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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

(Mark One)

☒QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended September 30, 2025

☐TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

Commission file number: 001-37463

GLAUKOS CORPORATION

(Exact name of registrant as specified in its charter)


Delaware	33-0945406
(State or other jurisdiction of incorporation or organization)	(I.R.S. Employer Identification No.)

1 Glaukos Way Aliso Viejo, California	92656
(Address of registrant’s principal executive offices)	(Zip Code)

(949) 367-9600

(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:

Title of each class		Trading Symbol(s)		Name of each exchange on which registered
Common Stock		GKOS		New York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ⌧ No ◻

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ⌧ No ◻

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of ‘‘large accelerated filer,’’ ‘‘accelerated filer,’’ ‘‘smaller reporting company’’ and “emerging growth company” in Rule 12b-2 of the Exchange Act:

☒ Large accelerated filer

☐ Accelerated filer

☐ Non-accelerated filer

☐ Smaller reporting company

☐ Emerging growth company

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

As of October 29, 2025, there were 57,434,740 shares of the registrant’s Common Stock, $0.001 par value per share, outstanding.

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GLAUKOS CORPORATION

Form 10-Q

For the Quarterly Period Ended September 30, 2025

Table of Contents

		Page
PART I: FINANCIAL INFORMATION		5
Item 1.	Financial Statements	5
	Condensed Consolidated Balance Sheets	5
	Condensed Consolidated Statements of Operations	6
	Condensed Consolidated Statements of Comprehensive Loss	7
	Condensed Consolidated Statements of Stockholders’ Equity	8
	Condensed Consolidated Statements of Cash Flows	9
	Notes to Condensed Consolidated Financial Statements	10
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	26
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	39
Item 4.	Controls and Procedures	39

PART II: OTHER INFORMATION		40
Item 1.	Legal Proceedings	40
Item1A.	Risk Factors	40
Item 5.	Other Information	56
Item 6.	Exhibits	56




SIGNATURES		57

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Note Regarding Forward-Looking Statements

This report contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (Securities Act), and Section 21E of the Securities Exchange Act of 1934, as amended (Exchange Act) All statements other than statements of historical or current facts included in this report are forward-looking statements. In some cases, you can identify forward-looking statements by the following words: "may," "will," "could," "would," "should," "expect," "intend," "plan," "anticipate," "believe," "estimate," "predict," "project," "potential," "continue," "ongoing" or the negative of these terms or other comparable terminology, although not all forward-looking statements contain these words. Any statements in this Quarterly Report on Form 10-Q regarding future operations, including our expectations for future expenses, capital expenditures and income, our expectations regarding the impact of the macroeconomic environment, our strategy for growth, product development activities, the impact of the regulatory environment, including the timing and likelihood of regulatory approvals and the impact of new or changing regulations and pricing, and market position are forward-looking statements. These forward-looking statements are based on management’s beliefs and assumptions based on the information available to management at the time of this report. Although we believe that we have a reasonable basis for each forward-looking statement contained in this report, we caution you that these forward-looking statements involve risks, uncertainties and other factors that may cause actual results, levels of activity, performance or achievements to be materially different from the information expressed or implied by these forward-looking statements.

You are urged to carefully review the disclosures we make concerning the risks we face and other factors that may affect the outcome of our forward-looking statements and our business and operating results, including the risks set forth in the “Risk Factors Summary” below and further described in the "Risk Factors" section of this report, which includes a discussion of important factors that may cause actual results to differ materially from those expressed or implied by the forward-looking statements. As a result of these factors, we cannot assure you that the forward-looking statements in this report will prove to be accurate, and actual results may differ materially from those expressed or implied by the forward-looking statements. In light of the significant uncertainties in these forward-looking statements, you should not regard these statements as a representation or warranty by us or any other person that we will achieve our objectives and plans in any specified time frame, or at all. You are therefore cautioned not to place undue reliance on the forward-looking statements included in this report, which speak only as of the date of this document. We undertake no obligation to publicly update any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.

We use Glaukos, our logo, iStent, iStent inject, iStent infinite, iPrism, iDose TR, iPRIME, MIGS, Avedro, Photrexa, iLink, KXL, Epioxa, iLution, PRESERFLO, Retina XR and other marks as trademarks. This report contains references to our trademarks and service marks and to those belonging to other entities. Solely for convenience, trademarks and trade names referred to in this report, including logos, artwork and other visual displays, may appear without the ® or ™ symbols, but such references are not intended to indicate in any way that we will not assert, to the fullest extent under applicable law, our rights or the rights of the applicable licensor to these trademarks and trade names. We do not intend our use or display of other entities’ trade names, trademarks or service marks to imply a relationship with, or endorsement or sponsorship of us by, any other entity.

References throughout this document to “we,” “us,” “our,” the “Company,” or “Glaukos” refer to Glaukos Corporation and its consolidated subsidiaries.

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Risk Factors Summary

Investing in our securities involves a high degree of risk. The following is a summary of the principal factors that make an investment in our securities speculative or risky, all of which are further described below in the section titled “Risk Factors” in Part II, Item 1A of this report. This summary should be read in conjunction with the “Risk Factors” section and should not be relied upon as an exhaustive summary of the material risks facing our business. In addition to the following summary, you should consider the information set forth in the “Risk Factors” section and the other information contained in this report before investing in our securities.

Risks Related to Our Business

●

Failure to achieve commercial success of iDose TR or Epioxa could materially impact our business.

●

Downturns or volatility in general economic conditions and public health crises could harm our business.

●

Supply and/or manufacturing disruptions impacting our principal revenue-producing products could reduce our gross margins and negatively impact our operating results.

●

We may not reach sustained profitability.

●

We may fail to generate sufficient sales of our commercialized products or to develop and commercialize additional products.

●

We are subject to a variety of risks associated with our international operations.

●

We may not meet our customers’ expectations for the quality or delivery of our products, which could harm our reputation and sales.

●

If ophthalmic surgeons do not use or if they misuse our products, our business could be harmed.

●

We may fail to manage our anticipated growth effectively and may not be able to meet customer demand.

●

We may be unable to retain or recruit qualified personnel for growth.

●

We have and may continue to enter into acquisitions, collaborations, in-licensing agreements, joint ventures, alliances or partnerships with third parties that could fail or result in litigation.

●

Cybersecurity incidents, service interruptions, or data corruption could materially disrupt our operations and adversely affect our business.

●

Failure to comply with data privacy and security laws could have a material adverse effect on our business.

●

Our net operating loss tax carryforwards may not be available, or may be subject to certain limitations, to offset future taxable income.

Risks Related to Our Indebtedness

●

If we incur future indebtedness, our debt service obligations could limit our cash flow, and may adversely affect our financial condition and operating results.

●

The capped call transactions may affect the value of our common stock, par value $0.001 per share (Common Stock) and subject us to counterparty risk.

Risks Related to Our Regulatory Environment

●

Healthcare legislative reform measures and changes in U.S. and international trade policies may have a material adverse effect on our business and results of operations.

●

Compliance with applicable regulations can be costly and failure to comply with such regulations could harm our business, financial condition and operating results.

●

Legislative or regulatory reform of the healthcare system could hinder or prevent our products’ commercial success.

●

Inadequate or inconsistent reimbursement for our products may adversely impact our business.

Risks Related to Our Intellectual Property

●

Failure to protect our intellectual property could substantially impair our ability to compete.

●

Intellectual property claims or litigation could be costly, time-consuming and unsuccessful and could interfere with our ability to successfully commercialize our products.

Risks Related to Our Common Stock

●

Provisions in our Certificate of Incorporation and Bylaws limit the ability of stockholders to take certain actions and could delay or discourage takeover attempts.

●

Our Certificate of Incorporation designates the sole and exclusive forum for certain types of actions and proceedings, which could limit our stockholders’ ability to obtain a favorable judicial forum.

