GLAUKOS Corp
For the period ended Jun 30, 2025. Filed Aug 4, 2025.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Jun 30, 2025 · Filed Aug 4, 2025
GKOS$224.41+2.0%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2025-03-31; filed 2025-05-01.
0001558370-25-006041
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2025-06-30; filed 2025-08-04.
0001558370-25-010113
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 112 previous paragraphs and 140 current paragraphs.
61 unchanged; 45 reworded; 21 added; 4 removed; 2 previous and 13 current paragraphs rearranged.
Tables are not compared: 6 previous and 7 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (21)
Current report
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.
Current report
EU MDR Certification
Current report
In June 2025, we received European Union (EU) Medical Device Regulation (MDR) certification for ouriStent family of products, including theiStent infinite and theiStent inject W. We also received certification for ouriStent 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.
Current report
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 foriDose TR andiStent infinite, because as explained above, those rates are determined on a MAC-by-MAC basis.
Current report
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.
Current report
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 ofiDose TR to patients who have previously received aniDose TR implant. There can be no assurance that we will receive approval of this supplemental NDA.
Current report
SG&A expenses for the three months ended June 30, 2025 and June 30, 2024 were $83.4 million and $66.2 million, respectively, reflecting an increase of $17.2 million or 26%.
Current report
R&D expenses for the three months ended June 30, 2025 and June 30, 2024 were $36.5 million and $34.4 million, respectively, reflecting an increase of $2.1 million or 6%.
Current report
In the quarter ended June 30, 2024 we made a $2.5 million upfront payment to enter into a license agreement with a third-party technology company, pursuant to which we obtained an exclusive, worldwide license to develop and commercialize drug products incorporating certain proprietary technology. There were no acquired IPR&D expenses in the three months ended June 30, 2025.
Current report
Comparison of Six Months Ended June 30, 2025 and June 30, 2024 (in thousands):
Current report
Net Sales
Current report
Net sales for the six months ended June 30, 2025 and June 30, 2024 were $230.8 million and $181.3 million, respectively, increasing by approximately 27% primarily related to the factors listed below.
Current report
Net sales of glaucoma products in the United States were $131.4 million and $91.7 million for the six months ended June 30, 2025 and June 30, 2024, respectively, increasing by 43%. This increase is primarily due to higher volumes sold ofiDose TR, partially offset by lower volumes sold of our* iStent* family of products primarily due to the MIGS restrictions associated with the final LCDs issued by the five MACs as described above in theMarket and Business Update section.
Current report
Cost of Sales
Current report
Cost of sales for the six months ended June 30, 2025 and June 30, 2024 were $51.2 million and $42.8 million, respectively, reflecting an increase of approximately $8.4 million that is proportionate to the increase in net sales for the corresponding period, as well as from contributions from increasediDose TR production volumes. Our gross margin was 78% and 76% for the six months ended June 30, 2025 and June 30, 2024, respectively.
Current report
Selling, General and Administrative Expenses
Current report
SG&A expenses for the six months ended June 30, 2025 and June 30, 2024 were $154.0 million and $128.2 million, respectively.
Current report
Research and Development Expenses
Current report
R&D expenses for the six months ended June 30, 2025 and June 30, 2024 were $68.9 million and $65.2 million, respectively.
Current report
Non-Operating Income (Expense), Net
Current report
Income Tax Provision
Removed paragraphs (4)
Previous report
Strategic Transactions
Previous report
On January 1, 2025, the U.S. Centers for Medicare & Medicaid Services’ (CMS’) final rules on 2025 Medicare physician fee and facility fee payment rates (2025 Final Rule) became effective. The 2025 Final Rule did not materially modify the 2024 Medicare physician fee and facility fee payment rates with respect to physician fee and facility fee payment rates for procedures using ouriStent family, which 2024 payment rates contained significant increases in the facility fee rates for ASCs and hospitals that performiStent infinite procedures in a standalone setting under its temporary Category III CPT code.
Previous report
SG&A expenses for the three months ended March 31, 2025 and March 31, 2024 were $70.7 million and $62.0 million, respectively, reflecting an increase of $8.7 million or 14%.
Previous report
R&D expenses for the three months ended March 31, 2025 and March 31, 2024 were $32.4 million and $30.7 million, respectively, reflecting an increase of $1.6 million or 5%.
Reworded paragraphs (45)
Previous wording
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 commercial launch activities foriDose 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.
Current wording
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 foriDose 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.
Previous wording
We incurred net losses for the three months ended March 31, 2025 and March 31, 2024 of $18.1 million and $40.8 million respectively. As of March 31, 2025, we had an accumulated deficit of $763.6 million.
Current wording
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.
Previous wording
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 and adjacent to the Aliso Facility (Aliso Building). 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.
Current wording
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.
Previous wording
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 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 recently announced 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 could pose a risk to our business 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.
Current wording
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.
