v3.26.1
Segment Information
 6 Months Ended
Jun. 30, 2026
Segment Reporting [Abstract]  
Segment and Geographic Area Information
11.
Segment Information

Business Segment

The Company operates in one business segment, which is the business of developing and commercializing innovative products for the treatment of serious retinal diseases. Operating segments are identified as components of an enterprise about which separate discrete financial information is available for evaluation by the chief operating decision maker (CODM) in making decisions regarding resource allocation and assessing performance. The Company's CODM is the Chief Executive Officer. The CODM made such decisions and assessed performance at the Company level, as one segment.

Significant segment expenses are as follows (in thousands):

 

Three Months Ended

 

Six Months Ended

 

 

 

June 30,

 

 

June 30,

 

 

 

2026

 

 

2025

 

 

2026

 

 

2025

 

Total revenues

 

$

507

 

 

$

5,333

 

 

$

1,203

 

 

$

29,786

 

DURAVYU™ direct research and development expense

 

 

(57,985

)

 

 

(37,349

)

 

 

(104,837

)

 

 

(79,247

)

Other direct research and development expense

 

 

96

 

 

 

(1,003

)

 

 

(509

)

 

 

(1,988

)

Personnel expense (including stock-based compensation)

 

 

(29,446

)

 

 

(20,065

)

 

 

(59,680

)

 

 

(40,907

)

Facilities expense

 

 

(1,800

)

 

 

(1,863

)

 

 

(3,406

)

 

 

(3,267

)

Depreciation and amortization

 

 

(690

)

 

 

(538

)

 

 

(1,326

)

 

 

(1,035

)

Intellectual property expense

 

 

(457

)

 

 

(210

)

 

 

(863

)

 

 

(474

)

Legal, corporate and professional expenses

 

 

(3,210

)

 

 

(2,967

)

 

 

(5,783

)

 

 

(5,867

)

Provision for income taxes

 

 

—

 

 

 

(93

)

 

 

50

 

 

 

(93

)

Interest and other income, net

 

 

2,910

 

 

 

2,894

 

 

 

5,254

 

 

 

6,536

 

Other segment expenses*

 

 

(4,395

)

 

 

(3,565

)

 

 

(9,405

)

 

 

(8,065

)

Net loss

 

 

(94,470

)

 

 

(59,426

)

 

 

(179,302

)

 

 

(104,621

)

*Other segment expenses include cost of goods sold and other expenses required to operate as a public company, such as insurance, software and contracted services.