Glaukos Corporation (GKOS)

Glaukos Announces Completion of Patient Enrollment in Phase 2 Study of GLK-321 for Demodex BlepharitisJune 25, 2026 7:00 AM
Business Wire Glaukos Corporation (NYSE: GKOS), an ophthalmic pharmaceutical and medical technology company focused on novel therapies for the treatment of glaucoma, corneal disorders, and retinal diseases, today announced completion of patient enrollment in its Phase 2 clinical study evaluating GLK-321 for the treatment of Demodex blepharitis. GLK-321 is an investigational drug candidate using Glaukos’ proprietary iLution platform, a novel ophthalmic drug-delivery system utilizing patented, cream-based drug formulations applied to the outer surface of the eyelids to enable dropless transdermal delivery of pharmaceutically active compounds for the treatment of eye disorders. The platform is designed to improve patient compliance, offer faster onset of action, and reduce side effects and patient burden often associated with traditional eye drop regimens. GLK-321’s active pharmaceutical ingredient is physostigmine. “Completion of enrollment in this Phase 2 study marks an important milestone in the advancement of our iLution pharmaceutical platform and broader ocular surface disease pipeline,” said Thomas Burns, Glaukos chairman and chief executive officer. “Demodex blepharitis represents a large, growing, and significantly underpenetrated market opportunity, with potentially millions of patients who remain undiagnosed or untreated today. As awareness and diagnosis of this chronic condition continue to increase, we believe there is a substantial need for differentiated therapeutic approaches that expand treatment options and improve patient access to care.” Demodex blepharitis is a chronic eyelid disease associated with Demodex mite infestation and is characterized by eyelid inflammation, irritation, redness, itching, and the presence of collarettes at the base of eyelashes. The disease is believed to be significantly underdiagnosed and can adversely affect ocular surface health and patient quality of life. The Phase 2 randomized, double-masked, placebo-controlled, dose-ranging, parallel-group, multi-center trial is designed to evaluate the safety, tolerability, and efficacy of three different dose levels of GLK-321 in patients with Demodex blepharitis. The study randomized 275 patients across clinical sites in the United States, with the primary efficacy endpoint assessing the proportion of study eyes achieving elimination of collarettes following six weeks of treatment. About Glaukos Glaukos (www.glaukos.com) is an ophthalmic pharmaceutical and medical technology company focused on developing and commercializing novel therapies for the treatment of glaucoma, corneal disorders, and retinal diseases. Glaukos first developed Micro-Invasive Glaucoma Surgery (MIGS) as an alternative to the traditional glaucoma treatment paradigm, launching its first MIGS device commercially in 2012. In 2024, Glaukos commenced commercial launch activities for iDose® TR, a first-of-its-kind, long-duration, intracameral procedural pharmaceutical designed to deliver 24/7 glaucoma drug therapy inside the eye for extended periods of time. Glaukos also markets the only FDA-approved corneal cross-linking therapy utilizing a proprietary bio-activated pharmaceutical for the treatment of keratoconus, a rare corneal disorder. Glaukos continues to successfully develop and advance a robust pipeline of novel, dropless platform technologies designed to meaningfully advance the standard of care and improve outcomes for patients suffering from chronic eye diseases. Forward-Looking Statements All statements other than statements of historical facts included in this press release that address activities, events or developments that we expect, believe or anticipate will or may occur in the future are forward-looking statements. Although we believe that we have a reasonable basis for forward-looking statements contained herein, we caution you that they are based on current expectations about future events affecting us and are subject to risks, uncertainties and factors relating to our operations and business environment, all of which are difficult to predict and many of which are beyond our control, that may cause our actual results to differ materially from those expressed or implied by forward-looking statements in this press release. These potential risks and uncertainties include, without limitation, the timing and extent to which we obtain regulatory approval for investigational products such as GLK-321, our ability to successfully commercialize such products, the ability to obtain and maintain adequate financial coverage and reimbursement for our products, and the continued efficacy and safety profile of our products. These and other risks, uncertainties and factors related to Glaukos, and our business are described in detail under the caption “Risk Factors” and elsewhere in our Annual Report on Form 10-K for the year ended December 31, 2025, which was filed with the SEC on February 23, 2026, along with Quarterly Report on Form 10-Q for the quarter ended March 31, 2026, which was filed with the SEC on April 30, 2026. Our filings with the SEC are available in the Investor Section of our website at www.glaukos.com or at www.sec.gov. In addition, information about the risks and benefits of our products is available on our website at www.glaukos.com. All forward-looking statements included in this press release are expressly qualified in their entirety by the foregoing cautionary statements. You are cautioned not to place undue reliance on the forward-looking statements in this press release, which speak only as of the date hereof. We do not undertake any obligation to update, amend or clarify these forward-looking statements whether as a result of new information, future events or otherwise, except as may be required under applicable securities law. View source version on businesswire.com: https://www.businesswire.com/news/home/20260625276927/en/ Investor Contact:
Chris Lewis
Vice President, Investor Relations & Corporate Affairs
clewis@glaukos.com Original: Glaukos Announces Completion of Patient Enrollment in Phase 2 Study of GLK-321 for Demodex Blepharitis

Glaukos to Present Multiple Scientific Abstracts at the 2026 American Society of Cataract and Refractive Surgery (ASCRS) Annual MeetingApril 6, 2026 7:00 AM
Business Wire
Glaukos Corporation (NYSE: GKOS), an ophthalmic pharmaceutical and medical technology company focused on novel therapies for the treatment of glaucoma, corneal disorders, and retinal diseases, announced today that its technologies will be featured in various scientific programming at the American Society of Cataract and Refractive Surgery (ASCRS) annual meeting, being held April 10-13, 2026 in Washington, D.C. Glaukos will be exhibiting onsite at booth #407.


