Omeros (OMER) 10-Q 9 Nov 23 2023 Q3 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	9 Months Ended
	Sep. 30, 2023	Nov. 07, 2023
Document Information [Line Items]
Entity Central Index Key	0001285819
Entity Registrant Name	OMEROS CORP
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Document Fiscal Period Focus	Q3
Document Fiscal Year Focus	2023
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2023
Document Transition Report	false
Entity File Number	001-34475
Entity Incorporation, State or Country Code	WA
Entity Tax Identification Number	91-1663741
Entity Address, Address Line One	201 Elliott Avenue West
Entity Address, City or Town	Seattle
Entity Address, State or Province	WA
Entity Address, Postal Zip Code	98119
City Area Code	206
Local Phone Number	676-5000
Title of 12(b) Security	Common Stock, par value $0.01 per share
Trading Symbol	OMER
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		62,865,491

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Current assets:
Cash and cash equivalents	$ 30,640	$ 11,009
Short-term investments	279,670	183,909
OMIDRIA contract royalty asset, short-term	29,228	28,797
Receivables	6,878	213,221
Prepaid expense and other assets	4,922	6,300
Total current assets	351,338	443,236
OMIDRIA contract royalty asset	119,502	123,425
Right of use assets	19,460	21,762
Property and equipment, net	1,717	1,492
Restricted investments	1,054	1,054
Total assets	493,071	590,969
Current liabilities:
Accounts payable	5,866	5,989
Accrued expenses	34,859	30,551
Current portion of unsecured convertible senior notes, net	94,909	94,381
Current portion of OMIDRIA royalty obligation	6,654	1,152
Current portion of lease liabilities	4,888	4,310
Total current liabilities	147,176	136,383
Unsecured convertible senior notes, net	221,828	220,906
OMIDRIA royalty obligation	118,770	125,126
Lease liabilities, non-current	19,249	22,426
Other accrued liabilities, non-current	0	444
Commitments and contingencies (Note 10)
Shareholders’ equity (deficit):
Preferred stock, par value $0.01 per share, 20,000,000 shares authorized; none issued and outstanding at September 30, 2023 and December 31, 2022.	0	0
Common stock, par value $0.01 per share, 150,000,000 shares authorized at September 30, 2023 and December 31, 2022; 62,865,491 and 62,828,765 shares issued and outstanding at September 30, 2023 and December 31, 2022, respectively.	628	628
Additional paid-in capital	729,882	720,773
Accumulated deficit	(744,462)	(635,717)
Total shareholders’ equity (deficit)	(13,952)	85,684
Total liabilities and shareholders’ equity (deficit)	$ 493,071	$ 590,969

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - $ / shares	Sep. 30, 2023	Dec. 31, 2022
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, authorized (in shares)	20,000,000	20,000,000
Preferred stock, issued (in shares)	0	0
Preferred stock, outstanding (in shares)	0	0
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, authorized (in shares)	150,000,000	150,000,000
Common stock, issued (in shares)	62,865,491	62,828,765
Common stock, outstanding (in shares)	62,865,491	62,828,765

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations and Comprehensive Loss (Unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Costs and expenses:
Research and development	$ 31,731	$ 38,568	$ 85,980	$ 86,172
Selling, general and administrative	16,422	12,198	38,785	37,079
Total costs and expenses	48,153	50,766	124,765	123,251
Loss from operations	(48,153)	(50,766)	(124,765)	(123,251)
Interest expense	(7,916)	(4,932)	(23,781)	(14,799)
Interest and other income	4,413	906	12,913	2,069
Net loss from continuing operations	(51,656)	(54,792)	(135,633)	(135,981)
Net income from discontinued operations, net of tax	13,906	37,336	26,888	54,665
Net loss	$ (37,750)	$ (17,456)	$ (108,745)	$ (81,316)
Basic and diluted net income (loss) per share:
Net loss from continuing operations (in dollars per share)	$ (0.82)	$ (0.87)	$ (2.16)	$ (2.17)
Net income from discontinued operations (in dollars per share)	0.22	0.59	0.43	0.87
Net loss (in dollars per share)	$ (0.6)	$ (0.28)	$ (1.73)	$ (1.3)
Weighted-average shares used to compute basic and diluted net income (loss) per share (in shares)	62,856,721	62,730,015	62,840,990	62,728,276

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Stockholders' Equity (Deficit) (Unaudited) - USD ($) $ in Thousands	Common Stock [Member]	Additional Paid-in Capital [Member]	Retained Earnings [Member]	Total
Balance (in shares) at Dec. 31, 2021	62,628,855
Balance at Dec. 31, 2021	$ 626	$ 706,288	$ (683,134)	$ 23,780
Stock-based compensation expense	0	3,892	0	3,892
Net loss	$ 0	0	(33,011)	(33,011)
Exercise of stock options (in shares)	101,160
Exercise of stock options	$ 1	413	0	414
Balance (in shares) at Mar. 31, 2022	62,730,015
Balance at Mar. 31, 2022	$ 627	710,593	(716,145)	(4,925)
Balance (in shares) at Dec. 31, 2021	62,628,855
Balance at Dec. 31, 2021	$ 626	706,288	(683,134)	23,780
Net loss				(81,316)
Balance (in shares) at Sep. 30, 2022	62,730,015
Balance at Sep. 30, 2022	$ 627	717,509	(764,450)	(46,314)
Balance (in shares) at Mar. 31, 2022	62,730,015
Balance at Mar. 31, 2022	$ 627	710,593	(716,145)	(4,925)
Stock-based compensation expense	0	3,072	0	3,072
Net loss	$ 0	0	(30,849)	(30,849)
Balance (in shares) at Jun. 30, 2022	62,730,015
Balance at Jun. 30, 2022	$ 627	713,665	(746,994)	(32,702)
Stock-based compensation expense	0	3,844	0	3,844
Net loss	$ 0	0	(17,456)	(17,456)
Balance (in shares) at Sep. 30, 2022	62,730,015
Balance at Sep. 30, 2022	$ 627	717,509	(764,450)	(46,314)
Balance (in shares) at Dec. 31, 2022	62,828,765
Balance at Dec. 31, 2022	$ 628	720,773	(635,717)	85,684
Stock-based compensation expense	0	2,953	0	2,953
Net loss	$ 0	0	(33,701)	(33,701)
Balance (in shares) at Mar. 31, 2023	62,828,765
Balance at Mar. 31, 2023	$ 628	723,726	(669,418)	54,936
Balance (in shares) at Dec. 31, 2022	62,828,765
Balance at Dec. 31, 2022	$ 628	720,773	(635,717)	85,684
Net loss				$ (108,745)
Exercise of stock options (in shares)				36,726
Balance (in shares) at Sep. 30, 2023	62,865,491
Balance at Sep. 30, 2023	$ 628	729,882	(744,462)	$ (13,952)
Balance (in shares) at Mar. 31, 2023	62,828,765
Balance at Mar. 31, 2023	$ 628	723,726	(669,418)	54,936
Stock-based compensation expense	0	2,771	0	2,771
Net loss	$ 0	0	(37,294)	(37,294)
Exercise of stock options (in shares)	19,556
Exercise of stock options	$ 0	97	0	97
Balance (in shares) at Jun. 30, 2023	62,848,321
Balance at Jun. 30, 2023	$ 628	726,594	(706,712)	20,510
Stock-based compensation expense	0	3,235	0	3,235
Net loss	$ 0	0	(37,750)	(37,750)
Exercise of stock options (in shares)	17,170
Exercise of stock options	$ 0	53	0	53
Balance (in shares) at Sep. 30, 2023	62,865,491
Balance at Sep. 30, 2023	$ 628	$ 729,882	$ (744,462)	$ (13,952)

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Operating activities:
Net loss	$ (108,745)	$ (81,316)
Adjustments to reconcile net loss to net cash used in operating activities:
Stock-based compensation expense	8,959	10,808
Non-cash interest expense on unsecured convertible debt	1,450	1,361
Depreciation and amortization	715	789
Non-cash interest earned on OMIDRIA contract royalty asset	(11,484)	(13,739)
Remeasurement on OMIDRIA contract royalty asset	(14,924)	(40,631)
Accretion on U.S. government treasury bills, net	(7,280)	0
Early termination of operating lease	0	(454)
Changes in operating assets and liabilities:
Receivables	206,343	24,301
Prepaid expenses and other	876	1,769
OMIDRIA contract royalty asset	29,900	47,555
Accounts payable and accrued expense	3,741	(11,544)
Net cash provided by (used in) operating activities	109,551	(61,101)
Investing activities:
Purchases of investments and other	(839,595)	(103,573)
Proceeds from the sale and maturities of investments	751,114	84,600
Purchases of property and equipment	(308)	(100)
Net cash used in investing activities	(88,789)	(19,073)
Financing activities:
Proceeds from sale of future royalties	0	125,000
Principal payments on OMIDRIA royalty obligation	(854)	0
Principal payments on finance lease obligations	(427)	(515)
Proceeds upon exercise of stock options and warrants	150	414
Net cash provided by (used in) financing activities	(1,131)	124,899
Net increase in cash and cash equivalents	19,631	44,725
Cash and cash equivalents at beginning of period	11,009	100,808
Cash and cash equivalents at end of period	30,640	145,533
Supplemental cash flow information
Cash paid for interest	23,801	13,437
Property acquired under finance lease	$ 632	$ 806

