GLAUKOS CORP, 10-K filed on 2/25/2025
Annual Report
v3.25.0.1
Document and Entity Information - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Feb. 19, 2025
Jun. 30, 2024
Document and Entity Information      
Document Type 10-K    
Document Annual Report true    
Document Period End Date Dec. 31, 2024    
Document Transition Report false    
Securities Act File Number 001-37463    
Entity Registrant Name GLAUKOS Corp    
Entity Incorporation, State or Country Code DE    
Entity Tax Identification Number 33-0945406    
Entity Address, Address Line One One Glaukos Way    
Entity Address, City or Town Aliso Viejo    
Entity Address, State or Province CA    
Entity Address, Postal Zip Code 92656    
City Area Code 949    
Local Phone Number 367-9600    
Title of 12(b) Security Common Stock    
Trading Symbol GKOS    
Security Exchange Name NYSE    
Amendment Flag false    
Current Fiscal Year End Date --12-31    
Entity Well-known Seasoned Issuer Yes    
Entity Voluntary Filers No    
Entity Current Reporting Status Yes    
Entity Interactive Data Current Yes    
Entity Filer Category Large Accelerated Filer    
Entity Small Business false    
Entity Emerging Growth Company false    
ICFR Auditor Attestation Flag true    
Document Financial Statement Error Correction [Flag] false    
Entity Shell Company false    
Entity Central Index Key 0001192448    
Document Fiscal Year Focus 2024    
Document Fiscal Period Focus FY    
Entity Public Float     $ 6,488
Entity Common Stock, Shares Outstanding   56,567,386  
Auditor Name Ernst & Young LLP    
Auditor Firm ID 42    
Auditor Location Irvine, California    
v3.25.0.1
CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Current assets:    
Cash and cash equivalents $ 169,626 $ 93,467
Short-term investments 149,289 201,964
Accounts receivable, net 60,744 39,850
Inventory 57,678 41,986
Prepaid expenses and other current assets 12,455 18,194
Total current assets 449,792 395,461
Restricted cash 4,733 5,856
Property and equipment, net 97,867 103,212
Operating lease right-of-use assets 30,254 27,146
Finance lease right-of-use asset 41,816 44,180
Intangible assets, net 263,445 282,956
Goodwill 66,134 66,134
Deposits and other assets 20,715 15,469
Total assets 974,756 940,414
Current liabilities:    
Accounts payable 13,026 13,440
Accrued liabilities 62,099 60,574
Total current liabilities 75,125 74,014
Convertible senior notes   282,773
Operating lease liability 33,936 30,427
Finance lease liability 69,463 70,538
Deferred tax liability, net 6,928 7,144
Other liabilities 22,373 13,752
Total liabilities 207,825 478,648
Commitments and contingencies (Note 12)
Stockholders' equity:    
Preferred stock, $0.001 par value; 5,000 shares authorized; no shares issued and outstanding as of December 31, 2024 and 2023
Common stock, $0.001 par value; 150,000 shares authorized; 56,472 and 49,148 shares issued and 56,444 and 49,120 shares outstanding at December 31, 2024 and 2023, respectively 56 49
Additional paid-in capital 1,509,831 1,059,751
Accumulated other comprehensive income 2,615 1,165
Accumulated deficit (745,439) (599,067)
Less treasury stock (28 shares as of December 31, 2024 and 2023) (132) (132)
Total stockholders' equity 766,931 461,766
Total liabilities and stockholders' equity $ 974,756 $ 940,414
v3.25.0.1
CONSOLIDATED BALANCE SHEETS (PARENTHETICAL) - $ / shares
Dec. 31, 2024
Dec. 31, 2023
CONSOLIDATED BALANCE SHEETS    
Preferred stock, par value (in dollars per share) $ 0.001 $ 0.001
Preferred stock, shares authorized 5,000,000 5,000,000
Preferred stock, shares issued 0 0
Preferred stock, shares outstanding 0 0
Common stock, par value (in dollars per share) $ 0.001 $ 0.001
Common stock, shares authorized 150,000,000 150,000,000
Common stock, shares issued 56,472,000 49,148,000
Common stock, shares outstanding 56,444,000 49,120,000
Treasury stock, shares 28,000 28,000
v3.25.0.1
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
shares in Thousands, $ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
CONSOLIDATED STATEMENTS OF OPERATIONS      
Net sales $ 383,481 $ 314,711 $ 282,862
Cost of sales 94,027 75,575 68,979
Gross profit 289,454 239,136 213,883
Operating expenses:      
Selling, general and administrative 261,166 224,068 192,925
Research and development 136,425 138,768 123,271
Acquired in-process research and development 14,229 5,000 10,000
Litigation-related settlement     (30,000)
Total operating expenses 411,820 367,836 296,196
Loss from operations (122,366) (128,700) (82,313)
Non-operating expense:      
Interest income 11,105 9,164 2,375
Interest expense (10,040) (13,633) (13,720)
Charges associated with convertible senior notes (18,012)    
Other expense, net (6,288) (558) (4,771)
Total non-operating expense (23,235) (5,027) (16,116)
Loss before taxes (145,601) (133,727) (98,429)
Income tax provision 771 934 766
Net loss $ (146,372) $ (134,661) $ (99,195)
Basic net loss per share (in dollar per share) $ (2.77) $ (2.78) $ (2.09)
Diluted net loss per share (in dollar per share) $ (2.77) $ (2.78) $ (2.09)
Weighted average shares outstanding used to compute basic net loss per share 52,755 48,433 47,444
Weighted average shares outstanding used to compute diluted net loss per share 52,755 48,433 47,444
v3.25.0.1
CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS      
Net Income (Loss) $ (146,372) $ (134,661) $ (99,195)
Other comprehensive income (loss):      
Foreign currency translation gain 926 (110) 985
Unrealized gain (loss) on short-term investments 524 4,250 (3,975)
Other comprehensive income (loss) 1,450 4,140 (2,990)
Total comprehensive loss $ (144,922) $ (130,521) $ (102,185)
v3.25.0.1
CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($)
shares in Thousands, $ in Thousands
Common stock
Additional paid-in-capital
Accumulated other comprehensive (loss) income
Accumulated deficit
Treasury stock
Total
Balance at Dec. 31, 2021 $ 47 $ 952,432 $ 15 $ (365,211) $ (132) $ 587,151
Balance (in shares) at Dec. 31, 2021 46,993          
Treasury Stock, Shares, Beginning Balance at Dec. 31, 2021         (28)  
Stockholders' Deficit            
Common stock issued under stock plans, net $ 1 6,477       6,478
Common stock issued under stock plans, net (in shares) 789          
Stock-based compensation   38,561       38,561
Other comprehensive income (loss)     (2,990)     (2,990)
Net loss       (99,195)   (99,195)
Balance at Dec. 31, 2022 $ 48 997,470 (2,975) (464,406) $ (132) 530,005
Balance (in shares) at Dec. 31, 2022 47,782          
Treasury Stock, Shares, Ending Balance at Dec. 31, 2022         (28)  
Stockholders' Deficit            
Common stock issued under stock plans, net $ 1 15,753       15,754
Common stock issued under stock plans, net (in shares) 1,366          
Acquired in-process R&D acquired through the issuance of common stock   3,000       3,000
Stock-based compensation   43,528       43,528
Other comprehensive income (loss)     4,140     4,140
Net loss       (134,661)   (134,661)
Balance at Dec. 31, 2023 $ 49 1,059,751 1,165 (599,067) $ (132) $ 461,766
Balance (in shares) at Dec. 31, 2023 49,148         49,120
Treasury Stock, Shares, Ending Balance at Dec. 31, 2023         (28) (28)
Stockholders' Deficit            
Common stock issued under stock plans, net $ 2 40,200       $ 40,202
Common stock issued under stock plans, net (in shares) 1,972          
Issuance of common stock in exchange for convertible senior notes, net $ 5 300,792       300,797
Issuance of common stock in exchange for convertible senior notes, net (in shares) 5,297          
Unwinding of capped calls   53,881       53,881
Acquired in-process R&D acquired through the issuance of common stock   5,000       5,000
Acquired in-process R&D acquired through the issuance of common stock (in shares) 55          
Stock-based compensation   50,207       50,207
Other comprehensive income (loss)     1,450     1,450
Net loss       (146,372)   (146,372)
Balance at Dec. 31, 2024 $ 56 $ 1,509,831 $ 2,615 $ (745,439) $ (132) $ 766,931
Balance (in shares) at Dec. 31, 2024 56,472         56,444
Treasury Stock, Shares, Ending Balance at Dec. 31, 2024         (28) (28)
v3.25.0.1
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Operating Activities      
Net loss $ (146,372) $ (134,661) $ (99,195)
Adjustments to reconcile net loss to net cash used in operating activities:      
Depreciation 10,949 8,742 6,664
Amortization of intangible assets 24,701 24,912 24,912
Amortization of right-of-use lease assets 4,272 4,324 4,370
Amortization of debt issuance costs 718 1,373 1,373
Deferred income tax benefit (216) (120) (54)
Loss (gain) on disposal of fixed assets 598 893 (24)
Stock-based compensation 50,207 43,528 38,561
Unrealized foreign currency losses (gains) 4,620 (980) 2,242
(Amortization of premium) accretion of discount on short-term investments (4,045) (1,685) 731
Other liabilities 5,206 3,049 785
Acquired in-process R&D acquired through the issuance of common stock 5,000 3,000  
Loss on capped call transaction 657    
Inducement expense related to exchange of convertible senior notes 17,412    
Inventory write-down 4,449 0  
Changes in operating assets and liabilities:      
Accounts receivable, net (21,966) (3,843) (3,138)
Inventory (18,788) (4,830) (15,472)
Prepaid expenses and other current assets 3,334 (885) (1,720)
Accounts payable and accrued liabilities 21 1,305 7,210
Other assets (2,075) (1,880) (328)
Net cash used in operating activities (61,318) (57,758) (33,083)
Investing activities      
Purchases of property and equipment (6,300) (20,248) (30,265)
Purchases of short-term investments (189,955) (265,587) (59,256)
Proceeds from sales and maturities of short-term investments 247,199 303,100 135,157
Proceeds from disposal of property and equipment 38   151
Investment in company-owned life insurance (3,151) (3,170) (1,008)
Net cash provided by investing activities 47,831 14,095 44,779
Financing activities      
Proceeds from partial unwinding of capped calls related to issuance of convertible senior notes 53,224    
Proceeds from exercise of stock options 39,347 12,748 3,577
Share purchases under Employee Stock Purchase Plan 7,416 6,278 5,630
Payments of employee taxes related to vested restricted stock units (6,563) (3,273) (2,730)
Payments related to convertible senior notes (712)    
Payments related to capped call transactions (295)   301
Principal paid on finance lease (877) (711) (527)
Net cash provided by financing activities 91,540 15,042 6,251
Effect of exchange rate changes on cash and cash equivalents (3,017) 1,341 (1,468)
Net increase (decrease) in cash, cash equivalents and restricted cash 75,036 (27,280) 16,479
Cash, cash equivalents and restricted cash at beginning of period 99,323 126,603 110,124
Cash, cash equivalents and restricted cash at end of period 174,359 99,323 126,603
Supplemental schedule of noncash investing and financing activities      
Purchases of property and equipment included in accounts payable and accrued liabilities 909 1,333 3,797
Convertible senior notes exchanged for common stock, net of debt issuance costs 226,676    
Issuance of common stock related to conversion of convertible senior notes, net of debt issuance costs 56,755    
Supplemental disclosures of cash flow information      
Taxes paid, net of refunds 1,360 1,557 522
Interest paid on convertible senior notes 4,744 7,906 7,906
Other interest paid $ 4,466 $ 4,348 $ 4,434
v3.25.0.1
Organization and Basis of Presentation
 12 Months Ended
Dec. 31, 2024
Organization and Basis of Presentation  
Organization and Basis of Presentation

Note 1.

Organization and Basis of Presentation

Organization and Business

Glaukos Corporation (Glaukos or the Company), incorporated in Delaware on July 14, 1998, is an ophthalmic pharmaceutical and medical technology company focused on developing novel dropless platform therapies and commercializing associated products for the treatment of glaucoma, corneal disorders, and retinal diseases. The Company first developed Micro-Invasive Glaucoma Surgery (MIGS) as an alternative to the traditional glaucoma treatment paradigm, launching its first MIGS device commercially in 2012. The Company also offers commercially a proprietary bio-activated pharmaceutical therapy for the treatment of a rare corneal disorder, keratoconus, that was approved by the United States (U.S.) Food and Drug Administration (FDA) in 2016. In 2024, the Company commenced commercial launch activities for iDose TR and began commercializing the product in a controlled manner in February 2024. The Company is developing a portfolio of platforms to support ongoing pharmaceutical and medical device innovations. Products or product candidates for each of these platforms are designed to advance the standard of care through better treatment options across the areas of glaucoma, corneal disorders such as keratoconus, dry eye and refractive vision correction, and retinal diseases such as neovascular age-related macular degeneration, diabetic macular edema and retinal vein occlusion.

The accompanying consolidated financial statements include the accounts of Glaukos and its wholly-owned subsidiaries. All intercompany balances and transactions among the consolidated entities have been eliminated in consolidation.

Liquidity

For the year ended December 31, 2024, the Company incurred a net loss of $146.4 million, used $61.3 million of cash for operating activities and, as of December 31, 2024, had an accumulated deficit of $745.4 million. The Company has made and expects to continue to make significant investments in its global sales force and commercial infrastructure, marketing programs, research and development activities, clinical studies and general and administrative organization.

The Company plans to fund its operations, capital funding and other liquidity needs using existing cash and investments and, to the extent available, cash generated from commercial operations. The Company’s existing cash and investments include the net proceeds from unwind agreements with certain financial institutions (Option Counterparties) relating to a portion of the capped call transactions (Capped Call Unwind Agreements).

The consolidated financial statements have been prepared on a going concern basis, which contemplates the realization of assets and satisfaction of liabilities in the normal course of business. The consolidated financial statements do not include any adjustments relating to the recoverability and classification of recorded asset amounts or the amounts and classification of liabilities that might result from the outcome of this uncertainty.

Recent Developments

On June 14, 2024, the Company announced it had entered into separate, privately negotiated exchange agreements (Exchange Agreements) with certain holders of its 2.75% Convertible Senior Notes due 2027 (Convertible Notes), pursuant to which the Company agreed, subject to customary closing conditions, to repurchase an aggregate of $230.0 million principal amount of Convertible Notes for aggregate consideration consisting of a number of shares of the Company’s common stock, par value $0.001 per share, to be determined over an averaging period commencing on June 14, 2024, and cash in lieu of fractional shares and in respect of accrued interest on the Convertible Notes (Convertible Notes Exchange). On June 28, 2024, the Company closed the transactions contemplated by the Exchange

Agreements, and the holders exchanged $230.0 million in aggregate principal amount of the Convertible Notes for consideration consisting of an aggregate of 4,253,423 shares of the Company’s common stock, and cash in lieu of fractional shares and in respect of accrued interest on the Convertible Notes. The Company accounted for the Convertible Notes Exchange as an induced conversion based on the nature of the conversion offer and the period of time it was offered. The Company accounted for the Convertible Notes Exchange by expensing the fair value of the common shares that were issued in excess of the original terms of the Convertible Notes. The Company reduced the balance of the Convertible Notes on the consolidated balance sheets by $226.7 million, which is comprised of the reduction in Convertible Notes principal of $230.0 million, less $3.3 million in unamortized debt issuance costs. The Company also recognized a non-cash inducement charge of $17.4 million and direct transaction costs of $0.6 million recorded within charges associated with convertible senior notes on the consolidated statements of operations and increased additional paid-in capital on the consolidated balance sheets of $244.1 million.

​

On October 4, 2024, the Company issued a notice of redemption (the Redemption Notice) for the remaining $57.5 million aggregate principal amount outstanding of its Convertible Notes as of such date. Pursuant to the Redemption Notice, on December 16, 2024, the Company redeemed $57.5 million aggregate principal amount outstanding of Convertible Notes that had not been converted prior to such date at a redemption price equal to 100% of the principal amount of such Convertible Notes (Redemption Price) together with accrued and unpaid interest from December 1, 2024 up to and excluding December 16, 2024. On December 16, 2024, the Redemption Price became due and payable upon each Convertible Note redeemed and interest thereon ceased to accrue as of such date. The Convertible Notes called for redemption were subject to conversion by holders into shares of common stock of the Company (Common Stock) pursuant to physical settlement. The conversion rate for the Convertible Notes was 17.8269 shares of Common Stock per $1,000 principal amount, plus additional shares of 0.3501 per $1,000 principal amount. The Convertible Notes were therefore convertible into 18.1770 shares of Common Stock per $1,000 principal amount surrendered for conversion thereunder.

​

On December 2, 2024, the Company entered into unwind agreements with Option Counterparties relating to its Capped Call Unwind Agreements that were previously entered into by the Company with such Option Counterparties in connection with the issuance of its Convertible Notes in an aggregate principal amount of $287.5 million. The Capped Call Unwind Agreements related to a portion of capped call transactions corresponding to fifty percent of the number of shares of the Company’s common stock initially underlying the Convertible Notes. Pursuant to the Capped Call Unwind Agreements, the Option Counterparties delivered to the Company approximately $53.2 million, which amount was determined based upon the volume-weighted average price per share of the Company’s common stock during the averaging period from December 3, 2024 through December 5, 2024.

​

On March 7, 2024, the Company issued $5.0 million of its common stock and paid approximately $5.1 million in cash in connection with the acquisition of 100% of the outstanding equity interests in a clinical stage biopharma company (the Seller) focused on developing novel therapeutics for rare ophthalmic diseases, including all related patents and patent applications, technology and know-how. The Company accounted for the transaction as an asset acquisition as the set of acquired assets did not constitute a business, and the acquisition costs are recorded within acquired in-process research and development on the consolidated statement of operations. Under the terms of the agreement, if these proprietary technologies are commercialized, the Company may have to make potential payments of up to $51.0 million upon the achievement of certain event-based development milestones, potential payments of up to $150.0 million upon the achievement of certain commercial sales-based milestones should annual net sales of a licensed product eventually exceed various levels, and up to a low double digit royalty on net sales. Furthermore, because the first two development milestones are payable in either cash or Company shares at the Company’s sole discretion, the Company has accrued a liability measured at fair value in the amount of $1.6 million related to these two milestones, which is classified as other liabilities within the consolidated balance sheets, as the contingent consideration is not expected to be paid within the next twelve months. See also Note 4, Fair Value Measurements for additional details regarding this contingent consideration.
v3.25.0.1
Summary of Significant Accounting Policies
 12 Months Ended
Dec. 31, 2024
Summary of Significant Accounting Policies  
Summary of Significant Accounting Policies

Note 2.

Summary of Significant Accounting Policies

Basis of Presentation

The accompanying consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (GAAP).

Use of Estimates

The preparation of the consolidated financial statements in conformity with GAAP requires management to make estimates, judgments and assumptions that affect the reported amounts in the consolidated financial statements and accompanying notes. Actual results could differ materially from those estimates and assumptions used in the preparation of the accompanying consolidated financial statements under different assumptions and conditions.

The Company’s consolidated financial statements as of and for the year ended December 31, 2024 reflect the Company’s estimates of the impact of the macroeconomic environment, including the impact of inflation, supply shortages or delays, changes in supply and demand, foreign exchange rate fluctuations and other conditions which have led to disruptions in commerce and pricing stability. The Company is not aware of any specific event or circumstance that would require an update to its estimates, judgments and assumptions or a revision of the carrying value of the Company’s assets or liabilities as of December 31, 2024.

Segments

The Company has one business activity and operates as one operating segment: the development and commercialization of ophthalmic therapies designed to treat glaucoma, corneal disorders and retinal diseases. The Company determined its operating segment on the same basis that it uses to evaluate its performance internally. The Company’s chief operating decision-maker (CODM), its Chief Executive Officer, reviews consolidated operating results for the purpose of allocating resources and evaluating financial performance.

Variable Interest Entities

The Company has a variable interest in a variable interest entity based on its $5.0 million convertible promissory note outstanding as of December 31, 2024. The convertible promissory note bears interest on the outstanding principal at the rate of 5.0% per annum, and the outstanding principal and interest is convertible into preferred stock or capital stock under certain circumstances. The Company concluded it is not the primary beneficiary of the variable interest entity. The Company does not have the power to direct the activities of the variable interest entity that most significantly impact its economic performance, does not have the obligation to absorb losses that could potentially be significant to the variable interest entity, and does not have the right to receive benefits that could potentially be significant to the variable interest entity. The Company evaluates its relationships with the variable interest entity on an ongoing basis to determine whether it would be considered the primary beneficiary.  

Cash, Cash Equivalents, Restricted Cash and Short-term Investments

The Company invests its excess cash in marketable securities, including U.S. treasury securities, bank certificates of deposit, municipal bonds, corporate notes and asset-backed securities. For financial reporting purposes, liquid investment instruments purchased with an original maturity of three months or less are considered to be cash equivalents. Cash and cash equivalents are recorded at face value or cost, which approximates fair market value. The Company maintains cash balances in the U.S. in excess of amounts insured by the Federal Deposit Insurance Commission. Investments are stated at fair value as determined by quoted market prices. Investments are considered available for sale and, accordingly, unrealized gains and losses are included in accumulated other comprehensive loss within stockholders’ equity.

The Company’s entire investment portfolio, except for restricted cash, is considered to be available for use in current operations and, accordingly, all such investments are stated at fair value using quoted market prices and

classified as current assets, although the stated maturity of individual investments may be one year or more beyond the balance sheet date. The Company did not have any trading securities or restricted investments at December 31, 2024 or December 31, 2023.

Realized gains and losses and declines in value, if any, judged to be other-than-temporary on available for sale securities, are reported in other expense, net. When securities are sold, any associated unrealized gain or loss previously reported as a separate component of stockholders’ equity is reclassified out of stockholders’ equity and recorded in the statements of operations in the period sold using the specific identification method. Accrued interest and dividends from investments are included in other expense, net. The Company periodically reviews its available for sale securities for other than temporary declines in fair value below the cost basis, and whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable.

The following table provides a reconciliation of cash and cash equivalents and restricted cash reported within the consolidated balance sheets that equate to the amount reported in the consolidated statement of cash flows as of December 31, 2024, December 31, 2023 and December 31, 2022 (in thousands):

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Year ended

​

​

​

December 31,

​

​

​

2024

​

​

2023

​

​

2022

​

Cash and cash equivalents

​

$

169,626

​

$

93,467

​

$

119,525

​

Restricted cash

​

​

4,733

​

​

5,856

​

​

7,078

​

Cash, cash equivalents and restricted cash in the consolidated statement of cash flows

​

$

174,359

​

$

99,323

​

$

126,603

​

​

Concentration of Credit Risk and Significant Customers

Financial instruments, which potentially subject the Company to significant concentration of credit risk, consist primarily of cash, cash equivalents, short-term investments and accounts receivable. The Company maintains deposits in federally insured financial institutions in the U.S. in excess of federally insured limits and management believes that the Company is not exposed to significant credit risk due to the financial position of the depository institutions in which those deposits are held. Additionally, the Company has established guidelines regarding investment instruments and their maturities which are designed to maintain preservation of principal and liquidity. The Company believes that the concentration of credit risk in its accounts receivable is mitigated by its credit evaluation process, relatively short collection terms and the level of credit worthiness of its customers. During the years ended 2024, 2023 and 2022, none of the Company’s customers accounted for more than 10% of revenues.

Accounts Receivable

The Company primarily sells its products directly to ambulatory surgery centers, hospitals, and physician private practices, with distributors being used in certain international locations where the Company does not have a direct commercial presence. The Company is exposed to credit losses primarily through sales of its products to its customers.

The Company’s expected loss allowance methodology for accounts receivable is developed using historical collection experience, current and expected future economic and market conditions and periodic evaluation of customers’ receivables balances. Management estimates the adequacy of the allowance by using relevant available information, from internal and external sources, relating to past events, current conditions and forecasts. Historical credit loss experience provides the basis for estimation of expected credit losses and are adjusted as necessary using the relevant information available. The allowance for credit losses is measured on a collective basis when similar risk characteristic exists. The Company has identified one portfolio segment based on evaluation of the following risk characteristics: geographic regions, product lines, default rates and customer specific factors.

Additionally, specific allowance amounts may be established to record the appropriate provision for customers that have a higher probability of non-payment. The Company writes off uncollectible receivables against the allowance when all attempts to collect the receivable have failed. The Company’s allowance for credit losses represents management’s estimate of current expected credit losses and totaled approximately $1.1 million and $1.2 million as of

December 31, 2024 and December 31, 2023, respectively, and there were immaterial bad-debt write offs during the years ended December 31, 2024 and December 31, 2023.

As of December 31, 2024 and December 31, 2023 the Company evaluated the current and expected future economic and market conditions surrounding the macroeconomic environment, including the impact of inflation, supply shortages or delays, changes in supply and demand, labor shortages and turnover, foreign exchange rate fluctuations and other conditions, as it relates to collectability of its accounts receivable and determined the estimate of expected credit losses was not materially impacted. The Company will continue to re-evaluate the estimate of credit losses related to the current macroeconomic environment in conjunction with its assessment of expected credit losses in subsequent periods.

Additionally, no customers accounted for more than 10% of net accounts receivable as of December 31, 2024 or December 31, 2023.

Inventory

Inventory is valued at the lower of cost or net realizable value with cost being determined on a first-in, first-out basis. The Company periodically reviews inventory for potential impairment, estimated losses from obsolescence, material expirations or unmarketable inventory or excess inventory and writes down the cost of inventory to net realizable value at the time such determinations are made. Net realizable value is determined using the estimated selling price, in the ordinary course of business, less estimated costs to complete and dispose. 

Property and Equipment, Net

Property and equipment is recorded at cost. Depreciation of property and equipment is generally provided using the straight-line method over the estimated useful lives of the assets, which range from three to five years. Leasehold improvements are amortized over their estimated useful life or the related lease term, whichever is shorter. Maintenance and repairs are expensed as incurred.

All long-lived assets are reviewed for impairment in value when changes in circumstances indicate that an asset or asset group’s carrying value may not be recoverable, based upon undiscounted future operating cash flows to be derived from their use, and appropriate losses are recognized and reflected in current earnings to the extent the carrying amount of an asset exceeds its estimated fair value, determined by the use of appraisals, discounted cash flow analyses or comparable fair values of similar assets. The Company did not record any impairment charges for the year ended December 31, 2024, December 31, 2023 or December 31, 2022.