In addition, Glaukos is sponsoring an educational symposium in conjunction with ASCRS and EyeWorld entitled “Introducing Epioxa™, the first and only FDA-approved, epithelium-on, oxygen-enriched corneal cross-linking treatment,” on Friday, April 10, 2026, from 12:00-1:00 p.m. ET in Room 102 AB at the Walter E. Washington Convention Center. The faculty includes Brandon D. Ayres, MD (moderator); Kenneth A. Beckman, MD; Maanasa Indaram, MD; and Matt Jensen, MBA. Go here for more information and to register.


Key Glaucoma and Corneal Health Presentations (in ET):


Saturday, April 11, 2026



1:40-1:45 p.m., Arkadiy Yadgarov, MD

12-Month Outcomes of Standalone Third-Generation Trabecular Micro-Bypass Stents in Eyes with Open-Angle Glaucoma






2:01-2:06 p.m., Michael B. Raizman, MD

Design Review and Clinical Plan for Novel Keratoconus Screening Device



Sunday, April 12, 2026



1:40-1:45 p.m., Jasmin Kaur / Savak Teymoorian, MD

12-Month Single-Center Outcomes of Travoprost Intracameral Implant in Eyes with Open-Angle Glaucoma or Ocular Hypertension






3:35-3:40 p.m., Lisa K. Feulner, MD

Real-World Outcomes of Combining Trabecular Micro-Bypass Stents with Intracameral Travoprost Implant or Cataract Surgery



On-Demand Posters:



Kenneth A. Beckman, MD

Persistence of Epithelium-On Corneal Collagen Cross-Linking Treatment Effect in Patients with Keratoconus






John P. Berdahl, MD

Safety and Efficacy of the Travoprost Intracameral Implant 75 mcg in Combination with the Trabecular Micro-Bypass System: 3-Month Outcomes






Christine N. Funke, MD

1-Month Outcomes of Third-Generation Trabecular Micro-Bypass Stents Plus a Travoprost Intracameral Implant with or without Cataract Surgery






Steven R. Sarkisian Jr., MD

Safety and Efficacy of the Second-Generation Travoprost Intracameral Implant: 3-Month Outcomes of the Initial Open-Label Cohort






Zachary D. Vest, MD

2-Year Outcomes after Third-Generation Trabecular Micro-Bypass Performed with Phacoemulsification in Patients with Open-Angle Glaucoma



Abstract information can be found at https://annualmeeting.ascrs.org.


The ASCRS Annual Meeting is among the largest gatherings of anterior segment physicians, medical personnel and industry executives in the ophthalmic industry. All educational content of the ASCRS Annual Meeting is planned by its program committee, and ASCRS does not endorse, promote, approve or recommend the use of any products, devices, or services.


About Glaukos


Glaukos (www.glaukos.com) is an ophthalmic pharmaceutical and medical technology company focused on developing and commercializing novel therapies for the treatment of glaucoma, corneal disorders, and retinal diseases. Glaukos first developed Micro-Invasive Glaucoma Surgery (MIGS) as an alternative to the traditional glaucoma treatment paradigm, launching its first MIGS device commercially in 2012. In 2024, Glaukos commenced commercial launch activities for iDose® TR, a first-of-its-kind, long-duration, intracameral procedural pharmaceutical designed to deliver 24/7 glaucoma drug therapy inside the eye for extended periods of time. Glaukos also markets the only FDA-approved corneal cross-linking therapy utilizing a proprietary bio-activated pharmaceutical for the treatment of keratoconus, a rare corneal disorder. Glaukos continues to successfully develop and advance a robust pipeline of novel, dropless platform technologies designed to meaningfully advance the standard of care and improve outcomes for patients suffering from chronic eye diseases.


About Epioxa HD / Epioxa


Indication: EPIOXA™ HD (riboflavin 5’-phosphate ophthalmic solution) 0.239% and EPIOXA™ (riboflavin 5’-phosphate ophthalmic solution) 0.177% are photoenhancers indicated for use in epithelium-on corneal collagen cross-linking for the treatment of keratoconus in adults and pediatric patients aged 13 years and older, in conjunction with the O2n™ System and the Boost Goggles®.


Dosage and Administration: EPIOXA HD and EPIOXA are for topical ophthalmic use. NOT for injection or intraocular use. EPIOXA HD and EPIOXA are supplied in single-dose syringes. Discard opened syringes after use. EPIOXA HD and EPIOXA are for use with the O2n System and Boost Goggles only. Refer to the O2n System Operator’s Manual and Boost Goggles User Guide for device instructions.


Contraindications: EPIOXA HD and EPIOXA are contraindicated in patients with known hypersensitivity to benzalkonium chloride or any ingredients in EPIOXA HD and EPIOXA. Epithelium-on corneal collagen cross-linking is contraindicated in aphakic and pseudophakic patients without a UV-blocking intraocular lens.


