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v3.25.3

Segment Reporting (Details) $ in Thousands | 3 Months Ended | 9 Months Ended
--- | --- | ---
Sep. 30, 2025 USD ($) | Jun. 30, 2025 USD ($) | Mar. 31, 2025 USD ($) | Sep. 30, 2024 USD ($) | Jun. 30, 2024 USD ($) | Mar. 31, 2024 USD ($) | Sep. 30, 2025 USD ($) segment | Sep. 30, 2024 USD ($)
Segment Reporting |  |  |  |  |  |  |  |
Number of operating segments | segment |  |  |  |  |  |  | 1 |
Number of reportable segments | segment |  |  |  |  |  |  | 1 |
Revenue | $ 14,544 |  |  | $ 15,425 |  |  | $ 38,701 | $ 46,641
Cost of product revenue | 1,774 |  |  | 1,561 |  |  | 4,980 | 4,396
Research & Development |  |  |  |  |  |  |  |
Stock-based compensation | 11,691 |  |  | 6,641 |  |  | 31,825 | 25,912
Depreciation |  |  |  |  |  |  | 3,076 | 2,835
Interest income | 3,729 |  |  | 5,653 |  |  | 11,012 | 15,611
Interest expense | (3,002) |  |  | (3,224) |  |  | (9,003) | (10,471)
Loss from debt extinguishment |  |  |  |  |  |  |  | (27,950)
Net Income (Loss) | (69,418) | $ (67,814) | $ (64,053) | (36,493) | $ (43,777) | $ (64,848) | (201,285) | (145,118)
Single Reportable Segment |  |  |  |  |  |  |  |
Segment Reporting |  |  |  |  |  |  |  |
Revenue | 14,544 |  |  | 15,425 |  |  | 38,701 | 46,641
Cost of product revenue | 1,774 |  |  | 1,561 |  |  | 4,980 | 4,396
Research & Development |  |  |  |  |  |  |  |
Direct program expenses, AXPAXLI for wet AMD | 34,707 |  |  | 17,017 |  |  | 92,893 | 35,263
Direct program expenses, Other clinical and preclinical programs | 1,224 |  |  | 1,184 |  |  | 3,307 | 6,750
Unallocated expenses, Personnel costs | 9,136 |  |  | 7,551 |  |  | 27,825 | 22,168
Unallocated expenses, All other costs | 1,632 |  |  | 6,365 |  |  | 5,986 | 8,815
Selling and marketing | 11,721 |  |  | 9,601 |  |  | 36,972 | 27,997
General and administrative | 8,563 |  |  | 8,832 |  |  | 26,864 | 28,294
Facilities | 1,722 |  |  | 1,713 |  |  | 5,230 | 5,416
Stock-based compensation | 11,691 |  |  | 6,641 |  |  | 31,825 | 25,912
Depreciation | 1,072 |  |  | 958 |  |  | 3,076 | 2,835
Interest income | 3,729 |  |  | 5,653 |  |  | 11,012 | 15,611
Interest expense | (3,002) |  |  | (3,224) |  |  | (9,003) | (10,471)
Loss from debt extinguishment |  |  |  |  |  |  |  | (27,950)
Other non-operating items | (1,447) |  |  | 7,076 |  |  | (3,037) | (1,103)
Net Income (Loss) | $ (69,418) |  |  | $ (36,493) |  |  | $ (201,285) | $ (145,118)

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