Intangible Assets

Intangible assets with finite-lives include developed technology and customer relationships, which are amortized on a straight-line basis over their estimated useful lives, which range from four to eleven years. The Company reviews finite-lived intangible assets for impairment whenever events or changes in circumstances indicate that the carrying amount of the assets or asset group may not be recoverable. When such an event occurs, management determines whether there has been impairment by comparing the anticipated undiscounted future net cash flows to the related asset group’s carrying value. If the affected intangible assets are not recoverable, management estimates the fair value of the assets and record an impairment loss if the carrying value of the assets exceeds the fair value.

Indefinite-lived intangible assets are comprised of acquired in-process research and development (IPR&D) assets and are not amortized, but instead tested for impairment until the successful completion and commercialization, or abandonment, of the associated research and development efforts, at which point the IPR&D assets are either amortized over their estimated useful lives or written-off immediately.

Refer to Note 6, Intangible Assets and Goodwill for more information on the Company’s intangible assets.

Goodwill

Goodwill represents the excess of the cost over the fair value of net assets acquired from business combinations. If the Company determines the carrying value of a reporting unit exceeds its fair value, an impairment charge would be recognized and should not exceed the total amount of goodwill allocated to that reporting unit. The Company has one reporting unit and tests for impairment annually, on October 1. In addition to that test, the Company regularly assesses if an event or indicator of impairment has occurred which would require interim impairment testing. The Company’s annual impairment test did not result in any impairment, and the Company has not identified any indicators of impairment through December 31, 2024 and consequently, no impairment charge was recorded during the year.

Refer to Note 6, Intangible Assets and Goodwill for more information on the Company’s goodwill.

Fair Value of Financial Instruments

Fair value is an exit price, representing the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. As such, fair value is a market-based measurement that should be determined based on assumptions that market participants would use in pricing an asset or liability.

The carrying amounts of cash equivalents, accounts receivable, accounts payable, and accrued liabilities are considered to be representative of their respective fair values because of the short-term nature of those instruments.

The valuation of assets and liabilities is subject to fair value measurements using a three-tiered approach and fair value measurements are classified and disclosed by the Company in one of the following three categories:

Level 1: Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities;

Level 2: Quoted prices for similar assets and liabilities in active markets, quoted prices in markets that are not active, or inputs which are observable, either directly or indirectly, for substantially the full term of the asset or liability; and

Level 3: Prices or valuation techniques that require inputs that are both significant to the fair value measurement and unobservable (i.e., supported by little or no market activity).

Assets and liabilities are classified based on the lowest level of input that is significant to the fair value measurements. The Company reviews the fair value hierarchy classification on a quarterly basis. Changes in the ability to observe valuation inputs may result in a reclassification of levels for certain assets or liabilities within the fair value hierarchy. The Company did not have any transfers of assets and liabilities between the levels of the fair value measurement hierarchy during the years presented.

Leases

The Company determines if an arrangement is a lease at inception. As a lessee, right-of-use assets represent the Company’s right to use an underlying asset for the lease term and lease liabilities represent an obligation to make lease payments arising from the lease. Right-of-use assets and lease liabilities are recognized at the lease commencement date based on the present value of lease payments over the lease term. The Company estimates the incremental borrowing rate based on its debt, prevailing financial market conditions, peer company credit analyses, and management judgment. Operating and financing lease right-of-use assets also include any lease payments made at or before lease commencement and exclude any lease incentives received. The lease terms used to calculate the right-of-use asset and related lease liability include options to extend or terminate the lease when it is reasonably certain that the Company will exercise that option. Lease expense for operating leases is recognized on a straight-line basis over the lease term as an operating expense while the expense for finance leases is recognized as amortization expense on right-of-use lease assets

and interest expense using the accelerated interest method of recognition. Leases with an initial term of 12 months or less are expensed and not recorded on the consolidated balance sheets.

Revenue Recognition

The Company derives its revenue from sales of its products in the United States and internationally. Customers are primarily comprised of ambulatory surgery centers, hospitals and physician private practices, with independent distributors being used in certain international locations where the Company does not have a direct commercial presence.

The Company concluded that one performance obligation exists for the majority of its contracts with customers which is to deliver products in accordance with the Company’s normal delivery times. Revenue is recognized when this performance obligation is satisfied, which is the point in time when the Company considers control of a product to have transferred to the customer. Revenue recognized reflects the consideration to which the Company expects to be entitled in exchange for those products or services. The Company has determined the transaction price to be the invoice price, net of adjustments that reduce revenue, which includes estimates of volume-based rebates, rebates for government pricing programs, variable consideration for certain product returns and warranty replacements, and other discounts and incentives that reduce revenue.

The Company recognizes revenue when it is probable that the entity will collect the consideration it is entitled to in exchange for the goods it transfers to the customer. This requires management to perform an assessment related to the probability of collecting the consideration. The assessment can contain judgment when it is performed for customers with declining credit conditions or those with no history or a limited history of product sales with the Company.

The Company offers volume-based rebate agreements to certain customers and, if earned by the customer, the Company provides a rebate (usually in the form of a credit memo) at the contract’s conclusion, if earned by the customer. In such cases, the transaction price is allocated between the Company’s delivery of product and the issuance of a rebate at the contract’s conclusion for the customer to utilize on prospective purchases. The performance obligation to issue a customer’s rebate, if earned, is transferred over time and the Company’s method of measuring progress is the output method, whereby the progress is measured by the estimated rebate earned to date over the total rebate estimated to be earned over the contract period. The provision for volume-based rebates is estimated based on customers' contracted rebate programs and the customers’ projected sales levels.

Non-volume-based rebates consist primarily of rebates for government pricing programs, which were estimated using the expected value method, based upon a range of possible outcomes for the estimated number of actual claims invoices we expect to receive. The Company applies this estimate to the respective period’s sales to determine the rebate accrual and related expense. This estimate is evaluated regularly to ensure that the historical trends are as current as practicable. These reserves are recorded in the same period the related revenue is recognized, resulting in a reduction of product revenue.

​

The Company regularly monitors its customer rebate programs to ensure the rebate allowance is fairly stated. The Company’s rebate allowance is included in accrued liabilities in the consolidated balance sheets.

Customers are not granted specific rights of return; however, the Company may permit returns of certain products from customers if such product is returned in a timely manner and in good condition. The Company generally provides a warranty on its products for one year from the date of shipment, and offers an extended warranty for its KXL systems. Any product found to be defective or out of specification will be replaced or serviced at no charge during the warranty period. Estimated allowances for sales returns and warranty replacements are recorded at the time of sale of the product and are estimated based upon the historical patterns of product returns matched against sales, and an evaluation of specific factors that may increase the risk of product returns. Product returns and warranty replacements to date have been consistent with amounts reserved or accrued and have not been significant. If actual results vary from the Company’s estimates, the Company will adjust these estimates in the period such variances become known.

Shipping and Handling Costs

All shipping and handling costs are expensed as incurred and are charged to selling, general and administrative expense. Charges to customers for shipping and handling are credited to selling, general and administrative expense.

Advertising Costs

All advertising costs are expensed as incurred. Advertising costs incurred during the years ended December 31, 2024, December 31, 2023 and December 31, 2022 were approximately $3.6 million, $3.4 million and $2.5 million, respectively.

Income Taxes

Income taxes are accounted for using a liability approach. This requires the recognition of deferred tax assets and liabilities for the differences between the financial statement and tax basis of the Company’s assets and liabilities, NOLs, and tax credit carryovers using tax rates in effect for the year in which the differences are expected to reverse. The Company records a valuation allowance against a portion of deferred tax assets to reduce the net carrying value to an amount that it believes is more likely than not to be realized. Management has considered estimated taxable income and ongoing prudent and feasible tax planning strategies in assessing the amount of the valuation allowance. Based upon the weight of available positive and negative evidence, which includes the Company’s historical operating performance and limited potential to utilize NOL and tax credit carryforwards, the Company has determined that it is more likely than not that the future realization of all or some of the deferred tax assets will not be achieved and a portion of its deferred tax assets should be offset by a valuation allowance. When the Company establishes or reduces the valuation allowance against its deferred tax assets, its provision for income taxes increases or decreases, respectively, in the period such determination is made.

The Company is required to file federal and state income tax returns in the United States. The Company also files income tax returns in the foreign countries in which its subsidiaries operate. The preparation of these income tax returns requires the Company to interpret the applicable tax laws and regulations in effect in such jurisdictions, which could affect the amount of tax paid.

Additionally, the Company follows an accounting standard addressing the accounting for uncertainty in income taxes that prescribes rules for recognition, measurement, and classification in the consolidated financial statements of tax positions taken or expected to be taken in a tax return.

Research and Development Expenses

Major components of research and development expense include personnel costs, preclinical studies, clinical trials and related clinical product manufacturing, materials and supplies, and fees paid to consultants. Research and development costs are expensed as goods are received or services are rendered. Costs to acquire technologies to be used in research and development that have not reached technological feasibility and have no alternative future use are also expensed as incurred.

At each financial reporting date, the Company accrues the estimated unpaid costs of clinical study activities performed during a period by third party clinical sites with whom the Company has agreements that provide for fees based upon the quantities of subjects enrolled and clinical evaluation visits that occur over the life of the study. The cost estimates are determined based upon a review of the agreements and data collected by internal and external clinical personnel as to the status of enrollment and subject visits, and are based upon the facts and circumstances known to the Company at each financial reporting date. If the actual performance of activities varies from the assumptions used in the cost estimates, the accruals are adjusted accordingly. There have been no material adjustments to the Company’s prior period accrued estimates for clinical trial activities through December 31, 2024.

Stock-Based Compensation

The Company recognizes compensation expense for all stock-based awards granted to employees and nonemployees, including members of its board of directors, based on the grant date fair value of the award.

For stock-based awards with service conditions, the fair value of the awards is amortized on a straight-line basis over the requisite service period in which the awards are expected to vest. For stock-based awards with performance vesting conditions, stock-based compensation is recognized when it is considered probable that the performance conditions will be satisfied. At each reporting period, the Company re-assesses the probability of the achievement of the performance vesting conditions. Any change in stock-based compensation resulting from an adjustment in the vesting is treated as a cumulative catch-up in the period of adjustment.

Software Costs

The Company capitalizes certain software development costs incurred for internal use projects when it is determined that it is probable that the project will be completed, the software will be used to perform the function intended, and the preliminary project stage is completed. Once capitalized projects are ready for their intended use, they are amortized using the straight-line method over the estimated useful life, which is generally 3 years. These capitalized costs are included in property and equipment, net within the consolidated balance sheets and are not significant for the period presented.

Comprehensive Loss

All components of comprehensive loss, including net loss, are reported in the consolidated financial statements in the period in which they are recognized. Comprehensive loss is defined as the change in equity during a period from transactions and other events and circumstances from non-owner sources, including unrealized gains and losses on marketable securities and foreign currency translation adjustments.

Foreign Currency

Assets and liabilities are translated into the reporting currency using the exchange rates in effect on the consolidated balance sheet dates. Equity accounts are translated at historical rates, except for the change in retained earnings during the period, which is the result of the income statement translation process. Revenue and expense accounts are translated using the daily average exchange rates during the period. The cumulative translation adjustments associated with the net assets of foreign subsidiaries are recorded in accumulated other comprehensive loss in the accompanying consolidated statements of stockholders’ equity.

Net Loss per Share

Basic net loss per share is calculated by dividing the net loss by the weighted average number of common shares that were outstanding for the period, without consideration for potentially dilutive common stock equivalents.

For periods when the Company realizes a net loss, no potentially dilutive common stock equivalents are included in the calculation of weighted average number of dilutive common stock equivalents as the effect of applying the treasury stock method is considered anti-dilutive.

For periods when the Company realizes net income, diluted net income per share is calculated by dividing the net income by the weighted average number of common shares plus the sum of the weighted average number of dilutive common stock equivalents outstanding for the period determined using the treasury stock method or if-converted method for convertible instruments. Common stock equivalents are comprised of stock options, outstanding and unvested RSUs under the Company’s incentive compensation plans and shares issuable under the Company’s Employee Stock Purchase Plan (ESPP) and as of December 31, 2023 and December 31, 2022, shares convertible pursuant to the Convertible Notes.

Potentially dilutive securities not included in the calculation of diluted net loss per share because to do so would be anti-dilutive were as follows (weighted outstanding common stock equivalent shares, in thousands):

​

​

​

​

​

​

​

​

​

​

​

​

​

​

As of

 

​

​

​

December 31,

 

​

​

​

2024

​

​

2023

​

​

2022

 

​

​

​

​

​

​

​

​

​

​

​

Convertible senior notes

​

​

-

​

​

5,125

​

​

5,125

​

Stock options outstanding

    

​

2,318

    

​

2,613

    

​

2,373

​

Unvested restricted stock units

​

​

1,011

​

​

743

​

​

934

​

Employee stock purchase plan

​

​

4

 

​

2

 

​

8

​

​

​

​

3,333

 

​

8,483

 

​

8,440

​

​

​

The Company has 5,000,000 of authorized preferred stock issuable, and there is no preferred stock outstanding as of December 31, 2024 and December 31, 2023. Each share of common stock is entitled to one vote.

Recently Adopted Accounting Pronouncements

In November 2023, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2023-07, Improvements to Reportable Segments Disclosures. While ASU 2023-07 requires incremental disclosures, it does not change how an entity identifies its operating segments, aggregates those operating segments, or applies the quantitative thresholds to determine reportable segments. This ASU is effective for all public business entities for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. Entities must adopt the changes to the segment reporting guidance on a retrospective basis and while adoption as of December 31, 2024 did not impact the Company’s consolidated financial statements, the required disclosure updates are included in Note 13. Business Segment Information.

​

Recently Issued Accounting Pronouncements Not Yet Adopted

In December 2023, the FASB issued ASU No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which is intended to improve the transparency of income tax disclosures by requiring consistent categories and greater disaggregation of information in the effective tax rate reconciliation and income taxes paid by jurisdiction. The ASU is effective for public business entities’ annual periods beginning after December 15, 2024, with early adoption permitted. The Company is currently finalizing its evaluation of the impact of adopting this pronouncement; however the Company currently does not believe the adoption will have a material impact on its consolidated financial statements.

v3.25.0.1
Balance Sheet Details
 12 Months Ended
Dec. 31, 2024
Balance Sheet Details  
Balance Sheet Details

Note 3. Balance Sheet Details

Short-term Investments

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

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

    

At December 31, 2024

 

​

​

​

Maturity

​

Amortized cost

​

Unrealized

​

Unrealized

​

Fair

 

​

    

​

(in years)

    

or cost

    

gains

    

losses

    

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 1

​

 

7,824

​

 

15

​

 

(20)

​

 

7,819

​

Municipal bonds

​

​

less than 1

​

​

3,010

​

​

8

​

​

-

​

​

3,018

​

Total

​

​

​

​

$

149,072

​

$

329

​

$

(112)

​

$

149,289

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

    

At December 31, 2023

 

​

​

​

Maturity

​

Amortized cost

​

Unrealized

​

Unrealized

​

Fair

 

​

    

​

(in years)

    

or cost

    

gains

    

losses

    

value

 

U.S. government agency bonds

​

​

less than 3

​

$

25,995

​

$

2

​

$

(347)

​

$

25,650

​

U.S. treasury securities

​

​

less than 2

​

​

124,780

​

​

274

​

​

(36)

​

​

125,018

​

Bank certificates of deposit

​

​

less than 1

​

​

7,100

​

​

9

​

​

-

​

​

7,109

​

Commercial paper

​

​

less than 1

​

 

5,679

​

 

4

​

 

(1)

​

 

5,682

​

Corporate notes

​

​

less than 3

​

 

21,292

​

 

77

​

 

(229)

​

 

21,140

​

Asset-backed securities

​

​

less than 2

​

 

12,415

​

 

41

​

 

(135)

​

 

12,321

​

Municipal bonds

​

​

less than 3

​

​

5,010

​

​

34

​

​

-

​

​

5,044

​

Total

​

​

​

​

$

202,271

​

$

441

​

$

(748)

​

$

201,964

​

​

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 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 December 31, 2024 and December 31, 2023 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 December 31, 2024 and December 31, 2023.

Accounts Receivable, Net

Accounts receivable consisted of the following (in thousands):

​

​

​

​

​

​

​

​

​

​

December 31,

 

​

​

2024

    

2023

 

​

​

​

​

​

​

​

​

Accounts receivable

    

$

61,817

​

$

41,051

​

Allowance for credit losses

​

 

(1,073)

​

 

(1,201)

​

​

 

$

60,744

​

$

39,850

​

​

Inventory

Inventory consisted of the following (in thousands):

​

​

​

​

​

​

​

​

​

​

December 31,

 

​

​

2024

    

2023

 

​

​

​

​

​

​

​

​

Finished goods

    

$

23,667

​

$

16,699

​

Work in process

​

​

14,663

​

 

12,870

​

Raw material

​

​

19,348

​

 

12,417

​

​

 

$

57,678

​

$

41,986

​

​

For the year ended December 31, 2024, the Company recorded a write-down charge of $4.4 million associated with product line optimizations which was recorded against inventory and prepaid assets and other assets in the accompanying consolidated balances sheets, and within cost of sales in the accompanying consolidated statements of operations. No inventory write-downs were recognized for the year ended December 31, 2023.

​

Property and Equipment, Net

Property and equipment consisted of the following (in thousands):

​

​

​

​

​

​

​

​

​

​

December 31,

​

​

​

2024

​

2023

​

​

​

​

​

    

​

​

​

Buildings

    

$

874

​

$

874

​

Equipment

​

​

32,197

​

​

29,843

​

Furniture and fixtures

​

​

9,030

​

 

8,287

​

Leasehold improvements

​

​

80,987

​

 

70,332

​

Computer equipment and software

​

​

4,198

​

​

3,906

​

Land

​

​

7,068

​

​

7,068

​

Construction in progress

​

​

8,087

​

 

17,379

​

​

​

​

142,441

​

 

137,689

​

Less accumulated depreciation and amortization

​

 

(44,574)

​

 

(34,477)

​

​

 

$

97,867

​

$

103,212

​

​

Depreciation and amortization expense related to property and equipment was $10.1 million, $7.3 million and $6.6 million for the years ended December 31, 2024, December 31, 2023 and December 31, 2022, respectively.

Accrued Liabilities

Accrued liabilities consisted of the following (in thousands):

​

​

​

​

​

​

​

​

​

​

December 31,

 

​

​

2024

​

2023

 

​

​

​

​

    

​

​

​

Accrued bonuses

    

$

22,025

​

$

20,588

​

Accrued sales rebates

​

​

7,956

​

​

8,935

​

Accrued vacation benefits

​

​

5,530

​

 

5,269

​

Other accrued liabilities

​

​

26,588

​

 

25,782

​

​

​

$

62,099

​

$

60,574

​

​
v3.25.0.1
Fair Value Measurements
 12 Months Ended
Dec. 31, 2024
Fair Value Measurements  
Fair Value Measurements

Note 4.

Fair Value Measurements

The following tables present information about the Company’s financial assets and liabilities measured at fair value on a recurring basis as of December 31, 2024 and December 31, 2023, and indicate the fair value hierarchy of the valuation techniques utilized by the Company to determine such fair value (in thousands).

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

At December 31, 2024

 

​

​

​

​

​

​

​

​

Significant

​

​

​

 

​

​

​

​

​

Quoted prices in

​

other

​

Significant

 

​

​

​

​

​

active markets for

​

observable

​

unobservable

 

​

​

December 31,

​

identical assets

​

inputs

​

inputs

 

​

​

2024

​

(Level 1)

​

(Level 2)

​

(Level 3)

 

Assets

    

​

    

    

​

    

    

​

    

    

​

    

​

Cash equivalents:

​

​

​

​

​

​

​

​

​

​

​

​

​

Money market funds (i)

​

$

69,854

​

$

69,854

​

$

-

​

$

-

​

Available for sale securities:

​

​

​

​

​

​

​

​

​

​

​

​

​

U.S. treasury securities (ii)

​

​

115,891

​

​

-

​

​

115,891

​

​

-

​

Bank certificates of deposit (ii)

​

​

5,623

​

​

-

​

​

5,623

​

​

-

​

Corporate notes (ii)

​

​

16,938

​

​

-

​

​

16,938

​

​

-

​

Asset-backed securities (ii)

​

​

7,819

​

​

-

​

​

7,819

​

​

-

​

Municipal bonds (ii)

​

​

3,018

​

​

-

​

​

3,018

​

​

-

​

Investments held for deferred compensation plans (iii)

​

​

14,741

​

​

-

​

​

14,741

​

​

-

​

Total Assets

​

$

233,884

​

$

69,854

​

$

164,030

​

$

-

​

Liabilities

​

​

​

​

​

​

​

​

​

​

​

​

​

Deferred compensation plans (iv)

​

$

14,640

​

​

-

​

​

14,640

​

​

-

​

Contingent consideration (iv)

​

​

1,585

​

​

-

​

​

-

​

​

1,585

​

Total Liabilities

​

$

16,225

​

$

-

​

$

14,640

​

$

1,585

​

(i)Included in cash and cash equivalents with a maturity of three months or less from date of purchase on the consolidated balance sheets.
(ii)Included in short-term investments on the consolidated balance sheets.
(iii)Included in deposits and other assets on the consolidated balance sheets.
(iv)Included in other liabilities on the consolidated balance sheets.

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

At December 31, 2023

​

​

​

​

​

​

​

​

​

Significant

​

​

​

 

​

​

​

​

​

Quoted prices in

​

other

​

Significant

 

​

​

​

​

​

active markets for

​

observable

​

unobservable

 

​

​

December 31,

​

identical assets

​

inputs

​

inputs

 

​

​

2023

​

(Level 1)

​

(Level 2)

​

(Level 3)

 

Assets

    

​

    

    

​

    

    

​

    

    

​

    

​

Cash equivalents:

​

​

​

​

​

​

​

​

​

​

​

​

​

Money market funds (i)

​

$

52,156

​

$

52,156

​

$

-

​

$

-

​

Available for sale securities:

​

​

​

​

​

​

​

​

​

​

​

​

​

U.S. government agency bonds (ii)

​

​

25,650

​

​

-

​

​

25,650

​

​

-

​

U.S. treasury securities (ii)

​

​

125,018

​

​

-

​

​

125,018

​

​

-

​

Bank certificates of deposit (ii)

​

​

7,109

​

​

-

​

​

7,109

​

​

-

​

Commercial paper (ii)

​

​

5,682

​

​

-

​

​

5,682

​

​

-

​

Corporate notes (ii)

​

​

21,140

​

​

-

​

​

21,140

​

​

-

​

Asset-backed securities (ii)

​

​

12,321

​

​

-

​

​

12,321

​

​

-

​

Municipal bonds (ii)

​

​

5,044

​

​

-

​

​

5,044

​

​

-

​

Investments held for deferred compensation plans (iii)

​

​

11,589

​

​

-

​

​

11,589

​

​

-

​

Total Assets

​

$

265,709

​

$

52,156

​

$

213,553

​

$

-

​

Liabilities

​

​

​

​

​

​

​

​

​

​

​

​

​

Deferred compensation plans (iv)

​

​

11,294

​

​

-

​

​

11,294

​

​

-

​

Total Liabilities

​

$

11,294

​

$

-

​

$

11,294

​

$

-

​

(i)Included in cash and cash equivalents with a maturity of three months or less from date of purchase on the consolidated balance sheets.
(ii)Included in short-term investments on the consolidated balance sheets.
(iii)Included in deposits and other assets on the consolidated balance sheets.
(iv)Included in other liabilities on the consolidated balance sheets.

​

Money market funds are highly liquid investments and are actively traded. The pricing information on these investment instruments is readily available and can be independently validated as of the measurement date. This approach results in the classification of these securities as Level 1 of the fair value hierarchy.

U.S. government agency bonds, U.S. treasury securities, bank certificates of deposit, commercial paper, municipal bonds, corporate notes and asset-backed securities are measured at fair value using Level 2 inputs. The Company reviews trading activity and pricing for these investments as of each measurement date. Pursuant to the Company’s deferred compensation plan (the Deferred Compensation Plan), the Company has also established a rabbi trust that serves as an investment to shadow the Deferred Compensation Plan liability. The investments of the rabbi trust and Deferred Compensation Plan liability consist of company-owned life insurance policies (COLIs) and the pricing on these investments can be independently evaluated. When sufficient quoted pricing for identical securities is not available, the Company uses market pricing and other observable market inputs for similar securities obtained from third party data providers. These inputs represent quoted prices for similar assets in active markets or these inputs have been derived from observable market data. This approach results in the classification of these securities as Level 2 of the fair value hierarchy.

The Company recorded a contingent consideration liability upon the asset acquisition described in Recent Developments within Note 1, Organization and Basis of Presentation above. The contingent consideration is measured at fair value and is based on significant inputs not observable in the market which includes the probability and timing of achieving certain future milestones, and to a lesser extent, an applicable discount rate and Glaukos’ credit rating. This represents a Level 3 measurement within the fair value hierarchy. The valuation of contingent consideration uses assumptions the Company believes a market participant would make. The Company assesses these estimates on an ongoing basis as it obtains additional data impacting the assumptions. During the year ended December 31, 2024, the contingent consideration liability increased from $1.4 million to $1.6 million, with the change in the fair value of contingent consideration related to updated assumptions and estimates recognized within the consolidated statements of operations.

There were no transfers between levels within the fair value hierarchy during the periods presented.

The Company did not have any assets or liabilities measured at fair value on a recurring basis within Level 3 fair value measurements as of December 31, 2023.

Convertible Senior Notes

As of December 31, 2023, the fair value of the Convertible Notes was $444.0 million. The fair value was determined on the basis of the market prices observable for similar instruments and is considered Level 2 in the fair value hierarchy. See Note 8, Convertible Senior Notes for additional information.
v3.25.0.1
Leases
 12 Months Ended
Dec. 31, 2024
Leases  
Leases

Note 5.

Leases

The Company has operating and finance leases for facilities and certain equipment.

The Company’s leases have non-cancelable lease terms of approximately one year to thirteen years, some of which include options to extend the leases for up to ten years. The exercise of lease renewal options is at the Company’s sole discretion. In certain of the Company’s lease agreements, the rental payments are adjusted periodically to reflect actual charges incurred for common area maintenance, landlord incentives and/or inflation.

The Company’s office building lease in Aliso Viejo, California (Aliso Facility) is one property containing three existing office buildings, comprising approximately 160,000 rentable square feet of space, which was accounted for as a finance lease. The term of the Aliso Facility commenced on April 1, 2019 for expense recognition and continues for thirteen years. The lease agreement contains an option to extend the lease for two additional five year periods at market rates.

