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Note 7 - Discontinued Operations - Sale of OMIDRIA | 9 Months Ended
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Sep. 30, 2024
Notes to Financial Statements |
Disposal Groups, Including Discontinued Operations, Disclosure [Text Block] | Note 7—Discontinued Operations - Sale of OMIDRIA On December 23, 2021, we sold the rights to OMIDRIA and related assets to Rayner, which is reported as discontinued operations in our condensed consolidated statements of operations and comprehensive loss and excluded from continuing operations for all periods presented. ​ In December 2022, we earned a $200.0 million milestone payment upon the occurrence of an event specified in the Asset Purchase Agreement with Rayner. The milestone payment was received in February 2023. Net income from discontinued operations is as follows:
​ |  | Three Months Ended |  |  | Nine Months Ended |
​ |  | September 30, |  |  | September 30, |
​ |  | 2024 |  |  | 2023 |  |  | 2024 |  |  | 2023 |
​ |  | (In thousands) |
Interest earned on OMIDRIA contract royalty asset |  | $ | 4,210 |  |  | $ | 3,730 |  |  | $ | 12,824 |  |  | $ | 11,484 |
Remeasurement adjustments |  |  | 731 |  |  |  | 10,100 |  |  |  | 7,384 |  |  |  | 14,924 |
Other income, net |  |  | (60 | ) |  |  | 76 |  |  |  | 423 |  |  |  | 480 |
Net income from discontinued operations, net of tax |  | $ | 4,881 |  |  | $ | 13,906 |  |  | $ | 20,631 |  |  | $ | 26,888 |
​ ​ The following is a roll forward of the OMIDRIA contract royalty asset (in thousands):
OMIDRIA contract royalty asset at December 31, 2023 |  | $ | 168,109 |
Royalties earned |  |  | (29,586 | )
Interest earned on OMIDRIA contract royalty asset |  |  | 12,824 |
Remeasurement adjustments |  |  | 7,384 |
OMIDRIA contract royalty asset at September 30, 2024 |  | $ | 158,731 |
We remeasure the OMIDRIA contract royalty asset on a quarterly basis using the expected value approach, which incorporates actual results and future expectations. Cash flow from discontinued operations is as follows: ​
​ |  | Nine Months Ended |
​ |  | September 30, |
​ |  | 2024 |  |  | 2023 |
​ |  | (In thousands) |
Net cash provided by discontinued operations from operating activities |  | $ | 30,619 |  |  | $ | 232,081 |
Net cash provided by discontinued operations primarily represents royalties received and the $200.0 million milestone payment that we collected from Rayner in February 2023. ​All royalties earned on OMIDRIA sales within the U.S. through December 31, 2031 are remitted by Rayner to DRI via an escrow arrangement.

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