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PART I - FINANCIAL INFORMATION

Item 1. Financial Statements

GLAUKOS CORPORATION

CONDENSED CONSOLIDATED BALANCE SHEETS

(in thousands, except par values)


	September 30,		December 31,
	2025		2024
	(unaudited)
Assets
Current assets:
Cash and cash equivalents	$	98,246	$	169,626
Short-term investments		175,466		149,289
Accounts receivable, net		98,684		60,744
Inventory		63,863		57,678
Prepaid expenses and other current assets		18,509		12,455
Total current assets		454,768		449,792
Restricted cash		3,834		4,733
Property and equipment, net		110,944		97,867
Operating lease right-of-use asset		31,536		30,254
Finance lease right-of-use asset		40,007		41,816
Intangible assets, net		264,136		263,445
Goodwill		66,710		66,134
Deposits and other assets		27,443		20,715
Total assets	$	999,378	$	974,756

Liabilities and stockholders' equity
Current liabilities:
Accounts payable	$	19,883	$	13,026
Accrued liabilities		67,633		62,099
Total current liabilities		87,516		75,125
Operating lease liability		35,847		33,936
Finance lease liability		68,468		69,463
Deferred tax liability, net		6,921		6,928
Other liabilities		31,083		22,373
Total liabilities		229,835		207,825

Commitments and contingencies (Note 13)

Stockholders' equity:
Preferred stock, $0.001 par value; 5,000 shares authorized; no shares issued and outstanding as of September 30, 2025 and December 31, 2024		-		-
Common stock, $0.001 par value; 150,000 shares authorized; 57,414 and 56,472 shares issued and 57,386 and 56,444 shares outstanding as of September 30, 2025 and December 31, 2024, respectively		57		56
Additional paid-in capital		1,566,029		1,509,831
Accumulated other comprehensive income		3,062		2,615
Accumulated deficit		(799,473)		(745,439)
Less treasury stock (28 shares as of September 30, 2025 and December 31, 2024)		(132)		(132)
Total stockholders' equity		769,543		766,931
Total liabilities and stockholders' equity	$	999,378	$	974,756

See accompanying notes to condensed consolidated financial statements.

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GLAUKOS CORPORATION

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(unaudited)

(in thousands, except per share amounts)


	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2025		2024		2025		2024
Net sales	$	133,537	$	96,670	$	364,321	$	277,982
Cost of sales		28,831		22,584		80,043		65,392
Gross profit		104,706		74,086		284,278		212,590
Operating expenses:
Selling, general and administrative		82,999		64,000		237,047		192,163
Research and development		38,072		34,746		106,963		99,898
Acquired in-process research and development		-		-		-		14,229
Total operating expenses		121,071		98,746		344,010		306,290
Loss from operations		(16,365)		(24,660)		(59,732)		(93,700)
Non-operating income (expense):
Interest income		2,552		2,700		8,202		8,611
Interest expense		(1,175)		(1,663)		(3,489)		(8,468)
Charges associated with convertible senior notes		-		-		-		(18,012)
Other (expense) income, net		(1,009)		2,391		1,793		(338)
Total non-operating income (expense)		368		3,428		6,506		(18,207)
Loss before taxes		(15,997)		(21,232)		(53,226)		(111,907)
Income tax provision		234		177		808		885
Net loss	$	(16,231)	$	(21,409)	$	(54,034)	$	(112,792)
Basic and diluted net loss per share	$	(0.28)	$	(0.39)	$	(0.95)	$	(2.18)
Weighted-average shares outstanding used to compute basic and diluted net loss per share		57,398		55,037		57,083		51,804

See accompanying notes to condensed consolidated financial statements.

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GLAUKOS CORPORATION

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS

(unaudited)

(in thousands)


	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2025		2024		2025		2024
Net loss	$	(16,231)	$	(21,409)	$	(54,034)	$	(112,792)
Other comprehensive income:
Foreign currency translation income (loss)		20		(510)		147		478
Unrealized income on short-term investments		170		939		300		977
Other comprehensive income		190		429		447		1,455
Total comprehensive loss	$	(16,041)	$	(20,980)	$	(53,587)	$	(111,337)

See accompanying notes to condensed consolidated financial statements.

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GLAUKOS CORPORATION

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY

(unaudited)

(in thousands)


						Accumulated
				Additional		other
	Common stock			paid-in		comprehensive		Accumulated		Treasury stock			Total
	Shares	Amount		capital		income (loss)		deficit		Shares	Amount		equity
Balance at December 31, 2024	56,472	$	56	$	1,509,831	$	2,615	$	(745,439)	(28)	$	(132)	$	766,931
Common stock issued under stock plans, net	297		1		2,197		-		-	-		-		2,198
Stock-based compensation	-		-		12,986		-		-	-		-		12,986
Other comprehensive loss	-		-		-		(10)		-	-		-		(10)
Net loss	-		-		-		-		(18,146)	-		-		(18,146)
Balance at March 31, 2025	56,769	$	57	$	1,525,014	$	2,605	$	(763,585)	(28)	$	(132)	$	763,959
Common stock issued under stock plans, net	508		-		2,524		-		-	-		-		2,524
Stock-based compensation	-		-		18,019		-		-	-		-		18,019
Other comprehensive income	-		-		-		267		-	-		-		267
Net loss	-		-		-		-		(19,657)	-		-		(19,657)
Balance at June 30, 2025	57,277	$	57	$	1,545,557	$	2,872	$	(783,242)	(28)	$	(132)	$	765,112
Common stock issued under stock plans, net	137		-		5,559		-		-	-		-		5,559
Stock-based compensation	-		-		14,913		-		-	-		-		14,913
Other comprehensive income	-		-		-		190		-	-		-		190
Net loss	-		-		-		-		(16,231)	-		-		(16,231)
Balance at September 30, 2025	57,414	$	57	$	1,566,029	$	3,062	$	(799,473)	(28)	$	(132)	$	769,543


						Accumulated
				Additional		other
	Common stock			paid-in		comprehensive		Accumulated		Treasury stock			Total
	Shares	Amount		capital		income		deficit		Shares	Amount		equity
Balance at December 31, 2023	49,148	$	49	$	1,059,751	$	1,165	$	(599,067)	(28)	$	(132)	$	461,766
Common stock issued under stock plans, net	672		1		13,364		-		-	-		-		13,365
Asset acquisition through issuance of common stock	55		-		5,000		-		-	-		-		5,000
Stock-based compensation	-		-		11,165		-		-	-		-		11,165
Other comprehensive income	-		-		-		272		-	-		-		272
Net loss	-		-		-		-		(40,838)	-		-		(40,838)
Balance at March 31, 2024	49,875	$	50	$	1,089,280	$	1,437	$	(639,905)	(28)	$	(132)	$	450,730
Common stock issued under stock plans, net	724		1		8,818		-		-	-		-		8,819
Issuance of common stock in exchange for convertible senior notes	4,253		4		244,084		-		-	-		-		244,088
Stock-based compensation	-		-		11,313		-		-	-		-		11,313
Other comprehensive income	-		-		-		754		-	-		-		754
Net loss	-		-		-		-		(50,545)	-		-		(50,545)
Balance at June 30, 2024	54,852	$	55	$	1,353,495	$	2,191	$	(690,450)	(28)	$	(132)	$	665,159
Common stock issued under stock plans, net	270		-		9,910		-		-	-		-		9,910
Stock-based compensation	-		-		14,420		-		-	-		-		14,420
Other comprehensive income	-		-		-		429		-	-		-		429
Net loss	-		-		-		-		(21,409)	-		-		(21,409)
Balance at September 30, 2024	55,122	$	55	$	1,377,825	$	2,620	$	(711,859)	(28)	$	(132)	$	668,509

See accompanying notes to condensed consolidated financial statements.