The Company also leases two adjacent buildings, two office suites and a warehouse located in San Clemente, California and a facility in Burlington, Massachusetts. The total leased square footage of the San Clemente facilities equals approximately 120,000 and the two most significant leases expire on May 31, 2030 and May 31, 2035. Each of these two leases contain an option to extend the lease for one additional five-year period at market rates. The total leased square footage of the Burlington facility is approximately 60,000 square feet, and the lease expires on July 31, 2033. The Burlington facility lease contains an option to extend the lease for one additional five-year period at market rates.

The Company’s remaining foreign subsidiaries’ leased office and warehouse space totals less than 35,000 square feet.

The following table presents the maturity of the Company’s operating and finance lease liabilities within the consolidated balance sheets:

​

​

​

​

​

​

​

​

​

​

Leases

    

​

    

December 31,

    

December 31,

(in thousands)

​

Classification

​

2024

​

2023

Assets

​

  

​

​

  

​

​

  

Operating

​

Operating lease right-of-use asset

​

$

30,254

​

$

27,146

Finance

​

Finance lease right-of-use asset

​

​

41,816

​

​

44,180

Total lease assets

​

​

​

$

72,070

​

$

71,326

Liabilities

​

  

​

​

  

​

​

  

Current

​

​

​

​

​

​

​

​

Operating

​

Accrued liabilities

​

$

1,353

​

$

1,309

Finance

​

Accrued liabilities

​

​

1,121

​

​

923

Noncurrent

​

​

​

​

​

​

​

​

Operating

​

Operating lease liability

​

​

33,936

​

​

30,427

Finance

​

Finance lease liability

​

​

69,463

​

​

70,538

Total lease liabilities

​

  

​

$

105,873

​

$

103,197

Note: As the implicit rates in the Company’s leases are not readily available, the incremental borrowing rate was determined based on the information available at commencement date in determining the present value of lease payments.

​

For the year ended December 31, 2024 and December 31, 2023, the components of operating and finance lease expenses were as follows:

​

​

​

​

​

​

​

​

​

​

​

    

​

Year Ended

​

Year Ended

​

Lease Cost

​

​

December 31,

​

December 31,

​

(in thousands)

​

Classification

2024

​

2023

​

Fixed operating lease cost

​

Cost of sales

$

1,899

​

$

1,175

​

​

​

Research and development

​

1,680

​

​

1,903

​

​

​

Selling, general and administrative expenses

​

913

(a)

​

1,128

(a)

​

​

​

​

​

​

​

​

​

Finance lease cost

​

Amortization of right-of-use asset included in Selling, general and administrative expenses

$

2,385

​

$

2,421

​

Finance lease cost

​

Interest expense on lease liability

$

4,274

​

$

4,310

​

(a)Includes short-term leases, which are not significant.

​

The following table presents the maturity of the Company’s operating and finance lease liabilities as of December 31, 2024:

​

​

​

​

​

​

​

​

Maturity of Lease Liabilities

​

Operating

​

Finance

(in thousands)

    

Leases (a)

    

Leases (b)

2025

​

$

4,126

​

$

5,327

2026

​

​

4,127

​

​

5,487

2027

​

​

4,155

​

​

5,651

2028

​

​

4,204

​

​

5,821

2029

​

​

4,213

​

​

5,995

Thereafter

​

​

37,987

​

​

90,515

Total lease payments

​

$

58,812

​

$

118,796

Less: imputed interest

​

​

23,523

​

​

48,212

Total lease liabilities

​

$

35,289

​

$

70,584

(a)Operating lease payments include $24.7 million related to options to extend lease terms that are reasonably certain of being exercised.
(b)Finance lease payments include $75.8 million related to options to extend lease terms that are reasonably certain of being exercised.

​

The weighted-average remaining lease term and weighted-average discount rate related to the Company’s operating and finance leases as of December 31, 2024 and December 31, 2023 were:

​

​

​

​

​

​

​

​

​

​

December 31,

​

​

December 31,

​

Lease Term and Discount Rate

    

2024

​

    

2023

​

Weighted-average remaining lease term (years)

​

  

​

​

​

​

Operating leases

​

12.9

​

​

12.3

​

Finance leases

​

17.3

​

​

18.3

​

Weighted-average discount rate

​

​

​

​

​

​

Operating leases

​

8.0

%

​

8.0

%

Finance leases

​

6.0

%

​

6.0

%

​

Supplemental cash flow information related to the Company’s operating and finance leases was as follows:

​

​

​

​

​

​

​

​

Year Ended

​

Year Ended

Other Information

December 31,

​

December 31,

(in thousands)

2024

​

2023

Cash paid for amounts included in the measurement of lease liabilities:

​

​

​

​

​

Operating cash flows from operating leases

$

4,117

​

$

3,248

Right-of-use asset obtained in exchange for new operating lease

$

5,066

​

$

3,126

Interest paid for finance lease

$

4,274

​

$

4,310

​
v3.25.0.1
Intangible Assets and Goodwill
 12 Months Ended
Dec. 31, 2024
Intangible Assets and Goodwill  
Intangible Assets and Goodwill

Note 6.

Intangible Assets and Goodwill

Intangible assets

Effective March 17, 2023, the Company entered into a sales agreement (Sales Agreement) with Celanese Canada ULC (Celanese) under which Celanese will make available and supply to the Company certain raw materials used to create a nanoporous membrane utilized in the iDose TR, and authorized the Company to reference its Drug Master File (DMF) with respect to such raw materials, which is required for the Company to commercialize iDose TR. The term of the Sales Agreement is four years after the iDose TR launch date in February 2024. In exchange for the ability to obtain future raw materials and the rights related to the DMF, the Company is subject to minimum compensation payments over four years of $6.3 million and potential additional royalties based on a percentage of sales of the iDose TR product. The Company recognized an intangible asset related to the minimum compensation payments at fair value of $5.2 million upon the date of acquisition, which was determined to be the iDose TR launch date. The $5.2 million is included in Intangible assets, net on the consolidated balance sheets and will be amortized to cost of sales over

its useful life of four years, which is the initial term of the Sales Agreement. A member of the Celanese board of directors also sits on the board of directors of the Company.

​

For the year ended December 31, 2024, amortization expense related to the Company’s finite-lived intangible assets was approximately $22.2 million and $2.5 million, recorded in cost of sales and sales, general and administrative expenses, respectively, in the consolidated statements of operations. For each of the years ended December 31, 2023 and December 31, 2022, amortization expense related to the Company’s finite-lived intangible assets was approximately $22.1 million and $2.8 million, recorded in cost of sales and selling, general and administrative expenses, respectively, in the consolidated statement of operations.

Goodwill

The following table presents the composition of the Company’s intangible assets and goodwill (in thousands):

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Weighted-Average

​

As of December 31, 2024

​

As of December 31, 2023

​

​

Amortization

​

Gross

​

​

​

​

​

Gross

​

​

​

​

​

​

Period

​

Carrying

​

Accumulated

​

Net

​

Carrying

​

Accumulated

​

Net

​

    

(in years)

    

Amount

    

Amortization

    

Amount

    

Amount

    

Amortization

    

Amount

Developed technology

​

11.4

​

$

252,200

​

$

(112,762)

​

$

139,438

​

$

252,200

​

$

(90,670)

​

$

161,530

Customer relationships

​

5.0

​

​

14,100

​

​

(14,100)

​

​

-

​

​

14,100

​

​

(11,574)

​

​

2,526

License

​

4.0

​

​

5,190

​

​

(83)

​

​

5,107

​

​

-

​

​

-

​

​

-

Intangible assets subject to amortization

​

​

​

​

271,490

​

​

(126,945)

​

​

144,545

​

​

266,300

​

​

(102,244)

​

​

164,056

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

In-process research and development

​

Indefinite

​

$

118,900

​

​

-

​

​

118,900

​

​

118,900

​

​

-

​

​

118,900

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Total

​

​

​

$

390,390

​

$

(126,945)

​

$

263,445

​

$

385,200

​

$

(102,244)

​

$

282,956

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Goodwill

​

Indefinite

​

$

66,134

​

​

-

​

​

66,134

​

​

66,134

​

​

-

​

​

66,134

​

As of December 31, 2024, expected amortization expense for unamortized finite-lived intangible assets for the next five years and thereafter is as follows (in thousands):

​

​

​

​

​

​

    

Amortization Expense

2025

​

$

22,978

2026

​

​

23,735

2027

​

​

24,311

2028

​

​

21,896

2029

​

​

21,548

Thereafter

​

​

30,077

Total amortization

​

$

144,545

​

Actual amortization expense to be reported in future periods could differ from these estimates as a result of asset impairments, acquisitions, or other facts and circumstances.
v3.25.0.1
Revenue from Contracts with Customers
 12 Months Ended
Dec. 31, 2024
Revenue from Contracts with Customers  
Revenue from Contracts with Customers

Note 7. Revenue from Contracts with Customers

Disaggregation of Revenue

The Company’s revenues disaggregated by product category and geography, for the years ended December 31, 2024, December 31, 2023 and December 31, 2022 were as follows (in thousands):

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Year ended

​

​

December 31,

​

​

United States

​

International

​

Total

​

   

2024

   

2023

   

2022

   

2024

   

2023

   

2022

   

2024

   

2023

   

2022

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Glaucoma

​

$

199,571

​

$

151,479

​

$

144,661

​

$

103,705

​

$

85,560

​

$

69,577

​

$

303,276

​

$

237,039

​

$

214,238

Corneal Health

​

​

70,523

​

 

67,917

​

 

58,577

​

​

9,682

​

 

9,755

​

 

10,047

​

​

80,205

​

 

77,672

​

 

68,624

Total

 

$

270,094

​

$

219,396

​

$

203,238

​

$

113,387

​

$

95,315

​

$

79,624

​

$

383,481

​

$

314,711

​

$

282,862

​

Contract Balances

Contract Assets

Amounts are recorded as accounts receivable when the Company’s right to consideration becomes unconditional. Payment terms on invoiced amounts are typically between 30 – 60 days for glaucoma and corneal health products, though extended payment terms have been offered as part of the iDose TR commercial launch during 2024. However, the Company does not consider any significant financing components in customer contracts given the expected time between transfer of the promised products and the payment of the associated consideration is less than one year. As of December 31, 2024 and December 31, 2023, substantially all amounts included in accounts receivable, net on the consolidated balance sheets are related to contracts with customers.

Aside from the aforementioned contract assets, the Company does not have any contract assets given that the Company does not have any unbilled receivables and sales commissions on products are expensed within selling, general and administrative expenses within the consolidated statement of operations when incurred as any incremental cost of obtaining contracts with customers would have an amortization period of less than one year.

Contract Liabilities

Contract liabilities reflect consideration received from customers’ purchases allocated to the Company’s future performance obligations.

The Company has a performance obligation to issue a volume-based rebate to customers who may be eligible for such rebate at the conclusion of their contract term. This performance obligation is transferred over time and the Company’s method of measuring progress is the output method, whereby the progress is measured by the estimated rebate earned to date over the total rebate estimated to be earned over the contract period.

Additionally, effective in the first quarter 2024, certain sales of the Company’s pharmaceutical products are subject to rebates under the Medicaid Drug Rebate Program (MDRP). The rebate accrual calculation requires management to estimating the volume of net sales that will be subject to these rebates. There can be significant time-lag in receiving rebate notices from each state (generally, several months or longer after a sale is recognized). Estimated MDRP rebates are recorded as a reduction of revenue in the period the related sale is recognized.

The Company’s total volume-based and MDRP allowances are included in accrued liabilities in the consolidated balance sheets and estimated rebates accrued were $8.0 million and $8.9 million as of December 31, 2024 and December 31, 2023, respectively, as detailed below:

​

​

​

​

​

​

​

​

Year ended

​

​

December 31,

​

    

2024

Sales rebate balance, January 1, 2024

​

$

8,935

Current period provision

​

​

12,501

Payments and credits

​

​

(13,480)

Sales rebate balance, December 31, 2024

​

$

7,956

​

During the years ended December 31, 2024 and December 31, 2023, the Company did not recognize any revenue related to material changes in transaction prices regarding its contracts with customers and did not recognize any material changes in revenue related to amounts included in contract liabilities at the beginning of the period.

The Company’s net sales within a fiscal year may be impacted seasonally, as demand for U.S. ophthalmic procedures is typically softer in the first quarter and stronger in the fourth quarter of a given year.
v3.25.0.1
Convertible Senior Notes
 12 Months Ended
Dec. 31, 2024
Convertible Senior Notes  
Convertible Senior Notes

Note 8.Convertible Senior Notes

The Company accounted for its convertible senior notes as a single unit of accounting, a liability, because the Company concluded that there were no material conversion features that require bifurcation as a derivative and its convertible debt instruments were not issued at a substantial premium.

In June 2020, the Company issued $287.5 million in aggregate principal amount of Convertible Notes pursuant to an indenture dated June 11, 2020, between the Company and Wells Fargo Bank, National Association, as trustee (the Indenture), in a private offering to qualified institutional buyers in accordance with Rule 144A under the Securities Act of 1933, as amended. The Convertible Notes were senior unsecured obligations of the Company and bore interest at a rate of 2.75% per year, payable semi-annually in arrears on June 15 and December 15 of each year, beginning on December 15, 2020. In connection with issuing the Convertible Notes, the Company received $242.2 million in proceeds, after deducting fees and offering expenses and paying the cost of the capped call transactions described below.

In June 2024 the Company executed a Convertible Notes Exchange whereby certain investors exchanged $230.0 million in aggregate principal of Convertible Notes held for an aggregate of 4,253,423 shares of the Company’s common stock, leaving $57.5 million aggregate principal of remaining Convertible Notes outstanding. Then on October 4, 2024, the Company issued a notice of redemption (the Redemption Notice) for all remaining $57.5 million aggregate principal outstanding of its Convertible Notes to be redeemed on December 16, 2024 (the Redemption Date) for the principal amount together with accrued and unpaid interest. The Redemption Notice triggered a right to conversion by holders, at their election, into shares of common stock of the Company (Common Stock) pursuant to physical settlement at any time prior to the Redemption Date. The conversion rate for the Convertible Notes was 17.8269 shares of Common Stock per $1,000 principal amount, plus additional shares of 0.3501 per $1,000 principal amount, thus totaling 18.1770 shares of Common Stock per $1,000 principal amount surrendered for conversion thereunder.

​

Between the issuance of the Redemption Notice and the Redemption Date, holders of Convertible Notes totaling approximately $57.4 million of outstanding principal amount elected to convert, resulting in the issuance of 1,044,066 shares of the Company’s common stock. On December 16, 2024, the remaining approximately $0.1 million of outstanding principal amount was redeemed, along with accrued and unpaid interest, for cash.

​

Interest expense relating to the Convertible Notes in the consolidated statements of operations for the years ended December 31, 2024, December 31, 2023 and December 31, 2022 are summarized as follows (in thousands):

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Year ended

​

​

​

​

​

​

December 31,

​

    

2024

    

2023

    

2022

Contractual interest expense

​

$

4,590

​

$

7,906

​

$

7,906

Amortization of debt issuance costs

​

​

1,403

​

​

1,373

​

​

1,373

Total interest expense

​

$

5,993

​

$

9,279

​

$

9,279

​

The effective interest rate on the Convertible Notes for the year ended December 31, 2024 was 2.1% and was 3.2% for the years ended December 31, 2023 and December 31, 2022, respectively.

As of December 31, 2023 the Convertible Notes on the consolidated balance sheets represented the carrying amount of the liability component of the Convertible Notes, net of unamortized debt issuance costs, which are summarized as follows (in thousands):

​

​

​

​

​

​

​

​

​

​

​

​

Year ended

​

​

​

December 31,

​

​

    

2023

    

Convertible Notes

​

​

287,500

​

Less: Unamortized debt issuance costs

​

​

(4,727)

​

Carrying amount of Convertible Notes

​

​

282,773

​

​

Capped Call Transactions

In connection with the offering of the Convertible Notes, in June 2020 the Company entered into privately negotiated capped call transactions with certain financial institutions (the Option Counterparties) and used an aggregate $35.7 million of the net proceeds from the Convertible Notes to pay the cost of the capped call transactions. The capped call transactions are expected generally to reduce potential dilution to the Company’s common stock upon any conversion of the Convertible Notes or at the Company’s election (subject to certain conditions) offset any cash payments the Company is required to make in excess of the aggregate principal amount of converted Convertible Notes, as the case may be, with such reduction or offset subject to a cap based on the cap price. The cap price of the capped call transactions is initially $86.30 per share, which represented a premium of 100% over the last reported sale price of the Company’s common stock on June 8, 2020, and is subject to certain adjustments under the terms of the capped call transactions. The capped calls have an initial strike price of approximately $56.10 per share, subject to certain adjustments, which corresponds to the conversion option strike price in the Convertible Notes. The capped call transactions cover, subject to customary adjustments, the number of shares of common stock initially underlying the Convertible Notes (or approximately 5.1 million shares of the Company’s common stock).

The capped call transactions are separate transactions that the Company entered into with the Option Counterparties, are not part of the terms of the Convertible Notes and will not change the holders’ rights under the Convertible Notes. As the capped call transactions meet certain accounting criteria, the cost of the capped call transactions of $35.7 million was recorded as a reduction in additional paid-in capital in the consolidated balance sheets and will not be remeasured to fair value as long as the accounting criteria continue to be met.

On December 2, 2024, the Company entered into Capped Call Unwind Agreements with certain of the Option Counterparties to unwind 50% of the capped call transactions. Under the terms of the Unwind Agreements, there was a three-day unwinding period, referred to as the Volume-Weighted Average Price (VWAP) period, before the cash settlement was delivered. At the time of signing the Unwind Agreements, the Company recognized a derivative asset at its fair value of $53.9 million, reflecting the initial cash settlement value based on the VWAP as of the signing date, with a corresponding entry recorded to additional paid-in capital in the consolidated balance sheets.

During the three-day VWAP period, fluctuations in the Company’s stock price resulted in a remeasurement loss on the derivative asset of $0.7 million, which was recorded within other expense, net in the consolidated statements of operations. On December 6, 2024, the Capped Call Unwind Agreements were settled and the Company received $53.2 million in cash, at which point the derivative asset was derecognized.

The remaining outstanding 50% of the capped call transaction will not be remeasured to fair value as long as the accounting criteria continue to be met.
v3.25.0.1
Stock-Based Compensation
 12 Months Ended
Dec. 31, 2024
Stock-Based Compensation  
Stock-Based Compensation

Note 9.

Stock-Based Compensation

The Company has three stock-based compensation plans (collectively, the Stock Plans) — the 2011 Stock Plan (the 2011 Stock Plan), the Amended and Restated 2015 Omnibus Incentive Compensation Plan (the 2024 Stock Plan) and the Employee Stock Purchase Program (ESPP). The 2024 Stock Plan permits grants of stock options and restricted stock unit (RSU) awards. The Company no longer grants any awards under the 2011 Stock Plan.

The purpose of these Stock Plans is to provide incentives to employees, directors and nonemployee consultants. The maximum term of any stock options granted under the Stock Plans is 10 years. For employees and nonemployees, time-based stock options generally vest 25% on the first anniversary of the original vesting date, with the balance vesting monthly or annually over the remaining three years. Stock options are granted at exercise prices at least equal to the fair value of the underlying stock at the date of the grant.

For employees and nonemployees, generally, time-based RSU awards vest 25% on each of the first, second, third and fourth anniversaries of the grant date and in certain cases, vest one year after grant date.

The Compensation, Nominating and Governance Committee (Compensation Committee) has approved the grant of performance-based equity awards (PBEAs) to the Company’s named executive officers and certain other senior level employees pursuant to the 2024 Stock Plan and include performance-based stock options and performance-based RSUs. These PBEAs will only vest upon the Compensation Committee’s determination that the corresponding, pre-defined Company operational goals were satisfied.

The ESPP permits eligible employees to purchase shares of the Company’s common stock, using contributions made via payroll deductions of up to 15% of their earnings, at a price per share equal to 85% of the lower of the stock’s fair market value on the offering date or the purchase date of a given ESPP offering period. The ESPP is intended to qualify as an “employee stock purchase plan” under Section 423 of the Internal Revenue Code.

As of January 1, 2025, the Company has reserved an aggregate of 25.8 million shares of common stock for issuance under the 2024 Stock Plan, and 4.7 million shares of common stock for issuance under the ESPP.

Valuation and Expense Recognition of Stock-Based Awards

The Company accounts for the measurement and recognition of compensation expense for all share-based awards made to the Company’s employees and nonemployees based on the estimated fair value of the awards.

The Company uses the Black-Scholes option-pricing model to estimate the fair value of time-based and performance-based stock options and look back options included as part of the ESPP. The determination of fair value using the Black-Scholes option-pricing model is affected by the estimated fair market value per share of the Company’s common stock as well as assumptions regarding a number of complex and subjective variables, including expected stock price volatility, risk-free interest rate, expected dividends and expected option life and generally requires significant management judgment to determine.

Fair value of common stock. The Company has used the daily closing market prices in the determination of the fair value of its common stock.

Expected volatility. The Company based the expected volatility on the historic volatility of its common stock.

Risk-free interest rate. The risk-free interest rate is equal to the U.S. Treasury Note interest rate for the comparable term for the expected option life as of the valuation date. If the expected option life is between the U.S. Treasury Note rates of two published terms, then the risk-free interest rate is based on the straight-line interpolation between the U.S. Treasury Note rates of the two published terms as of the valuation date.

Expected dividend yield. The expected dividend yield is based on the Company’s history and expectation of dividend payouts. The Company has never declared or paid any cash dividends and does not presently plan to pay cash dividends in the foreseeable future.

Expected term. The Company has concluded that its stock option exercise history does not provide a reasonable basis upon which to estimate expected term, and therefore it uses the simplified method for estimating the expected term of stock option grants. Under this approach, the weighted-average expected term is presumed to be the average of the vesting term and the contractual term of the option.

Forfeiture rate. The Company reduces share-based compensation expense for estimated forfeitures. Forfeitures are estimated at the time of grant based on historical experience, and revised, if necessary, in subsequent periods if actual forfeitures differ from those estimates.

Stock Options

Time-based stock options

The following table summarizes time-based stock option activity under the Stock Plans:

​

​

​

​

​

​

​

​

​

​

​

​

​

    

Number of

    

​

    

​

Weighted-

    

​

 

​

​

​

shares

​

Weighted-

​

average

​

Aggregate

​

​

​

underlying

​

average

​

remaining

​

intrinsic

​

​

​

options

​

exercise price

​

contractual

​

value (in

​

​

​

(in thousands)

​

per share

    

life (in years)

​

thousands)

​

Outstanding at December 31, 2021

 

4,413

​

$

29.01

​

4.9

​

$

72,944

​

Granted

​

202

​

​

54.99

​

​

​

​

​

​

Exercised

​

(295)

​

​

12.12

​

​

​

​

11,190

​

Canceled/forfeited/expired

​

(32)

​

​

54.31

​

​

​

​

​

​

Outstanding at December 31, 2022

​

4,288

​

$

31.35

​

4.3

​

$

60,960

​

Granted

​

307

​

​

48.84

​

​

​

​

​

​

Exercised

​

(694)

​

​

18.24

​

​

​

​

37,946

​

Canceled/forfeited/expired

​

(165)

​

​

41.41

​

​

​

​

​

​

Outstanding at December 31, 2023

​

3,736

​

$

34.78

​

4.0

​

$

167,180

​

Granted

​

79

​

​

88.52

​

​

​

​

​

​

Exercised

​

(1,262)

​

​

29.93

​

​

​

​

96,359

​

Canceled/forfeited/expired

​

(19)

​

​

53.57

​

​

​

​

​

​

Outstanding at December 31, 2024

​

2,534

​

$

38.39

​

3.5

​

$

273,349

​

Vested and expected to vest at December 31, 2024

​

2,442

​

$

38.34

​

3.5

​

$

272,485

​

Exercisable at December 31, 2024

​

2,193

​

$

35.81

​

3.0

​

$

250,345

​

​

The weighted average estimated grant date fair value per share of time-based stock options granted during the years ended December 31, 2024, December 31, 2023 and December 31, 2022 was $50.10, $27.07 and $25.43, respectively.

The total fair value of time-based stock options that vested during the years ended December 31, 2024, December 31, 2023 and December 31, 2022 was $6.9 million, $3.7 million and $3.6 million, respectively.

As of December 31, 2024 unamortized stock-based compensation expense attributable to time-based stock options was $7.3 million and is to be recognized over the stock options’ remaining vesting terms of approximately 4.0 years (2.4 years on a weighted average basis).

The fair value of each time-based option award is estimated on the date of grant using a Black-Sholes option pricing model applying the assumptions noted in the following table. The weighted average assumptions used to estimate the fair value of options granted to employees and non-employees were as follows:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Year ended

 

​

​

​

December 31,

 

​

​

​

2024

​

​

2023

​

​

2022

 

Risk-free interest rate

    

​

4.39

%  

​

3.53

%  

​

2.55

% 

Expected dividend yield

 

​

0.0

%  

​

0.0

%  

​

0.0

%

Expected volatility

 

​

55.2

%  

​

56.4

%  

​

55.6

%

Expected term (in years)

 

​

6.02

​

​

5.83

​

​

5.97

​

​

Performance-based stock options

The following table summarizes performance-based stock option activity under the Stock Plans:

​

​

​

​

​

​

​

​

​

​

​

​

​

    

Number of

    

​

    

​

Weighted-

    

​

 

​

​

​

shares

​

Weighted-

​

average

​

Aggregate

​

​

​

underlying

​

average

​

remaining

​

intrinsic

​

​

​

options

​

exercise price

​

contractual

​

value (in

​

​

​

(in thousands)

​

per share

    

life (in years)

​

thousands)

​

Outstanding at December 31, 2021

 

129

​

$

39.10

​

8.2

​

$

692

​

Granted

​

282

​

​

55.18

​

​

​

​

​

​

Exercised

​

-

​

​

-

​

​

​

​

63

​

Canceled/forfeited/expired

​

(18)

​

​

39.10

​

​

​

​

​

​

Outstanding at December 31, 2022

​

393

​

$

50.63

​

8.2

​

$

692

​

Granted

​

183

​

​

48.46

​

​

​

​

​

​

Exercised

​

(2)

​

​

39.10

​

​

​

​

100

​

Canceled/forfeited/expired

​

(55)

​

​

39.10

​

​

​

​

​

​

Outstanding at December 31, 2023

​

519

​

$

51.13

​

8.4

​

$

14,720

​

Granted

​

-

​

​

-

​

​

​

​

​

​

Exercised

​

(36)

​

​

46.96

​

​

​

​

2,234

​

Canceled/forfeited/expired

​

-

​

​

-

​

​

​

​

​

​

Outstanding at December 31, 2024

​

483

​

$

51.20

​

7.4

​

$

56,018

​

Vested and expected to vest at December 31, 2024

​

362

​

$

52.33

​

6.9

​

$

35,332

​

Exercisable at December 31, 2024

​

231

​

$

50.71

​

6.8

​

$

22,890

​

​

Intrinsic value is calculated as the difference between the exercise price of the underlying options and the fair value of the common stock for the options that had exercise prices that were lower than the fair value per share of the common stock on the date of exercise.

