| 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—Summary of Significant Accounting Policies. 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: | | | | | | | | | | | | | | | Three Months Ended | | Six Months Ended | | | June 30, | | June 30, | | | 2025 | | 2024 | | 2025 | | 2024 | Revenue | | $ | 13,459 | | $ | 16,441 | | $ | 24,156 | | $ | 31,215 | Cost of product revenue | | | 1,944 | | | 1,509 | | | 3,206 | | | 2,835 | Research and development (a) | | | | | | | | | | | | | Direct program expenses | | | | | | | | | | | | | AXPAXLI for wet AMD | | | 33,158 | | | 12,753 | | | 57,613 | | | 18,246 | Other clinical and preclinical programs | | | 1,001 | | | 2,351 | | | 2,081 | | | 5,566 | Unallocated expenses | | | | | | | | | | | | | Personnel costs | | | 9,350 | | | 7,489 | | | 18,689 | | | 14,617 | All other costs | | | 2,039 | | | 1,654 | | | 4,925 | | | 2,451 | Selling and marketing (a) | | | 12,477 | | | 9,147 | | | 25,251 | | | 18,396 | General and administrative (a) | | | 8,649 | | | 11,140 | | | 18,301 | | | 19,463 | Facilities (b) | | | 1,777 | | | 1,739 | | | 3,508 | | | 3,701 | Stock-based compensation | | | 9,678 | | | 11,293 | | | 20,134 | | | 19,271 | Depreciation | | | 1,027 | | | 956 | | | 2,007 | | | 1,876 | Interest income | | | 3,455 | | | 6,036 | | | 7,282 | | | 9,958 | Interest expense | | | (3,016) | | | (3,196) | | | (6,000) | | | (7,247) | Loss from debt extinguishment | | | — | | | — | | | — | | | (27,950) | Other non-operating items | | | (612) | | | (3,027) | | | (1,590) | | | (8,179) | Net loss | | $ | (67,814) | | $ | (43,777) | | $ | (131,867) | | $ | (108,625) |
| (a) | excluding stock-based compensation, depreciation, and facilities expenses |
| (b) | excluding stock-based compensation and depreciation |
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