v3.26.1
Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($)
$ in Thousands
Jun. 30, 2026
Dec. 31, 2025
Current assets:    
Cash and cash equivalents $ 1,988 $ 9,660
Short-term investments 129,965 162,144
OMIDRIA contract royalty asset 25,603 25,351
Receivables 21,301 10,917
Inventory 842 0
Prepaid expense and other assets 5,541 7,595
Total current assets 185,240 215,667
OMIDRIA contract royalty asset, non-current 90,875 96,435
Right of use assets 8,284 10,708
Property and equipment, net 1,380 1,768
Restricted investments 1,054 1,054
Total assets 286,833 325,632
Current liabilities:    
Accounts payable 6,341 4,764
Accrued expenses 29,269 29,388
OMIDRIA royalty obligation 21,511 20,547
2029 Notes repurchase obligation, net 31,259 0
2026 Notes, net 0 17,063
Lease liabilities 6,583 6,300
Total current liabilities 94,963 78,062
OMIDRIA royalty obligation, non-current 136,370 147,319
2029 Notes, non-current, net 42,032 51,364
2029 Notes embedded derivative, non-current 55,216 157,171
Lease liabilities, non-current 3,899 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 June 30, 2026 and December 31, 2025. 0 0
Common stock, par value $0.01 per share, 150,000,000 shares authorized at June 30, 2026 and December 31, 2025; 72,087,984 and 71,670,791 shares issued and outstanding at June 30, 2026 and December 31, 2025, respectively. 721 716
Additional paid-in capital 792,333 791,748
Accumulated deficit (844,403) (913,695)
Total shareholders’ deficit (51,349) (121,231)
Total liabilities and shareholders’ deficit $ 286,833 $ 325,632