occlusion.

The accompanying condensed consolidated financial statements include the accounts of Glaukos and its wholly-owned subsidiaries. The Company translates the financial statements of its foreign subsidiaries using end-of-period exchange rates for assets and liabilities and average exchange rates during each reporting period for results of operations. All intercompany balances and transactions among the consolidated entities have been eliminated in consolidation.

Basis of presentation

The accompanying condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted (GAAP) in the U.S. for interim financial information and pursuant to the instructions to Form 10-Q and Article 10 of Regulation S-X.

As permitted by Form 10-Q and Article 10 of Regulation S-X, certain footnotes and other financial information that are normally required by GAAP have been condensed or omitted. The unaudited interim financial statements have been prepared on a basis consistent with the audited financial statements. In the opinion of management, the unaudited interim financial statements reflect all adjustments necessary for the fair presentation of the Company’s financial information contained herein. All such adjustments are of a normal and recurring nature. The condensed consolidated balance sheet as of December 31, 2024 has been derived from audited financial statements at that date, but excludes disclosures required by GAAP for complete financial statements. These interim financial statements do not include all disclosures required by GAAP and should be read in conjunction with the Company’s financial statements and accompanying notes for the fiscal year ended December 31, 2024, which are contained in the Company’s Annual Report on Form 10-K filed with the U.S. Securities and Exchange Commission (SEC) on February 24, 2025. The Company’s results of operations for the three and six months ended June 30, 2025 are not necessarily indicative of the results to be expected for the year ending December 31, 2025 or for any other interim period.

Recent Developments

On May 16, 2025, pursuant to a definitive agreement and plan of merger (Mobius Agreement), the Company acquired all of the outstanding equity interests in Mobius Therapeutics, LLC (Mobius) for $12.4 million, net of cash acquired. Pursuant to the Mobius Agreement, the Company also agreed to pay the former Mobius equityholders contingent consideration in the form of single-digit royalty payments based on net sales of Mobius products for a period of four years, and additional, potential performance-based payments of up to $80.0 million in aggregate upon the achievement of certain net sales milestones with respect to such Mobius products. See Note 6. Business Combinations for additional details.

On April 4, 2025, the Company purchased certain real property consisting of an approximately 40,000 square foot, two-story building, located in Aliso Viejo, California (Aliso Building) and which is adjacent to the Company’s Aliso Viejo, California headquarters (Aliso Facility). The Company paid a purchase price of $16.6 million for the Aliso

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Building, which is currently occupied by several tenants whose leases, which were assumed by the Company, expire at various times over the next four years. See Note 5. Real Estate Acquisitions and Leases for additional details.

Note 2. Summary of Significant Accounting Policies

Use of Estimates

The preparation of the condensed consolidated financial statements in conformity with GAAP requires management to make estimates, judgments and assumptions that affect the reported amounts in the condensed consolidated financial statements and accompanying notes. Actual results could differ materially from those estimates and assumptions used in the preparation of the accompanying condensed consolidated financial statements under different assumptions and conditions.

The Company’s condensed consolidated financial statements as of and for the three and six months ended June 30, 2025 reflect the Company’s estimates of the impact of the macroeconomic environment, including the impact of inflation, supply shortages or delays, changes in supply and demand, foreign exchange rate fluctuations and other conditions which have led to disruptions in commerce and pricing stability. The Company is not aware of any specific event or circumstance that would require an update to its estimates, judgments and assumptions or a revision of the carrying value of the Company’s assets or liabilities as of June 30, 2025.

Cash, Cash Equivalents and Restricted Cash

The following table provides a reconciliation of cash and cash equivalents and restricted cash reported within the condensed consolidated balance sheets that equate to the amount reported in the condensed consolidated statements of cash flows as of the beginning and end of six months ended June 30, 2025 (in thousands):


	June 30,		December 31,
	2025		2024
Cash and cash equivalents	$	100,813	$	169,626
Restricted cash		3,834		4,733
Cash, cash equivalents and restricted cash	$	104,647	$	174,359

The Company’s cash and cash equivalents include cash in readily available checking and money market accounts, as well as certificates of deposit. The Company maintains balances of cash and cash equivalents at one or more financial institutions that are in excess of federally insured limits.

Recently Adopted Accounting Pronouncements

In December 2023, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which is intended to improve the transparency of income tax disclosures by requiring consistent categories and greater disaggregation of information in the effective tax rate reconciliation and income taxes paid by jurisdiction. The ASU is effective for public business entities’ annual periods beginning after December 15, 2024, with early adoption permitted. The Company adopted this pronouncement and is evaluating the impact it will have on its upcoming annual filing on Form 10-K for the year ended December 31, 2025; however the Company currently does not believe the adoption will have a material impact on its consolidated financial statements and disclosures for that Form 10-K filing.

Recently Issued Accounting Pronouncements Not Yet Adopted

In November 2024, the FASB issued ASU No. 2024-03 Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses, which requires disaggregated disclosure of certain costs and expenses on an interim and annual basis. ASU No. 2024-03 is effective for fiscal years beginning after December 15, 2026, and interim periods within fiscal years beginning after December 15, 2027, with early adoption permitted. The disclosure updates are required to be applied prospectively with the option for retrospective application. The Company is currently evaluating the impact of adopting ASU No. 2024-03 on its condensed consolidated financial statements.

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Note 3. Balance Sheet Details

Short-term Investments

Short-term investments consisted of the following (in thousands):


	At June 30, 2025
	Maturity	Amortized cost		Unrealized		Unrealized		Estimated
	(in years)	or cost		gains		losses		fair value
U.S. treasury securities	less than 3	$	142,094	$	244	$	(35)	$	142,303
Bank certificates of deposit	less than 1		8,605		3		-		8,608
Commercial paper	less than 1		1,989		1		-		1,990
Corporate notes	less than 3		13,040		130		-		13,170
Asset-backed securities	less than 1		4,887		1		(1)		4,887
Municipal bonds	less than 1		3,010		5		-		3,015
Total		$	173,625	$	384	$	(36)	$	173,973

	At December 31, 2024
	Maturity	Amortized cost		Unrealized		Unrealized		Estimated
	(in years)	or cost		gains		losses		fair value
U.S. treasury securities	less than 3	$	115,766	$	215	$	(90)	$	115,891
Bank certificates of deposit	less than 1		5,620		3		-		5,623
Corporate notes	less than 3		16,852		88		(2)		16,938
Asset-backed securities	less than 2		7,824		15		(20)		7,819
Municipal bonds	less than 1		3,010		8		-		3,018
Total		$	149,072	$	329	$	(112)	$	149,289

At each reporting date, the Company performs an evaluation of impairment to determine if any unrealized losses are the result of credit losses. Impairment is assessed at the individual security level. Factors considered in determining whether a loss resulted from a credit loss or other factors include the Company’s intent and ability to hold the investment until the recovery of its amortized cost basis, the extent to which the fair value is less than the amortized cost basis, the length of time and extent to which fair value has been less than the cost basis, the financial condition of the issuer, any historical failure of the issuer to make scheduled interest or principal payments, any changes to the rating of the security by a rating agency, any adverse legal or regulatory events affecting the issuer or issuer’s industry, and any significant deterioration in economic conditions.

