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Note 5 - Certain Balance Sheet Accounts

6 Months Ended

Jun. 30, 2025

Supplemental Balance Sheet Disclosures [Text Block]

Note 5 — Certain Balance Sheet Accounts

OMIDRIA Contract Royalty Asset

The OMIDRIA contract royalty asset consists of the following:

	June 30,		December 31,
	2025		2024
	(In thousands)
Short-term contract royalty asset	$	28,221	$	29,083
Long-term contract royalty asset		114,735		124,266
Total OMIDRIA contract royalty asset	$	142,956	$	153,349

See “Note 7 — Discontinued Operations – Sale of OMIDRIA” for discussion regarding the estimated fair value of our OMIDRIA contract royalty asset.

Receivables

Receivables consist of the following:

	June 30,		December 31,
	2025		2024
	(In thousands)
OMIDRIA royalty receivables	$	5,210	$	6,940
Other receivables		1,066		799
Total receivables	$	6,276	$	7,739

Property and Equipment, Net

Property and equipment, net consists of the following:

	June 30,			December 31,
	2025			2024
	(In thousands)
Equipment under finance lease obligations	$	8,324		$	8,323
Laboratory equipment		3,732			3,690
Computer equipment		1,113			1,113
Office equipment and furniture		624			624
Total cost		13,793			13,750
Less accumulated depreciation and amortization		(11,554	)		(11,072	)
Total property and equipment, net	$	2,239		$	2,678

For each of the three months ended June 30, 2025 and 2024, depreciation and amortization expense was $0.2 million, for both periods, respectively. For the six months ended June 30, 2025 and 2024, depreciation and amortization expense was $0.5 million and $0.4 million, respectively.

Accrued Expenses

Accrued expenses consist of the following:

	June 30,		December 31,
	2025		2024
	(In thousands)
Employee compensation	$	11,424	$	8,868
Clinical trials		8,141		7,100
Contract research and development		2,743		4,334
Interest payable		2,041		2,667
Consulting and professional fees		1,593		2,602
Other accrued expenses		335		434
Total accrued expenses	$	26,277	$	26,005