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GLAUKOS CORPORATION

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(unaudited)

(in thousands)


	Nine Months Ended September 30,
	2025		2024
Operating Activities
Net loss	$	(54,034)	$	(112,792)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation		8,153		8,181
Amortization of intangible assets		17,776		18,729
Amortization of right-of-use lease assets		3,188		3,194
Amortization of debt issuance costs		-		662
Deferred income tax benefit		(7)		(1)
Loss on disposal of fixed assets		31		64
Stock-based compensation		45,918		36,898
Unrealized foreign currency (gain) loss		(2,267)		490
Amortization of premium on short-term investments		(2,697)		(3,187)
Other liabilities		1,128		4,894
Acquired in-process R&D acquired through the issuance of common stock		-		5,000
Inducement expense related to exchange of convertible senior notes		-		17,412
Allowance for doubtful accounts		7,069		-
Changes in operating assets and liabilities:
Accounts receivable		(42,776)		(16,476)
Inventory		(3,740)		(18,161)
Prepaid expenses and other current assets		(5,771)		(318)
Accounts payable and accrued liabilities		7,686		(4,406)
Deposits and other assets		(1,289)		(2,008)
Net cash used in operating activities		(21,632)		(61,825)
Investing activities
Cash paid for acquisitions, net of cash acquired		(12,437)		-
Purchase of real estate property		(16,607)		-
Purchases of short-term investments		(192,131)		(123,091)
Proceeds from sales and maturities of short-term investments		168,954		166,891
Purchases of property and equipment		(4,752)		(4,567)
Proceeds from disposal of property and equipment		-		38
Investment in company-owned life insurance		(4,000)		(3,227)
Other investing activities		(750)		-
Net cash (used in) provided by investing activities		(61,723)		36,044
Financing activities
Proceeds from exercise of stock options		10,537		29,509
Proceeds from share purchases under Employee Stock Purchase Plan		7,686		7,416
Payment of employee taxes related to vested restricted stock units		(7,943)		(4,833)
Principal paid on finance lease		(821)		(665)
Net cash provided by financing activities		9,459		31,427
Effect of exchange rate changes on cash and cash equivalents		1,617		(93)
Net (decrease) increase in cash, cash equivalents and restricted cash		(72,279)		5,553
Cash, cash equivalents and restricted cash at beginning of period		174,359		99,323
Cash, cash equivalents and restricted cash at end of period	$	102,080	$	104,876
Supplemental disclosures of cash flow information
Taxes paid, net of refunds	$	684	$	1,165
Interest paid on convertible senior notes	$	-	$	3,953
Other interest paid	$	3,164	$	3,393
Supplemental schedule of noncash investing and financing activities
Contingent consideration acquired	$	7,700	$	-
Convertible senior notes exchanged for common stock, net of debt issuance costs	$	-	$	226,676
Purchases of property and equipment included in accounts payable and accrued liabilities	$	838	$	114

See accompanying notes to condensed consolidated financial statements.

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GLAUKOS CORPORATION

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(unaudited)

Note 1. Organization and Basis of Presentation

Organization and business

Glaukos Corporation (Glaukos or the Company), incorporated in Delaware on July 14, 1998, is an ophthalmic pharmaceutical and medical technology company focused on developing novel dropless platform therapies and commercializing associated products for the treatment of glaucoma, corneal disorders, and retinal diseases. The Company first developed Micro-Invasive Glaucoma Surgery (MIGS) as an alternative to the traditional glaucoma treatment paradigm, launching its first MIGS device commercially in 2012. The Company also offers commercially a proprietary bio-activated pharmaceutical therapy for the treatment of a rare corneal disorder, keratoconus, that was approved by the United States (U.S.) Food and Drug Administration (FDA) in 2016. In 2024, the Company commenced controlled commercial launch activities for iDose TR. The Company is developing a portfolio of platforms to support ongoing pharmaceutical and medical device innovations. Products or product candidates for each of these platforms are designed to advance the standard of care through better treatment options across the areas of glaucoma; corneal disorders such as keratoconus, dry eye and refractive vision correction; and retinal diseases such as neovascular age-related macular degeneration, diabetic macular edema and retinal vein occlusion.

The accompanying condensed consolidated financial statements include the accounts of Glaukos and its wholly-owned subsidiaries. The Company translates the financial statements of its foreign subsidiaries using end-of-period exchange rates for assets and liabilities and average exchange rates during each reporting period for results of operations. All intercompany balances and transactions among the consolidated entities have been eliminated in consolidation.

Basis of presentation

The accompanying condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted (GAAP) in the U.S. for interim financial information and pursuant to the instructions to Form 10-Q and Article 10 of Regulation S-X.

As permitted by Form 10-Q and Article 10 of Regulation S-X, certain footnotes and other financial information that are normally required by GAAP have been condensed or omitted. The unaudited interim financial statements have been prepared on a basis consistent with the audited financial statements. In the opinion of management, the unaudited interim financial statements reflect all adjustments necessary for the fair presentation of the Company’s financial information contained herein. All such adjustments are of a normal and recurring nature. The condensed consolidated balance sheet as of December 31, 2024 has been derived from audited financial statements at that date, but excludes disclosures required by GAAP for complete financial statements. These interim financial statements do not include all disclosures required by GAAP and should be read in conjunction with the Company’s financial statements and accompanying notes for the fiscal year ended December 31, 2024, which are contained in the Company’s Annual Report on Form 10-K filed with the U.S. Securities and Exchange Commission (SEC) on February 24, 2025. The Company’s results of operations for the three and nine months ended September 30, 2025 are not necessarily indicative of the results to be expected for the year ending December 31, 2025 or for any other interim period.

Recent Developments

On May 16, 2025, pursuant to a definitive agreement and plan of merger (Mobius Agreement), the Company acquired all of the outstanding equity interests in Mobius Therapeutics, LLC (Mobius) for $12.4 million, net of cash acquired (Mobius Merger). Pursuant to the Mobius Agreement, the Company also agreed to pay the former Mobius equityholders contingent consideration in the form of single-digit royalty payments based on net sales of Mobius products for a period of four years, and additional, potential performance-based payments of up to $80.0 million in aggregate upon the achievement of certain net sales milestones with respect to such Mobius products. See Note 6. Business Combinations for additional details.

On April 4, 2025, the Company purchased certain real property consisting of an approximately 40,000 square foot, two-story building, located in Aliso Viejo, California (Aliso Building) and which is adjacent to the Company’s Aliso Viejo, California headquarters (Aliso Facility). The Company paid a purchase price of $16.6 million for the Aliso

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Building, which is currently occupied by several tenants whose leases, which were assumed by the Company, expire at various times over the next four years. See Note 5. Real Estate Acquisitions and Leases for additional details.

Note 2. Summary of Significant Accounting Policies

Use of Estimates

The preparation of the condensed consolidated financial statements in conformity with GAAP requires management to make estimates, judgments and assumptions that affect the reported amounts in the condensed consolidated financial statements and accompanying notes. Actual results could differ materially from those estimates and assumptions used in the preparation of the accompanying condensed consolidated financial statements under different assumptions and conditions.

The Company’s condensed consolidated financial statements as of and for the three and nine months ended September 30, 2025 reflect the Company’s estimates of the impact of the macroeconomic environment, including the impact of inflation, supply shortages or delays, changes in supply and demand, foreign exchange rate fluctuations and other conditions which have led to disruptions in commerce and pricing stability. The Company is not aware of any specific event or circumstance that would require an update to its estimates, judgments and assumptions or a revision of the carrying value of the Company’s assets or liabilities as of September 30, 2025.

Cash, Cash Equivalents and Restricted Cash

The following table provides a reconciliation of cash and cash equivalents and restricted cash reported within the condensed consolidated balance sheets that equate to the amount reported in the condensed consolidated statements of cash flows as of the beginning and end of nine months ended September 30, 2025 (in thousands):


	September 30,		December 31,
	2025		2024
Cash and cash equivalents	$	98,246	$	169,626
Restricted cash		3,834		4,733
Cash, cash equivalents and restricted cash	$	102,080	$	174,359

The Company’s cash and cash equivalents include cash in readily available checking and money market accounts, as well as certificates of deposit. The Company maintains balances of cash and cash equivalents at one or more financial institutions that are in excess of federally insured limits.

