v3.26.1
Segment Reporting
3 Months Ended
Mar. 31, 2026
Segment Reporting  
Segment Reporting

13. 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, who the Company has determined to be 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. 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

March 31, 

2026

  ​ ​ ​

2025

  ​ ​ ​

Revenue

$

10,785

$

10,698

Cost of product revenue

1,329

1,262

Research and development (a)

Direct program expenses

AXPAXLI

42,460

24,647

Other clinical and preclinical programs

758

889

Unallocated expenses

Personnel costs

12,976

8,983

All other costs

1,809

3,255

Selling and marketing (a)

14,075

12,817

General and administrative (a)

11,606

9,661

Facilities (b)

2,270

1,664

Stock-based compensation

15,582

10,456

Depreciation

1,260

981

Interest income

6,050

3,826

Interest expense

(2,777)

(2,984)

Other non-operating items

1,455

(978)

Net loss

$

(88,612)

$

(64,053)

(a)excluding stock-based compensation, depreciation, and facilities expenses
(b)excluding stock-based compensation and depreciation