The credit-related portion of unrealized losses, and any subsequent improvements, are recorded in interest expense in the condensed consolidated statements of operations through an allowance for credit losses. Unrealized gains and losses that are not credit-related are included in accumulated other comprehensive loss. Unrealized losses on available-for-sale debt securities as of June 30, 2025 and December 31, 2024 were not significant and were primarily due to changes in interest rates, including market credit spreads, and not due to increased credit risks associated with specific securities. Further, the Company does not intend to sell these investments prior to maturity and it is not more likely than not that the Company will be required to sell these investments before recovery of their amortized cost basis. Accordingly, the Company did not record an allowance for credit losses with these investments as of June 30, 2025 and December 31, 2024.

Accounts Receivable, Net

Accounts receivable consisted of the following (in thousands):


	June 30,		December 31,
	2025		2024
Accounts receivable	$	88,126	$	61,817
Allowance for credit losses		(5,141)		(1,073)
	$	82,985	$	60,744

Accounts receivable, net increased as of June 30, 2025 compared to December 31, 2024 given sales of iDose TR during 2025 represents a larger proportion of total net sales as compared to prior periods. Additionally, iDose TR has extended payment terms and higher net sales per unit than the Company’s other products. The Company’s

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allowance for credit losses represents management’s estimate of current expected credit losses related to customer receivables. There were immaterial bad-debt write offs charged during the six months ended June 30, 2025.

Additionally, no singular customer accounted for more than 10% of net accounts receivable as of June 30, 2025 or December 31, 2024.

Inventory

Inventory consisted of the following (in thousands):


	June 30,		December 31,
	2025		2024
Finished goods	$	23,909	$	23,667
Work in process		17,909		14,663
Raw material		22,803		19,348
	$	64,621	$	57,678

Accrued Liabilities

Accrued liabilities consisted of the following (in thousands):


	June 30,		December 31,
	2025		2024
Accrued bonuses	$	13,365	$	22,025
Accrued payroll taxes		4,930		1,436
Accrued Employee Stock Purchase Plan liability		5,342		2,842
Accrued sales rebates		12,233		7,956
Accrued vacation benefits		6,240		5,530
Other accrued liabilities		23,342		22,310
	$	65,452	$	62,099

Note 4. Fair Value Measurements

Fair value is an exit price, representing the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. As such, fair value is a market-based measurement that should be determined based on assumptions that market participants would use in pricing an asset or liability.

The carrying amounts of cash equivalents, accounts receivable, accounts payable, and accrued liabilities are considered to be representative of their respective fair values because of the short-term nature of those instruments.

The valuation of assets and liabilities is subject to fair value measurements using a three-tiered approach and fair value measurements are classified and disclosed by the Company in one of the following three categories:

Level 1: Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities;

Level 2: Quoted prices for similar assets and liabilities in active markets, quoted prices in markets that are not active, or inputs which are observable, either directly or indirectly, for substantially the full term of the asset or liability; and

Level 3: Prices or valuation techniques that require inputs that are both significant to the fair value measurement and unobservable (i.e., supported by little or no market activity).

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The following tables present information about the Company’s financial assets and liabilities measured at fair value on a recurring basis as of June 30, 2025 and December 31, 2024 and indicate the fair value hierarchy of the valuation techniques utilized by the Company to determine such fair value (in thousands):


			At June 30, 2025
			Quoted prices		Significant
			in active		other		Significant
			markets for		observable		unobservable
	June 30,		identical assets		inputs		inputs
	2025		(Level 1)		(Level 2)		(Level 3)
Assets
Cash equivalents:
Money market funds ⁽ⁱ⁾	$	40,225	$	40,225	$	-	$	-
Available for sale securities:
U.S. treasury securities ^(ii)(v)		157,276		-		157,276		-
Commercial paper ⁽ⁱⁱ⁾		1,990		-		1,990		-
Bank certificates of deposit ⁽ⁱⁱ⁾		8,608		-		8,608		-
Corporate notes ⁽ⁱⁱ⁾		13,170		-		13,170		-
Asset-backed securities ⁽ⁱⁱ⁾		4,887		-		4,887		-
Municipal bonds ⁽ⁱⁱ⁾		3,015		-		3,015		-
Investments held for deferred compensation plans ⁽ⁱⁱⁱ⁾		17,206		-		17,206		-
Total Assets	$	246,377	$	40,225	$	206,152	$	-
Liabilities
Deferred compensation plans ^(iv)	$	17,319	$	-	$	17,319	$	-
Contingent consideration ^(iv)	$	9,285	$	-	$	-	$	9,285
Total Liabilities	$	26,604	$	-	$	17,319	$	9,285

(i)

Included in cash and cash equivalents with a maturity of three months or less from date of purchase on the condensed consolidated balance sheets.

(ii)

Included in short-term investments on the condensed consolidated balance sheets.

(iii)

Included in deposits and other assets on the condensed consolidated balance sheets.

(iv)

Of the total $9.3 million, $8.7 million and $0.6 million is included in other liabilities and accrued liabilities, respectively on the condensed consolidated balance sheets.

(v)

One U.S. treasury security totaling $14,973 (in thousands) is included in cash and cash equivalents on the consolidated balance sheets, as the investment has a maturity of three months or less from the date of purchase on the consolidated balance sheets.

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			At December 31, 2024
			Quoted prices		Significant
			in active		other		Significant
			markets for		observable		unobservable
	December 31,		identical assets		inputs		inputs
	2024		(Level 1)		(Level 2)		(Level 3)
Assets

Cash equivalents:
Money market funds ⁽ⁱ⁾	$	69,854	$	69,854	$	-	$	-
Available for sale securities:
U.S. treasury securities ⁽ⁱⁱ⁾	$	115,891	$	-	$	115,891	$	-
Bank certificates of deposit ⁽ⁱⁱ⁾		5,623		-		5,623		-
Corporate notes ⁽ⁱⁱ⁾		16,938		-		16,938		-
Asset-backed securities ⁽ⁱⁱ⁾		7,819		-		7,819		-
Municipal bonds ⁽ⁱⁱ⁾		3,018		-		3,018		-
Investments held for deferred compensation plans ⁽ⁱⁱⁱ⁾		14,741		-		14,741		-
Total Assets	$	233,884	$	69,854	$	164,030	$	-
Liabilities
Deferred compensation plans ^(iv)	$	14,640	$	-	$	14,640	$	-
Contingent consideration^(iv)	$	1,585	$	-	$	-	$	1,585
Total Liabilities	$	16,225	$	-	$	14,640	$	1,585

(i)

Included in cash and cash equivalents with a maturity of three months or less from date of purchase on the condensed consolidated balance sheets.

(ii)

Included in short-term investments on the condensed consolidated balance sheets.

(iii)

Included in deposits and other assets on the condensed consolidated balance sheets.

(iv)

Included in other liabilities on the condensed consolidated balance sheets.