Note 1 - Organization and Basis

Note 1 - Organization and Basis of Presentation	9 Months Ended
	Sep. 30, 2023
Notes to Financial Statements
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block]	Note 1 Organization and Basis of Presentation General Omeros Corporation (“Omeros,” the “Company” or “we”) is a clinical-stage biopharmaceutical company committed to discovering, developing and commercializing small-molecule and protein therapeutics for large-market as well as orphan indications targeting immunologic disorders, including complement-mediated diseases, cancers and addictive and compulsive disorders. We marketed our first 1% 0.3% December 23, 2021 ( ​ Our pipeline of clinical-stage development programs includes: narsoplimab, our antibody targeting mannan-binding lectin-associated serine protease 2 2” OMS1029, 2; OMS906, 3 3” OMS527, 7 “PDE7” In October 2023, 3 not 1 2 Sale of OMIDRIA Assets On December 23, 2021, Under the Asset Purchase Agreement with Rayner (the “Asset Purchase Agreement”), we were entitled to receive a milestone payment of $200.0 million (the “Milestone Payment”) within 30 four December 2022, 15%. February 2023. As a result of the divestiture, the results of OMIDRIA operations (e.g., revenues and operating costs) are included in discontinued operations in our condensed consolidated statements of operations and comprehensive loss and excluded from continuing operations for all periods presented (See “Note 3 Basis of Presentation Our condensed consolidated financial statements include the financial position and results of operations of Omeros and our wholly owned subsidiaries. All inter-company transactions have been eliminated. The accompanying condensed consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”). Liquidity and Capital Resources As of September 30, 2023 September 30, 2023 nine September 30, 2023 first 2023. 2023 November 15, 2023, Historically, we have incurred net losses from continuing operations and negative operating cash flows. We have not 2026. twelve may may ​ Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Significant items subject to such estimates include OMIDRIA contract royalty asset valuation, stock-based compensation expense, and accruals for clinical trials and manufacturing of drug product. We base our estimates on historical experience and on various other factors that we believe are reasonable under the circumstances; however, actual results could differ from these estimates.

Note 2 - Significant Accounting

Note 2 - Significant Accounting Policies	9 Months Ended
	Sep. 30, 2023
Notes to Financial Statements
Significant Accounting Policies [Text Block]	Note 2 Significant Accounting Policies OMIDRIA Royalties, Milestones and Contract Royalty Assets We have rights to receive future royalties from Rayner on OMIDRIA net sales at royalty rates that vary based on geography and certain regulatory contingencies. Therefore, future OMIDRIA royalties are treated as variable consideration. The sale of OMIDRIA qualified as an asset sale under GAAP. To measure the OMIDRIA contract royalty asset we used the expected value approach, which is the sum of the discounted probability-weighted royalty payments we would receive using a range of potential outcomes to the extent that it is probable that a significant reversal in the amount of cumulative income recognized will not December 2022, December 2022, OMIDRIA Royalty Obligation On September 30, 2022, 8 The $125.0 million cash consideration obtained is classified as a liability and is recorded as an “OMIDRIA royalty obligation” on our condensed consolidated balance sheet. The liability is being amortized over the term of the arrangement using the implied effective interest rate of 9.4% and interest expense is recorded as a component of continuing operations. To the extent our estimates of future royalties differ materially from previous estimates, we will adjust the carrying amount of the liability for future OMIDRIA royalties to the present value of the revised estimated cash flows, discounted at the original effective interest rate of 9.4% utilizing the cumulative catch-up method. The offset to the adjustment would be recognized as a component of net income (loss) from continuing operations. Inventory We expense inventory costs related to product candidates as research and development expenses until regulatory approval is reasonably assured in the U.S. or the European Union (“EU”). Once approval is reasonably assured, costs, including amounts related to third Right-of-Use Assets and Related Lease Liabilities We record operating leases as right-of-use assets and recognize the related lease liabilities equal to the fair value of the lease payments using our incremental borrowing rate when the implicit rate in the lease agreement is not We record finance lease obligations as a component of property and equipment and amortize these assets within operating expenses on a straight-line basis to their residual values over the shorter of the term of the underlying lease or the estimated useful life of the equipment. The interest component of finance lease obligations is included in interest expense and recognized using the effective interest method over the lease term. We account for leases with initial terms of 12 Stock-Based Compensation Stock-based compensation expense is recognized for all share-based payments, including grants of stock option awards and restricted stock units (“RSU”) based on estimated fair values. The fair value of our stock is calculated using the Black-Scholes valuation model, which requires judgmental assumptions around volatility, risk-free rates, forfeiture rates and expected option life. Compensation expense is recognized over the requisite service periods, which is generally the vesting period, using the straight-line method. Forfeiture expense is estimated at the time of grant and revised in subsequent periods if actual forfeitures differ from those estimates. Income Taxes Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their tax basis. Deferred tax assets and liabilities are measured using enacted tax rates applied to taxable income in the years in which those temporary differences are expected to be recovered or settled. We recognize the effect of income tax positions only if those positions are more likely than not not not

Note 3 - Discontinued Operation

Note 3 - Discontinued Operations	9 Months Ended
	Sep. 30, 2023
Notes to Financial Statements
Disposal Groups, Including Discontinued Operations, Disclosure [Text Block]	Note 3 Discontinued Operations On December 23, 2021, ​ Under the Asset Purchase Agreement, the achievement of the Milestone Event in December 2022 no 2033. February 2023. no ​ The sale of OMIDRIA was recorded as an asset sale. Additionally, the results of operations related to OMIDRIA are recorded as income from discontinued operations for all periods presented in the condensed consolidated statements of operations and comprehensive loss. ​ The following schedule presents a roll forward of the OMIDRIA contract royalty asset (in thousands): OMIDRIA contract royalty asset at December 31, 2022 $ 152,222 Royalties earned (29,900 ) Interest earned on OMIDRIA contract royalty asset 11,484 Remeasurement adjustments 14,924 OMIDRIA contract royalty asset at September 30, 2023 $ 148,730 Net income from discontinued operations is as follows: ​ ​ Three Months Ended Nine Months Ended ​ September 30, September 30, ​ 2023 2022 2023 2022 ​ (In thousands) Interest earned on OMIDRIA contract royalty asset $ 3,730 $ 4,356 $ 11,484 $ 13,739 Remeasurement adjustments 10,100 32,917 14,924 40,631 Other income, net 76 63 480 295 Net income from discontinued operations, net of tax $ 13,906 $ 37,336 $ 26,888 $ 54,665 Cash flow from discontinued operations is as follows: ​ ​ Nine Months Ended ​ September 30, ​ 2023 2022 ​ (In thousands) Net cash provided by discontinued operations from operating activities $ 232,081 $ 60,188 Net cash provided by discontinued operations primarily represents royalties received and the $200.0 million Milestone Payment that we collected from Rayner in February 2023. ​

Note 4 - Net Loss Per Share

Note 4 - Net Loss Per Share	9 Months Ended
	Sep. 30, 2023
Notes to Financial Statements
Earnings Per Share [Text Block]	Note 4 Net Loss Per Share Our potentially dilutive securities include potential common shares related to our stock options, RSUs and unsecured convertible senior notes. Diluted earnings per share (“Diluted EPS”) considers the impact of potentially dilutive securities except in periods in which there is a loss because the inclusion of the potential common shares would have an anti-dilutive effect. Diluted EPS excludes the impact of potential common shares related to our stock options in periods in which the option exercise price is greater than the average market price of our common stock for the period. Potentially dilutive securities excluded from Diluted EPS are as follows: ​ Three Months Ended Nine Months Ended ​ September 30, September 30, ​ 2023 2022 2023 2022 2026 Notes convertible to common stock (1) 12,172,008 12,172,008 12,172,008 12,172,008 2023 Notes convertible to common stock (1) 4,941,739 4,941,739 4,941,739 4,941,739 Outstanding options to purchase common stock 34,450 19,292 37,394 8,246 Outstanding restricted stock units 70,250 200,000 70,250 200,000 Total potentially dilutive shares excluded from net loss per share 17,218,446 17,333,039 17,221,390 17,321,993 ( 1 The 2023 2026 7