The weighted average estimated grant date fair value per share of performance-based stock options granted during the years ended December 31, 2023 and December 31, 2022 was $27.21 and $27.33, respectively. No performance-based stock options were granted during 2024.

The total fair value of performance-based stock options that vested during the years ended December 31, 2024 December 31, 2023 and December 31, 2022 was $2.1 million, $2.4 million and $0.4 million, respectively.

As of December 31, 2024 unamortized stock-based compensation expense attributable to performance-based stock options was $0.3 million and is to be recognized over the stock options’ remaining vesting terms of approximately less than one year (0.9 years on a weighted average basis).

The fair value of each performance-based option award is estimated on the date of grant using a Black-Sholes option pricing model applying the assumptions noted in the following table. The weighted average assumptions used to estimate the fair value of options granted to employees and non-employees were as follows:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Year ended

 

​

​

​

December 31,

 

​

​

​

2024

​

​

2023

​

​

2022

 

Risk-free interest rate

    

​

n/a

​

​

3.54

%  

​

2.38

​

Expected dividend yield

 

​

n/a

​

​

0.0

%  

​

0.0

​

Expected volatility

 

​

n/a

​

​

56.3

%  

​

55.6

​

Expected term (in years)

 

​

n/a

​

​

6.01

​

​

6.01

​

​

Restricted Stock Units

The fair value of RSU awards made to employees and nonemployees is equal to the closing market price of the Company’s common stock on the grant date.

Time-based RSUs

The following table summarizes the activity of unvested time-based RSUs under the Stock Plans during the years ended December 31, 2024, December 31, 2023 and December 31, 2022:

​

​

​

​

​

​

​

​

​

​

​

​

​

Weighted-

​

​

​

​

Number of

​

average

​

​

​

​

shares

​

grant date

​

​

​

    

(in thousands)

    

fair value

​

Unvested at December 31, 2021

​

​

1,010

​

$

57.30

​

Granted

​

​

738

​

​

56.40

​

Vested

​

​

(362)

​

​

53.96

​

Canceled/forfeited

​

​

(118)

​

​

55.42

​

Unvested at December 31, 2022

 

​

1,268

​

$

57.92

​

Granted

​

​

839

​

​

51.39

​

Vested

​

​

(441)

​

​

56.66

​

Canceled/forfeited

​

​

(75)

​

​

55.19

​

Unvested at December 31, 2023

​

​

1,591

​

$

54.95

​

Granted

​

​

470

​

​

93.40

​

Vested

​

​

(570)

​

​

53.83

​

Canceled/forfeited

​

​

(76)

​

​

63.62

​

Unvested at December 31, 2024

​

​

1,415

​

$

67.68

​

​

The total fair value of time-based RSUs that vested during the years ended December 31, 2024, December 31, 2023 and December 31, 2022 was $30.7 million, $25.0 million and $19.5 million, respectively.

As of December 31, 2024 unamortized stock-based compensation expense attributable to time-based RSUs was $65.7 million and is to be recognized over the RSU’s remaining vesting terms of approximately 4.0 years (2.6 years on a weighted average basis).

Performance-based RSUs

The following table summarizes the activity of unvested performance-based RSUs under the Stock Plans during the years ended December 31, 2024, December 31, 2023 and December 31, 2022:

​

​

​

​

​

​

​

​

​

​

​

​

Weighted-

​

​

​

Number of

​

average

​

​

​

shares

​

grant date

​

​

    

(in thousands)

    

fair value

Unvested at December 31, 2021

​

​

176

​

$

78.19

Granted

​

​

37

​

​

55.18

Vested

​

​

(37)

​

​

42.21

Canceled/forfeited

​

​

-

​

​

-

Unvested at December 31, 2022

 

​

176

​

$

75.02

Granted

​

​

8

​

​

48.62

Vested

​

​

(63)

​

​

69.82

Canceled/forfeited

​

​

-

​

​

-

Unvested at December 31, 2023

 

​

121

​

$

77.42

Granted

​

​

174

​

​

85.78

Vested

​

​

(58)

​

​

71.03

Canceled/forfeited

​

​

-

​

​

-

Unvested at December 31, 2024

​

​

237

​

$

73.47

​

The total fair value of performance-based RSUs that vested during the years ended December 31, 2024, December 31, 2023 and December 31, 2022 was $4.1 million, $4.4 million and $1.6 million, respectively.

As of December 31, 2024 unamortized stock-based compensation expense attributable to performance-based RSUs was $1.2 million and is to be recognized over the RSU’s remaining vesting terms of approximately less than one year (0.8 years on a weighted average basis).

All Share-Based Compensation Arrangements

The following table summarizes the allocation of stock-based compensation related to both time-based and performance-based stock options and RSUs in the accompanying consolidated statements of operations (in thousands):

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Year ended

 

​

​

December 31,

 

​

​

2024

​

2023

​

2022

 

​

​

​

​

    

​

​

​

​

​

​

Cost of sales

    

$

3,440

​

$

2,233

    

$

1,849

​

Selling, general & administrative

​

​

33,165

​

 

28,781

​

 

26,988

​

Research and development

​

​

13,602

​

 

12,514

​

 

9,724

​

Total

 

$

50,207

​

$

43,528

​

$

38,561

​

​

In the years ended December 31, 2024, December 31, 2023, and December 31, 2022, the related tax (expense)/benefit was $20.0 million, $5.3 million and $(0.5) million, respectively, relating to stock-based compensation.

The total stock-based compensation cost capitalized in inventory was not significant for the years ended December 31, 2024, December 31, 2023 and December 31, 2022, respectively.

v3.25.0.1
Income Taxes
 12 Months Ended
Dec. 31, 2024
Income Taxes  
Income Taxes

Note 10.

Income Taxes

United States and foreign (loss) income before income taxes was as follows (in thousands):

​

​

​

​

​

​

​

​

​

​

​

​

​

Year ended December 31,

 

​

​

2024

​

2023

​

2022

 

United States

    

$

(147,828)

    

$

(138,205)

    

$

(101,316)

​

Foreign

​

 

2,227

​

 

4,478

​

 

2,887

​

Total

​

$

(145,601)

​

$

(133,727)

​

$

(98,429)

​

​

The income tax provision was as follows (in thousands):

​

​

​

​

​

​

​

​

​

​

​

​

​

December 31,

 

​

​

2024

​

2023

​

2022

 

Current:

    

​

    

    

​

    

    

​

    

​

Federal

​

$

-

​

$

(55)

​

$

(240)

​

State

​

 

307

​

 

294

​

 

368

​

Foreign

​

 

680

​

 

815

​

 

693

​

​

​

 

987

​

 

1,054

​

 

821

​

Deferred:

​

​

​

​

​

​

​

​

​

​

Federal

​

 

4

​

 

23

​

 

14

​

State

​

 

(220)

​

 

(143)

​

 

(87)

​

Foreign

​

 

-

​

 

-

​

 

18

​

​

​

 

(216)

​

 

(120)

​

 

(55)

​

Income tax provision

​

$

771

​

$

934

​

$

766

​

​

The reconciliations of the U.S. federal statutory tax expense to the combined effective tax provision are as follows:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Year ended

 

​

​

​

December 31,

 

(amounts in thousands)

    

​

2024

    

​

2023

    

​

2022

 

Statutory rate of tax benefit

​

$

(30,578)

​

$

(28,082)

​

$

(20,670)

​

State income taxes, net of federal benefit

​

 

(5,728)

​

​

(6,436)

​

​

(2,558)

​

Permanent and other items

​

 

2,212

​

​

5,105

​

​

497

​

Loss on extinguishment of debt

​

​

3,657

​

​

-

​

​

-

​

Limitation on officers' compensation

​

​

6,622

​

​

-

​

​

-

​

In-process research and development

​

​

2,160

​

​

-

​

​

-

​

Stock-based compensation

​

 

(19,960)

​

​

(5,323)

​

​

493

​

Research credits

​

 

(6,481)

​

​

(6,059)

​

​

(7,700)

​

Uncertain tax positions

​

 

2,977

​

​

3,493

​

​

3,711

​

Change in tax rate

​

 

899

​

​

1,333

​

​

56

​

State economic development credits

​

​

-

​

​

(2,370)

​

​

-

​

Valuation allowance

​

 

44,991

​

​

39,273

​

​

26,937

​

Income tax provision

​

$

771

​

$

934

​

$

766

​

​

Significant components of the Company’s net deferred tax assets at December 31, 2024 and December 31, 2023 are as follows (in thousands):

​

​

​

​

​

​

​

​

​

​

December 31,

 

​

​

2024

​

2023

 

Deferred tax assets:

    

 

    

    

​

    

​

Net operating loss carryforwards

 

$

115,938

​

$

96,886

​

Tax credits

​

​

30,000

​

 

26,176

​

Stock-based compensation

​

​

12,197

​

​

14,533

​

Reserves and accruals

​

​

15,073

​

​

12,111

​

Lease liability

​

​

25,510

​

​

24,924

​

Section 174 research costs capitalization

​

​

69,372

​

​

48,462

​

Other, net

​

​

1,481

​

​

957

​

Total deferred tax assets

​

$

269,571

​

$

224,049

​

​

​

​

​

​

​

​

​

Deferred tax liabilities:

​

​

​

​

​

​

​

Depreciation and amortization

​

​

(51,039)

​

​

(56,471)

​

ROU lease asset

​

​

(17,280)

​

​

(17,196)

​

Total deferred tax liabilities

​

$

(68,319)

​

$

(73,667)

​

​

​

​

​

​

​

​

​

Valuation allowance

​

 

(208,180)

​

 

(157,526)

​

Net deferred tax liability

​

$

(6,928)

​

$

(7,144)

​

​

Based on the weight of available evidence, management has established a valuation allowance for a portion of its deferred tax assets which it expects will not be realized on a more likely than not basis. The net increase in the valuation allowance was $50.7 million in 2024.

As of December 31, 2024, the Company had approximately $527.5 million, $437.0 million and $6.5 million of NOL carryforwards for federal, state and foreign purposes, respectively. Portions of federal NOL carryforwards incurred prior to 2018 will expire annually, if unused, while $322.8 million will not expire but can only be used to offset 80 percent of federal taxable income. Additionally, portions of state and foreign NOL carryforwards will expire annually, if unused.

As of December 31, 2024, the Company had federal and state R&D credit carryforwards of approximately $48.2 million and $28.6 million, respectively. Portions of federal and $4.6 million of state credits will expire annually, if unused, while $24.0 million of state credits carry forward indefinitely. Additionally, as of December 31, 2024, the Company had California economic development credit carryforwards of $3.0 million. These economic development credits can only be used to offset California taxable income and begin to expire in 2028, if unused.

Utilization of some NOL and tax credit carryforwards will be subject to annual limitations under IRC Section 382 and Section 383 due to several ownership changes that have occurred previously or that could occur in the future. These ownership changes may limit the amount of NOL, tax credit carryforwards, and other deferred tax assets that can be utilized to offset future taxable income and/or income tax liabilities. In general, ownership changes as defined by IRC Section 382 result from a greater than 50 percent change in the ownership of the Company’s stock among certain shareholders over a three-year period.

A reconciliation of the beginning and ending amount of gross unrecognized tax benefits for the years ended December 31, 2024, December 31, 2023 and December 31, 2022 excluding interest and penalties, is as follows (in thousands):

​

​

​

​

​

​

​

​

​

​

​

​

December 31,

​

​

2024

​

2023

​

2022

Balance at beginning of the year

    

$

32,839

    

$

28,968

    

$

25,816

Net addition for tax positions - prior years

​

​

526

​

​

986

​

​

679

Net additions for tax positions - current year

​

​

3,479

​

 

4,013

​

 

4,307

Subtractions from tax positions - prior years

​

​

(2,250)

​

​

(1,128)

​

​

(553)

Subtractions from tax positions - current year

​

​

-

​

​

-

​

​

(1,281)

Balance at end of the year

​

$

34,594

​

$

32,839

​

$

28,968

​

As of December 31, 2024, approximately $2.0 million of unrecognized tax benefits would reduce the Company’s annual effective tax rate if recognized.

The Company’s policy is to recognize interest expense and penalties related to income tax matters as a component of its income tax provision. The accrued interest and penalties associated with uncertain tax positions as of December 31, 2024, December 31, 2023 and December 31, 2022 were not material. Approximately $0.6 million of the Company’s unrecognized tax benefits are expected to reverse over the next 12 months.

Due to the Company’s NOL carryforwards, its U.S. income tax returns are open to examination by the Internal Revenue Service and other state taxing jurisdictions for years beginning in 2005.

There are no cumulative earnings in the Company’s foreign subsidiaries as of December 31, 2024 that would be subject to U.S. income tax or foreign withholding tax. The Company plans to indefinitely reinvest any future earnings of its foreign subsidiaries.
v3.25.0.1
Employee Benefits
 12 Months Ended
Dec. 31, 2024
Employee Benefits  
Employee Benefits

Note 11. Employee Benefits

Defined Contribution Plan

The Company sponsors a defined contribution plan pursuant to section 401(k) of the U.S. Internal Revenue Code that allows participating employees to contribute up to 100% of their salary, to an annual maximum of $23,000 in 2024, $22,500 in 2023, and $20,500 in 2022 ($30,500, $30,000 and $27,000 in 2024, 2023 and 2022, respectively, for employees over the age of 50). Through December 31, 2024, the Company has only made “qualified nonelective contributions” to maintain compliance with IRS regulations.

During the years ended December 31, 2024, December 31, 2023 and December 31, 2022, the Company contributed a $0.50 match for every $1.00 contributed by a participating employee up to 6% of plan-eligible earnings, with such Company contributions becoming fully vested when participating employees reach the 3-year anniversary from their date of hire, giving credit for past service. For the years ended December 31, 2024, December 31, 2023 and December 31, 2022, Company contributions totaled approximately $3.2 million, $2.9 million and $2.5 million, respectively.

Deferred Compensation Plan

Pursuant to the Company’s deferred compensation plan (the Deferred Compensation Plan), eligible senior level employees are permitted to make elective deferrals of compensation to which they will become entitled in the future. The Company has also established a rabbi trust that serves as an investment to shadow the Deferred Compensation Plan liability. The investments of the rabbi trust consist of COLIs. The fair value of the Deferred Compensation Plan liability, included in other liabilities on the consolidated balance sheets, was approximately $14.6 million and $11.3 million as of December 31, 2024 and December, 31, 2023 respectively, and the cash surrender value of the COLIs, included in deposits and other assets on the consolidated balance sheets, which reflects the underlying assets at fair value, was approximately $14.7 million and $11.6 million as of December 31, 2024 and December 31, 2023, respectively.
v3.25.0.1
Commitments and Contingencies
 12 Months Ended
Dec. 31, 2024
Commitments and Contingencies.  
Commitments and Contingencies

​

Note 12.

Commitments and Contingencies

Secured Letters of Credit

The Company has a letter of credit that is related to its Aliso Facility. The letter of credit is secured with an amount of cash held in a restricted account of approximately $4.5 million and $5.6 million as of December 31, 2024 and December 31, 2023, respectively. Beginning May 2022, and on each twelve-month anniversary thereafter, the letter of credit will be reduced by 20% until the letter of credit amount has been reduced to $2.0 million.

The Company has other irrevocable standby letters of credit secured with approximately $0.2 million of cash in a restricted account.

Purchase Commitment

As of December 31, 2024, the Company had noncancelable, firm purchase commitments of $1.5 million due beyond one year.

Indemnification

In the ordinary course of business, the Company enters into agreements that may include indemnification provisions. Pursuant to such agreements, the Company may indemnify, hold harmless and defend the indemnified parties for losses suffered or incurred by the indemnified party. Some of the provisions will limit losses to those arising from third-party actions. In some cases, the indemnification will continue after the termination of the agreement. The maximum potential amount of future payments the Company could be required to make under these provisions is not determinable. To date, the Company has not incurred material costs to defend lawsuits or settle claims related to these indemnification provisions. The Company has also entered into indemnification agreements with its directors and officers that may require it to indemnify its directors and officers against liabilities that may arise by reason of their status or service as directors or officers to the fullest extent permitted by corporate law. The Company also has directors’ and officers’ insurance.
v3.25.0.1
Business Segment Information
 12 Months Ended
Dec. 31, 2024
Business Segment Information  
Business Segment Information

Note 13.

Business Segment Information

The Company has one business activity and operates as one operating segment: the development and commercialization of ophthalmic therapies designed to treat glaucoma, corneal disorders and retinal diseases. The Company determined its operating segment on the same basis that it uses to evaluate its performance internally. The Company’s revenues disaggregated by revenue and product category are included in Note 7, Revenue from Contracts with Customers. The Company’s chief operating decision-maker, its Chief Executive Officer, reviews its consolidated operating results for the purpose of allocating resources and evaluating financial performance.

​

​

​

​

​

​

​

​

​

​

​

​

​

Year Ended December 31,

​

    

2024

    

2023

    

2022

​

​

(in thousands)

Net sales

    

$

383,481

    

$

314,711

    

$

282,862

Less:

 

​

  

 

​

  

 

​

  

Cost of sales

 

​

94,027

 

​

75,575

 

​

68,979

Sales, marketing & distribution

 

​

140,094

 

​

137,959

 

​

125,121

Research & development

 

​

84,609

 

​

86,294

 

​

80,399

Clinical

 

​

51,816

 

​

52,474

 

​

42,872

General & administrative

 

​

121,072

 

​

86,109

 

​

67,804

In-process research and development

 

​

14,229

 

​

5,000

 

​

10,000

Litigation-related settlement

 

​

-

 

​

-

 

​

(30,000)

Interest income

 

​

(11,105)

 

​

(9,164)

 

​

(2,375)

Interest expense

 

​

10,040

 

​

13,633

 

​

13,720

Charges associated with convertible senior notes

 

​

18,012

 

​

-

 

​

-

Other expense, net

 

​

6,288

 

​

558

 

​

4,771

Income tax provision

 

​

771

 

​

934

 

​

766

Net loss

​

$

(146,372)

​

$

(134,661)

​

$

(99,195)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Property and equipment, net

​

Depreciation and amortization

​

Capital expenditures

​

​

As of December 31,

​

Year ended December 31,

​

Year ended December 31,

​

​

2024

​

2023

​

2022

​

2024

​

2023

​

2022

​

2024

​

2023

​

2022

​

​

​

​

    

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

    

​

​

​

​

​

United States

    

$

97,726

    

$

103,098

    

$

94,263

    

$

35,615

    

$

33,646

    

$

31,547

    

$

6,229

    

$

20,238

    

$

30,212

International

​

​

141

​

 

114

​

 

140

​

​

35

​

​

8

​

​

29

​

​

71

​

 

10

​

 

53

Total

 

$

97,867

​

$

103,212

​

$

94,403

​

$

35,650

​

$

33,654

​

$

31,576

​

$

6,300

​

$

20,248

​

$

30,265

​
v3.25.0.1
Pay vs Performance Disclosure - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Pay vs Performance Disclosure      
Net Income (Loss) $ (146,372) $ (134,661) $ (99,195)
v3.25.0.1
Insider Trading Arrangements
 3 Months Ended
Dec. 31, 2024
shares
Trading Arrangements, by Individual  
Non-Rule 10b5-1 Arrangement Adopted false
Rule 10b5-1 Arrangement Terminated false
Non-Rule 10b5-1 Arrangement Terminated false
Tomas Navratil  
Trading Arrangements, by Individual  
Material Terms of Trading Arrangement On November 12, 2024, Tomas Navratil, the Company’s Chief Development Officer, adopted a 10b5-1 trading plan (the Navratil Trading Plan). The Navratil Trading Plan is intended to satisfy the affirmative defense of Rule 10b5-1(c) under the Exchange Act. The Navratil Trading Plan provides for the potential sale of 5,000 shares of the Company’s common stock commencing February 14, 2025. The Navratil Trading Plan terminates on the earlier of May 15, 2025 or the date all shares under the plan are sold.
Name Tomas Navratil
Title Chief Development Officer
Rule 10b5-1 Arrangement Adopted true
Adoption Date Nov. 12, 2024
Expiration Date May 15, 2025
Aggregate Available 5,000
Alex Thurman  
Trading Arrangements, by Individual  
Material Terms of Trading Arrangement Additionally, on December 13, 2024, Alex Thurman, the Company’s Senior Vice President and Chief Financial Officer, adopted a 10b5-1 trading plan (the Thurman Trading Plan). The Thurman Trading Plan is intended to satisfy the affirmative defense of Rule 10b5-1(c) under the Exchange Act. The Thurman Trading Plan provides for the potential sale of 2,752 shares of the Company’s common stock commencing March 21, 2025. The Thurman Trading Plan terminates on the earlier of June 13, 2025 or the date all shares under the plan are sold
Name Alex Thurman
Title Senior Vice President and Chief Financial Officer
Rule 10b5-1 Arrangement Adopted true
Adoption Date Dec. 13, 2024
Expiration Date Jun. 13, 2025
Aggregate Available 2,752
v3.25.0.1
Insider Trading Policies and Procedures
 12 Months Ended
Dec. 31, 2024
Insider Trading Policies and Procedures [Line Items]  
Insider Trading Policies and Procedures Adopted true
v3.25.0.1
Cybersecurity Risk Management and Strategy Disclosure
 12 Months Ended
Dec. 31, 2024
Cybersecurity Risk Management, Strategy, and Governance [Line Items]  
Cybersecurity Risk Management Processes for Assessing, Identifying, and Managing Threats [Text Block]

Risk Management and Strategy

We recognize the importance of maintaining the security of our information systems and assets, and have several cybersecurity processes and controls designed to identify, assess and manage the risks associated with cybersecurity threats and cybersecurity incidents.

Risk Management Systems and Processes

To identify and assess material risks from cybersecurity threats, our enterprise risk management program considers cybersecurity threat risks alongside other company risks as part of our overall risk assessment process. Our enterprise risk management program is administered by the Company’s legal and internal audit functions, and facilitates the process of identifying and assessing cybersecurity threat risks, as well as monitoring the effectiveness of our risk mitigation efforts. During the year, our senior management periodically identifies the cybersecurity risks facing the Company and reviews our mitigation plans related to these risks. These senior leaders conduct an evaluation of the severity of these identified risks and any changes to the risk level or the Company’s mitigation efforts since the prior evaluation. The severity of risks is measured based upon the potential adverse impact that could result, the immediacy of

the threat and the availability of mitigating factors, among other elements. Management may consult with outside consultants, such as legal counsel or cybersecurity advisors, in assessing risks and developing mitigation plans. The Audit Committee of the Board regularly receives reports from such outside experts in response to emerging or higher risk areas.

We also have specific cybersecurity risk assessment processes which help identify our cybersecurity threat risks, including a comparison of our processes to industry standards as well as periodic third-party assessments of our programs. We compare our Information Security Program with industry standards including the National Institute of Standards and Technology Cybersecurity Framework (NIST CSF) and ISO 27001. In order to enhance internal expertise, members of our Global Technology Systems (GTS) department maintain various cybersecurity-related certifications. We also maintain written incident response and security policies that seek to ensure we are protected and ready to respond should a security incident occur. Incidents are investigated and analyzed for potential impact. If any potential impact is determined to present, the appropriate departments, key employees, and executive management team members are notified as part of the incident response process. Our incident response plan coordinates the activities we would take to respond to and recover from cybersecurity incidents, which include processes to triage, assess severity of, escalate, contain, investigate, and remediate the incident, as well as to comply with potentially applicable legal obligations and mitigate potential liability and reputational damage. If appropriate, incidents may be reported to senior management, the Audit Committee or the full Board.

To provide for the availability of critical data and systems, maintain regulatory compliance, manage our material risks from cybersecurity threats, and to protect against, detect, and respond to cybersecurity incidents, we undertake the activities listed below:

●closely monitor emerging data protection laws and implement responsive changes to our processes;
●conduct annual cybersecurity training for all employees and contractors who use our systems;
●conduct regular email phishing testing exercises for all employees to enhance awareness and responsiveness to such possible threats;
●require employees, as well as contractors who have access to our systems or the data of our employees or customers, to treat information as confidential;
●performed internal audits of our use of single sign-on and multifactor authentication for key information systems;
●schedule tabletop exercises to simulate a response to a cybersecurity incident and use the findings to improve our processes, technologies and incident response plan; and
●carry cyber risk insurance that provides protection (as specified in the applicable policies) against certain potential costs and losses arising from a cybersecurity incident.

Engagement of Third Parties

As part of the above processes, we regularly engage with assessors, consultants, and other third-parties to review our cybersecurity program. These reviews are intended to evaluate the effectiveness and robustness of the security measures implemented in our networks and information systems, identifying potential vulnerabilities, performance improvements, and recommended improvement strategies. These security assessments may focus on key areas such as user access controls, data encryption processes, auditing and monitoring of database activities, system and server configuration and update procedures.

Threats from Third Party Service Providers

Our processes also address cybersecurity threat risks associated with our use of third-party software and system providers. Third-party risks are included within our enterprise risk management assessment program, which is discussed above. In addition, cybersecurity considerations affect the selection and oversight of our third-party service providers.

We perform diligence on high-risk third-parties that provide us software or have access to our systems or highly sensitive information, and monitor cybersecurity threat risks identified through such diligence. New software is evaluated for risk and approved by our internal Software Approval Board before purchase or installation on our systems. We formed a Software Approval Board, which is made up of cross-functional members from Quality, Internal Audit, Information Security, Business Systems, and R&D, to help determine risk and impact of any potential newly proposed software. Additionally, we generally require those high risk third parties to agree by contract to manage their cybersecurity risks in specified ways. This approach is designed to mitigate risks related to data breaches or other security incidents originating from third parties.

Material Impact of Cybersecurity Threats or Incidents

We describe whether and how risks from identified cybersecurity threats, including as a result of any previous cybersecurity incidents, have materially affected or are reasonably likely to materially affect us, including our business strategy, results of operations, or financial condition, under the heading “Risks Related to our Business,” included as part of our risk factor disclosures at Item 1A of this Annual Report, which disclosures are incorporated by reference herein.

We are not aware of any material cybersecurity incidents that have occurred in the last three fiscal years, and the expenses we have incurred from cybersecurity incidents were immaterial, including penalties and settlements, of which there were none.