Money market funds are highly-liquid investments and are actively traded. The pricing information on these investment instruments is readily available and can be independently validated as of the measurement date. This approach results in the classification of these securities as Level 1 of the fair value hierarchy.

U.S. government agency bonds, U.S. treasury securities, bank certificates of deposit, commercial paper, municipal bonds, corporate notes and asset-backed securities are measured at fair value using Level 2 inputs. The Company reviews trading activity and pricing for these investments as of each measurement date. Pursuant to the Company’s deferred compensation plan (the Deferred Compensation Plan), the Company has also established a rabbi trust that serves as an investment to shadow the Deferred Compensation Plan liability. The investments of the rabbi trust and Deferred Compensation Plan liability consist of company-owned life insurance policies (COLIs) and the pricing on these investments can be independently evaluated. When sufficient quoted pricing for identical securities is not available, the Company uses market pricing and other observable market inputs for similar securities obtained from third party data providers. These inputs represent quoted prices for similar assets in active markets or these inputs have been derived from observable market data. This approach results in the classification of these securities as Level 2 of the fair value hierarchy.

Our acquisitions may include contingent consideration as part of the purchase price. The fair value of the contingent consideration is estimated as of the acquisition date based on significant inputs not observable in the market, which include the present value of the contingent payments to be made using a Monte Carlo simulation model, computation of net sales volatility, discount rates derived using internal rate of return analysis, the probability and timing of achieving certain future milestones, and to a lesser extent, Glaukos’ credit rating. Contingent consideration represents a Level 3 measurement within the fair value hierarchy. The valuation of contingent consideration uses assumptions the Company believes a market participant would make. The Company assesses these estimates on an ongoing basis as it obtains additional data impacting the assumptions. Should actual results increase or decrease as compared to the assumptions used in the analysis, the fair value of the contingent consideration obligations will increase or decrease, up to the contracted limit, as applicable. Any changes in the fair value of contingent consideration related to updated assumptions and estimates are recognized within other income (expense), net in the condensed consolidated statements of operations. As of June 30, 2025 and December 31, 2024 the contingent

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consideration liability was $9.3 million and $1.6 million, respectively. As of June 30, 2025, the balance included the contingent consideration liability related to the Mobius Agreement. The long-term portion of contingent consideration totaling $8.7 million is included in other liabilities, and the short-term portion totaling $0.6 million is included in accrued liabilities within the condensed consolidated balance sheets.

There were no transfers between levels within the fair value hierarchy during the periods presented.

Note 5. Real Estate Acquisitions and Leases

Real Estate Acquisitions

On April 4, 2025, the Company completed the acquisition of the Aliso Building, consisting of land, buildings and assumed leases, for a total purchase price of approximately $16.6 million. Upon closing, the Company assumed sellers’ interest, as lessor, in four existing leases with a weighted-average remaining term of two years, exclusive of certain tenant renewal options.

The Company accounted for the purchase as an asset acquisition and allocated the purchase price to land, building, and identified intangible assets and liabilities, based in each case on their relative estimated fair values and without giving rise to goodwill. Intangible assets and liabilities represent the value of in-place leases and below-market leases. In making estimates of fair values, the Company used various sources, including data provided by independent third parties, as well as information obtained by the Company as a result of its due diligence, including expected future cash flows of the property and various characteristics of the markets where the property is located.

In allocating the fair value of the identified tangible and intangible assets and liabilities of the acquired property, land is valued based upon comparable market data or independent appraisals. Buildings are valued on an as-if vacant basis based on a cost approach utilizing estimates of cost and the economic age of the building or an income approach utilizing various market data. In-place lease intangibles are valued based on the Company’s estimates of costs related to tenant acquisition and the carrying costs that would be incurred during the time it would take to locate a tenant if the property were vacant, considering current market conditions and costs to execute similar leases at the time of the acquisition.

The following table presents the details of the tangible assets acquired and intangible lease liabilities assumed:


Component of Value	Assets		Liabilities
Land	$	10,127		-
Building		5,800		-
Site improvements		412		-
Tenant improvements		60		-
Tangible assets	$	16,399	$	-

Leasehold improvements (below market)		-		(459)
Leases in place		666		-
Intangible assets	$	666	$	(459)

Total fair value		17,065		(459)
Allocated purchase price	$	16,606

Land, buildings, site improvements and tenant improvements are recorded and stated at cost, using the straight-line method over the estimated remaining useful life of the assets, which is 30.0 years for the building, 20.0 years for site improvements and an average of approximately 2.2 years for tenant improvements.

The lease income and related lease expense associated with the four aforementioned leases are recorded within other income (expense), net within the accompanying condensed consolidated statements of operations and is not

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material during the three months ended June 30, 2025 and will not be material for the full year ending December 31, 2025.

Leases

The Company has operating and finance leases for facilities and certain equipment. Leases with an initial term of 12 months or less are expensed and not recorded on the condensed consolidated balance sheet. Lease expense for operating leases is recognized on a straight-line basis over the lease term.

The Company’s leases have non-cancelable lease terms of approximately one year to thirteen years, some of which include options to extend the leases for up to ten years. The exercise of lease renewal options is at the Company’s sole discretion. In certain of the Company’s lease agreements, the rental payments are adjusted periodically to reflect actual charges incurred for common area maintenance, landlord incentives and/or inflation.

The Company’s Aliso Facility is one property containing three existing office buildings, comprising approximately 160,000 rentable square feet of space, which was accounted for as a finance lease. The term of the Aliso Facility commenced on April 1, 2019 for expense recognition and continues for thirteen years. The lease agreement contains an option to extend the lease for two additional five year periods at market rates.

The Company also leases two adjacent buildings, two office suites and a warehouse located in San Clemente, California and a facility in Burlington, Massachusetts. The total leased square footage of the San Clemente facilities equals approximately 120,000 and the two most significant leases now expire on May 31, 2035, after executing a five-year extension from the previous May 31, 2030 expiration date, during the first quarter of 2025. Each of these two leases contain an option to extend the lease for one additional five-year period at market rates. The total leased square footage of the Burlington facility is approximately 60,000 square feet, and the lease expires on July 31, 2033. The Burlington facility lease contains an option to extend the lease for one additional five-year period at market rates.

The Company’s remaining foreign subsidiaries’ leased office and warehouse space totals less than 35,000 square feet.

The following table presents the maturity of the Company’s operating and finance lease liabilities within the condensed consolidated balance sheets:


Maturity of Lease Liabilities	Operating		Finance
(in thousands)	Leases ^(a)		Leases ^(b)
Remainder of 2025	$	2,135	$	2,690
2026		4,040		5,487
2027		4,315		5,651
2028		4,264		5,821
2029		4,268		5,995
2030		4,254		6,175
Thereafter		40,248		84,341
Total lease payments	$	63,524	$	116,160
Less: imputed interest		26,238		46,101
Total lease liabilities	$	37,286	$	70,059

(a)	Operating lease payments include $26.0 million related to options to extend lease terms that are reasonably certain of being exercised.