Recently Adopted Accounting Pronouncements

In December 2023, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which is intended to improve the transparency of income tax disclosures by requiring consistent categories and greater disaggregation of information in the effective tax rate reconciliation and income taxes paid by jurisdiction. The ASU is effective for public business entities’ annual periods beginning after December 15, 2024, with early adoption permitted. The Company adopted this pronouncement and is evaluating the impact it will have on its upcoming annual filing on Form 10-K for the year ending December 31, 2025; however the Company currently does not believe the adoption will have a material impact on its consolidated financial statements and disclosures for that Form 10-K filing.

Recently Issued Accounting Pronouncements Not Yet Adopted

In November 2024, the FASB issued ASU No. 2024-03 Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses, which requires disaggregated disclosure of certain costs and expenses on an interim and annual basis. ASU No. 2024-03 is effective for fiscal years beginning after December 15, 2026, and interim periods within fiscal years beginning after December 15, 2027, with early adoption permitted. The disclosure updates are required to be applied prospectively with the option for retrospective application. The Company is currently evaluating the impact of adopting ASU No. 2024-03 on its condensed consolidated financial statements.

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Note 3. Balance Sheet Details

Short-term Investments

Short-term investments consisted of the following (in thousands):


	At September 30, 2025
	Maturity	Amortized cost		Unrealized		Unrealized		Estimated
	(in years)	or cost		gains		losses		fair value
U.S. treasury securities	less than 3	$	69,906	$	270	$	(8)	$	70,168
Bank certificates of deposit	less than 2		52,890		55		-		52,945
Commercial paper	less than 1		13,937		6		(1)		13,942
Corporate notes	less than 3		28,298		180		(2)		28,476
Asset-backed securities	less than 3		6,906		16		-		6,922
Municipal bonds	less than 1		3,010		3		-		3,013
Total		$	174,947	$	530	$	(11)	$	175,466

	At December 31, 2024
	Maturity	Amortized cost		Unrealized		Unrealized		Estimated
	(in years)	or cost		gains		losses		fair value
U.S. treasury securities	less than 3	$	115,766	$	215	$	(90)	$	115,891
Bank certificates of deposit	less than 1		5,620		3		-		5,623
Corporate notes	less than 3		16,852		88		(2)		16,938
Asset-backed securities	less than 2		7,824		15		(20)		7,819
Municipal bonds	less than 1		3,010		8		-		3,018
Total		$	149,072	$	329	$	(112)	$	149,289

At each reporting date, the Company performs an evaluation of impairment to determine if any unrealized losses are the result of credit losses. Impairment is assessed at the individual security level. Factors considered in determining whether a loss resulted from a credit loss or other factors include the Company’s intent and ability to hold the investment until the recovery of its amortized cost basis, the extent to which the fair value is less than the amortized cost basis, the length of time and extent to which fair value has been less than the cost basis, the financial condition of the issuer, any historical failure of the issuer to make scheduled interest or principal payments, any changes to the rating of the security by a rating agency, any adverse legal or regulatory events affecting the issuer or issuer’s industry, and any significant deterioration in economic conditions.

The credit-related portion of unrealized losses, and any subsequent improvements, are recorded in interest expense in the condensed consolidated statements of operations through an allowance for credit losses. Unrealized gains and losses that are not credit-related are included in accumulated other comprehensive loss. Unrealized losses on available-for-sale debt securities as of September 30, 2025 and December 31, 2024 were not significant and were primarily due to changes in interest rates, including market credit spreads, and not due to increased credit risks associated with specific securities. Further, the Company does not intend to sell these investments prior to maturity and it is not more likely than not that the Company will be required to sell these investments before recovery of their amortized cost basis. Accordingly, the Company did not record an allowance for credit losses with these investments as of September 30, 2025 and December 31, 2024.

Accounts Receivable, Net

Accounts receivable consisted of the following (in thousands):


	September 30,		December 31,
	2025		2024
Accounts receivable	$	106,738	$	61,817
Allowance for credit losses		(8,054)		(1,073)
	$	98,684	$	60,744

Accounts receivable, net increased as of September 30, 2025 compared to December 31, 2024 primarily due to an increased proportion of net sales from iDose TR during 2025 given iDose TR has extended payment terms and higher net sales price per unit than the Company’s other products. The Company’s allowance for credit losses represents

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management’s estimate of current expected credit losses related to customer receivables. Bad-debt write offs charged during the nine months ended September 30, 2025 were not significant.

Additionally, no singular customer accounted for more than 10% of net accounts receivable as of September 30, 2025 or December 31, 2024.

Inventory

Inventory consisted of the following (in thousands):


	September 30,		December 31,
	2025		2024
Finished goods	$	23,559	$	23,667
Work in process		15,754		14,663
Raw material		24,550		19,348
	$	63,863	$	57,678

Accrued Liabilities

Accrued liabilities consisted of the following (in thousands):


	September 30,		December 31,
	2025		2024
Accrued bonuses	$	16,938	$	22,025
Accrued payroll taxes		3,982		1,436
Accrued Employee Stock Purchase Plan liability		1,574		2,842
Accrued sales rebates		12,823		7,956
Accrued vacation benefits		5,875		5,530
Other accrued liabilities		26,441		22,310
	$	67,633	$	62,099

Note 4. Fair Value Measurements

Fair value is an exit price, representing the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. As such, fair value is a market-based measurement that should be determined based on assumptions that market participants would use in pricing an asset or liability.

The carrying amounts of cash equivalents, accounts receivable, accounts payable, and accrued liabilities are considered to be representative of their respective fair values because of the short-term nature of those instruments.

The valuation of assets and liabilities is subject to fair value measurements using a three-tiered approach and fair value measurements are classified and disclosed by the Company in one of the following three categories:

Level 1: Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities;

Level 2: Quoted prices for similar assets and liabilities in active markets, quoted prices in markets that are not active, or inputs which are observable, either directly or indirectly, for substantially the full term of the asset or liability; and

Level 3: Prices or valuation techniques that require inputs that are both significant to the fair value measurement and unobservable (i.e., supported by little or no market activity).

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The following tables present information about the Company’s financial assets and liabilities measured at fair value on a recurring basis as of September 30, 2025 and December 31, 2024 and indicate the fair value hierarchy of the valuation techniques utilized by the Company to determine such fair value (in thousands):


			At September 30, 2025
			Quoted prices		Significant
			in active		other		Significant
			markets for		observable		unobservable
	September 30,		identical assets		inputs		inputs
	2025		(Level 1)		(Level 2)		(Level 3)
Assets
Cash equivalents:
Money market funds ⁽ⁱ⁾	$	40,832	$	40,832	$	-	$	-
Available for sale securities:
U.S. treasury securities ^(ii)(v)		85,537		-		85,537		-
Commercial paper ⁽ⁱⁱ⁾		13,942		-		13,942		-
Bank certificates of deposit ⁽ⁱⁱ⁾		52,945		-		52,945		-
Corporate notes ⁽ⁱⁱ⁾		28,476		-		28,476		-
Asset-backed securities ⁽ⁱⁱ⁾		6,922		-		6,922		-
Municipal bonds ⁽ⁱⁱ⁾		3,013		-		3,013		-
Investments held for deferred compensation plans ⁽ⁱⁱⁱ⁾		18,740		-		18,740		-
Total Assets	$	250,407	$	40,832	$	209,575	$	-
Liabilities
Deferred compensation plans ^(iv)	$	17,892	$	-	$	17,892	$	-
Contingent consideration ^(vi)	$	9,053	$	-	$	-	$	9,053
Total Liabilities	$	26,945	$	-	$	17,892	$	9,053

(i)

Included in cash and cash equivalents with a maturity of three months or less from date of purchase on the condensed consolidated balance sheets.

(ii)

Included in short-term investments on the condensed consolidated balance sheets.

(iii)

Included in deposits and other assets on the condensed consolidated balance sheets.

