OCULAR THERAPEUTIX, INC 10-K

Item 9A. Controls and Procedures Evaluation of Disclosure Controls and Procedures Our management, with the participation of our principal executive officer and our principal financial officer, evaluated the effectiveness of our disclosure controls and procedures as of December 31, 2025. The term “disclosure controls and procedures,” as defined in Rules 13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934, as amended, or the Exchange Act, means controls and other procedures of a company that are designed to ensure that information required to be disclosed by a company in the reports that it files or submits under the Exchange Act is recorded, processed, summarized and reported, within the time periods specified in the SEC’s rules and forms. Disclosure controls and procedures include, without limitation, controls and procedures designed to ensure that information required to be disclosed by a company in the reports that it files or submits under the Exchange Act is accumulated and communicated to the company’s management, including its principal executive and principal financial officers, as appropriate to allow timely decisions regarding required disclosure. Management, including our principal executive officer and our principal financial officer, recognizes that any controls and procedures, no matter how well designed and operated, can provide only reasonable assurance of achieving their objectives and management necessarily applies its judgment in evaluating the cost-benefit relationship of possible controls and procedures. Based on the evaluation of our disclosure controls and procedures as of December 31, 2025, our principal executive officer and our principal financial officer concluded that, as of such date, our disclosure controls and procedures were effective at the reasonable assurance level. Management’s Annual Report on Internal Control Over Financial Reporting Our management is responsible for establishing and maintaining adequate internal control over financial reporting for Ocular Therapeutix, Inc. Internal control over financial reporting is defined in Rules 13a-15(f) and 15d-15(f) under the Exchange Act as a process designed by, or under the supervision of, the company’s principal executive and principal financial officers and effected by the company’s board of directors, management and other personnel, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles and includes those policies and procedures that: ● Pertain to the maintenance of records that in reasonable detail accurately and fairly reflect the transactions and dispositions of the assets of the company; ● Provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and ● Provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use or disposition of the company’s assets that could have a material effect on the financial statements. Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate. Our management, including our principal executive officer and our principal financial officer, assessed the effectiveness of our internal control over financial reporting as of December 31, 2025. In making this assessment, management used the criteria set forth by the Committee of Sponsoring Organizations of the Treadway Commission (COSO) in Internal Control—Integrated Framework (2013) . Based on that assessment, our management concluded that, as of December 31, 2025, our internal control over financial reporting was effective. The effectiveness of our internal control over financial reporting as of December 31, 2025 has been audited by PricewaterhouseCoopers LLP, an independent registered public accounting firm, as stated in their report which appears in this Annual Report on Form 10-K. 132 Table of Contents Changes in Internal Control Over Financial Reporting No change in our internal control over financial reporting (as defined in Rules 13a-15(f) and 15d-15(f) under the Exchange Act) occurred during the quarter ended December 31, 2025 that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting. Item 9B. Other Information Amendment of 2019 Inducement Stock Incentive Plan On February 4, 2026, our board of directors amended the 2019 Inducement Stock Incentive Plan, as amended, to increase the aggregate number of shares issuable thereunder from 6,054,000 to 7,028,000 shares of common stock. 10b5-1 Plan Disclosures A portion of the compensation of our directors and officers (as defined in Rule 16a-1(f) under the Securities Exchange Act of 1934, as amended, or the Exchange Act) is in the form of equity awards, including stock options and restricted stock units, or RSUs, and, from time to time, directors and officers engage in open-market transactions with respect to the securities acquired pursuant to such equity awards or other of our securities, including to satisfy tax withholding obligations when equity awards vest or are exercised, and for diversification or other personal reasons. Transactions in our securities by directors and officers are required to be made in accordance with our insider trading policy, which requires that the transactions be in accordance with applicable U.S. federal securities laws that prohibit trading while in possession of material nonpublic information. Rule 10b5-1 under the Exchange Act provides an affirmative defense that enables directors and officers to prearrange transactions in our securities in a manner that avoids concerns about initiating transactions while in possession of material nonpublic information. During the fourth quarter of 2025, none of our directors and officers adopted or terminated a trading arrangement for the sale or purchase of our securities that is either (1) a contract, instruction or written plan intended to satisfy the affirmative defense conditions of Rule 10b5-1(c), or a “Rule 10b5-1 trading arrangement”, or (2) a “non-Rule 10b5-1 trading arrangement” (as defined in Item 408(c) of Regulation S-K). Item 9C. Disclosure Regarding Foreign Jurisdictions That Prevent Inspections Not Applicable. ​ 133 Table of Contents PART III Item 10. Directors, Executive Officers and Corporate Governance Directors and Executive Officers The information required by this item will be set forth in our Proxy Statement for the 2026 Annual Meeting of Stockholders and is incorporated in this Annual Report on Form 10-K by reference. Delinquent Section 16(a) Reports The information required by this item will be set forth in our Proxy Statement for the 2026 Annual Meeting of Stockholders, if applicable, and is incorporated in this Annual Report on Form 10-K by reference. Code of Ethics We have adopted a code of business conduct and ethics that applies to our directors and officers (including our principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions) as well as our other employees. A copy of our code of business conduct and ethics is available on our website. We intend to post on our website all disclosures that are required by applicable law, the rules of the Securities and Exchange Commission or the Nasdaq Global Market concerning any amendment to, or waiver of, our code of business conduct and ethics. Director Nominees The information required by this item will be set forth in our Proxy Statement for the 2026 Annual Meeting of Stockholders and is incorporated in this Annual Report on Form 10-K by reference. Audit Committee We have separately designated a standing Audit Committee established in accordance with Section 3(a)(58)(A) of the Securities Exchange Act of 1934, as amended, or the Exchange Act. Additional information regarding the Audit Committee that is required by this item will be set forth in our Proxy Statement for the 2026 Annual Meeting of Stockholders and is incorporated in this Annual Report on Form 10-K by reference. Audit Committee Financial Expert Our board of directors has determined that Merilee Raines qualifies as an “audit committee financial expert” as defined by Item 407(d)(5) of Regulation S-K of the Exchange Act and is “independent” under the rules of the Nasdaq Global Market. Insider Trading Policies and Procedures The information required by this item will be set forth in our Proxy Statement for the 2026 Annual Meeting of Stockholders and is incorporated in this Annual Report on Form 10-K by reference. 134 Table of Contents Item 11. Executive Compensation The information required by this item will be set forth in our Proxy Statement for the 2026 Annual Meeting of Stockholders and is incorporated in this Annual Report on Form 10-K by reference. Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters The information required by this item will be set forth in our Proxy Statement for the 2026 Annual Meeting of Stockholders and is incorporated in this Annual Report on Form 10-K by reference. Item 13. Certain Relationships and Related Transactions, and Director Independence The information required by this item will be set forth in our Proxy Statement for the 2026 Annual Meeting of Stockholders and is incorporated in this Annual Report on Form 10-K by reference. Item 14. Principal Accounting Fees and Services The information required by this item will be set forth in our Proxy Statement for the 2026 Annual Meeting of Stockholders and is incorporated in this Annual Report on Form 10-K by reference. ​ 135 Table of Contents ​ PART IV ​ Item 15. Exhibits, Financial Statement Schedules The following financial statements are filed as part of this Annual Report on Form 10-K: ​ ​ ​ ​ ​ ​ Page Report of Independent Registered Public Accounting Firm (PCAOB ID 238 ) ​ F-2 Consolidated Balance Sheets ​ F-4 Consolidated Statements of Operations and Comprehensive Loss ​ F-5 Consolidated Statements of Changes in Stockholders’ Equity (Deficit) ​ F-6 Consolidated Statements of Cash Flows ​ F-7 Notes to Consolidated Financial Statements ​ F-8 ​ No financial statement schedules have been filed as part of this Annual Report on Form 10-K because they are not applicable, not required or because the information is otherwise included in our consolidated financial statements or notes thereto. The exhibits filed as part of this Annual Report on Form 10-K are set forth on the Exhibit Index immediately following Item 16. The Exhibit Index is incorporated herein by reference. Item 16. Form 10-K Summary None. ​ 136 Table of Contents EXHIBIT INDEX ​ ​ ​ ​ ​ Incorporated by Reference ​ ​ Exhibit Number ​ ​ ​ Description of Exhibit ​ ​ ​ Form ​ ​ ​ File Number ​ ​ ​ Date of Filing ​ ​ ​ Exhibit Number ​ ​ ​ Filed Herewith 3.1 ​ Restated Certificate of Incorporation of the Registrant, as amended ​ 10-Q ​ 001-36554 ​ 11/4/2025 ​ 3.1 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 3.2 ​ Amended and Restated By-laws of the Registrant ​ 8-K ​ 001-36554 ​ 7/30/2014 ​ 3.2 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 4.1 ​ Specimen Stock Certificate evidencing the shares of common stock ​ S-1/A ​ 333-196932 ​ 7/11/2014 ​ 4.1 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 4.2 ​ Registration Rights Agreement, dated as of February 21, 2024, by and among the Registrant and the other parties thereto ​ 8-K ​ 001-36554 ​ 2/22/2024 ​ 10.2 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 4.3 ​ Form of Pre-Funded Warrant ​ 8-K ​ 001-36554 ​ 2/22/2024 ​ 4.1 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 4.4 ​ Description of Securities Registered under Section 12 of the Exchange Act ​ ​ ​ ​ ​ ​ ​ ​ ​ X ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 10.1+ ​ 2014 Stock Incentive Plan ​ S-1/A ​ 333-196932 ​ 7/11/2014 ​ 10.4 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 10.2+ ​ Form of Incentive Stock Option Agreement under 2014 Stock Incentive Plan ​ S-1/A ​ 333-196932 ​ 7/11/2014 ​ 10.5 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 10.3+ ​ Form of Non-statutory Stock Option Agreement under 2014 Stock Incentive Plan ​ S-1/A ​ 333-196932 ​ 7/11/2014 ​ 10.6 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 10.4+ ​ Form of Restricted Stock Agreement under 2014 Stock Incentive Plan ​ S-1/A ​ 333-196932 ​ 7/11/2014 ​ 10.7 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 10.5+ ​ 2019 Inducement Stock Incentive Plan ​ 10-Q ​ 001-36554 ​ 11/12/2019 ​ 10.1 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 10.6+ ​ Amendment to 2019 Inducement Stock Incentive Plan ​ 10-K ​ 001-36554 ​ 3/11/2021 ​ 10.9 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 10.7+ ​ Amendment No. 2 to 2019 Inducement Stock Incentive Plan ​ 8-K ​ 001-36554 ​ 2/22/2024 ​ 10.5 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 10.8+ ​ Amendment No. 3 to 2019 Inducement Stock Incentive Plan ​ 8-K ​ 001-36554 ​ 4/18/2024 ​ 99.1 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 10.9+ ​ Amendment No. 4 to 2019 Inducement Stock Incentive Plan ​ 8-K ​ 001-36554 ​ 10/9/2024 ​ 99.1 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 10.10+ ​ Form of Non-statutory Stock Option Agreement under 2019 Inducement Stock Incentive Plan ​ 10-Q ​ 001-36554 ​ 11/12/2019 ​ 10.2 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 10.11+ ​ Form of Restricted Stock Unit Agreement under 2019 Inducement Stock Incentive Plan ​ 10-K ​ 001-36554 ​ 3/11/2024 ​ 10.12 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 137 Table of Contents ​ ​ ​ ​ Incorporated by Reference ​ ​ Exhibit Number ​ ​ ​ Description of Exhibit ​ ​ ​ Form ​ ​ ​ File Number ​ ​ ​ Date of Filing ​ ​ ​ Exhibit Number ​ ​ ​ Filed Herewith 10.12† ​ Amended and Restated License Agreement, dated January 27, 2012, between the Registrant and Incept LLC ​ 10-Q ​ 001-36554 ​ 5/7/2024 ​ 10.7 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 10.13 ​ Lease Agreement dated September 2, 2009, by and between the Registrant and RAR2-Crosby Corporate Center QRS, Inc., as amended. ​ S-1 ​ 333-196932 ​ 6/20/2014 ​ 10.9 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 10.14+ ​ Amended and Restated 2014 Employee Stock Purchase Plan ​ 10-Q ​ 001-36554 ​ 8/5/2025 ​ 10.2 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 10.15 ​ Form of Indemnification Agreement by and between the Registrant and each of its directors and executive officers ​ S-1 ​ 333-196932 ​ 6/20/2014 ​ 10.12 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 10.16 ​ Lease Agreement dated June 17, 2016 between the WS NF 15 Crosby Drive, LLC and the Registrant ​ 10-Q ​ 001-36554 ​ 8/9/2016 ​ 10.1 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 10.17 ​ Open Market Sale Agreement, dated as of August 9, 2021, by and between the Registrant and Jefferies LLC ​ 8-K ​ 001-36554 ​ 8/9/2021 ​ 1.1 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 10.18+ ​ Separation Agreement by and between the Registrant and Antony C. Mattessich, dated May 1, 2024 ​ 10-Q ​ 001-36554 ​ 8/7/2024 ​ 10.3 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 10.19+ ​ Non-Statutory Stock Option Agreement, by and between the Registrant and Antony C. Mattessich dated as of June 20, 2017 ​ 8-K ​ 001-36554 ​ 6/22/2017 ​ 10.3 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 10.20+ ​ Employment Agreement, by and between the Registrant and Donald Notman, dated as of September 25, 2017 ​ 8-K ​ 001-36554 ​ 9/25/2017 ​ 10.1 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 10.21 ​ Second Amendment to Lease, by and between the Registrant and CCC Investors LLC, dated October 10, 2017 ​ 8-K ​ 001-36554 ​ 10/16/2017 ​ 10.1 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 10.22 ​ Third Amendment to Lease, by and between the Registrant and Cobalt PropCo 2020 LLC, dated June 30, 2023 ​ 8-K ​ 001-36554 ​ 7/7/2023 ​ 10.1 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 10.23† ​ Second Amended and Restated License Agreement, dated September 13, 2018, by and between the Registrant and Incept LLC ​ 8-K ​ 001-36554 ​ 9/19/2018 ​ 10.1 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 10.24 ​ Securities Purchase Agreement, dated February 21, 2024, by and among the Registrant and the other parties thereto ​ 8-K ​ 001-36554 ​ 2/22/2024 ​ 10.1 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 10.25* ​ License Agreement, by and between the Registrant and AffaMed Therapeutics Limited, dated as of October 29, 2020 ​ 10-Q ​ 001-36554 ​ 11/5/2020 ​ 10.1 ​ ​ 138 Table of Contents ​ ​ ​ ​ Incorporated by Reference ​ ​ Exhibit Number ​ ​ ​ Description of Exhibit ​ ​ ​ Form ​ ​ ​ File Number ​ ​ ​ Date of Filing ​ ​ ​ Exhibit Number ​ ​ ​ Filed Herewith ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 10.26* ​ Supplement to License Agreement, by and between the Registrant and AffaMed Therapeutics Limited, dated as of January 18, 2021 ​ 10-K ​ 001-36554 ​ 3/11/2021 ​ 10.36 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 10.27 ​ Credit and Security Agreement, dated August 2, 2023, by and among Barings Finance LLC, as administrative agent, the Registrant, and the Lenders listed therein ​ 10-Q ​ 001-36554 ​ ​ 11/7/2023 ​ ​ 10.1 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 10.28+ ​ 2021 Stock Incentive Plan, as amended ​ 10-Q ​ 001-36554 ​ 8/5/2025 ​ 10.1 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 10.29+ ​ Form of Option Grant Agreement under 2021 Stock Incentive Plan ​ 10-K ​ 001-36554 ​ 2/28/2022 ​ 10.39 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 10.30+ ​ Form of Restricted Stock Unit Agreement under 2021 Stock Incentive Plan ​ 10-K ​ 001-36554 ​ 3/11/2024 ​ 10.37 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 10.31 ​ Amendment No. 1 to License Agreement, by and between the Registrant and AffaMed Therapeutics (HK) Limited, dated as of October 28, 2021 ​ 10-K ​ 001-36554 ​ 2/28/2022 ​ 10.41 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 10.32+ ​ Employment Agreement, by and between the Registrant and Dr. Pravin U. Dugel, dated as of February 21, 2024 ​ 8-K ​ 001-36554 ​ 2/22/2024 ​ 10.3 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 10.33+ ​ Employment Agreement, by and between the Registrant and Dr. Sanjay Nayak, dated as of February 21, 2024 ​ 10-K ​ 001-36554 ​ 3/11/2024 ​ 10.42 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 10.34+ ​ Employment Agreement by and between the Registrant and Nadia Waheed, dated April 15, 2024 ​ 10-Q ​ 001-36554 ​ 8/7/2024 ​ 10.5 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 10.35+ ​ Letter Agreement by and between the Registrant and Nadia Waheed, dated April 22, 2024 ​ 10-Q ​ 001-36554 ​ 8/7/2024 ​ 10.6 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 10.36+ ​ Employment Agreement by and between the Registrant and Dr. Jeffrey Heier, dated as of February 21, 2024 ​ 10-Q ​ 001-36554 ​ 11/14/2024 ​ 10.1 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 10.37+ ​ Amendment No. 1 to the Employment Agreement by and between the Registrant and Dr. Jeffrey Heier, dated as of March 1, 2025 ​ 10-K ​ 001-36554 ​ 3/3/2025 ​ 10.49 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 10.38+ ​ Employment Agreement by and between the Registrant and Dr. Peter Kaiser, dated as of February 21, 2024 ​ 10-Q ​ 001-36554 ​ 11/14/2024 ​ 10.2 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 10.39+ ​ Amendment No. 1 to the Employment Agreement by and between the Registrant and Dr. Peter Kaiser, dated as of March 28, 2024 ​ 10-Q ​ 001-36554 ​ 11/14/2024 ​ 10.3 ​ ​ 139 Table of Contents ​ ​ ​ ​ Incorporated by Reference ​ ​ Exhibit Number ​ ​ ​ Description of Exhibit ​ ​ ​ Form ​ ​ ​ File Number ​ ​ ​ Date of Filing ​ ​ ​ Exhibit Number ​ ​ ​ Filed Herewith ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 10.40+ ​ Amendment No. 2 to the Employment Agreement by and between the Registrant and Dr. Peter Kaiser, dated as of March 1, 2025 ​ 10-K ​ 001-36554 ​ 3/3/2025 ​ 10.52 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 10.41+ ​ Employment Agreement by and between the Registrant and Todd Anderman, dated as of October 4, 2024 ​ 10-Q ​ 001-36554 ​ 11/14/2024 ​ 10.4 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 10.42+ ​ Employment Agreement, by and between the Registrant and Steve Meyers, dated January 