(b)	Finance lease payments include $75.8 million related to options to extend lease terms that are reasonably certain of being exercised.

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Note 6. Business Combinations

As a result of the Mobius Agreement previously discussed in Note 1, Organization and Basis of Presentation, effective May 16, 2025, Mobius became a wholly-owned subsidiary of the Company. The Mobius acquisition is intended to expand the Company's portfolio of pharmaceutical products related to the treatment of glaucoma, as the lead Mobius product is Mitosol, the only FDA-approved ophthalmic formulation of mitomycin-C, which is often utilized as an adjunct in late-stage glaucoma filtration procedures.

The combined fair value of the consideration transferred at closing was $24.5 million (the Merger Consideration), that consisted of the following (in thousands):



Cash proceeds to seller	$	13,479
Repayment of sellers' closing debt		665
Reimbursement of sellers' transaction expenses		446
Escrow payments		2,196
Contingent consideration		7,700
Fair value of consideration transferred	$	24,486

The contingent consideration represents the fair value of: (i) potential future net sales-based milestone payments up to $80.0 million based on predetermined measurement periods, and are conditional based on achieving contractually specified net sales thresholds for the Mobius products for the calendar years ending December 31, 2025 through December 31, 2030, and; (ii) future single digit percentage royalty payments based on net sales of the Mobius products to be made for calendar years ending December 31, 2025 through December 31, 2030. As of June 30, 2025, the contingent consideration liability of $7.1 million is included in other liabilities and $0.6 million included in accrued liabilities in the condensed consolidated balance sheets.

The Company performed a valuation analysis of the fair market value of Mobius’s assets and liabilities as of closing. The following table sets forth an allocation of the Merger Consideration to the identifiable tangible and intangible assets acquired and liabilities assumed, with the excess recorded to goodwill. The allocation of the Merger Consideration as of May 16, 2025 is as follows (in thousands):



Assets Acquired
Cash and cash equivalents	$	4,349
Accounts receivable		1,223
Inventory		2,209
Prepaid expenses and other current assets		99
Intangible assets		17,800
Goodwill		575
Liabilities Assumed
Accounts payable		1,065
Accrued liabilities		704
Fair value of net assets acquired	$	24,486

Goodwill represents the excess of the Merger Consideration over the preliminary fair value of the underlying assets acquired and liabilities assumed. Goodwill is attributable to the assembled workforce, intellectual property, and established processes at Mobius and expected synergies. The transaction is considered an asset acquisition for tax purposes. As such, goodwill will be deductible once the contingent consideration is paid, consistent with the tax treatment of asset acquisitions.

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The fair value and estimated useful lives of the Mobius intangible assets acquired are as follows (in thousands, except where noted):


			Estimated
	Fair		Useful Life
	Value		(in years)
Intangible assets subject to amortization:
Developed intellectual property	$	17,400	9.0
Customer relationships		400	9.0
Total	$	17,800

Note 7. Intangible Assets and Goodwill

Intangible assets

As part of the Mobius Merger on May 16, 2025, the Company acquired identifiable intangible assets for (i) developed technology related to Mitosol, an ophthalmic formulation of mitomyacin-C, which is often used as an adjunct in late-stage glaucoma filtration procedures, which will be amortized to cost of sales over a weighted-average estimated useful life of approximately 9 years, and (ii) customer relationships, which will be amortized to selling, general and administrative expense over an estimated useful life of 9 years.

The fair value of developed technology and customer relationships assets were determined using an excess earnings methodology. Significant assumptions used in the valuations include: (i) the period in which material net cash inflows are expected to commence, which was estimated to be 2025 for both the developed technology and customer relationships, and (ii) the period in which the present value of cash inflows are expected to become immaterial, which was estimated to be 2054 for developed technology and 2044 for the customer relationships, and (iii) the discount rate of 41.0% for both the developed technology and customer relationships.

Effective March 17, 2023, the Company entered into a sales agreement (Sales Agreement) with Celanese Canada ULC (Celanese) under which Celanese will make available and supply to the Company certain raw materials used to create a nanoporous membrane utilized in the iDose TR, and authorized the Company to reference its Drug Master File (DMF) with respect to such raw materials, which is required for the Company to commercialize iDose TR. The term of the Sales Agreement is four years after the iDose TR launch date in February 2024. In exchange for the ability to obtain future raw materials and the rights related to the DMF, the Company is subject to minimum compensation payments over four years of $6.3 million and potential additional royalties based on a percentage of sales of the iDose TR product. The Company recognized an intangible asset related to the minimum compensation payments at fair value of $5.2 million upon the date of acquisition, which was determined to be the iDose TR launch date. The $5.2 million is included in Intangible assets, net on the condensed consolidated balance sheets and will be amortized to cost of sales over its useful life of four years, which is the initial term of the Sales Agreement. A member of the Celanese board of directors also sits on the board of directors of the Company.

The Company evaluated its indefinite-lived intangible assets for impairment and concluded there were no indicators of impairment as of June 30, 2025.

Goodwill

The assessment of goodwill by reporting unit is performed annually, in the fourth quarter, or more frequently if events or circumstances indicate the carrying value may no longer be recoverable and that an impairment loss may have occurred. The Company considered the current and expected future economic and market conditions and its impact on the Company’s reporting unit. Based on interim assessments, the Company did not identify any “triggering” events which would indicate an impairment of goodwill as of June 30, 2025.

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The following table presents the composition of the Company’s intangible assets and goodwill (in thousands):


	Weighted-	As of June 30, 2025						As of December 31, 2024
	Average	Gross						Gross
	Amortization	Carrying		Accumulated		Net		Carrying		Accumulated		Net
	Period (in years)	Amount		Amortization		Amount		Amount		Amortization		Amount
Developed technology	11.4	$	252,200	$	(123,808)	$	128,392	$	252,200	$	(112,762)	$	139,438
Customer relationships	5.0		14,100		(14,100)		-		14,100		(14,100)		-
License	4.0		5,190		(216)		4,974		5,190		(83)		5,107
In place leases	3.8		666		-		666		-		-		-
Developed technology and customer relationships	9.0		17,800		(241)		17,559		-		-		-
Intangible assets subject to amortization			289,956		(138,365)		151,591		271,490		(126,945)		144,545

In-process research and development	Indefinite	$	118,900	$	-	$	118,900	$	118,900	$	-	$	118,900

Total		$	408,856	$	(138,365)	$	270,491	$	390,390	$	(126,945)	$	263,445

Goodwill	Indefinite	$	66,710	$	-	$	66,710	$	66,134	$	-	$	66,134

As of June 30, 2025, expected amortization expense for unamortized finite-lived intangible assets for the next five years and thereafter is as follows (in thousands):


	Amortization Expense
Remainder of 2025	$	12,830
2026		25,976
2027		26,326
2028		24,205
2029		23,526
Thereafter		38,728
Total amortization	$	151,591

Actual amortization expense to be reported in future periods could differ from these estimates as a result of asset impairments, acquisitions, or other facts and circumstances.

