Segment and Geographic Area Information

12 Months Ended

Dec. 31, 2024

Segment Reporting [Abstract]

Segment and Geographic Area Information

16.Segment and Geographic Area Information

Business Segment

The Company operates in one business segment, which is the business of developing and commercializing innovative ophthalmic products for the treatment of eye 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):

	December 31,
		2024			2023
Total revenues		$	43,273		$	46,018
DURAVYU™ direct research and development expense			(70,818	)		(32,014	)
Other direct research and development expense			(2,656	)		(714	)
Personnel expense (including stock based compensation)			(84,730	)		(56,696	)
Facilities expense			(3,921	)		(2,567	)
Depreciation and amortization			(1,540	)		(464	)
Interest expense			—			(1,247	)
Intellectual property expense			(1,361	)		(1,233	)
Legal, corporate and professional expenses			(10,177	)		(10,569	)
Provision for income taxes			(90	)		(83	)
Interest and other income, net			15,088			6,949
Other segment expenses*			(13,938	)		(18,175	)
Net loss			(130,870	)		(70,795	)
*Other segment expenses include cost of goods sold, other expenses required to operate as a public company, such as insurance, software, contracted services, as well as loss on extinguishment of debt.

Geographic Area Information

The following table summarizes the Company’s revenues and long-lived assets, net by geographic area (in thousands):

	Revenues				Long-Lived Assets, Net
	Year ended		Year ended
	December 31,		December 31,		December 31,		December 31,
	2024		2023		2024		2023
U.S.	$	42,049	$	45,270	$	8,177	$	5,251
China		1,124		648		—		—
UK		100		100		—		—
Consolidated	$	43,273	$	46,018	$	8,177	$	5,251