RELATED PARTY TRANSACTION |
6 Months Ended |
|---|---|
Jun. 30, 2026 | |
| Related Party Transactions [Abstract] | |
| RELATED PARTY TRANSACTION | RELATED PARTY TRANSACTIONS Equity Investment in Privately-Held Eye Care Company In April 2024, the Company participated in an equity financing round of an early clinical-stage private eye care company. Pursuant to the terms of a Preferred Stock Purchase Agreement, the Company purchased $3.0 million of preferred stock. In December 2025, pursuant to the terms of an Amended Preferred Stock Purchase Agreement, the Company purchased an additional $0.9 million of preferred stock, resulting in a total investment of $3.9 million and representing a small minority equity interest in this private company. Dr. Azamian, the Company’s CEO and Chair of the Board, and Dr. Link, a member of the Company’s Board of Directors, served on the board of this private company. On June 18, 2026, the private company was acquired by a newly formed holding company through a merger and recapitalization led by a third-party investor. In connection with the transaction, the Company's preferred stock was exchanged for approximately 6.7 million preferred units of the holding company with a fair value of approximately $6.7 million, representing a small minority interest, and Dr. Azamian and Dr. Link resigned from the board of the private company. The Company did not contribute additional capital in the transaction. A former member of the Company's Board of Directors, who has provided consulting services to the Company since 2022, serves as the CEO and as a member of the board of directors of the holding company.
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