Core Insights - Opaleye Management Inc, a 10% owner of Harrow, sold 198,572 shares of common stock for approximately $7.8 million in multiple transactions on March 3 and 4, 2026 [1][2] - The sale occurred after Harrow reported Q4 2025 earnings, which missed analyst EPS estimates, leading to a significant stock drop [9] Transaction Summary - Shares sold (indirect): 198,572 [2] - Transaction value: $7.8 million [2] - Post-transaction shares (indirect): 3.7 million [2] - Post-transaction value (indirect ownership): $125.1 million [2] - Transaction value based on weighted average prices: $39.15 on March 3 and $39.67 on March 4 [2] Company Overview - Market capitalization: $1.3 billion [4] - Revenue (TTM): $272.3 million [4] - Net income (TTM): -$5.1 million [4] - 1-year price change: 19.7% as of March 23, 2026 [4] Company Snapshot - Harrow is a leading ophthalmic pharmaceutical company focused on eye-care products for the North American market [5] - Key products include VEVYE for dry eye disease, IHEEZO for ocular anesthesia, and TRIESENCE for ocular inflammation [5] - Revenue is generated through the sale of branded and specialty ophthalmic drugs and compounded pharmaceutical products [6] Revenue Growth - Harrow reported full-year 2025 revenue of $272.3 million, a 36% increase over 2024 [6] - The company guided 2026 revenue to a range of $350-$365 million [6] Ownership Context - All shares were sold indirectly through Opaleye, L.P. and a managed account, with Opaleye Management Inc. as the investment manager [8] - Post-transaction, Opaleye L.P. holds 3,622,000 shares and the managed account holds 59,428 shares, totaling approximately 3.68 million shares [8]

Corporate Presentation Leerink Partners Global Healthcare Conference March 2026 Safe Harbor This presentation contains "forward-looking statements" as defined in the U.S. Private Securities Litigation Reform Act of 1995. You are cautioned not to rely on these forward-looking statements. These statements are based on current expectations of future events. If underlying assumptions prove inaccurate or known or unknown risks or uncertainties materialize, actual results could vary materially from the expectatio ...

Core Insights - Harrow's core growth drivers accelerated simultaneously in Q4 2025, with a goal to exceed $250 million in quarterly revenue by the end of 2027 [1] Financial Performance - Q4 2025 consolidated revenue was $89.1 million, a 33% increase year over year, while full-year revenue reached $272 million, up 36% compared to 2024 [5] - TRIESENCE revenue for Q4 was $5.1 million, a 36% increase from Q3, with full-year revenue at $9.9 million, marking a 193% increase versus 2024 [1] - IHEEZO Q4 revenue was $35.9 million, with full-year revenue of $81.3 million, reflecting 64% quarter-over-quarter growth and 65% year-over-year growth [2] Future Guidance - Management guided for 2026 full-year revenue between $350 million and $365 million, with adjusted EBITDA expected to be between $80 million and $100 million [3] - The company anticipates that 2026 will be more heavily weighted to the second half, with Q1 typically being the lowest due to various market dynamics [3] Cash Position - Harrow generated "just under" $44 million in cash from operations in 2025, ending the year with $72.9 million in cash and cash equivalents [4] Commercial Strategy - The company plans to increase SG&A expenses to approximately $185 million to $205 million in 2026, expanding sales forces for VEVYE and TRIESENCE, and preparing for the launches of BYOOVIZ and BYQLOVI [7] - Harrow aims to double the VEVYE sales force by Memorial Day, with a 115% increase in prescribers noted despite limited coverage in 2025 [8] Product Launches - Harrow expects to launch BYQLOVI in Q2 and BYOOVIZ in mid-2026, leveraging its existing retina team for the BYOOVIZ launch [13] Pipeline and Clinical Updates - G-MELT, a procedural sedation candidate, is on track for NDA submission in early 2027, with ongoing pharmacokinetic work and CMC activities [14] - Clinical trials for IHEEZO and TRIESENCE are underway, with data expected to support their market positions [15][16] Market Dynamics - IHEEZO's unit demand grew 56% year over year, with a significant portion of sales generated in the ASC setting [10] - Management is preparing for changes in IHEEZO's pass-through status, which may impact the ASC market [11]

