Balance Sheet Details

6 Months Ended

Jun. 30, 2025

Balance Sheet Details

Balance Sheet Details

Note 3. Balance Sheet Details

Short-term Investments

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

	At June 30, 2025
	Maturity	Amortized cost		Unrealized		Unrealized		Estimated
	(in years)	or cost		gains		losses		fair value
U.S. treasury securities	less than 3	$	142,094	$	244	$	(35)	$	142,303
Bank certificates of deposit	less than 1		8,605		3		-		8,608
Commercial paper	less than 1		1,989		1		-		1,990
Corporate notes	less than 3		13,040		130		-		13,170
Asset-backed securities	less than 1		4,887		1		(1)		4,887
Municipal bonds	less than 1		3,010		5		-		3,015
Total		$	173,625	$	384	$	(36)	$	173,973
	At December 31, 2024
	Maturity	Amortized cost		Unrealized		Unrealized		Estimated
	(in years)	or cost		gains		losses		fair value
U.S. treasury securities	less than 3	$	115,766	$	215	$	(90)	$	115,891
Bank certificates of deposit	less than 1		5,620		3		-		5,623
Corporate notes	less than 3		16,852		88		(2)		16,938
Asset-backed securities	less than 2		7,824		15		(20)		7,819
Municipal bonds	less than 1		3,010		8		-		3,018
Total		$	149,072	$	329	$	(112)	$	149,289

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 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, 2025 and December 31, 2024 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 these investments as of June 30, 2025 and December 31, 2024.

Accounts Receivable, Net

Accounts receivable consisted of the following (in thousands):

	June 30,		December 31,
	2025		2024
Accounts receivable	$	88,126	$	61,817
Allowance for credit losses		(5,141)		(1,073)
	$	82,985	$	60,744

Accounts receivable, net increased as of June 30, 2025 compared to December 31, 2024 given sales of iDose TR during 2025 represents a larger proportion of total net sales as compared to prior periods. Additionally, iDose TR has extended payment terms and higher net sales 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. There were immaterial bad-debt write offs charged during the six months ended June 30, 2025.

Additionally, no singular customer accounted for more than 10% of net accounts receivable as of June 30, 2025 or December 31, 2024.

Inventory

Inventory consisted of the following (in thousands):

	June 30,		December 31,
	2025		2024
Finished goods	$	23,909	$	23,667
Work in process		17,909		14,663
Raw material		22,803		19,348
	$	64,621	$	57,678

Accrued Liabilities

Accrued liabilities consisted of the following (in thousands):

	June 30,		December 31,
	2025		2024
Accrued bonuses	$	13,365	$	22,025
Accrued payroll taxes		4,930		1,436
Accrued Employee Stock Purchase Plan liability		5,342		2,842
Accrued sales rebates		12,233		7,956
Accrued vacation benefits		6,240		5,530
Other accrued liabilities		23,342		22,310
	$	65,452	$	62,099