Note 5 - Certain Balance Sheet

Note 5 - Certain Balance Sheet Accounts	9 Months Ended
	Sep. 30, 2023
Notes to Financial Statements
Supplemental Balance Sheet Disclosures [Text Block]	Note 5 Certain Balance Sheet Accounts OMIDRIA Contract Royalty Asset The OMIDRIA contract royalty asset consists of the following: ​ September 30, December 31, ​ 2023 2022 ​ (In thousands) Short-term contract royalty asset $ 29,228 $ 28,797 Long-term contract royalty asset 119,502 123,425 Total OMIDRIA contract royalty asset $ 148,730 $ 152,222 Receivables Receivables consist of the following: ​ September 30, December 31, ​ 2023 2022 ​ (In thousands) OMIDRIA royalty $ 6,658 $ 12,966 Sublease and other 220 255 OMIDRIA milestone — 200,000 Total receivables $ 6,878 $ 213,221 Property and Equipment, Net Property and equipment, net consists of the following: ​ September 30, December 31, ​ 2023 2022 ​ (In thousands) Equipment under finance lease obligations $ 6,608 $ 6,204 Laboratory equipment 3,407 3,135 Computer equipment 1,113 1,076 Office equipment and furniture 625 625 Total cost 11,753 11,040 Less accumulated depreciation and amortization (10,036 ) (9,548 ) Total property and equipment, net $ 1,717 $ 1,492 For the three September 30, 2023 2022 nine September 30, 2023 2022 Accrued Expenses Accrued expenses consists of the following: ​ September 30, December 31, ​ 2023 2022 ​ (In thousands) Employee compensation $ 12,556 $ 6,665 Clinical trials 9,351 5,536 Contract research and development 4,158 3,209 Interest payable 3,703 5,172 Consulting and professional fees 3,005 4,425 Income taxes payable 1,228 4,871 Other accrued expenses 858 673 Total accrued expenses $ 34,859 $ 30,551

Note 6 - Investments and Fair-V

Note 6 - Investments and Fair-Value Measurement	9 Months Ended
	Sep. 30, 2023
Notes to Financial Statements
Fair Value Disclosures [Text Block]	Note 6 Investments and Fair-Value Measurements All of our investments are held in our name and are classified as short-term and held-to-maturity on the accompanying condensed consolidated balance sheets. Investment income is included as a component of other income on our condensed consolidated statement of operations and comprehensive loss. Investment income for the three September 30, 2023 September 30, 2022 nine September 30, 2023 2022 The following tables summarize our investments: ​ September 30, 2023 ​ Gross Unrealized Amortized Cost Gains/(Losses) Estimated Fair Value ​ (In thousands) ​ ​ ​ ​ U.S. government securities classified as short-term investments $ 127,385 $ 2 $ 127,387 Money-market funds classified as short-term investments 152,285 — 152,285 Total short-term investments 279,670 2 279,672 Certificate of deposit classified as non-current restricted investments 1,054 — 1,054 Total $ 280,724 $ 2 $ 280,726 ​ December 31, 2022 ​ Gross Unrealized Amortized Cost Gains/(Losses) Estimated Fair Value ​ (In thousands) ​ ​ ​ ​ U.S. government securities classified as short-term investments $ 99,027 $ 22 $ 99,049 Money-market funds classified as short-term investments 84,882 — 84,882 Total short-term investments 183,909 22 183,931 Certificate of deposit classified as non-current restricted investments 1,054 — 1,054 Total $ 184,963 $ 22 $ 184,985 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. The accounting standard establishes a fair value hierarchy that requires an entity to maximize the use of observable inputs, where available. The following summarizes the three Level 1—Observable Level 2—Inputs Level 3—Unobservable no Our fair value hierarchy for our financial assets and liabilities are as follows: ​ September 30, 2023 ​ Level 1 Level 2 Level 3 Total ​ (In thousands) Assets: ​ ​ ​ ​ U.S. government securities classified as short-term investments $ — $ 127,387 $ — $ 127,387 Money-market funds classified as short-term investments 152,285 — — 152,285 Total short-term investments 152,285 127,387 — 279,672 Certificate of deposit classified as non-current restricted investments 1,054 — — 1,054 Total $ 153,339 $ 127,387 $ — $ 280,726 ​ December 31, 2022 ​ Level 1 Level 2 Level 3 Total ​ (In thousands) Assets: ​ ​ ​ ​ U.S. government securities classified as short-term investments $ — $ 99,049 $ — $ 99,049 Money-market funds classified as short-term investments 84,882 — — 84,882 Total short-term investments 84,882 99,049 — 183,931 Certificate of deposit classified as non-current restricted investments 1,054 — — 1,054 Total $ 85,936 $ 99,049 $ — $ 184,985 Cash held in demand deposit accounts of $30.6 million and $11.0 million is excluded from our fair-value hierarchy disclosure as of September 30, 2023 December 31, 2022 See “Note 7—Unsecured 8—OMIDRIA

Note 7 - Unsecured Convertible

Note 7 - Unsecured Convertible Senior Notes	9 Months Ended
	Sep. 30, 2023
Notes to Financial Statements
Long-Term Debt [Text Block]	Note 7 Unsecured Convertible Senior Notes We carry $95.0 million in aggregate principal on our 6.25% Convertible Senior Notes (the “2023 ) “2026 ​ ​ Balance as of September 30, 2023 ​ 2023 Notes 2026 Notes Total ​ (In thousands) Principal amount $ 95,000 $ 225,030 $ 320,030 Unamortized debt issuance costs (91 ) (3,202 ) (3,293 ) Total unsecured convertible senior notes, net $ 94,909 $ 221,828 $ 316,737 ​ ​ ​ ​ Fair value of outstanding unsecured convertible senior notes (1) $ 94,822 $ 136,424 ​ ​ Balance as of December 31, 2022 ​ 2023 Notes 2026 Notes Total ​ (In thousands) Principal amount $ 95,000 $ 225,030 $ 320,030 Unamortized discount (619 ) (4,124 ) (4,743 ) Total unsecured convertible senior notes, net $ 94,381 $ 220,906 $ 315,287 ​ ​ ​ ​ Fair value of outstanding unsecured convertible senior notes (1) $ 92,031 $ 118,141 ​ ( 1 The fair value is classified as Level 3 ​ 2023 Our 2023 May 15 November 15 November 15, 2023 The unamortized debt issuance costs of $0.1 million as of September 30, 2023 Subject to the satisfaction of certain conditions, the 2023 To reduce the dilutive impact or potential cash expenditure associated with the conversion of the 2023 “2023 2023 2023 may September 30, 2023 2023 2023 November 15, 2023. The following table sets forth total interest expense recognized in connection with the 2023 ​ ​ Three Months Ended Nine Months Ended ​ September 30, September 30, ​ 2023 2022 2023 2022 ​ (In thousands) Contractual interest expense $ 1,484 $ 1,484 $ 4,453 $ 4,453 Amortization of debt issuance costs 179 167 528 492 Total $ 1,663 $ 1,651 $ 4,981 $ 4,945 2026 Our 2026 February 15 August 15 2026 February 15, 2026, The unamortized debt issuance costs of $3.2 million as of September 30, 2023 Subject to the satisfaction of certain conditions, the 2026 To reduce the dilutive impact or potential cash expenditure associated with the conversion of the 2026 “2026 2026 $26.10. 2026 may September 30, 2023 2026 The following table sets forth interest expense recognized related to the 2026 ​ ​ Three Months Ended Nine Months Ended ​ September 30, September 30, ​ 2023 2022 2023 2022 ​ (In thousands) Contractual interest expense $ 2,954 $ 2,954 $ 8,861 $ 8,861 Amortization of debt issuance costs 312 294 922 869 Total $ 3,266 $ 3,248 $ 9,783 $ 9,730 Future Minimum Principal Payments Future minimum principal payments for the 2023 2026 September 30, 2023 ​ 2023 $ 95,000 2024 — 2025 — 2026 225,030 Total future minimum principal payments under the 2023 Notes and 2026 Notes $ 320,030