27, 2023 ​ 10-Q ​ 001-36554 ​ 8/5/2025 ​ 10.3 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 10.43+ ​ First Amendment to Employment Agreement, by and between the Registrant and Steve Meyers, dated August 3, 2023 ​ 10-Q ​ 001-36554 ​ 8/5/2025 ​ 10.4 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 10.44+ ​ Employment Agreement, by and between the Registrant and Namrata Saroj, dated November 3, 2024 ​ 10-Q ​ 001-36554 ​ 8/5/2025 ​ 10.5 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 10.45+ ​ Restricted Stock Unit Agreement by and between the Registrant and Dr. Pravin U. Dugel, dated as of February 11, 2025 ​ 10-Q ​ 001-36554 ​ 5/5/2025 ​ 10.3 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 10.46+ ​ Performance Stock Unit Agreement by and between the Registrant and Dr. Pravin U. Dugel, dated as of February 11, 2025 ​ 10-Q ​ 001-36554 ​ 5/5/2025 ​ 10.4 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 10.47+ ​ Performance Stock Option Agreement by and between the Registrant and Dr. Pravin U. Dugel, dated as of February 11, 2025 ​ 10-Q ​ 001-36554 ​ 5/5/2025 ​ 10.5 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 19.1 ​ Insider Trading Policies and Procedures ​ X ​ ​ ​ ​ ​ 21.1 ​ Subsidiaries of the Registrant ​ X ​ ​ ​ ​ ​ 23.1 ​ Consent of PricewaterhouseCoopers LLP ​ X ​ ​ ​ ​ ​ 31.1 ​ Certification of principal executive officer pursuant to Rule 13a-14(a)/15d-14(a) of the Securities Exchange Act of 1934, as amended ​ X ​ ​ ​ ​ ​ 31.2 ​ Certification of principal financial officer pursuant to Rule 13a-14(a)/15d-14(a) of the Securities Exchange Act of 1934, as amended ​ X ​ ​ ​ ​ ​ 32.1 ​ Certification of principal executive officer pursuant to 18 U.S.C. §1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 ​ X ​ ​ ​ ​ ​ 32.2 ​ Certification of principal financial officer pursuant to 18 U.S.C. §1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 ​ X ​ ​ ​ ​ ​ 97.1 ​ Ocular Therapeutix, Inc. Compensation Recovery Policy ​ 10-K ​ 001-36554 ​ 3/11/2024 ​ 97.1 ​ ​ ​ ​ ​ ​ ​ 140 Table of Contents ​ ​ ​ ​ Incorporated by Reference ​ ​ Exhibit Number ​ ​ ​ Description of Exhibit ​ ​ ​ Form ​ ​ ​ File Number ​ ​ ​ Date of Filing ​ ​ ​ Exhibit Number ​ ​ ​ Filed Herewith 101.INS ​ Inline XBRL Instance Document (the instance document does not appear in the Interactive Data File because XBRL tags are embedded within the Inline XBRL document) ​ X ​ ​ ​ ​ ​ 101.SCH ​ Inline XBRL Taxonomy Extension Schema Document ​ X ​ ​ ​ ​ ​ 101.CAL ​ Inline XBRL Taxonomy Extension Calculation Linkbase Document ​ X ​ ​ ​ ​ ​ 101.LAB ​ Inline XBRL Taxonomy Extension Label Linkbase Database ​ X ​ ​ ​ ​ ​ 101.PRE ​ Inline XBRL Taxonomy Extension Presentation Linkbase Document ​ X ​ ​ ​ ​ ​ 101.DEF ​ Inline XBRL Taxonomy Extension Definition Linkbase Document ​ X ​ ​ ​ ​ ​ 104 ​ The cover page from this Annual Report on Form 10-K, formatted in Inline XBRL and contained in Exhibit 101 ​ X † Confidential treatment has been granted as to certain portions, which portions have been omitted and separately filed with the Securities and Exchange Commission. + Management contract or compensatory plan or arrangement filed in response to Item 15(a)(3) of the Instructions to the Annual Report on Form 10-K. * Certain portions of this exhibit have been omitted pursuant to Item 601(b)(10)(iv) of Regulation S-K. ​ ​ 141 Table of Contents SIGNATURES ​ Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. Date: February 5, 2026 ​ ​ ​ ​ ​ OCULAR THERAPEUTIX, INC. ​ ​ ​ ​ By: /s/ Jason Robins ​ ​ Jason Robins ​ ​ Interim Chief Financial Officer ​ ​ (Principal Financial and Accounting Officer) ​ Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed by the following persons on behalf of the registrant in the capacities and on the dates indicated. ​ Signature ​ ​ ​ Title ​ ​ ​ Date ​ ​ ​ ​ ​ /s/ Pravin Dugel ​ Executive Chairman of the Board of Directors, President, Chief Executive Officer ​ ​ Pravin Dugel ​ (Principal Executive Officer) ​ February 5, 2026 ​ ​ ​ ​ ​ /s/ Jason Robins ​ Interim Chief Financial Officer ​ February 5, 2026 Jason Robins ​ (Principal Financial and Accounting Officer) ​ ​ ​ ​ ​ ​ ​ /s/ Adrienne Graves, Ph.D. ​ Director ​ February 5, 2026 Adrienne Graves, Ph.D. ​ ​ ​ ​ ​ ​ ​ ​ ​ /s/ Seung Suh Hong, Ph.D. ​ Director ​ February 5, 2026 Seung Suh Hong, Ph.D. ​ ​ ​ ​ ​ ​ ​ ​ ​ /s/ Richard L. Lindstrom, M.D. ​ Director ​ February 5, 2026 Richard L. Lindstrom, M.D. ​ ​ ​ ​ ​ ​ ​ ​ ​ /s/ Merilee Raines ​ Director ​ February 5, 2026 Merilee Raines ​ ​ ​ ​ ​ ​ ​ ​ ​ /s/ Charles Warden ​ Director ​ February 5, 2026 Charles Warden ​ ​ ​ ​ ​ ​ ​ ​ ​ /s/ Leslie Williams ​ Director ​ February 5, 2026 Leslie Williams ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Table of Contents OCULAR THERAPEUTIX, INC. ​ Index to CONSOLIDATED FINANCIAL STATEMENTS ​ ​ ​ ​ ​ ​ Page Report of Independent Registered Public Accounting Firm (PCAOB ID 238) ​ F-2 Consolidated Balance Sheets ​ F-4 Consolidated Statements of Operations and Comprehensive Loss ​ F-5 Consolidated Statements of Changes in Stockholders’ Equity (Deficit) ​ F-6 Consolidated Statements of Cash Flows ​ F-7 Notes to Consolidated Financial Statements ​ F-8 ​ ​ ​ F-1 Table of Contents Report of Independent Registered Public Accounting Firm To the Board of Directors and Stockholders of Ocular Therapeutix, Inc. ​ Opinions on the Financial Statements and Internal Control over Financial Reporting ​ We have audited the accompanying consolidated balance sheets of Ocular Therapeutix, Inc. and its subsidiaries (the "Company") as of December 31, 2025 and 2024, and the related consolidated statements of operations and comprehensive loss, of changes in stockholders' equity (deficit) and of cash flows for each of the three years in the period ended December 31, 2025, including the related notes (collectively referred to as the "consolidated financial statements"). We also have audited the Company's internal control over financial reporting as of December 31, 2025, based on criteria established in Internal Control - Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO). ​ In our opinion, the consolidated financial statements referred to above present fairly, in all material respects, the financial position of the Company as of December 31, 2025 and 2024, and the results of its operations and its cash flows for each of the three years in the period ended December 31, 2025 in conformity with accounting principles generally accepted in the United States of America. Also in our opinion, the Company maintained, in all material respects, effective internal control over financial reporting as of December 31, 2025, based on criteria established in Internal Control - Integrated Framework (2013) issued by the COSO. ​ Basis for Opinions ​ The Company's management is responsible for these consolidated financial statements, for maintaining effective internal control over financial reporting, and for its assessment of the effectiveness of internal control over financial reporting, included in Management’s Annual Report on Internal Control Over Financial Reporting appearing under Item 9A. Our responsibility is to express opinions on the Company’s consolidated financial statements and on the Company's internal control over financial reporting based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB. ​ We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the consolidated financial statements are free of material misstatement, whether due to error or fraud, and whether effective internal control over financial reporting was maintained in all material respects. ​ Our audits of the consolidated financial statements included performing procedures to assess the risks of material misstatement of the consolidated financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the consolidated financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the consolidated financial statements. Our audit of internal control over financial reporting included obtaining an understanding of internal control over financial reporting, assessing the risk that a material weakness exists, and testing and evaluating the design and operating effectiveness of internal control based on the assessed risk. Our audits also included performing such other procedures as we considered necessary in the circumstances. We believe that our audits provide a reasonable basis for our opinions. ​ Definition and Limitations of Internal Control over Financial Reporting ​ A company’s internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A company’s internal control over financial reporting includes those policies and procedures that (i) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (ii) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of F-2 Table of Contents management and directors of the company; and (iii) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company’s assets that could have a material effect on the financial statements. ​ Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate. ​ Critical Audit Matters ​ The critical audit matter communicated below is a matter arising from the current period audit of the consolidated financial statements that was communicated or required to be communicated to the audit committee and that (i) relates to accounts or disclosures that are material to the consolidated financial statements and (ii) involved our especially challenging, subjective, or complex judgments. The communication of critical audit matters does not alter in any way our opinion on the consolidated financial statements, taken as a whole, and we are not, by communicating the critical audit matter below, providing a separate opinion on the critical audit matter or on the accounts or disclosures to which it relates. ​ Revenue Recognition - DEXTENZA ​ As described in Note 2 to the consolidated financial statements, the Company sells DEXTENZA in the United States primarily to a limited number of specialty distributors (SDs) under individually negotiated distribution agreements. These customers then subsequently resell DEXTENZA to ambulatory surgery centers, hospital outpatient departments and physicians’ offices. The Company recognizes revenue on product sales when the customer obtains control of the Company's product, which occurs at a point in time (upon delivery to the customer). Product revenues are recorded net of applicable reserves for variable consideration, including discounts and allowances. As disclosed by management, the delivery of DEXTENZA to customers constitutes a single performance obligation. For the year ended December 31, 2025, the Company recognized $51.8 million of product revenue, net, relating to the sale of DEXTENZA. The principal consideration for our determination that performing procedures relating to revenue recognition for DEXTENZA is a critical audit matter is a high degree of auditor effort in performing procedures related to revenue recognition for DEXTENZA. Addressing the matter involved performing procedures and evaluating audit evidence in connection with forming our overall opinion on the consolidated financial statements. ​ These procedures included testing the effectiveness of controls relating to the revenue recognition process for DEXTENZA, including controls over the recording of revenue for DEXTENZA at the transaction price when the customer obtains control. These procedures also included, among others, (i) evaluating management’s revenue recognition policy; (ii) testing the, on a sample basis, completeness, accuracy, and occurrence of amounts invoiced for DEXTENZA by obtaining and inspecting source documents, such as purchase orders, invoices, proof of delivery, and subsequent cash receipts; (iii) testing, on a sample basis, the accuracy of variable consideration applied related to the sale of DEXTENZA by obtaining and inspecting source documents, such as contracts, units sold, rebate payments made and other related documentation; and (iv) confirming, on a sample basis, the accuracy and existence of outstanding accounts receivable balances as of December 31, 2025 and, for confirmations not returned, obtaining and inspecting source documents, such as, purchase orders, invoices, proof of delivery, and subsequent cash receipts. ​ ​ ​ /s/ PricewaterhouseCoopers LLP Boston, Massachusetts February 5, 2026 ​ We have served as the Company’s auditor since 2008. ​ ​ ​ F-3 Table of Contents OCULAR THERAPEUTIX, INC. CONSOLIDATED BALANCE SHEETS (In thousands, except share and per share data) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ December 31, ​ ​ 2025 ​ 2024 Assets ​ ​ ​ ​ ​ ​ Current assets: ​ ​ ​ ​ ​ ​ Cash and cash equivalents ​ $ 737,060 ​ $ 392,102 Accounts receivable, net ​ ​ 30,650 ​ ​ 32,388 Inventory ​ ​ 3,564 ​ ​ 3,040 Prepaid expenses and other current assets ​ ​ 10,855 ​ ​ 13,457 Total current assets ​ 782,129 ​ 440,987 Property and equipment, net ​ ​ 19,676 ​ ​ 9,389 Restricted cash ​ ​ 1,614 ​ ​ 1,614 Operating lease assets ​ ​ 4,638 ​ ​ 5,945 Total assets ​ $ 808,057 ​ $ 457,935 Liabilities and Stockholders’ Equity ​ ​ ​ ​ ​ ​ Current liabilities: ​ ​ ​ ​ ​ ​ Accounts payable ​ $ 4,154 ​ $ 4,176 Accrued expenses and other current liabilities ​ ​ 43,835 ​ ​ 35,117 Deferred revenue ​ ​ — ​ ​ 128 Operating lease liabilities ​ ​ 2,817 ​ ​ 1,933 Total current liabilities ​ 50,806 ​ 41,354 Other liabilities: ​ ​ ​ ​ ​ ​ Operating lease liabilities, net of current portion ​ ​ 2,815 ​ ​ 5,345 Derivative liability ​ ​ 13,903 ​ ​ 13,246 Deferred revenue, net of current portion ​ ​ 14,000 ​ ​ 14,000 Notes payable, net ​ ​ 71,336 ​ ​ 68,505 Other non-current liabilities ​ ​ 887 ​ ​ 141 Total liabilities ​ 153,747 ​ 142,591 Commitments and contingencies (Note 18) ​ ​ ​ ​ ​ ​ Stockholders’ equity: ​ ​ ​ ​ ​ ​ Preferred stock, $ 0.0001 par value; 5,000,000 shares authorized and no shares issued or outstanding at December 31, 2025 and December 31, 2024, respectively ​ ​ — ​ ​ — Common stock, $ 0.0001 par value; 400,000,000 and 400,000,000 shares authorized and 215,927,600 and 157,749,490 shares issued and outstanding at December 31, 2025 and December 31, 2024, respectively ​ ​ 22 ​ ​ 16 Additional paid-in capital ​ ​ 1,811,311 ​ ​ 1,206,412 Accumulated deficit ​ ​ ( 1,157,023 ) ​ ​ ( 891,084 ) Total stockholders’ equity ​ 654,310 ​ 315,344 Total liabilities and stockholders’ equity ​ $ 808,057 ​ $ 457,935 ​ The accompanying notes are an integral part of these consolidated financial statements. ​ F-4 Table of Contents ​ OCULAR THERAPEUTIX, INC. CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS (In thousands, except share and per share data) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ ​ ​ ​ ​ 2025 ​ 2024 ​ ​ ​ 2023 Revenue: ​ ​ ​ ​ ​ ​ ​ ​ ​ Product revenue, net ​ $ 51,823 ​ $ 63,461 ​ $ 57,870 Collaboration revenue ​ ​ 128 ​ ​ 262 ​ ​ 573 Total revenue, net ​ 51,951 ​ 63,723 ​ 58,443 Costs and operating expenses: ​ ​ ​ ​ ​ ​ ​ ​ ​ Cost of product revenue ​ ​ 6,574 ​ ​ 5,626 ​ ​ 5,281 Research and development ​ ​ 197,096 ​ ​ 127,635 ​ ​ 61,055 Selling and marketing ​ ​ 53,922 ​ ​ 41,590 ​ ​ 40,549 General and administrative ​ ​ 64,376 ​ ​ 60,653 ​ ​ 33,940 Total costs and operating expenses ​ 321,968 ​ 235,504 ​ 140,825 Loss from operations ​ ( 270,017 ) ​ ( 171,781 ) ​ ( 82,382 ) Other income (expense): ​ ​ ​ ​ ​ ​ ​ ​ ​ Interest income ​ ​ 18,355 ​ ​ 20,282 ​ ​ 3,983 Interest expense ​ ​ ( 11,835 ) ​ ​ ( 13,577 ) ​ ​ ( 11,338 ) Change in fair value of derivative liabilities ​ ​ ( 2,471 ) ​ ​ ( 480 ) ​ ​ ( 5,188 ) Gains and (losses) on extinguishment of debt, net ​ ​ — ​ ​ ( 27,950 ) ​ ​ 14,190 Other gains (expenses) ​ ​ 29 ​ ​ — ​ ​ ( 1 ) Total other income (expense), net ​ 4,078 ​ ( 21,725 ) ​ 1,646 Net loss ​ $ ( 265,939 ) ​ $ ( 193,506 ) ​ $ ( 80,736 ) Net loss per share, basic ​ $ ( 1.42 ) ​ $ ( 1.22 ) ​ $ ( 1.01 ) Weighted average common shares outstanding, basic ​ 187,241,483 ​ 158,265,162 ​ 79,827,362 Net loss per share, diluted ​ $ ( 1.42 ) ​ $ ( 1.22 ) ​ $ ( 1.02 ) Weighted average common shares outstanding, diluted ​ ​ 187,241,483 ​ ​ 158,265,162 ​ ​ 85,596,594 ​ The accompanying notes are an integral part of these consolidated financial statements. ​ F-5 Table of Contents OCULAR THERAPEUTIX, INC. CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY (DEFICIT) (In thousands, except share data) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Additional ​ ​ ​ ​ Total ​ ​ Common Stock ​ Paid-in ​ Accumulated ​ Stockholders’ ​ ​ Shares ​ ​ ​ Par Value ​ ​ ​ Capital ​ ​ ​ Deficit ​ ​ ​ Equity Balance at December 31, 2022 ​ 77,201,819 ​ $ 8 ​ $ 652,213 ​ $ ( 616,842 ) ​ $ 35,379 Issuance of common stock upon exercise of stock options ​ 141,952 ​ ​ — ​ ​ 551 ​ ​ — ​ ​ 551 Issuance of common stock in connection with employee stock purchase plan ​ 290,691 ​ ​ — ​ ​ 851 ​ ​ — ​ ​ 851 Issuance of common stock upon public offering, net of issuance costs ​ 36,934,926 ​ ​ 4 ​ ​ 117,257 ​ ​ — ​ ​ 117,261 Issuance of common stock upon vesting of restricted stock units ​ 393,805 ​ ​ — ​ ​ — ​ ​ — ​ ​ — Stock-based compensation expense ​ — ​ ​ — ​ ​ 17,825 ​ ​ — ​ ​ 17,825 Net Loss ​ — ​ ​ — ​ ​ — ​ ​ ( 80,736 ) ​ ​ ( 80,736 ) Balance at December 31, 2023 ​ 114,963,193 ​ $ 12 ​ $ 788,697 ​ $ ( 697,578 ) ​ $ 91,131 Issuance of common stock upon exercise of stock options ​ 3,112,976 ​ ​ — ​ ​ 14,741 ​ ​ — ​ ​ 14,741 Issuance of common stock in connection with employee stock purchase plan ​ 213,131 ​ ​ — ​ ​ 1,016 ​ ​ — ​ ​ 1,016 Issuance of common stock and pre-funded warrants upon private placement ​ 32,413,560 ​ ​ 3 ​ ​ 316,350 ​ ​ — ​ ​ 316,353 Issuance of common stock upon exercise of conversion option ​ 5,769,232 ​ ​ 1 ​ ​ 52,499 ​ ​ — ​ ​ 52,500 Issuance of common stock upon vesting of restricted stock units ​ 1,277,398 ​ ​ — ​ ​ — ​ ​ — ​ ​ — Stock-based compensation expense ​ — ​ ​ — ​ ​ 33,109 ​ ​ — ​ ​ 33,109 Net Loss ​ — ​ ​ — ​ ​ — ​ ​ ( 193,506 ) ​ ​ ( 193,506 ) Balance at December 31, 2024 ​ 157,749,490 ​ $ 16 ​ $ 1,206,412 ​ $ ( 891,084 ) ​ $ 315,344 Issuance of common stock upon exercise of stock options ​ 3,721,747 ​ 1 ​ 20,543 ​ — ​ 20,544 Issuance of common stock in connection with employee stock purchase plan ​ 209,677 ​ ​ — ​ ​ 1,592 ​ ​ — ​ ​ 1,592 Issuance of common stock upon vesting of restricted stock units ​ 1,551,706 ​ ​ — ​ — ​ — ​ — Issuance of common stock upon exercise of pre-funded warrants ​ 3,237,598 ​ ​ — ​ ​ — ​ ​ — ​ ​ — Issuance of common stock upon public offering, net of issuance costs ​ 49,457,382 ​ ​ 5 ​ ​ 539,580 ​ ​ — ​ ​ 539,585 Stock-based compensation expense ​ — ​ — ​ 43,184 ​ — ​ 43,184 Net loss ​ — ​ — ​ — ​ ( 265,939 ) ​ ( 265,939 ) Balance at December 31, 2025 ​ 215,927,600 ​ $ 22 ​ $ 1,811,311 ​ $ ( 1,157,023 ) ​ $ 654,310 ​ The accompanying notes are an integral part of these consolidated financial statements. ​ F-6 Table of Contents ​ OCULAR THERAPEUTIX, INC. ​ CONSOLIDATED STATEMENTS OF CASH FLOWS ​ (In thousands) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ ​ ​ ​ ​ 2025 ​ 2024 ​ ​ ​ 2023 Cash flows from operating activities: ​ ​ ​ ​ ​ ​ ​ Net loss ​ $ ( 265,939 ) ​ ​ ( 193,506 ) ​ $ ( 80,736 ) Adjustments to reconcile net loss to net cash used in operating activities ​ ​ ​ ​ ​ ​ ​ ​ Stock-based compensation expense ​ 43,184 ​ ​ 33,109 ​ 17,825 Non-cash interest expense ​ 3,397 ​ ​ 3,734 ​ 6,106 Change in fair value of derivative liabilities ​ ​ 2,471 ​ ​ 480 ​ ​ 5,188 Depreciation and amortization expense ​ 4,323 ​ ​ 3,786 ​ 2,983 Gains and losses on disposal of items of property and equipment ​ ​ ( 29 ) ​ ​ — ​ ​ 1 Gains and losses on extinguishment of debt, net ​ — ​ ​ 27,950 ​ ( 14,190 ) Changes in operating assets and liabilities: ​ ​ ​ ​ ​ ​ ​ ​ ​ Accounts receivable, net ​ 1,738 ​ ​ ( 6,209 ) ​ ( 4,854 ) Prepaid expenses and other current assets ​ 2,602 ​ ​ ( 5,663 ) ​ ( 3,766 ) Inventory ​ ( 524 ) ​ ​ ( 735 ) ​ ( 331 ) Accounts payable ​ ( 887 ) ​ ​ ( 318 ) ​ 583 Operating lease assets ​ ​ 1,307 ​ ​ 505 ​ ​ 1,570 Accrued expenses ​ 5,248 ​ ​ 3,638 ​ 773 Deferred revenue ​ ​ ( 128 ) ​ ​ ( 262 ) ​ ​ 427 