HARROW, INC.

Listed Company

HROWCIK 0001360214NasdaqLarge AcceleratedPharmaceutical PreparationsDelawareFY ends Dec 31

Period

FY 2025

Revenue

$272.30M

Net Income

$-5.14M

Total Assets

$399.48M

Equity

$52.45M

Shares Out

37.23M

Op. Cash Flow

$43.86M

Business

HARROW, INC. is an eyecare pharmaceutical company that discovers, develops and commercializes ophthalmic pharmaceutical products and operates an ophthalmology-focused compounding business. It markets a broad portfolio of FDA‑approved branded ophthalmic drugs (including topical anesthetics, dry eye therapies, antibiotics, NSAIDs, corticosteroids and intravitreal injectables) and offers compounded, preservative‑free and customizable formulations and non‑prescription lubricants. The company operates two reportable segments: Branded pharmaceuticals and ImprimisRx compounding (a 503A pharmacy and an FDA‑registered 503B outsourcing facility), and holds equity and royalty interests in clinical‑stage affiliates. Its primary market and sales focus is the U.S., with selective out‑licensing and distribution arrangements in Canada and other international markets, and direct sales and dispensing to eyecare prescribers, ambulatory surgical centers, hospitals and institutions.

Summary from filing dated 2025-03-27

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Total revenues	272	200	130	89	72
Cost of sales	−68	−49	−40	−25	−18
Gross profit	204	150	91	63	54
Selling, general and administrative	153	129	83	58	41
Research and development	21	12	7	3	11
Impairment of long-lived assets	—	253,000	380,000	—	249,000
Total operating expenses	174	142	90	61	53
Income from operations	31	9	431,000	2	2
Interest expense, net	−24	−23	−21	—	—
Investment (loss) gain from Eton Pharmaceuticals	—	−3	3	−3	−10
Loss on extinguishment of debt	−8	—	−5	—	—
Other income (expense), net	47,000	−185,000	−444,000	102,000	197,000
Total other expense, net	−32	−26	−24	−16	−19
Loss before income taxes	−1	−17	−24	−14	−18
Income tax expense	−4	−161,000	−701,000	−75,000	−133,000
Net loss	−5	−17	−24	−14	−18
Basic net loss per share of common stock	−0.14	−0.49	−0.75	−0.51	−0.69
Diluted net loss per share of common stock	−0.14	−0.49	−0.75	−0.51	—
Weighted average number of shares of common stock outstanding, basic	37	36	33	27	27
Weighted average number of shares of common stock outstanding, diluted	37	36	33	27	—

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Cash and cash equivalents	73	47	74	96	—
Accounts receivable, net	111	116	36	6	4
Inventories	14	11	11	7	4
Prepaid expenses and other current assets	14	15	10	4	1
Total current assets	212	190	139	118	61
Property, plant and equipment, net	3	4	4	3	3
Capitalized software costs, net	1	2	2	2	1
Operating lease right-of-use assets, net	8	9	7	8	6
Intangible assets, net	175	185	160	24	16
Goodwill	332,000	332,000	332,000	332,000	332,000
TOTAL ASSETS	399	389	312	157	98
Accounts payable and accrued expenses	42	41	25	14	6
Accrued rebates and copay assistance	42	40	18	—	—
Accrued payroll and related liabilities	10	9	5	4	3
Deferred revenue and customer deposits	788,000	44,000	75,000	113,000	16,000
Current portion of operating lease obligations	887,000	497,000	806,000	723,000	272,000
Total current liabilities	96	91	49	19	10
Operating lease obligations, net of current portion	8	9	7	7	6
Notes payable, net of unamortized debt discount	243	220	186	104	72
TOTAL LIABILITIES	347	320	242	130	87
Commitments and contingencies	—	—	—	—	—
Common stock, $0.001 par value, 50,000,000 shares authorized; 37,229,159 and 35,622,214 shares issued and outstanding at December 31, 2025 and December 31, 2024, respectively	37,000	35,000	35,000	30,000	27,000
Additional paid-in capital	209	221	205	137	107
Accumulated deficit	−157	−151	−134	−109	−95
TOTAL HARROW, INC. STOCKHOLDERS EQUITY	52	70	71	28	11
Noncontrolling interests	−355,000	−355,000	−355,000	−355,000	−355,000
TOTAL STOCKHOLDERS EQUITY	52	69	70	27	11
TOTAL LIABILITIES AND STOCKHOLDERS EQUITY	399	389	312	157	98

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Depreciation and amortization of property, plant and equipment and software development costs	2	2	2	1	2
Amortization of intangible assets	17	12	10	2	161,000
Non-cash lease expense	771,000	904,000	728,000	—	—
Acquisition of Melt Pharmaceuticals	4	—	—	—	—
Provision for credit losses	468,000	120,000	332,000	81,000	35,000
Amortization of debt issuance costs and debt discount	4	4	4	782,000	677,000
Loss on disposal of equipment	13,000	—	168,000	—	—
Impairment of intangible assets	—	253,000	380,000	—	—
Stock-based compensation	13	18	16	8	6
Accounts receivable	5	−80	−30	−2	−2
Inventories	−3	165,000	−4	−2	−255,000
Prepaid expenses and other current assets	924,000	−6	−6	−3	−621,000
Accounts payable, accrued expenses, accrued rebates and copay assistance	−5	37	32	933,000	2
Accrued payroll and related liabilities	936,000	4	1	936,000	774,000
Deferred revenue and customer deposits	744,000	−31,000	−38,000	—	—
NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES	44	−22	4	2	5
Net proceeds on sale of investment in Eton Pharmaceuticals	—	6	—	—	—
Acquisition of Melt Pharmaceuticals	−4	—	—	—	—
Investment in patent and trademark assets	—	−79,000	−18,000	−176,000	−84,000
Purchase of product rights and related patents	−215,000	−37	−151	—	—
Purchases of property, plant and equipment	−887,000	−2	−1	−3	−2
NET CASH USED IN INVESTING ACTIVITIES	−5	−33	−153	−2	−19
Net proceeds from 11.875% notes payable, net of costs	—	—	5	—	71
Net proceeds from public offering	—	—	74	23	—
Proceeds from new debt, net of costs	244	30	56	—	—
Repayment of notes payable, inclusive of costs	−231	—	−60	—	—
Payment of payroll taxes upon vesting of PSUs, RSUs and exercise of stock options	−25	−2	−13	—	—
Proceeds from exercise of stock options	467,000	1	379,000	642,000	65,000
Payment of debt issuance costs	−2	—	—	—	—
Proceeds from public offering of common stock, net of offering costs	—	—	65	23	—
NET CASH (USED IN) PROVIDED BY FINANCING ACTIVITIES	−13	29	127	54	51
NET CHANGE IN CASH AND CASH EQUIVALENTS	26	−27	−22	54	38
Cash paid for income taxes	93,000	374,000	—	75,000	11,000
Cash paid for interest	19	21	19	6	5
Accrual of milestone payment	7	—	—	—	—
Reclassification of deferred financing costs	—	—	2	—	—
Accrual of exit fee related to Oaktree Loan	—	1	3	—	—
Purchase of property, plant and equipment included in accounts payable and accrued expenses	—	81,000	299,000	—	—
Change in right-of-use assets for operating lease obligations assumptions	—	−557,000	—	—	—
Right-of-use assets obtained in exchange for new operating lease obligations	—	3	—	2	—
Reclass of deferred commitment fees from prepaid expenses into debt issuance costs	—	331,000	—	—	—
Insurance premium financed	—	—	873,000	906,000	—

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