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Segment Reporting

9 Months Ended

Sep. 30, 2025

Segment Reporting

Segment Reporting

14. Segment Reporting

The Company operates as a single operating segment. Its operations consist of developing and commercializing innovative therapies for retinal diseases and other eye conditions based on its ELUTYX proprietary bioresorbable hydrogel-based formulation technology.

Resources are allocated and performance is assessed by the Company’s Chief Executive Officer and the Company’s Chief Financial Officer and Chief Operating Officer, who the Company has determined to be, collectively, the Company’s Chief Operating Decision Maker (“CODM”).

The accounting policies for the Company’s one segment are the same as those described in Note 2. The CODM evaluates the performance of its one segment and allocates resources based on Net Loss.

The following table provides information about the Company’s single segment:

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​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Three Months Ended

​

Nine Months Ended

​

​

September 30,

​

September 30,

​

​

2025

2024

2025

2024

Revenue

​

$

14,544

​

$

15,425

​

$

38,701

​

$

46,641

Cost of product revenue

​

​

1,774

​

​

1,561

​

​

4,980

​

​

4,396

Research and development (a)

​

​

​

​

​

​

​

​

​

​

​

​

Direct program expenses

​

​

​

​

​

​

​

​

​

​

​

​

AXPAXLI for wet AMD

​

​

34,707

​

​

17,017

​

​

92,893

​

​

35,263

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

All other costs

​

​

1,632

​

​

6,365

​

​

5,986

​

​

8,815

Selling and marketing (a)

​

​

11,721

​

​

9,601

​

​

36,972

​

​

27,997

General and administrative (a)

​

​

8,563

​

​

8,832

​

​

26,864

​

​

28,294

Facilities (b)

​

​

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 loss

​

$

(69,418)

​

$

(36,493)

​

$

(201,285)

​

$

(145,118)

​

(a) excluding stock-based compensation, depreciation, and facilities expenses

(b) excluding stock-based compensation and depreciation

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- References

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- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

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