Note 8. Revenue from Contracts with Customers

The Company’s net sales are generated primarily from sales of its iStent family of products, Photrexa and associated drug formulations, and royalty income. The Company also began commercializing the iDose TR product in a controlled manner in February 2024. The Company’s customers are primarily comprised of ambulatory surgery centers, hospitals and physician private practices, with third party distributors being used in certain international locations where the Company currently does not have a direct commercial presence.

The Company concluded that one performance obligation exists for the majority of its contracts with customers, which is to deliver products in accordance with the Company’s normal delivery times. Revenue is recognized when this performance obligation is satisfied, which is the point in time when the Company considers control of a product to have transferred to the customer. Revenue recognized reflects the consideration to which the Company expects to be entitled in exchange for those products or services. The Company has determined the transaction price to be the invoice price, net of adjustments that reduce revenue, which included estimates of commercial and governmental rebates owed, variable consideration for product returns and warranty replacements and other discounts and incentives that reduce revenue. Our process for estimating reserves established for these variable consideration components does not differ materially from historical practices. The transaction price, which includes variable consideration reflecting the impact of discounts and allowances, may be subject to constraint and is included in the net sales price only to the extent that it is probable that a significant reversal of the amount of the cumulative revenue recognized will not occur in a future period. Actual amounts may ultimately differ from our estimates. If actual results vary, we adjust these estimates, which could have an effect on earnings in the period of adjustment.

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Revenue is recognized at an amount that reflects the consideration the Company expects to be entitled to in exchange for goods or services, and substantially all of the Company’s net sales for the three and six months ended June 30, 2025 and June 30, 2024 are considered revenue from contracts with customers.

Disaggregation of Revenue

The Company’s revenues disaggregated by product category and geography for the three and six months ended June 30, 2025 and June 30, 2024 were as follows (in thousands):


	Three Months Ended
	June 30,
	United States				International				Total
	2025		2024		2025		2024		2025		2024

Glaucoma	$	72,282	$	49,751	$	31,251	$	26,131	$	103,533	$	75,882
Corneal Health		18,237		17,069		2,350		2,739		20,587		19,808
Total	$	90,519	$	66,820	$	33,601	$	28,870	$	124,120	$	95,690


	Six Months Ended
	June 30,
	United States				International				Total
	2025		2024		2025		2024		2025		2024

Glaucoma	$	131,410	$	91,732	$	60,260	$	51,369	$	191,670	$	143,101
Corneal Health		34,179		32,776		4,935		5,435		39,114		38,211
Total	$	165,589	$	124,508	$	65,195	$	56,804	$	230,784	$	181,312

Contract Balances

Contract Assets

Amounts are recorded as accounts receivable when the Company’s right to consideration becomes unconditional. Payment terms on invoiced amounts are typically between 30 – 60 days for glaucoma and corneal health products, though extended payment terms have been offered as part of the iDose TR commercial launch. However, the Company does not consider any significant financing components in customer contracts given the expected time between transfer of the promised products and the payment of the associated consideration is less than one year. As of June 30, 2025 and December 31, 2024, substantially all amounts included in accounts receivable, net on the condensed consolidated balance sheets are related to contracts with customers.

Aside from the aforementioned contract assets, the Company does not have any contract assets given that the Company does not have any unbilled receivables and sales commissions on products are expensed within selling, general and administrative expenses within the condensed consolidated statements of operations when incurred as any incremental cost of obtaining contracts with customers would have an amortization period of less than one year.

Contract Liabilities

Contract liabilities reflect consideration received from customers’ purchases allocated to the Company’s future performance obligations.

The Company has a performance obligation to issue a volume-based rebate to customers who may be eligible for such rebate at the conclusion of their contract term. This performance obligation is transferred over time and the Company’s method of measuring progress is the output method, whereby the progress is measured by the estimated rebate earned to date over the total rebate estimated to be earned over the contract period.

Additionally, the Company has performance obligations related to certain customers’ right to a future discount on single dose pharmaceutical purchases in the U.S., as well as voluntary patient assistance programs to provide financial assistance to qualified patients. Each of these performance obligations is expected to be recognized when the

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customer or patient elects to utilize the discount, which is generally within one year. The impact of these programs on revenue were not material for the periods presented.

Effective in the first quarter 2024, certain sales of the Company’s pharmaceutical products are subject to rebates under the Medicaid Drug Rebate Program (MDRP). The rebate accrual calculation requires management to estimate the volume of net sales that will be subject to these rebates. There can be significant time-lag in receiving rebate notices from each state (generally, several months or longer after a sale is recognized). Estimated MDRP rebates are recorded as a reduction of revenue in the period the related sale is recognized.

The Company’s total accrued volume-based rebates and MDRP allowances are included in accrued liabilities on the condensed consolidated balance sheets and estimated rebates accrued were $12.2 million and $8.0 million as of June 30, 2025 and December 31, 2024, respectively, as detailed below:


	June 30,
	2025
Sales rebate balance, December 31, 2024	$	7,956
Current period provision		8,435
Payments and credits		(4,158)
Reserve balance, June 30, 2025	$	12,233

During the three and six months ended June 30, 2025 and June 30, 2024, the Company did not recognize any revenue related to material changes in transaction prices regarding its contracts with customers and did not recognize any material changes in revenue related to amounts included in contract liabilities at the beginning of the period.

The Company’s net sales within a fiscal year may be impacted seasonally, as demand for U.S. ophthalmic procedures is typically softer in the first quarter and stronger in the fourth quarter of a given year.

Note 9. Net Loss per Share

Basic net loss per share is calculated by dividing the net loss by the weighted average number of common shares that were outstanding for the period, without consideration for common stock equivalents. For periods when the Company realizes a net loss, no common stock equivalents are included in the calculation of weighted average number of dilutive common stock equivalents as the effect of applying the treasury stock method is considered anti-dilutive. For periods when the Company realizes net income, diluted net income per share is calculated by dividing the net income by the weighted average number of common shares plus the sum of the weighted average number of dilutive common stock equivalents outstanding for the period determined using the treasury stock method. Common stock equivalents are comprised of stock options outstanding and unvested restricted stock units (RSUs) under the Company’s incentive compensation plans and shares issuable under the Company’s Employee Stock Purchase Plan (ESPP). Due to the Company’s net loss position, basic and diluted net loss per share for each of the three and six months ended June 30, 2025 and June 30, 2024 are the same.

The following potentially dilutive securities were not included in the calculation of diluted net loss per share because to do so would be anti-dilutive (in common stock equivalent shares, in thousands):


	Three Months Ended		Six Months Ended
	June 30,		June 30,
	2025	2024	2025	2024
Convertible senior notes	-	1,025	-	1,025
Stock options outstanding	1,958	2,264	2,043	2,241
Unvested restricted stock units	877	830	817	933
Employee stock purchase plan	3	28	12	24
	2,838	4,147	2,872	4,223

Note 10. Convertible Senior Notes

In June 2024 the Company executed a Convertible Notes Exchange, whereby certain qualified institutional investors exchanged $230.0 million in aggregate principal of the Company’s 2.75% convertible notes due 2027 (Convertible Notes) held for an aggregate of 4,253,423 shares of the Company’s common stock, leaving $57.5 million

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aggregate principal of remaining Convertible Notes outstanding. Then, on October 4, 2024, the Company issued a notice of redemption (the Redemption Notice) for all remaining $57.5 million aggregate principal outstanding of its Convertible Notes to be redeemed on December 16, 2024 (the Redemption Date) for the principal amount together with accrued and unpaid interest.