Operating lease liabilities ​ ( 1,646 ) ​ ​ ( 1,186 ) ​ ( 1,813 ) Net cash used in operating activities ​ ( 204,883 ) ​ ​ ( 134,677 ) ​ ( 70,234 ) Cash flows from investing activities: ​ ​ ​ ​ ​ ​ ​ ​ Purchases of property and equipment ​ ( 12,010 ) ​ ​ ( 1,288 ) ​ ( 6,087 ) Proceeds from sales of property and equipment ​ ​ 130 ​ ​ — ​ ​ — Net cash used in investing activities ​ ( 11,880 ) ​ ​ ( 1,288 ) ​ ( 6,087 ) Cash flows from financing activities: ​ ​ ​ ​ ​ ​ ​ ​ Proceeds from issuance of short-term bridge loan ​ ​ — ​ ​ — ​ ​ 2,000 Proceeds from issuance of Barings Notes Payable ​ ​ — ​ ​ — ​ ​ 82,474 Proceeds from exercise of stock options ​ 20,544 ​ ​ 14,741 ​ 551 Proceeds from issuance of common stock pursuant to employee stock purchase plan ​ ​ 1,592 ​ ​ 1,016 ​ ​ 851 Payments of debt refinancing costs ​ ​ — ​ ​ — ​ ​ ( 5,184 ) Proceeds from issuance of common stock upon public offering, net of issuance costs ​ ​ 539,585 ​ ​ — ​ ​ 117,261 Repayment of MidCap notes payable ​ ​ — ​ ​ — ​ ​ ( 26,125 ) Repayment from issuance of short-term bridge loan ​ ​ — ​ ​ — ​ ​ ( 2,000 ) Proceeds from issuance of common stock and pre-funded warrants upon private placement, net of issuance costs ​ — ​ ​ 316,353 ​ — Net cash provided by financing activities ​ 561,721 ​ ​ 332,110 ​ 169,828 Net increase in cash, cash equivalents and restricted cash ​ 344,958 ​ ​ 196,145 ​ 93,507 Cash, cash equivalents and restricted cash at beginning of period ​ 393,716 ​ ​ 197,571 ​ 104,064 Cash, cash equivalents and restricted cash at end of period ​ $ 738,674 ​ $ 393,716 ​ $ 197,571 Supplemental disclosure of cash flow information: ​ ​ ​ ​ ​ ​ ​ ​ Cash paid for interest ​ $ 9,029 ​ $ 21,533 ​ $ 5,464 Supplemental disclosure of non-cash investing and financing activities: ​ ​ ​ ​ ​ ​ ​ Additions to property and equipment included in accounts payable and accrued expenses ​ $ 1,174 ​ $ 121 ​ $ 16 ​ The accompanying notes are an integral part of these consolidated financial statements. ​ ​ F-7 Table of Contents OCULAR THERAPEUTIX, INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Amounts in thousands, except share and per share data) 1. Nature of the Business Ocular Therapeutix, Inc. (the “Company”) was incorporated on September 12, 2006 under the laws of the State of Delaware. The Company is an integrated biopharmaceutical company committed to redefining the retina experience. AXPAXLI (also known as OTX-TKI), the Company’s investigational product candidate for retinal disease, is an axitinib intravitreal hydrogel based on its ELUTYX proprietary bioresorbable hydrogel-based formulation technology. AXPAXLI is currently being evaluated in a Phase 3 registrational program for wet age-related macular degeneration (“wet AMD”) and a Phase 3 registrational program for diabetic retinal disease, including non-proliferative diabetic retinopathy (“NPDR”). The Company also leverages the ELUTYX technology in its commercial product DEXTENZA, a corticosteroid approved by the U.S. Food and Drug Administration (“FDA”) for the treatment of ocular inflammation and pain following ophthalmic surgery in adults and pediatric patients and for the treatment of ocular itching associated with allergic conjunctivitis in adults and pediatric patients aged two years or older, and in its investigational product candidate OTX-TIC, which is a travoprost intracameral hydrogel for which the Company completed a Phase 2 clinical trial for the treatment of open-angle glaucoma (“OAG”) or ocular hypertension (“OHT”). The Company is currently evaluating next steps for the OTX-TIC program. The Company is subject to risks common to companies in the biotechnology industry including, but not limited to, new technological innovations, protection of proprietary technology, dependence on key personnel, dependence on specific programs, compliance with government regulations, regulatory approval and compliance, reimbursement, uncertainty of market acceptance of products and the need to obtain additional financing. Product candidates currently under development will require significant additional research and development efforts, including extensive preclinical and clinical testing and regulatory approval, prior to commercialization. Approved products will require significant sales, marketing and distribution support. There can be no assurance that the Company’s research and development will be successfully completed, that adequate protection for the Company’s intellectual property will be obtained, that any products developed will obtain necessary government regulatory approval and adequate reimbursement or that any approved products will be commercially viable. Even if the Company’s product development efforts are successful, it is uncertain when, if ever, the Company will generate significant revenue from product sales. The Company operates in an environment of rapidly changing technology and substantial competition from pharmaceutical and biotechnology companies. In addition, the Company is dependent upon the services of its employees and consultants. The Company may not be able to generate significant revenue from sales of any product for several years, if at all. Accordingly, the Company will need to obtain additional capital to finance its operations. The Company has incurred losses and negative cash flows from operations since its inception, and the Company expects to continue to generate operating losses and negative cash flows from operations in the foreseeable future. As of December 31, 2025, the Company had an accumulated deficit of $ 1,157,023 . Based on its current operating plan which includes estimates of anticipated cash inflows from product sales and cash outflows from operating expenses and capital expenditures, the Company believes that its existing cash and cash equivalents of $ 737,060 as of December 31, 2025 will enable it to fund its planned operating expenses, debt service obligations and capital expenditures at least through the next 12 months from the issuance date of these consolidated financial statements while the Company observes a minimum liquidity covenant of $ 20,000 in its credit facility (Note 9). The future viability of the Company is dependent on the Company’s ability to generate cash flows from the sales of the Company’s product candidates, such as AXPAXLI, if and as approved, and the sales of DEXTENZA, and to raise additional capital to finance its operations. The Company will need to finance its operations through public or private securities offerings, debt financings, collaborations, strategic alliances, licensing agreements, royalty agreements, or marketing and distribution agreements. Although the Company has been successful in raising capital in the past, there is no assurance that it will be successful in obtaining such additional financing on terms acceptable to the Company, if at all. If the Company is unable to obtain funding on a timely basis, in sufficient amounts, or at all, the Company could be forced to delay, reduce or eliminate some or all of its research and development programs for product candidates, F-8 Table of Contents product portfolio expansion or commercialization efforts, any of which could adversely affect its business prospects, or the Company may be unable to continue operations. ​ ​ 2. Summary of Significant Accounting Policies Basis of Presentation and Principles of Consolidation The accompanying consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (“GAAP”). The accompanying consolidated financial statements reflect the operations of the Company and its wholly-owned subsidiaries. All intercompany accounts and transactions have been eliminated. Use of Estimates The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the consolidated financial statements, and the reported amounts of revenues and expenses during the reporting periods. Significant estimates and assumptions reflected in these consolidated financial statements include, but are not limited to, the measurement and recognition of reserves for variable consideration related to product sales, revenue recognition related to a collaboration agreement that contains multiple promises, the fair value of derivatives, stock-based compensation, and realizability of net deferred tax assets. Estimates are periodically reviewed in light of changes in circumstances, facts and experience. Actual results could differ from the Company’s estimates. Cash Equivalents The Company considers all short-term, highly liquid investments with original maturities of ninety days or less at date of purchase to be cash equivalents. Cash equivalents, which primarily consist of investments in money market funds, are stated at fair value. Revenue Recognition The Company recognizes revenue in accordance with Accounting Standards Codification Topic 606 Revenue from Contracts with Customers (“ASC 606”). Under ASC 606, an entity recognizes revenue when a customer obtains control of promised goods or services, in an amount that reflects the consideration which the entity expects to be entitled to in exchange for those goods or services. To determine revenue recognition for arrangements that an entity determines are within the scope of ASC 606, the entity performs the following five steps: (i) identify the contract(s) with a customer, (ii) identify the performance obligations in the contract, (iii) determine the transaction price, (iv) allocate the transaction price to the performance obligations in the contract, and (v) recognize revenue when (or as) the entity satisfies a performance obligation. At contract inception, the Company assesses the goods or services promised within each contract, determines those that are performance obligations, and assesses whether each promised good or service is distinct. The Company then recognizes as revenue the amount of the transaction price that is allocated to the respective performance obligation when (or as) the performance obligation is satisfied. Product Revenue The Company sells DEXTENZA in the United States primarily to a limited number of specialty distributors (“SDs”) under individually negotiated distribution agreements. These customers then subsequently resell DEXTENZA to ambulatory surgery centers (“ASCs”), hospital outpatient departments (“HOPDs”) and physicians’ offices. The Company also sells DEXTENZA directly to a small population of ASCs and physicians’ offices based on individually negotiated direct distribution agreements (the “Direct Customers”). In addition, the Company enters into arrangements with health care providers and payors that provide for government mandated or privately negotiated rebates and chargebacks with respect to the purchase of DEXTENZA. F-9 Table of Contents The Company recognizes revenue on product sales when the customer obtains control of the Company's product, which occurs at a point in time (upon delivery to the customer). Product revenues are recorded net of applicable reserves for variable consideration, including discounts and allowances. Transaction Price, including Variable Consideration— Revenues from product sales are recorded net of off-invoice discounts and reserves which are established for our estimate of variable consideration. Components of variable consideration include trade discounts and allowances, product returns, government chargebacks, discounts and rebates, and other incentives, such as voluntary patient assistance, and other fee-for-service amounts that are detailed within contracts between the Company and its customers. These reserves, as detailed below, are based on the amounts earned, or to be claimed on the related sales, and are classified as reductions of accounts receivable or a current liability. These estimates take into consideration a range of possible outcomes which are probability-weighted in accordance with the expected value method in ASC 606 for relevant factors such as current contractual and statutory requirements, specific known market events and trends, industry data, and forecasted customer buying and payment patterns. Overall, these reserves reflect the Company’s best estimates of the amount of consideration to which it is entitled based on the terms of the respective underlying contracts. The amount of variable consideration which is included in the transaction price may be constrained, and is included in the net sales price, only to the extent that it is probable that a significant reversal in the amount of the cumulative revenue recognized under the contract will not occur in a future period. Actual amounts of consideration ultimately received may differ from the Company’s estimates. If actual results in the future vary from the Company’s original estimates, the Company will adjust these estimates, which would affect net product revenue and earnings in the period such variances become known. Trade Discounts and Allowances—The Company compensates (through trade discounts and allowances) its customers for sales order management, data, and distribution services. However, the Company has determined such services received to date are not distinct from the Company’s sale of products to the customer and, therefore, these payments have been recorded as a reduction of revenue within the statement of operations and comprehensive loss, as well as a reduction to accounts receivables, net on the consolidated balance sheets. Product Returns— Consistent with industry practice, the Company generally offers customers a limited right of return for product that has been purchased from the Company based on the products expiration date. The Company estimates the amount of its product sales that may be returned by its customers and records this estimate as a reduction of revenue in the period the related product revenue is recognized, as well as within accrued expenses and other current liabilities, in the accompanying consolidated balance sheets. The Company currently estimates product return reserves using available industry data and its own sales information, including its visibility into the inventory remaining in the distribution channel. Government Chargebacks— Chargebacks for fees and discounts to qualified government healthcare providers represent the estimated obligations resulting from contractual commitments to sell products to qualified U.S. Department of Veterans Affairs hospitals and entities that are subject to the U.S. federal government 340B Drug Discount Program at prices lower than the list prices charged to SDs and Direct Customers. Chargeback amounts are generally determined at the time of resale to the qualified government healthcare provider by SDs and Direct Customers, and the Company generally issues credits for such amounts within a few weeks of the customer’s notification to the Company of the resale. Allowance for chargebacks also consist of credits that the Company expects to issue for units that remain in the distribution channel inventories at each reporting period-end that the Company expects will be sold to qualified healthcare providers, and chargebacks that customers have claimed, but for which the Company has not yet issued a credit. These allowances are established in the same period that the related revenue is recognized, resulting in a reduction of product revenue and accounts receivables, net. Government Rebates— The Company is subject to discount obligations under state Medicaid programs and Medicare. These reserves are recorded in the same period the related revenue is recognized, resulting in a reduction of product revenue and the establishment of a current liability which is included in accrued expenses and other current liabilities on the consolidated balance sheets. For Medicare, the Company also estimates the number of patients in the prescription drug coverage gap for whom the Company will owe an additional liability under the Medicare Part D program. For Medicaid programs, the Company estimates the portion of sales attributed to Medicaid patients and records a liability for the rebates to be paid to the respective state Medicaid programs. The Company’s liability for these rebates consists of invoices received for claims from prior quarters that have not been paid or for which an invoice has not yet F-10 Table of Contents been received, estimates of claims for the current quarter, and estimated future claims that will be made for product that has been recognized as revenue, but which remains in the distribution channel inventories at the end of each reporting period. Purchaser/Provider Discounts and Rebates— The Company offers rebate payments for which ASCs, HOPDs and other prescribers qualify by meeting quarterly purchase volumes of DEXTENZA under the Company’s volume-based rebate program. The Company calculates rebate payment amounts due under this program quarterly, based on actual qualifying purchases and applies a contractual discount rate. In the third quarter of 2022, the Company implemented a separate off-invoice discount (“OID”) rebate program whereby end-users receive the discounted price immediately upon purchase, rather than having to wait until the end of the quarter for a rebate payment. The OID amounts are generally determined at the time of resale by SDs or direct sales to ASCs by the Company. The Company generally issues credits for such amounts within a few weeks of the SD’s notification to the Company of the resale. The Company includes the OID on the invoice when it sells to an ASC directly. The calculation of the accrual for all rebates is based on an estimate of claims that the Company expects to receive associated with product that has been recognized as revenue but also remains in the distribution channel inventories at the end of each reporting period. The adjustments are recorded in the same period the related revenue is recognized, resulting in a reduction of product revenue and the establishment of a current liability which is included as an accrued expenses and other current liabilities for volume-based rebates and as a reduction of accounts receivable for OID rebates. Other Incentives— Other incentives which the Company offers include voluntary patient assistance programs, such as the co-pay assistance program, which are intended to provide financial assistance to qualified commercially-insured patients with prescription drug co-payments required by payors. The calculation of the accrual for co-pay assistance is based on an estimate of claims and the cost per claim that the Company expects to receive associated with product that has been recognized as revenue, but remains in the distribution channel inventories at the end of each reporting period. The adjustments are recorded in the same period the related revenue is recognized, resulting in a reduction of product revenue and the establishment of a current liability which is included as an accrued expenses and other current liabilities on the consolidated balance sheets. Collaboration Revenue The Company evaluates contracts that contain multiple promises to determine which promises are distinct. Promises are considered to be distinct and therefore, accounted for as separate performance obligations, provided that: (i) the customer can benefit from the good or service either on its own or together with other resources that are readily available to the customer and (ii) the promise to transfer the good or service to the customer is separately identifiable from other promises in the contract. In assessing whether a promise is distinct, the Company considers factors such as whether: (i) the Company provides a significant service of integrating goods and/or services with other goods and/or services promised in the contract; (ii) one or more of the goods and/or services significantly modifies or customizes, or are significantly modified or customized by one or more of the other goods and/or services promised in the contract; and (iii) the goods and/or services are highly interdependent or highly interrelated. Individual goods or services (or bundles of goods and/or services) that