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Licensing Agreements and Deferred Revenue | 9 Months Ended
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Sep. 30, 2025
Licensing Agreements and Deferred Revenue |
Licensing Agreements and Deferred Revenue | 3. Licensing Agreements and Deferred Revenue Incept License Agreement (in-licensing) On September 13, 2018, the Company entered into a second amended and restated license agreement with Incept, LLC (“Incept”) to use and develop certain intellectual property (the “Incept License Agreement”). Under the Incept License Agreement, as amended and restated, the Company was granted a worldwide, perpetual, exclusive license to use specific Incept technology to develop and commercialize products that are delivered to or around the human eye for diagnostic, therapeutic or prophylactic purposes relating to ophthalmic diseases or conditions. The Company is obligated to pay low single-digit royalties on net sales of commercial products developed using the licensed technology, commencing with the date of the first commercial sale of such products and until the expiration of the last to expire of the patents covered by the license. The terms and conditions of the Incept License Agreement are described in the Company’s Annual Report on Form 10-K for the year ended December 31, 2024, filed with the SEC on March 3, 2025. Royalties paid under the Incept License Agreement related to product sales (the “Incept Royalties”) were $402 and $1,231 for the three and nine months ended September 30, 2025, respectively, and $491 and $1,373 for the three and nine months ended September 30, 2024, respectively. The Incept Royalties are charged to cost of product revenue when accrued. AffaMed License Agreement (out-licensing) On October 29, 2020, the Company entered into a license agreement (“AffaMed License Agreement”) with AffaMed Therapeutic Limited (“AffaMed”) for the development and commercialization of the Company’s DEXTENZA product regarding ocular inflammation and pain following cataract surgery and allergic conjunctivitis and for the Company’s OTX-TIC product candidate (collectively, the “AffaMed Licensed Products”) regarding OAG or OHT, in each case in mainland China, Taiwan, Hong Kong, Macau, South Korea, and the countries of the Association of Southeast Asian Nations. The Company retains development and commercialization rights for the AffaMed Licensed Products in the rest of the world. The terms and conditions of the AffaMed License Agreement are described in the Company’s Annual Report on Form 10-K for the year ended December 31, 2024, filed with the SEC on March 3, 2025. As of June 30, 2025, the Company had recognized the full amount of the transaction price that was allocated to the performance obligation regarding the conduct of a Phase 2 clinical trial of OTX-TIC (the “Phase 2 Clinical Trial of OTX-TIC performance obligation”) as collaboration revenue, as this performance obligation is fully satisfied. Accordingly, no collaboration revenue was recognized for the three months ended September 30, 2025. The Company recognized collaboration revenue of $128 for the nine months ended September 30, 2025, and $78 and $200 for the three and nine months ended September 30, 2024, respectively. Deferred revenue activity for the nine months ended September 30, 2025 was as follows: ​
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​ |  | Deferred Revenue
Deferred revenue at December 31, 2024 | ​ | $ | 14,128
Amounts recognized into revenue | ​ | ​ | (128)
Deferred revenue at September 30, 2025 | ​ | $ | 14,000
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- Definition The entire disclosure for licensing agreements and deferred revenue. + References No definition available. + Details
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