Previous wording
The effects of foreign currency fluctuations are most notably experienced in our international glaucoma business. Our annual growth rate of net sales for the three months ended March 31, 2025 was negatively affected by approximately 380 basis points, primarily related to the Euro. For the three months ended March 31, 2024, net sales of our international glaucoma business were negatively impacted by approximately 190 basis points, primarily related to the Japanese Yen.
Current wording
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.
Previous wording
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 products covered by temporary Current Procedural Terminology (CPT) codes, such as ouriStent infinite andiDose TR products, 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.
Current wording
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 theiStent infinite, along with the procedural component ofiDose 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.
Previous wording
In October and November 2023, five of the seven MACs released final local coverage determinations (LCDs) confirming reimbursement coverage of the standalone procedure utilizing theiStent infinite, which received FDA clearance in August 2022, and non-coverage for certain procedures, including the ophthalmic canaloplasty procedure utilizing ouriPRIME product. These LCDs also indicated that surgical MIGS procedures should not be performed in combination with other MIGS or surgical glaucoma 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 theiStent infinite, which received FDA clearance in August 2022, 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 ouriDose TR, in combination with surgical MIGS procedures). These draft LCDs were finalized in November 2024 and took effect on November 17, 2024. The other two MACs have taken preliminary steps to assess coverage ofiStent infinite through temporary local coverage article (LCA) updates. In the case of these two MACs, coverage of theiStent infinite is currently determined on a case-by-case basis.
Current wording
In October and November 2023, five of the seven MACs released final local coverage determinations (LCDs) confirming reimbursement coverage of the standalone procedure utilizing theiStent 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 theiStent 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 ouriDose 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 ofiStent infinite through temporary local coverage article (LCA) updates in which coverage of theiStent infinite is currently determined on a case-by-case basis.
Previous wording
government and commercial payers, as well as surgeons, to streamline the billing and reimbursement process for procedural pharmaceuticals administered by a healthcare professional, such asiDose TR, along with other certain treatments. In addition to the J-code, on March 21, 2024, CMS assigned the CPT codes that are designed to be used to cover the procedural component ofiDose TR, 0660T and 0661T, to ambulatory payment classification 5492 (Level 2 Intraocular Procedures), retroactively effective as of January 1, 2024. The professional fees associated with aniDose TR procedure have been published by three of the seven MACs.
Current wording
The unique, permanent Healthcare Common Procedure Coding System J-code foriDose 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 asiDose 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 ofiDose 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 aniDose TR procedure have been published by three of the seven MACs.
Previous wording
We estimate that approximately 80% of procedures utilizing ouriStentfamily of products in the U.S. are performed in the ASC setting and the remaining estimated 20% of procedures are performed in the hospital.
Current wording
We estimate that approximately 80% of procedures utilizing ouriStentfamily 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.
Previous wording
As discussed above, establishment of reimbursement for theiDose TR and its associated procedure has been an ongoing effort since its commercial launch in the first quarter of 2024. As reimbursement for theiDose TR procedure becomes a more timely and consistent process, we anticipate utilization ofiDose TR by our customers will increase accordingly.
Current wording
As discussed above, establishment of reimbursement for theiDose TR and its associated procedure has been an ongoing effort since its commercial launch in the first quarter of 2024. As reimbursement for theiDose TR procedure continues to become a more timely and consistent process across all MACs, we anticipate utilization ofiDose TR by our customers will increase accordingly.
Previous wording
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 may have reduced U.S. Glaucoma sales volumes of ouriStent family of products used in conjunction with cataract surgery in each of the three months ended March 31, 2025 and March 31, 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. We believe investments in our market access organization were successful in reducing volatility as well as the impact of revenue adjustments related to the Company’s entry into the Medicaid Drug Rebate Program (MDRP) during the three months ended March 31, 2025 and March 31, 2024, although we cannot predict whether such success will continue.
Current wording
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 ouriStent family of products used in conjunction with cataract surgery in each of the three and six months ended June 30, 2025 and June
Previous wording
Our net sales are generated primarily from sales of ouriStent family of product,iDose TR,Photrexa and other associated drug formulations, and our proprietary bioactivation systems, as well as royalty income. Customers are primarily comprised of ambulatory surgery centers, hospitals, and physician private practices, with independent distributors being used in certain international locations where we currently do not have a direct commercial presence. We currently operate in one operating and reportable segment and our primary business activity is the development and commercialization of therapies across several end markets within ophthalmology.
Current wording
Our net sales are generated primarily from sales of ouriStent 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, with independent distributors being used in certain international locations where we currently do not have a direct commercial presence. We currently operate in one operating and reportable segment and our primary business activity is the development and commercialization of therapies across several end markets within ophthalmology.