meet both criteria for being distinct are accounted for as separate performance obligations. Promises that are not distinct at contract inception are combined and accounted for as a single performance obligation. Options to acquire additional goods and/or services are evaluated to determine if such option provides a material right to the customer that it would not have received without entering into the contract. If so, the option is accounted for as a separate performance obligation. If not, the option is considered a marketing offer which would be accounted for as a separate contract upon the customer’s election. The Company considers the existence of any significant financing component within its arrangements based on whether a substantive business purpose exists to support the payment structure other than to provide a significant benefit of financing. The Company measures the transaction price based on the amount of consideration to which the Company expects to be entitled in exchange for transferring the promised goods and/or services to the customer. The Company utilizes either the expected value method or the most likely amount method to estimate the amount of variable consideration, depending on which method is expected to better predict the amount of consideration to which the Company will be entitled. Amounts of variable consideration are included in the transaction price to the extent that it is probable that a significant reversal in the amount of cumulative revenue recognized will not occur when the uncertainty associated with the variable consideration is subsequently resolved. With respect to arrangements that include payments for a development or regulatory milestone payment, the Company evaluates whether the associated event is considered likely of achievement and estimates the amount to be included in the transaction price using the most likely amount F-11 Table of Contents method. Milestone payments that are not within the Company’s control or the control of the licensee, such as those dependent upon receipt of regulatory approval, are not considered to be likely of achievement until the triggering event occurs. At the end of each reporting period, the Company re-evaluates the probability of achievement of each milestone and any related constraint and, if necessary, adjusts its estimate of the overall transaction price. Any such adjustments are recorded on a cumulative catch-up basis, which would affect revenue and net loss in the period of adjustment. For arrangements that include sales-based royalties, including milestone payments based upon the achievement of a certain level of product sales, wherein the license is deemed to be the sole or predominant item to which the payments relate, the Company recognizes revenue upon the later of: (i) when the related sales occur or (ii) when the performance obligation to which some or all of the payment has been allocated has been satisfied (or partially satisfied). Consideration that would be received for optional goods and/or services is excluded from the transaction price at contract inception. Accounts Receivable Accounts receivable arise from product sales and are recognized at the amounts invoiced to customers, net of applicable reserves for variable consideration. The Company analyzes the actual payment history of its customers, the aging of receivables, current customer-specific developments and economic trends to estimate the reserve for current expected credit losses. Inventory The Company values its inventories at the lower of cost or estimated net realizable value. Costs, which include amounts related to direct labor, materials and manufacturing overhead, are determined using standard costs, which approximate average cost. The Company performs an assessment of the recoverability of capitalized inventory during each reporting period, and it writes down any excess and obsolete inventories to their estimated realizable value in the period in which the impairment is first identified. Such impairment charges, should they occur, are recorded within cost of product revenue. The Company capitalizes inventory costs associated with the Company’s products after regulatory approval when, based on management’s judgment, future commercialization is considered probable and the future economic benefit is expected to be realized. Inventory acquired prior to receipt of marketing approval of a product candidate is expensed as research and development expense as incurred. Inventory that can be used in either the production of clinical or commercial product is expensed as research and development expense when selected for use in a clinical manufacturing campaign. Inventory produced that will be used in promotional marketing campaigns is expensed to selling and marketing expense when it is selected for use in a marketing program. Fair Value Measurements Certain assets and liabilities are carried at fair value under GAAP. Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. Valuation techniques used to measure fair value must maximize the use of observable inputs and minimize the use of unobservable inputs. Financial assets and liabilities carried at fair value are to be classified and disclosed in one of the following three levels of the fair value hierarchy, of which the first two are considered observable and the last is considered unobservable: Level 1—Quoted prices in active markets for identical assets or liabilities. Level 2—Observable inputs (other than Level 1 quoted prices) such as quoted prices in active markets for similar assets or liabilities, quoted prices in markets that are not active for identical or similar assets or liabilities, or other inputs that are observable or can be corroborated by observable market data. Level 3—Unobservable inputs that are supported by little or no market activity and that are significant to determining the fair value of the assets or liabilities, including pricing models, discounted cash flow methodologies and similar techniques. F-12 Table of Contents Derivative Instruments The Company recognizes all derivative instruments as either assets or liabilities at fair value through profit or loss on the Company's consolidated balance sheet. Changes in the estimated fair value of derivative instruments are recognized in other income (expense), net in the consolidated statements of operations and comprehensive loss. If the Company determines that a financial or non-financial contract, a ‘host contract’, includes implicit or explicit terms that affect the cash flows of the contract in a manner similar to a stand-alone derivative instrument, an ‘embedded derivative’, the Company analyzes whether to account for the embedded derivative separately. The Company accounts for an embedded derivative not separately from the host contract if it is clearly and closely related to the host contract or if the entire contract is measured at fair value through profit or loss. In other cases, the Company accounts for an embedded derivative separately. The Company measures the value of embedded derivatives that are accounted for separately at their respective fair values and recognizes changes in the respective estimated fair values in other income (expense), net in the consolidated statements of operations and comprehensive loss during the period of change. Embedded derivatives that are accounted for separately are recognized as derivative liabilities in the Company’s consolidated balance sheet. Property and Equipment Property and equipment are stated at cost less accumulated depreciation. Depreciation expense is recognized using the straight-line method over a three - to five-year estimated useful life. Leasehold improvements are amortized over the shorter of the lease term or the estimated useful life of the related asset. Expenditures for repairs and maintenance of assets are charged to expense as incurred. Upon retirement or sale, the cost and related accumulated depreciation of assets disposed of are removed from the accounts and any resulting gain or loss is included in loss from operations. Leases The Company determines whether an arrangement is or contains a lease at inception. Operating leases are recognized on the consolidated balance sheets as operating lease assets, current portion of lease liabilities and long-term lease liabilities. Operating lease assets represent the Company’s right to use an underlying asset for the lease term and lease liabilities represent the Company’s obligation to make lease payments arising from the lease. Operating lease liabilities and their corresponding operating lease assets are recorded based on the present value of lease payments over the expected remaining lease term. The operating lease assets also include any lease payments made and adjustments for prepayments and lease incentives. The interest rate implicit in lease contracts is typically not readily determinable. As a result, the Company utilized its incremental borrowing rate, which is the rate incurred to borrow on a collateralized basis over a similar term an amount equal to the lease payments in a similar economic environment. Lease terms may include options to extend or terminate the lease when it is reasonably certain that the Company will exercise that option. The Company reassesses the lease term and remeasures the lease liability if triggering events occur. Lease expense for lease payments is recognized on a straight-line basis over the lease term. Impairment of Long-Lived Assets Long-lived assets consist of property and equipment and right-of-use assets. Long-lived assets to be held and used are tested for recoverability whenever events or changes in business circumstances indicate that the carrying amount of the assets may not be fully recoverable. Factors that the Company considers in deciding when to perform an impairment review include significant underperformance of the business in relation to expectations, significant negative industry or economic trends, and significant changes or planned changes in the use of the assets. If an impairment review is performed to evaluate a long-lived asset for recoverability, the Company compares forecasts of undiscounted cash flows expected to result from the use and eventual disposition of the long-lived asset to its carrying value. An impairment loss would be recognized when estimated undiscounted future cash flows expected to result from the use of an asset are less than its carrying amount. The impairment loss would be based on the excess of the carrying value of the impaired asset over its fair value, determined based on discounted cash flows. The Company has had no impairment triggers of long-lived assets. F-13 Table of Contents Warrants The Company accounts for issued warrants, including pre-funded warrants, as either liability or equity. Warrants are considered liabilities if they are mandatorily redeemable and they require settlement in cash or other assets, or a variable number of shares. Contracts that may require settlement for cash are liabilities, regardless of the probability of the occurrence of the triggering event. If warrants do not otherwise require liability classification, the Company assesses whether the warrants are indexed to its common stock. Liability-classified warrants are measured at fair value on the issuance date and at the end of each reporting period. Any change in the fair value of the warrants after the issuance date is recorded in the consolidated statements of operations as a gain or loss. Equity-classified warrants are accounted for at fair value on the issuance date with no changes in fair value recognized after the issuance date. Research and Development Costs Research and development costs are expensed as incurred. Included in research and development expenses are salaries, stock-based compensation and benefits of employees and other operational costs related to the Company’s research and development activities, including external costs of outside vendors engaged to conduct preclinical studies and clinical trials, manufacturing costs of the Company’s products prior to regulatory approval, costs related to collaboration agreements and facility-related expenses. The Company records accruals for estimated ongoing research and development costs. When evaluating the adequacy of the accrued liabilities, the Company analyzes progress of the studies, including the phase or completion of events, invoices received, estimates provided by vendors, and contracted costs. Judgments and estimates are made in determining the accrued balances at the end of any reporting period. Actual results could differ from the Company’s estimates. The Company’s historical accrual estimates have not been materially different from the actual costs. Advertising Costs Advertising costs are expensed as incurred. Accounting for Stock-Based Compensation The Company measures all stock options and other stock-based awards granted to employees, directors, and nonemployees at the fair value on the date of the grant. The fair value of the awards is recognized as expense, net of estimated forfeitures, over the requisite service period, which is generally the vesting period of the respective award. For awards with both service and market conditions, the Company generally determines the requisite service period as the longer of the service period and the period derived from the underlying valuation. The straight-line method of expense recognition is applied to all awards with either service-only conditions or both service and market conditions. For awards that include both service and performance conditions, the Company starts recognizing the fair value of the awards as expense when achievement of the underlying performance conditions is probable, based on the portion of the requisite service period completed. The Company recognizes compensation expense for only the portion of awards that is expected to vest. In developing a forfeiture rate estimate, the Company has considered its historical experience to estimate pre-vesting forfeitures for service-based awards. The impact of a forfeiture rate adjustment will be recognized in full in the period of adjustment, and if the actual forfeiture rate is materially different from the Company’s estimate, the Company may be required to record adjustments to stock-based compensation expense in future periods. Compensation expense related to shares purchased through the Company’s employee stock purchase plan, which is considered compensatory, is based on the estimated fair value of the shares on the offering date, including consideration of the discount and the look-back period. The Company estimates the fair value of the shares using a Black-Scholes option pricing model. Compensation expense is recognized over the six-month withholding period prior to the purchase date. The Company classifies stock-based compensation expense in its consolidated statements of operations and comprehensive loss in the same manner in which the award recipient’s payroll costs are classified or in which the award recipient’s service payments are classified. F-14 Table of Contents Income Taxes The Company accounts for income taxes using the asset and liability method, which requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been recognized in the consolidated financial statements or in the Company’s tax returns. Deferred taxes are determined based on the difference between the financial statement and tax basis of assets and liabilities using enacted tax rates in effect in the years in which the differences are expected to reverse. Changes in deferred tax assets and liabilities are recorded in the provision for income taxes. The Company assesses the likelihood that its deferred tax assets will be recovered from future taxable income and, to the extent it believes, based upon the weight of available evidence, that it is more likely than not that all or a portion of deferred tax assets will not be realized, a valuation allowance is established through a charge to income tax expense. The Company accounts for uncertainty in income taxes recognized in the consolidated financial statements by applying a two-step process to determine the amount of tax benefit to be recognized. First, the tax position must be evaluated to determine the likelihood that it will be sustained upon external examination by the taxing authorities. If the tax position is deemed more-likely-than-not to be sustained, the tax position is then assessed to determine the amount of benefit to recognize in the consolidated financial statements. The amount of the benefit that may be recognized is the largest amount that has a greater than 50% likelihood of being realized upon ultimate settlement. The provision for income taxes includes the effects of any resulting tax reserves, or unrecognized tax benefits, that are considered appropriate. Interest and penalties related to income taxes are recorded as part of the income tax provision. The Company has adopted Accounting Standards Update (“ASU”) No. 2023-09 Income Taxes - Improvements to Income Tax Disclosures (“ASU 2023-09”) in these Consolidated Financial Statements prospectively by providing the disclosures required by ASU 2023-09 for the year ended December 31, 2025 and continuing to provide the pre-ASU 2023-09 disclosures for the years ended December 31, 2024 and 2023, respectively. Segment Data The Company manages its operations as a single segment for the purposes of assessing performance and making operating decisions. Comprehensive Loss Comprehensive loss includes net loss as well as other changes in stockholders’ equity that result from transactions and economic events other than those with stockholders. For the years ended December 31, 2025, 2024 and 2023, there were no items that gave rise to other comprehensive loss and therefore, there was no difference between net loss and comprehensive loss. Net Loss Per Share Basic net loss per share attributable to common stockholders is computed by dividing the net loss attributable to common stockholders by the weighted average number of shares of common stock outstanding for the period. Diluted net loss attributable to common stockholders is computed by adjusting net loss attributable to common stockholders to reallocate undistributed earnings based on the potential impact of dilutive securities, outstanding stock options, and outstanding restricted stock units, except where the result would be anti-dilutive. Diluted net loss per share attributable to common stockholders is computed by dividing the diluted net loss attributable to common stockholders by the weighted average number of common shares outstanding for the period, including potential dilutive common shares assuming the dilutive effect of the conversion of convertible debt securities, the exercise of outstanding stock options, and the vesting of outstanding restricted stock units. In the diluted net loss per share calculation, net loss would also be adjusted for the elimination of interest expense on convertible debt securities and the mark-to-market gain or loss on bifurcated conversion options, if the impact was not anti-dilutive. F-15 Table of Contents Recently Issued Accounting Pronouncements From time to time, new accounting pronouncements are issued by the Financial Accounting Standards Board (“FASB”) and adopted by the Company as of the specified effective date. In November 2024, the FASB issued ASU No. 2024-03 Disaggregation of Income Statement Expenses . The new standard requires disclosures about specific types of expenses included in the expense captions presented on the face of the income statement as well as disclosures about selling expenses and is effective for annual reporting periods beginning after December 15, 2026 and interim reporting periods beginning after December 15, 2027. The Company does not expect the adoption of the amendments to have a significant impact on its consolidated financial statements. In July 2025, the FASB issued ASU No. 