Financial Data and Key Metrics Changes - For Q4 2025, consolidated revenues were $89.1 million, representing a 33% year-over-year growth. For the full year, revenue was $272 million, up 36% versus 2024 [22][23] - Adjusted EBITDA was $24.2 million in Q4 and $61.9 million for the full year, reflecting a 54% year-over-year growth, demonstrating operating leverage as revenue scales faster than costs [22][23] - The company generated just under $44 million of cash from operations, ending the year with $72.9 million in cash and cash equivalents [23] Business Line Data and Key Metrics Changes - VEVYE's Q4 revenues were $25.9 million, up 14% sequentially, with full-year revenue at $88.7 million, a 216% increase over 2024 [24] - IHEEZO generated $35.9 million in Q4 and $81.3 million for the full year, representing 64% quarter-over-quarter growth and 65% year-over-year growth [24] - TRIESENCE's Q4 revenue was $5.1 million, a 36% increase from Q3, totaling $9.9 million for the year, a 193% increase from 2024 [25] - The rare specialty and compounded portfolio generated $22.2 million in Q4 and $92.3 million for the full year [25] Market Data and Key Metrics Changes - The company is expanding its addressable market for IHEEZO by focusing on in-office procedures, increasing the procedure volume total addressable market (TAM) by more than 2.5 million units annually [14][38] - The company expects to launch two important products, BYQLOVI and BYOOVIZ, in 2026, further expanding its retina and specialty footprint [20] Company Strategy and Development Direction - The company aims to exceed $250 million in quarterly revenue by the end of 2027, with a diversified ophthalmic franchise focused on expanding patient access and improving affordability [12] - The company plans to double the VEVYE sales force to capture growth opportunities and expects VEVYE to become a 9-figure revenue product this year [13][36] - The company is transitioning compounded volume to FDA-approved branded alternatives, expecting compounded revenue to be approximately $60 million-$65 million for the full year [34] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's growth trajectory, stating that all core growth drivers accelerated in Q4 and that the company entered 2026 with clear commercial momentum [41] - The management highlighted the importance of clinical data generation to support adoption strength and differentiation for products like IHEEZO [49] - Management anticipates a softer first half of 2026 due to channel inventory adjustments and seasonal dynamics, with a stronger second half expected [34] Other Important Information - The company is focused on advancing clinically relevant programs aligned with unmet needs in ophthalmology, particularly with G-MELT, which is expected to redefine procedural sedation [43][44] - The company is implementing several revenue-generating initiatives tied to its rare specialty and compounded products, with expectations for positive surprises throughout the year [19] Q&A Session Summary Question: What have you seen so far from a commercial mix perspective in Q1 for VEVYE? - Management noted that new prescription volumes for VEVYE are better than expected, with a significant increase in prescribers writing VEVYE [51][54] Question: Can you discuss the TRIESENCE cataract trial design? - Management confirmed that there will be a control arm without TRIESENCE, with rescue criteria allowing for drops per protocol [68] Question: Are there any market share targets for VEVYE? - Management aims for VEVYE to be the number one cyclosporine in the U.S. market, estimating that achieving this would require just over 20% market share [72][75]