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COMMITMENTS AND CONTINGENCIES | 12 Months Ended
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Dec. 31, 2025
Commitments and Contingencies Disclosure [Abstract] |
COMMITMENTS AND CONTINGENCIES | COMMITMENTS AND CONTINGENCIES The Company has commitments related to capital expenditures of approximately $128 million as of December 31, 2025. Under certain agreements, the Company may be required to make payments contingent upon the achievement of specific developmental, regulatory, or commercial milestones. As of December 31, 2025, the Company believes it is reasonably possible that it may potentially make milestone and license fee payments, including sales-based milestone payments, of approximately $242 million over time, in the aggregate, to third parties for products currently under development or being marketed, primarily consisting of the following: •Under the terms of a December 2019 agreement with Novaliq GmbH, the Company has acquired an exclusive license for the commercialization and development in the U.S. and Canada of MIEBO® (perfluorohexyloctane), formerly known as NOV03, for the treatment of the signs and symptoms of dry eye disease and may be required to make sales-based milestone payments. The Company believes it is reasonably possible that these future sales-based payments over time may approximate $88 million, in the aggregate. •Under the terms of a January 2025 agreement with Whitecap Biosciences, as disclosed in Note 4, “ACQUISITIONS AND LICENSING AGREEMENTS”, the Company may be required to make certain development and sales-based milestones, of which the Company currently believes that it is reasonably possible that it may incur development milestone payments of up to $64 million, in the aggregate, over time. •Under the terms of a December 2025 manufacturing acquisition agreement, as disclosed in Note 4, “ACQUISITIONS AND LICENSING AGREEMENTS”, the Company may be required to make certain milestone payments of up to $35 million, in the aggregate, all of which the Company currently believes are reasonably possible over time. Due to the nature of these arrangements, the future potential payments related to the attainment of the specified milestones over a period of several years are inherently uncertain. As of December 31, 2025, the Company has accrued $37 million related to future milestones, with the remaining milestones, related to the aforementioned agreements, being not yet probable of being achieved. Indemnification Provisions In the normal course of operations, the Company enters into agreements that include indemnification provisions for product liability and other matters. These provisions are generally subject to maximum amounts, specified claim periods and other conditions and limits. In addition, the Company is obligated to indemnify its officers and directors in respect of any legal claims or actions initiated against them in their capacity as officers and directors of the Company in accordance with applicable law and the Company has entered into indemnification agreements with its directors and certain officers with respect to such matters. Pursuant to such indemnities, the Company is indemnifying certain former officers and directors in respect of certain litigation and regulatory matters. As of December 31, 2025 and 2024, no material amounts were accrued for the Company obligations under these indemnification provisions.

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