Ocular Therapeutix (OCUL) 10-K 3 Mar 25 2024 FY Annual report Financial data

Document and Entity Information

Document and Entity Information - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Feb. 27, 2025	Jun. 30, 2024
Document And Entity Information [Abstract]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2024
Document Transition Report	false
Entity File Number	001-36554
Entity Registrant Name	Ocular Therapeutix, Inc.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	20-5560161
Entity Address, Address Line One	15 Crosby Drive
Entity Address, City or Town	Bedford
Entity Address, State or Province	MA
Entity Address, Postal Zip Code	01730
City Area Code	781
Local Phone Number	357-4000
Title of 12(b) Security	Common Stock, $0.0001 par value per share
Trading Symbol	OCUL
Security Exchange Name	NASDAQ
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	true
Entity Shell Company	false
Document Financial Statement Error Correction [Flag]	false
Entity Public Float			$ 1,063.6
Entity Common Stock, Shares Outstanding		159,022,245
Auditor Name	PricewaterhouseCoopers LLP
Auditor Firm ID	238
Auditor Location	Boston, Massachusetts
Entity Central Index Key	0001393434
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	FY
Amendment Flag	false

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Current assets:
Cash and cash equivalents	$ 392,102	$ 195,807
Accounts receivable, net	32,388	26,179
Inventory	3,040	2,305
Restricted cash		150
Prepaid expenses and other current assets	13,457	7,794
Total current assets	440,987	232,235
Property and equipment, net	9,389	11,739
Restricted cash	1,614	1,614
Operating lease assets	5,945	6,472
Total assets	457,935	252,060
Current liabilities:
Accounts payable	4,176	4,389
Accrued expenses and other current liabilities	35,117	28,666
Deferred revenue	128	255
Operating lease liabilities	1,933	1,586
Total current liabilities	41,354	34,896
Other liabilities:
Operating lease liabilities, net of current portion	5,345	6,878
Derivative liabilities	13,246	29,987
Deferred revenue, net of current portion	14,000	14,135
Notes payable, net	68,505	65,787
Other non-current liabilities	141	108
Convertible Notes, net		9,138
Total liabilities	142,591	160,929
Commitments and contingencies (Note 18)
Stockholders' equity:
Preferred stock, $0.0001 par value; 5,000,000 shares authorized and no shares issued or outstanding at December 31, 2024 and December 31, 2023, respectively
Common stock, $0.0001 par value; 400,000,000 and 200,000,000 shares authorized and 157,749,490 and 114,963,193 shares issued and outstanding at December 31, 2024 and December 31, 2023, respectively	16	12
Additional paid-in capital	1,206,412	788,697
Accumulated deficit	(891,084)	(697,578)
Total stockholders' equity	315,344	91,131
Total liabilities and stockholders' equity	$ 457,935	$ 252,060

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Dec. 31, 2024	Dec. 31, 2023
CONSOLIDATED BALANCE SHEETS
Preferred stock, par value	$ 0.0001	$ 0.0001
Preferred stock, shares authorized	5,000,000	5,000,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Common stock, par value	$ 0.0001	$ 0.0001
Common stock, shares authorized	400,000,000	200,000,000
Common stock, shares issued	157,749,490	114,963,193
Common stock, shares outstanding	157,749,490	114,963,193

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Revenue:
Total revenue, net	$ 63,723	$ 58,443	$ 51,494
Costs and operating expenses:
Cost, Product and Service [Extensible List]	Product revenue, net	Product revenue, net	Product revenue, net
Cost of product revenue	$ 5,626	$ 5,281	$ 4,540
Research and development	127,635	61,055	53,462
Selling and marketing	41,590	40,549	39,922
General and administrative	60,653	33,940	32,224
Total costs and operating expenses	235,504	140,825	130,148
Loss from operations	(171,781)	(82,382)	(78,654)
Other income (expense):
Interest income	20,282	3,983	798
Interest expense	(13,577)	(11,338)	(7,022)
Change in fair value of derivative liabilities	(480)	(5,188)	13,841
Gains and losses on extinguishment of debt, net	(27,950)	14,190
Other expense		(1)	(1)
Total other income (expense), net	(21,725)	1,646	7,616
Net loss	$ (193,506)	$ (80,736)	$ (71,038)
Net loss per share, basic (in dollars per share)	$ (1.22)	$ (1.01)	$ (0.92)
Weighted average common shares outstanding, basic (in shares)	158,265,162	79,827,362	76,875,035
Net loss per share, diluted (in dollars per share)	$ (1.22)	$ (1.02)	$ (0.97)
Weighted average common shares outstanding, diluted (in shares)	158,265,162	85,596,594	82,644,267
Product revenue, net
Revenue:
Total revenue, net	$ 63,461	$ 57,870	$ 50,457
Collaboration revenue
Revenue:
Total revenue, net	$ 262	$ 573	$ 1,037