Cybersecurity Risk Management Processes Integrated [Flag] true
Cybersecurity Risk Management Processes Integrated [Text Block]

To identify and assess material risks from cybersecurity threats, our enterprise risk management program considers cybersecurity threat risks alongside other company risks as part of our overall risk assessment process. Our enterprise risk management program is administered by the Company’s legal and internal audit functions, and facilitates the process of identifying and assessing cybersecurity threat risks, as well as monitoring the effectiveness of our risk mitigation efforts. During the year, our senior management periodically identifies the cybersecurity risks facing the Company and reviews our mitigation plans related to these risks. These senior leaders conduct an evaluation of the severity of these identified risks and any changes to the risk level or the Company’s mitigation efforts since the prior evaluation. The severity of risks is measured based upon the potential adverse impact that could result, the immediacy of

the threat and the availability of mitigating factors, among other elements. Management may consult with outside consultants, such as legal counsel or cybersecurity advisors, in assessing risks and developing mitigation plans. The Audit Committee of the Board regularly receives reports from such outside experts in response to emerging or higher risk areas.

We also have specific cybersecurity risk assessment processes which help identify our cybersecurity threat risks, including a comparison of our processes to industry standards as well as periodic third-party assessments of our programs. We compare our Information Security Program with industry standards including the National Institute of Standards and Technology Cybersecurity Framework (NIST CSF) and ISO 27001. In order to enhance internal expertise, members of our Global Technology Systems (GTS) department maintain various cybersecurity-related certifications. We also maintain written incident response and security policies that seek to ensure we are protected and ready to respond should a security incident occur. Incidents are investigated and analyzed for potential impact. If any potential impact is determined to present, the appropriate departments, key employees, and executive management team members are notified as part of the incident response process. Our incident response plan coordinates the activities we would take to respond to and recover from cybersecurity incidents, which include processes to triage, assess severity of, escalate, contain, investigate, and remediate the incident, as well as to comply with potentially applicable legal obligations and mitigate potential liability and reputational damage. If appropriate, incidents may be reported to senior management, the Audit Committee or the full Board.

To provide for the availability of critical data and systems, maintain regulatory compliance, manage our material risks from cybersecurity threats, and to protect against, detect, and respond to cybersecurity incidents, we undertake the activities listed below:

●closely monitor emerging data protection laws and implement responsive changes to our processes;
●conduct annual cybersecurity training for all employees and contractors who use our systems;
●conduct regular email phishing testing exercises for all employees to enhance awareness and responsiveness to such possible threats;
●require employees, as well as contractors who have access to our systems or the data of our employees or customers, to treat information as confidential;
●performed internal audits of our use of single sign-on and multifactor authentication for key information systems;
●schedule tabletop exercises to simulate a response to a cybersecurity incident and use the findings to improve our processes, technologies and incident response plan; and
●carry cyber risk insurance that provides protection (as specified in the applicable policies) against certain potential costs and losses arising from a cybersecurity incident.
Cybersecurity Risk Management Third Party Engaged [Flag] true
Cybersecurity Risk Third Party Oversight and Identification Processes [Flag] true
Cybersecurity Risk Materially Affected or Reasonably Likely to Materially Affect Registrant [Flag] false
Cybersecurity Risk Board of Directors Oversight [Text Block]

Governance

Cybersecurity is an important part of our risk management processes and an area of increasing focus for our Board and management.

Board Oversight

The Audit Committee of our Board is responsible for the oversight of risks from cybersecurity threats. At least twice a year, the Audit Committee receives a report from the head of Information Security of our cybersecurity threat risk management and mitigation strategy covering topics such as data security posture, results from third-party assessments, progress towards pre-determined risk-mitigation-related goals, our incident response plan, and potentially material cybersecurity threat risks or incidents, as well as the steps management has taken to respond to such risks. In such sessions, the Audit Committee generally receives information describing current and emerging material cybersecurity threat risks, and describing the Company’s plans to mitigate those risks, and discusses such matters with our head of GTS and other members of senior management. Potential material cybersecurity threat risks are also considered during separate Board discussions of important matters like enterprise risk management. Two members of our Board, including one member of the Audit Committee, have earned cybersecurity certifications to help them identify cybersecurity threats and oversee management’s efforts to manage and mitigate them.

Management Oversight

While the Audit Committee reviews and oversees the Company’s information security efforts, senior leadership is responsible for the day-to-day management of cybersecurity risk and the design and implementation of policies, processes and procedures to identify and mitigate this risk. Our cybersecurity risk management and strategy processes, which are discussed in greater detail above, are led by our Legal department and our Internal Audit department, working with our GTS department. Members of this team include a Certified Information Systems Auditor (CISA), a Certified Information Security Manager (CISM), a Certified Data Privacy Solutions Engineer (CDPSE), Certified Information Systems Security Professionals (CISSP), as well as members of ISACA and ISC2 industry organizations. These members of management are informed about and monitor the prevention, mitigation, detection, and remediation of cybersecurity incidents through their management of, and participation in, the cybersecurity risk management and strategy processes described above, including the operation of our incident response plan.
Cybersecurity Risk Board Committee or Subcommittee Responsible for Oversight [Text Block] The Audit Committee
Cybersecurity Risk Process for Informing Board Committee or Subcommittee Responsible for Oversight [Text Block] At least twice a year, the Audit Committee receives a report from the head of Information Security of our cybersecurity threat risk management and mitigation strategy covering topics such as data security posture, results from third-party assessments, progress towards pre-determined risk-mitigation-related goals, our incident response plan, and potentially material cybersecurity threat risks or incidents, as well as the steps management has taken to respond to such risks. In such sessions, the Audit Committee generally receives information describing current and emerging material cybersecurity threat risks, and describing the Company’s plans to mitigate those risks, and discusses such matters with our head of GTS and other members of senior management.
Cybersecurity Risk Role of Management [Text Block]

Management Oversight

While the Audit Committee reviews and oversees the Company’s information security efforts, senior leadership is responsible for the day-to-day management of cybersecurity risk and the design and implementation of policies, processes and procedures to identify and mitigate this risk. Our cybersecurity risk management and strategy processes, which are discussed in greater detail above, are led by our Legal department and our Internal Audit department, working with our GTS department. Members of this team include a Certified Information Systems Auditor (CISA), a Certified Information Security Manager (CISM), a Certified Data Privacy Solutions Engineer (CDPSE), Certified Information Systems Security Professionals (CISSP), as well as members of ISACA and ISC2 industry organizations. These members of management are informed about and monitor the prevention, mitigation, detection, and remediation of cybersecurity incidents through their management of, and participation in, the cybersecurity risk management and strategy processes described above, including the operation of our incident response plan.
Cybersecurity Risk Management Positions or Committees Responsible [Flag] true
Cybersecurity Risk Management Positions or Committees Responsible [Text Block] senior leadership
Cybersecurity Risk Management Expertise of Management Responsible [Text Block] Members of this team include a Certified Information Systems Auditor (CISA), a Certified Information Security Manager (CISM), a Certified Data Privacy Solutions Engineer (CDPSE), Certified Information Systems Security Professionals (CISSP), as well as members of ISACA and ISC2 industry organizations.
Cybersecurity Risk Process for Informing Management or Committees Responsible [Text Block] These members of management are informed about and monitor the prevention, mitigation, detection, and remediation of cybersecurity incidents through their management of, and participation in, the cybersecurity risk management and strategy processes described above, including the operation of our incident response plan
Cybersecurity Risk Management Positions or Committees Responsible Report to Board [Flag] true
v3.25.0.1
Summary of Significant Accounting Policies (Policies)
 12 Months Ended
Dec. 31, 2024
Summary of Significant Accounting Policies  
Basis of Presentation

Basis of Presentation

The accompanying consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (GAAP).
Use of Estimates

Use of Estimates

The preparation of the consolidated financial statements in conformity with GAAP requires management to make estimates, judgments and assumptions that affect the reported amounts in the consolidated financial statements and accompanying notes. Actual results could differ materially from those estimates and assumptions used in the preparation of the accompanying consolidated financial statements under different assumptions and conditions.

The Company’s consolidated financial statements as of and for the year ended December 31, 2024 reflect the Company’s estimates of the impact of the macroeconomic environment, including the impact of inflation, supply shortages or delays, changes in supply and demand, foreign exchange rate fluctuations and other conditions which have led to disruptions in commerce and pricing stability. The Company is not aware of any specific event or circumstance that would require an update to its estimates, judgments and assumptions or a revision of the carrying value of the Company’s assets or liabilities as of December 31, 2024.
Segments

Segments

The Company has one business activity and operates as one operating segment: the development and commercialization of ophthalmic therapies designed to treat glaucoma, corneal disorders and retinal diseases. The Company determined its operating segment on the same basis that it uses to evaluate its performance internally. The Company’s chief operating decision-maker (CODM), its Chief Executive Officer, reviews consolidated operating results for the purpose of allocating resources and evaluating financial performance.
Variable Interest Entities

Variable Interest Entities

The Company has a variable interest in a variable interest entity based on its $5.0 million convertible promissory note outstanding as of December 31, 2024. The convertible promissory note bears interest on the outstanding principal at the rate of 5.0% per annum, and the outstanding principal and interest is convertible into preferred stock or capital stock under certain circumstances. The Company concluded it is not the primary beneficiary of the variable interest entity. The Company does not have the power to direct the activities of the variable interest entity that most significantly impact its economic performance, does not have the obligation to absorb losses that could potentially be significant to the variable interest entity, and does not have the right to receive benefits that could potentially be significant to the variable interest entity. The Company evaluates its relationships with the variable interest entity on an ongoing basis to determine whether it would be considered the primary beneficiary.  
Cash, Cash Equivalents, Restricted Cash and Short-term Investments

Cash, Cash Equivalents, Restricted Cash and Short-term Investments

The Company invests its excess cash in marketable securities, including U.S. treasury securities, bank certificates of deposit, municipal bonds, corporate notes and asset-backed securities. For financial reporting purposes, liquid investment instruments purchased with an original maturity of three months or less are considered to be cash equivalents. Cash and cash equivalents are recorded at face value or cost, which approximates fair market value. The Company maintains cash balances in the U.S. in excess of amounts insured by the Federal Deposit Insurance Commission. Investments are stated at fair value as determined by quoted market prices. Investments are considered available for sale and, accordingly, unrealized gains and losses are included in accumulated other comprehensive loss within stockholders’ equity.

The Company’s entire investment portfolio, except for restricted cash, is considered to be available for use in current operations and, accordingly, all such investments are stated at fair value using quoted market prices and

classified as current assets, although the stated maturity of individual investments may be one year or more beyond the balance sheet date. The Company did not have any trading securities or restricted investments at December 31, 2024 or December 31, 2023.

Realized gains and losses and declines in value, if any, judged to be other-than-temporary on available for sale securities, are reported in other expense, net. When securities are sold, any associated unrealized gain or loss previously reported as a separate component of stockholders’ equity is reclassified out of stockholders’ equity and recorded in the statements of operations in the period sold using the specific identification method. Accrued interest and dividends from investments are included in other expense, net. The Company periodically reviews its available for sale securities for other than temporary declines in fair value below the cost basis, and whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable.
Cash, Cash Equivalents and Restricted Cash

The following table provides a reconciliation of cash and cash equivalents and restricted cash reported within the consolidated balance sheets that equate to the amount reported in the consolidated statement of cash flows as of December 31, 2024, December 31, 2023 and December 31, 2022 (in thousands):

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Year ended

​

​

​

December 31,

​

​

​

2024

​

​

2023

​

​

2022

​

Cash and cash equivalents

​

$

169,626

​

$

93,467

​

$

119,525

​

Restricted cash

​

​

4,733

​

​

5,856

​

​

7,078

​

Cash, cash equivalents and restricted cash in the consolidated statement of cash flows

​

$

174,359

​

$

99,323

​

$

126,603

​

​
Concentration of Credit Risk and Significant Customers

Concentration of Credit Risk and Significant Customers

Financial instruments, which potentially subject the Company to significant concentration of credit risk, consist primarily of cash, cash equivalents, short-term investments and accounts receivable. The Company maintains deposits in federally insured financial institutions in the U.S. in excess of federally insured limits and management believes that the Company is not exposed to significant credit risk due to the financial position of the depository institutions in which those deposits are held. Additionally, the Company has established guidelines regarding investment instruments and their maturities which are designed to maintain preservation of principal and liquidity. The Company believes that the concentration of credit risk in its accounts receivable is mitigated by its credit evaluation process, relatively short collection terms and the level of credit worthiness of its customers. During the years ended 2024, 2023 and 2022, none of the Company’s customers accounted for more than 10% of revenues.

Accounts Receivable

Accounts Receivable

The Company primarily sells its products directly to ambulatory surgery centers, hospitals, and physician private practices, with distributors being used in certain international locations where the Company does not have a direct commercial presence. The Company is exposed to credit losses primarily through sales of its products to its customers.

The Company’s expected loss allowance methodology for accounts receivable is developed using historical collection experience, current and expected future economic and market conditions and periodic evaluation of customers’ receivables balances. Management estimates the adequacy of the allowance by using relevant available information, from internal and external sources, relating to past events, current conditions and forecasts. Historical credit loss experience provides the basis for estimation of expected credit losses and are adjusted as necessary using the relevant information available. The allowance for credit losses is measured on a collective basis when similar risk characteristic exists. The Company has identified one portfolio segment based on evaluation of the following risk characteristics: geographic regions, product lines, default rates and customer specific factors.

Additionally, specific allowance amounts may be established to record the appropriate provision for customers that have a higher probability of non-payment. The Company writes off uncollectible receivables against the allowance when all attempts to collect the receivable have failed. The Company’s allowance for credit losses represents management’s estimate of current expected credit losses and totaled approximately $1.1 million and $1.2 million as of

December 31, 2024 and December 31, 2023, respectively, and there were immaterial bad-debt write offs during the years ended December 31, 2024 and December 31, 2023.

As of December 31, 2024 and December 31, 2023 the Company evaluated the current and expected future economic and market conditions surrounding the macroeconomic environment, including the impact of inflation, supply shortages or delays, changes in supply and demand, labor shortages and turnover, foreign exchange rate fluctuations and other conditions, as it relates to collectability of its accounts receivable and determined the estimate of expected credit losses was not materially impacted. The Company will continue to re-evaluate the estimate of credit losses related to the current macroeconomic environment in conjunction with its assessment of expected credit losses in subsequent periods.

Additionally, no customers accounted for more than 10% of net accounts receivable as of December 31, 2024 or December 31, 2023.

Inventory

Inventory

Inventory is valued at the lower of cost or net realizable value with cost being determined on a first-in, first-out basis. The Company periodically reviews inventory for potential impairment, estimated losses from obsolescence, material expirations or unmarketable inventory or excess inventory and writes down the cost of inventory to net realizable value at the time such determinations are made. Net realizable value is determined using the estimated selling price, in the ordinary course of business, less estimated costs to complete and dispose. 
Property and Equipment, Net

Property and Equipment, Net

Property and equipment is recorded at cost. Depreciation of property and equipment is generally provided using the straight-line method over the estimated useful lives of the assets, which range from three to five years. Leasehold improvements are amortized over their estimated useful life or the related lease term, whichever is shorter. Maintenance and repairs are expensed as incurred.

All long-lived assets are reviewed for impairment in value when changes in circumstances indicate that an asset or asset group’s carrying value may not be recoverable, based upon undiscounted future operating cash flows to be derived from their use, and appropriate losses are recognized and reflected in current earnings to the extent the carrying amount of an asset exceeds its estimated fair value, determined by the use of appraisals, discounted cash flow analyses or comparable fair values of similar assets. The Company did not record any impairment charges for the year ended December 31, 2024, December 31, 2023 or December 31, 2022.

Intangible Assets

Intangible Assets

Intangible assets with finite-lives include developed technology and customer relationships, which are amortized on a straight-line basis over their estimated useful lives, which range from four to eleven years. The Company reviews finite-lived intangible assets for impairment whenever events or changes in circumstances indicate that the carrying amount of the assets or asset group may not be recoverable. When such an event occurs, management determines whether there has been impairment by comparing the anticipated undiscounted future net cash flows to the related asset group’s carrying value. If the affected intangible assets are not recoverable, management estimates the fair value of the assets and record an impairment loss if the carrying value of the assets exceeds the fair value.

Indefinite-lived intangible assets are comprised of acquired in-process research and development (IPR&D) assets and are not amortized, but instead tested for impairment until the successful completion and commercialization, or abandonment, of the associated research and development efforts, at which point the IPR&D assets are either amortized over their estimated useful lives or written-off immediately.

Refer to Note 6, Intangible Assets and Goodwill for more information on the Company’s intangible assets.
Goodwill

Goodwill

Goodwill represents the excess of the cost over the fair value of net assets acquired from business combinations. If the Company determines the carrying value of a reporting unit exceeds its fair value, an impairment charge would be recognized and should not exceed the total amount of goodwill allocated to that reporting unit. The Company has one reporting unit and tests for impairment annually, on October 1. In addition to that test, the Company regularly assesses if an event or indicator of impairment has occurred which would require interim impairment testing. The Company’s annual impairment test did not result in any impairment, and the Company has not identified any indicators of impairment through December 31, 2024 and consequently, no impairment charge was recorded during the year.

Refer to Note 6, Intangible Assets and Goodwill for more information on the Company’s goodwill.
Fair Value of Financial Instruments

Fair Value of Financial Instruments

Fair value is an exit price, representing the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. As such, fair value is a market-based measurement that should be determined based on assumptions that market participants would use in pricing an asset or liability.

The carrying amounts of cash equivalents, accounts receivable, accounts payable, and accrued liabilities are considered to be representative of their respective fair values because of the short-term nature of those instruments.

The valuation of assets and liabilities is subject to fair value measurements using a three-tiered approach and fair value measurements are classified and disclosed by the Company in one of the following three categories:

Level 1: Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities;

Level 2: Quoted prices for similar assets and liabilities in active markets, quoted prices in markets that are not active, or inputs which are observable, either directly or indirectly, for substantially the full term of the asset or liability; and

Level 3: Prices or valuation techniques that require inputs that are both significant to the fair value measurement and unobservable (i.e., supported by little or no market activity).

Assets and liabilities are classified based on the lowest level of input that is significant to the fair value measurements. The Company reviews the fair value hierarchy classification on a quarterly basis. Changes in the ability to observe valuation inputs may result in a reclassification of levels for certain assets or liabilities within the fair value hierarchy. The Company did not have any transfers of assets and liabilities between the levels of the fair value measurement hierarchy during the years presented.
Leases

Leases

The Company determines if an arrangement is a lease at inception. As a lessee, right-of-use assets represent the Company’s right to use an underlying asset for the lease term and lease liabilities represent an obligation to make lease payments arising from the lease. Right-of-use assets and lease liabilities are recognized at the lease commencement date based on the present value of lease payments over the lease term. The Company estimates the incremental borrowing rate based on its debt, prevailing financial market conditions, peer company credit analyses, and management judgment. Operating and financing lease right-of-use assets also include any lease payments made at or before lease commencement and exclude any lease incentives received. The lease terms used to calculate the right-of-use asset and related lease liability include options to extend or terminate the lease when it is reasonably certain that the Company will exercise that option. Lease expense for operating leases is recognized on a straight-line basis over the lease term as an operating expense while the expense for finance leases is recognized as amortization expense on right-of-use lease assets

and interest expense using the accelerated interest method of recognition. Leases with an initial term of 12 months or less are expensed and not recorded on the consolidated balance sheets.

Revenue Recognition

Revenue Recognition

The Company derives its revenue from sales of its products in the United States and internationally. Customers are primarily comprised of ambulatory surgery centers, hospitals and physician private practices, with independent distributors being used in certain international locations where the Company does not have a direct commercial presence.

The Company concluded that one performance obligation exists for the majority of its contracts with customers which is to deliver products in accordance with the Company’s normal delivery times. Revenue is recognized when this performance obligation is satisfied, which is the point in time when the Company considers control of a product to have transferred to the customer. Revenue recognized reflects the consideration to which the Company expects to be entitled in exchange for those products or services. The Company has determined the transaction price to be the invoice price, net of adjustments that reduce revenue, which includes estimates of volume-based rebates, rebates for government pricing programs, variable consideration for certain product returns and warranty replacements, and other discounts and incentives that reduce revenue.

The Company recognizes revenue when it is probable that the entity will collect the consideration it is entitled to in exchange for the goods it transfers to the customer. This requires management to perform an assessment related to the probability of collecting the consideration. The assessment can contain judgment when it is performed for customers with declining credit conditions or those with no history or a limited history of product sales with the Company.

The Company offers volume-based rebate agreements to certain customers and, if earned by the customer, the Company provides a rebate (usually in the form of a credit memo) at the contract’s conclusion, if earned by the customer. In such cases, the transaction price is allocated between the Company’s delivery of product and the issuance of a rebate at the contract’s conclusion for the customer to utilize on prospective purchases. The performance obligation to issue a customer’s rebate, if earned, is transferred over time and the Company’s method of measuring progress is the output method, whereby the progress is measured by the estimated rebate earned to date over the total rebate estimated to be earned over the contract period. The provision for volume-based rebates is estimated based on customers' contracted rebate programs and the customers’ projected sales levels.

Non-volume-based rebates consist primarily of rebates for government pricing programs, which were estimated using the expected value method, based upon a range of possible outcomes for the estimated number of actual claims invoices we expect to receive. The Company applies this estimate to the respective period’s sales to determine the rebate accrual and related expense. This estimate is evaluated regularly to ensure that the historical trends are as current as practicable. These reserves are recorded in the same period the related revenue is recognized, resulting in a reduction of product revenue.

​

The Company regularly monitors its customer rebate programs to ensure the rebate allowance is fairly stated. The Company’s rebate allowance is included in accrued liabilities in the consolidated balance sheets.

Customers are not granted specific rights of return; however, the Company may permit returns of certain products from customers if such product is returned in a timely manner and in good condition. The Company generally provides a warranty on its products for one year from the date of shipment, and offers an extended warranty for its KXL systems. Any product found to be defective or out of specification will be replaced or serviced at no charge during the warranty period. Estimated allowances for sales returns and warranty replacements are recorded at the time of sale of the product and are estimated based upon the historical patterns of product returns matched against sales, and an evaluation of specific factors that may increase the risk of product returns. Product returns and warranty replacements to date have been consistent with amounts reserved or accrued and have not been significant. If actual results vary from the Company’s estimates, the Company will adjust these estimates in the period such variances become known.

Shipping And Handling Costs

Shipping and Handling Costs

All shipping and handling costs are expensed as incurred and are charged to selling, general and administrative expense. Charges to customers for shipping and handling are credited to selling, general and administrative expense.
Advertising Costs

Advertising Costs

All advertising costs are expensed as incurred. Advertising costs incurred during the years ended December 31, 2024, December 31, 2023 and December 31, 2022 were approximately $3.6 million, $3.4 million and $2.5 million, respectively.
Income Taxes

Income Taxes

Income taxes are accounted for using a liability approach. This requires the recognition of deferred tax assets and liabilities for the differences between the financial statement and tax basis of the Company’s assets and liabilities, NOLs, and tax credit carryovers using tax rates in effect for the year in which the differences are expected to reverse. The Company records a valuation allowance against a portion of deferred tax assets to reduce the net carrying value to an amount that it believes is more likely than not to be realized. Management has considered estimated taxable income and ongoing prudent and feasible tax planning strategies in assessing the amount of the valuation allowance. Based upon the weight of available positive and negative evidence, which includes the Company’s historical operating performance and limited potential to utilize NOL and tax credit carryforwards, the Company has determined that it is more likely than not that the future realization of all or some of the deferred tax assets will not be achieved and a portion of its deferred tax assets should be offset by a valuation allowance. When the Company establishes or reduces the valuation allowance against its deferred tax assets, its provision for income taxes increases or decreases, respectively, in the period such determination is made.

The Company is required to file federal and state income tax returns in the United States. The Company also files income tax returns in the foreign countries in which its subsidiaries operate. The preparation of these income tax returns requires the Company to interpret the applicable tax laws and regulations in effect in such jurisdictions, which could affect the amount of tax paid.

Additionally, the Company follows an accounting standard addressing the accounting for uncertainty in income taxes that prescribes rules for recognition, measurement, and classification in the consolidated financial statements of tax positions taken or expected to be taken in a tax return.
Research and Development Expenses

Research and Development Expenses

Major components of research and development expense include personnel costs, preclinical studies, clinical trials and related clinical product manufacturing, materials and supplies, and fees paid to consultants. Research and development costs are expensed as goods are received or services are rendered. Costs to acquire technologies to be used in research and development that have not reached technological feasibility and have no alternative future use are also expensed as incurred.

At each financial reporting date, the Company accrues the estimated unpaid costs of clinical study activities performed during a period by third party clinical sites with whom the Company has agreements that provide for fees based upon the quantities of subjects enrolled and clinical evaluation visits that occur over the life of the study. The cost estimates are determined based upon a review of the agreements and data collected by internal and external clinical personnel as to the status of enrollment and subject visits, and are based upon the facts and circumstances known to the Company at each financial reporting date. If the actual performance of activities varies from the assumptions used in the cost estimates, the accruals are adjusted accordingly. There have been no material adjustments to the Company’s prior period accrued estimates for clinical trial activities through December 31, 2024.
Stock Based Compensation

Stock-Based Compensation

The Company recognizes compensation expense for all stock-based awards granted to employees and nonemployees, including members of its board of directors, based on the grant date fair value of the award.

For stock-based awards with service conditions, the fair value of the awards is amortized on a straight-line basis over the requisite service period in which the awards are expected to vest. For stock-based awards with performance vesting conditions, stock-based compensation is recognized when it is considered probable that the performance conditions will be satisfied. At each reporting period, the Company re-assesses the probability of the achievement of the performance vesting conditions. Any change in stock-based compensation resulting from an adjustment in the vesting is treated as a cumulative catch-up in the period of adjustment.
Software Costs

Software Costs

The Company capitalizes certain software development costs incurred for internal use projects when it is determined that it is probable that the project will be completed, the software will be used to perform the function intended, and the preliminary project stage is completed. Once capitalized projects are ready for their intended use, they are amortized using the straight-line method over the estimated useful life, which is generally 3 years. These capitalized costs are included in property and equipment, net within the consolidated balance sheets and are not significant for the period presented.

Comprehensive Loss

Comprehensive Loss

All components of comprehensive loss, including net loss, are reported in the consolidated financial statements in the period in which they are recognized. Comprehensive loss is defined as the change in equity during a period from transactions and other events and circumstances from non-owner sources, including unrealized gains and losses on marketable securities and foreign currency translation adjustments.

Foreign Currency

Foreign Currency

Assets and liabilities are translated into the reporting currency using the exchange rates in effect on the consolidated balance sheet dates. Equity accounts are translated at historical rates, except for the change in retained earnings during the period, which is the result of the income statement translation process. Revenue and expense accounts are translated using the daily average exchange rates during the period. The cumulative translation adjustments associated with the net assets of foreign subsidiaries are recorded in accumulated other comprehensive loss in the accompanying consolidated statements of stockholders’ equity.
Net Loss per Share

Net Loss per Share

Basic net loss per share is calculated by dividing the net loss by the weighted average number of common shares that were outstanding for the period, without consideration for potentially dilutive common stock equivalents.