Warnings and Precautions: Corneal collagen cross-linking should be used with caution in patients with a history of herpetic keratitis due to the potential for reactivation of herpes keratitis.


Adverse Reactions: The most common adverse reaction was conjunctival hyperaemia (31%). Other adverse reactions, occurring in 5% to 25% of eyes included: corneal opacity (haze), photophobia, punctate keratitis, eye pain, eye irritation, increased lacrimation, corneal epithelium defect, eyelid oedema, corneal striae, visual acuity reduced, dry eye, and anterior chamber flare.


About iDose® TR (U.S.)


iDose TR (travoprost intracameral implant) is a long duration prostaglandin analog indicated for the reduction of intraocular pressure (IOP) in patients with open-angle glaucoma (OAG) or ocular hypertension (OHT). Made from medical-grade titanium, iDose TR is implanted through the trabecular meshwork and back wall of Schlemm's canal, directly into scleral tissue. Once implanted, 75 mcg of a novel, preservative-free, proprietary formulation of travoprost continuously elutes into the anterior chamber via membrane-controlled diffusion, allowing for 24/7 release of medication.


Indication for Use: iDose TR (travoprost intracameral implant) is indicated for the reduction of intraocular pressure (IOP) in patients with open angle glaucoma (OAG) or ocular hypertension (OHT).


Dosage and Administration: For ophthalmic intracameral administration. The intracameral administration should be carried out under standard aseptic conditions.


Contraindications: iDose TR is contraindicated in patients with active or suspected ocular or periocular infections, patients with corneal endothelial cell dystrophy (e.g., Fuch’s Dystrophy, corneal guttatae), patients with prior corneal transplantation, or endothelial cell transplants (e.g., Descemet’s Stripping Automated Endothelial Keratoplasty [DSAEK]), patients with hypersensitivity to travoprost or to any other components of the product.


Warnings and Precautions: iDose TR should be used with caution in patients with narrow angles or other angle abnormalities. Monitor patients routinely to confirm the location of the iDose TR at the site of administration. Increased pigmentation of the iris can occur. Iris pigmentation is likely to be permanent.


Adverse Reactions: In controlled studies, the most common ocular adverse reactions reported in 2% to 6% of patients were increases in intraocular pressure, iritis, dry eye, visual field defects, eye pain, ocular hyperaemia, and reduced visual acuity.


About iStent infinite® Trabecular Micro-Bypass System (U.S.)


Indication for Use: The iStent infinite Trabecular Micro-Bypass System Model iS3 is an implantable device intended to reduce the intraocular pressure (IOP) of the eye. It is indicated for use in adult patients with primary open-angle glaucoma in whom previous medical and surgical treatment has failed.


Contraindications: The iStent infinite is contraindicated in eyes with angle-closure glaucoma where the angle has not been surgically opened, acute traumatic, malignant, active uveitic, or active neovascular glaucoma, discernible congenital anomalies of the anterior chamber (AC) angle, retrobulbar tumor, thyroid eye disease, or Sturge-Weber Syndrome or any other type of condition that may cause elevated episcleral venous pressure.


Warnings: Gonioscopy should be performed prior to surgery to exclude congenital anomalies of the angle, PAS, rubeosis, or conditions that would prohibit adequate visualization that could lead to improper placement of the stent and pose a hazard.


MRI Information: The iStent infinite is MR-Conditional, i.e., the device is safe for use in a specified MR environment under specified conditions; please see Directions for Use (DFU) label for details.


Precautions: The surgeon should monitor the patient postoperatively for proper maintenance of IOP. Three out of 61 participants (4.9%) in the pivotal clinical trial were phakic. Therefore, there is insufficient evidence to determine whether the clinical performance of the device may be different in those who are phakic versus in those who are pseudophakic.


Adverse Events: The most common postoperative adverse events reported in the iStent infinite pivotal trial included IOP increase ≥ 10 mmHg vs. baseline IOP (8.2%), loss of BSCVA ≥ 2 lines (11.5%), ocular surface disease (11.5%), perioperative inflammation (6.6%) and visual field loss ≥ 2.5 dB (6.6%).


Caution: Federal law restricts this device to sale by, or on the order of, a physician. Please see DFU for a complete list of contraindications, warnings, precautions, and adverse events.


For more information, visit www.glaukos.com.


Forward-Looking Statements


All statements other than statements of historical facts included in this press release that address activities, events or developments that we expect, believe or anticipate will or may occur in the future are forward-looking statements. Although we believe that we have a reasonable basis for forward-looking statements contained herein, we caution you that they are based on current expectations about future events affecting us and are subject to risks, uncertainties and factors relating to our operations and business environment, all of which are difficult to predict and many of which are beyond our control, that may cause our actual results to differ materially from those expressed or implied by forward-looking statements in this press release. These potential risks and uncertainties include, without limitation, the timing and extent to which obtain regulatory approval for investigational products, our ability to successfully commercialize such products, the ability to obtain and maintain adequate financial coverage and reimbursement for our products, and the continued efficacy and safety profile of our products as might be suggested in the presentations at the ASCRS meeting. Historical, current and forward-looking sustainability-related statements may be based on standards for measuring progress that are still developing, internal controls and processes that continue to evolve, and assumptions that are subject to change in the future. The information included in, and any issues identified as material for purposes of this document may not be considered material for Securities and Exchange Commission (SEC) reporting purposes. In the context of this disclosure, the term “material” is distinct from, and should not be confused with, such term as defined for SEC reporting purposes. These and other risks, uncertainties and factors related to Glaukos, and our business are described in detail under the caption “Risk Factors” and elsewhere in our Annual Report on Form 10-K for the year ended December 31, 2025, which was filed with the SEC on February 23, 2026. Our filings with the SEC are available in the Investor Section of our website at www.glaukos.com or at www.sec.gov. In addition, information about the risks and benefits of our products is available on our website at www.glaukos.com. All forward-looking statements included in this press release are expressly qualified in their entirety by the foregoing cautionary statements. You are cautioned not to place undue reliance on the forward-looking statements in this press release, which speak only as of the date hereof. We do not undertake any obligation to update, amend or clarify these forward-looking statements whether as a result of new information, future events or otherwise, except as may be required under applicable securities law.