Previous wording
We manufacture ouriStent family of products andiDose TR at our facilities in San Clemente, California and our KXL systems at our manufacturing facility in Burlington, Massachusetts. We contract with third-party manufacturers in the U.S. and Germany to produce ourPhotrexa and other associated drug formulations. We currently intend to maintain our manufacturing facilities at our San Clemente and Burlington locations for the foreseeable future.
Current wording
manufacturers in the U.S. and Germany to produce ourPhotrexa and other associated drug formulations. We currently intend to maintain our manufacturing facilities at our San Clemente and Burlington locations for the foreseeable future.
Previous wording
Cost of sales has included amortization of the $252.2 million developed technology intangible assets recorded as a result of our acquisition of Avedro, Inc. (Avedro) and our sales agreement with Celanese Canada ULC (Celanese Agreement). For the three months ended March 31, 2025 and March 31, 2024, the amortization expense was $5.6 million and $5.5 million, respectively.
Current wording
Cost of sales includes amortization of the $252.2 million and $17.8 million developed technology intangible assets recorded as a result of our acquisitions of Avedro, Inc. (Avedro) and Mobius, respectively, and our sales agreement with Celanese Canada ULC (Celanese Agreement). For the three months ended June 30, 2025 and June 30, 2024, the amortization expense was $5.8 million and $5.5 million, respectively, and for the six months ended June 30, 2025 and June 30, 2024, amortization expense was $11.4 million and $11.1 million, respectively.
Previous wording
SG&A expenses also included amortization of the $14.1 million customer relationships intangible assets recorded as a result of our acquisition of Avedro, Inc. (Avedro). These intangible assets were fully amortized as of December 31, 2024. Amortization expense was $0.7 million for the three months ended March 31, 2024.
Current wording
SG&A expenses also included amortization of the $14.1 million and $0.5 million customer relationships intangible assets recorded as a result of our acquisitions of Avedro, Inc. (Avedro) and Mobius, respectively. During the three months ended June 30, 2025, amortization expense was less than $0.1 million related to the Mobius customer relationships intangible asset. The Avedro intangible asset was fully amortized as of December 31, 2024. Amortization expense was $0.7 million and $1.4 million for the three and six months ended June 30, 2024.
Previous wording
outside services, accounting services and general legal costs to increase as our overall operations grow. The timing of these increased expenditures and their magnitude are primarily dependent on the commercial success and sales growth of our products, as well as on the timing of any new product launches and other potential business and operational activities.
Current wording
We expect SG&A expenses to continue to grow as we increase our infrastructure for our global sales and marketing functions, commercial support organizations, and general administration departments. We also expect other non-employee-related costs, including sales and marketing program activities for new products, market access efforts, outside services, accounting services and general legal costs to increase as our overall operations grow. The timing of these increased expenditures and their magnitude are primarily dependent on the commercial success and sales growth of our products, as well as on the timing of any new product launches and other potential business and operational activities.
Previous wording
Our research and development (R&D) activities primarily consist of new product development projects, pre-clinical studies, Investigational New Drug studies, and clinical trials. Our R&D expenses primarily consist of personnel-related expenses, including salaries, fringe benefits and stock-based compensation for our R&D employees; research materials; supplies and services; in-licenses, including event-based milestones; and the costs of conducting clinical studies, which include payments to investigational sites and investigators, clinical research organizations, consultants, and other outside technical services; and the costs of materials, supplies and travel. We expense R&D costs as they are incurred. We expect our R&D expenses to continue to increase as we initiate and advance our development programs, including our expanding pharmaceutical development efforts and clinical trials across the glaucoma, corneal health and retinal disease spectrums.
Current wording
Our research and development (R&D) activities primarily consist of new product development projects, pre-clinical studies, Investigational New Drug studies, and clinical trials. Our R&D expenses primarily consist of personnel-related expenses, including salaries, fringe benefits and stock-based compensation for our R&D employees; research materials; supplies and services; in-licenses, including event-based milestones; and the costs of conducting clinical studies, which include payments to investigational sites and investigators, clinical research organizations, consultants, and other outside technical services; and the costs of materials, supplies and travel. We expense R&D costs as they are incurred. We expect our R&D expenses to continue to increase as we initiate and advance our development
Previous wording
Non-operating expense, net primarily consists of interest expense associated with our finance lease for our Aliso Facility and for our previously outstanding Convertible Notes, interest income derived from our short-term investments, and unrealized gains and losses arising from exchange rate fluctuations on transactions denominated in a currency other than the U.S. dollar, primarily related to intercompany loans.
Current wording
Non-operating expense, net primarily consists of interest expense associated with our finance lease for our Aliso Facility and for our previously outstanding 2.75% convertible notes due 2027 (Convertible Notes), interest income derived from our short-term investments, and unrealized gains and losses arising from exchange rate fluctuations on transactions denominated in a currency other than the U.S. dollar, primarily related to intercompany loans.