For periods when the Company realizes a net loss, no potentially dilutive common stock equivalents are included in the calculation of weighted average number of dilutive common stock equivalents as the effect of applying the treasury stock method is considered anti-dilutive.

For periods when the Company realizes net income, diluted net income per share is calculated by dividing the net income by the weighted average number of common shares plus the sum of the weighted average number of dilutive common stock equivalents outstanding for the period determined using the treasury stock method or if-converted method for convertible instruments. Common stock equivalents are comprised of stock options, outstanding and unvested RSUs under the Company’s incentive compensation plans and shares issuable under the Company’s Employee Stock Purchase Plan (ESPP) and as of December 31, 2023 and December 31, 2022, shares convertible pursuant to the Convertible Notes.

Potentially dilutive securities not included in the calculation of diluted net loss per share because to do so would be anti-dilutive were as follows (weighted outstanding common stock equivalent shares, in thousands):

​

​

​

​

​

​

​

​

​

​

​

​

​

​

As of

 

​

​

​

December 31,

 

​

​

​

2024

​

​

2023

​

​

2022

 

​

​

​

​

​

​

​

​

​

​

​

Convertible senior notes

​

​

-

​

​

5,125

​

​

5,125

​

Stock options outstanding

    

​

2,318

    

​

2,613

    

​

2,373

​

Unvested restricted stock units

​

​

1,011

​

​

743

​

​

934

​

Employee stock purchase plan

​

​

4

 

​

2

 

​

8

​

​

​

​

3,333

 

​

8,483

 

​

8,440

​

​

​

The Company has 5,000,000 of authorized preferred stock issuable, and there is no preferred stock outstanding as of December 31, 2024 and December 31, 2023. Each share of common stock is entitled to one vote.

Recently Adopted Accounting Pronouncements and Recently Issued Accounting Pronouncements Not Yet Adopted

Recently Adopted Accounting Pronouncements

In November 2023, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2023-07, Improvements to Reportable Segments Disclosures. While ASU 2023-07 requires incremental disclosures, it does not change how an entity identifies its operating segments, aggregates those operating segments, or applies the quantitative thresholds to determine reportable segments. This ASU is effective for all public business entities for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. Entities must adopt the changes to the segment reporting guidance on a retrospective basis and while adoption as of December 31, 2024 did not impact the Company’s consolidated financial statements, the required disclosure updates are included in Note 13. Business Segment Information.

​

Recently Issued Accounting Pronouncements Not Yet Adopted

In December 2023, the FASB issued ASU No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which is intended to improve the transparency of income tax disclosures by requiring consistent categories and greater disaggregation of information in the effective tax rate reconciliation and income taxes paid by jurisdiction. The ASU is effective for public business entities’ annual periods beginning after December 15, 2024, with early adoption permitted. The Company is currently finalizing its evaluation of the impact of adopting this pronouncement; however the Company currently does not believe the adoption will have a material impact on its consolidated financial statements.

v3.25.0.1
Summary of Significant Accounting Policies (Tables)
 12 Months Ended
Dec. 31, 2024
Summary of Significant Accounting Policies  
Schedule of cash and cash equivalents and restricted cash

The following table provides a reconciliation of cash and cash equivalents and restricted cash reported within the consolidated balance sheets that equate to the amount reported in the consolidated statement of cash flows as of December 31, 2024, December 31, 2023 and December 31, 2022 (in thousands):

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Year ended

​

​

​

December 31,

​

​

​

2024

​

​

2023

​

​

2022

​

Cash and cash equivalents

​

$

169,626

​

$

93,467

​

$

119,525

​

Restricted cash

​

​

4,733

​

​

5,856

​

​

7,078

​

Cash, cash equivalents and restricted cash in the consolidated statement of cash flows

​

$

174,359

​

$

99,323

​

$

126,603

​

​
Schedule of potentially dilutive securities not included in the calculation of diluted net loss per share attributable to common stockholders

Potentially dilutive securities not included in the calculation of diluted net loss per share because to do so would be anti-dilutive were as follows (weighted outstanding common stock equivalent shares, in thousands):

​

​

​

​

​

​

​

​

​

​

​

​

​

​

As of

 

​

​

​

December 31,

 

​

​

​

2024

​

​

2023

​

​

2022

 

​

​

​

​

​

​

​

​

​

​

​

Convertible senior notes

​

​

-

​

​

5,125

​

​

5,125

​

Stock options outstanding

    

​

2,318

    

​

2,613

    

​

2,373

​

Unvested restricted stock units

​

​

1,011

​

​

743

​

​

934

​

Employee stock purchase plan

​

​

4

 

​

2

 

​

8

​

​

​

​

3,333

 

​

8,483

 

​

8,440

​
v3.25.0.1
Balance Sheet Details (Tables)
 12 Months Ended
Dec. 31, 2024
Balance Sheet Details  
Schedule of short-term investments

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

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

    

At December 31, 2024

 

​

​

​

Maturity

​

Amortized cost

​

Unrealized

​

Unrealized

​

Fair

 

​

    

​

(in years)

    

or cost

    

gains

    

losses

    

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 1

​

 

7,824

​

 

15

​

 

(20)

​

 

7,819

​

Municipal bonds

​

​

less than 1

​

​

3,010

​

​

8

​

​

-

​

​

3,018

​

Total

​

​

​

​

$

149,072

​

$

329

​

$

(112)

​

$

149,289

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

    

At December 31, 2023

 

​

​

​

Maturity

​

Amortized cost

​

Unrealized

​

Unrealized

​

Fair

 

​

    

​

(in years)

    

or cost

    

gains

    

losses

    

value

 

U.S. government agency bonds

​

​

less than 3

​

$

25,995

​

$

2

​

$

(347)

​

$

25,650

​

U.S. treasury securities

​

​

less than 2

​

​

124,780

​

​

274

​

​

(36)

​

​

125,018

​

Bank certificates of deposit

​

​

less than 1

​

​

7,100

​

​

9

​

​

-

​

​

7,109

​

Commercial paper

​

​

less than 1

​

 

5,679

​

 

4

​

 

(1)

​

 

5,682

​

Corporate notes

​

​

less than 3

​

 

21,292

​

 

77

​

 

(229)

​

 

21,140

​

Asset-backed securities

​

​

less than 2

​

 

12,415

​

 

41

​

 

(135)

​

 

12,321

​

Municipal bonds

​

​

less than 3

​

​

5,010

​

​

34

​

​

-

​

​

5,044

​

Total

​

​

​

​

$

202,271

​

$

441

​

$

(748)

​

$

201,964

​
Schedule of accounts receivable, net

Accounts receivable consisted of the following (in thousands):

​

​

​

​

​

​

​

​

​

​

December 31,

 

​

​

2024

    

2023

 

​

​

​

​

​

​

​

​

Accounts receivable

    

$

61,817

​

$

41,051

​

Allowance for credit losses

​

 

(1,073)

​

 

(1,201)

​

​

 

$

60,744

​

$

39,850

​
Schedule of inventory

Inventory consisted of the following (in thousands):

​

​

​

​

​

​

​

​

​

​

December 31,

 

​

​

2024

    

2023

 

​

​

​

​

​

​

​

​

Finished goods

    

$

23,667

​

$

16,699

​

Work in process

​

​

14,663

​

 

12,870

​

Raw material

​

​

19,348

​

 

12,417

​

​

 

$

57,678

​

$

41,986

​
Schedule of property and equipment, net

Property and equipment consisted of the following (in thousands):

​

​

​

​

​

​

​

​

​

​

December 31,

​

​

​

2024

​

2023

​

​

​

​

​

    

​

​

​

Buildings

    

$

874

​

$

874

​

Equipment

​

​

32,197

​

​

29,843

​

Furniture and fixtures

​

​

9,030

​

 

8,287

​

Leasehold improvements

​

​

80,987

​

 

70,332

​

Computer equipment and software

​

​

4,198

​

​

3,906

​

Land

​

​

7,068

​

​

7,068

​

Construction in progress

​

​

8,087

​

 

17,379

​

​

​

​

142,441

​

 

137,689

​

Less accumulated depreciation and amortization

​

 

(44,574)

​

 

(34,477)

​

​

 

$

97,867

​

$

103,212

​
Schedule of accrued liabilities

Accrued liabilities consisted of the following (in thousands):

​

​

​

​

​

​

​

​

​

​

December 31,

 

​

​

2024

​

2023

 

​

​

​

​

    

​

​

​

Accrued bonuses

    

$

22,025

​

$

20,588

​

Accrued sales rebates

​

​

7,956

​

​

8,935

​

Accrued vacation benefits

​

​

5,530

​

 

5,269

​

Other accrued liabilities

​

​

26,588

​

 

25,782

​

​

​

$

62,099

​

$

60,574

​

​
v3.25.0.1
Fair Value Measurements (Tables)
 12 Months Ended
Dec. 31, 2024
Fair Value Measurements  
Schedule of the Company's financial assets and financial liabilities measured at fair value on a recurring basis

The following tables present information about the Company’s financial assets and liabilities measured at fair value on a recurring basis as of December 31, 2024 and December 31, 2023, and indicate the fair value hierarchy of the valuation techniques utilized by the Company to determine such fair value (in thousands).

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

At December 31, 2024

 

​

​

​

​

​

​

​

​

Significant

​

​

​

 

​

​

​

​

​

Quoted prices in

​

other

​

Significant

 

​

​

​

​

​

active markets for

​

observable

​

unobservable

 

​

​

December 31,

​

identical assets

​

inputs

​

inputs

 

​

​

2024

​

(Level 1)

​

(Level 2)

​

(Level 3)

 

Assets

    

​

    

    

​

    

    

​

    

    

​

    

​

Cash equivalents:

​

​

​

​

​

​

​

​

​

​

​

​

​

Money market funds (i)

​

$

69,854

​

$

69,854

​

$

-

​

$

-

​

Available for sale securities:

​

​

​

​

​

​

​

​

​

​

​

​

​

U.S. treasury securities (ii)

​

​

115,891

​

​

-

​

​

115,891

​

​

-

​

Bank certificates of deposit (ii)

​

​

5,623

​

​

-

​

​

5,623

​

​

-

​

Corporate notes (ii)

​

​

16,938

​

​

-

​

​

16,938

​

​

-

​

Asset-backed securities (ii)

​

​

7,819

​

​

-

​

​

7,819

​

​

-

​

Municipal bonds (ii)

​

​

3,018

​

​

-

​

​

3,018

​

​

-

​

Investments held for deferred compensation plans (iii)

​

​

14,741

​

​

-

​

​

14,741

​

​

-

​

Total Assets

​

$

233,884

​

$

69,854

​

$

164,030

​

$

-

​

Liabilities

​

​

​

​

​

​

​

​

​

​

​

​

​

Deferred compensation plans (iv)

​

$

14,640

​

​

-

​

​

14,640

​

​

-

​

Contingent consideration (iv)

​

​

1,585

​

​

-

​

​

-

​

​

1,585

​

Total Liabilities

​

$

16,225

​

$

-

​

$

14,640

​

$

1,585

​

(i)Included in cash and cash equivalents with a maturity of three months or less from date of purchase on the consolidated balance sheets.
(ii)Included in short-term investments on the consolidated balance sheets.
(iii)Included in deposits and other assets on the consolidated balance sheets.
(iv)Included in other liabilities on the consolidated balance sheets.

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

At December 31, 2023

​

​

​

​

​

​

​

​

​

Significant

​

​

​

 

​

​

​

​

​

Quoted prices in

​

other

​

Significant

 

​

​

​

​

​

active markets for

​

observable

​

unobservable

 

​

​

December 31,

​

identical assets

​

inputs

​

inputs

 

​

​

2023

​

(Level 1)

​

(Level 2)

​

(Level 3)

 

Assets

    

​

    

    

​

    

    

​

    

    

​

    

​

Cash equivalents:

​

​

​

​

​

​

​

​

​

​

​

​

​

Money market funds (i)

​

$

52,156

​

$

52,156

​

$

-

​

$

-

​

Available for sale securities:

​

​

​

​

​

​

​

​

​

​

​

​

​

U.S. government agency bonds (ii)

​

​

25,650

​

​

-

​

​

25,650

​

​

-

​

U.S. treasury securities (ii)

​

​

125,018

​

​

-

​

​

125,018

​

​

-

​

Bank certificates of deposit (ii)

​

​

7,109

​

​

-

​

​

7,109

​

​

-

​

Commercial paper (ii)

​

​

5,682

​

​

-

​

​

5,682

​

​

-

​

Corporate notes (ii)

​

​

21,140

​

​

-

​

​

21,140

​

​

-

​

Asset-backed securities (ii)

​

​

12,321

​

​

-

​

​

12,321

​

​

-

​

Municipal bonds (ii)

​

​

5,044

​

​

-

​

​

5,044

​

​

-

​

Investments held for deferred compensation plans (iii)

​

​

11,589

​

​

-

​

​

11,589

​

​

-

​

Total Assets

​

$

265,709

​

$

52,156

​

$

213,553

​

$

-

​

Liabilities

​

​

​

​

​

​

​

​

​

​

​

​

​

Deferred compensation plans (iv)

​

​

11,294

​

​

-

​

​

11,294

​

​

-

​

Total Liabilities

​

$

11,294

​

$

-

​

$

11,294

​

$

-

​

(i)Included in cash and cash equivalents with a maturity of three months or less from date of purchase on the consolidated balance sheets.
(ii)Included in short-term investments on the consolidated balance sheets.
(iii)Included in deposits and other assets on the consolidated balance sheets.
(iv)Included in other liabilities on the consolidated balance sheets.
v3.25.0.1
Leases (Tables)
 12 Months Ended
Dec. 31, 2024
Leases  
Schedule of lease balance sheet information

​

​

​

​

​

​

​

​

​

​

Leases

    

​

    

December 31,

    

December 31,

(in thousands)

​

Classification

​

2024

​

2023

Assets

​

  

​

​

  

​

​

  

Operating

​

Operating lease right-of-use asset

​

$

30,254

​

$

27,146

Finance

​

Finance lease right-of-use asset

​

​

41,816

​

​

44,180

Total lease assets

​

​

​

$

72,070

​

$

71,326

Liabilities

​

  

​

​

  

​

​

  

Current

​

​

​

​

​

​

​

​

Operating

​

Accrued liabilities

​

$

1,353

​

$

1,309

Finance

​

Accrued liabilities

​

​

1,121

​

​

923

Noncurrent

​

​

​

​

​

​

​

​

Operating

​

Operating lease liability

​

​

33,936

​

​

30,427

Finance

​

Finance lease liability

​

​

69,463

​

​

70,538

Total lease liabilities

​

  

​

$

105,873

​

$

103,197
Schedule of component of lease expense

​

​

​

​

​

​

​

​

​

​

​

    

​

Year Ended

​

Year Ended

​

Lease Cost

​

​

December 31,

​

December 31,

​

(in thousands)

​

Classification

2024

​

2023

​

Fixed operating lease cost

​

Cost of sales

$

1,899

​

$

1,175

​

​

​

Research and development

​

1,680

​

​

1,903

​

​

​

Selling, general and administrative expenses

​

913

(a)

​

1,128

(a)

​

​

​

​

​

​

​

​

​

Finance lease cost

​

Amortization of right-of-use asset included in Selling, general and administrative expenses

$

2,385

​

$

2,421

​

Finance lease cost

​

Interest expense on lease liability

$

4,274

​

$

4,310

​

(a)Includes short-term leases, which are not significant.

​
Schedule of maturity of lease liability

​

​

​

​

​

​

​

​

Maturity of Lease Liabilities

​

Operating

​

Finance

(in thousands)

    

Leases (a)

    

Leases (b)

2025

​

$

4,126

​

$

5,327

2026

​

​

4,127

​

​

5,487

2027

​

​

4,155

​

​

5,651

2028

​

​

4,204

​

​

5,821

2029

​

​

4,213

​

​

5,995

Thereafter

​

​

37,987

​

​

90,515

Total lease payments

​

$

58,812

​

$

118,796

Less: imputed interest

​

​

23,523

​

​

48,212

Total lease liabilities

​

$

35,289

​

$

70,584

(a)Operating lease payments include $24.7 million related to options to extend lease terms that are reasonably certain of being exercised.
(b)Finance lease payments include $75.8 million related to options to extend lease terms that are reasonably certain of being exercised.

​
Schedule of operating and finance lease weighted average lease term and discount rate

​

​

​

​

​

​

​

​

​

​

December 31,

​

​

December 31,

​

Lease Term and Discount Rate

    

2024

​

    

2023

​

Weighted-average remaining lease term (years)

​

  

​

​

​

​

Operating leases

​

12.9

​

​

12.3

​

Finance leases

​

17.3

​

​

18.3

​

Weighted-average discount rate

​

​

​

​

​

​

Operating leases

​

8.0

%

​

8.0

%

Finance leases

​

6.0

%

​

6.0

%
Schedule of operating and finance lease supplemental cash flow information

​

​

​

​

​

​

​

​

Year Ended

​

Year Ended

Other Information

December 31,

​

December 31,

(in thousands)

2024

​

2023

Cash paid for amounts included in the measurement of lease liabilities:

​

​

​

​

​

Operating cash flows from operating leases

$

4,117

​

$

3,248

Right-of-use asset obtained in exchange for new operating lease

$

5,066

​

$

3,126

Interest paid for finance lease

$

4,274

​

$

4,310

​
v3.25.0.1
Intangible Assets and Goodwill (Tables)
 12 Months Ended
Dec. 31, 2024
Intangible Assets and Goodwill  
Schedule reflecting the composition of intangible assets and goodwill

The following table presents the composition of the Company’s intangible assets and goodwill (in thousands):

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Weighted-Average

​

As of December 31, 2024

​

As of December 31, 2023

​

​

Amortization

​

Gross

​

​

​

​

​

Gross

​

​

​

​

​

​

Period

​

Carrying

​

Accumulated

​

Net

​

Carrying

​

Accumulated

​

Net

​

    

(in years)

    

Amount

    

Amortization

    

Amount

    

Amount

    

Amortization

    

Amount

Developed technology

​

11.4

​

$

252,200

​

$

(112,762)

​

$

139,438

​

$

252,200

​

$

(90,670)

​

$

161,530

Customer relationships

​

5.0

​

​

14,100

​

​

(14,100)

​

​

-

​

​

14,100

​

​

(11,574)

​

​

2,526

License

​

4.0

​

​

5,190

​

​

(83)

​

​

5,107

​

​

-

​

​

-

​

​

-

Intangible assets subject to amortization

​

​

​

​

271,490

​

​

(126,945)

​

​

144,545

​

​

266,300

​

​

(102,244)

​

​

164,056

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

In-process research and development

​

Indefinite

​

$

118,900

​

​

-

​

​

118,900

​

​

118,900

​

​

-

​

​

118,900

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Total

​

​

​

$

390,390

​

$

(126,945)

​

$

263,445

​

$

385,200

​

$

(102,244)

​

$

282,956

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Goodwill

​

Indefinite

​

$

66,134

​

​

-

​

​

66,134

​

​

66,134

​

​

-

​

​

66,134
Schedule of expected amortization of finite-lived intangible assets

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Weighted-Average

​

As of December 31, 2024

​

As of December 31, 2023

​

​

Amortization

​

Gross

​

​

​

​

​

Gross

​

​

​

​

​

​

Period

​

Carrying

​

Accumulated

​

Net

​

Carrying

​

Accumulated

​

Net

​

    

(in years)

    

Amount

    

Amortization

    

Amount

    

Amount

    

Amortization

    

Amount

Developed technology

​

11.4

​

$

252,200

​

$

(112,762)

​

$

139,438

​

$

252,200

​

$

(90,670)

​

$

161,530

Customer relationships

​

5.0

​

​

14,100

​

​

(14,100)

​

​

-

​

​

14,100

​

​

(11,574)

​

​

2,526

License

​

4.0

​

​

5,190

​

​

(83)

​

​

5,107

​

​

-

​

​

-

​

​

-

Intangible assets subject to amortization

​

​

​

​

271,490

​

​

(126,945)

​

​

144,545

​

​

266,300

​

​

(102,244)

​

​

164,056

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

In-process research and development

​

Indefinite

​

$

118,900

​

​

-

​

​

118,900

​

​

118,900

​

​

-

​

​

118,900

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Total

​

​

​

$

390,390

​

$

(126,945)

​

$

263,445

​

$

385,200

​

$

(102,244)

​

$

282,956

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Goodwill

​

Indefinite

​

$

66,134

​

​

-

​

​

66,134

​

​

66,134

​

​

-

​

​

66,134
v3.25.0.1
Revenue from Contracts with Customers (Tables)
 12 Months Ended
Dec. 31, 2024
Revenue from Contracts with Customers  
Schedule of disaggregation of revenue

The Company’s revenues disaggregated by product category and geography, for the years ended December 31, 2024, December 31, 2023 and December 31, 2022 were as follows (in thousands):

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Year ended

​

​

December 31,

​

​

United States

​

International

​

Total

​

   

2024

   

2023

   

2022

   

2024

   

2023

   

2022

   

2024

   

2023

   

2022

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Glaucoma

​

$

199,571

​

$

151,479

​

$

144,661

​

$

103,705

​

$

85,560

​

$

69,577

​

$

303,276

​

$

237,039

​

$

214,238

Corneal Health

​

​

70,523

​

 

67,917

​

 

58,577

​

​

9,682

​

 

9,755

​

 

10,047

​

​

80,205

​

 

77,672

​

 

68,624

Total

 

$

270,094

​

$

219,396

​

$

203,238

​

$

113,387

​

$

95,315

​

$

79,624

​

$

383,481

​

$

314,711

​

$

282,862

​
Schedule of accrued sale rebate liability activity

​

​

​

​

​

​

​

​

Year ended

​

​

December 31,

​

    

2024

Sales rebate balance, January 1, 2024

​

$

8,935

Current period provision

​

​

12,501

Payments and credits

​

​

(13,480)

Sales rebate balance, December 31, 2024

​

$

7,956
v3.25.0.1
Convertible Senior Notes (Tables)
 12 Months Ended
Dec. 31, 2024
Convertible Senior Notes  
Schedule of interest expense relating to the Convertible Notes

Interest expense relating to the Convertible Notes in the consolidated statements of operations for the years ended December 31, 2024, December 31, 2023 and December 31, 2022 are summarized as follows (in thousands):

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Year ended

​

​

​

​

​

​

December 31,

​

    

2024

    

2023

    

2022

Contractual interest expense

​

$

4,590

​

$

7,906

​

$

7,906

Amortization of debt issuance costs

​

​

1,403

​

​

1,373

​

​

1,373

Total interest expense

​

$

5,993

​

$

9,279

​

$

9,279
Schedule of convertible senior notes

As of December 31, 2023 the Convertible Notes on the consolidated balance sheets represented the carrying amount of the liability component of the Convertible Notes, net of unamortized debt issuance costs, which are summarized as follows (in thousands):

​

​

​

​

​

​

​

​

​

​

​

​

Year ended

​

​

​

December 31,

​

​

    

2023

    

Convertible Notes

​

​

287,500

​

Less: Unamortized debt issuance costs

​

​

(4,727)

​

Carrying amount of Convertible Notes

​

​

282,773

​
v3.25.0.1
Stock-Based Compensation (Tables)
 12 Months Ended
Dec. 31, 2024
Schedule summarizing the allocation of stock-based compensation

The following table summarizes the allocation of stock-based compensation related to both time-based and performance-based stock options and RSUs in the accompanying consolidated statements of operations (in thousands):

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Year ended

 

​

​

December 31,

 

​

​

2024

​

2023

​

2022

 

​

​

​

​

    

​

​

​

​

​

​

Cost of sales

    

$

3,440

​

$

2,233

    

$

1,849

​

Selling, general & administrative

​

​

33,165

​

 

28,781

​

 

26,988

​

Research and development

​

​

13,602

​

 

12,514

​

 

9,724

​

Total

 

$

50,207

​

$

43,528

​

$

38,561

​
Vesting based on time  
Schedule summarizing stock option activity under the 2001 Stock Plan, 2011 Stock Plan and 2015 Stock Plan

The following table summarizes time-based stock option activity under the Stock Plans:

​

​

​

​

​

​

​

​

​

​

​

​

​

    

Number of

    

​

    

​

Weighted-

    

​

 

​

​

​

shares

​

Weighted-

​

average

​

Aggregate

​

​

​

underlying

​

average

​

remaining

​

intrinsic

​

​

​

options

​

exercise price

​

contractual

​

value (in

​

​

​

(in thousands)

​

per share

    

life (in years)

​

thousands)

​

Outstanding at December 31, 2021

 

4,413

​

$

29.01

​

4.9

​

$

72,944

​

Granted

​

202

​

​

54.99

​

​

​

​

​

​

Exercised

​

(295)

​

​

12.12

​

​

​

​

11,190

​

Canceled/forfeited/expired

​

(32)

​

​

54.31

​

​

​

​

​

​

Outstanding at December 31, 2022

​

4,288

​

$

31.35

​

4.3

​

$

60,960

​

Granted

​

307

​

​

48.84

​

​

​

​

​

​

Exercised

​

(694)

​

​

18.24

​

​

​

​

37,946

​

Canceled/forfeited/expired

​

(165)

​

​

41.41

​

​

​

​

​

​

Outstanding at December 31, 2023

​

3,736

​

$

34.78

​

4.0

​

$

167,180

​

Granted

​

79

​

​

88.52

​

​

​

​

​

​

Exercised

​

(1,262)

​

​

29.93

​

​

​

​

96,359

​

Canceled/forfeited/expired

​

(19)

​

​

53.57

​

​

​

​

​

​

Outstanding at December 31, 2024

​

2,534

​

$

38.39

​

3.5

​

$

273,349

​

Vested and expected to vest at December 31, 2024

​

2,442

​

$

38.34

​

3.5

​

$

272,485

​

Exercisable at December 31, 2024

​

2,193

​

$

35.81

​

3.0

​

$

250,345

​

​
Schedule of the weighted-average assumptions used to estimate the fair value of options granted to employees

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Year ended

 

​

​

​

December 31,

 

​

​

​

2024

​

​

2023

​

​

2022

 

Risk-free interest rate

    

​

4.39

%  

​

3.53

%  

​

2.55

% 

Expected dividend yield

 

​

0.0

%  

​

0.0

%  

​

0.0

%

Expected volatility

 

​

55.2

%  

​

56.4

%  

​

55.6

%

Expected term (in years)

 