2025-05 Financial Instruments – Credit Losses . For public business entities, the amendments provide for the election of a practical expedient to be used in developing reasonable and supportable forecasts as part of estimating future expected credit losses for current accounts receivable and current contract assets. The amendments are effective for annual reporting periods beginning after December 15, 2025, including interim periods within those fiscal years. The Company does not expect the adoption of the amendments to have a significant impact on its consolidated financial statements. In September 2025, the FASB issued ASU No. 2025-06 Intangibles – Goodwill and Other – Internal-Use Software . The amendments change (i) the criteria regarding the timing of the capitalization of costs for internal-use software and (ii) the accounting for website development costs. The amendments are effective for annual periods beginning after December 15, 2027. The Company is currently evaluating the impact of the amendments on its consolidated financial statements. In September 2025, the FASB issued ASU No. 2025-07 Derivatives Scope Refinements and Scope Clarification for Share-Based Noncash Consideration from a Customer in a Revenue Contract (“ASU 2025-07”). The amendments provide for a new scope exception to the derivatives guidance for underlyings based on the operations or activities specific to one of the parties to the contract, and also clarifies that share-based noncash consideration received from a customer as consideration for the transfer of goods or services in a revenue contract is subject to the revenue guidance and not the financial instruments guidance unless and until the company’s right to receive or retain the share-based noncash consideration is unconditional as defined in ASU 2025-07. The amendments are effective for annual reporting periods beginning after December 15, 2026, including interim periods within those fiscal years. Early adoption is permitted. The Company does not expect the adoption of the amendments to have a significant impact on its consolidated financial statements. The Company believes that other recently issued accounting pronouncements that are not yet effective will not have a material impact on our consolidated financial statements and disclosures. ​ 3. Licensing Agreements and Deferred Revenue Incept License Agreement (in-licensing) On September 13, 2018, the Company entered into a second amended and restated license agreement with Incept, LLC (“Incept”) to use and develop certain intellectual property (the “Incept License”). Under the Incept License, as amended and restated, the Company was granted a worldwide, perpetual, exclusive license to use specific Incept technology to develop and commercialize products that are delivered to or around the human eye for diagnostic, therapeutic or prophylactic purposes relating to ophthalmic diseases or conditions. The Company is obligated to pay low single-digit royalties on net sales of commercial products developed using the licensed technology, commencing with the date of the first commercial sale of such products and until the expiration of the last to expire of the patents covered by the license. Any of the Company’s sublicensees also will be obligated to pay Incept a royalty equal to a low single-digit percentage of net sales made by it and will be bound by the terms of the agreement to the same extent as the Company. The Company is obligated to reimburse Incept for its share of the reasonable fees and costs incurred by Incept in connection with the prosecution of the patent applications licensed to the Company under the Incept License. Royalties paid under this agreement related to product sales were $ 1,668 , $ 1,834 and $ 1,713 for the years ended December 31, 2025, 2024 and 2023, respectively. Royalties have been charged to cost of product revenue. F-16 Table of Contents AffaMed License Agreement (out-licensing) On October 29, 2020, the Company entered into a license agreement (“License Agreement”) with AffaMed Therapeutic Limited (“AffaMed”) for the development and commercialization of the Company’s DEXTENZA product regarding ocular inflammation and pain following cataract surgery and allergic conjunctivitis (collectively, the “DEXTENZA Field”) and for the Company’s OTX-TIC product candidate (collectively with DEXTENZA, the “AffaMed Licensed Products”) regarding OAG or OHT (collectively, the “TIC Field” and, with the DEXTENZA Field, each a “Field”), in each case in mainland China, Taiwan, Hong Kong, Macau, South Korea, and the countries of the Association of Southeast Asian Nations (collectively, the “Territories”). The Company retains development and commercialization rights for the AffaMed Licensed Products in the rest of the world. Under the License Agreement, the Company received a non-refundable upfront payment of $ 12,000 in December 2020, a $ 1,000 milestone in the fourth quarter of 2021, a $ 2,000 clinical support payment in the second quarter of 2022, and a $ 1,000 milestone payment in the second quarter of 2023. The Company is also eligible to receive up to an additional $ 87,000 in aggregate upon the achievement of certain regulatory, development and commercial milestones. The Company is also entitled to receive tiered, escalating royalties on the net sales of the AffaMed Licensed Products ranging from a low-teen to low-twenties percentage. Royalties under the License Agreement are payable on an AffaMed Licensed Product-by-AffaMed Licensed Product and jurisdiction-by-jurisdiction basis and are subject to potential reductions in specified circumstances, subject to a specified floor. Under the License Agreement, the Company is generally responsible for expenses related to the development of the AffaMed Licensed Products in the applicable Fields in the Territories, provided that AffaMed (i) reimburse the Company a low-teen percentage of expenses incurred in connection with certain clinical trials conducted by the Company and designed to support marketing approval of the AffaMed Licensed Product by the FDA or the European Medicines Agency (“Global Studies”); (ii) is solely responsible for expenses incurred in connection with territory-specific clinical trials that it conducts in furtherance of the development plan agreed between the parties in the applicable Fields in the Territories (“Local Studies”); and (iii) reimburse the Company in full for expenses incurred in connection with obtaining and maintaining regulatory approvals of the AffaMed Licensed Products in the applicable Fields in the Territories. In the event AffaMed declines to participate in a Global Study or to conduct a Local Study in any jurisdiction in which the Company determines to conduct such a study, the Company is relieved of its obligation to provide AffaMed clinical data from such study, other than safety data, unless AffaMed subsequently reimburses the Company in the amounts described above plus a prespecified premium. The License Agreement expires upon the expiration of the last royalty term for the last AffaMed Licensed Product in any applicable Field in the Territories. Either party may, subject to specified cure periods, terminate the License Agreement in the event of the other party’s uncured breach. Either party may also terminate the License Agreement under specified circumstances relating to the other party’s insolvency. AffaMed has the right to terminate the License Agreement at any time after completion of a Phase 3 clinical trial for OTX-TIC for any or no reason upon providing the Company three months’ notice. During an established period following its change of control or its entry into a global licensing agreement that includes the Territories with a third party, the Company has the option to terminate the License Agreement, subject to a specified notice period and the repayment of any costs and expenses incurred by AffaMed in connection with the License Agreement, including upfront and milestone payments AffaMed has previously paid to the Company, at a prespecified premium. The Company concluded that AffaMed is a customer in this arrangement, and as such, the arrangement falls within the scope of the revenue recognition guidance in ASC 606. At the inception of the License Agreement, the Company identified the following performance obligations in the agreement: ● the license, regulatory filings and manufacturing of DEXTENZA (the “DEXTENZA Field performance obligation”); ● the license, regulatory filings and manufacturing for the Company’s OTX-TIC product candidate regarding OAG or OHT in the Territories (the “OTX-TIC Field performance obligation”); F-17 Table of Contents ● the conduct of a Phase 2 clinical trial of OTX-TIC (the “Phase 2 Clinical Trial of OTX-TIC performance obligation”); and ● obligations to participate on various joint research, development and project committees, which the Company has concluded is not a material performance obligation. The transaction price was allocated to the performance obligations based on the relative estimated standalone selling prices of each performance obligation. The Company developed the estimated standalone selling price for the services and/or manufacturing and supply included in each of the performance obligations, as applicable, primarily based on the nature of the services to be performed and/or goods to be manufactured and estimates of the associated costs, adjusted for a reasonable profit margin that would be expected to be realized under similar contracts. The Company has determined that any sales-based royalties and milestones will be recognized as the Company delivers the clinical and commercial manufactured product to AffaMed. Any changes in estimates may result in a cumulative catch-up based on the number of units of manufactured product delivered. As of December 31, 2025, the transaction price was determined to be $ 16,000 . All potential regulatory, development and commercial milestone payments in the amount of $ 87,000 did not meet the recognition criteria under the most likely method, because their achievement was highly dependent on factors outside the control of the Company and therefore, were excluded from the transaction price as of December 31, 2025. Furthermore, under the expected value method the Company excluded the potential royalties from the transaction price. The Company recognizes revenue related to the amounts allocated to the DEXTENZA Field performance obligation and the OTX-TIC Field performance obligation based on the point in time upon which control of supply is transferred to AffaMed for each delivery of the associated supply. The Company currently expects to recognize the revenue over a period of approximately seven to eight years commencing on the date the Company begins delivering product to AffaMed. This estimate of this period considers the timing of development and commercial activities under the License Agreement and may be reduced or increased based on the various activities as directed by the joint committees, decisions made by AffaMed, regulatory feedback or other factors not currently known. The Company recognized $ 128 , $ 262 and $ 573 of collaboration revenue related to the Phase 2 Clinical Trial of OTX-TIC performance obligation for the years ended December 31, 2025, 2024 and 2023, respectively. As of December 31, 2025, the Company had recognized the full amount of the transaction price that was allocated to the Phase 2 Clinical Trial of OTX-TIC performance obligation as collaboration revenue, as this performance obligation is fully satisfied. Deferred revenue activity for the year ended December 31, 2025 was as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ Deferred Revenue Deferred revenue at December 31, 2024 ​ $ 14,128 Amounts recognized into revenue ​ ​ ( 128 ) Deferred revenue at December 31, 2025 ​ $ 14,000 ​ ​ F-18 Table of Contents 4. Cash Equivalents and Restricted Cash The Company’s statements of cash flows include restricted cash with cash and cash equivalents when reconciling the beginning-of-period and end-of-period total amounts shown on such statements. A reconciliation of the cash, cash equivalents, and restricted cash reported within the balance sheet that sum to the total of the same amounts shown in the statement of cash flows is as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ December 31, ​ December 31, ​ ​ ​ ​ 2025 ​ 2024 ​ ​ ​ 2023 Cash and cash equivalents ​ $ 737,060 ​ $ 392,102 ​ $ 195,807 Restricted cash (current) ​ ​ — ​ ​ — ​ ​ 150 Restricted cash (non-current) ​ ​ 1,614 ​ ​ 1,614 ​ ​ 1,614 Total cash, cash equivalents and restricted cash as shown on the statements of cash flows ​ $ 738,674 ​ $ 393,716 ​ $ 197,571 ​ The Company held restricted cash as security deposits for its real estate leases. 5. Inventory Inventory consisted of the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ December 31, ​ ​ ​ ​ 2025 ​ ​ ​ 2024 Raw materials ​ $ 202 ​ $ 214 Work-in-process ​ ​ 1,721 ​ ​ 1,489 Finished goods ​ 1,641 ​ 1,337 ​ ​ $ 3,564 ​ $ 3,040 ​ ​ ​ 6. Property and Equipment, net Property and equipment, net consisted of the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ December 31, ​ ​ 2025 ​ ​ ​ 2024 Equipment ​ $ 20,062 ​ $ 16,782 Leasehold improvements ​ ​ 15,280 ​ ​ 14,528 Furniture and fixtures ​ ​ 1,268 ​ ​ 1,268 Software ​ ​ 330 ​ ​ 324 Construction in progress ​ ​ 10,256 ​ ​ 119 ​ ​ ​ 47,196 ​ ​ 33,021 Less: Accumulated depreciation and amortization ​ ​ ( 27,520 ) ​ ​ ( 23,632 ) ​ ​ $ 19,676 ​ $ 9,389 ​ Depreciation and amortization expense was $ 4,323 , $ 3,786 and $ 2,983 for the years ended December 31, 2025, 2024 and 2023, respectively. ​ 7. Leases The Company leases real estate, including laboratory, manufacturing and office space, and certain equipment. The Company’s two real estate leases in effect as of December 31, 2025 have remaining lease terms of approximately 1.5 years and 2.5 years, respectively. The Company’s equipment leases in effect as of December 31, 2025 have remaining lease terms ranging from approximately 0.9 to 1.3 years. All of the Company’s leases qualify as operating leases. The lease for the Company’s 20,445 square feet of manufacturing space located at 36 Crosby Drive in Bedford, Massachusetts commenced on June 30, 2018. On October 18, 2022, the Company exercised its option to extend the lease agreement by an additional five-year term, resulting in a new expiration date of July 31, 2028. Under the terms of the existing lease, rent for the five-year extension period was based on the current fair market rent for comparable space in F-19 Table of Contents the building and in other similar buildings in the same rental market as of August 1, 2023, the commencement date of the additional five-year term. The Company estimated the prevailing market rental rates at the time when the Company exercised the renewal option and included these in the remeasurement of the operating lease asset and the lease liability. This resulted in an increase of the operating lease assets and operating lease liabilities of $ 4,284 as of the remeasurement date. As this is an estimate for variable payments that depend on an index or a rate, the Company has not remeasured the payments for the five-year renewal period as of the commencement date of the five-year extension term. On June 30, 2023, the Company and the landlord executed an amendment to this lease, formally extending the term of the lease through July 31, 2028. This lease does not include any additional renewal options. The lease for the Company’s approximately 70,712 square feet of general office, research and development and manufacturing space located at 15 Crosby Drive in Bedford, Massachusetts commenced on February 1, 2017 and will expire on July 31, 2027. The Company has the option to extend the lease for two additional periods of five years each by delivering written notice of the exercise not earlier than fifteen months nor later than 12 months before expiration of the original term. The lease for the Company’s approximately 30,036 square feet of office space located at 24 Crosby Drive in Bedford, Massachusetts commenced on April 18, 2019 and terminated on March 31, 2024. Certain equipment leases include options to renew on a month-by-month basis, at the sole discretion of the Company. Recognized lease costs were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the ​ For the ​ For the ​ ​ Year Ended ​ Year Ended ​ Year Ended ​ ​ December 31, ​ December 31, ​ December 31, ​ ​ 2025 ​ 2024 ​ 2023 Operating lease costs ​ $ 3,392 ​ $ 3,027 ​ $ 2,663 Variable lease costs ​ ​ 410 ​ ​ 969 ​ ​ 987 Total lease costs ​ $ 3,802 ​ $ 3,996 ​ $ 3,650 ​ The minimum lease payments for the next five years and thereafter are expected to be as follows: ​ ​ ​ ​ ​ The minimum lease payments for the next five years and thereafter are expected as follows: ​ ​ ​ ​ ​ December 31, Year Ending December 31, ​ 2025 2026 ​ ​ 3,269 2027 ​ ​ 2,317 2028 ​ ​ 750 2029 ​ ​ — 2030 ​ ​ — Thereafter ​ ​ — Total lease payments ​ $ 6,336 Less: interest ​ ​ 704 Present value of operating lease liabilities ​ $ 5,632 ​ The following table summarizes the weighted average remaining lease term and the weighted average incremental borrowing rate used to determine the operating lease liability: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ ​ December 31, ​ ​ 2025 ​ ​ 2024 Weighted average remaining lease term in years ​ ​ 2.0 ​ ​ 3.1 ​ Weighted average discount rate ​ ​ 12.15 % ​ 11.85 % ​ F-20 Table of Contents Supplemental disclosure of cash flow information related to the Company’s operating leases included in cash flows provided by operating activities in its consolidated statements of cash flows is as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the ​ For the ​ For the ​ ​ Year Ended ​ Year Ended ​ Year Ended ​ ​ December 31, ​ December 31, ​ December 31, ​ ​ 2025 ​ 2024 ​ 2023 Cash paid for amounts included in the measurement of lease liabilities ​ $ 3,392 ​ $ 3,027 ​ $ 2,663 ​ 8. Expenses The Company recognized $ 505 , $ 917 , and $ 880 of advertising expenses for the years ended December 31, 2025, 2024 and 2023, respectively. Accrued expenses consisted of the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ December 31, ​ ​ ​ ​ 2025 ​ ​ ​ 2024 Accrued payroll and related expenses ​ $ 17,971 ​ $ 14,272 Accrued rebates and programs ​ ​ 6,245 ​ ​ 5,265 Accrued professional fees ​ ​ 2,223 ​ ​ 1,879 Accrued research and development expenses ​ 14,726 ​ 11,054 Accrued interest payable on Barings Credit Facility (Note 9) ​ 754 ​ 592 Accrued other ​ 1,916 ​ 2,055 ​ ​ $ 43,835 ​ $ 35,117 ​ ​ ​ 9. Financial Liabilities Barings Credit Agreement On August 2, 2023 (the “Closing Date”), the Company entered into a credit and security agreement (the “Barings Credit Agreement”) with Barings Finance LLC (“Barings”), as administrative agent, and the lenders party thereto, providing for a secured term loan facility for the Company (the “Barings Credit Facility”) in the aggregate principal amount of $ 82,474 (the “Total Credit Facility Amount”). The Company borrowed the full amount of $ 82,474 at closing and received proceeds of $ 77,290 , after the application of an original issue discount and fees. Indebtedness under the Barings Credit Facility matures on the six-year anniversary of the Closing Date. Indebtedness under the Barings Credit Facility incurs interest based on the Secured Overnight Financing Rate (“SOFR”), subject to a minimum 1.50 % floor, plus 6.75 %. The Company is obligated to make interest payments on its indebtedness under the Barings Credit Facility on a monthly basis, commencing on the Closing Date; to pay annual administration fees; and to pay, on the maturity date, any principal and accrued interest that remains outstanding as of such date. In addition, the Company is obligated to pay a fee in an amount equal to the Total Credit Facility Amount, which amount shall be reduced by the total amount of interest and principal prepayment fees paid under the Barings Credit