Note 8 - OMIDRIA Royalty Obliga

Note 8 - OMIDRIA Royalty Obligation	9 Months Ended
	Sep. 30, 2023
Notes to Financial Statements
Royalty Obligation [Text Block]	Note 8 OMIDRIA Royalty Obligation On September 30, 2022, December 31, 2030, not no September 30, 2023 December 31, 2030) We consider our OMIDRIA royalty obligation to be a Level 3 not September 30, 2023 ​ For the three nine September 30, 2023 ​ As of September 30, 2023 ​ ​ ​ Total ​ Principal Interest Annual Cap ​ (In thousands) 2023 $ 298 $ 2,952 $ 3,250 2024 8,576 11,424 20,000 2025 14,641 10,359 25,000 2026 16,081 8,919 25,000 2027 17,664 7,336 25,000 Thereafter 68,164 10,586 78,750 Total scheduled payments $ 125,424 $ 51,576 $ 177,000

Note 9 - Leases

Note 9 - Leases	9 Months Ended
	Sep. 30, 2023
Notes to Financial Statements
Lease Disclosure [Text Block]	Note 9 Leases We have an operating lease for our office and laboratory facilities with an initial term that ends in November 2027 two five January 14, 2022, Supplemental lease information is as follows: ​ Three Months Ended Nine Months Ended ​ September 30, September 30, ​ 2023 2022 2023 2022 ​ (In thousands) Lease cost Operating lease cost $ 1,603 $ 1,659 $ 4,852 $ 4,529 Finance lease cost: ​ ​ Amortization 140 250 529 570 Interest 29 32 121 123 Variable lease cost 807 813 2,354 2,395 Sublease income (375 ) (432 ) (1,125 ) (1,377 ) Net lease cost $ 2,204 $ 2,322 $ 6,731 $ 6,240 Cash paid for amounts included in the measurement of lease liabilities is as follows: ​ Nine Months Ended ​ September 30, ​ 2023 2022 ​ (In thousands) Cash paid for amounts included in the measurement of lease liabilities ​ ​ Cash payments for operating leases $ 5,356 $ 5,312 Cash payments for financing leases $ 499 $ 598

Note 10 - Commitments and Conti

Note 10 - Commitments and Contingencies	9 Months Ended
	Sep. 30, 2023
Notes to Financial Statements
Commitments and Contingencies Disclosure [Text Block]	Note 10 Commitments and Contingencies Good and Service Contracts We have various agreements with third September 30, 2023 Development Milestones and Product Royalties We have licensed a variety of intellectual property from third may may three nine September 30, 2023, OMS906 three nine September 30, 2022, not

Note 11 - Shareholders' Equity

Note 11 - Shareholders' Equity (Deficit)	9 Months Ended
	Sep. 30, 2023
Notes to Financial Statements
Equity [Text Block]	Note 11 Shareholders Equity (Deficit) Common Stock and Warrants On March 1, 2021, September 30, 2023 not On April 12, 2023, no On November 9, 2023, may Amendment of 2017 At our June 23, 2023 2017 September 30, 2023

Note 12 - Stock-Based Compensat

Note 12 - Stock-Based Compensation	9 Months Ended
	Sep. 30, 2023
Notes to Financial Statements
Share-Based Payment Arrangement [Text Block]	Note 12 Stock-Based Compensation ​ Our stock option plans provide for the grant of incentive and non-qualified stock options, restricted stock awards, RSUs, and other stock awards to employees, non-employee directors and consultants. Stock-based compensation is as follows: Three Months Ended Nine Months Ended ​ September 30, September 30, ​ 2023 2022 2023 2022 ​ (In thousands) Continuing operations ​ ​ ​ ​ Research and development $ 1,305 $ 1,672 $ 3,710 $ 4,777 Selling, general and administrative 2,054 2,200 5,456 6,170 Total stock-based compensation in continuing operations 3,359 3,872 9,166 10,947 Discontinued operations (124 ) (28 ) (207 ) (139 ) Total stock-based compensation $ 3,235 $ 3,844 $ 8,959 $ 10,808 The fair value of each option grant is estimated on the date of grant using the Black-Scholes option-pricing model. The following assumptions were applied to all stock option grants: ​ Three Months Ended Nine Months Ended ​ September 30, 2023 September 30, 2023 Estimated weighted-average fair value $ 2.42 $ 2.54 Weighted-average assumptions: ​ ​ Expected volatility 93 % 93 % Expected life, in years 7.1 7.1 Risk-free interest rate 3.98 % 3.96 % Expected dividend yield — % — % Stock option activity for all stock plans and related information is as follows: ​ ​ Weighted- ​ ​ ​ ​ Average ​ Aggregate ​ ​ Exercise Remaining Intrinsic ​ Options Price per Contractual Life Value ​ Outstanding Share (In years) (In thousands) Balance at December 31, 2022 13,872,973 $ 11.02 Granted 2,908,200 3.13 Exercised (36,726 ) 4.10 Forfeited (1,439,517 ) 10.12 Balance at September 30, 2023 15,304,930 $ 9.62 6.3 $ 80 Vested and expected to vest at September 30, 2023 14,760,623 $ 9.78 6.2 $ 77 Exercisable at September 30, 2023 10,169,314 $ 11.75 4.8 $ 44 Of the 15.3 million common stock options outstanding as of September 30, 2023 September 30, 2023. As of September 30, 2023 ​ The Company had 70,250 unvested RSUs outstanding as of September 30, 2023 December 1, 2023.

Significant Accounting Policies

Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 2023
Accounting Policies [Abstract]
Royalty Fees And Contract Royalty Asset [Policy Text Block]	OMIDRIA Royalties, Milestones and Contract Royalty Assets We have rights to receive future royalties from Rayner on OMIDRIA net sales at royalty rates that vary based on geography and certain regulatory contingencies. Therefore, future OMIDRIA royalties are treated as variable consideration. The sale of OMIDRIA qualified as an asset sale under GAAP. To measure the OMIDRIA contract royalty asset we used the expected value approach, which is the sum of the discounted probability-weighted royalty payments we would receive using a range of potential outcomes to the extent that it is probable that a significant reversal in the amount of cumulative income recognized will not December 2022, December 2022,
Royalty Obligation Policy [Policy Text Block]	OMIDRIA Royalty Obligation On September 30, 2022, 8 The $125.0 million cash consideration obtained is classified as a liability and is recorded as an “OMIDRIA royalty obligation” on our condensed consolidated balance sheet. The liability is being amortized over the term of the arrangement using the implied effective interest rate of 9.4% and interest expense is recorded as a component of continuing operations. To the extent our estimates of future royalties differ materially from previous estimates, we will adjust the carrying amount of the liability for future OMIDRIA royalties to the present value of the revised estimated cash flows, discounted at the original effective interest rate of 9.4% utilizing the cumulative catch-up method. The offset to the adjustment would be recognized as a component of net income (loss) from continuing operations.
Inventory, Policy [Policy Text Block]	Inventory We expense inventory costs related to product candidates as research and development expenses until regulatory approval is reasonably assured in the U.S. or the European Union (“EU”). Once approval is reasonably assured, costs, including amounts related to third
Lessee, Leases [Policy Text Block]	Right-of-Use Assets and Related Lease Liabilities We record operating leases as right-of-use assets and recognize the related lease liabilities equal to the fair value of the lease payments using our incremental borrowing rate when the implicit rate in the lease agreement is not We record finance lease obligations as a component of property and equipment and amortize these assets within operating expenses on a straight-line basis to their residual values over the shorter of the term of the underlying lease or the estimated useful life of the equipment. The interest component of finance lease obligations is included in interest expense and recognized using the effective interest method over the lease term. We account for leases with initial terms of 12
Share-Based Payment Arrangement [Policy Text Block]	Stock-Based Compensation Stock-based compensation expense is recognized for all share-based payments, including grants of stock option awards and restricted stock units (“RSU”) based on estimated fair values. The fair value of our stock is calculated using the Black-Scholes valuation model, which requires judgmental assumptions around volatility, risk-free rates, forfeiture rates and expected option life. Compensation expense is recognized over the requisite service periods, which is generally the vesting period, using the straight-line method. Forfeiture expense is estimated at the time of grant and revised in subsequent periods if actual forfeitures differ from those estimates.
Income Tax, Policy [Policy Text Block]	Income Taxes Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their tax basis. Deferred tax assets and liabilities are measured using enacted tax rates applied to taxable income in the years in which those temporary differences are expected to be recovered or settled. We recognize the effect of income tax positions only if those positions are more likely than not not not