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 - BYOOVIZ had Q4 revenues of $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 expects full-year 2026 revenue between $350 million and $365 million, with first half revenue projected at $133 million to $153 million and second half revenue at $203 million to $226 million [26] - The first quarter is expected to be the lowest revenue quarter due to stocking activity and insurance resets, with a significant portion of IHEEZO's demand expected to be drawn down from Q4 2025 inventory [27][28] 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] - Plans include doubling the VEVYE sales force and expanding IHEEZO into office-based settings, targeting over 2.5 million additional procedures annually [12][32] - The company is preparing to launch two important products, BYQLOVI and BYOOVIZ, further expanding its specialty portfolio [20] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's growth trajectory, emphasizing that all core growth drivers accelerated in Q4 2025 [41] - The company is focused on converting compounded utilization into FDA-approved branded products, enhancing long-term revenue profiles [41] - Management anticipates a stronger second half of 2026, driven by a fully deployed sales force and contributions from new product launches [35] Other Important Information - The company is addressing temporary compounding inventory constraints, expecting normalization by the end of Q1 2026 [25] - R&D expenses are expected to increase to approximately $30 million-$35 million as the company completes studies for product candidates [31] Q&A Session Summary Question: What have you seen so far from a commercial mix perspective in Q1? - Management noted that new prescription volumes for VEVYE are better than expected, with a slight uptick in ASP anticipated [50][51] Question: What % of the cataract market do you think is the sweet spot for TRIESENCE? - Management believes TRIESENCE will not be limited by a temporary pass-through period and aims to expand its label for broader access [55][57] Question: Could you clarify the price improvements for IHEEZO? - Management expects pricing for IHEEZO to improve by Q3 2026 compared to 2025 [64][65] Question: Are you able to share any market share targets for VEVYE? - Management aims for VEVYE to be the number one cyclosporine in the U.S. market, targeting over 20% market share [71][75]

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]

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 [18] - Adjusted EBITDA was $24.2 million in Q4 and $61.9 million for the full year, reflecting a 54% year-over-year growth [18] - The company generated just under $44 million of cash from operations, ending the year with $72.9 million in cash and cash equivalents [19] Business Line Data and Key Metrics Changes - BYOOVIZ had Q4 revenues of $25.9 million, up 14% sequentially, with full-year revenue at $88.7 million, a 216% increase over 2024 [19] - 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 [19] - TRIESENCE revenue for Q4 was $5.1 million, a 36% increase from Q3, totaling $9.9 million for the year, a 193% increase from 2024 [20] - The rare specialty and compounded portfolio generated $22.2 million in Q4 and $92.3 million for the full year [20] Market Data and Key Metrics Changes - The company expects full-year 2026 revenue between $350 million and $365 million, with first half revenue projected at $133 million to $153 million and second half revenue at $203 million to $226 million [21] - The first quarter is expected to be the lowest revenue quarter due to stocking activity and insurance resets, with a significant drawdown of inventory expected [22] 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 [9] - Plans include doubling the VEVYE sales force and expanding IHEEZO into office-based settings, targeting over 2.5 million additional procedures annually [10][32] - The company is preparing to launch two important products, BYQLOVI and BYOOVIZ, further expanding its specialty portfolio [16] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's growth trajectory, emphasizing that all core growth drivers accelerated in Q4 2025 [34] - The management team highlighted the importance of expanding coverage and sales force to capture market opportunities, particularly for VEVYE and IHEEZO [30][31] - The company anticipates a strong second half of 2026 driven by a fully deployed sales force and contributions from new product launches [27] Other Important Information - The company is focused on converting compounded utilization into FDA-approved branded products, with compounded revenue expected to be approximately $60 million to $65 million for the full year [27] - The company is also addressing supply chain issues to ensure adequate market supply for its products [16] Q&A Session Summary Question: What have you seen so far from a commercial mix perspective in Q1? - Management noted that new prescription volumes for VEVYE are better than expected, with a focus on building volume throughout the year [42][45] Question: What % of the cataract market do you think is the sweet spot for TRIESENCE? - Management believes TRIESENCE has the potential to significantly expand its market share, aiming for a broad-based label that will increase access for cataract surgery patients [47][50] Question: Could you clarify the price improvements for IHEEZO? - Management expects pricing for IHEEZO to improve by Q3 2026 compared to 2025 and the first part of 2026 [55][56] Question: Are you able to share any market share targets for VEVYE? - Management aims for VEVYE to become the number one cyclosporine in the U.S. market, targeting over 20% market share [61][66]

Corporate Presentation March 2026 Safe Harbor This presentation contains "forward-looking statements" as defined in the U.S. Private Securities Litigation Reform Act of 1995. You are cautioned not to rely on these forward-looking statements. These statements are based on current expectations of future events. If underlying assumptions prove inaccurate or known or unknown risks or uncertainties materialize, actual results could vary materially from the expectations and projections of Harrow, Inc. (the "Compa ...