View source version on businesswire.com: https://www.businesswire.com/news/home/20260406850093/en/
Media Contact – Glaucoma:

Silvana Guerci-Lena

(508) 808-8993

GlaukosMedia@powers-co.com


Media Contact – Corneal Health:

Michele Gray

(917) 449-9250

michele@mgraycommunications.com


Investor Contact:

Chris Lewis

Vice President, Investor Relations & Corporate Affairs

clewis@glaukos.com


Original: Glaukos to Present Multiple Scientific Abstracts at the 2026 American Society of Cataract and Refractive Surgery (ASCRS) Annual Meeting

Glaukos Announces Fourth Quarter and Full Year 2025 Financial ResultsFebruary 17, 2026 4:05 PM
Business Wire
Glaukos Corporation (NYSE: GKOS), an ophthalmic pharmaceutical and medical technology company focused on novel therapies for the treatment of glaucoma, corneal disorders, and retinal diseases, today announced financial results for the fourth quarter and full year ended December 31, 2025. Key highlights include:



Record net sales of $143.1 million in Q4 2025 increased 36% year-over-year on a reported basis and 34% year-over-year on a constant currency basis.



Glaucoma record net sales of $119.2 million in Q4 2025 increased 42% year-over-year.



U.S. Glaucoma record net sales of $86.4 million in Q4 2025 increased 53% year-over-year.



Net sales of $507.4 million in 2025 increased 32% year-over-year.



Reaffirmed 2026 net sales guidance of $600 million to $620 million.



“Our record fourth quarter results cap off a highly successful year of global execution across our key commercial and development initiatives, leaving us well positioned to sustain our strong growth momentum in 2026 and beyond driven by two transformational growth drivers in iDose TR and now Epioxa,” said Thomas Burns, Glaukos chairman and chief executive officer. “We continue to successfully advance our robust pipeline of novel, dropless platform technologies designed to meaningfully advance the standard of care and improve outcomes for patients suffering from chronic eye diseases.”


Fourth Quarter 2025 Financial Results


Net sales in the fourth quarter of 2025 of $143.1 million increased 36% on a reported basis, or 34% on a constant currency basis, compared to $105.5 million in the same period in 2024.


Gross margin for the fourth quarter of 2025 was approximately (1%), compared to approximately 73% in the same period in 2024. Non-GAAP gross margin for the fourth quarter of 2025 was approximately 85%, compared to approximately 82% in the same period in 2024.


Selling, general and administrative (SG&A) expenses for the fourth quarter of 2025 increased 37% to $94.7 million, compared to $69.0 million in the same period in 2024. Non-GAAP SG&A expenses for the fourth quarter of 2025 increased 38% to $94.5 million, compared to $68.6 million in the same period in 2024.


GAAP and non-GAAP research and development (R&D) expenses for the fourth quarter of 2025 increased 20% to $43.7 million, compared to $36.5 million in the same period in 2024.


Loss from operations in the fourth quarter of 2025 was $139.9 million, compared to operating loss of $28.7 million in the fourth quarter of 2024. Non-GAAP loss from operations in the fourth quarter of 2025 was $16.4 million, compared to non-GAAP operating loss of $18.3 million in the fourth quarter of 2024.


Net loss in the fourth quarter of 2025 was $133.7 million, or ($2.32) per diluted share, compared to net loss of $33.6 million, or ($0.60) per diluted share, in the fourth quarter of 2024. Non-GAAP net loss in the fourth quarter of 2025 was $16.4 million, or ($0.28) per diluted share, compared to non-GAAP net loss of $22.2 million, or ($0.40) per diluted share, in the fourth quarter of 2024.


Included in GAAP gross margin, GAAP loss from operations, GAAP net loss, and GAAP EPS for the fourth quarter of 2025 is a one-time, non-cash impairment charge of $112.9 million related to an acquired intangible asset associated with the Avedro acquisition, reflecting the Photrexa® to Epioxa™ transition.


Full Year 2025 Financial Results


Net sales in 2025 of $507.4 million increased 32%, both on a reported and constant currency basis, compared to $383.5 million in 2024.


Gross margin for 2025 was approximately 56%, compared to approximately 75% in 2024. Non-GAAP gross margin for 2025 was approximately 84%, compared to approximately 82% in 2024.


SG&A expenses in 2025 increased 27% to $331.7 million, compared to $261.2 million in 2024. Non-GAAP SG&A expenses in 2025 increased 28% to $331.5 million, compared to $258.6 million in 2024.


