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


	At June 30, 2026
	Maturity	Amortized cost		Unrealized		Unrealized			Estimated
	(in years)	or cost		gains		losses			fair value
U.S. treasury securities	less than 2	$	71,720	$	33	$	(148	)	$	71,605
Bank certificates of deposit	less than 1		40,885		8		(21	)		40,872
Corporate notes	less than 3		46,324		41		(101	)		46,264
Asset-backed securities	less than 3		12,706		-		(15	)		12,691
Municipal bonds	less than 3		310		-		(1	)		309
Total		$	171,945	$	82	$	(286	)	$	171,741


	At December 31, 2025
	Maturity	Amortized cost		Unrealized		Unrealized			Estimated
	(in years)	or cost		gains		losses			fair value
U.S. treasury securities	less than 3	$	66,912	$	258	$	-		$	67,170
Bank certificates of deposit	less than 2		60,950		56		-			61,006
Commercial paper	less than 1		10,808		5		-			10,813
Corporate notes	less than 3		35,909		203		(2	)		36,110
Asset-backed securities	less than 3		10,602		21		-			10,623
Municipal bonds	less than 1		2,225		-		-			2,225
Total		$	187,406	$	543	$	(2	)	$	187,947

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 accompanying 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 June 30, 2026 and December 31, 2025 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 respect to these investments as of June 30, 2026 and December 31, 2025.

Accounts receivable, net increased as of June 30, 2026 compared to December 31, 2025 primarily due to an increased proportion of net sales from iDose TR and Epioxa during the first six months of 2026 given iDose TR and Epioxa have extended payment terms and higher net sales price per unit than the Company’s other products. The Company’s allowance for credit losses represents management’s estimate of current expected credit losses related to customer receivables. Bad-debt write-offs charged during the three and six months ended June 30, 2026 were not significant.

Additionally, no single customer accounted for more than 10% of net accounts receivable as of either June 30, 2026 or December 31, 2025.

Accrued liabilities consisted of the following (in thousands):


	June 30,		December 31,
	2026		2025
Accrued bonuses	$	15,827	$	25,270
Accrued payroll taxes		3,853		3,091
Accrued Employee Stock Purchase Plan liability		5,550		2,863
Accrued clinical		4,624		893
Accrued sales rebates		14,371		10,192
Accrued vacation benefits		6,410		5,910
Other accrued liabilities		32,555		28,432
	$	83,190	$	76,651