(iv)

Included in other liabilities on the condensed consolidated balance sheets.

(v)

One U.S. treasury security totaling $15,370 (in thousands) is included in cash and cash equivalents on the consolidated balance sheets, as the investment has a maturity of three months or less from the date of purchase on the consolidated balance sheets.

(vi)

Of the total $9.1 million, $8.7 million and $0.4 million are included in other liabilities and accrued liabilities, respectively on the condensed consolidated balance sheets.

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			At December 31, 2024
			Quoted prices		Significant
			in active		other		Significant
			markets for		observable		unobservable
	December 31,		identical assets		inputs		inputs
	2024		(Level 1)		(Level 2)		(Level 3)
Assets

Cash equivalents:
Money market funds ⁽ⁱ⁾	$	69,854	$	69,854	$	-	$	-
Available for sale securities:
U.S. treasury securities ⁽ⁱⁱ⁾	$	115,891	$	-	$	115,891	$	-
Bank certificates of deposit ⁽ⁱⁱ⁾		5,623		-		5,623		-
Corporate notes ⁽ⁱⁱ⁾		16,938		-		16,938		-
Asset-backed securities ⁽ⁱⁱ⁾		7,819		-		7,819		-
Municipal bonds ⁽ⁱⁱ⁾		3,018		-		3,018		-
Investments held for deferred compensation plans ⁽ⁱⁱⁱ⁾		14,741		-		14,741		-
Total Assets	$	233,884	$	69,854	$	164,030	$	-
Liabilities
Deferred compensation plans ^(iv)	$	14,640	$	-	$	14,640	$	-
Contingent consideration^(iv)	$	1,585	$	-	$	-	$	1,585
Total Liabilities	$	16,225	$	-	$	14,640	$	1,585

(i)

Included in cash and cash equivalents with a maturity of three months or less from date of purchase on the condensed consolidated balance sheets.

(ii)

Included in short-term investments on the condensed consolidated balance sheets.

(iii)

Included in deposits and other assets on the condensed consolidated balance sheets.

(iv)

Included in other liabilities on the condensed consolidated balance sheets.

Money market funds are highly-liquid investments and are actively traded. The pricing information on these investment instruments is readily available and can be independently validated as of the measurement date. This approach results in the classification of these securities as Level 1 of the fair value hierarchy.

U.S. government agency bonds, U.S. treasury securities, bank certificates of deposit, commercial paper, municipal bonds, corporate notes and asset-backed securities are measured at fair value using Level 2 inputs. The Company reviews trading activity and pricing for these investments as of each measurement date. Pursuant to the Company’s deferred compensation plan (the Deferred Compensation Plan), the Company has also established a rabbi trust that serves as an investment to shadow the Deferred Compensation Plan liability. The investments of the rabbi trust and Deferred Compensation Plan liability consist of company-owned life insurance policies (COLIs) and the pricing on these investments can be independently evaluated. When sufficient quoted pricing for identical securities is not available, the Company uses market pricing and other observable market inputs for similar securities obtained from third party data providers. These inputs represent quoted prices for similar assets in active markets or these inputs have been derived from observable market data. This approach results in the classification of these securities as Level 2 of the fair value hierarchy.

The Company’s acquisitions may include contingent consideration as part of the purchase price. The fair value of the contingent consideration is estimated as of the acquisition date based on significant inputs not observable in the market, which include the present value of the contingent payments to be made using a Monte Carlo simulation model, computation of net sales volatility, discount rates derived using internal rate of return analysis, the probability and timing of achieving certain future milestones, and to a lesser extent, Glaukos’ credit rating. Contingent consideration represents a Level 3 measurement within the fair value hierarchy. The valuation of contingent consideration uses assumptions the Company believes a market participant would make. The Company assesses these estimates on an ongoing basis as it obtains additional data impacting the assumptions. Should actual results increase or decrease as compared to the assumptions used in the analysis, the fair value of the contingent consideration obligations will increase or decrease, up to the contracted limit, as applicable. Any changes in the fair value of contingent consideration related to updated assumptions and estimates are recognized within other income (expense), net in the condensed consolidated statements of operations. As of September 30, 2025 and December 31, 2024 the contingent

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consideration liability was $9.1 million and $1.6 million, respectively. As of September 30, 2025, the balance included the contingent consideration liability related to the Mobius Agreement.

There were no transfers between levels within the fair value hierarchy during the periods presented.

Note 5. Real Estate Acquisitions and Leases

Real Estate Acquisitions

On April 4, 2025, the Company completed the acquisition of the Aliso Building, consisting of land, buildings and assumed leases, for a total purchase price of approximately $16.6 million. Upon closing, the Company assumed sellers’ interest, as lessor, in four existing leases with a weighted-average remaining term of two years, exclusive of certain tenant renewal options.

The Company accounted for the purchase as an asset acquisition and allocated the purchase price to land, building, and identified intangible assets and liabilities, based in each case on their relative estimated fair values and without giving rise to goodwill. Intangible assets and liabilities represent the value of in-place leases and below-market leases. In making estimates of fair values, the Company used various sources, including data provided by independent third parties, as well as information obtained by the Company as a result of its due diligence, including expected future cash flows of the property and various characteristics of the markets where the property is located.

In allocating the fair value of the identified tangible and intangible assets and liabilities of the acquired property, land is valued based upon comparable market data or independent appraisals. Buildings are valued on an as-if vacant basis based on a cost approach utilizing estimates of cost and the economic age of the building or an income approach utilizing various market data. In-place lease intangibles are valued based on the Company’s estimates of costs related to tenant acquisition and the carrying costs that would be incurred during the time it would take to locate a tenant if the property were vacant, considering current market conditions and costs to execute similar leases at the time of the acquisition.

The following table presents the details of the tangible assets acquired and intangible lease liabilities assumed:


Component of Value	Assets		Liabilities
Land	$	10,127		-
Building		5,800		-
Site improvements		412		-
Tenant improvements		60		-
Tangible assets	$	16,399	$	-

Leasehold improvements (below market)		-		(459)
Leases in place		666		-
Intangible assets	$	666	$	(459)

Total fair value		17,065		(459)
Allocated purchase price	$	16,606

Land, buildings, site improvements and tenant improvements are recorded and stated at cost and, except for land, are amortized using the straight-line method over the estimated remaining useful life of the assets, which is 30.0 years for the building, 20.0 years for site improvements and an average of approximately 2.2 years for tenant improvements.

The lease income and related lease expense associated with the four aforementioned leases are recorded within other (expense) income, net within the accompanying condensed consolidated statements of operations and is not

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significant during the three months ended September 30, 2025 and will not be material for the full year ending December 31, 2025.

Leases

The Company has operating and finance leases for facilities and certain equipment. Leases with an initial term of 12 months or less are expensed and not recorded on the condensed consolidated balance sheet. Lease expense for operating leases is recognized on a straight-line basis over the lease term.

The Company’s leases have non-cancelable lease terms of approximately one year to thirteen years, some of which include options to extend the leases for up to ten years. The exercise of lease renewal options is at the Company’s sole discretion. In certain of the Company’s lease agreements, the rental payments are adjusted periodically to reflect actual charges incurred for common area maintenance, landlord incentives and/or inflation.

The Company’s Aliso Facility is one property containing three existing office buildings, comprising approximately 160,000 rentable square feet of space, and which is accounted for as a finance lease. The term of the Aliso Facility commenced on April 1, 2019 for expense recognition and continues for thirteen years. The lease agreement contains an option to extend the lease for two additional five year periods at market rates.

The Company also leases two adjacent buildings, two office suites and a warehouse located in San Clemente, California and a facility in Burlington, Massachusetts. The total leased square footage of the San Clemente facilities equals approximately 120,000 and the two most significant leases now expire on May 31, 2035, after executing a five-year extension from the previous May 31, 2030 expiration date, during the first quarter of 2025. Each of these two leases contain an option to extend the lease for one additional five-year period at market rates. The total leased square footage of the Burlington facility is approximately 60,000 square feet, and the lease expires on July 31, 2033. The Burlington facility lease contains an option to extend the lease for one additional five-year period at market rates.