GAAP and non-GAAP R&D expenses in 2025 increased 10% to $150.6 million, compared to $136.4 million in 2024.


Loss from operations in 2025 was $199.6 million, compared to operating loss of $122.4 million in 2024. Non-GAAP loss from operations in 2025 was $57.4 million, compared to non-GAAP operating loss of $93.3 million in 2024.


Net loss in 2025 was $187.7 million, or ($3.28) per diluted share, compared to net loss of $146.4 million, or ($2.77) per diluted share, in 2024. Non-GAAP net loss in 2025 was $51.7 million, or ($0.90) per diluted share, compared to non-GAAP net loss of $98.3 million, or ($1.86) per diluted share, in 2024.


Included in GAAP gross margin, GAAP loss from operations, GAAP net loss, and GAAP EPS for 2025 is a one-time, non-cash impairment charge of $112.9 million related to an acquired intangible asset associated with the Avedro acquisition, reflecting the Photrexa to Epioxa transition.


The company ended the fourth quarter of 2025 with approximately $282.6 million in cash and cash equivalents, short-term investments and restricted cash, and no debt.


2026 Revenue Guidance


The company expects 2026 net sales to be in the range of $600 million to $620 million based on the latest foreign currency exchange rates.


Webcast & Conference Call


The company will host a conference call and simultaneous webcast today at 1:30 p.m. PT (4:30 p.m. ET) to discuss the results and provide additional information about the company’s financial outlook. A link to the webcast is available on the company’s website at http://investors.glaukos.com. To participate in the conference call, please dial 800-715-9871 (U.S.) or 646-307-1963 (international) and enter Conference ID 5255602. A replay of the webcast will be archived on the company’s website following completion of the call.


Quarterly Summary Document


The company has posted a document on its Investor Relations website under the “Financials & Filings – Quarterly Results” section titled “Quarterly Summary.” This Quarterly Summary document is designed to provide the investment community with a summarized and easily accessible reference document that details the key facts associated with the quarter, the state of the company’s business objectives and strategies, and any forward statements or guidance the company may make. This document is provided alongside the company’s earnings press release and is designed to be read by investors before the regularly scheduled quarterly conference call. It is the company’s goal that this format will make its quarterly earnings process more efficient and impactful for the investment community.


About Glaukos


Glaukos (www.glaukos.com) is an ophthalmic pharmaceutical and medical technology company focused on developing and commercializing novel therapies for the treatment of glaucoma, corneal disorders, and retinal diseases. Glaukos first developed Micro-Invasive Glaucoma Surgery (MIGS) as an alternative to the traditional glaucoma treatment paradigm, launching its first MIGS device commercially in 2012. In 2024, Glaukos commenced commercial launch activities for iDose® TR, a first-of-its-kind, long-duration, intracameral procedural pharmaceutical designed to deliver 24/7 glaucoma drug therapy inside the eye for extended periods of time. Glaukos also markets the only FDA-approved corneal cross-linking therapy utilizing a proprietary bio-activated pharmaceutical for the treatment of keratoconus, a rarely diagnosed corneal disorder. Glaukos continues to successfully develop and advance a robust pipeline of novel, dropless platform technologies designed to meaningfully advance the standard of care and improve outcomes for patients suffering from chronic eye diseases.


Forward-Looking Statements


This communication contains “forward-looking statements” within the meaning of federal securities laws. All statements other than statements of historical facts included in this press release that address activities, events or developments that we expect, believe or anticipate will or may occur in the future are forward-looking statements. These statements are based on management’s current expectations, assumptions, estimates and beliefs. Although we believe that we have a reasonable basis for forward-looking statements contained herein, we caution you that they are based on current expectations about future events affecting us and are subject to risks, uncertainties and factors relating to our operations and business environment, all of which are difficult to predict and many of which are beyond our control, that may cause our actual results to differ materially from those expressed or implied by forward-looking statements in this press release. These potential risks and uncertainties that could cause actual results to differ materially from those described in forward-looking statements include, without limitation, our ability to successfully commercialize our iDose TR or Epioxa therapies; the impact of general macroeconomic conditions including foreign currency fluctuations and future health crises on our business; our ability to continue to generate sales of our commercialized products and develop and commercialize additional products; our dependence on a limited number of third-party suppliers, some of which are single-source, for components of our products; the occurrence of a crippling accident, natural disaster, or other disruption at our primary facility, which may materially affect our manufacturing capacity and operations; securing or maintaining adequate coverage or reimbursement by governmental or third-party payors for procedures using our existing products or other products in development, and our compliance with the requirements of participation in federal healthcare programs such as Medicare and Medicaid; our compliance with federal, state and foreign laws and regulations for the approval and sale and marketing of our products and of our manufacturing processes; the lengthy and expensive clinical trial process and the uncertainty of timing and outcomes from any particular clinical trial or regulatory approval processes; the risk of recalls or serious safety issues with our products and the uncertainty of patient outcomes; our ability to protect our information systems against cyber threats and cybersecurity incidents, and to comply with state, federal and foreign data privacy laws and regulations; our ability to protect, and the expense and time-consuming nature of protecting our intellectual property against third parties and competitors and the impact of any claims against us for infringement or misappropriation of third party intellectual property rights and any related litigation; and our ability to service our indebtedness. These and other known risks, uncertainties and factors are described in detail under the caption “Risk Factors” and elsewhere in our filings with the Securities and Exchange Commission (SEC), including in our Quarterly Report on Form 10-Q for the quarter ended September 30, 2025, which was filed with the SEC on October 31, 2025, and our Annual Report on Form 10-K for the year ended December 31, 2025, which is expected to be filed with the SEC by March 2, 2026. Our filings with the SEC are available in the Investor Section of our website at www.glaukos.com or at www.sec.gov. In addition, information about the risks and benefits of our products is available on our website at www.glaukos.com. All forward-looking statements included in this press release are expressly qualified in their entirety by the foregoing cautionary statements. You are cautioned not to place undue reliance on the forward-looking statements in this press release, which speak only as of the date hereof. We do not undertake any obligation to update, amend or clarify these forward-looking statements whether as a result of new information, future events or otherwise, except as may be required under applicable securities law.


