Segment Reporting

12 Months Ended

Dec. 31, 2024

Segment Reporting

Segment Reporting

17. Segment Reporting

The Company operates as a single operating segment. Its operations consist of developing and commercializing innovative therapies for retinal diseases and other eye conditions based on its ELUTYX proprietary bioresorbable hydrogel-based formulation technology.

Resources are allocated and performance is assessed by the Company’s Chief Executive Officer and the Company’s Chief Financial Officer and Chief Operating Officer, who the Company has determined to be, collectively, the Company’s Chief Operating Decision Maker (“CODM”).

The Company’s research and development function is responsible for research and discovery of new product candidates, and the pre-clinical and clinical development of, and related registration efforts for, the Company’s product candidates. The Company’s operations and technical function is responsible for supply chain, the manufacturing of the Company’s commercial products and clinical trial material, and facilities. The Company’s sales and marketing function is responsible for the commercialization of its products and market access activities. The Company’s operations are supported by corporate functions. Managing and allocating resources on a total company basis enables the Company’s CODM to assess the overall level of resources available and how to best deploy these resources across functions and development projects in line with the Company’s strategy. Consistent with this approach, the CODM uses consolidated, single-segment financial information for the purposes of developing budgets and forecasts, assessing performance, allocating resources, and setting incentive targets.

The accounting policies for the Company’s one segment are the same as those described in Note 2 Summary of Significant Accounting Policies. The CODM evaluates the performance of its one segment and allocates resources based on Net Loss.

The following table provides information about the Company’s single segment:

	Year Ended December 31,
	2024		2023		2022
Revenue	$	63,723	$	58,443	$	51,494
Cost of Product Revenue		5,626		5,281		4,540
Research & Development (a)
Direct Program Expenses
AXPAXLI for wet AMD		57,507		8,750		5,296
Other clinical and preclinical programs		8,099		11,191		7,892
Unallocated expenses
Personnel costs		28,625		22,617		20,854
All other costs		16,236		5,720		8,510
Selling & Marketing (a)		38,029		36,564		34,920
General & Administrative (a)		38,861		23,838		23,766
Facilities (b)		5,626		6,056		5,297
Stock-based compensation		33,109		17,825		16,964
Depreciation		3,786		2,983		2,109
Interest income		20,282		3,983		798
Interest expense		(13,577)		(11,338)		(7,022)
Other non-operating items		(28,430)		9,001		13,840
Net Loss	$	(193,506)	$	(80,736)	$	(71,038)

(a) excluding stock-based compensation, depreciation, and facilities expenses

(b) excluding stock-based compensation and depreciation

For the years ended December 31, 2024, 2023 and 2022, respectively, the Company has generated all of its Product Revenue, net, in the United States. Collaboration revenue is attributable to a customer in China (Note 3). All of the Company’s long-lived assets were located in the United States. Refer to Note 11 for information regarding the Company’s major customers.