​

6.02

​

​

5.83

​

​

5.97

​
Schedule summarizing restricted stock unit activity

The following table summarizes the activity of unvested time-based RSUs under the Stock Plans during the years ended December 31, 2024, December 31, 2023 and December 31, 2022:

​

​

​

​

​

​

​

​

​

​

​

​

​

Weighted-

​

​

​

​

Number of

​

average

​

​

​

​

shares

​

grant date

​

​

​

    

(in thousands)

    

fair value

​

Unvested at December 31, 2021

​

​

1,010

​

$

57.30

​

Granted

​

​

738

​

​

56.40

​

Vested

​

​

(362)

​

​

53.96

​

Canceled/forfeited

​

​

(118)

​

​

55.42

​

Unvested at December 31, 2022

 

​

1,268

​

$

57.92

​

Granted

​

​

839

​

​

51.39

​

Vested

​

​

(441)

​

​

56.66

​

Canceled/forfeited

​

​

(75)

​

​

55.19

​

Unvested at December 31, 2023

​

​

1,591

​

$

54.95

​

Granted

​

​

470

​

​

93.40

​

Vested

​

​

(570)

​

​

53.83

​

Canceled/forfeited

​

​

(76)

​

​

63.62

​

Unvested at December 31, 2024

​

​

1,415

​

$

67.68

​
Vesting based on performance  
Schedule summarizing stock option activity under the 2001 Stock Plan, 2011 Stock Plan and 2015 Stock Plan

The following table summarizes performance-based stock option activity under the Stock Plans:

​

​

​

​

​

​

​

​

​

​

​

​

​

    

Number of

    

​

    

​

Weighted-

    

​

 

​

​

​

shares

​

Weighted-

​

average

​

Aggregate

​

​

​

underlying

​

average

​

remaining

​

intrinsic

​

​

​

options

​

exercise price

​

contractual

​

value (in

​

​

​

(in thousands)

​

per share

    

life (in years)

​

thousands)

​

Outstanding at December 31, 2021

 

129

​

$

39.10

​

8.2

​

$

692

​

Granted

​

282

​

​

55.18

​

​

​

​

​

​

Exercised

​

-

​

​

-

​

​

​

​

63

​

Canceled/forfeited/expired

​

(18)

​

​

39.10

​

​

​

​

​

​

Outstanding at December 31, 2022

​

393

​

$

50.63

​

8.2

​

$

692

​

Granted

​

183

​

​

48.46

​

​

​

​

​

​

Exercised

​

(2)

​

​

39.10

​

​

​

​

100

​

Canceled/forfeited/expired

​

(55)

​

​

39.10

​

​

​

​

​

​

Outstanding at December 31, 2023

​

519

​

$

51.13

​

8.4

​

$

14,720

​

Granted

​

-

​

​

-

​

​

​

​

​

​

Exercised

​

(36)

​

​

46.96

​

​

​

​

2,234

​

Canceled/forfeited/expired

​

-

​

​

-

​

​

​

​

​

​

Outstanding at December 31, 2024

​

483

​

$

51.20

​

7.4

​

$

56,018

​

Vested and expected to vest at December 31, 2024

​

362

​

$

52.33

​

6.9

​

$

35,332

​

Exercisable at December 31, 2024

​

231

​

$

50.71

​

6.8

​

$

22,890

​
Schedule of the weighted-average assumptions used to estimate the fair value of options granted to employees

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Year ended

 

​

​

​

December 31,

 

​

​

​

2024

​

​

2023

​

​

2022

 

Risk-free interest rate

    

​

n/a

​

​

3.54

%  

​

2.38

​

Expected dividend yield

 

​

n/a

​

​

0.0

%  

​

0.0

​

Expected volatility

 

​

n/a

​

​

56.3

%  

​

55.6

​

Expected term (in years)

 

​

n/a

​

​

6.01

​

​

6.01

​
Schedule summarizing restricted stock unit activity

The following table summarizes the activity of unvested performance-based RSUs under the Stock Plans during the years ended December 31, 2024, December 31, 2023 and December 31, 2022:

​

​

​

​

​

​

​

​

​

​

​

​

Weighted-

​

​

​

Number of

​

average

​

​

​

shares

​

grant date

​

​

    

(in thousands)

    

fair value

Unvested at December 31, 2021

​

​

176

​

$

78.19

Granted

​

​

37

​

​

55.18

Vested

​

​

(37)

​

​

42.21

Canceled/forfeited

​

​

-

​

​

-

Unvested at December 31, 2022

 

​

176

​

$

75.02

Granted

​

​

8

​

​

48.62

Vested

​

​

(63)

​

​

69.82

Canceled/forfeited

​

​

-

​

​

-

Unvested at December 31, 2023

 

​

121

​

$

77.42

Granted

​

​

174

​

​

85.78

Vested

​

​

(58)

​

​

71.03

Canceled/forfeited

​

​

-

​

​

-

Unvested at December 31, 2024

​

​

237

​

$

73.47
v3.25.0.1
Income Taxes (Tables)
 12 Months Ended
Dec. 31, 2024
Income Taxes  
Schedule of United States and foreign (loss) income before income taxes

United States and foreign (loss) income before income taxes was as follows (in thousands):

​

​

​

​

​

​

​

​

​

​

​

​

​

Year ended December 31,

 

​

​

2024

​

2023

​

2022

 

United States

    

$

(147,828)

    

$

(138,205)

    

$

(101,316)

​

Foreign

​

 

2,227

​

 

4,478

​

 

2,887

​

Total

​

$

(145,601)

​

$

(133,727)

​

$

(98,429)

​
Schedule of the provision for income taxes

The income tax provision was as follows (in thousands):

​

​

​

​

​

​

​

​

​

​

​

​

​

December 31,

 

​

​

2024

​

2023

​

2022

 

Current:

    

​

    

    

​

    

    

​

    

​

Federal

​

$

-

​

$

(55)

​

$

(240)

​

State

​

 

307

​

 

294

​

 

368

​

Foreign

​

 

680

​

 

815

​

 

693

​

​

​

 

987

​

 

1,054

​

 

821

​

Deferred:

​

​

​

​

​

​

​

​

​

​

Federal

​

 

4

​

 

23

​

 

14

​

State

​

 

(220)

​

 

(143)

​

 

(87)

​

Foreign

​

 

-

​

 

-

​

 

18

​

​

​

 

(216)

​

 

(120)

​

 

(55)

​

Income tax provision

​

$

771

​

$

934

​

$

766

​
Schedule of reconciliations of the U.S. federal statutory tax rate to the combined effective tax rate

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Year ended

 

​

​

​

December 31,

 

(amounts in thousands)

    

​

2024

    

​

2023

    

​

2022

 

Statutory rate of tax benefit

​

$

(30,578)

​

$

(28,082)

​

$

(20,670)

​

State income taxes, net of federal benefit

​

 

(5,728)

​

​

(6,436)

​

​

(2,558)

​

Permanent and other items

​

 

2,212

​

​

5,105

​

​

497

​

Loss on extinguishment of debt

​

​

3,657

​

​

-

​

​

-

​

Limitation on officers' compensation

​

​

6,622

​

​

-

​

​

-

​

In-process research and development

​

​

2,160

​

​

-

​

​

-

​

Stock-based compensation

​

 

(19,960)

​

​

(5,323)

​

​

493

​

Research credits

​

 

(6,481)

​

​

(6,059)

​

​

(7,700)

​

Uncertain tax positions

​

 

2,977

​

​

3,493

​

​

3,711

​

Change in tax rate

​

 

899

​

​

1,333

​

​

56

​

State economic development credits

​

​

-

​

​

(2,370)

​

​

-

​

Valuation allowance

​

 

44,991

​

​

39,273

​

​

26,937

​

Income tax provision

​

$

771

​

$

934

​

$

766

​
Schedule of significant components of the Company's deferred tax assets

Significant components of the Company’s net deferred tax assets at December 31, 2024 and December 31, 2023 are as follows (in thousands):

​

​

​

​

​

​

​

​

​

​

December 31,

 

​

​

2024

​

2023

 

Deferred tax assets:

    

 

    

    

​

    

​

Net operating loss carryforwards

 

$

115,938

​

$

96,886

​

Tax credits

​

​

30,000

​

 

26,176

​

Stock-based compensation

​

​

12,197

​

​

14,533

​

Reserves and accruals

​

​

15,073

​

​

12,111

​

Lease liability

​

​

25,510

​

​

24,924

​

Section 174 research costs capitalization

​

​

69,372

​

​

48,462

​

Other, net

​

​

1,481

​

​

957

​

Total deferred tax assets

​

$

269,571

​

$

224,049

​

​

​

​

​

​

​

​

​

Deferred tax liabilities:

​

​

​

​

​

​

​

Depreciation and amortization

​

​

(51,039)

​

​

(56,471)

​

ROU lease asset

​

​

(17,280)

​

​

(17,196)

​

Total deferred tax liabilities

​

$

(68,319)

​

$

(73,667)

​

​

​

​

​

​

​

​

​

Valuation allowance

​

 

(208,180)

​

 

(157,526)

​

Net deferred tax liability

​

$

(6,928)

​

$

(7,144)

​
Schedule of reconciliation of the beginning and ending amount of gross unrecognized tax benefits, excluding interest and penalties

A reconciliation of the beginning and ending amount of gross unrecognized tax benefits for the years ended December 31, 2024, December 31, 2023 and December 31, 2022 excluding interest and penalties, is as follows (in thousands):

​

​

​

​

​

​

​

​

​

​

​

​

December 31,

​

​

2024

​

2023

​

2022

Balance at beginning of the year

    

$

32,839

    

$

28,968

    

$

25,816

Net addition for tax positions - prior years

​

​

526

​

​

986

​

​

679

Net additions for tax positions - current year

​

​

3,479

​

 

4,013

​

 

4,307

Subtractions from tax positions - prior years

​

​

(2,250)

​

​

(1,128)

​

​

(553)

Subtractions from tax positions - current year

​

​

-

​

​

-

​

​

(1,281)

Balance at end of the year

​

$

34,594

​

$

32,839

​

$

28,968
v3.25.0.1
Business Segment Information (Tables)
 12 Months Ended
Dec. 31, 2024
Business Segment Information  
Schedule of consolidated operations

​

​

​

​

​

​

​

​

​

​

​

​

​

Year Ended December 31,

​

    

2024

    

2023

    

2022

​

​

(in thousands)

Net sales

    

$

383,481

    

$

314,711

    

$

282,862

Less:

 

​

  

 

​

  

 

​

  

Cost of sales

 

​

94,027

 

​

75,575

 

​

68,979

Sales, marketing & distribution

 

​

140,094

 

​

137,959

 

​

125,121

Research & development

 

​

84,609

 

​

86,294

 

​

80,399

Clinical

 

​

51,816

 

​

52,474

 

​

42,872

General & administrative

 

​

121,072

 

​

86,109

 

​

67,804

In-process research and development

 

​

14,229

 

​

5,000

 

​

10,000

Litigation-related settlement

 

​

-

 

​

-

 

​

(30,000)

Interest income

 

​

(11,105)

 

​

(9,164)

 

​

(2,375)

Interest expense

 

​

10,040

 

​

13,633

 

​

13,720

Charges associated with convertible senior notes

 

​

18,012

 

​

-

 

​

-

Other expense, net

 

​

6,288

 

​

558

 

​

4,771

Income tax provision

 

​

771

 

​

934

 

​

766

Net loss

​

$

(146,372)

​

$

(134,661)

​

$

(99,195)
Schedule of Property and Equipment, net, Depreciation and Amortization, and Capital Expenditures by Geographic Area

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Property and equipment, net

​

Depreciation and amortization

​

Capital expenditures

​

​

As of December 31,

​

Year ended December 31,

​

Year ended December 31,

​

​

2024

​

2023

​

2022

​

2024

​

2023

​

2022

​

2024

​

2023

​

2022

​

​

​

​

    

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

    

​

​

​

​

​

United States

    

$

97,726

    

$

103,098

    

$

94,263

    

$

35,615

    

$

33,646

    

$

31,547

    

$

6,229

    

$

20,238

    

$

30,212

International

​

​

141

​

 

114

​

 

140

​

​

35

​

​

8

​

​

29

​

​

71

​

 

10

​

 

53

Total

 