Agreement (such fee, the “Barings Royalty Fee”). The Company is required to pay the Barings Royalty Fee in installments to Barings, for the benefit of the lenders, on a quarterly basis in an amount equal to three and one-half percent ( 3.5 %) of the net sales of DEXTENZA occurring during such quarter, subject to the terms, conditions and limitations specified in the Barings Credit Agreement, until the Barings Royalty Fee is paid in full. The Barings Royalty Fee is due and payable upon a change of control of the Company. The Company may, at its option, prepay any or all of the Barings Royalty Fee at any time without penalty. In connection with the Barings Credit Agreement, the Company granted the lenders thereto a first-priority security interest in all assets of the Company, including its intellectual property, subject to certain agreed-upon exceptions. The Barings Credit Agreement includes customary affirmative and negative covenants and requires the Company to maintain a minimum liquidity amount of $ 20,000 . As of December 31, 2025, the Company was not in violation of any of its covenants under the Barings Credit Agreement. The Company determined that the embedded obligation to pay the Barings Royalty Fee (the “Barings Royalty Fee Obligation”) is required to be separated from the Barings Credit Facility and accounted for as a freestanding derivative instrument subject to derivative accounting. The allocation of proceeds to the Barings Royalty Fee Obligation resulted in a discount on the Barings Credit Facility. The Company is amortizing the discount to interest expense over the term of F-21 Table of Contents the Barings Credit Facility using the effective interest method. Accrued or paid Barings Royalty Fees are included in the change in fair value of derivative liabilities on the consolidated statements of operations and comprehensive loss. A summary of the Barings Credit Facility is as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ December 31, ​ ​ 2025 ​ ​ ​ 2024 Barings Credit Facility ​ $ 82,474 ​ ​ 82,474 Less: unamortized discount ​ ​ ( 11,138 ) ​ ​ ( 13,969 ) Total ​ $ 71,336 ​ ​ 68,505 ​ As of December 31, 2025, the full principal for the Barings Credit Facility of $ 82,474 was due for repayment in 2029. Convertible Notes On March 1, 2019, the Company issued $ 37,500 of convertible notes (as amended, the “Convertible Notes”). On March 28, 2024, the Company issued 5,769,232 shares of its common stock with a total fair value of $ 52,500 to the holder of the Convertible Notes in connection with the conversion of the principal amount of the Convertible Notes (the “Conversion”) and paid the holder $ 11,361 for accrued interest. The extinguishment of obligations under the Convertible Notes and the resulting derecognition of the principal of the Convertible Notes ($ 37,500 ), the unamortized discount ($ 27,950 ), and the Conversion Option Derivative Liability ($ 15,000 ), resulted in a net loss of $ 27,950 , which was charged to gains and losses on extinguishment of debt, net on the consolidated statements of operations and comprehensive loss for the year ended December 31, 2024. Concurrently with entering into the Barings Credit Agreement, on August 2, 2023, the Company and the holders of the Convertible Notes extended the maturity of the Convertible Notes, which would otherwise have matured on March 1, 2026, to a date 91 days following the maturity of the indebtedness under the Barings Credit Facility, unless earlier converted, repurchased or redeemed (the “Amendment”). The Company accounted for the Amendment as an extinguishment of debt in accordance with the guidance in Accounting Standards Codification Topic 470-50 Debt (“ASC 470-50”) and derecognized all liabilities related to the Convertible Notes, including the outstanding principal less unamortized discount, a derivative liability, and accrued interest, with a total carrying value of $ 51,090 as of the date of the Amendment. The Company determined that, after the Amendment, the embedded conversion option continues to be required to be separated from the Convertible Notes and accounted for the embedded conversion option as a freestanding derivative instrument subject to derivative accounting (the “Conversion Option Derivative Liability”). The total fair value of the Convertible Notes on August 2, 2023 after the Amendment, including the conversion option, was $ 36,183 . The Company recognized the Convertible Notes and the Conversion Option Derivative Liability after the Amendment at their fair values as of the date of the Amendment of $ 18,482 and $ 17,701 , respectively. A portion of the fair value of the Convertible Notes as of the date of the Amendment of $ 9,943 was presented in accrued expenses and other current liabilities on the consolidated balance sheets as of December 31, 2023 because the Convertible Notes were convertible at that date, and this amount represented interest that was accrued before the Amendment and that would be payable in cash upon conversion. The allocation of a portion of the total fair value of the Convertible Notes to the Conversion Option Derivative Liability results in a discount on the Convertible Notes. Application of ASC 470-50 resulted in a gain on extinguishment of $ 14,907 , which was charged to gains and losses on extinguishment of debt, net on the consolidated statements of operations and comprehensive loss for the year ended December 31, 2023. The holders of the Convertible Notes were entitled to convert all or part of the outstanding principal amount of their Convertible Notes into shares of the Company’s common stock, par value $ 0.0001 per share, prior to maturity based on certain terms and conditions. The Company determined that the embedded conversion option was required to be separated from the Convertible Notes and accounted for as a freestanding derivative instrument subject to derivative accounting. The allocation of proceeds to the conversion option results in a discount on the Convertible Notes. The Company amortized the discount to interest expense over the term of the Convertible Notes using the effective interest method. The Company presented accrued interest in accrued current liabilities because the notes were convertible and the interest was payable in cash. F-22 Table of Contents Interest recognized with regard to the Convertible Notes was as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ ​ ​ ​ ​ ​ ​ ​ ​ 2024 ​ ​ ​ 2023 Coupon Interest ​ $ 475 ​ $ 2,130 Amortization of discount ​ ​ 412 ​ ​ 2,042 Total ​ $ 887 ​ ​ 4,172 ​ Notes Payable The Company entered into a credit and security agreement in 2014 (as amended, the “MidCap Credit Agreement”) establishing a credit facility (as amended, the “MidCap Credit Facility”). The Company satisfied its obligations under the MidCap Credit Agreement in August 2023, as discussed below. In connection with its satisfaction of its obligations, the Company extinguished the MidCap Credit Facility, and all liens and security interests securing the indebtedness under the MidCap Credit Agreement were released. In June 2021, the Company entered into a Fourth Amended and Restated Credit and Security Agreement (the “Fourth Amendment”) to amend the terms of its debt with existing lenders for total indebtedness of $ 20,833 and borrowed an incremental $ 4,167 , for a total of $ 25,000 . Under the Fourth Amendment, the Company was required to make interest-only payments through April 2024. Commencing in May 2024, the Company was required to make 19 equal monthly installments of principal in the amount of $ 1,042 , plus interest, then on the maturity date, November 30, 2025 the remaining balance of $ 5,208 plus the exit fee, as defined below. Amounts borrowed under the MidCap Credit Facility based on the Fourth Amendment were initially at LIBOR base rate, subject to 1.00 % floor , plus 6.75 %. In addition, a final payment (exit fee) equal to 3.5 % of amounts drawn under the MidCap Credit Facility, or $ 875 based on borrowings of $ 25,000 , was due upon the maturity date of November 30, 2025. The Company had accrued the exit fee through November 30, 2025. The Company accounted for the Fourth Amendment as a modification in accordance with the guidance in ASC 470-50 Debt . Amounts paid to the lenders were recorded as debt discount and a new effective interest rate was established. On March 12, 2023, the Company requested, and received, a protective advance of $ 2,000 under the MidCap Credit Agreement as a short-term bridge loan in response to the closure of Silicon Valley Bank by the California Department of Financial Protection and Innovation. This protective advance was deemed a credit extension. The Company repaid the full principal amount of $ 2,000 in March 2023. On March 31, 2023, the Company entered into Amendment No. 1 to the MidCap Credit Agreement (“Amendment No. 1”) to replace the LIBOR-based interest rate provisions of the MidCap Credit Agreement with interest rate provisions based on SOFR, establish a benchmark replacement mechanism and make additional administrative updates. The Company accounted for Amendment No. 1 as a modification in accordance with the guidance in ASC 470-50 Debt . Application of the modification accounting guidance did not have a material effect on the carrying amount of the long-term notes payable. On May 4, 2023, the Company entered into Amendment No. 2 to the MidCap Credit Agreement (“Amendment No. 2”). Amendment No. 2 provided that the Company may maintain up to 50 % of its consolidated cash and cash equivalents with banks or financial institutions other than Silicon Valley Bank and made additional administrative updates. In August 2023, in connection with the Company’s establishment of the Barings Credit Facility, the Company paid an aggregate of $ 26,157 to MidCap Financial Trust and the other lenders party to the MidCap Credit Agreement, comprised of $ 25,017 in principal and interest accrued thereunder and $ 1,140 in exit and prepayment fees, in satisfaction of the Company’s obligations under the MidCap Credit Agreement. In connection with the payment, all liens and security interests securing the indebtedness under the MidCap Credit Agreement were released. The extinguishment of the MidCap Credit Facility has resulted in a loss of $ 717 , which was charged to gains and losses on extinguishment of debt, net on the consolidated statements of operations and comprehensive loss for the year ended December 31, 2023. F-23 Table of Contents 10. Derivatives Barings Credit Agreement The Barings Credit Agreement (Note 9) contains an embedded Royalty Fee Obligation that meets the criteria to be bifurcated and accounted for separately from the Barings Credit Facility (the "Royalty Fee Derivative Liability"). The Royalty Fee Derivative Liability was recorded at fair value upon the entering into the Barings Credit Facility and is subsequently remeasured to fair value at each reporting period. The Royalty Fee Derivative Liability was initially valued and is remeasured using a “with-and-without” method. The “with-and-without” methodology involves valuing the whole instrument on an as-is basis with the embedded Royalty Fee Obligation and then valuing the instrument without the embedded Royalty Fee Obligation. Royalty payments are estimated using a Monte Carlo simulation. Refer to Note 11 Risks and Fair Value for details regarding the determination of fair value. A roll-forward of the Royalty Fee Derivative Liability is as follows: ​ ​ ​ ​ ​ ​ ​ As of Balance at December 31, 2024 ​ $ 13,246 Change in fair value ​ ​ 657 Balance at December 31, 2025 ​ $ 13,903 ​ Convertible Notes The Convertible Notes (Note 9), which were extinguished in March 2024, contained the Conversion Option Derivative Liability, an embedded conversion option that met the criteria to be bifurcated and accounted for separately from the Convertible Notes. The Conversion Option Derivative Liability was recorded at fair value upon the issuance of the Convertible Notes and was subsequently remeasured to fair value at each reporting period. The Conversion Option Derivative Liability was initially valued and subsequently remeasured using a “with-and-without” method. The “with-and-without” methodology involved valuing the whole instrument on an as-is basis with the embedded conversion option and then valuing the instrument without the embedded conversion option. The difference between the entire instrument with the embedded conversion option compared to the instrument without the embedded conversion option was the fair value of the derivative, recorded as the Conversion Option Derivative Liability. Refer to Note 11 Risks and Fair Value for details regarding the determination of fair value. ​ 11. Risks and Fair Value Concentration of Credit Risk and of Significant Suppliers and Customers Financial instruments that potentially expose the Company to concentrations of credit risk consist primarily of cash and cash equivalents and accounts receivable. The Company has its cash and cash equivalents balances at three accredited financial institutions, in amounts that exceed federally insured limits. The Company does not believe that it is subject to unusual credit risk beyond the normal credit risk associated with commercial banking relationships. The Company is dependent on a small number of third-party manufacturers to supply products for research and development activities in its preclinical and clinical programs and for sales of its products. The Company’s development programs as well as revenue from future product sales could be adversely affected by a significant interruption in the supply of any of the components of these products. Three specialty distributor customers accounted for the following percentages of the Company’s total revenue: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ ​ ​ ​ ​ ​ ​ 2025 ​ 2024 ​ ​ ​ 2023 ​ ​ ​ Customer 1 ​ ​ 42 % ​ 44 % ​ 49 % Customer 2 ​ ​ 24 ​ ​ 23 ​ ​ 25 ​ Customer 3 ​ ​ 9 ​ ​ 10 ​ ​ 11 ​ ​ F-24 Table of Contents Three specialty distributor customers accounted for the following percentages of the Company’s accounts receivables: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of ​ ​ ​ December 31, ​ December 31, ​ ​ ​ 2025 ​ 2024 Customer 1 ​ ​ 47 % ​ 46 % Customer 2 ​ ​ 25 ​ ​ 28 ​ Customer 3 ​ ​ 10 ​ ​ 8 ​ ​ Change in Fair Value of Derivative Liabilities Other income (expenses) from the change in the fair values of derivative liabilities as presented on the Company’s consolidated statements of operations and comprehensive loss includes the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ ​ ​ ​ ​ 2025 ​ 2024 ​ ​ ​ 2023 Change in the fair value of the Conversion Option Derivative Liability ​ $ — ​ $ 2,598 ​ $ ( 4,502 ) Change in the fair value of Royalty Fee Derivative Liability ​ ​ ( 657 ) ​ ​ ( 857 ) ​ ​ 215 Barings Royalty Fee ​ ​ ( 1,814 ) ​ ​ ( 2,221 ) ​ ​ ( 901 ) Total ​ $ ( 2,471 ) ​ $ ( 480 ) ​ $ ( 5,188 ) ​ Fair Value of Financial Assets and Liabilities The following tables present information about the Company’s financial assets and liabilities that are measured at fair value on a recurring basis as of December 31, 2025 and 2024 and indicate the level of the fair value hierarchy utilized to determine such fair value: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fair Value Measurements as of ​ ​ December 31, 2025 Using: ​ ​ ​ ​ Level 1 ​ ​ ​ Level 2 ​ ​ ​ Level 3 ​ ​ ​ Total Assets: ​ ​ ​ ​ ​ ​ ​ ​ Cash equivalents: ​ ​ ​ ​ ​ ​ ​ ​ Money market funds ​ $ 722,002 ​ $ — ​ $ — ​ $ 722,002 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Liability: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Derivative liability ​ $ — ​ $ — ​ $ 13,903 ​ $ 13,903 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fair Value Measurements as of ​ ​ December 31, 2024 Using: ​ ​ ​ ​ Level 1 ​ ​ ​ Level 2 ​ ​ ​ Level 3 ​ ​ ​ Total Assets: ​ ​ ​ ​ ​ ​ ​ ​ Cash equivalents: ​ ​ ​ ​ ​ ​ ​ ​ Money market funds ​ $ 378,112 ​ $ — ​ $ — ​ $ 378,112 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Liability: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Derivative liability ​ $ — ​ $ — ​ $ 13,246 ​ $ 13,246 ​ During the years ended December 31, 2025 and 2024, there were no transfers between levels of the fair value hierarchy. The carrying value of accounts receivable, prepaid expenses and other current assets, accounts payable and accrued expenses approximate their fair value due to the short-term nature of these assets and liabilities. F-25 Table of Contents Barings Credit Agreement and Royalty Fee Derivative Liability At December 31, 2025, the Barings Credit Facility, net of the Royalty Fee Derivative Liability, was carried at amortized cost totaling $ 72,090 , comprised of the $ 71,336 non-current liability (Note 9) and $ 754 accrued interest (Note 8). The estimated fair value of the Barings Credit Facility, without the Royalty Fee Derivative Liability, was $ 78,940 at December 31, 2025. At December 31, 2024, the Barings Credit Facility, net of the Royalty Fee Derivative Liability, was carried at amortized cost totaling $ 69,097 comprised of the $ 68,505 non-current liability (Note 9) and $ 592 accrued interest (Note 8). The estimated fair value of the Barings Credit Facility, without the Royalty Fee Derivative Liability, was $ 73,608 at December 31, 2024. The fair value of the Royalty Fee Derivative Liability is estimated using a Monte Carlo simulation. The use of this approach requires the use of Level 3 unobservable inputs. The main inputs when determining the fair value of the Royalty Fee Derivative Liability are the amount and timing of the expected future revenue of the Company, the estimated volatility of these revenues, and the discount rate corresponding to the risk of revenue. The estimated fair value presented is not necessarily indicative of an amount that could be realized in a current market exchange. The use of alternative inputs and estimation methodologies could have a material effect on these estimates of fair value. The main inputs to valuing the Royalty Fee Derivative Liability are as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of ​ ​ December 31, ​ December 31, ​ ​ ​ 2025 ​ 2024 ​ Revenue volatility ​ ​ 62.0 % ​ 64.0 % Revenue discount rate ​ ​ 14.0 % ​ 16.0 % ​ The main inputs to valuing the Royalty Fee Derivative Liability as of the Closing Date were revenue volatility of 61.0 %, and a revenue discount rate of 15.8 %. ​ 12. Equity Preferred Stock The Restated Certificate of Incorporation, as amended, has authorized 5,000,000 shares of preferred stock, $ 0.0001 par value, all of which is undesignated and none of which are issued or outstanding at December 31, 2025 and 2024. Common Stock The Restated Certificate of Incorporation, as amended, authorized 100,000,000 shares of the Company’s common stock. Each share of common stock entitles the holder to one vote on all matters submitted to a vote of the Company’s stockholders. In June 2021, the Company adopted an amendment to the restated certificate of incorporation increasing the number of its authorized shares of its common stock to 200,000,000 shares, and in June 2024, the Company adopted a further amendment to the restated certificate of incorporation increasing the number of its authorized shares of its common stock by 200,000,000 shares to 400,000,000 shares. On September 30, 2025, the Company entered into an underwriting agreement (the “2025 Underwriting Agreement”) with certain underwriters (the “2025 Underwriters”) relating to an underwritten offering (the “2025 Offering”) of 37,909,018 shares of the Company’s common stock, par value $ 0.0001 per share (the “2025 Shares”). The offering price of the 2025 Shares was $ 12.53 per share, and the 2025 Underwriters agreed to purchase all of the 2025 Shares from the Company pursuant to the 2025 Underwriting Agreement at a price of $ 11.7782 per share. In connection with entering into the 2025 Underwriting Agreement, also on September 30, 2025, the Company filed an automatically effective shelf registration