Previous wording
Net sales for the three months ended March 31, 2025 and March 31, 2024 were $106.7 million and $85.6 million, respectively, increasing by approximately 25% primarily related to the factors listed below.
Current wording
Net sales for the three months ended June 30, 2025 and June 30, 2024 were $124.1 million and $95.7 million, respectively, increasing by approximately 30% primarily related to the factors listed below.
Previous wording
Net sales of glaucoma products in the United States were $59.1 million and $42.0 million for the three months ended March 31, 2025 and March 31, 2024, respectively, increasing by 41%. This increase is primarily due sales of* iDose TR*, partially offset by slightly lower volumes sold of our* iStent* family of products.
Current wording
Net sales of glaucoma products in the United States were $72.3 million and $49.8 million for the three months ended June 30, 2025 and June 30, 2024, respectively, increasing by 45%. This increase is primarily due to higher volume of sales of* iDose TR*, partially offset by lower volumes sold of our* iStent* family of products primarily due to the MIGS restrictions associated with the final LCDs issued by the five MACs as described above in theMarket and Business Update section.
Previous wording
International sales of glaucoma products for the three months ended March 31, 2025 and March 31, 2024 were $29.0 million and $25.2 million, respectively, increasing by 15%. The increase in international sales reflects continued broad-based growing volume in many key international markets for glaucoma procedures, primarily France, the United Kingdom and Japan, the dollar-based results of which were slightly affected by unfavorable foreign exchange rates, primarily related to the Euro, during the quarter ended March 31, 2025, as compared to the three months ended March 31, 2024.
Current wording
International sales of glaucoma products for the three months ended June 30, 2025 and June 30, 2024 were $31.3 million and $26.1 million, respectively, increasing by 20%. The increase in international sales reflects continued broad-based growing volume in many key international markets for glaucoma procedures, primarily Japan, France, the United Kingdom and Germany, the dollar-based results of which were affected by favorable foreign exchange rates, primarily related to the Euro and Japanese Yen, during the quarter ended June 30, 2025, as compared to the three months ended June 30, 2024.
Previous wording
Net sales of corneal health products were $18.5 million and $18.4 million for the three months ended March 31, 2025 and March 31, 2024, respectively. Within net sales generated by our corneal health products, $0.8 million related to an increase in U.S. net sales of Photrexa using direct sales operations, which was positively impacted by higher realized average sales prices of Photrexa along with slight increases in sales to existing customers and new account starts, mostly offset by accrued rebates related to the impact of our participation in MDRP. Our net sales ofiLink devices in the U.S. remained consistent for the three months ended March 31, 2025 as compared to the three months ended March 31, 2024. Our international corneal health sales decreased $0.1 million from net sales in countries outside the U.S. during the quarter ended March 31, 2025 as compared to the three months ended March 31, 2024.
Current wording
Net sales of corneal health products were $20.6 million and $19.8 million for the three months ended June 30, 2025 and June 30, 2024, respectively, increasing by 4%. Within net sales generated by our corneal health products, $1.1 million related to an increase in U.S. net sales of Photrexa using direct sales operations, which was positively impacted by higher realized average sales prices of Photrexa along with slight increases in sales to existing customers and new account starts, partially offset by accrued rebates related to the impact of our participation in MDRP. Our net sales ofiLink devices in the U.S. remained consistent for the three months ended June 30, 2025 as compared to the three months ended June 30, 2024. Our international corneal health sales decreased $0.4 million during the quarter ended June 30, 2025 as compared to the three months ended June 30, 2024.
Previous wording
Cost of sales for the three months ended March 31, 2025 and March 31, 2024 were $24.3 million and $20.3 million, respectively, reflecting an increase of approximately $4.1 million that is generally proportionate to the increase in net sales for the corresponding period. Our gross margin was 77% for three months ended March 31, 2025 and 76% for the three months ended March 31, 2024.
Current wording
Cost of sales for the three months ended June 30, 2025 and June 30, 2024 were $26.9 million and $22.6 million, respectively, reflecting an increase of approximately $4.3 million that is generally proportionate to the increase in net sales for the corresponding period, as well as from contributions from increasediDose TR production volumes. Our gross margin was 78% for three months ended June 30, 2025 and 76% for the three months ended June 30, 2024.
Previous wording
Of the total $8.7 million increase in SG&A expenses for the three months ended March 31, 2025 as compared to the three months ended March 31, 2024, $4.3 million related to increased compensation and related employee costs, with $1.2 million of the incremental amount related to an increase in stock-based compensation expense, the majority of which was associated with certain performance equity awards that were achieved during the quarter. The residual increase primarily relates to enhancements of various customer and patient support functions, our business intelligence function, and growth in our commercial infrastructure in glaucoma and corneal health, along with increased travel, meetings and accompanying costs as business activities have expanded.