The Company’s remaining foreign subsidiaries’ leased office and warehouse space totals less than 35,000 square feet.

The following table presents the maturity of the Company’s operating and finance lease liabilities within the condensed consolidated balance sheets:


Maturity of Lease Liabilities	Operating		Finance
(in thousands)	Leases ^(a)		Leases ^(b)
Remainder of 2025	$	1,062	$	1,345
2026		4,041		5,487
2027		4,316		5,651
2028		4,263		5,821
2029		4,268		5,995
2030		4,254		6,175
Thereafter		40,249		84,341
Total lease payments	$	62,453	$	114,815
Less: imputed interest		25,495		45,052
Total lease liabilities	$	36,958	$	69,763

(a)	Operating lease payments include $26.0 million related to options to extend lease terms that are reasonably certain of being exercised.

(b)	Finance lease payments include $75.8 million related to options to extend lease terms that are reasonably certain of being exercised.

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Note 6. Business Combinations

The Mobius acquisition is intended to expand the Company's portfolio of pharmaceutical products related to the treatment of glaucoma, as the lead Mobius product is Mitosol, the only FDA-approved ophthalmic formulation of mitomycin-C, which is often utilized as an adjunct in late-stage glaucoma filtration procedures.

The combined fair value of the consideration transferred at closing was $24.5 million (the Merger Consideration), that consisted of the following (in thousands):



Cash proceeds to seller	$	13,479
Repayment of sellers' closing debt		665
Reimbursement of sellers' transaction expenses		446
Escrow payments		2,196
Contingent consideration		7,700
Fair value of consideration transferred	$	24,486

The contingent consideration represents the fair value of: (i) potential future net sales-based milestone payments up to $80.0 million based on predetermined measurement periods, and are conditional based on achieving contractually specified net sales thresholds for the Mobius products for the calendar years ending December 31, 2025 through December 31, 2030, and; (ii) future single digit percentage royalty payments based on net sales of the Mobius products to be made for calendar years ending December 31, 2025 through December 31, 2030. As of September 30, 2025, $7.1 million of the contingent consideration liability is included in other liabilities and $0.6 million is included in accrued liabilities in the condensed consolidated balance sheets.

The Company performed a valuation analysis of the fair market value of Mobius’s assets and liabilities as of closing. The following table sets forth an allocation of the Merger Consideration to the identifiable tangible and intangible assets acquired and liabilities assumed, with the excess recorded to goodwill. The allocation of the Merger Consideration as of May 16, 2025 was as follows (in thousands):



Assets Acquired
Cash and cash equivalents	$	4,349
Accounts receivable		1,223
Inventory		2,209
Prepaid expenses and other current assets		99
Intangible assets		17,800
Goodwill		575
Liabilities Assumed
Accounts payable		1,065
Accrued liabilities		704
Fair value of net assets acquired	$	24,486

Goodwill represents the excess of the Merger Consideration over the preliminary fair value of the underlying assets acquired and liabilities assumed. Goodwill is attributable to the assembled workforce, intellectual property, and established processes at Mobius and expected synergies. The transaction is considered an asset acquisition for tax purposes. As such, goodwill will be deductible once the contingent consideration is paid, consistent with the tax treatment of asset acquisitions.

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The fair value and estimated useful lives of the Mobius intangible assets acquired are as follows (in thousands, except where noted):


			Estimated
	Fair		Useful Life
	Value		(in years)
Intangible assets subject to amortization:
Developed intellectual property	$	17,400	9.0
Customer relationships		400	9.0
Total	$	17,800

Note 7. Intangible Assets and Goodwill

Intangible assets

As part of the Mobius Merger, the Company acquired identifiable intangible assets for (i) developed technology related to Mitosol, an ophthalmic formulation of mitomyacin-C, which is often used as an adjunct in late-stage glaucoma filtration procedures, which will be amortized to cost of sales over a weighted-average estimated useful life of approximately 9 years, and (ii) customer relationships, which will be amortized to selling, general and administrative expense over an estimated useful life of 9 years.

The fair value of developed technology and customer relationships assets were determined using an excess earnings methodology. Significant assumptions used in the valuations include: (i) the period in which material net cash inflows are expected to commence, which was estimated to be 2025 for both the developed technology and customer relationships, and (ii) the period in which the present value of cash inflows are expected to become immaterial, which was estimated to be 2054 for developed technology and 2044 for the customer relationships, and (iii) the discount rate of 41.0% for both the developed technology and customer relationships.

Effective March 17, 2023, the Company entered into a sales agreement (Sales Agreement) with Celanese Canada ULC (Celanese) under which Celanese will make available and supply to the Company certain raw materials used to create a nanoporous membrane utilized in the iDose TR, and authorized the Company to reference its Drug Master File (DMF) with respect to such raw materials, which is required for the Company to commercialize iDose TR. The term of the Sales Agreement is four years after the iDose TR launch date in February 2024. In exchange for the ability to obtain future raw materials and the rights related to the DMF, the Company is subject to minimum compensation payments over four years of $6.3 million and potential additional royalties based on a percentage of sales of the iDose TR product. The Company recognized an intangible asset related to the minimum compensation payments at fair value of $5.2 million upon the date of acquisition, which was determined to be the iDose TR launch date. As of September 30, 2025, the remaining balance of $4.9 million is included in Intangible assets, net on the condensed consolidated balance sheets and will continue to be amortized to cost of sales over its useful life of four years, which is the initial term of the Sales Agreement. A member of the Celanese board of directors also sits on the board of directors of the Company.

The Company evaluated its indefinite-lived intangible assets for impairment and concluded there were no indicators of impairment as of September 30, 2025.

Goodwill

The assessment of goodwill by reporting unit is performed annually, in the fourth quarter, or more frequently if events or circumstances indicate the carrying value may no longer be recoverable and that an impairment loss may have occurred. The Company considered the current and expected future economic and market conditions and its impact on the Company’s reporting unit. Based on interim assessments, the Company did not identify any “triggering” events which would indicate an impairment of goodwill as of September 30, 2025.

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The following table presents the composition of the Company’s intangible assets and goodwill (in thousands):


	Weighted-	As of September 30, 2025						As of December 31, 2024
	Average	Gross						Gross
	Amortization	Carrying		Accumulated		Net		Carrying		Accumulated		Net
	Period (in years)	Amount		Amortization		Amount		Amount		Amortization		Amount
Avedro developed technology	11.4	$	252,200	$	(129,330)	$	122,870	$	252,200	$	(112,762)	$	139,438
License	4.0		5,190		(318)		4,872		5,190		(83)		5,107
In place leases	3.8		666		(230)		436		-		-		-
Mobius developed technology and customer relationships	9.0		17,800		(742)		17,058		-		-		-
Intangible assets subject to amortization			275,856		(130,620)		145,236		257,390		(112,845)		144,545

In-process research and development	Indefinite	$	118,900	$	-	$	118,900	$	118,900	$	-	$	118,900

Total		$	394,756	$	(130,620)	$	264,136	$	376,290	$	(112,845)	$	263,445

Goodwill	Indefinite	$	66,710	$	-	$	66,710	$	66,134	$	-	$	66,134

As of September 30, 2025, expected amortization expense for unamortized finite-lived intangible assets for the next five years and thereafter is as follows (in thousands):


	Amortization Expense
Remainder of 2025	$	6,354
2026		25,976
2027		26,326
2028		24,325
2029		23,526
Thereafter		38,729
Total amortization	$	145,236

Actual amortization expense to be reported in future periods could differ from these estimates as a result of asset impairments, acquisitions, or other facts and circumstances.

Note 8. Revenue from Contracts with Customers

The Company’s net sales are generated primarily from sales of iDose TR, its iStent family of products, Photrexa and associated drug formulations, and royalty income. The Company’s customers are primarily comprised of ambulatory surgery centers, hospitals and physician private practices, with third party distributors being used in certain international locations where the Company currently does not have a direct commercial presence.