Note 3 - Discontinued Operati_2

Note 3 - Discontinued Operations (Tables)	9 Months Ended
	Sep. 30, 2023
Notes Tables
Disposal Groups, Including Discontinued Operations, Contract Royalty Asset [Table Text Block]	OMIDRIA contract royalty asset at December 31, 2022 $ 152,222 Royalties earned (29,900 ) Interest earned on OMIDRIA contract royalty asset 11,484 Remeasurement adjustments 14,924 OMIDRIA contract royalty asset at September 30, 2023 $ 148,730
Disposal Groups, Including Discontinued Operations [Table Text Block]	​ Three Months Ended Nine Months Ended ​ September 30, September 30, ​ 2023 2022 2023 2022 ​ (In thousands) Interest earned on OMIDRIA contract royalty asset $ 3,730 $ 4,356 $ 11,484 $ 13,739 Remeasurement adjustments 10,100 32,917 14,924 40,631 Other income, net 76 63 480 295 Net income from discontinued operations, net of tax $ 13,906 $ 37,336 $ 26,888 $ 54,665
Schedule Of Disposal Groups Including Discontinued Operations Cash Flows [Table Text Block]	​ Nine Months Ended ​ September 30, ​ 2023 2022 ​ (In thousands) Net cash provided by discontinued operations from operating activities $ 232,081 $ 60,188

Note 4 - Net Loss Per Share (Ta

Note 4 - Net Loss Per Share (Tables)	9 Months Ended
	Sep. 30, 2023
Notes Tables
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share [Table Text Block]	​ Three Months Ended Nine Months Ended ​ September 30, September 30, ​ 2023 2022 2023 2022 2026 Notes convertible to common stock (1) 12,172,008 12,172,008 12,172,008 12,172,008 2023 Notes convertible to common stock (1) 4,941,739 4,941,739 4,941,739 4,941,739 Outstanding options to purchase common stock 34,450 19,292 37,394 8,246 Outstanding restricted stock units 70,250 200,000 70,250 200,000 Total potentially dilutive shares excluded from net loss per share 17,218,446 17,333,039 17,221,390 17,321,993

Note 5 - Certain Balance Shee_2

Note 5 - Certain Balance Sheet Accounts (Tables)	9 Months Ended
	Sep. 30, 2023
Notes Tables
Schedule Of Contract Royalty Asset [Table Text Block]	​ September 30, December 31, ​ 2023 2022 ​ (In thousands) Short-term contract royalty asset $ 29,228 $ 28,797 Long-term contract royalty asset 119,502 123,425 Total OMIDRIA contract royalty asset $ 148,730 $ 152,222
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block]	​ September 30, December 31, ​ 2023 2022 ​ (In thousands) OMIDRIA royalty $ 6,658 $ 12,966 Sublease and other 220 255 OMIDRIA milestone — 200,000 Total receivables $ 6,878 $ 213,221
Property, Plant and Equipment [Table Text Block]	​ September 30, December 31, ​ 2023 2022 ​ (In thousands) Equipment under finance lease obligations $ 6,608 $ 6,204 Laboratory equipment 3,407 3,135 Computer equipment 1,113 1,076 Office equipment and furniture 625 625 Total cost 11,753 11,040 Less accumulated depreciation and amortization (10,036 ) (9,548 ) Total property and equipment, net $ 1,717 $ 1,492
Schedule of Accrued Liabilities [Table Text Block]	​ September 30, December 31, ​ 2023 2022 ​ (In thousands) Employee compensation $ 12,556 $ 6,665 Clinical trials 9,351 5,536 Contract research and development 4,158 3,209 Interest payable 3,703 5,172 Consulting and professional fees 3,005 4,425 Income taxes payable 1,228 4,871 Other accrued expenses 858 673 Total accrued expenses $ 34,859 $ 30,551

Note 6 - Investments and Fair_2

Note 6 - Investments and Fair-Value Measurement (Tables)	9 Months Ended
	Sep. 30, 2023
Notes Tables
Debt Securities, Available-for-Sale [Table Text Block]	​ September 30, 2023 ​ Gross Unrealized Amortized Cost Gains/(Losses) Estimated Fair Value ​ (In thousands) ​ ​ ​ ​ U.S. government securities classified as short-term investments $ 127,385 $ 2 $ 127,387 Money-market funds classified as short-term investments 152,285 — 152,285 Total short-term investments 279,670 2 279,672 Certificate of deposit classified as non-current restricted investments 1,054 — 1,054 Total $ 280,724 $ 2 $ 280,726 ​ December 31, 2022 ​ Gross Unrealized Amortized Cost Gains/(Losses) Estimated Fair Value ​ (In thousands) ​ ​ ​ ​ U.S. government securities classified as short-term investments $ 99,027 $ 22 $ 99,049 Money-market funds classified as short-term investments 84,882 — 84,882 Total short-term investments 183,909 22 183,931 Certificate of deposit classified as non-current restricted investments 1,054 — 1,054 Total $ 184,963 $ 22 $ 184,985
Fair Value, Assets Measured on Recurring Basis [Table Text Block]	​ September 30, 2023 ​ Level 1 Level 2 Level 3 Total ​ (In thousands) Assets: ​ ​ ​ ​ U.S. government securities classified as short-term investments $ — $ 127,387 $ — $ 127,387 Money-market funds classified as short-term investments 152,285 — — 152,285 Total short-term investments 152,285 127,387 — 279,672 Certificate of deposit classified as non-current restricted investments 1,054 — — 1,054 Total $ 153,339 $ 127,387 $ — $ 280,726 ​ December 31, 2022 ​ Level 1 Level 2 Level 3 Total ​ (In thousands) Assets: ​ ​ ​ ​ U.S. government securities classified as short-term investments $ — $ 99,049 $ — $ 99,049 Money-market funds classified as short-term investments 84,882 — — 84,882 Total short-term investments 84,882 99,049 — 183,931 Certificate of deposit classified as non-current restricted investments 1,054 — — 1,054 Total $ 85,936 $ 99,049 $ — $ 184,985

Note 7 - Unsecured Convertibl_2

Note 7 - Unsecured Convertible Senior Notes (Tables)	9 Months Ended
	Sep. 30, 2023
Notes Tables
Convertible Debt [Table Text Block]	​ Balance as of September 30, 2023 ​ 2023 Notes 2026 Notes Total ​ (In thousands) Principal amount $ 95,000 $ 225,030 $ 320,030 Unamortized debt issuance costs (91 ) (3,202 ) (3,293 ) Total unsecured convertible senior notes, net $ 94,909 $ 221,828 $ 316,737 ​ ​ ​ ​ Fair value of outstanding unsecured convertible senior notes (1) $ 94,822 $ 136,424 ​ ​ Balance as of December 31, 2022 ​ 2023 Notes 2026 Notes Total ​ (In thousands) Principal amount $ 95,000 $ 225,030 $ 320,030 Unamortized discount (619 ) (4,124 ) (4,743 ) Total unsecured convertible senior notes, net $ 94,381 $ 220,906 $ 315,287 ​ ​ ​ ​ Fair value of outstanding unsecured convertible senior notes (1) $ 92,031 $ 118,141 ​
Schedule Of Debt Instrument, Interest Expense Recognized [Table Text Block]	​ Three Months Ended Nine Months Ended ​ September 30, September 30, ​ 2023 2022 2023 2022 ​ (In thousands) Contractual interest expense $ 1,484 $ 1,484 $ 4,453 $ 4,453 Amortization of debt issuance costs 179 167 528 492 Total $ 1,663 $ 1,651 $ 4,981 $ 4,945 ​ Three Months Ended Nine Months Ended ​ September 30, September 30, ​ 2023 2022 2023 2022 ​ (In thousands) Contractual interest expense $ 2,954 $ 2,954 $ 8,861 $ 8,861 Amortization of debt issuance costs 312 294 922 869 Total $ 3,266 $ 3,248 $ 9,783 $ 9,730
Schedule of Maturities of Long-Term Debt [Table Text Block]	2023 $ 95,000 2024 — 2025 — 2026 225,030 Total future minimum principal payments under the 2023 Notes and 2026 Notes $ 320,030

Note 8 - OMIDRIA Royalty Obli_2

Note 8 - OMIDRIA Royalty Obligation (Tables)	9 Months Ended
	Sep. 30, 2023
Notes Tables
Maximum Scheduled Principal and Interest Payments of Royalty Obligation [Table Text Block]	​ ​ ​ Total ​ Principal Interest Annual Cap ​ (In thousands) 2023 $ 298 $ 2,952 $ 3,250 2024 8,576 11,424 20,000 2025 14,641 10,359 25,000 2026 16,081 8,919 25,000 2027 17,664 7,336 25,000 Thereafter 68,164 10,586 78,750 Total scheduled payments $ 125,424 $ 51,576 $ 177,000

