​

​

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)