Interest expense relating to the Convertible Notes in the condensed consolidated statements of operations for the three and six months ended June 30, 2024 was $1.9 million and $4.0 million related to contractual interest expense, respectively and $0.3 million and $0.7 million related to amortization of debt issuance costs, respectively.

Capped Call Transactions

On December 2, 2024, the Company entered into unwind agreements with certain financial institutions (Option Counterparties) to unwind 50% of the capped call transactions (Capped Call Unwind Agreements) that the Company previously entered into with such Option Counterparties in connection with the issuance of the Convertible Notes. Under the terms of the Capped Call Unwind Agreements, there was a three-day unwinding period, referred to as the Volume-Weighted Average Price (VWAP) period, before the cash settlement was delivered. At the time of signing the Capped Call Unwind Agreements, the Company recognized a derivative asset at its fair value of $53.9 million, reflecting the initial cash settlement value based on the VWAP as of the signing date, with a corresponding entry recorded to additional paid-in capital in the condensed consolidated balance sheets.

On December 6, 2024, the Capped Call Unwind Agreements were settled and the Company received $53.2 million in cash, at which point the derivative asset was derecognized.

The remaining outstanding 50% of the capped call transactions will not be remeasured to fair value as long as the accounting criteria continue to be met.

Note 11. Stock-Based Compensation

The following table summarizes the allocation of stock-based compensation related to stock options and RSUs in the accompanying condensed consolidated statements of operations (in thousands):


	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2025		2024		2025		2024
Cost of sales	$	1,245	$	838	$	2,217	$	1,564
Selling, general and administrative		12,549		7,013		20,983		14,285
Research and development		4,225		3,462		7,805		6,629
Total	$	18,019	$	11,313	$	31,005	$	22,478

At June 30, 2025, the total unamortized stock-based compensation expense was approximately $104.2 million, of which $12.2 million and $92.0 million was attributable to stock options and RSUs, respectively. The Company currently issues its annual stock option and RSU grants to eligible employees during the second quarter of each year.

Of the $12.2 million related to stock options, $12.1 million is attributable to time-based stock options and will be recognized over the time-based stock options’ remaining vesting terms of approximately 4.0 years (2.5 years on a weighted average basis). The remaining $0.1 million is attributable to performance-based options and will be recognized over the performance-based stock options’ remaining vesting terms of less than one year (0.6 years on a weighted average basis).

Of the $92.0 million related to RSUs, $90.2 million is attributable to time-based RSUs and will be recognized over the RSUs’ vesting terms of approximately 4.0 years (2.9 years on a weighted-average basis). The remaining $1.8 million is attributable to performance-based RSUs and will be recognized over the performance-based RSUs’ remaining vesting terms of less than two years (0.9 years on a weighted average basis).

The total stock-based compensation cost capitalized in inventory was not material for the three and six months ended June 30, 2025 and June 30, 2024.

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Note 12. Income Taxes

The provision for income taxes is determined using an effective tax rate. For the three and six months ended June 30, 2025, the Company’s estimated effective tax rate of (1.28)% and (1.54)%, respectively, differs from the U.S. federal statutory rate primarily due to utilization of net operating loss (NOL) carryforwards, partially offset by current state and foreign income taxes. The effective tax rate may be subject to fluctuations during the year as new information is obtained that may affect the assumptions used to estimate the effective tax rate, including factors such as expected utilization of NOL carryforwards, changes in or the interpretation of tax laws in jurisdictions where the Company conducts business, expansion of the Company’s taxable presence in domestic and foreign markets, and the amount of valuation allowances against deferred tax assets. For the three and six months ended June 30, 2025, the Company recorded a provision for income taxes of $0.2 million and $0.6 million, respectively. For the three and six months ended June 30, 2024, the Company recorded a provision for income taxes of $0.3 million and $0.7 million, respectively. For each of the three and six months ended June 30, 2025 and June 30, 2024, the provision for income taxes was primarily comprised of state and foreign income tax expense, net of release of uncertain tax positions for which the statute of limitations has expired.

Additionally, the Company follows an accounting standard addressing the accounting for uncertainty in income taxes that prescribes rules for recognition, measurement and classification in the financial statements of tax positions taken or expected to be taken in a tax return. As of June 30, 2025 and December 31, 2024, the Company had gross unrecognized tax benefits of $36.2 million and $34.6 million, respectively.

On July 4, 2025, the One Big Beautiful Bill Act (OBBBA) was enacted in the U.S. The OBBBA includes significant changes to federal tax law, such as the permanent extension of certain expiring provisions of the Tax Cuts and Jobs Act and modifications to the international tax framework. The legislation has multiple effective dates, with certain provisions effective in 2025. In accordance with Accounting Standards Codification (ASC) 740, Income Taxes, the Company is required to recognize the effect of the tax law changes in the period of enactment and is currently assessing the impact on its condensed consolidated financial statements.

Note 13. Commitments and Contingencies

Secured Letter of Credit

The Company has a letter of credit that is related to its Aliso Facility. The letter of credit is secured with an amount of cash held in a restricted account of approximately $3.8 million as of June 30, 2025 and $4.7 million as of December 31, 2024, respectively. Beginning May 2022 and on each twelve-month anniversary thereafter, the letter of credit will be reduced by 20% until the letter of credit amount has been reduced to $2.0 million.

Executive Deferred Compensation Plan

Pursuant to the Company’s Deferred Compensation Plan, eligible senior level employees are permitted to make elective deferrals of compensation to which he or she will become entitled in the future. The Company has also established a rabbi trust that serves as an investment to shadow the Deferred Compensation Plan liability. The investments of the rabbi trust consist of COLIs. The fair value of the Deferred Compensation Plan liability, included in other liabilities on the condensed consolidated balance sheets, was approximately $17.3 million and $14.6 million as of June 30, 2025 and December 31, 2024, respectively, and the cash surrender value of the COLIs, included in deposits and other assets on the condensed consolidated balance sheets, which reflects the underlying assets at fair value, was approximately $17.2 million and $14.7 million as of June 30, 2025 and December 31, 2024, respectively.

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Note 14. Business Segment Information

The Company has one business activity and operates as one operating segment: the development and commercialization of ophthalmic therapies designed to treat glaucoma, corneal disorders and retinal diseases. The Company determined its operating segment on the same basis that it uses to evaluate its performance internally. The Company’s revenues disaggregated by revenue and product category are included in Note 8, Revenue from Contracts with Customers. The Company’s chief operating decision-maker, its Chief Executive Officer, reviews its consolidated operating results for the purpose of allocating resources and evaluating financial performance.