Current wording
Of the total $17.2 million increase in SG&A expenses for the three months ended June 30, 2025 as compared to the three months ended June 30, 2024, $7.1 million related to increased compensation and related employee costs, with $5.5 million of the incremental amount related to an increase in stock-based compensation expense, the majority of which was associated with certain performance equity awards that were achieved during the quarter. The residual increase primarily relates to enhancements of various customer and patient support functions, our business intelligence function, and growth in our commercial infrastructure in glaucoma and corneal health, along with increased travel, meetings and accompanying costs as business activities have expanded.
Previous wording
The remaining increase of $3.6 million primarily relates to discretionary expenses supporting the above personnel growth as well as our ongoing administrative operations, inclusive of information technology, facilities and allocated expenses.
Current wording
The remaining increase of $10.1 million primarily relates to discretionary expenses supporting the above personnel growth as well as our ongoing administrative operations, inclusive of information technology, facilities and allocated expenses.
Previous wording
During the three months ended March 31, 2025, we incurred $22.9 million in core R&D expenses and $9.4 million in clinical expenses, comprised of $21.5 million in compensation and related employee expenses with the remaining $10.8 million spent on the continued research and development, clinical studies, regulatory activities, quality assurance, clinical inventory and supplies for surgical glaucoma product candidates and pharmaceutical projects, such as next generationiDoseproducts*;* Epioxa, a pharmaceutical therapeutic system for the treatment of keratoconus without the removal of the epithelium (also referred to as “epi-on”); and our earlier stage programs for* *glaucoma, corneal, retinal and other therapeutic investments. For the three months ended March 31, 2024, we incurred $18.4 million in core R&D expenses and $12.3 million in clinical expenses, comprised of $17.8 million in compensation and related employee expenses with the remaining $12.9 million spent on the above-mentioned programs.
Current wording
During the three months ended June 30, 2025, we incurred $25.8 million in core R&D expenses and $10.7 million in clinical expenses, comprised of $23.6 million in compensation and related employee expenses with the remaining $12.9 million spent on the continued research and development, clinical studies, regulatory activities, quality assurance, clinical inventory and supplies for surgical glaucoma product candidates and pharmaceutical projects, such as next generationiDoseproducts*;* Epioxa, a pharmaceutical therapeutic system for the treatment of keratoconus without the removal of the epithelium (also referred to as “epi-on”); and our earlier stage programs for* *glaucoma, corneal, retinal and other therapeutic investments. For the three months ended June 30, 2024, we incurred $19.8 million in core R&D expenses and $14.6 million in clinical expenses, comprised of $21.4 million in compensation and related employee expenses with the remaining $13.4 million spent on the above-mentioned programs.
Previous wording
Our effective tax rate for the first quarter of 2025 and 2024 was (1.83)% and (0.93)%, respectively. For the three months ended March 31, 2025 and March 31, 2024, we recorded a provision for income taxes of $0.3 million and $0.4 million, respectively, which were primarily comprised of state and foreign income tax expense, offset by release of uncertain tax positions for which the statute of limitations has expired.
Current wording
Our effective tax rate for the second quarter of 2025 and 2024 was (1.28)% and (0.66)%, respectively. For the three months ended June 30, 2025 and June 30, 2024, we recorded a provision for income taxes of $0.2 million and $0.3 million, respectively, which were primarily comprised of state and foreign income tax expense, offset by release of uncertain tax positions for which the statute of limitations has expired.
Previous wording
During the three months ended March 31, 2024, we issued $5.0 million of our common stock and paid approximately $5.1 million in cash, in connection with the asset acquisition of 100% of the outstanding equity interests in a clinical stage biopharma company focused on developing novel therapeutics for ophthalmic diseases, including all related patents and patent applications, technology and know-how. We may have ongoing milestone payments based on achieving certain clinical and regulatory milestones depending on the success of the development and approval of the proprietary technologies.
Current wording
During the six months ended June 30, 2024, we issued $5.0 million of our common stock and paid approximately $5.1 million in cash, in connection with the asset acquisition of 100% of the outstanding equity interests in a clinical stage biopharma company focused on developing novel therapeutics for ophthalmic diseases, including all related patents and patent applications, technology and know-how. Also included in IPR&D for the six months ended June 30, 2024 is $1.3 million of contingent consideration related to our Sales Agreement with Celanese and our $2.5 million upfront payment related to a prior year license agreement, pursuant to which we obtained an exclusive, worldwide license to develop and commercialize drug products incorporating certain proprietary technology.
Previous wording
We had non-operating income, net of $2.9 million and non-operating expense, net of $1.4 million for the three months ended March 31, 2025 and March 31, 2024, respectively. The change primarily relates to a decrease of $2.3 million in interest expense on our Convertible Notes, and a change in unrealized foreign currency amounts recognized of approximately $2.0 million due to intercompany loan balances denominated in, and impacted by, changes in foreign currency exchange rates, as compared to the three months ended March 31, 2024.