Core Insights - Harrow reported a significant revenue increase of 36% for the year 2025, achieving a record fourth quarter revenue of $89.1 million, which is a 33% increase from $66.8 million in the same period of the previous year [5][6] - The company provided full-year 2026 revenue guidance of $350 million to $365 million, indicating continued growth momentum [5][6] Financial Performance - Total revenues for Q4 2025 were $89.1 million, compared to $66.8 million in Q4 2024, marking a 33% increase [5][17] - Full-year revenue for 2025 reached $272.3 million, up from $199.6 million in 2024, representing a 36% increase [5][17] - GAAP net income for Q4 2025 was $6.6 million, while the net loss for the full year 2025 was $5.1 million [5][17] - Adjusted EBITDA for Q4 2025 was $24.2 million, and for the full year, it was $61.9 million, compared to $40.3 million in 2024 [5][17] Cash Flow and Liquidity - The company generated $43.9 million in operating cash flow for 2025, a significant improvement from $(22.2) million used in operations in 2024 [5][18] - Cash and cash equivalents as of December 31, 2025, were $72.9 million, up from $47.2 million at the end of 2024 [5][14] Strategic Outlook - Harrow plans to double the sales teams for its key products VEVYE and TRIESENCE and expand IHEEZO into office-based settings [6] - The company aims to achieve over $250 million in quarterly revenue by the end of 2027 and intends to launch new products starting in 2028 [6]

Core Viewpoint - Harrow (HROW) shares experienced a significant increase of 9.7% to $44.9, following the company's reaffirmation of its revenue guidance for full-year 2025 and ongoing progress in its commercial and development initiatives [1][2]. Group 1: Company Performance - Harrow plans to double its VEVYE sales team, expand IHEEZO into office-based care, and double the surgical sales force for TRIESENCE [2]. - The company is expected to report quarterly earnings of $0.35 per share, reflecting a year-over-year increase of 40%, with revenues projected at $87.5 million, up 30.9% from the same quarter last year [3]. - The consensus EPS estimate for Harrow has been revised 117.4% higher over the last 30 days, indicating a positive trend that typically correlates with stock price appreciation [4]. Group 2: Industry Context - Harrow operates within the Zacks Medical - Drugs industry, where another company, Assertio (ASRT), saw a 3.9% increase in its stock price, closing at $12.24, and has returned 28.9% over the past month [5]. - Assertio's consensus EPS estimate has decreased by 1.4% over the past month to -$3.05, representing a significant decline of 84.9% compared to the previous year [6].

Core Insights - Harrow reaffirms its full-year 2025 revenue guidance of $270-280 million, highlighting strong execution across commercial and development programs [1] - The company is on track to double its VEVYE sales force, expand IHEEZO into office-based settings, and double the TRIESENCE sales force in surgical settings [1][2] - Harrow's ImprimisRx has settled regulatory matters with the California Board of Pharmacy and will exit the California market while focusing on other states [1][10] VEVYE Sales Force Expansion - Harrow plans to double the VEVYE sales force from approximately 50 to 100 territories by Memorial Day 2026, driven by recent coverage wins and expected stabilization of net pricing [3] IHEEZO Commercial Expansion - The company is expanding IHEEZO's focus to the office-based setting, targeting over 2.5 million annual procedures, which is expected to accelerate demand and adoption [4] TRIESENCE Sales Force Expansion - Harrow intends to double the surgical sales force for TRIESENCE, responding to positive clinical feedback and increasing demand metrics for the product [6] OneHarrow Initiative - The OneHarrow initiative aims to unify branding and operations under a single organization to enhance patient access, affordability, and clinical outcomes [7] Leadership Changes - Patrick W. Sullivan has been promoted to Chief Commercial Officer, focusing on strengthening Harrow's commercial foundation and aligning with the company's revenue goals [8] MELT-300 and MELT-210 Programs - Harrow is on track to submit New Drug Applications for MELT-300 and MELT-210, with all necessary studies initiated [1][9] ImprimisRx Regulatory Settlement - ImprimisRx has settled with the California Board of Pharmacy, agreeing to a fine of approximately $157,000, and will exit the California market effective February 1, 2026 [10]