16.
Segment and Geographic Area Information

Business Segment

The Company operates in one business segment, which is the business of developing and commercializing innovative ophthalmic products for the treatment of eye diseases. Operating segments are identified as components of an enterprise about which separate discrete financial information is available for evaluation by the chief operating decision maker (CODM) in making decisions regarding resource allocation and assessing performance. The Company's CODM is the Chief Executive Officer. The CODM made such decisions and assessed performance at the Company level, as one segment.

Significant segment expenses are as follows (in thousands):

 

 

December 31,

 

 

 

2025

 

 

2024

 

 

 

 

 

 

 

 

Total revenues

 

$

31,371

 

 

$

43,273

 

DURAVYU direct research and development expense

 

 

(149,293

)

 

 

(70,818

)

Other direct research and development expense

 

 

(3,036

)

 

 

(2,656

)

Personnel expense (including stock based compensation)

 

 

(83,471

)

 

 

(84,730

)

Facilities expense

 

 

(6,638

)

 

 

(3,921

)

Depreciation and amortization

 

 

(2,309

)

 

 

(1,540

)

Intellectual property expense

 

 

(898

)

 

 

(1,361

)

Legal, corporate and professional expenses

 

 

(12,916

)

 

 

(10,177

)

Provision for income taxes

 

 

(279

)

 

 

(90

)

Interest and other income, net

 

 

11,751

 

 

 

15,074

 

Other segment expenses*

 

 

(16,244

)

 

 

(13,924

)

Net loss

 

 

(231,962

)

 

 

(130,870

)

*Other segment expenses include cost of goods sold and other expenses required to operate as a public company, such as insurance, software and contracted services.

 

Geographic Area Information

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

 

 

 

Revenues

 

 

Long-Lived Assets, Net

 

 

 

Year ended

 

 

Year ended

 

 

 

 

 

 

 

 

 

December 31,

 

 

December 31,

 

 

December 31,

 

 

December 31,

 

 

 

2025

 

 

2024

 

 

2025

 

 

2024

 

U.S.

 

$

29,979

 

 

$

42,049

 

 

$

9,023

 

 

$

8,177

 

China

 

 

1,292

 

 

 

1,124

 

 

 

 

 

 

 

UK

 

 

100

 

 

 

100

 

 

 

 

 

 

 

Consolidated

 

$

31,371

 

 

$

43,273

 

 

$

9,023

 

 

$

8,177

 

Historical Timeline

Fiscal YearFiled
2025Mar 5, 2026Showing above
2024Mar 6, 2025
2023Mar 8, 2024
2022Mar 10, 2023
2021Mar 14, 2022
2020Mar 12, 2021
2019Mar 16, 2020
2018Sep 18, 2018
2017Sep 13, 2017
2016Sep 13, 2016

About Segments Disclosures

Segment disclosures break a company into its reportable operating units, revealing revenue, profit, and asset allocation that consolidated financial statements obscure. Under ASC 280, segments must match how the chief operating decision maker views the business, providing a window into internal management structure and resource allocation priorities.

Key signals: compare segment margins to identify which units drive profitability and which destroy value. Watch for changes in the number of reportable segments — segment aggregation or disaggregation often coincides with strategic shifts or attempts to obscure declining performance. Intersegment elimination patterns reveal internal pricing practices. The reconciliation between segment totals and consolidated figures exposes corporate overhead allocation and unallocated items. Geographic revenue concentration highlights regulatory and currency exposure. Compare segment-level capital expenditure against segment revenue to assess where management is investing for future growth versus harvesting existing assets.