Statement Regarding Use of Non-GAAP Financial Measures


To supplement the consolidated financial results prepared in accordance with Generally Accepted Accounting Principles ("GAAP"), the Company uses certain non-GAAP historical financial measures. Management makes adjustments to the GAAP measures for items (both charges and gains) that (a) do not reflect the core operational activities of the Company, (b) are commonly adjusted within the Company's industry to enhance comparability of the Company's financial results with those of its peer group, or (c) are inconsistent in amount or frequency between periods (albeit such items are monitored and controlled with equal diligence relative to core operations) (“Non-GAAP Purposes”). The Company uses the term "Non-GAAP" to exclude certain expenses, gains and losses to achieve the Non-GAAP Purposes, including external acquisition-related costs incurred to effect a business combination; amortization of intangible assets acquired in a business combination, asset purchase transaction or other contractual relationship; impairment of goodwill and intangible assets; certain in-process R&D charges; fair value adjustments to contingent consideration liabilities and pre-acquisition contingencies arising from a business combination; integration and transition costs related to business combinations; fair market value adjustments to inventories acquired in a business combination or asset purchase transaction; restructuring charges, duplicative operating expenses, or asset write-offs (or reversals) associated with exiting or significantly downsizing a business; unusual non-recurring expenses associated with inventory write-downs; gain or loss from the sale of a business; gain or loss on the mark-to-market adjustment, impairment, or sale of long-term investments; mark-to-market adjustments on derivative instruments that hedge income or expense exposures in a future period; significant legal litigation costs and/or settlement expenses or proceeds; legal and other associated expenses that are both unusual and significant related to governmental or internal inquiries; expenses, acceleration of amortization of debt issuance costs and gain or loss on debt extinguishment associated with the exchange or redemption of convertible senior notes; significant discrete income and other tax adjustments related to transactions as well as changes in estimated acquisition-date tax effects associated with business combinations, and the impact from implementation of tax law changes and settlements; and any other adjustment that is determined to be appropriate and consistent with the Non-GAAP Purposes. See “GAAP to Non-GAAP Reconciliations” for a reconciliation of each non-GAAP measure presented to the comparable GAAP financial measure.


In addition, in order to remove the impact of fluctuations in foreign currency exchange rates, the Company also presents certain net sales information on a constant currency basis, which represents the outcome that would have resulted had exchange rates in the current period been the same as the average exchange rates in effect in the comparable prior period. See “Reported Sales vs. Prior Periods” for a presentation of certain net sales information on a reported, GAAP and a constant currency basis.



GLAUKOS CORPORATION


CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS


(unaudited)


(in thousands, except per share amounts)









 




Three Months Ended






 






Year Ended









December 31,






 






December 31,









 






 






 






 






 






 






 









 






2025






 






 






 






2024






 






 






 






2025






 






 






 






2024






 







Net sales

$






143,121






 







$






105,499






 







$






507,442






 







$






383,481






 







Cost of sales

 






31,771






 







 






28,635






 







 






111,814






 







 






94,027






 







Impairment of intangible asset

 






112,867






 







 






-






 







 






112,867






 







 






-






 







Gross profit

 






(1,517






)







 






76,864






 







 






282,761






 







 






289,454






 







Operating expenses:









Selling, general and administrative

 






94,700






 







 






69,003






 







 






331,747






 







 






261,166






 







Research and development

 






43,651






 







 






36,527






 







 






150,614






 







 






136,425






 







Acquired in-process research and development

 






-






 







 






-






 







 






-






 







 






14,229






 







Total operating expenses

 






138,351






 







 






105,530






 







 






482,361






 







 






411,820






 







Loss from operations

 






(139,868






)







 






(28,666






)







 






(199,600






)







 






(122,366






)







Non-operating income (expense):









Interest income

 






2,512






 







 






2,494






 







 






10,714






 







 






11,105






 







Interest expense

 






(1,146






)







 






(1,572






)







 






(4,635






)







 






(10,040






)







Charges associated with convertible senior notes

 






-






 







 






-






 







 






-






 







 






(18,012






)







Other (expense) income, net

 






(1,314






)







 






(5,950






)







 






479






 







 






(6,288






)







Total non-operating income (expense)

 






52






 







 






(5,028






)







 






6,558






 







 






(23,235






)







Loss before taxes

 






(139,816






)







 






(33,694






)







 






(193,042






)







 






(145,601






)







Income tax (benefit) provision

 






(6,159






)







 






(114






)







 






(5,351






)







 






771






 







Net loss

$






(133,657






)







$






(33,580






)







$






(187,691






)