CONSOLIDATED STATEMENTS OF CHAN

CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY (DEFICIT) - USD ($) $ in Thousands	Common Stock	Additional Paid-in Capital	Accumulated Deficit	Total
Balance at Dec. 31, 2021	$ 8	$ 633,795	$ (545,804)	$ 87,999
Balance, shares at Dec. 31, 2021	76,731,940
Stockholders' Equity (Deficit)
Issuance of common stock upon exercise of stock options		514		514
Issuance of common stock upon exercise of stock options, shares	137,502
Issuance of common stock in connection with employee stock purchase plan		940		940
Issuance of common stock in connection with employee stock purchase plan, shares	332,377
Stock-based compensation expense		16,964		16,964
Net Income (Loss)			(71,038)	(71,038)
Balance at Dec. 31, 2022	$ 8	652,213	(616,842)	35,379
Balance, shares at Dec. 31, 2022	77,201,819
Stockholders' Equity (Deficit)
Issuance of common stock upon exercise of stock options		551		551
Issuance of common stock upon exercise of stock options, shares	141,952
Issuance of common stock in connection with employee stock purchase plan		851		851
Issuance of common stock in connection with employee stock purchase plan, shares	290,691
Issuance of common stock, net of issuance costs	$ 4	117,257		117,261
Issuance of common stock, net of issuance costs, shares	36,934,926
Issuance of common stock upon vesting of restricted stock units (in shares)	393,805
Stock-based compensation expense		17,825		17,825
Net Income (Loss)			(80,736)	(80,736)
Balance at Dec. 31, 2023	$ 12	788,697	(697,578)	91,131
Balance, shares at Dec. 31, 2023	114,963,193
Stockholders' Equity (Deficit)
Issuance of common stock upon exercise of stock options		14,741		$ 14,741
Issuance of common stock upon exercise of stock options, shares	3,112,976			3,112,976
Issuance of common stock in connection with employee stock purchase plan		1,016		$ 1,016
Issuance of common stock in connection with employee stock purchase plan, shares	213,131
Issuance of common stock, net of issuance costs	$ 3	316,350		316,353
Issuance of common stock, net of issuance costs, shares	32,413,560
Issuance of common stock upon exercise of conversion option	$ 1	52,499		52,500
Issuance of common stock upon exercise of conversion option, shares	5,769,232
Issuance of common stock upon vesting of restricted stock units (in shares)	1,277,398
Stock-based compensation expense		33,109		33,109
Net Income (Loss)			(193,506)	(193,506)
Balance at Dec. 31, 2024	$ 16	$ 1,206,412	$ (891,084)	$ 315,344
Balance, shares at Dec. 31, 2024	157,749,490

