Core Insights - Harrow reported a significant revenue increase of 45%, reaching $71.6 million in Q3 2025 compared to $49.3 million in the same period last year [7][10] - The company achieved a GAAP net income of $1.0 million, a notable improvement from a net loss of $4.2 million in Q3 2024 [10][21] - Adjusted EBITDA for the quarter was $22.7 million, up from $8.8 million in the prior year [7][26] Business Highlights - The launch of TRIESENCE® into its largest market opportunity and the rollout of the Harrow Access for All (HAFA) program are key strategic initiatives aimed at future growth [5][9] - Harrow's cash and cash equivalents stood at $74.3 million as of September 30, 2025, compared to $47.2 million at the end of 2024 [7][19] - The company entered into an agreement to acquire Melt Pharmaceuticals, which focuses on non-opioid sedation therapies, potentially transforming patient experiences in medical procedures [8] Coverage Expansion - Harrow secured coverage agreements with major national payers, enhancing the accessibility of VEVYE® with preferred product status expected to take effect on January 1, 2026 [14] - A partnership with Alto Pharmacy powered by Fuze Health was established to expand the VEVYE Access For All (VAFA) program, improving patient access and affordability [14]

Core Insights - Harrow reported strong financial results for Q2 2025, with total revenues of $63.7 million, a 30% increase from $48.9 million in the same period last year [8][11] - The company is on track to exceed $280 million in revenue for the full year 2025, supported by the growth of its product VEVYE® and the expansion of its pharmacy network [3][4] - Harrow's net income for Q2 2025 was $5.0 million, a significant improvement compared to a net loss of $6.5 million in Q2 2024 [8][11] Business Highlights - VEVYE® gained nearly 3% in market share with a 66% sequential growth in prescriptions, totaling approximately 50,000 new prescriptions [4] - The average selling price (ASP) for VEVYE® is stable with an upward trend expected, which should contribute to quarterly revenues exceeding $100 million for 2025 [4] - The IHEEZO® product is anticipated to deliver record performance, while TRIESENCE® is expected to demonstrate a revenue trajectory consistent with original acquisition expectations [5] Financial Performance - Adjusted EBITDA for Q2 2025 was $17.0 million, compared to $8.8 million in Q2 2024, indicating improved operational efficiency [8][11] - The gross margin for Q2 2025 was 75%, slightly up from 74% in the prior year, while the core gross margin improved to 80% from 79% [11][24] - Cash and cash equivalents as of June 30, 2025, stood at $53.0 million, up from $47.2 million at the beginning of the year [8][16] Strategic Developments - Harrow entered a strategic alliance with Apollo Care to enhance the VAFA program, expanding patient access through a network of over 500 pharmacies [9] - The company secured exclusive U.S. commercial rights to the ophthalmology biosimilar portfolio from Samsung Bioepis, which includes two FDA-approved products [9][10] - Harrow acquired exclusive U.S. commercial rights for BYQLOVI™, a new ophthalmic steroid approved for post-operative inflammation and pain, marking a significant addition to its product portfolio [10]