statement on Form S-3 with the SEC. The sale of the 2025 Shares and the closing of the 2025 Offering occurred on October 1, 2025, and the Company received net proceeds of approximately $ 445,560 , after deducting underwriting discounts and commissions and estimated other offering expenses, from the 2025 Offering. F-26 Table of Contents On February 21, 2024, the Company entered into a securities purchase agreement (the “Securities Purchase Agreement”) with certain institutional accredited investors (the “Investors”), pursuant to which the Company issued and sold to the Investors in a private placement an aggregate of 32,413,560 shares of the Company’s common stock, par value $ 0.0001 per share (the “Shares”), at a price of $ 7.52 per share, and, to certain Investors in lieu of Shares, pre-funded warrants to purchase 10,805,957 shares of the Company’s common stock (the “Pre-Funded Warrants”), at a price of $ 7.519 per Pre-Funded Warrant (the “2024 Private Placement”). Each Pre-Funded Warrant issued in the 2024 Private Placement that remains outstanding has an exercise price of $ 0.001 per share, is currently exercisable and will remain exercisable until the Pre-Funded Warrant is exercised in full. The 2024 Private Placement closed on February 26, 2024. The Company received total net proceeds from the 2024 Private Placement of approximately $ 316,353 after deducting placement agent fees and offering expenses. The Company accounts for the Pre-Funded Warrants as a component of permanent equity. In connection with entering into the Securities Purchase Agreement, also on February 21, 2024, the Company entered into a registration rights agreement with the Investors, pursuant to which the Company agreed to register for resale the Shares and the shares of the Company’s common stock issuable upon exercise of the Pre-Funded Warrants (together with the Shares, the “Registrable Securities”). The Company filed a registration statement regarding the Registrable Securities on Form S-3 with the SEC on March 25, 2024. During the twelve months ended December 31, 2025, Pre-Funded Warrants to purchase 3,237,912 shares of the Company’s common stock were exercised via cashless exercise for 3,237,598 shares of the Company’s common stock. As of December 31, 2025, 7,568,045 Pre-Funded Warrants remained outstanding. There were no exercises of Pre-Funded Warrants during the twelve months ended December 31, 2024. In August 2021, the Company and Jefferies LLC (“Jefferies”) entered into an Open Market Sale Agreement (the “2021 Sales Agreement”) under which the Company may offer and sell shares of its common stock from time to time through Jefferies, acting as agent. In November 2023, the Company filed a prospectus in connection with the 2021 Sales Agreement for the issuance and sale of common stock having an aggregate offering price of up to $ 100,000 thereunder. During the twelve months ended December 31, 2025, the Company sold 11,548,364 shares of common stock under the 2021 Sales Agreement, resulting in gross proceeds to the Company of $ 96,775 , and net proceeds, after accounting for issuance costs, of $ 94,025 . The Company did no t offer or sell shares of its common stock under the 2021 Sales Agreement during the twelve months ended December 31, 2024. In the twelve months ended December 31, 2023, the Company sold 1,514,926 shares of common stock under the 2021 Sales Agreement, resulting in gross proceeds to the Company of $ 9,897 , and net proceeds, after accounting for issuance costs, of $ 9,532 . On March 28, 2024, the Company issued 5,769,232 shares of its common stock to the holder of the Convertible Notes in connection with the Conversion. The newly issued shares of common stock were valued at fair value, being the closing price of the Company’s common stock on that day, resulting in an increase in par value of the Company’s common stock of $ 1 and an increase in additional paid-in capital of $ 52,499 . On December 13, 2023, the Company entered into an underwriting agreement with Jefferies, BofA Securities, Inc. and Piper Sandler & Co. (collectively “the Underwriters”) in connection with an underwritten public offering of 30,800,000 shares of the Company’s common stock. Under the terms of this underwriting agreement, the Company also granted the Underwriters an option to purchase up to an additional 4,620,000 shares of common stock at the public offering price, less the underwriting discounts and commissions. On December 17, 2023, the Company sold all 35,420,000 shares of common stock and closed this underwritten public offering. The public offering price of the shares in this offering was $ 3.25 per share, and the Underwriters purchased all of the shares from the Company at a price of $ 3.055 per share. After deducting underwriting discounts and commissions and offering expenses, the Company received net proceeds from the offering of $ 107,725 . As of December 31, 2025, the Company had reserved 10,057,548 shares of common stock for future grants of stock-based awards under its stock-based compensation plans (Note 13). ​ 13. Stock-Based Awards For the years ended December 31, 2025 and 2024, the Company had three stock-based compensation plans under which it was able to grant stock-based awards, the 2021 Stock Incentive Plan, as amended (the “2021 Plan”), the 2019 Inducement Stock Incentive Plan, as amended (the “2019 Inducement Plan”), and the 2014 Employee Stock Purchase Plan (the “ESPP”) (collectively the “Stock Plans”). Certain inducement awards made prior to inception of the 2019 Inducement Plan were issued outside of the Stock Plans. The purpose of the Stock Plans is to provide incentives to employees, directors, and nonemployee consultants. The 2021 Plan and the 2019 Inducement Plan provide for the grant F-27 Table of Contents of non-statutory stock options, restricted stock awards, restricted stock units (“RSUs”), performance stock units (“PSUs”), stock appreciation rights and other stock-based awards. The 2021 Plan also provides for the grant of incentive stock options. 2021 Plan - The number of shares initially reserved for issuance under the 2021 Plan was 6,000,000 shares of common stock; plus 456,334 shares remaining available for grant under the 2014 Plan as of immediately prior to the effective date of the 2021 Plan and 9,766,336 shares subject to awards granted under the 2014 Plan or the 2006 Plan, which awards expire, terminate or are otherwise surrendered, canceled, forfeited or repurchased by the Company at their original issuance price pursuant to a contractual repurchase right (subject to certain limitations). On June 16, 2022, the Company’s stockholders approved an amendment (“Amendment No. 1”) to the Company’s 2021 Plan. Amendment No. 1 increased the number of shares of common stock that is reserved for issuance under the 2021 Plan by 3,600,000 . On June 14, 2023, the Company’s stockholders approved an amendment (“Amendment No. 2”) to the Company’s 2021 Plan. Amendment No. 2 increased the number of shares of common stock that is reserved for issuance under the 2021 Plan by 3,900,000 . On June 12, 2024, the Company’s stockholders approved an amendment (“Amendment No. 3”) to the Company’s 2021 Plan. Amendment No. 3 increased the number of shares of common stock that is reserved for issuance under the 2021 Plan by 7,000,000 . On June 11, 2025, the Company’s stockholders approved an amendment to the 2021 Plan to increase the aggregate number of shares of common stock issuable thereunder by 8,750,000 (“Amendment No. 4 to the 2021 Plan”). As of December 31, 2025, 7,105,154 shares remained available for issuance under the 2021 Plan. 2019 Inducement Plan - Awards under the 2019 Inducement Plan may only be granted to persons who (a) were not previously an employee or director of the Company or (b) are commencing employment with the Company following a bona fide period of non-employment, in either case as an inducement material to the individual’s entering into employment with the Company and in accordance with the requirements of Nasdaq Stock Market Rule 5635(c)(4). For the avoidance of doubt, neither consultants nor advisors shall be eligible to participate in the 2019 Inducement Plan. Each person who is granted an Award under the 2019 Inducement Plan is deemed a “Participant”. On December 10, 2020, the board of directors of the Company amended the 2019 Inducement Plan to increase the aggregate number of shares issuable by 554,000 shares of common stock to 1,054,000 . On February 20, 2024, the Company’s board of directors amended the 2019 Inducement Plan to increase the aggregate number of shares issuable thereunder from 1,054,000 to 3,804,000 shares of common stock. On April 16, 2024, the board of directors of the Company further amended the 2019 Inducement Plan to increase the aggregate number of shares issuable thereunder from 3,804,000 to 4,804,000 shares of common stock. On October 4, 2024, the board of directors of the Company further amended the 2019 Inducement Plan to increase the aggregate number of shares issuable thereunder from 4,804,000 to 6,054,000 shares of common stock. As of December 31, 2025, 769,016 shares remained available for issuance under the 2019 Inducement Plan. ESPP – The number of shares initially reserved for issuance under the ESPP was 207,402 shares of common stock. The number of shares of common stock that may be issued under the ESPP will automatically increase on the first day of each fiscal year, commencing on January 1, 2015 and ending on December 31, 2024, in an amount equal to the least of 207,402 shares of the Company’s common stock, 0.5 % of the number of shares of the Company’s common stock outstanding on the first day of the applicable fiscal year, and an amount determined by the Company’s board of directors. On January 1, 2023, the number of shares available for issuance under the ESPP increased by 207,402 . On January 1, 2024, the number of shares available for issuance under the ESPP increased from 398,784 to 606,186 . On June 11, 2025, the Company’s stockholders approved the amendment and restatement of the ESPP to increase the number of shares of common stock issuable thereunder by 2,000,000 and to eliminate the provisions in the ESPP related to the annual “evergreen” share increase. As of December 31, 2025, 2,183,378 shares of common stock remained available for issuance under the ESPP. Stock options granted pursuant to the Stock Plans, excluding awards under the ESPP, are granted at exercise prices not to be less than the fair value of common shares as of the date of grant. With the exception of performance option awards and awards under the ESPP, stock options granted pursuant to the Stock Plans generally require a service period of 4 years and generally vest monthly, or 1/4 on the first anniversary of the grant date, with the remainder vesting monthly over the remaining three years. Stock Options granted under the 2019 Inducement Plan may in addition be subject to performance-based vesting. The maximum contractual term of Stock Options granted under the Stock Plans is generally 10 years . RSUs granted pursuant to the Stock Plans generally require a service period of 3 years and generally vest 1/3 on each anniversary of the grant date. Certain RSUs granted to certain newly hired executive and senior-level employees in the year ended December 31, 2024 require a service period of 3 years and vest quarterly. An immaterial F-28 Table of Contents number of RSUs granted to employees in the year ended December 31, 2024 vest fully on the first anniversary of the grant and are, in addition, subject to performance conditions. On February 11, 2025, the Company granted 1,500,000 PSUs to its Executive Chairman, President and Chief Executive Officer under the 2021 Plan. Each PSU is settleable for one share of common stock upon vesting. The PSUs are allocated equally across four tranches, which can be earned during a five-year performance period commencing on the grant date (the “PSU Performance Period”), if the Company’s consecutive 60-day closing stock price average meets or exceeds per share price hurdles of $ 15.00 , $ 20.00 , $ 25.00 and $ 30.00 , as applicable. All PSUs are subject to a service condition. The PSUs earned during the first three years of the PSU Performance Period are subject to additional service-based vesting requirements through February 11, 2028. On February 11, 2025, the Company granted 2,750,000 performance stock options to the Company’s Executive Chairman, President and Chief Executive Officer under the 2021 Plan (the “Performance Option Award”). The Performance Option Award was contingent upon the approval by the Company’s stockholders of Amendment No. 4 to the 2021 Plan. The stockholders of the Company approved Amendment No. 4 to the 2021 Plan on June 11, 2025. In accordance with the guidance of Accounting Standards Codification Topic 718 Compensation—Stock Compensation , the Performance Option Award was deemed granted for financial accounting purposes as of June 11, 2025 when shareholder approval was obtained. The Performance Option Award is allocated equally across four tranches, which can be earned during a five-year performance period commencing on February 11, 2025 (the “Option Award Performance Period”), if the Company’s consecutive 60-day closing stock price average meets or exceeds per share price hurdles of $ 15.00 , $ 20.00 , $ 25.00 and $ 30.00 , as applicable. All performance stock options are subject to a service condition. The performance stock options earned during the first three years of the Option Award Performance Period are subject to additional service-based vesting requirements through February 11, 2028. Valuation of Awards The fair value of each stock option grant, excluding the grants under the Performance Option Award, is estimated on the date of grant using the Black-Scholes option-pricing model. The expected life of the options was calculated using the simplified method. The simplified method defines the life as the average of the contractual term of the options and the weighted-average vesting period for all option tranches. The Company utilizes the simplified method because the Company does not have sufficient historical exercise data over the life of awards to provide a reasonable basis upon which to estimate expected term. The expected term of stock options granted to non-employees is equal to the contractual term of the option award. The risk-free interest rate is determined by reference to the U.S. Treasury yield curve in effect at the time of grant of the award for time periods approximately equal to the expected term of the award. Expected dividend yield is based on the fact that the Company has never paid cash dividends and does not expect to pay any cash dividends in the foreseeable future. The Company uses its historical volatility to estimate expected volatility. The assumptions that the Company used to determine the fair value of the stock options granted to employees and directors, excluding the Performance Option Award, are as follows, presented on a weighted average basis: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended ​ ​ December 31, ​ ​ 2025 ​ ​ ​ 2024 ​ ​ ​ 2023 Risk-free interest rate ​ 4.21 % 4.11 % 3.72 % Expected term (in years) ​ 5.9 6.0 6.0 ​ Expected volatility ​ 80.32 % 80.12 % 77.32 % Expected dividend yield ​ 0.0 % 0.0 % 0.0 % ​ For RSUs, the grant date fair value is the closing price of the Company’s stock on the grant date. The fair value of each tranche of the PSUs and each tranche of the Performance Option Award was estimated using a Monte Carlo simulation. The main inputs to valuing each tranche, presented on a weighted average basis, include the risk-free interest rate of 4.3 %, expected volatility of 95.1 %, the contractual term of 5.0 years, and an expected dividend yield of 0.0 %. The requisite service period for each tranche was derived from the Monte Carlo simulation, taking into account the three-year minimum service requirement. F-29 Table of Contents Stock Options The following table summarizes the Company’s stock option activity, excluding the Performance Option Award: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted ​ ​ ​ ​ ​ ​ ​ Weighted ​ Average ​ ​ ​ ​ ​ ​ ​ Average ​ Remaining ​ Aggregate ​ ​ Shares Issuable ​ Exercise ​ Contractual ​ Intrinsic ​ ​ ​ ​ Under Options ​ ​ ​ Price ​ ​ ​ Term ​ ​ ​ Value ​ ​ ​ ​ ​ ​ ​ (In years) ​ ​ ​ Outstanding as of December 31, 2024 19,887,683 ​ $ 7.93 6.05 ​ $ 41,570 Granted 4,646,284 ​ 8.38 ​ ​ ​ ​ Exercised ( 3,721,747 ) ​ 5.52 ​ ​ ​ ​ Cancelled/forfeited ( 1,674,403 ) ​ 13.24 ​ ​ ​ ​ Outstanding as of December 31, 2025 19,137,817 ​ $ 8.04 6.88 ​ $ 86,261 Options vested and expected to vest as of December 31, 2025 17,587,128 ​ $ 8.15 6.73 ​ $ 77,968 Options exercisable as of December 31, 2025 10,852,007 ​ $ 7.99 5.48 ​ $ 52,781 ​ The aggregate intrinsic value of stock options is calculated as the difference between the exercise price of the stock options and the fair value of the Company’s common stock for those stock options that had exercise prices lower than the fair value of the Company’s common stock. The aggregate intrinsic value of stock options exercised was $ 18,378 , $ 11,102 , and $ 275 during the years ended December 31, 2025, 2024 and 2023, respectively. The weighted average grant date fair value of stock options granted during the years ended December 31, 2025, 2024 and 2023, excluding grants of performance stock options under the Performance Option Award, was $ 5.97 , $ 5.59 and $ 2.74 per share, respectively. The following table summarizes the Company’s activity for grants of performance stock options under the Performance Option Award: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted ​ ​ ​ ​ ​ Shares Issuable ​ Weighted ​ Average ​ ​ ​ ​ ​ Under ​ Average ​ Remaining ​ Aggregate ​ ​ Performance ​ Exercise ​ Contractual ​ Intrinsic ​ ​ ​ ​ ​ Options ​ ​ ​ Price ​ ​ ​ Term ​ ​ ​ Value ​ ​ ​ ​ ​ ​ ​ (In years) ​ ​ ​ Outstanding as of December 31, 2024 — ​ $ — — ​ ​ — Granted 2,750,000 ​ 7.44 9.13 ​ ​ ​ Outstanding as of December 31, 2025 2,750,000 ​ $ 7.44 9.13 ​ $ 12,925 Options vested and expected to vest as of December 31, 2025 2,750,000 ​ $ 7.44 9.13 ​ $ 12,925 Options exercisable as of December 31, 2025 — ​ $ — — ​ $ — ​ The weighted average grant date fair value of performance stock options granted under the Performance Option Award during the year ended December 31, 2025 was $ 5.66 per share. F-30 Table of Contents RSUs The following table summarizes the Company’s activity of unvested RSUs: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted ​ ​ ​ ​ average ​ ​ ​ ​ grant date ​ ​ ​ ​ RSU's ​ ​ ​ fair value ​ ​ ​ ​ ​ ​ Unvested balance at December 31, 2024 3,389,604 ​ $ 7.52 Granted 2,779,643 ​ 7.87 Released ​ ( 1,551,706 ) ​ ​ 7.19 Cancelled/forfeited ( 258,170 ) ​ 6.48 Unvested balance at December 31, 2025 4,359,371 ​ $ 7.92 ​ Each RSU is equivalent to one share of common stock upon vesting. Holders of RSUs are not entitled to vote on any matters and are not entitled to dividends. PSUs The following table summarizes the Company’s activity of unvested PSUs: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted ​ ​ ​ ​ average ​ ​ ​ ​ grant date ​ ​ ​ ​ PSU's ​ ​ ​ fair value ​ ​ ​ ​ ​ ​ Unvested balance at December 31, 2024 — ​ $ — Granted 1,500,000 ​ 6.21 Released ​ — ​ ​ — Cancelled/forfeited — ​ — Unvested balance at December 31, 2025 1,500,000 ​ $ 6.21 ​ Each PSU is equivalent to one share of common stock upon vesting. Holders of PSUs are not entitled to vote on any matters and are not entitled to dividends. Stock-based Compensation The Company recorded stock-based compensation expense in the following expense categories of its statements of operations and comprehensive loss: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2025 ​ ​ ​ 2024 ​ ​ ​ 2023 Research and development ​ $ 13,389 ​ $ 9,276 ​ $ 4,508 Selling and marketing ​ 4,640 ​ 3,071 ​ 3,682 General and administrative ​ 25,155 ​ 20,762 ​ 