Note 9 - Leases (Tables)

Note 9 - Leases (Tables)	9 Months Ended
	Sep. 30, 2023
Notes Tables
Lease, Cost [Table Text Block]	​ Three Months Ended Nine Months Ended ​ September 30, September 30, ​ 2023 2022 2023 2022 ​ (In thousands) Lease cost Operating lease cost $ 1,603 $ 1,659 $ 4,852 $ 4,529 Finance lease cost: ​ ​ Amortization 140 250 529 570 Interest 29 32 121 123 Variable lease cost 807 813 2,354 2,395 Sublease income (375 ) (432 ) (1,125 ) (1,377 ) Net lease cost $ 2,204 $ 2,322 $ 6,731 $ 6,240 ​ Nine Months Ended ​ September 30, ​ 2023 2022 ​ (In thousands) Cash paid for amounts included in the measurement of lease liabilities ​ ​ Cash payments for operating leases $ 5,356 $ 5,312 Cash payments for financing leases $ 499 $ 598

Note 12 - Stock-Based Compens_2

Note 12 - Stock-Based Compensation (Tables)	9 Months Ended
	Sep. 30, 2023
Notes Tables
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Table Text Block]	Three Months Ended Nine Months Ended ​ September 30, September 30, ​ 2023 2022 2023 2022 ​ (In thousands) Continuing operations ​ ​ ​ ​ Research and development $ 1,305 $ 1,672 $ 3,710 $ 4,777 Selling, general and administrative 2,054 2,200 5,456 6,170 Total stock-based compensation in continuing operations 3,359 3,872 9,166 10,947 Discontinued operations (124 ) (28 ) (207 ) (139 ) Total stock-based compensation $ 3,235 $ 3,844 $ 8,959 $ 10,808
Schedule of Share-Based Payment Award, Stock Options, Valuation Assumptions [Table Text Block]	​ Three Months Ended Nine Months Ended ​ September 30, 2023 September 30, 2023 Estimated weighted-average fair value $ 2.42 $ 2.54 Weighted-average assumptions: ​ ​ Expected volatility 93 % 93 % Expected life, in years 7.1 7.1 Risk-free interest rate 3.98 % 3.96 % Expected dividend yield — % — %
Share-Based Payment Arrangement, Activity [Table Text Block]	​ ​ Weighted- ​ ​ ​ ​ Average ​ Aggregate ​ ​ Exercise Remaining Intrinsic ​ Options Price per Contractual Life Value ​ Outstanding Share (In years) (In thousands) Balance at December 31, 2022 13,872,973 $ 11.02 Granted 2,908,200 3.13 Exercised (36,726 ) 4.10 Forfeited (1,439,517 ) 10.12 Balance at September 30, 2023 15,304,930 $ 9.62 6.3 $ 80 Vested and expected to vest at September 30, 2023 14,760,623 $ 9.78 6.2 $ 77 Exercisable at September 30, 2023 10,169,314 $ 11.75 4.8 $ 44

Note 1 - Organization and Bas_2

Note 1 - Organization and Basis of Presentation (Details Textual) - USD ($) $ in Thousands		1 Months Ended		3 Months Ended						9 Months Ended
	Dec. 23, 2021	Dec. 31, 2022	Dec. 23, 2022	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Sep. 30, 2023	Sep. 30, 2022	Feb. 28, 2023	Mar. 01, 2021
Milestone Payment If Achieved Under Asset Purchase Agreement	$ 200,000	$ 200,000										$ 200,000
Milestone Period (Year)	4 years
Milestone Payment Receivable		$ 200,000		$ 0						$ 0
Percentage of Royalty Receivable on Sale of Product Rights	50%	30%	30%
Cash, Cash Equivalents, and Short-Term Investments				310,300						310,300
Net Income (Loss) Attributable to Parent				(37,750)	$ (37,294)	$ (33,701)	$ (17,456)	$ (30,849)	$ (33,011)	(108,745)	$ (81,316)
Net Cash Provided by (Used in) Operating Activities										109,551	$ (61,101)
Cash Proceeds From Milestone Payment						$ 200,000
Long-Term Debt, Gross		$ 320,030		320,030						320,030
Equity Offering Facility, Maximum Aggregate Offering Amount				150,000						150,000			$ 150,000
Convertible Senior Notes 2023 [Member]
Long-Term Debt, Gross		$ 95,000		$ 95,000						$ 95,000
Discontinued Operations, Disposed of by Sale [Member] | Omidria Assets Disposal [Member]
Proceeds from Divestiture of Businesses	$ 126,000

Note 2 - Significant Accounti_2

Note 2 - Significant Accounting Policies (Details Textual) - USD ($) $ in Thousands			1 Months Ended
	Sep. 30, 2022	Dec. 23, 2021	Dec. 31, 2022	Dec. 23, 2022	Sep. 30, 2023	Mar. 31, 2023
Percentage of Royalty Receivable on Sale of Product Rights		50%	30%	30%
Milestone Payment Receivable			$ 200,000		$ 0
Percentage Of Interest Earned on Outstanding Contract Royalty Asset						11%
DRI Healthcare Acquisition LP [Member]
Proceeds From Royalty Obligation	$ 125,000
Maximum Royalty Payable Percentage					9.40%	9.40%

Note 3 - Discontinued Operati_3

Note 3 - Discontinued Operations (Details Textual) - USD ($) $ in Billions		1 Months Ended
	Dec. 23, 2021	Feb. 28, 2023	Dec. 31, 2022	Dec. 23, 2022
Milestone Payment If Achieved Under Asset Purchase Agreement	$ 0.2	$ 0.2	$ 0.2
Percentage of Royalty Receivable on Sale of Product Rights	50%		30%	30%
Revenue Recognition, Milestone Method, Revenue Recognized		$ 0.2
Percentage of Reduction in Royalty Receivable Upon Breach of Agreement Term	10%

Note 3 - Discontinued Operati_4

Note 3 - Discontinued Operations - Contract Royalty Asset (Details) - Discontinued Operations, Disposed of by Sale [Member] - Omidria Assets Disposal [Member] - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
OMIDRIA contract royalty asset at December 31, 2022			$ 152,222
Royalties earned			(29,900)
Interest earned on OMIDRIA contract royalty asset	$ 3,730	$ 4,356	11,484	$ 13,739
Remeasurement adjustments	10,100	$ 32,917	14,924	$ 40,631
OMIDRIA contract royalty asset at September 30, 2023	$ 148,730		$ 148,730

Note 3 - Discontinued Operati_5

Note 3 - Discontinued Operations - Net Income From Discontinued Operations (Details) - Discontinued Operations, Disposed of by Sale [Member] - Omidria Assets Disposal [Member] - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Interest earned on OMIDRIA contract royalty asset	$ 3,730	$ 4,356	$ 11,484	$ 13,739
Remeasurement adjustments	10,100	32,917	14,924	40,631
Other income, net	76	63	480	295
Net income from discontinued operations, net of tax	$ 13,906	$ 37,336	$ 26,888	$ 54,665

Note 3 - Discontinued Operati_6

Note 3 - Discontinued Operations - Schedule of Discontinued Operations Cash Flows (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Discontinued Operations, Disposed of by Sale [Member] | Omidria Assets Disposal [Member]
Net cash provided by discontinued operations from operating activities	$ 232,081	$ 60,188

Note 4 - Net Loss Per Share - S

Note 4 - Net Loss Per Share - Schedule of Antidilutive Securities (Details) - shares		3 Months Ended		9 Months Ended
		Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Total potentially dilutive shares excluded from net loss per share (in shares)		17,218,446	17,333,039	17,221,390	17,321,993
Convertible Senior Notes 2026 [Member]
Total potentially dilutive shares excluded from net loss per share (in shares)	[1]	12,172,008	12,172,008	12,172,008	12,172,008
Convertible Senior Notes 2023 [Member]
Total potentially dilutive shares excluded from net loss per share (in shares)	[1]	4,941,739	4,941,739	4,941,739	4,941,739
Share-Based Payment Arrangement, Option [Member]
Total potentially dilutive shares excluded from net loss per share (in shares)		34,450	19,292	37,394	8,246
Restricted Stock Units (RSUs) [Member]
Total potentially dilutive shares excluded from net loss per share (in shares)		70,250	200,000	70,250	200,000
[1]The 2023 Notes and 2026 Notes (defined below) are subject to capped call arrangements that potentially reduce the dilutive effect as described in “Note 7 — Unsecured Convertible Senior Notes.” Any potential impact of the capped call arrangements is excluded from this table.

