v3.26.1
Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($)
$ in Thousands
Mar. 31, 2026
Dec. 31, 2025
Current assets:    
Cash and cash equivalents $ 1,906 $ 9,660
Short-term investments 133,410 162,144
OMIDRIA contract royalty asset 25,477 25,351
Receivables 12,032 10,917
Inventory 183 0
Prepaid expense and other assets 7,347 7,595
Total current assets 180,355 215,667
OMIDRIA contract royalty asset, non-current 93,717 96,435
Right of use assets 9,518 10,708
Property and equipment, net 1,529 1,768
Restricted investments 1,054 1,054
Total assets 286,173 325,632
Current liabilities:    
Accounts payable 5,367 4,764
Accrued expenses 27,806 29,388
OMIDRIA royalty obligation 19,856 20,547
2026 Notes, net 0 17,063
Lease liabilities 6,414 6,300
Total current liabilities 59,443 78,062
OMIDRIA royalty obligation, non-current 141,930 147,319
2029 Notes, non-current, net 52,810 51,364
2029 Notes embedded derivative, non-current 84,025 157,171
Lease liabilities, non-current 5,597 7,245
Other accrued liabilities, non-current 5,702 5,702
Shareholders’ deficit:    
Preferred stock, par value $0.01 per share, 20,000,000 shares authorized; none issued and outstanding at March 31, 2026 and December 31, 2025. 0 0
Common stock, par value $0.01 per share, 150,000,000 shares authorized at March 31, 2026 and December 31, 2025; 71,998,632 and 71,670,791 shares issued and outstanding at March 31, 2026 and December 31, 2025, respectively. 720 716
Additional paid-in capital 793,581 791,748
Accumulated deficit (857,635) (913,695)
Total shareholders’ deficit (63,334) (121,231)
Total liabilities and shareholders’ deficit $ 286,173 $ 325,632