The Company concluded that one performance obligation exists for the majority of its contracts with customers, which is to deliver products in accordance with the Company’s normal delivery times. Revenue is recognized when this performance obligation is satisfied, which is the point in time when the Company considers control of a product to have transferred to the customer. Revenue recognized reflects the consideration to which the Company expects to be entitled in exchange for those products or services.

Revenue is recognized at an amount that reflects the consideration the Company expects to be entitled to in exchange for goods or services, and substantially all of the Company’s net sales for the three and nine months ended September 30, 2025 and September 30, 2024 are considered revenue from contracts with customers.

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Disaggregation of Revenue

The Company’s revenues disaggregated by product category and geography for the three and nine months ended September 30, 2025 and September 30, 2024 were as follows (in thousands):


	Three Months Ended
	September 30,
	United States				International				Total
	2025		2024		2025		2024		2025		2024

Glaucoma	$	80,806	$	51,565	$	29,443	$	24,467	$	110,249	$	76,032
Corneal Health		20,645		18,452		2,643		2,186		23,288		20,638
Total	$	101,451	$	70,017	$	32,086	$	26,653	$	133,537	$	96,670


	Nine Months Ended
	September 30,
	United States				International				Total
	2025		2024		2025		2024		2025		2024

Glaucoma	$	212,216	$	143,297	$	89,703	$	75,836	$	301,919	$	219,133
Corneal Health		54,824		51,228		7,578		7,621		62,402		58,849
Total	$	267,040	$	194,525	$	97,281	$	83,457	$	364,321	$	277,982

Contract Balances

Contract Assets

Amounts are recorded as accounts receivable when the Company’s right to consideration becomes unconditional. Payment terms on invoiced amounts are typically between 30 – 60 days for glaucoma and corneal health products, though extended payment terms have been offered as part of the iDose TR commercial launch. However, the Company does not consider any significant financing components in customer contracts given the expected time between transfer of the promised products and the payment of the associated consideration is less than one year. As of September 30, 2025 and December 31, 2024, substantially all amounts included in accounts receivable, net on the condensed consolidated balance sheets are related to contracts with customers.

Aside from the aforementioned contract assets, the Company does not have any contract assets given that the Company does not have any unbilled receivables and sales commissions on products are expensed within selling, general and administrative expenses within the condensed consolidated statements of operations when incurred as any incremental cost of obtaining contracts with customers would have an amortization period of less than one year.

Contract Liabilities

Contract liabilities reflect consideration received from customers’ purchases allocated to the Company’s future performance obligations.

The Company has a performance obligation to issue a volume-based rebate to customers who may be eligible for such rebate at the conclusion of their contract term. This performance obligation is transferred over time and the Company’s method of measuring progress is the output method, whereby the progress is measured by the estimated rebate earned to date over the total rebate estimated to be earned over the contract period.

Additionally, the Company has performance obligations related to certain customers’ right to a future discount on single dose pharmaceutical purchases in the U.S., as well as voluntary patient assistance programs to provide financial assistance to qualified patients. Each of these performance obligations is expected to be recognized when the customer or patient elects to utilize the discount, which is generally within one year. The impact of these programs on revenue were not material for the periods presented.

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Certain sales of the Company’s pharmaceutical products are subject to rebates under the Medicaid Drug Rebate Program (MDRP). The rebate accrual calculation requires management to estimate the volume of net sales that will be subject to these rebates. There can be significant time-lag in receiving rebate notices from each state (generally, several months or longer after a sale is recognized). Estimated MDRP rebates are recorded as a reduction of revenue in the period the related sale is recognized.

The Company’s total accrued volume-based rebates and MDRP allowances are included in accrued liabilities on the condensed consolidated balance sheets and estimated rebates accrued were $12.8 million and $8.0 million as of September 30, 2025 and December 31, 2024, respectively, as detailed below:


	September 30,
	2025
Sales rebate balance, December 31, 2024	$	7,956
Current period provision		12,042
Payments and credits		(7,175)
Reserve balance, September 30, 2025	$	12,823

During the three and nine months ended September 30, 2025 and September 30, 2024, the Company did not recognize any revenue related to material changes in transaction prices regarding its contracts with customers and did not recognize any material changes in revenue related to amounts included in contract liabilities at the beginning of the period.

The Company’s net sales within a fiscal year may be impacted seasonally, as demand for U.S. ophthalmic procedures is typically softer in the first quarter and stronger in the fourth quarter of a given year.

Note 9. Net Loss per Share

Basic net loss per share is calculated by dividing the net loss by the weighted average number of common shares that were outstanding for the period, without consideration for common stock equivalents. For periods when the Company realizes a net loss, no common stock equivalents are included in the calculation of weighted average number of dilutive common stock equivalents as the effect of applying the treasury stock method is considered anti-dilutive. Due to the Company’s net loss position, basic and diluted net loss per share for each of the three and nine months ended September 30, 2025 and September 30, 2024 are the same.

The following potentially dilutive securities were not included in the calculation of diluted net loss per share because to do so would be anti-dilutive (in common stock equivalent shares, in thousands):


	Three Months Ended		Nine Months Ended
	September 30,		September 30,
	2025	2024	2025	2024
Convertible senior notes	-	1,025	-	1,025
Stock options outstanding	1,897	2,349	1,965	2,294
Unvested restricted stock units	594	977	745	968
Employee stock purchase plan	2	5	1	2
	2,493	4,356	2,711	4,289

Note 10. Convertible Senior Notes

In June 2024 the Company executed a Convertible Notes Exchange, whereby certain qualified institutional investors exchanged $230.0 million in aggregate principal of the Company’s 2.75% convertible notes due 2027 (Convertible Notes) held for an aggregate of 4,253,423 shares of the Company’s common stock, leaving $57.5 million aggregate principal of remaining Convertible Notes outstanding. Then, on October 4, 2024, the Company issued a notice of redemption (the Redemption Notice) for all remaining $57.5 million aggregate principal outstanding of its Convertible Notes to be redeemed on December 16, 2024 (the Redemption Date) for the principal amount together with accrued and unpaid interest.

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Interest expense relating to the Convertible Notes in the condensed consolidated statements of operations for the three and nine months ended September 30, 2024 was $0.4 million and $4.6 million related to contractual interest expense, respectively and $0.1 million and $0.7 million related to amortization of debt issuance costs, respectively.

Capped Call Transactions

On December 2, 2024, the Company entered into unwind agreements with certain financial institutions (Option Counterparties) to unwind 50% of the capped call transactions (Capped Call Unwind Agreements) that the Company previously entered into with such Option Counterparties in connection with the issuance of the Convertible Notes. Under the terms of the Capped Call Unwind Agreements, there was a three-day unwinding period, referred to as the Volume-Weighted Average Price (VWAP) period, before the cash settlement was delivered. At the time of signing the Capped Call Unwind Agreements, the Company recognized a derivative asset at its fair value of $53.9 million, reflecting the initial cash settlement value based on the VWAP as of the signing date, with a corresponding entry recorded to additional paid-in capital in the condensed consolidated balance sheets.

On December 6, 2024, the Capped Call Unwind Agreements were settled and the Company received $53.2 million in cash, at which point the derivative asset was derecognized. The remaining outstanding 50% of the capped call transactions will not be remeasured to fair value as long as the accounting criteria continue to be met.

Note 11. Stock-Based Compensation

The following table summarizes the allocation of stock-based compensation related to stock options and RSUs in the accompanying condensed consolidated statements of operations (in thousands):


	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2025		2024		2025		2024
Cost of sales	$	1,110	$	863	$	3,151	$	2,427
Selling, general and administrative		10,469		9,670		32,455		23,957
Research and development		3,334		3,887		10,312		10,514
Total	$	14,913	$	14,420	$	45,918	$	36,898

At September 30, 2025, the total unamortized stock-based compensation expense was approximately $92.3 million, of which $10.8 million and $81.6 million was attributable to stock options and RSUs, respectively. The Company currently issues its annual stock options and RSU grants to eligible employees during the second quarter of each year.