Note 5 - Certain Balance Shee_3

Note 5 - Certain Balance Sheet Accounts (Details Textual) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Depreciation, Depletion and Amortization, Nonproduction	$ 0.2	$ 0.3	$ 0.7	$ 0.8

Note 5 - Certain Balance Shee_4

Note 5 - Certain Balance Sheet Accounts - Contract Royalty Asset (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Short-term contract royalty asset	$ 29,228	$ 28,797
Long-term contract royalty asset	119,502	123,425
Total OMIDRIA contract royalty asset	$ 148,730	$ 152,222

Note 5 - Certain Balance Shee_5

Note 5 - Certain Balance Sheet Accounts - Schedule of Receivables (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
OMIDRIA royalty	$ 6,658	$ 12,966
Sublease and other	220	255
OMIDRIA milestone	0	200,000
Total receivables	$ 6,878	$ 213,221

Note 5 - Certain Balance Shee_6

Note 5 - Certain Balance Sheet Accounts - Property and Equipment, Net (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Property and equipment, gross	$ 11,753	$ 11,040
Less accumulated depreciation and amortization	(10,036)	(9,548)
Total property and equipment, net	1,717	1,492
Finance Lease Equipment [Member]
Property and equipment, gross	6,608	6,204
Equipment [Member]
Property and equipment, gross	3,407	3,135
Computer Equipment [Member]
Property and equipment, gross	1,113	1,076
Furniture and Fixtures [Member]
Property and equipment, gross	$ 625	$ 625

Note 5 - Certain Balance Shee_7

Note 5 - Certain Balance Sheet Accounts - Schedule of Accrued Liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Employee compensation	$ 12,556	$ 6,665
Clinical trials	9,351	5,536
Contract research and development	4,158	3,209
Interest payable	3,703	5,172
Consulting and professional fees	3,005	4,425
Income taxes payable	1,228	4,871
Other accrued expenses	858	673
Total accrued expenses	$ 34,859	$ 30,551

Note 6 - Investments and Fair_3

Note 6 - Investments and Fair-Value Measurement (Details Textual) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022
Investment Income, Interest	$ 4	$ 0.4	$ 11.7	$ 0.6
Demand Deposits [Member]
Restricted Cash, Current	$ 30.6		$ 30.6		$ 11

Note 6 - Investments and Fair_4

Note 6 - Investments and Fair-Value Measurements - Debt Securities (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Debt securities, available for sale, amortized cost	$ 279,670	$ 183,909
Debt securities, available for sale, gross unrealized gains (losses)	2	22
Debt securities, available for sale, fair value	279,672	183,931
Debt securities, amortized cost	280,724	184,963
Debt securities, fair value	280,726	184,985
US Treasury Securities [Member]
Debt securities, available for sale, amortized cost	127,385	99,027
Debt securities, available for sale, gross unrealized gains (losses)	2	22
Debt securities, available for sale, fair value	127,387	99,049
Money Market Funds [Member]
Debt securities, available for sale, amortized cost	152,285	84,882
Debt securities, available for sale, gross unrealized gains (losses)	0	0
Debt securities, available for sale, fair value	152,285	84,882
Certificates of Deposit [Member]
Debt securities, held-to-maturity, amortized cost	1,054	1,054
Debt securities, held-to-maturity, fair value	$ 1,054	$ 1,054

Note 6 - Investments and Fair_5

Note 6 - Investments and Fair-Value Measurements - Fair Value Hierarchy (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Short-term investments	$ 279,670	$ 183,909
Restricted investments	1,054	1,054
Fair Value, Recurring [Member]
Short-term investments	279,672	183,931
Restricted investments	1,054	1,054
Total	280,726	184,985
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member]
Short-term investments	152,285	84,882
Restricted investments	1,054	1,054
Total	153,339	85,936
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member]
Short-term investments	127,387	99,049
Restricted investments	0	0
Total	127,387	99,049
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member]
Short-term investments	0	0
Restricted investments	0	0
Total	0	0
US Treasury Securities [Member] | Fair Value, Recurring [Member]
Short-term investments	127,387	99,049
US Treasury Securities [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member]
Short-term investments	0	0
US Treasury Securities [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member]
Short-term investments	127,387	99,049
US Treasury Securities [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member]
Short-term investments	0	0
Money Market Funds [Member] | Fair Value, Recurring [Member]
Short-term investments	152,285	84,882
Money Market Funds [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member]
Short-term investments	152,285	84,882
Money Market Funds [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member]
Short-term investments	0	0
Money Market Funds [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member]
Short-term investments	$ 0	$ 0

Note 7 - Unsecured Convertibl_3

Note 7 - Unsecured Convertible Senior Notes (Details Textual) $ / shares in Units, shares in Millions	3 Months Ended	9 Months Ended
	Sep. 30, 2023 USD ($) $ / shares shares	Sep. 30, 2023 USD ($) $ / shares shares	Dec. 31, 2022 USD ($)
Long-Term Debt, Gross	$ 320,030,000	$ 320,030,000	$ 320,030,000
Debt Issuance Costs, Net	3,293,000	3,293,000	4,743,000
Convertible Senior Notes 2023 [Member]
Long-Term Debt, Gross	$ 95,000,000	$ 95,000,000	95,000,000
Debt Instrument, Interest Rate, Stated Percentage	6.25%	6.25%
Debt Issuance Costs, Net	$ 91,000	$ 91,000	619,000
Debt Instrument, Interest Rate, Effective Percentage	7%	7%
Debt Instrument, Convertible, Conversion Ratio	52.0183
Debt Instrument, Convertible Debt, Denominator Amount	$ 1,000	$ 1,000
Debt Instrument, Convertible, Conversion Price (in dollars per share) | $ / shares	$ 19.22	$ 19.22
Debt Conversion, Converted Instrument, Shares Issued (in shares) | shares	4.9	4.9
Convertible Senior Notes 2023 [Member] | Minimum [Member]
Debt Instrument, Convertible, Conversion Price (in dollars per share) | $ / shares	$ 19.22	$ 19.22
Convertible Senior Notes 2023 [Member] | Maximum [Member]
Debt Instrument, Convertible, Conversion Price (in dollars per share) | $ / shares	$ 28.84	$ 28.84
Convertible Senior Notes 2026 [Member]
Long-Term Debt, Gross	$ 225,030,000	$ 225,030,000	225,030,000
Debt Instrument, Interest Rate, Stated Percentage	5.25%	5.25%
Debt Issuance Costs, Net	$ 3,202,000	$ 3,202,000	$ 4,124,000
Debt Instrument, Interest Rate, Effective Percentage	5.90%	5.90%
Debt Instrument, Convertible, Conversion Ratio	54.0906
Debt Instrument, Convertible Debt, Denominator Amount	$ 1,000	$ 1,000
Debt Instrument, Convertible, Conversion Price (in dollars per share) | $ / shares	$ 18.4875	$ 18.4875
Debt Conversion, Converted Instrument, Shares Issued (in shares) | shares	12.2	12.2
Convertible Senior Notes 2026 [Member] | Minimum [Member]
Debt Instrument, Convertible, Conversion Price (in dollars per share) | $ / shares	$ 18.49	$ 18.49
Convertible Senior Notes 2026 [Member] | Maximum [Member]
Debt Instrument, Convertible, Conversion Price (in dollars per share) | $ / shares	$ 26.1	$ 26.1

Note 7 - Unsecured Convertibl_4

Note 7 - Unsecured Convertible Senior Notes - Convertible Debt (Details) - USD ($) $ in Thousands		Sep. 30, 2023	Dec. 31, 2022
Principal amount		$ 320,030	$ 320,030
Unamortized debt issuance costs		(3,293)	(4,743)
Total unsecured convertible senior notes, net		316,737	315,287
Convertible Senior Notes 2023 [Member]
Principal amount		95,000	95,000
Unamortized debt issuance costs		(91)	(619)
Total unsecured convertible senior notes, net		94,909	94,381
Fair value of outstanding unsecured convertible senior notes (1)	[1]	94,822	92,031
Convertible Senior Notes 2026 [Member]
Principal amount		225,030	225,030
Unamortized debt issuance costs		(3,202)	(4,124)
Total unsecured convertible senior notes, net		221,828	220,906
Fair value of outstanding unsecured convertible senior notes (1)	[1]	$ 136,424	$ 118,141
[1]The fair value is classified as Level 3 due to the limited trading activity for the unsecured convertible senior notes.