Current wording
We had non-operating income, net of $6.1 million and non-operating expense, net of $21.6 million for the six months ended June 30, 2025 and June 30, 2024, respectively. The change primarily relates to a decrease of $18.0 million of expense related to our June 2024 Convertible Notes exchange, a decrease of $2.8 million in interest expense on our Convertible Notes, and a change in unrealized foreign currency amounts recognized of approximately $4.8 million due to intercompany loan balances denominated in, and impacted by, changes in foreign currency exchange rates, as compared to the three months ended June 30, 2024.
Previous wording
As of March 31, 2025, our cash, cash equivalents and short-term investments totaled approximately $298.7 million and our restricted cash totaled approximately $4.7 million.
Current wording
As of June 30, 2025, our cash, cash equivalents and short-term investments totaled approximately $274.8 million and our restricted cash totaled approximately $3.8 million.
Previous wording
For the three months ended March 31, 2025, our operating activities used $18.5 million in net cash.
Current wording
For the six months ended June 30, 2025, our operating activities used $11.5 million in net cash.
Previous wording
Our short-term liquidity requirements primarily consist of regular operating costs, R&D project funding, capital expenditures as we continue the development of our manufacturing facilities and office spaces, operating and financing lease obligations, government rebate obligations, and other firm purchase commitments. As of March 31, 2025, we had net working capital of $376.0 million, which indicates that our current assets are sufficient to cover our short-term liabilities.
Current wording
Our short-term liquidity requirements primarily consist of regular operating costs, R&D project funding, capital expenditures as we continue the development of our manufacturing facilities and office spaces, operating and financing lease obligations, government rebate obligations, and other firm purchase commitments. As of June 30, 2025, we had net working capital of $356.9 million, which indicates that our current assets are sufficient to cover our short-term liabilities.
Previous wording
Our long-term liquidity requirements primarily consist of capital expenditures for the continued development of our manufacturing facilities and office spaces, potential future payments related to our licensing agreements, and firm purchase commitments. As demand grows for our products, we will continue to expand global operations to meet demand through investments in our manufacturing capabilities. In December 2024, we reached an understanding with the city of Huntsville, Alabama to develop a new 200,000 square foot R&D and manufacturing facility. We expect construction to begin in 2026.
Current wording
Our long-term liquidity requirements primarily consist of capital expenditures for the continued development of our manufacturing facilities and office spaces, potential future payments related to our licensing agreements and acquisitions, and firm purchase commitments. As demand grows for our products, we will continue to expand global operations to meet demand through investments in our manufacturing capabilities. In December 2024, we reached an understanding with the city of Huntsville, Alabama to develop a new 200,000 square foot R&D and manufacturing facility. We expect construction to begin in 2026.
Previous wording
Our historical cash outflows have primarily been associated with cash used for operating activities such as the expansion of our commercial and R&D activities; purchase of and growth in inventory; accounts receivable and other working capital needs; the acquisition of intellectual property; and expenditures related to equipment and improvements used to increase our manufacturing capacity and improve our manufacturing efficiency and for overall facility expansion.
Current wording
Our historical cash outflows have primarily been associated with cash used for operating activities such as the expansion of our commercial and R&D activities; purchase of and growth in inventory; accounts receivable and other working capital needs; the acquisition of intellectual property and businesses; and expenditures related to property, equipment and improvements used to increase our manufacturing capacity and improve our manufacturing efficiency and for overall facility expansion.
Previous wording
In the three months ended March 31, 2025 and March 31, 2024, our operating activities used $18.5 million and $33.9 million of net cash, respectively.
Current wording
In the six months ended June 30, 2025 and June 30, 2024, our operating activities used $11.5 million and $52.2 million of net cash, respectively.
Previous wording
For the three months ended March 31, 2025, our net cash used in operating activities reflected our net loss of $18.1 million, adjusted for non-cash items of $22.8 million, primarily consisting of stock-based compensation expense of $13.0 million, depreciation of $2.7 million, amortization of intangible assets of $5.6 million, noncash lease expense of $1.1 million, other liabilities of $1.1 million, allowance for doubtful accounts of $1.4 million, and amortization of premium on short-term investments of $1.1 million. Additionally, changes in operating assets and liabilities resulted in a net use of cash of $23.2 million, which resulted primarily from an increase in inventory of $1.7 million, an increase in accounts receivable of $12.3 million, primarily due to increasediDose TR sales during the quarter ended March 31, 2025 giveniDose TR sales have extended terms, an increase in other assets of $0.1 million, a decrease in accounts payable and accrued liabilities of $6.7 million, and an increase in prepaid expenses and other current assets of $2.3 million.