$






(146,372






)














 


Basic and diluted net loss per share

$






(2.32






)







$






(0.60






)







$






(3.28






)







$






(2.77






)














 


Weighted-average shares outstanding used to compute









basic and diluted net loss per share

 






57,506






 







 






55,584






 







 






57,190






 







 






52,755






 














 



GLAUKOS CORPORATION


CONDENSED CONSOLIDATED BALANCE SHEETS


(in thousands, except par values)






 





December 31,






 






December 31,










 






2025






 






 






 






2024






 









(unaudited)




Assets





Current assets:






Cash and cash equivalents

$






90,813






 







$






169,626






 








Short-term investments

 






187,947






 







 






149,289






 








Accounts receivable, net

 






108,608






 







 






60,744






 








Inventory

 






63,564






 







 






57,678






 








Prepaid expenses and other current assets

 






24,052






 







 






12,455






 







Total current assets

 






474,984






 







 






449,792






 







Restricted cash

 






3,834






 







 






4,733






 







Property and equipment, net

 






113,253






 







 






97,867






 







Operating lease right-of-use asset

 






31,527






 







 






30,254






 







Finance lease right-of-use asset

 






39,404






 







 






41,816






 







Intangible assets, net

 






141,916






 







 






263,445






 







Goodwill

 






66,710






 







 






66,134






 







Deposits and other assets

 






21,859






 







 






20,715






 







Total assets

$






893,487






 







$






974,756






 











 


Liabilities and stockholders' equity





Current liabilities:






Accounts payable

$






24,624






 







$






13,026






 








Accrued liabilities

 






76,651






 







 






62,099






 







Total current liabilities

 






101,275






 







 






75,125






 







Operating lease liability

 






35,767






 







 






33,936






 







Finance lease liability

 






68,109






 







 






69,463






 







Deferred tax liability, net

 






441






 







 






6,928






 







Other liabilities

 






31,740






 







 






22,373






 







Total liabilities

 






237,332






 







 






207,825






 











 


Stockholders' equity:





Preferred stock, $0.001 par value; 5,000 shares authorized; no shares






issued and outstanding as of December, 2025 and December 31, 2024

 






-






 







 






-






 







Common stock, $0.001 par value; 150,000 shares authorized; 57,539






and 56,472 shares issued and 57,511 and 56,544 shares outstanding






at December 31, 2025 and December 31, 2024, respectively

 






58






 







 






56






 







Additional paid-in capital

 






1,586,056






 







 






1,509,831






 







Accumulated other comprehensive income

 






3,303






 







 






2,615






 







Accumulated deficit

 






(933,130






)







 






(745,439






)







Less treasury stock (28 shares as of December 31, 2025 and December 31, 2024)

 






(132






)







 






(132






)







Total stockholders' equity

 






656,155






 







 






766,931






 







Total liabilities and stockholders' equity

$






893,487






 







$






974,756






 














 



GLAUKOS CORPORATION


GAAP to Non-GAAP Reconciliations


(in thousands, except per share amounts and percentage data)


(unaudited)













 



Q4 2025

Q4 2024













 



GAAP

Adjustments

Non-GAAP

GAAP

Adjustments

Non-GAAP













 


Cost of sales

$






31,771






 







$






(10,452






)





(a)(b)(c)

$






21,319






 







$






28,635






 







$






(9,972






)





(a)(c)

$






18,663






 


















 


Impairment of intangible asset

$






112,867






 







$






(112,867






)





(d)

$






-






 







$






-






 







$






-






 







$






-






 


















 


Gross Margin

 






(1.1






%)







 






86.2






%







 






85.1






%







 






72.9






%







 






9.4






%







 






82.3






%


















 


Operating expenses:













Selling, general and administrative

$






94,700






 







$






(187






)





(e)

$






94,513






 







$






69,003






 







$






(411






)





(f)

$






68,592






 







Loss from operations

$






(139,868






)







$






123,506






 







$






(16,362






)







$






(28,666






)







$






10,383






 







$






(18,283






)


















 


Non-operating (expense) income:













Other (expense) income, net

$






(1,314






)







$






-






 







$






(1,314






)







$






(5,950






)







$






951






 





(g)

$






(4,999






)


















 


Income tax (benefit) provision

$






(6,159






)







$






6,204






 





(h)

$






45






 







 






(114






)







$






-






 







$






(114






)


















 


Net loss

$






(133,657






)







$






117,302






 





(i)

$






(16,355






)







$






(33,580






)







$






11,334






 





(i)

$






(22,246






)







Basic and diluted net loss per share

$






(2.32






)







$






2.04






 







$






(0.28






)







$






(0.60






)







$






0.20






 







$






(0.40






)









(a)






Cost of sales adjustment related to amortization of developed technology intangible assets associated with the acquisition of Avedro, Inc. (Avedro) of $8.6 million in Q4 2025 and $5.5 million in Q4 2024.








(b)






Mobius acquisition-related amortization expense of developed intellectual property of $0.5 million.








(c)






Inventory write-down charges associated with the transition from Photrexa to Epioxa of $1.3 million in Q4 2025 and product line optimizations of $4.4 million in Q4 2024.








(d)






Impairment of intangible asset associated with the transition from Photrexa to Epioxa.








(e)






Mobius contingent consideration fair value adjustment.








(f)






Avedro acquisition-related amortization expense of customer relationship intangible assets of $0.4 million.