Of the $10.8 million related to stock options, $10.3 million is attributable to time-based stock options and will be recognized over the time-based stock options’ remaining vesting terms of approximately 4.0 years (2.3 years on a weighted average basis). The remaining $0.5 million is attributable to performance-based options and will be recognized over the performance-based stock options’ remaining vesting terms of less than one year (0.5 years on a weighted average basis).

Of the $81.6 million related to RSUs, $80.3 million is attributable to time-based RSUs and will be recognized over the RSUs’ vesting terms of approximately 4.0 years (2.8 years on a weighted-average basis). The remaining $1.3 million is attributable to performance-based RSUs and will be recognized over the performance-based RSUs’ remaining vesting terms of less than two years (0.7 years on a weighted average basis).

The total stock-based compensation cost capitalized in inventory was not significant for the three and nine months ended September 30, 2025 and September 30, 2024.

Note 12. Income Taxes

For the three and nine months ended September 30, 2025, the Company recorded a provision for income taxes of $0.2 million and $0.8 million, respectively, with an effective tax rate of (1.46)% and (1.52)%, respectively. For the three and nine months ended September 30, 2024, the Company recorded a provision for income taxes of $0.2 million and $0.9 million, respectively. For each of the three and nine months ended September 30, 2025 and September 30, 2024, the provision for income taxes was primarily comprised of state and foreign income tax expense, net of release of uncertain tax positions for which the statute of limitations has expired.

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On July 4, 2025, House Resolution 1, commonly referred to as the One Big Beautiful Bill Act (OBBBA) was enacted into law. Key provisions of the OBBBA include the extension and modification of certain provisions of the Tax Cuts and Jobs Act of 2017, changes to bonus depreciation, adjustments to business interest expense limitations, and modifications to the treatment of research and development expenditures. The OBBBA has multiple effective dates, with certain provisions effective in 2025 and others becoming effective in 2026. In accordance with ASC 740, the effect of changes in tax rates and laws on deferred tax balances are recognized in the period when the legislation is enacted. The Company has reflected the effect on the OBBBA within the provision for income taxes and the deferred tax balances as of September 30, 2025. The OBBBA did not materially impact the Company's effective tax rate.

Note 13. Commitments and Contingencies

Secured Letter of Credit

The Company has a letter of credit that is related to its Aliso Facility. The letter of credit is secured with an amount of cash held in a restricted account of approximately $3.8 million as of September 30, 2025 and $4.7 million as of December 31, 2024, respectively. Beginning May 2022 and on each twelve-month anniversary thereafter, the letter of credit will be reduced by 20% until the letter of credit amount has been reduced to $2.0 million.

Executive Deferred Compensation Plan

Pursuant to the Company’s Deferred Compensation Plan, eligible senior level employees are permitted to make elective deferrals of compensation to which he or she will become entitled in the future. The Company has also established a rabbi trust that serves as an investment to shadow the Deferred Compensation Plan liability. The investments of the rabbi trust consist of COLIs. The fair value of the Deferred Compensation Plan liability, included in other liabilities on the condensed consolidated balance sheets, was approximately $17.9 million and $14.6 million as of September 30, 2025 and December 31, 2024, respectively, and the cash surrender value of the COLIs, included in deposits and other assets on the condensed consolidated balance sheets, which reflects the underlying assets at fair value, was approximately $18.7 million and $14.7 million as of September 30, 2025 and December 31, 2024, respectively.

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Note 14. Business Segment Information

The Company has one business activity and operates as one operating segment: the development and commercialization of ophthalmic therapies designed to treat glaucoma, corneal disorders and retinal diseases. The Company determined its operating segment on the same basis that it uses to evaluate its performance internally. The Company’s revenues disaggregated by revenue and product category are included in Note 8, Revenue from Contracts with Customers. The Company’s chief operating decision-maker, its Chief Executive Officer, reviews its consolidated operating results for the purpose of allocating resources and evaluating financial performance.


	Three months ended September 30,				Nine months ended September 30,
	2025		2024		2025		2024
	(in thousands)				(in thousands)
Net sales	$	133,537	$	96,670	$	364,321	$	277,982
Less:
Cost of sales		28,831		22,584		80,043		65,392
Sales, marketing & distribution		40,207		33,491		114,675		104,922
Research & development		26,859		22,340		75,583		60,578
Clinical		11,213		12,406		31,380		39,320
General & administrative		42,792		30,509		122,372		87,241
In-process research and development		-		-		-		14,229
Significant segment expenses		149,902		121,330		424,053		371,682
Interest income		(2,552)		(2,700)		(8,202)		(8,611)
Interest expense		1,175		1,663		3,489		8,468
Charges associated with convertible senior notes		-		-		-		18,012
Other expense (income), net		1,009		(2,391)		(1,793)		338
Income tax provision		234		177		808		885
Net loss	$	(16,231)	$	(21,409)	$	(54,034)	$	(112,792)


	Property and equipment, net				Depreciation and amortization				Capital expenditures
	September 30,		December 31,		Nine Months September 30,				Nine Months September 30,
	2025		2024		2025		2024		2025		2024

United States	$	110,753	$	97,726	$	25,891	$	26,884	$	4,678	$	4,523
International		191		141		38		26		74		-
Total	$	110,944	$	97,867	$	25,929	$	26,910	$	4,752	$	4,523

Note 15. Subsequent Event

On October 20, 2025, the Company announced U.S. FDA approval for Epioxa indicated for the treatment of keratoconus. Epioxa represents an advancement in keratoconus care, offering an incision-free alternative to traditional corneal cross-linking procedures. Epioxa is the first U.S. FDA-approved, incision-free, topical drug therapy that does not require removal of the corneal epithelium and is designed to eliminate the pain associated with epithelium removal, streamline the procedure, and minimize recovery. The Company announced plans to begin commercializing Epioxa in the first quarter of 2026.

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Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

You should read the following discussion and analysis of our financial condition and results of operations in conjunction with our unaudited condensed consolidated financial statements and notes thereto included in Part I, Item 1 of this Quarterly Report on Form 10-Q and with our audited consolidated financial statements and notes thereto for the year ended December 31, 2024 included in our Annual Report on Form 10-K for the fiscal year ended December 31, 2024 filed with the United States (U.S.) Securities and Exchange Commission (SEC) on February 24, 2025 (Annual Report). The discussion and analysis below contains forward-looking statements within the meaning of federal securities laws, and should be read in conjunction with the disclosures we make concerning risks and other factors that may affect our business and operating results. See “Note Regarding Forward-Looking Statements” preceding Part I, Item 1 in this Quarterly Report on Form 10-Q.

Overview

We are an ophthalmic pharmaceutical and medical technology company focused on developing novel, dropless platform therapies and commercializing associated products for the treatment of glaucoma, corneal disorders, and retinal disease. We first developed Micro-Invasive Glaucoma Surgery (MIGS) as an alternative to the traditional glaucoma treatment paradigm, launching our first MIGS device commercially in 2012. In 2024, we commenced controlled commercial launch activities for iDose TR, an intracameral procedural pharmaceutical implant designed to continuously deliver therapeutic levels of a proprietary formulation of travoprost inside the eye for extended periods of time. We also offer commercially a proprietary bio-activated pharmaceutical therapy for the treatment of a rare corneal disorder, keratoconus, that was approved by the United States (U.S.) Food and Drug Administration (FDA) in 2016. Beyond our approved products, we continue to develop and advance a robust pipeline of novel, dropless platform technologies designed to advance the standard of care and improve outcomes for patients suffering from chronic eye diseases.

Financial Overview

The most important financial indicators that we use to assess our business are net sales, gross margin, operating expenses, and cash on hand.

Three Months Ended

Nine Months Ended

GLAUKOS Corp 10-Q