Current wording
For the six months ended June 30, 2025, our net cash used in operating activities reflected our net loss of $37.8 million, adjusted for non-cash items of $56.5 million, primarily consisting of stock-based compensation expense of $31.0 million, depreciation of $5.4 million, amortization of intangible assets of $11.4 million, noncash lease expense of $2.1 million, other liabilities of $0.8 million, allowance for doubtful accounts of $4.1 million, and amortization of premium on short-term investments of $2.2 million. Additionally, changes in operating assets and liabilities resulted in a net use of cash of $30.2 million, which resulted primarily from an increase in inventory of $4.4 million, an increase in accounts receivable of $24.0 million primarily due to increasediDose TR sales during the six months ended June 30, 2025 giveniDose TR sales have extended terms, an increase in other assets of $0.8 million, and an increase in prepaid expenses and other current assets of $0.9 million.
Previous wording
For the three months ended March 31, 2024, our net cash used in operating activities reflected our net loss of $40.8 million, adjusted for non-cash items of $29.4 million, primarily consisting of stock-based compensation expense of $11.2 million, depreciation of $2.7 million, amortization of intangible assets of $6.2 million, noncash lease expense of $1.1 million, amortization of debt issuance costs of $0.3 million, allowance for doubtful accounts of $0.2 million, other liabilities of $2.5 million, accretion of discount of $1.1 million and IPR&D acquired through issuance of common stock of $5.0 million. Additionally, changes in operating assets and liabilities resulted in a net use of cash of $22.4 million, which resulted primarily from increases in accounts receivable of $7.3 million, an increase in inventory of $8.6 million, an increase in other assets of $2.2 million, an increase in prepaid expenses and other current assets of $0.9 million, and a decrease in accounts payable and accrued liabilities of $3.6 million.
Current wording
For the six months ended June 30, 2024, our net cash used in operating activities reflected our net loss of $91.4 million, adjusted for non-cash items of $69.8 million, primarily consisting of inducement expense related to the Convertible Notes exchange of $17.4 million, stock-based compensation expense of $22.5 million, depreciation of $5.4 million, amortization of intangible assets of $12.5 million, noncash lease expense of $2.1 million, amortization of debt issuance costs of $0.6 million, other liabilities of $3.5 million, amortization of premium on short-term investments of $2.2 million and IPR&D acquired through issuance of common stock of $5.0 million. Additionally, changes in operating assets and liabilities resulted in a net use of cash of $30.6 million, which resulted primarily from an increase in inventory of $15.1 million, an increase in accounts receivable of $12.0 million, an increase in other assets of $2.2 million, and a decrease in accounts payable and accrued liabilities of $5.0 million, partially offset by a decrease in prepaid expenses and other current assets of $3.7 million.
Previous wording
In the three months ended March 31, 2025 and March 31, 2024 our investing activities used $36.9 million and $29.4 million of net cash, respectively.
Current wording
In the six months ended June 30, 2025 and June 30, 2024 our investing activities used $57.7 million and provided $5.5 million of net cash, respectively.
Previous wording
For the three months ended March 31, 2025, we used cash of approximately $74.7 million for purchases of short-term investments, approximately $1.9 million for purchases of property and equipment, primarily related to our facilities in Aliso Viejo, California; and San Clemente, California; and approximately $0.4 million related to investments in company-owned life insurance, $0.7 million in other investing activities and we received cash of approximately $40.9 million from sales and maturities of short-term investments.
Current wording
For the six months ended June 30, 2025, we used cash of approximately $116.8 million for purchases of short-term investments, approximately $16.6 million related to the purchase of certain real property consisting of land, a building and certain assumed leases, approximately $12.4 million related to the Mobius Merger, approximately $3.1 million for purchases of property and equipment, primarily related to our facilities in Aliso Viejo, California; and San Clemente, California; approximately $2.5 million related to investments in company-owned life insurance, and $0.8 million in other investing activities and we received cash of approximately $94.4 million from sales and maturities of short-term investments.
Previous wording
For the three months ended March 31, 2024, we used cash of approximately $49.3 million for purchases of short-term investments, approximately $1.0 million for purchases of property and equipment, primarily related to our facilities in Aliso Viejo, California; and San Clemente, California; and approximately $1.0 million related to investments in company-owned life insurance, and we received cash of approximately $21.9 million from sales and maturities of short-term investments.
Current wording
For the six months ended June 30, 2024, we used cash of approximately $91.1 million for purchases of short-term investments, approximately $3.1 million for purchases of property and equipment, primarily related to our facilities in Aliso Viejo, California; and San Clemente, California; and approximately $2.1 million related to investments in company-owned life insurance, and we received cash of approximately $101.7 million from sales and maturities of short-term investments.
Showing the first 40 of 45 pairs. Open the source sections for the rest.
Rearranged current paragraphs (13)
Current report — wording carried from elsewhere
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.
Current report — wording carried from elsewhere
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.