9,635 ​ ​ $ 43,184 ​ $ 33,109 ​ $ 17,825 ​ As of December 31, 2025, the Company had an aggregate of $ 79,426 of unrecognized stock-based compensation cost, which is expected to be recognized over a weighted average period of 2.32 years. ​ F-31 Table of Contents 14. Employee Benefits The Company established a defined contribution savings plan under Section 401(k) of the Internal Revenue Code (the “401(k) Plan”). The 401(k) Plan covers substantially all employees who meet minimum age and service requirements and allows participants to defer a portion of their annual compensation based on a pre-tax or post-tax basis as elected by the participants. Company contributions to the plan may be made at the discretion of the board of directors. For the years ended December 31, 2025, 2024 and 2023, the Company has made contributions of $ 703 , $ 675 , and $ 625 , respectively, to the 401(k) Plan. ​ 15. Income Taxes During the years ended December 31, 2025, 2024 and 2023, the Company recorded no income tax benefits for the net operating losses incurred or the research and development tax credits generated in each year, due to its uncertainty of realizing a benefit from those items. During the years ended December 31, 2025, 2024 and 2023, the Company did not make any material payments of U.S federal, state, or local income taxes. A reconciliation of the U.S. federal statutory income tax rate to the Company’s effective income tax rate for the year ended December 31, 2025 is as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ ​ ​ ​ ​ 2025 ​ ​ Amount ​ Percent ​ U.S. federal statutory income tax rate $ 55,776 ​ ​ ​ 21.0 % State and local income taxes, net of federal income tax effect ​ ​ — ​ — ​ Effect of changes in tax laws or rates enacted in the current period ​ ​ — ​ — ​ Tax credits ​ ​ ​ ​ ​ ​ Research and development tax credits ​ 5,019 ​ 1.9 ​ Changes in the valuation allowance ​ ​ ( 56,316 ) ​ ( 21.1 ) ​ Nontaxable or nondeductible items ​ ​ ​ ​ ​ ​ Officers Compensation ​ ​ ( 2,856 ) ​ ( 1.1 ) ​ Other ​ ​ ( 713 ) ​ ( 0.3 ) ​ Other adjustments ​ ​ ( 910 ) ​ ( 0.4 ) ​ Effective income tax rate $ — ​ — % ​ A reconciliation of the U.S. federal statutory income tax rate to the Company’s effective income tax rate for the years ended December 31, 2024 and 2023, respectively, is as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ ​ 2024 ​ ​ ​ 2023 ​ ​ ​ Federal statutory income tax rate 21.0 % 21.0 % Tax reform change ​ ​ ​ ​ ​ Research and development tax credits 3.5 ​ 3.6 ​ State taxes, net of federal benefit 1.8 ​ 2.0 ​ Stock-based compensation ( 1.9 ) ​ ( 2.3 ) ​ Change in tax rate ​ — ​ ( 0.4 ) ​ Debt extinguishment ​ ( 1.9 ) ​ — ​ Other ( 1.1 ) ​ ( 0.2 ) ​ Change in the valuation allowance ( 21.4 ) ​ ( 23.7 ) ​ Effective income tax rate — % — % ​ Changes in the valuation of the Royalty Fee Derivative Liability, except to the extent that they relate to actual royalties paid or accrued, do not provide a future tax benefit. To the extent the deferred tax asset related to the Royalty Fee Derivative Liability exceeds the deferred tax liability related to the Barings Credit Agreement, the excess is recorded as a permanent item. F-32 Table of Contents Net deferred tax assets consisted of the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ ​ 2025 ​ ​ ​ 2024 Deferred tax assets: ​ ​ ​ ​ ​ ​ Net operating loss carryforwards ​ $ 189,192 ​ $ 134,571 Tax credit carryforwards ​ 37,183 ​ 29,311 Capitalized research and development expenses, net - Sec. 59(e) : ​ 11,326 ​ 1,814 Capitalized research and development expenses, net Sec. 174 ​ ​ 31,290 ​ ​ 38,244 Operating lease liabilities ​ ​ 1,338 ​ ​ 1,693 Derivative liability ​ ​ 3,302 ​ ​ 3,082 Stock-based Awards ​ ​ 11,096 ​ ​ 9,976 Accrued expenses and other ​ 10,807 ​ 10,186 Total deferred tax assets ​ 295,534 ​ 228,877 Valuation allowance ​ ( 292,449 ) ​ ( 225,248 ) Net deferred tax assets ​ ​ 3,085 ​ ​ 3,629 ​ ​ ​ ​ ​ ​ ​ Deferred tax liabilities: ​ ​ ​ ​ ​ ​ Operating lease right of use assets ​ ​ ( 1,102 ) ​ ​ ( 1,383 ) Barings Credit Facility ​ ​ ( 1,983 ) ​ ​ ( 2,246 ) Total deferred tax liabilities ​ ​ ( 3,085 ) ​ ​ ( 3,629 ) Net deferred tax assets ​ $ — ​ $ — ​ Changes in the valuation allowance for deferred tax assets during the years ended December 31, 2025, 2024 and 2023, resulting primarily from increases in net operating loss carryforwards, additions to and amortization of capitalized research and development expenses, and increases in research and development tax credit carryforwards, were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ ​ 2025 ​ ​ ​ 2024 ​ ​ ​ 2023 Valuation allowance as of beginning of year ​ $ 225,248 ​ $ 183,737 ​ $ 164,546 Increases recorded to income tax provision ​ 67,201 ​ 41,511 ​ 19,191 Valuation allowance as of end of year ​ $ 292,449 ​ $ 225,248 ​ $ 183,737 ​ As of December 31, 2025, the Company had net operating loss (“NOL”) carryforwards for federal and state income tax purposes of $ 777,682 and $ 476,526 , respectively. The federal and state NOLs generated for annual periods prior to January 1, 2018 begin to expire in 2026. The Company’s federal NOLs generated for the years ended on or after December 31, 2018, which amount to a total of $ 651,877 , can be carried forward indefinitely, although the deduction for such NOLs is limited to 80% of current year taxable income. As of December 31, 2025, the Company also had available research and development tax credit carryforwards for federal and state income tax purposes of $ 24,684 and $ 15,384 , respectively, which begin to expire in 2026 and 2025, respectively. Utilization of the NOL carryforwards and research and development tax credit carryforwards may be subject to a substantial annual limitation under Section 382 of the Internal Revenue Code of 1986 (“Section 382”) due to ownership changes that have occurred previously or that could occur in the future. These ownership changes may limit the amount of carryforwards that can be utilized annually to offset future taxable income. In general, an ownership change, as defined by Section 382, results from transactions increasing the ownership of certain shareholders or public groups in the stock of a corporation by more than 50% over a three-year period. In the fourth quarter of 2025, the Company completed a study to assess whether a change of control has occurred or whether there have been multiple changes of control since inception through September 30, 2025 and including the sales of the 2025 Shares under the 2025 Offering on a pro forma basis. Based on the results of this study, the Company’s federal NOLs generated through December 31, 2024 are fully available for utilization. If the Company experiences a change of control, as defined by Section 382, in future periods, utilization of the NOL carryforwards, including those that were generated on or before December 31, 2024, would be subject to an annual limitation under Section 382, which is determined by first multiplying the value of the Company’s stock at the time of the ownership change by the applicable long-term tax-exempt rate, and then could be subject to additional adjustments, as required. Any limitation may result in expiration of a portion of the NOL carryforwards or research and development tax credit F-33 Table of Contents carryforwards before utilization. Further, until a study is completed and any limitation is known, no amounts are being presented as an uncertain tax position. The Company has evaluated the positive and negative evidence bearing upon its ability to realize the deferred tax assets. Management considered the Company’s cumulative net losses and concluded that it is more likely than not that the Company would not realize the benefits of the deferred tax assets. Accordingly, a full valuation allowance was established against the net deferred tax assets as of December 31, 2025, 2024 and 2023. The Company has no t recorded any amounts for unrecognized tax benefits as of December 31, 2025, 2024 or 2023. The Company files tax returns as prescribed by the tax laws of the jurisdictions in which it operates. In the normal course of business, the Company is subject to examination by federal and state jurisdictions, where applicable. There are currently no pending income tax examinations that are expected to have a material impact on the Company’s Consolidated Financial Statements. The Company’s tax years are still open under statute from the Company’s fiscal year 2022 to the present. Earlier years may be examined to the extent that tax credit or net operating loss carryforwards are used in future periods. ​ 16. Net Loss Per Share Basic net loss per share attributable to common stockholders was calculated as follows for the years ended December 31, 2025, 2024 and 2023: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended ​ ​ December 31, ​ ​ ​ ​ 2025 ​ ​ ​ 2024 ​ ​ ​ 2023 Numerator: ​ ​ ​ ​ ​ ​ ​ ​ Net loss attributable to common stockholders ​ $ ( 265,939 ) ​ $ ( 193,506 ) ​ $ ( 80,736 ) Denominator: ​ ​ ​ ​ ​ ​ Weighted average common shares outstanding, basic ​ 187,241,483 ​ 158,265,162 ​ 79,827,362 Net loss per share - basic ​ $ ( 1.42 ) ​ $ ( 1.22 ) ​ $ ( 1.01 ) ​ As of December 31, 2025 and 2024, outstanding Pre-Funded Warrants (Note 12) of 7,568,045 and 10,805,957 , respectively, are included in the calculation of basic and diluted net loss per share. For the years ended December 31, 2025 and 2024, respectively, there was no dilutive impact from potentially issuable common shares. Therefore, diluted net loss per share was the same as basic net loss per share. Diluted net loss per share was calculated as follows for the year ended December 31, 2023: ​ ​ ​ ​ ​ ​ ​ Year Ended ​ ​ December 31, ​ ​ ​ ​ ​ ​ ​ 2023 Net loss attributable to common stockholders, basic ​ $ ( 80,736 ) Interest expense on Convertible Notes ​ 4,172 Gain on extinguishment of debt (Note 9) ​ ​ ( 14,907 ) Change in fair value of derivative liability ​ ​ 4,502 Net loss attributable to common stockholders, diluted ​ $ ( 86,969 ) ​ ​ ​ ​ Weighted average common shares outstanding, basic ​ ​ 79,827,362 Dilutive options (treasury stock method) ​ ​ — Shares issuable in connection with conversion of Convertible Notes, as if converted ​ ​ 5,769,232 Weighted average common shares outstanding, diluted ​ 85,596,594 ​ ​ ​ ​ Net loss per share attributable to common stockholders, diluted ​ $ ( 1.02 ) ​ F-34 Table of Contents The Company excluded the following common stock equivalents, outstanding as of December 31, 2025, 2024 and 2023 from the computation of diluted net loss per share attributable to common stockholders for the years ended December 31, 2025, 2024 and 2023 because they had an anti-dilutive impact due to the net loss incurred for the periods. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ ​ 2025 ​ ​ ​ 2024 ​ ​ ​ 2023 Options to purchase common stock ​ ​ 21,887,817 ​ ​ 19,887,683 ​ ​ 16,136,791 RSUs ​ ​ 4,359,371 ​ ​ 3,389,604 ​ ​ 1,627,341 PSUs ​ ​ 1,500,000 ​ ​ — ​ ​ — ​ ​ ​ 27,747,188 ​ ​ 23,277,287 ​ ​ 17,764,132 ​ ​ 17. Segment Reporting The Company operates as a single operating segment. Its operations consist of developing and commercializing innovative therapies for retinal diseases and other eye conditions based on its ELUTYX proprietary bioresorbable hydrogel-based formulation technology. During the years ended December 31, 2025, 2024 and 2023, respectively, resources were allocated and performance was assessed by the Company’s Chief Executive Officer and the Company’s Chief Financial Officer and Chief Operating Officer, who the Company has determined to be, collectively, the Company’s Chief Operating Decision Maker (“CODM”). The Company’s research and development function is responsible for research and discovery of new product candidates, and the pre-clinical and clinical development of, and related registration efforts for, the Company’s product candidates. The Company’s operations and technical function is responsible for supply chain, the manufacturing of the Company’s commercial products and clinical trial material, and facilities. The Company’s sales and marketing function is responsible for the commercialization of its products and market access activities. The Company’s operations are supported by corporate functions. Managing and allocating resources on a total company basis enables the Company’s CODM to assess the overall level of resources available and how to best deploy these resources across functions and development projects in line with the Company’s strategy. Consistent with this approach, the CODM uses consolidated, single-segment financial information for the purposes of developing budgets and forecasts, assessing performance, allocating resources, and setting incentive targets. The accounting policies for the Company’s one segment are the same as those described in Note 2 Summary of Significant Accounting Policies . The CODM evaluates the performance of its one segment and allocates resources based on Net Loss. F-35 Table of Contents The following table provides information about the Company’s single segment: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2025 ​ ​ ​ 2024 ​ ​ ​ 2023 Revenue ​ $ 51,951 ​ $ 63,723 ​ $ 58,443 Cost of Product Revenue ​ ​ 6,574 ​ ​ 5,626 ​ ​ 5,281 Research & Development (a) ​ ​ ​ ​ ​ ​ ​ ​ ​ Direct Program Expenses ​ ​ ​ ​ ​ ​ ​ ​ ​ AXPAXLI for wet AMD ​ ​ 119,609 ​ ​ 57,507 ​ ​ 8,750 AXPAXLI for NPDR ​ ​ 4,804 ​ ​ 2,301 ​ ​ 2,868 Other clinical and preclinical programs ​ ​ 3,582 ​ ​ 5,798 ​ ​ 8,323 Unallocated expenses ​ ​ ​ ​ ​ ​ ​ ​ ​ Personnel costs ​ ​ 39,255 ​ ​ 28,625 ​ ​ 22,617 All other costs ​ ​ 7,527 ​ ​ 16,236 ​ ​ 5,720 Selling & Marketing (a) ​ ​ 48,510 ​ ​ 38,029 ​ ​ 36,564 General & Administrative (a) ​ ​ 37,377 ​ ​ 38,861 ​ ​ 23,838 Facilities (b) ​ ​ 7,223 ​ ​ 5,626 ​ ​ 6,056 Stock-based compensation ​ ​ 43,184 ​ ​ 33,109 ​ ​ 17,825 Depreciation ​ ​ 4,323 ​ ​ 3,786 ​ ​ 2,983 Interest income ​ ​ 18,355 ​ ​ 20,282 ​ ​ 3,983 Interest expense ​ ​ ( 11,835 ) ​ ​ ( 13,577 ) ​ ​ ( 11,338 ) Other non-operating items ​ ​ ( 2,442 ) ​ ​ ( 28,430 ) ​ ​ 9,001 Net Loss ​ $ ( 265,939 ) ​ $ ( 193,506 ) ​ $ ( 80,736 ) ​ (a) excluding stock-based compensation, depreciation, and facilities expenses (b) excluding stock-based compensation and depreciation For the years ended December 31, 2025, 2024 and 2023, respectively, the Company generated all of its Product Revenue, net, in the United States. Collaboration revenue is attributable to a customer in China (Note 3). All of the Company’s long-lived assets were located in the United States. Refer to Note 11 Risks and Fair Value for information regarding the Company’s major customers. 18. Commitments and Contingencies Indemnification Agreements 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 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 any material costs as a result of such indemnifications. ​ 19. Related Party Transactions The Company has engaged Boston Image Reading Center LLC (“BIRC”) to provide certain clinical development-related services to the Company. Nadia Waheed, M.D. M.P.H., who has served as the Company’s Chief Medical Officer since June 1, 2024, is a Director of BIRC. For the year ended December 31, 2025, the Company incurred fees for clinical development-related services rendered by BIRC of $ 761 . For the year ended December 31, 2024, the Company incurred fees for clinical development-related services rendered by BIRC while being deemed a related party since June 1, 2024 of $ 81 . As of December 31, 2025 and 2024, there was $ 126 and $ 0 recorded in accounts payable for BIRC, respectively. As of December 31, 2025 and 2024, there was $ 590 and $ 5 recorded in accrued expenses for BIRC, respectively. Jeffrey Heier, M.D., a former member of the Company’s Board of Directors and the Company’s current Chief Scientific Officer, and Peter Kaiser, M.D., the Company’s Chief Development Officer since April 16, 2024, are each F-36 Table of Contents affiliated with i2Vision, Inc. and its affiliated entities (collectively “i2Vision”). The Company had engaged i2Vision to provide services with respect to the clinical advancement of AXPAXLI. For the year ended December 31, 2025, the Company recorded a net credit for fees and expenses related to services rendered by i2Vision that were previously recorded as expense of $( 121 ). For the year ended December 31, 2024, the Company incurred fees and expenses related to services rendered by i2Vision of $ 2,368 , including $ 526 for pass-through costs. The Company incurred fees and expenses related to services rendered by i2Vision of $ 271 , including $ 102 for pass-through costs, for the year ended December 31, 2023. As of December 31, 2025 and 2024, there was $ 0 and $ 132 recorded in accounts payable for i2Vision, respectively. As of December 31, 2025 and 2024, there was $ 0 and $ 383 recorded in accrued expenses for i2Vision, respectively. As of December 31, 2025 and 2024, there was $ 0 and $ 176 recorded in prepaid expenses and other current assets for i2Vision, respectively. The Company has engaged Wilmer Cutler Pickering Hale and Dorr LLP (“WilmerHale”) to provide certain legal services to the Company. Christopher White, who served as the Company’s Chief Business Officer until March 6, 2024, is the brother of a partner at WilmerHale who has not participated in providing legal services to the Company. Upon Mr. White’s departure, WilmerHale ceased to be a related party to the Company. For the year ended December 31, 2024, the Company incurred fees for legal services rendered by WilmerHale while being deemed a related party through March 31, 2024 of $ 1,080 . The Company incurred fees for legal services rendered by WilmerHale of approximately $ 1,472 for the year ended December 31, 2023. The Company had engaged Heier Consulting, LLC (“Heier Consulting”), an entity affiliated with Dr. Heier, to provide advice or expertise on one or more of the Company’s development-stage drug or medical device products relating to retinal diseases or conditions under a consultant agreement (the “Heier Consulting Agreement”). On February 21, 2024, the Company entered into an employment agreement with Dr. Heier (the “Heier Employment Agreement”) under which Dr. Heier agreed to serve as Chief Scientific Officer of the Company. In connection with entering into the Heier Employment Agreement, the Heier Consulting Agreement was terminated. In addition, in connection with his commencement of employment, Dr. Heier resigned from the Company’s board of directors, effective February 21, 2024. Compensation for the consulting services was in the form of cash and stock-based awards. The total grant date fair value of stock-based awards granted to Dr. Heier was $ 96 , which was recognized to expense on a straight-line basis over the respective vesting periods. The Company incurred cash-based fees for services rendered by Heier Consulting before termination of the Consultant Agreement of approximately $ 5 for the year ended December 31, 2024. The Company incurred cash-based fees for services rendered by Heier Consulting of $ 32 for the year ended December 31, 2023. ​ 20 . Subsequent Events In January 2026, the Company entered into a sublease for approximately 24,000 square feet of office space located at 14 Crosby Drive in Bedford, Massachusetts (the “14 Crosby Drive Lease”). The 14 Crosby Drive Lease commenced on January 1, 2026, accordingly, it was not recognized in the Company’s Consolidated Financial Statements as of and for the year ended December 31, 2025. The 14 Crosby Drive Lease will expire on March 30, 2031, and undiscounted minimum lease payments under the 14 Crosby Drive Lease are expected to be $ 3,363 . The Company is currently in the process of finalizing its accounting under ASC 842 Leases for the 14 Crosby Drive Lease. On February 4, 2026, the Company’s board of directors amended the 2019 Inducement Plan, as amended, to increase the aggregate number of shares issuable thereunder from 6,054,000 to 7,028,000 shares of common stock. ​ F-37