$

97,867

​

$

103,212

​

$

94,403

​

$

35,650

​

$

33,654

​

$

31,576

​

$

6,300

​

$

20,248

​

$

30,265

​
v3.25.0.1
Organization and Basis of Presentation - Liquidity (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Organization and Basis of Presentation      
Net income (loss) $ (146,372) $ (134,661) $ (99,195)
Cash used in operating activities (61,318) (57,758) $ (33,083)
Accumulated deficit $ (745,439) $ (599,067)  
v3.25.0.1
Organization and Basis of Presentation - Recent Developments (Details) - USD ($)
 1 Months Ended 12 Months Ended
Dec. 02, 2024
Oct. 04, 2024
Jun. 28, 2024
Mar. 07, 2024
Jun. 30, 2024
Dec. 31, 2024
Jun. 14, 2024
Dec. 31, 2023
Jun. 11, 2020
Organization and Basis of Presentation                  
Denomination for conversion of debt   $ 1,000              
Common stock, par value (in dollars per share)           $ 0.001   $ 0.001  
Inducement expense related to exchange of convertible senior notes           $ 17,412,000      
Issuance of common stock in exchange for convertible senior notes, net           300,797,000      
2.75% Convertible Senior Notes due 2027                  
Organization and Basis of Presentation                  
Interest rate (as a percent)             2.75%   2.75%
Repurchase amount   $ 57,500,000         $ 230,000,000    
Redemption rate (as a percent)   100.00%              
Conversion rate   17.8269              
Denomination for conversion of debt   $ 1,000              
Number of additional shares issued in exchange for the original debt being converted in a noncash   0.3501              
Convertible ratio   18.177              
Common stock, par value (in dollars per share)             $ 0.001    
Amount of debt converted   $ 57,400,000 $ 230,000,000   $ 230,000,000 230,000,000      
Common shares issued upon the conversion of convertible senior notes (in shares)   1,044,066 4,253,423   4,253,423        
Decrease in Conversion Notes upon conversion           226,700,000      
Unamortized debt issuance costs           3,300,000      
Inducement expense related to exchange of convertible senior notes           17,400,000      
Direct transaction costs           600,000      
Convertible Notes $ 287,500,000       $ 57,500,000     $ 287,500,000 $ 287,500,000
Capped call corresponding percentage of common stock initially underlying convertible notes 50.00%                
Payment for capped call options $ 53,200,000                
Additional paid-in-capital                  
Organization and Basis of Presentation                  
Issuance of common stock in exchange for convertible senior notes, net           300,792,000      
Additional paid-in-capital | 2.75% Convertible Senior Notes due 2027                  
Organization and Basis of Presentation                  
Issuance of common stock in exchange for convertible senior notes, net           $ 244,100,000      
Equity Interests in a Clinical Stage Biopharma Company                  
Organization and Basis of Presentation                  
Common stock issued in connection with acquisition       $ 5,000,000          
Cash payments to acquire productive assets       $ 5,100,000          
Asset acquisition, percentage of voting interests acquired       100.00%          
Number of first development milestones that are payable in cash or Company shares       2          
Acquisition consideration accrued       $ 1,600,000          
Equity Interests in a Clinical Stage Biopharma Company | Maximum | Upon Achievement Of Certain Event Based Development Milestones                  
Organization and Basis of Presentation                  
Potential contingent consideration       51,000,000          
Equity Interests in a Clinical Stage Biopharma Company | Maximum | Upon Achievement Of Certain Commercial Sales Based Milestones                  
Organization and Basis of Presentation                  
Potential contingent consideration       $ 150,000,000          
v3.25.0.1
Summary of Significant Accounting Policies - Summary (Details)
 12 Months Ended
Dec. 31, 2024
USD ($)
item
segment
Dec. 31, 2023
USD ($)
Dec. 31, 2022
USD ($)
Dec. 31, 2021
USD ($)
Segments        
Number of business activities | item 1      
Number of operating segments | segment 1      
Trading Securities        
Trading securities $ 0 $ 0    
Restricted cash        
Cash and cash equivalents 169,626,000 93,467,000 $ 119,525,000  
Restricted cash 4,733,000 5,856,000 7,078,000  
cash, cash equivalents and restricted cash 174,359,000 99,323,000 126,603,000 $ 110,124,000
Accounts Receivable        
Allowance for doubtful accounts receivable 1,073,000 1,201,000    
Long Lived Assets        
Long-lived asset impairment $ 0 0 0  
Goodwill        
Number of Reportable Segments | item 1      
Goodwill impairment $ 0      
Revenue Recognition        
Number of performance obligations that exist for majority of the contracts with customers | item 1      
Warranty period from date of shipment 1 year      
Advertising Costs        
Advertising Costs $ 3,600,000 $ 3,400,000 $ 2,500,000  
Internal Use Software        
Intangible Assets        
Weighted-Average Amortization Period 3 years      
Convertible senior notes        
Variable Interest Entities        
Outstanding under Convertible Promissory Note $ 5,000,000      
Convertible Promissory Note rate (as a percent) 5.00%      
Minimum        
Long Lived Assets        
Estimated useful lives of assets 3 years      
Intangible Assets        
Weighted-Average Amortization Period 4 years      
Maximum        
Long Lived Assets        
Estimated useful lives of assets 5 years      
Intangible Assets        
Weighted-Average Amortization Period 11 years      
v3.25.0.1
Summary of Significant Accounting Policies - Antidilutive Securities (Details)
 12 Months Ended
Dec. 31, 2024
item
shares
Dec. 31, 2023
item
shares
Dec. 31, 2022
shares
Anti-dilutive securities      
Anti-dilutive securities excluded from computation of earnings per share 3,333,000 8,483,000 8,440,000
Preferred Stock, Shares Authorized 5,000,000 5,000,000  
Preferred Stock, Shares Outstanding 0 0  
Number Of Votes Per Common Share | item 1 1  
Stock options      
Anti-dilutive securities      
Anti-dilutive securities excluded from computation of earnings per share 2,318,000 2,613,000 2,373,000
Restricted Stock Units (RSUs)      
Anti-dilutive securities      
Anti-dilutive securities excluded from computation of earnings per share 1,011,000 743,000 934,000
Employee stock purchase plan      
Anti-dilutive securities      
Anti-dilutive securities excluded from computation of earnings per share 4,000 2,000 8,000
Convertible senior notes      
Anti-dilutive securities      
Anti-dilutive securities excluded from computation of earnings per share   5,125,000 5,125,000
v3.25.0.1
Balance Sheet Details - Short-Term Investments (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Short-term investments    
Amortized cost $ 149,072 $ 202,271
Unrealized gains 329 441
Unrealized losses (112) (748)
Estimated fair value 149,289 201,964
U.S. government agency bonds    
Short-term investments    
Amortized cost   25,995
Unrealized gains   2
Unrealized losses   (347)
Estimated fair value   $ 25,650
U.S. government agency bonds | Maximum    
Short-term investments    
Maturity   3 years
U.S. treasury securities    
Short-term investments    
Amortized cost 115,766 $ 124,780
Unrealized gains 215 274
Unrealized losses (90) (36)
Estimated fair value $ 115,891 $ 125,018
U.S. treasury securities | Maximum    
Short-term investments    
Maturity 3 years 2 years
Bank certificates of deposit    
Short-term investments    
Amortized cost $ 5,620 $ 7,100
Unrealized gains 3 9
Estimated fair value $ 5,623 $ 7,109
Bank certificates of deposit | Maximum    
Short-term investments    
Maturity 1 year 1 year
Commercial paper    
Short-term investments    
Amortized cost   $ 5,679
Unrealized gains   4
Unrealized losses   (1)
Estimated fair value   $ 5,682
Commercial paper | Maximum    
Short-term investments    
Maturity   1 year
Corporate notes    
Short-term investments    
Amortized cost $ 16,852 $ 21,292
Unrealized gains 88 77
Unrealized losses (2) (229)
Estimated fair value $ 16,938 $ 21,140
Corporate notes | Maximum    
Short-term investments    
Maturity 3 years 3 years
Asset-backed securities    
Short-term investments    
Amortized cost $ 7,824 $ 12,415
Unrealized gains 15 41
Unrealized losses (20) (135)
Estimated fair value $ 7,819 $ 12,321
Asset-backed securities | Maximum    
Short-term investments    
Maturity 1 year 2 years
Municipal bonds    
Short-term investments    
Amortized cost $ 3,010 $ 5,010
Unrealized gains 8 34
Estimated fair value $ 3,018 $ 5,044
Municipal bonds | Maximum    
Short-term investments    
Maturity 1 year 3 years
v3.25.0.1
Balance Sheet Details - Other (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Accounts Receivable, Net    
Accounts receivable $ 61,817 $ 41,051
Allowance for credit losses (1,073) (1,201)
Accounts receivable, net 60,744 39,850
Inventory    
Finished goods 23,667 16,699
Work in process 14,663 12,870
Raw materials 19,348 12,417
Total inventory 57,678 41,986
Inventory write-down 4,449 0
Accrued Liabilities    
Accrued bonuses 22,025 20,588
Accrued sales rebates 7,956 8,935
Accrued vacation benefits 5,530 5,269
Other accrued liabilities 26,588 25,782
Total accrued liabilities $ 62,099 $ 60,574
v3.25.0.1
Balance Sheet Details - Property and Equipment (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Property and equipment, net      
Property and equipment, gross $ 142,441 $ 137,689  
Less accumulated depreciation and amortization (44,574) (34,477)  
Property and equipment, net 97,867 103,212 $ 94,403
Depreciation and amortization 35,650 33,654 31,576
Buildings      
Property and equipment, net      
Property and equipment, gross 874 874  
Equipment      
Property and equipment, net      
Property and equipment, gross 32,197 29,843  
Furniture and fixtures      
Property and equipment, net      
Property and equipment, gross 9,030 8,287  
Leasehold improvements      
Property and equipment, net      
Property and equipment, gross 80,987 70,332  
Computer equipment and software      
Property and equipment, net      
Property and equipment, gross 4,198 3,906  
Land      
Property and equipment, net      
Property and equipment, gross 7,068 7,068  
Construction in progress      
Property and equipment, net      
Property and equipment, gross 8,087 17,379  
Property, Plant and Equipment      
Property and equipment, net      
Depreciation and amortization $ 10,100 $ 7,300 $ 6,600
v3.25.0.1
Fair Value Measurements - Fair Value Hierarchy (Details) - USD ($)
Dec. 31, 2024
Mar. 31, 2024
Dec. 31, 2023
Fair Value, Inputs, Level 3      
Assets      
Total assets     $ 0
Liabilities      
Total liabilities     0
Fair Value, Measurements, Recurring      
Assets      
Total assets $ 233,884,000   265,709,000
Liabilities      
Total liabilities 16,225,000   11,294,000
Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 1      
Assets      
Total assets 69,854,000   52,156,000
Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 2      
Assets      
Total assets 164,030,000   213,553,000
Liabilities      
Total liabilities 14,640,000   11,294,000
Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 3      
Liabilities      
Total liabilities 1,585,000    
Money market funds | Fair Value, Measurements, Recurring      
Assets      
Total assets 69,854,000   52,156,000
Money market funds | Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 1      
Assets      
Total assets 69,854,000   52,156,000
U.S. government agency bonds | Fair Value, Measurements, Recurring      
Assets      
Total assets     25,650,000
U.S. government agency bonds | Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 2      
Assets      
Total assets     25,650,000
U.S. treasury securities | Fair Value, Measurements, Recurring      
Assets      
Total assets 115,891,000   125,018,000
U.S. treasury securities | Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 2      
Assets      
Total assets 115,891,000   125,018,000
Bank certificates of deposit | Fair Value, Measurements, Recurring      
Assets      
Total assets 5,623,000   7,109,000
Bank certificates of deposit | Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 2      
Assets      
Total assets 5,623,000   7,109,000
Commercial paper. | Fair Value, Measurements, Recurring      
Assets      
Total assets     5,682,000
Commercial paper. | Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 2      
Assets      
Total assets     5,682,000
Corporate notes | Fair Value, Measurements, Recurring      
Assets      
Total assets 16,938,000   21,140,000
Corporate notes | Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 2      
Assets      
Total assets 16,938,000   21,140,000
Asset-backed securities | Fair Value, Measurements, Recurring      
Assets      
Total assets 7,819,000   12,321,000
Asset-backed securities | Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 2      
Assets      
Total assets 7,819,000   12,321,000
Municipal bonds | Fair Value, Measurements, Recurring      
Assets      
Total assets 3,018,000   5,044,000
Municipal bonds | Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 2      
Assets      
Total assets 3,018,000   5,044,000
Investments held for deferred compensation plans | Fair Value, Measurements, Recurring      
Assets      
Total assets 14,741,000   11,589,000
Liabilities      
Total liabilities 14,640,000   11,294,000
Investments held for deferred compensation plans | Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 2      
Assets      
Total assets 14,741,000   11,589,000
Liabilities      
Total liabilities 14,640,000   $ 11,294,000
Contingent consideration | Fair Value, Measurements, Recurring      
Liabilities      
Total liabilities 1,585,000 $ 1,400,000  
Contingent consideration | Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 3      
Liabilities      
Total liabilities $ 1,585,000    
v3.25.0.1
Fair Value Measurements - Transfers (Details) - USD ($)
Dec. 31, 2024
Dec. 31, 2023
Fair Value Measurements, Valuation    
Amount of transfers of assets and liabilities measured on a recurring basis between Levels 1, 2 and 3 of the fair value hierarchy $ 0 $ 0
2.75% Convertible Senior Notes due 2027    
Fair Value Measurements, Valuation    
Fair value of convertible senior notes   $ 444,000,000
v3.25.0.1
Leases - Terms (Details)
 12 Months Ended
Dec. 31, 2024
Leases  
Operating Lease Existence of Option to Extend true
Minimum  
Leases  
Operating lease remaining lease term 1 year
Maximum  
Leases  
Operating lease remaining lease term 13 years
Optional lease extension term 10 years
v3.25.0.1
Leases - Leases Details (Details)
 12 Months Ended
Nov. 14, 2020
ft²
item
property
Jul. 31, 2020
ft²
item
Dec. 31, 2024
ft²
item
Operating Leases      
Number of most significant leases expiring on May 31, 2030     2
Maximum      
Operating Leases      
Optional lease extension term     10 years
Domestic Office Leases      
Operating Leases      
The number of adjacent facilities rented     2
Number of adjacent properties leased     2
Number of lease renewal periods   1  
Optional lease extension term   5 years  
Area of leased space | ft²   120,000  
Foreign Subsidiaries Office Leases | Maximum      
Operating Leases      
Area of leased space | ft²     35,000
Aliso Facility      
Operating Leases      
Number of properties leased | property 1    
Number of buildings leased 3    
Number of lease renewal periods 2    
Optional lease extension term 5 years    
Area of leased space | ft² 160,000    
Term of lease 13 years    
Burlington Massachusetts Facility      
Operating Leases      
Number of lease renewal periods     1
Optional lease extension term     5 years
Area of leased space | ft²     60,000
v3.25.0.1
Leases - Balance Sheet and Expense (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Assets Operating $ 30,254 $ 27,146
Assets Finance 41,816 44,180
Total lease assets 72,070 71,326
Liabilities Current Operating $ 1,353 $ 1,309
Operating Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration] Accrued Liabilities, Current Accrued Liabilities, Current
Liabilities Current Finance $ 1,121 $ 923
Finance Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration] Accrued Liabilities, Current Accrued Liabilities, Current
Liabilities Noncurrent Operating $ 33,936 $ 30,427
Liabilities Noncurrent Finance 69,463 70,538
Total lease liabilities 105,873 103,197
Finance lease cost - amortization of right-of-use asset 2,385 2,421
Finance lease cost - interest expense on lease liability 4,274 4,310
Cost of sales    
Fixed operating lease cost 1,899 1,175
Research and development    
Fixed operating lease cost 1,680 1,903
Selling, general and administrative    
Fixed operating lease cost $ 913 $ 1,128
v3.25.0.1
Leases - Maturity (Details)
$ in Thousands
Dec. 31, 2024
USD ($)
Operating Leases  
2025 $ 4,126
2026 4,127
2027 4,155
2028 4,204
2029 4,213
Thereafter 37,987
Total Operating lease payments 58,812
Less: imputed interest 23,523
Total Operating lease liabilities 35,289
Amount of operating leases with option to extend commitment 24,700
Finance Leases  
2025 5,327
2026 5,487
2027 5,651
2028 5,821
2029 5,995
Thereafter 90,515
Total Finance lease payments 118,796
Less: imputed interest 48,212
Total Finance lease liabilities 70,584
Amount of financing leases with option to extend commitment $ 75,800
v3.25.0.1
Leases - Lease Term And Discount Rate And Cash Flow Information (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Leases    
Weighted average remaining lease term - operating leases 12 years 10 months 24 days 12 years 3 months 18 days
Weighted average remaining lease term - finance leases 17 years 3 months 18 days 18 years 3 months 18 days
Weighted average discount rate - operating leases (as a percent) 8.00% 8.00%
Weighted average discount rate - finance leases (as a percent) 6.00% 6.00%
Cash paid for amounts included in the measurement of lease liabilities - Operating cash flows from operating leases $ 4,117 $ 3,248
Right-of-use asset obtained in exchange for new operating lease 5,066 3,126
Finance lease cost - interest on lease liability $ 4,274 $ 4,310
v3.25.0.1
Intangible Assets and Goodwill - Other (Details) - USD ($)
$ in Thousands
 12 Months Ended
Mar. 17, 2023
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Intangible Assets and Goodwill        
Amortization of intangible assets   $ 24,701 $ 24,912 $ 24,912
Finite Lived - Gross Amount   271,490 266,300  
Finite Lived - Accumulated Amortization   (126,945) (102,244)  
Finite Lived - Net Amount   144,545 164,056  
Total Gross Carrying Amount   390,390 385,200  
Total Net Amount   263,445 282,956  
Goodwill   66,134 66,134  
In-Process Research and Development (IPR&D)        
Intangible Assets and Goodwill        
Indefinite Lived assets   $ 118,900 118,900  
Developed Technology        
Intangible Assets and Goodwill        
Weighted-Average Amortization Period   11 years 4 months 24 days    
Finite Lived - Gross Amount   $ 252,200 252,200  
Finite Lived - Accumulated Amortization   (112,762) (90,670)  
Finite Lived - Net Amount   $ 139,438 161,530  
Customer Relationships        
Intangible Assets and Goodwill        
Weighted-Average Amortization Period   5 years    
Finite Lived - Gross Amount   $ 14,100 14,100  
Finite Lived - Accumulated Amortization   $ (14,100) (11,574)  
Finite Lived - Net Amount     2,526  
License        
Intangible Assets and Goodwill        
Weighted-Average Amortization Period   4 years    
Finite Lived - Gross Amount   $ 5,190    
Finite Lived - Accumulated Amortization   (83)    
Finite Lived - Net Amount   5,107    
License Agreement with Celanese        
Intangible Assets and Goodwill        
Term of agreement 4 years      
Minimum compensation amount $ 6,300      
Weighted-Average Amortization Period 4 years      
Finite Lived - Net Amount $ 5,200      
Avedro | Cost of sales        
Intangible Assets and Goodwill        
Amortization of intangible assets   22,200 22,100 22,100
Avedro | Selling, general and administrative        
Intangible Assets and Goodwill        
Amortization of intangible assets   $ 2,500 $ 2,800 $ 2,800
v3.25.0.1
Intangible Assets and Goodwill - Maturity (Details) - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Estimated amortization expense    
2025 $ 22,978  
2026 23,735  
2027 24,311  
2028 21,896  
2029 21,548  
Thereafter 30,077  
Finite Lived - Net Amount $ 144,545 $ 164,056
v3.25.0.1
Revenue from Contracts with Customers - Disaggregation of Revenue (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Revenue from Contracts with Customers      
Total net sales $ 383,481 $ 314,711 $ 282,862
United States      
Revenue from Contracts with Customers      
Total net sales 270,094 219,396 203,238
International      
Revenue from Contracts with Customers      
Total net sales 113,387 95,315 79,624
Glaucoma      
Revenue from Contracts with Customers      
Total net sales 303,276 237,039 214,238
Glaucoma | United States      
Revenue from Contracts with Customers      
Total net sales 199,571 151,479 144,661
Glaucoma | International      
Revenue from Contracts with Customers      
Total net sales 103,705 85,560 69,577
Corneal Health      
Revenue from Contracts with Customers      
Total net sales 80,205 77,672 68,624
Corneal Health | United States      
Revenue from Contracts with Customers      
Total net sales 70,523 67,917 58,577
Corneal Health | International      
Revenue from Contracts with Customers      
Total net sales $ 9,682 $ 9,755 $ 10,047
v3.25.0.1
Revenue from Contracts with Customers - Other (Details)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
USD ($)
Practical expedient financing component true
Practical expedient cost of obtaining contract true
Sales rebate beginning balance $ 8,935
Current period provision 12,501
Payments and credits (13,480)
Sales rebate ending balance $ 7,956
Minimum  
Typical payment terms on invoiced amounts 30 days
Maximum  
Typical payment terms on invoiced amounts 60 days
v3.25.0.1
Convertible Senior Notes - General (Details)
 1 Months Ended 12 Months Ended
Dec. 16, 2024
USD ($)
Oct. 04, 2024
USD ($)
shares
Jun. 28, 2024
USD ($)
shares
Jun. 11, 2020
USD ($)
Jun. 30, 2024
USD ($)
shares
Dec. 31, 2024
USD ($)
Dec. 02, 2024
USD ($)
Jun. 14, 2024
USD ($)
Dec. 31, 2023
USD ($)
Convertible Senior Notes                  
Denomination for conversion of debt   $ 1,000              
Payments related to convertible senior notes           $ 712,000      
2.75% Convertible Senior Notes due 2027                  
Convertible Senior Notes                  
Convertible Notes       $ 287,500,000 $ 57,500,000   $ 287,500,000   $ 287,500,000
Interest rate (as a percent)       2.75%       2.75%  
Net proceeds from the debt       $ 242,200,000          
Amount of debt converted   57,400,000 $ 230,000,000   $ 230,000,000 $ 230,000,000      
Denomination for conversion of debt   $ 1,000              
Payments related to convertible senior notes $ 100,000                
Stock Issued During Period, Shares, Conversion of Convertible Securities | shares   1,044,066 4,253,423   4,253,423        
Repurchase amount   $ 57,500,000           $ 230,000,000  
Conversion rate   17.8269              
Number of additional shares issued in exchange for the original debt being converted in a noncash   0.3501              
Convertible ratio   18.177              
v3.25.0.1
Convertible Senior Notes - Interest expense (Details) - 2.75% Convertible Senior Notes due 2027 - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Convertible Senior Notes      
Contractual interest expense $ 4,590 $ 7,906 $ 7,906
Amortization of debt issuance costs 1,403 1,373 1,373
Total interest expense $ 5,993 $ 9,279 $ 9,279
Interest rate at period end 2.10% 3.20% 3.20%
v3.25.0.1
Convertible Senior Notes - Carrying Amount (Details) - USD ($)
$ in Thousands
Dec. 02, 2024
Jun. 30, 2024
Dec. 31, 2023
Jun. 11, 2020
Convertible Senior Notes        
Carrying amount of Convertible Notes     $ 282,773  
2.75% Convertible Senior Notes due 2027        
Convertible Senior Notes        
Convertible Notes $ 287,500 $ 57,500 287,500 $ 287,500
Less: Unamortized debt issuance costs     (4,727)  
Carrying amount of Convertible Notes     $ 282,773  
v3.25.0.1
Convertible Senior Notes - Capped Call Transactions (Details) - Capped Call Transactions
$ / shares in Units, shares in Millions, $ in Millions
 1 Months Ended
Dec. 02, 2024
USD ($)
Jun. 08, 2020
$ / instrument
Jun. 30, 2020
USD ($)
$ / shares
shares
Convertible Senior Notes      
Payment for capped call options $ 53.2   $ 35.7
Initial strike price (in dollars per share) | $ / shares     $ 56.1
Number of shares of common stock initially underlying the Convertible Notes | shares     5.1
Reduction in additional paid-in capital     $ (35.7)
Capped call corresponding percentage of common stock initially underlying convertible notes 50.00%    
Unwinding period 3 days    
Derivative fair value $ 53.9    
Remeasurement loss $ 0.7    
Common stock      
Convertible Senior Notes      
Cap price (in dollars per share) | $ / instrument   86.3  
Percentage of premium on share price   100.00%  
v3.25.0.1
Stock-Based Compensation - Plan Information (Details)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
USD ($)
item
Dec. 31, 2023
USD ($)
Dec. 31, 2022
USD ($)
Stock-based compensation      
Number of stock plans | item 3    
Expiration period 10 years    
Vesting percentage on first anniversary of grant date 25.00%    
Remaining vesting period 3 years    
Stock-based compensation expense | $ $ 50,207 $ 43,528 $ 38,561
Employee Stock Purchase Plan 2024      
Stock-based compensation      
Maximum employee contributions as a percentage of earnings under the ESPP 15.00%    
Purchase price per share expressed as a percentage of the lower of the stock's fair market value on the offering date or purchase date under the ESPP 85.00%    
First anniversary | Restricted Stock Units (RSUs)      
Stock-based compensation      
Vesting (as a percent) 25.00%    
Second anniversary | Restricted Stock Units (RSUs)      
Stock-based compensation      
Vesting (as a percent) 25.00%    
Third anniversary | Restricted Stock Units (RSUs)      
Stock-based compensation      
Vesting (as a percent) 25.00%    
Fourth anniversary | Restricted Stock Units (RSUs)      
Stock-based compensation      
Vesting (as a percent) 25.00%    
v3.25.0.1
Stock-Based Compensation - Stock Option Activity (Details) - USD ($)
$ / shares in Units, shares in Thousands, $ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Vesting based on time | Stock options        
Additional disclosures        
Fair value of stock options vested $ 6,900 $ 3,700 $ 3,600  
Vesting based on time | 2001 Stock Plan, 2011 Stock Plan and 2024 Stock Plan        
Number of Shares Underlying Options        
Outstanding at beginning of period (in shares) 3,736 4,288 4,413  
Granted (in shares) 79 307 202  
Exercised (in shares) (1,262) (694) (295)  
Canceled/forfeited/expired (in shares) (19) (165) (32)  
Outstanding at end of period (in shares) 2,534 3,736 4,288 4,413
Vested and expected to vest at end of period (in shares) 2,442      
Exercisable at end of period (in shares) 2,193      
Weighted Average Exercise Price        
Outstanding at beginning of period (in dollars per share) $ 34.78 $ 31.35 $ 29.01  
Granted (in dollars per share) 88.52 48.84 54.99  
Exercised (in dollars per share) 29.93 18.24 12.12  
Canceled/forfeited/expired (in dollars per share) 53.57 41.41 54.31  
Outstanding at end of period (in dollars per share) 38.39 $ 34.78 $ 31.35 $ 29.01
Vested and expected to vest at end of period (in dollars per share) 38.34      
Exercisable at end of period (in dollars per share) $ 35.81      
Additional disclosures        
Weighted Average Remaining Contractual Life 3 years 6 months 4 years 4 years 3 months 18 days 4 years 10 months 24 days
Weighted Average Remaining Contractual Life, Vested and expected to vest at end of period 3 years 6 months      
Weighted Average Remaining Contractual Life, Exercisable at end of period 3 years      
Aggregate Intrinsic Value for outstanding options $ 273,349 $ 167,180 $ 60,960 $ 72,944
Exercised, Aggregate Intrinsic Value 96,359 37,946 11,190  
Vested and expected to vest, Aggregate Intrinsic Value 272,485      
Exercisable, Aggregate Intrinsic Value 250,345      
Vesting based on performance | Stock options        
Additional disclosures        
Fair value of stock options vested $ 2,100 $ 2,400 $ 400  
Vesting based on performance | 2001 Stock Plan, 2011 Stock Plan and 2024 Stock Plan        
Number of Shares Underlying Options        
Outstanding at beginning of period (in shares) 519 393 129  
Granted (in shares)   183 282  
Exercised (in shares) (36) (2)    
Canceled/forfeited/expired (in shares)   (55) (18)  
Outstanding at end of period (in shares) 483 519 393 129
Vested and expected to vest at end of period (in shares) 362      
Exercisable at end of period (in shares) 231      
Weighted Average Exercise Price        
Outstanding at beginning of period (in dollars per share) $ 51.13 $ 50.63 $ 39.1  
Granted (in dollars per share)   48.46 55.18  
Exercised (in dollars per share) 46.96 39.1    
Canceled/forfeited/expired (in dollars per share)   39.1 39.1  
Outstanding at end of period (in dollars per share) 51.2 $ 51.13 $ 50.63 $ 39.1
Vested and expected to vest at end of period (in dollars per share) 52.33      
Exercisable at end of period (in dollars per share) $ 50.71      
Additional disclosures        
Weighted Average Remaining Contractual Life 7 years 4 months 24 days 8 years 4 months 24 days 8 years 2 months 12 days 8 years 2 months 12 days
Weighted Average Remaining Contractual Life, Vested and expected to vest at end of period 6 years 10 months 24 days      
Weighted Average Remaining Contractual Life, Exercisable at end of period 6 years 9 months 18 days      
Aggregate Intrinsic Value for outstanding options $ 56,018 $ 14,720 $ 692 $ 692
Exercised, Aggregate Intrinsic Value 2,234 $ 100 $ 63  
Vested and expected to vest, Aggregate Intrinsic Value 35,332      
Exercisable, Aggregate Intrinsic Value $ 22,890      
v3.25.0.1
Stock-Based Compensation - Other (Details) - USD ($)
$ / shares in Units, $ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Vesting based on time | Restricted Stock Units (RSUs)      
Stock-based compensation      
Unamortized stock-based compensation expense not yet recognized $ 65.7    
Options remaining vesting period 4 years    
Weighted average period of recognition 2 years 7 months 6 days    
Vesting based on time | Stock options      
Stock-based compensation      
Weighted average estimated grant date fair value (per share) $ 50.1 $ 27.07 $ 25.43
Unamortized stock-based compensation expense not yet recognized $ 7.3    
Options remaining vesting period 4 years    
Fair value of stock options vested $ 6.9 $ 3.7 $ 3.6
Weighted average period of recognition 2 years 4 months 24 days    
Stock-based awards - weighted average assumptions used to estimate fair value of options granted      
Risk-free interest rate (as a percent) 4.39% 3.53% 2.55%
Expected dividend yield (as a percent) 0.00% 0.00% 0.00%
Expected volatility rate (as a percent) 55.20% 56.40% 55.60%
Expected term 6 years 7 days 5 years 9 months 29 days 5 years 11 months 19 days
Vesting based on performance | Restricted Stock Units (RSUs)      
Stock-based compensation      
Unamortized stock-based compensation expense not yet recognized $ 1.2    
Options remaining vesting period 1 year    
Fair value of stock options vested $ 4.1 $ 4.4 $ 1.6
Weighted average period of recognition 9 months 18 days    
Vesting based on performance | Stock options      
Stock-based compensation      
Weighted average estimated grant date fair value (per share) $ 0 $ 27.21 $ 27.33
Unamortized stock-based compensation expense not yet recognized $ 0.3    
Options remaining vesting period 1 year    
Fair value of stock options vested $ 2.1 $ 2.4 $ 0.4
Weighted average period of recognition 10 months 24 days    
Stock-based awards - weighted average assumptions used to estimate fair value of options granted      
Risk-free interest rate (as a percent)   3.54% 2.38%
Expected dividend yield (as a percent)   0.00% 0.00%
Expected volatility rate (as a percent)   56.30% 55.60%
Expected term   6 years 3 days 6 years 3 days
v3.25.0.1
Stock-Based Compensation - Restricted Stock Units (Details) - Restricted Stock Units (RSUs) - USD ($)
$ / shares in Units, shares in Thousands, $ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Vesting based on time      
Stock-based compensation      
Total fair value of units vested $ 30.7 $ 25.0 $ 19.5
Number of shares      
Unvested at beginning of period (in shares) 1,591 1,268 1,010
Granted (in shares) 470 839 738
Vested (in shares) (570) (441) (362)
Canceled/forfeited (in shares) (76) (75) (118)
Unvested at end of period (in shares) 1,415 1,591 1,268
Weighted average grant date fair value      
Unvested at beginning of period (in dollar per share) $ 54.95 $ 57.92 $ 57.3
Granted (in dollar per share) 93.4 51.39 56.4
Vested (in dollar per share) 53.83 56.66 53.96
Canceled/forfeited (in dollar per share) 63.62 55.19 55.42
Unvested at end of period (in dollar per share) $ 67.68 $ 54.95 $ 57.92
Vesting based on performance      
Number of shares      
Unvested at beginning of period (in shares) 121 176 176
Granted (in shares) 174 8 37
Vested (in shares) (58) (63) (37)
Unvested at end of period (in shares) 237 121 176
Weighted average grant date fair value      
Unvested at beginning of period (in dollar per share) $ 77.42 $ 75.02 $ 78.19
Granted (in dollar per share) 85.78 48.62 55.18
Vested (in dollar per share) 71.03 69.82 42.21
Unvested at end of period (in dollar per share) $ 73.47 $ 77.42 $ 75.02
v3.25.0.1
Stock-Based Compensation - Allocation of Expense (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Allocation of stock-based compensation      
Stock-based compensation expense $ 50,207 $ 43,528 $ 38,561
Tax benefit related to stock-based compensation 20,000 5,300 (500)
Cost of sales      
Allocation of stock-based compensation      
Stock-based compensation expense 3,440 2,233 1,849
Selling, general and administrative      
Allocation of stock-based compensation      
Stock-based compensation expense 33,165 28,781 26,988
Research and development      
Allocation of stock-based compensation      
Stock-based compensation expense $ 13,602 $ 12,514 $ 9,724
v3.25.0.1
Stock-Based Compensation - Shares Reserved for Future Issuance (Details)
shares in Millions
Jan. 01, 2025
shares
2024 Stock Plan  
Common Stock Reserved for Future Issuance  
Shares reserved for future issuance 25.8
Employee Stock Purchase Plan 2024  
Common Stock Reserved for Future Issuance  
Shares reserved for future issuance 4.7
v3.25.0.1
Income Taxes - Provision, Reconciliation and Deferred Taxes (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
United States and foreign loss before income taxes:      
United States $ (147,828) $ (138,205) $ (101,316)
Foreign 2,227 4,478 2,887
Loss before taxes (145,601) (133,727) (98,429)
Current:      
Federal   (55) (240)
State 307 294 368
Foreign 680 815 693
Total current income tax provision 987 1,054 821
Deferred:      
Federal 4 23 14
State (220) (143) (87)
Foreign     18
Total deferred income tax provision (216) (120) (55)
Income tax provision 771 934 766
Reconciliations of the U.S. federal statutory tax rate to the combined effective tax rate      
Statutory rate of tax benefit (30,578) (28,082) (20,670)
State income taxes, net of federal benefit (5,728) (6,436) (2,558)
Permanent and other items 2,212 5,105 497
Loss on extinguishment of debt 3,657    
Limitation on officers' compensation 6,622    
In-process research and development 2,160    
Stock-based compensation (19,960) (5,323) 493
Research credits (6,481) (6,059) (7,700)
Uncertain tax positions 2,977 3,493 3,711
Change in tax rate 899 1,333 56
State economic development credits   (2,370)  
Valuation allowance 44,991 39,273 26,937
Income tax provision 771 934 $ 766
Components of deferred tax assets      
Net operating loss carryforwards 115,938 96,886  
Tax credits 30,000 26,176  
Stock-based compensation 12,197 14,533  
Reserves and accruals 15,073 12,111  
Lease liability 25,510 24,924  
Section 174 research costs capitalization 69,372 48,462  
Other, net 1,481 957  
Total deferred tax assets 269,571 224,049  
Depreciation and amortization (51,039) (56,471)  
ROU lease asset (17,280) (17,196)  
Total deferred tax liabilities (68,319) (73,667)  
Valuation allowance (208,180) (157,526)  
Net deferred tax liability $ (6,928) $ (7,144)  
v3.25.0.1
Income Taxes - Net Operating Loss Carryforwards (Details)
$ in Millions
 12 Months Ended
Dec. 31, 2024
USD ($)
Net operating loss carryforwards  
Net change in valuation allowance $ 50.7
Federal  
Net operating loss carryforwards  
Net operating loss carryforwards 527.5
Net operating loss carryforward with no expiration date 322.8
State  
Net operating loss carryforwards  
Net operating loss carryforwards 437.0
Net operating loss carryforward beginning to expire in 2028 4.6
Net operating loss carryforward with no expiration date 24.0
Foreign  
Net operating loss carryforwards  
Net operating loss carryforwards $ 6.5
v3.25.0.1
Income Taxes - Tax Credit Carryforwards (Details)
$ in Millions
Dec. 31, 2024
USD ($)
Federal | Research and development credit carryforward  
Tax credit carryforwards  
Tax credit carryforwards $ 48.2
State  
Tax credit carryforwards  
Tax credit subject to expiration beginning in 2028 3.0
State | Research and development credit carryforward  
Tax credit carryforwards  
Tax credit carryforwards $ 28.6
v3.25.0.1
Income Taxes - Unrecognized Tax Benefits (Details) - USD ($)
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Unrecognized tax benefits      
Balance at beginning of the year $ 32,839,000 $ 28,968,000 $ 25,816,000
Net additions for tax positions - prior years 526,000 986,000 679,000
Net additions for tax positions - current year 3,479,000 4,013,000 4,307,000
Subtractions from tax positions - prior years (2,250,000) (1,128,000) (553,000)
Subtractions from tax positions - current year     (1,281,000)
Balance at end of the year 34,594,000 $ 32,839,000 $ 28,968,000
Amount that would impact the effective tax rate if uncertain tax benefits were recognized 2,000,000    
Unrecognized tax benefits expected to be reversed in next twelve months 600,000    
Unrepatriated foreign earnings      
Unrecorded income taxes associated with unrepatriated foreign earnings $ 0    
v3.25.0.1
Employee Benefits (Details) - USD ($)
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Employee Benefits      
Maximum annual contribution per employee (as a percent) 100.00%    
Maximum annual contributions per employee age 50 or less $ 23,000 $ 22,500 $ 20,500
Maximum annual contributions per employee over the age of 50 30,500 30,000 27,000
Employer contributions $ 3,200,000 $ 2,900,000 $ 2,500,000
Employer matching percentage 50.00% 50.00% 50.00%
The maximum employer matching contribution percent 6.00% 6.00% 6.00%
Defined contribution plan employers matching contribution vesting period 3 years 3 years 3 years
Deferred compensation plan      
Deferred compensation plan liability $ 14,600,000 $ 11,300,000  
Deferred compensation plan assets $ 14,700,000 $ 11,600,000  
v3.25.0.1
Commitments and Contingencies - Other (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Commitments and Contingencies.    
Restricted cash pledged for letter of credit $ 4.5 $ 5.6
Restricted cash pledged for office lease agreement $ 0.2  
Adjustment rate of Letter of Credit (as a percent) 20.00%  
Amount of Letter of Credit outstanding after adjustments $ 2.0  
Purchase commitment due after one year $ 1.5  
v3.25.0.1
Business Segment Information - Reconciliation (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Business Segment Reconciliation Information      
Net sales $ 383,481 $ 314,711 $ 282,862
Cost of sales 94,027 75,575 68,979
In-process research and development 14,229 5,000 10,000
Litigation-related settlement     (30,000)
Interest income (11,105) (9,164) (2,375)
Interest expense 10,040 13,633 13,720
Charges associated with convertible senior notes 18,012    
Other expense, net 6,288 558 4,771
Income tax provision 771 934 766
Segment loss (146,372) (134,661) (99,195)
Development and Commercialization of Ophthalmic Therapies      
Business Segment Reconciliation Information      
Net sales 383,481 314,711 282,862
Cost of sales 94,027 75,575 68,979
Sales, marketing and distribution 140,094 137,959 125,121
Research and development 84,609 86,294 80,399
Clinical 51,816 52,474 42,872
General and administrative 121,072 86,109 67,804
In-process research and development 14,229 5,000 10,000
Litigation-related settlement     (30,000)
Interest income (11,105) (9,164) (2,375)
Interest expense 10,040 13,633 13,720
Charges associated with convertible senior notes 18,012    
Other expense, net 6,288 558 4,771
Income tax provision 771 934 766
Segment loss $ (146,372) $ (134,661) $ (99,195)
v3.25.0.1
Business Segment Information - Geographic (Details)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
USD ($)
item
segment
Dec. 31, 2023
USD ($)
Dec. 31, 2022
USD ($)
Business Segment Information      
Number of business activities | item 1    
Number of operating segments | segment 1    
Property and equipment, net $ 97,867 $ 103,212 $ 94,403
Depreciation and amortization 35,650 33,654 31,576
Capital expenditures 6,300 20,248 30,265
United States      
Business Segment Information      
Property and equipment, net 97,726 103,098 94,263
Depreciation and amortization 35,615 33,646 31,547
Capital expenditures 6,229 20,238 30,212
International      
Business Segment Information      
Property and equipment, net 141 114 140
Depreciation and amortization 35 8 29
Capital expenditures $ 71 $ 10 $ 53