Note 7 - Unsecured Convertibl_5

Note 7 - Unsecured Convertible Senior Notes - Schedule of Debt Interest Expense (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Convertible Senior Notes 2023 [Member]
Contractual interest expense	$ 1,484	$ 1,484	$ 4,453	$ 4,453
Amortization of debt issuance costs	179	167	528	492
Total	1,663	1,651	4,981	4,945
Convertible Senior Notes 2026 [Member]
Contractual interest expense	2,954	2,954	8,861	8,861
Amortization of debt issuance costs	312	294	922	869
Total	$ 3,266	$ 3,248	$ 9,783	$ 9,730

Note 7 - Unsecured Convertibl_6

Note 7 - Unsecured Convertible Senior Notes - Schedule of Maturities of Long-term Debt (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
2023	$ 95,000
2024	0
2025	0
2026	225,030
Total future minimum principal payments under the 2023 Notes and 2026 Notes	$ 320,030	$ 320,030

Note 8 - OMIDRIA Royalty Obli_3

Note 8 - OMIDRIA Royalty Obligation (Details Textual) - USD ($) $ in Thousands		3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Mar. 31, 2023
Interest Expense		$ 7,916	$ 4,932	$ 23,781	$ 14,799
Royalty Obligation [Member]
Interest Expense		3,000		8,900
Royalty Obligation [Member] | Fair Value, Inputs, Level 3 [Member]
Liabilities, Fair Value Disclosure		116,200		116,200
DRI Healthcare Acquisition LP [Member]
Proceeds From Royalty Obligation	$ 125,000
Royalty Obligation, Maximum Payout Payable		$ 177,000		$ 177,000
Maximum Royalty Payable Percentage		9.40%		9.40%		9.40%

Note 8 - OMIDRIA Royalty Obli_4

Note 8 - OMIDRIA Royalty Obligation - Schedule of Principal and Interest Payments on Royalty Obligations (Details) $ in Thousands	Sep. 30, 2023 USD ($)
2023, principal	$ 298
2023, interest	2,952
2023, annual cap	3,250
2024, principal	8,576
2024, interest	11,424
2024, annual cap	20,000
2025, principal	14,641
2025, interest	10,359
2025, annual cap	25,000
2026, principal	16,081
2026, interest	8,919
2026, annual cap	25,000
2027, principal	17,664
2027, interest	7,336
2027, annual cap	25,000
Thereafter, principal	68,164
Thereafter, interest	10,586
Thereafter, annual cap	78,750
Total scheduled payments, principal	125,424
Total scheduled payments, interest	51,576
Total scheduled payments, annual cap	$ 177,000

Note 9 - Leases (Details Textua

Note 9 - Leases (Details Textual) $ in Thousands		9 Months Ended
	Jan. 14, 2022 USD ($)	Sep. 30, 2023 USD ($)	Sep. 30, 2022 USD ($)	Dec. 31, 2022 USD ($)
Number Of Options To Extend Lease Term		2
Lessee, Operating Lease, Term of Contract (Year)		5 years
Restricted Cash and Cash Equivalents, Noncurrent		$ 1,054		$ 1,054
Decrease in Right Of Use Asset Due To Early Operating Lease Termination	$ 4,700
Gain (Loss) on Termination of Lease	500	$ 0	$ 454
Early Lease Termination Agreement [Member]
Increase (Decrease) in Operating Lease Liability	$ (5,200)

Note 9 - Leases - Lease Cost (D

Note 9 - Leases - Lease Cost (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Operating lease cost	$ 1,603	$ 1,659	$ 4,852	$ 4,529
Amortization	140	250	529	570
Interest	29	32	121	123
Variable lease cost	807	813	2,354	2,395
Sublease income	(375)	(432)	(1,125)	(1,377)
Net lease cost	$ 2,204	$ 2,322	6,731	6,240
Cash payments for operating leases			5,356	5,312
Cash payments for financing leases			$ 499	$ 598

Note 10 - Commitments and Con_2

Note 10 - Commitments and Contingencies (Details Textual) $ in Millions	Sep. 30, 2023 USD ($)
Long-Term Purchase Commitment, Termination Fee	$ 27.4
Development Milestones [Member] | License [Member]
Accrued Liabilities	$ 5

Note 11 - Shareholders' Equit_2

Note 11 - Shareholders' Equity (Deficit) (Details Textual) - USD ($) $ / shares in Units, $ in Millions		6 Months Ended
	Jun. 23, 2023	Jun. 30, 2023	Nov. 09, 2023	Sep. 30, 2023	Apr. 12, 2023	Mar. 01, 2021
Equity Offering Facility, Maximum Aggregate Offering Amount				$ 150		$ 150
Class of Warrant or Right, Number of Securities Called by Warrants or Rights (in shares)					200,000
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share)					$ 23
2017 Omnibus Incentive Compensation Plan [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Additional Shares Authorized (in shares)	5,000,000
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Shares Available for Grant (in shares)				8,613,348
Subsequent Event [Member]
Stock Repurchase Program, Authorized Amount			$ 50
At the Market Equity Offering Program [Member]
Stock Issued During Period, Shares, New Issues (in shares)		0

Note 12 - Stock-Based Compens_3

Note 12 - Stock-Based Compensation (Details Textual) - USD ($) $ / shares in Units, $ in Millions	9 Months Ended
	Sep. 30, 2023	Dec. 31, 2022
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Outstanding, Number (in shares)	15,304,930	13,872,973
Common Stock, Shares, Outstanding, Above Period End Closing Price (in shares)	15,200,000
Share Price (in dollars per share)	$ 2.92
Share-Based Payment Arrangement, Option [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Outstanding, Number (in shares)	15,300,000
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Nonvested, Number of Shares (in shares)	5,100,000
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year)	2 years 2 months 12 days
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount	$ 17.1
Restricted Stock [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Nonvested, Number (in shares)	70,250
Restricted Stock Units (RSUs) [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value (in dollars per share)	$ 7.53

Note 12 - Share-Based Compensat

Note 12 - Share-Based Compensation - Schedule of Recognized Period Costs (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Stock-based compensation	$ 3,235	$ 3,844	$ 8,959	$ 10,808
Research and Development Expense [Member]
Stock-based compensation	1,305	1,672	3,710	4,777
Selling, General and Administrative Expenses [Member]
Stock-based compensation	2,054	2,200	5,456	6,170
Continuing Operations [Member]
Stock-based compensation	3,359	3,872	9,166	10,947
Discontinued Operations [Member]
Stock-based compensation	$ (124)	$ (28)	$ (207)	$ (139)

Note 12 - Share-Based Compens_2

Note 12 - Share-Based Compensation - Valuation Assumptions (Details) - Share-Based Payment Arrangement, Option [Member] - $ / shares	3 Months Ended	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2023
Estimated weighted-average fair value (in dollars per share)	$ 2.42	$ 2.54
Expected volatility	93%	93%
Expected life, in years (Year)	7 years 1 month 6 days	7 years 1 month 6 days
Risk-free interest rate	3.98%	3.96%
Expected dividend yield	0%	0%

Note 12 - Stock-Based Compens_4

Note 12 - Stock-Based Compensation - Stock Option Activity (Details) - USD ($) $ / shares in Units, $ in Thousands	9 Months Ended
	Sep. 30, 2023
Balance, options (in shares)	13,872,973
Balance, weighted average exercise price (in dollars per share)	$ 11.02
Granted, options (in shares)	2,908,200
Granted, weighted average exercise price (in dollars per share)	$ 3.13
Exercised, options (in shares)	(36,726)
Exercised, weighted average exercise price (in dollars per share)	$ 4.1
Forfeited, options (in shares)	(1,439,517)
Forfeited, weighted average exercise price (in dollars per share)	$ 10.12
Balance, options (in shares)	15,304,930
Balance, weighted average exercise price (in dollars per share)	$ 9.62
Balance, Remaining Contractual Life (Year)	6 years 3 months 18 days
Balance, Intrinsic Value	$ 80
Vested and expected to vest, options (in shares)	14,760,623
Vested and expected to vest, weighted average exercise price (in dollars per share)	$ 9.78
Vested and expected to vest, Remaining Contractual Life (Year)	6 years 2 months 12 days
Vested and expected to vest, Intrinsic Value	$ 77
Exercisable, options (in shares)	10,169,314
Exercisable, weighted average exercise price (in dollars per share)	$ 11.75
Exercisable, Remaining Contractual Life (Year)	4 years 9 months 18 days
Exercisable, Intrinsic Value	$ 44