	Three months ended June 30,				Six months ended June 30,
	2025		2024		2025		2024
	(in thousands)				(in thousands)
Net sales	$	124,120	$	95,690	$	230,784	$	181,312
Less:
Cost of sales		26,896		22,550		51,212		42,808
Sales, marketing & distribution		40,025		35,210		74,468		71,431
Research & development		25,802		19,805		48,724		38,238
Clinical		10,736		14,621		20,167		26,914
General & administrative		43,350		30,978		79,580		56,732
In-process research and development		-		2,500		-		14,229
Significant segment expenses		146,809		125,664		274,151		250,352
Interest income		(2,574)		(2,828)		(5,650)		(5,911)
Interest expense		1,151		3,355		2,314		6,805
Charges associated with convertible senior notes		-		18,012		-		18,012
Other (income) expense, net		(1,857)		1,701		(2,802)		2,729
Income tax provision		248		331		574		708
Net loss	$	(19,657)	$	(50,545)	$	(37,803)	$	(91,383)


	Property and equipment, net				Depreciation and amortization				Capital expenditures
	June 30,		December 31,		Six Months June 30,				Six Months June 30,
	2025		2024		2025		2024		2025		2024

United States	$	111,634	$	97,726	$	16,771	$	17,895	$	3,067	$	3,105
International		182		141		25		16		50		12
Total	$	111,816	$	97,867	$	16,796	$	17,911	$	3,117	$	3,117

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Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

You should read the following discussion and analysis of our financial condition and results of operations in conjunction with our unaudited condensed consolidated financial statements and notes thereto included in Part I, Item 1 of this Quarterly Report on Form 10-Q and with our audited consolidated financial statements and notes thereto for the year ended December 31, 2024 included in our Annual Report on Form 10-K for the fiscal year ended December 31, 2024 filed with the United States (U.S.) Securities and Exchange Commission (SEC) on February 24, 2025 (Annual Report). The discussion and analysis below contains forward-looking statements within the meaning of federal securities laws, and should be read in conjunction with the disclosures we make concerning risks and other factors that may affect our business and operating results. See “Note Regarding Forward-Looking Statements” preceding Part I, Item 1 in this Quarterly Report on Form 10-Q.

Overview

We are an ophthalmic pharmaceutical and medical technology company focused on developing novel, dropless platform therapies and commercializing associated products for the treatment of glaucoma, corneal disorders, and retinal disease. We first developed Micro-Invasive Glaucoma Surgery (MIGS) as an alternative to the traditional glaucoma treatment paradigm, launching our first MIGS device commercially in 2012. In 2024, we commenced controlled commercial launch activities for iDose TR, an intracameral procedural pharmaceutical implant designed to continuously deliver therapeutic levels of a proprietary formulation of travoprost inside the eye for extended periods of time. We also offer commercially a proprietary bio-activated pharmaceutical therapy for the treatment of a rare corneal disorder, keratoconus, that was approved by the United States (U.S.) Food and Drug Administration (FDA) in 2016. Beyond our approved products, we continue to develop and advance a robust pipeline of novel, dropless platform technologies designed to advance the standard of care and improve outcomes for patients suffering from chronic eye diseases.

Financial Overview

The most important financial indicators that we use to assess our business are net sales, gross margin, operating expenses, and cash on hand.


	Three Months Ended						Six Months Ended
	June 30,			June 30,			June 30,			June 30,
	2025			2024			2025			2024
Net sales	$	124,120		$	95,690		$	230,784		$	181,312
Gross margin		78	%		76	%		78	%		76	%
Operating expenses	$	119,913		$	103,114		$	222,939		$	207,544


	June 30,		December 31,
	2025		2024
Cash, cash equivalents, short-term investments and restricted cash	$	278,620	$	323,648

Please see Results of Operations and Liquidity and Capital Resources below for a detailed discussion of each of the above items including analysis of the fluctuations from year to year.

We incurred net losses for the three and six months ended June 30, 2025 of $19.7 million and $37.8 million, respectively, and incurred net losses of $50.5 million and $91.4 million for the three and six months ended June 30, 2024, respectively. As of June 30, 2025, we had an accumulated deficit of $783.2 million.

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Recent Developments

On May 16, 2025, pursuant to a definitive agreement and plan of merger (Mobius Agreement), the Company acquired all of the outstanding equity interests in Mobius Therapeutics, LLC (Mobius) for $12.4 million, net of cash acquired (Mobius Merger). Pursuant to the Mobius Agreement, we also agreed to pay the former Mobius equityholders contingent consideration in the form of single-digit royalty payments based on net sales of Mobius products for a period of four years, and additional performance-based payments of up to $80.0 million in aggregate upon the achievement of certain net sales milestones with respect to such Mobius products. Mobius’ lead product, Mitosol, is the only FDA-approved ophthalmic formulation of mitomycin-C, which is often utilized as an adjunct in late-stage glaucoma filtration procedures.

On April 4, 2025, we purchased certain real property consisting of an approximately 40,000 square foot, two-story building, located in Aliso Viejo, California (Aliso Building) and adjacent to our existing Aliso Viejo, California corporate headquarters (Aliso Facility). We paid a purchase price of $16.6 million for the Aliso Building, which is currently occupied by several tenants whose leases, which were assumed by the Company, run through 2029. The Aliso Building provides us with future expansion opportunities and potentially reduces future capital expenditures associated with construction of an additional building as part of the Aliso Facility.

Market and Business Update

Impact of the Current Global Economic Environment

During the last twelve months, global and regional economies have experienced, in connection with ongoing macroeconomic conditions, inflation, supply shortages or delays, changes in supply and demand, foreign exchange rate fluctuations, new or increased tariffs, and other conditions that have led to disruptions in commerce and pricing stability. Additionally, some of our vendors are continuing to experience supply challenges, both in the acquisition of raw materials as well as due to labor shortages and other disruptions. These challenges have occasionally led to longer lead times and delays of certain components needed for the manufacture of our products, in some cases requiring us to find alternative sources for materials. As a result of these supply chain challenges and ongoing inflationary pressures, we have experienced higher costs for certain components and raw materials. While these supply challenges have generally stabilized over the course of 2024, if these supply issues persist or worsen in the future, they could impact our gross margins, our ability to ship some of our products to our customers, or bring some of our pipeline products to market, in a timely manner. We expect some supply challenges and higher costs of certain components and raw materials to continue throughout 2025. The U.S. government recently announced tariffs on product imports from certain countries, including higher tariffs levels on those imported from Canada, Mexico and China. These actions have resulted, and are expected to further result, in retaliatory measures on U.S. goods by those countries and others. While we believe our exposure to these tariffs and the potential escalation of trade disputes is limited as we primarily source our raw materials and product components from the U.S., these tariffs, or the introduction of new or higher tariffs in other countries, could pose a risk to our business, or the businesses of our customers, that could affect our net sales and cost of sourcing materials. We will continue to evaluate the impacts of tariffs on our business and results of operations.