(g)






Remeasurement loss on derivative asset and direct transaction costs associated with the capped call unwind agreements.








(h)






Tax effect from conversion of Avedro acquisition developed technology intangible asset from indefinite-lived to finite-lived.








(i)






Includes total tax effect for non-GAAP pre-tax adjustments. For non-GAAP adjustments associated with the U.S., the tax effect is $0 given the Company's U.S. taxable loss positions in both 2025 and 2024.











GLAUKOS CORPORATION


GAAP to Non-GAAP Reconciliations


(in thousands, except per share amounts and percentage data)


(unaudited)













 



Full Year 2025

Full Year 2024













 



GAAP

Adjustments

Non-GAAP

GAAP

Adjustments

Non-GAAP


Cost of sales

$






111,814






 







$






(29,049






)





(a)(b)(c)(d)

$






82,765






 







$






94,027






 







$






(26,541






)





(a)(d)

$






67,486






 


















 


Impairment of intangible asset

$






112,867






 







$






(112,867






)





(e)

$






-






 
























 


Gross Margin

 






55.7






%







 






28.0






%







 






83.7






%







 






75.5






%







 






6.9






%







 






82.4






%


















 


Operating expenses:













Selling, general and administrative

$






331,747






 







$






(239






)





(f)

$






331,508






 







$






261,166






 







$






(2,526






)





(g)

$






258,640






 


















 


Loss from operations

$






(199,600






)







$






142,155






 







$






(57,445






)







$






(122,366






)







$






29,067






 







$






(93,299






)


















 


Non-operating expense:













Charges associated with convertible senior notes

$






-






 







$






-






 







$






-






 







$






(18,012






)







$






18,012






 





(h)

$






-






 


















 


Other income (expense), net

$






479






 







$






-






 







$






479






 







$






(6,288






)







$






951






 





(i)

$






(5,337






)


















 


Income tax (benefit) provision

$






(5,351






)







$






6,204






 





(j)

$






853






 







$






771






 







$






-






 







$






771






 


















 


Net loss

$






(187,691






)







$






135,951






 





(k)

$






(51,740






)







$






(146,372






)







$






48,030






 





(k)

$






(98,342






)


















 


Basic and diluted net loss per share

$






(3.28






)







$






2.38






 







$






(0.90






)







$






(2.77






)







$






0.91






 







$






(1.86






)









(a)






Cost of sales adjustment related to amortization of developed technology intangible assets associated with the acquisition of Avedro, Inc. (Avedro) of $25.2 million in 2025 and $22.1 million in 2024.








(b)






Mobius acquisition-related amortization expense of developed intellectual property of $1.2 million.








(c)






Non-recurring, non-cash charge related to the write-down of certain inventory of $1.3 million.








(d)






Inventory write-down charges associated with the transition from Photrexa to Epioxa of $1.3 million in 2025 and product line optimizations of $4.4 million in 2024.








(e)






Impairment of intangible asset associated with the transition from Photrexa to Epioxa.








(f)






Mobius acquisition-related transaction expense of $0.3 million and contingent consideration fair value adjustment of ($0.1) million.








(g)






Avedro acquisition-related amortization expense of customer relationship intangible assets.








(h)






Expenses associated with the exchange of convertible senior notes, consisting of a non-cash inducement charge of $17.4 million and direct transaction costs of $0.6 million.








(i)






Remeasurement loss on derivative asset and direct transaction costs associated with the capped call unwind agreements








(j)






Tax effect from conversion of Avedro acquisition developed technology intangible asset from indefinite-lived to finite-lived.








(k)






Includes total tax effect for non-GAAP pre-tax adjustments. For non-GAAP adjustments associated with the U.S., the tax effect is $0 given the Company's U.S. taxable loss positions in both 2025 and 2024.








 




Reported Sales vs. Prior Periods (in thousands)








 






 






 






 






Year-over-Year Percent Change






Quarter-over-Quarter Percent Change








 






4Q 2025






4Q 2024






3Q 2025






Reported






Operations (1)






Currency (2)






Reported






Operations (1)






Currency (2)
















 


International Glaucoma

$ 32,779






$ 27,869






$ 29,443






17.6%






13.1%






4.5%






11.3%






12.7%






(1.4%)
















 


Total Net Sales

$ 143,121






$ 105,499






$ 133,537






35.7%






34.5%






1.2%






7.2%






7.5%






(0.3%)









(1)






Operational growth excludes the effect of translational currency








(2)






Calculated by converting the current period numbers using the prior period’s average foreign exchange rates








 




Reported Sales vs. Prior Periods (in thousands)








 






 






 






Year-over-Year Percent Change








 






2025






2024






Reported






Operations (1)






Currency (2)












 


International Glaucoma

$ 122,482






$ 103,705






18.1%






16.0%






2.1%












 


Total Net Sales

$ 507,442






$ 383,481






32.3%






31.7%






0.6%









(1)






Operational growth excludes the effect of translational currency








(2)






Calculated by converting the current period numbers using the prior period’s average foreign exchange rates







 

View source version on businesswire.com: https://www.businesswire.com/news/home/20260217588127/en/
Chris Lewis

Vice President, Investor Relations & Corporate Affairs

(949) 481-0510

clewis@glaukos.com


Original: Glaukos Announces Fourth Quarter and Full Year 2025 Financial Results