Current report — wording carried from elsewhere
We manufacture ouriStent family of products andiDose TR at our facilities in San Clemente, California and our KXL systems at our manufacturing facility in Burlington, Massachusetts. We contract with third-party
Current report — wording carried from elsewhere
programs, including our expanding pharmaceutical development efforts and clinical trials across the glaucoma, corneal health and retinal disease spectrums.
Current report — wording carried from elsewhere
We had non-operating income, net of $3.3 million and non-operating expense, net of $20.2 million for the three months ended June 30, 2025 and June 30, 2024, respectively. The change primarily relates to a decrease of $18.0 million of expense related to the exchange of our Convertible Notes in June 2024, a decrease of $2.2 million in interest expense on our Convertible Notes, and a change in unrealized foreign currency amounts recognized of approximately $3.6 million due to intercompany loan balances denominated in, and impacted by, changes in foreign currency exchange rates, as compared to the three months ended June 30, 2024.
Current report — wording carried from elsewhere
International sales of glaucoma products for the six months ended June 30, 2025 and June 30, 2024 were $60.3 million and $51.4 million, respectively, increasing by 17%. The increase in international sales reflects continued broad-based growing volume in many key international markets for glaucoma procedures, most notably from France, Japan, and the United Kingdom, the dollar-based results of which were modestly affected by favorable foreign exchange rates, primarily related to the Euro and Japanese Yen, during the six months ended June 30, 2025, as compared to the six months ended June 30, 2024.
Current report — wording carried from elsewhere
Net sales of corneal health products were $39.1 million and $38.2 million for the six months ended June 30, 2025 and June 30, 2024, respectively, increasing by 2%. Of the $0.9 million increase in net sales generated by our corneal health products, $1.4 million related to an increase in U.S. net sales of Photrexa using direct sales operations, which was positively impacted by higher realized average sales prices of Photrexa along with increases in sales to existing customers and new account starts, partially offset by accrued rebates related to the impact of our participation in the MDRP. Our international corneal health sales decreased $0.5 million during the six months ended June 30, 2025 as compared to the six months ended June 30, 2024.
Current report — wording carried from elsewhere
Of the total $25.9 million increase in SG&A expenses for the six months ended June 30, 2025 as compared to the six months ended June 30, 2024, $13.0 million related to increased compensation and related employee costs, with $7.0 million of the incremental amount related to an increase in stock-based compensation expense. This increase primarily relates to enhancements of various customer and patient support functions, our business intelligence function, and growth in our commercial infrastructure in glaucoma and corneal health, along with increased travel, meetings and accompanying costs as business activities have expanded.
Current report — wording carried from elsewhere
The remaining increase of $12.9 million primarily relates to discretionary expenses supporting the above personnel growth as well as our ongoing administrative operations, inclusive of information technology, facilities and allocated expenses.
Current report — wording carried from elsewhere
During the six months ended June 30, 2025, we incurred $48.7 million in core R&D expenses and $20.2 million in clinical expenses, comprised of $45.1 million in compensation and related employee expenses with the remaining $23.8 million spent on the continued research and development, clinical studies, regulatory activities, quality assurance, clinical inventory and supplies for surgical glaucoma product candidates and pharmaceutical projects, such as next generationiDoseproducts*;* Epioxa, a pharmaceutical therapeutic system for the treatment of keratoconus without the removal of the epithelium (also referred to as “epi-on”); and our earlier stage programs for* *glaucoma, corneal, retinal and other therapeutic investments. For the six months ended June 30, 2024, we incurred $38.2 million in core R&D expenses and $26.9 million in clinical expenses, comprised of $38.8 million in compensation and related employee expenses with the remaining $28.9 million spent on the above-mentioned programs.
Current report — wording carried from elsewhere
Acquired In-process Research and Development
Current report — wording carried from elsewhere
Our effective tax rate for the six months ended June 30, 2025 and June 30, 2024 was (1.54)% and (0.78)%, respectively. For the six months ended June 30, 2025 and June 30, 2024, we recorded a provision for income taxes of $0.6 million and $0.7 million, respectively, which was primarily comprised of state and foreign income tax expense, offset by release of uncertain tax positions for which the statute of limitations has expired.
Current report — wording carried from elsewhere
There have been no material changes to our critical accounting policies and estimates as disclosed therein, during the three and six months ended June 30, 2025, as compared with those disclosed in our Annual Report.
Rearranged previous paragraphs (2)
Previous report — wording carried elsewhere
On April 2, 2024, CMS assigned a unique, permanent Healthcare Common Procedure Coding System J-code foriDose TR indicated for the reduction of intraocular pressure in patients with open-angle glaucoma or ocular hypertension. The new J-code foriDose TR, J7355, became effective July 1, 2024. J-codes are used by U.S.
Previous report — wording carried elsewhere
We expect SG&A expenses to continue to grow as we increase our infrastructures for our global sales and marketing functions, commercial support organizations, and general administration departments. We also expect other non-employee-related costs, including sales and marketing program activities for new products, market access efforts,