The effects of foreign currency fluctuations are most notably experienced in our international glaucoma business. Our annual growth rate of net sales of our international glaucoma franchise for the three and six months ended June 30, 2025 were positively affected by approximately 410 and 25 basis points, respectively, primarily related to the Euro and Japanese yen. For the three and six months ended June 30, 2024, net sales of our international glaucoma business were negatively impacted by approximately 390 and 290 basis points, respectively, primarily related to the Japanese Yen.

EU MDR Certification

In June 2025, we received European Union (EU) Medical Device Regulation (MDR) certification for our iStent family of products, including the iStent infinite and the iStent inject W. We also received certification for our iStent products under the United Kingdom’s Medical Device Regulation. We expect to commence commercial launch activities in our key EU markets in the second half of 2025.

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Developments Impacting Reimbursement Rates and Coverage

In the U.S., healthcare providers use separate billing codes to report the provision of medical procedures and use of supplies to third-party payors, such as government programs or private insurance, and seek reimbursement for all or a portion of those costs. Physician fee payment rates for procedures covered by temporary Current Procedural Terminology (CPT) codes, such as a standalone trabecular micro-bypass procedure utilizing the iStent infinite, along with the procedural component of iDose TR, are set by the multi-state, regional contractors, or Medicare Administrative Contractors (MACs), of which there are currently seven, that are responsible for administering Medicare claims. MACs have in the past, and may in the future, change coverage terms, and there can be no assurance that coverage and adequate reimbursement will be obtained from, or maintained by, the MACs.

In October and November 2023, five of the seven MACs released final local coverage determinations (LCDs) confirming reimbursement coverage of the standalone procedure utilizing the iStent infinite, which received FDA clearance in August 2022. These LCDs also indicated that surgical MIGS procedures should not be performed in combination with certain other MIGS procedures. In December 2023, prior to their respective effective dates, those five MACs rescinded the final LCDs and determined there would be no change in the current status of coverage for MIGS. In April 2024, the same five MACs released new draft LCDs that would confirm reimbursement coverage of the standalone procedure utilizing the iStent infinite, and that would confirm non-coverage for surgical MIGS procedures in combination with other surgical MIGS procedures (but did not prohibit coverage for use of a procedural pharmaceutical such as our iDose TR, in combination with surgical MIGS procedures). These draft LCDs were finalized and took effect in November 2024. The other two MACs have taken preliminary steps to assess coverage of iStent infinite through temporary local coverage article (LCA) updates in which coverage of the iStent infinite is currently determined on a case-by-case basis.

The unique, permanent Healthcare Common Procedure Coding System J-code for iDose TR, indicated for the reduction of intraocular pressure in patients with open-angle glaucoma or ocular hypertension, J7355, became effective July 1, 2024. J-codes are used by U.S. government and commercial payers, to streamline the billing and reimbursement process for procedural pharmaceuticals administered by a healthcare professional, such as iDose TR. In addition to the J-code, on March 21, 2024, CMS assigned the temporary CPT codes that are designed to be used to cover the procedural component of iDose TR, 0660T and 0661T, to ambulatory payment classification 5492 (Level 2 Intraocular Procedures), retroactively effective as of January 1, 2024. As of June 30, 2025, the professional fees associated with an iDose TR procedure have been published by three of the seven MACs.

On July 14, 2025 and July 15, 2025, the U.S. Centers for Medicare & Medicaid Services’ (CMS’) published its proposed rules on 2026 Medicare physician fee and facility fee payment rates (2026 Proposed Rules), respectively. The 2026 Proposed Rules reflected a modest increase with respect to facility fee payment rates in both the ASC and hospital outpatient setting over the 2025 Medicare facility fee payment rates with respect to procedures using our glaucoma products. The 2026 Proposed Rule also reflected reductions with respect to physician fee payment rates over the 2025 Medicare physician payment rates with respect to several Category I CPT codes across ophthalmology, including for cataract and surgical MIGS procedures specifically. The physician fee rules contained in the 2026 Proposed Rules do not affect the physician fees paid under temporary CPT codes for iDose TR and iStent infinite, because as explained above, those rates are determined on a MAC-by-MAC basis.

We estimate that approximately 80% of procedures utilizing our iStent family of products in the U.S. have been performed in the ASC setting and the remaining estimated 20% of procedures have been performed in the hospital.

Business Outlook

As discussed above, establishment of reimbursement for the iDose TR and its associated procedure has been an ongoing effort since its commercial launch in the first quarter of 2024. As reimbursement for the iDose TR procedure continues to become a more timely and consistent process across all MACs, we anticipate utilization of iDose TR by our customers will increase accordingly.

CMS physician fee payment rate decreases, along with the finalization in late 2024 of recent LCDs issued by five of the seven MACs, have disrupted traditional customer ordering patterns and may have resulted in certain of our customers’ utilization of competitive products, which has reduced U.S. Glaucoma sales volumes of our iStent family of products used in conjunction with cataract surgery in each of the three and six months ended June 30, 2025 and June

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30, 2024. Additionally, the royalty income we received pursuant to a settlement agreement entered into during 2021 with Ivantis, Inc. (acquired by Alcon in 2022) relating to sales of the Hydrus® Microstent contractually expired on April 26, 2025.

Our corneal health net sales have experienced sporadic headwinds in recent years due to U.S. commercial payer volatility, as well as the impact of revenue adjustments related to the Company’s entry into the Medicaid Drug Rebate Program (MDRP) in the first quarter of 2024.

The FDA has established a Prescription Drug User Fee Act date, more commonly known as an FDA approval decision date (PDUFA date), of October 20, 2025 for our next iLink product, Epioxa. The potential approval of Epioxa would provide keratoconus patients and the ophthalmic community with the first FDA-approved, surgery free, topical drug therapy catalyzed by oxygen and light that does not require the removal of the corneal epithelium, the outermost layer of the front of the eye. Because Epioxa is designed to preserve the corneal epithelium, streamline the procedure, improve patient comfort and shorten recovery time, we anticipate some potential disruption within our U.S. Corneal Health franchise as the market transitions from Photrexa to Epioxa following its potential approval.

Additionally, we have received a PDUFA date in January 2026 relating to our supplemental new drug application (NDA) filed with the FDA for the re-administration of iDose TR to patients who have previously received an iDose TR implant. There can be no assurance that we will receive approval of this supplemental NDA.

In addition to the foregoing, we commercialized certain of our products for several years in the U.S. with few or no direct competitors. Other competitive products have now become available in the U.S. and globally that have impacted and are expected to continue to impact adoption of or demand for our products. We are also aware of similar products being developed by third parties that could enter the market and increase the competitive pressures we face. These other products could achieve greater commercial acceptance or demonstrate better safety or effectiveness, clinical results, ease of use or lower costs than our products, which could adversely impact our net sales.

For additional information, see the section titled Risks Related to Our Business within Item 1A. Risk Factors of this Quarterly Report on Form 10-Q.

Components of Results of Operations

Net Sales

Our net sales are generated primarily from sales of our iStent family of products, iDose TR, Photrexa and other associated drug formulations, and our proprietary bioactivation systems. Customers are primarily comprised of ambulatory surgery centers, hospitals, and physician private practices,

GLAUKOS Corp 10-Q