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Cash flows from operating activities:
Net loss	$ (193,506)	$ (80,736)	$ (71,038)
Adjustments to reconcile net loss to net cash used in operating activities
Stock-based compensation expense	33,109	17,825	16,964
Non-cash interest expense	3,734	6,106	4,853
Change in fair value of derivative liabilities	480	5,188	(13,841)
Depreciation and amortization expense	3,786	2,983	2,109
Gains and losses on extinguishment of debt, net	27,950	(14,190)
Gain on disposal of property and equipment		1	1
Changes in operating assets and liabilities:
Accounts receivable	(6,209)	(4,854)	(190)
Prepaid expenses and other current assets	(5,663)	(3,766)	723
Inventory	(735)	(331)	(724)
Accounts payable	(318)	583	(621)
Operating lease assets	505	1,570	(3,175)
Accrued expenses	3,638	773	1,644
Deferred revenue	(262)	427	963
Operating lease liabilities	(1,186)	(1,813)	2,729
Net cash used in operating activities	(134,677)	(70,234)	(59,603)
Cash flows from investing activities:
Purchases of property and equipment	(1,288)	(6,087)	(3,715)
Net cash used in investing activities	(1,288)	(6,087)	(3,715)
Cash flows from financing activities:
Proceeds from issuance of short-term bridge loan		2,000
Proceeds from issuance of Barings notes payable		82,474
Proceeds from exercise of stock options	14,741	551	514
Proceeds from issuance of common stock pursuant to employee stock purchase plan	1,016	851	940
Payments of debt refinancing costs		(5,184)
Proceeds from issuance of common stock upon public offering, net of issuance costs		117,261
Repayment of MidCap notes payable		(26,125)
Repayment from issuance of short-term bridge loan		(2,000)
Proceeds from issuance of common stock and pre-funded warrants upon private placement, net of issuance costs	316,353
Net cash provided by financing activities	332,110	169,828	1,454
Net increase in cash, cash equivalents and restricted cash	196,145	93,507	(61,864)
Cash, cash equivalents and restricted cash at beginning of period	197,571	104,064	165,928
Cash, cash equivalents and restricted cash at end of period	393,716	197,571	104,064
Supplemental disclosure of cash flow information:
Cash paid for interest	21,533	5,464	2,147
Supplemental disclosure of non-cash investing and financing activities:
Additions to property and equipment included in accounts payable and accrued expenses	$ 121	$ 16	$ 1,384

Nature of the Business

Nature of the Business	12 Months Ended
	Dec. 31, 2024
Nature of the Business
Nature of the Business	1. Nature of the Business Ocular Therapeutix, Inc. (the “Company”) was incorporated on September 12, 2006 under the laws of the State of Delaware. The Company is a biopharmaceutical company committed to redefining the retina experience. AXPAXLI (axitinib intravitreal hydrogel, also known as OTX-TKI), the Company’s product candidate for retinal disease, is based on its proprietary ELUTYX bioresorbable hydrogel-based formulation technology. AXPAXLI is currently in two repeat-dosing Phase 3 clinical trials for the treatment of wet age-related macular degeneration (“wet AMD”), which the Company refers to as the SOL-1 and the SOL-R trials. The Company has also completed a Phase 1 clinical trial of AXPAXLI for the treatment of non-proliferative diabetic retinopathy (“NPDR”), which the Company refers to as the HELIOS trial and intends to meet with the U.S. Food and Drug Administration (“FDA”), in the first half of 2025 to discuss the design of a potential registrational clinical program for AXPAXLI for the treatment of NPDR and diabetic macular edema (“DME”) and then evaluate its next steps. The Company also leverages the ELUTYX technology in its commercial product DEXTENZA, an FDA-approved corticosteroid for the treatment of ocular inflammation and pain following ophthalmic surgery and ocular itching associated with allergic conjunctivitis, and its product candidate PAXTRAVA (travoprost intracameral hydrogel also known as OTX-TIC), which is currently in a Phase 2 clinical trial for the treatment of open-angle glaucoma (“OAG”) or ocular hypertension (“OHT”). The Company is subject to risks common to companies in the biotechnology industry including, but not limited to, new technological innovations, protection of proprietary technology, dependence on key personnel, dependence on specific programs, compliance with government regulations, regulatory approval and compliance, reimbursement, uncertainty of market acceptance of products and the need to obtain additional financing. Product candidates currently under development will require significant additional research and development efforts, including extensive preclinical and clinical testing and regulatory approval, prior to commercialization. Approved products will require significant sales, marketing and distribution support. There can be no assurance that the Company’s research and development will be successfully completed, that adequate protection for the Company’s intellectual property will be obtained, that any products developed will obtain necessary government regulatory approval and adequate reimbursement or that any approved products will be commercially viable. Even if the Company’s product development efforts are successful, it is uncertain when, if ever, the Company will generate significant revenue from product sales. The Company operates in an environment of rapidly changing technology and substantial competition from pharmaceutical and biotechnology companies. In addition, the Company is dependent upon the services of its employees and consultants. The Company may not be able to generate significant revenue from sales of any product for several years, if at all. Accordingly, the Company will need to obtain additional capital to finance its operations. The Company has incurred losses and negative cash flows from operations since its inception, and the Company expects to continue to generate operating losses and negative cash flows from operations in the foreseeable future. As of December 31, 2024, the Company had an accumulated deficit of $891,084. Based on its current operating plan which includes estimates of anticipated cash inflows from product sales and cash outflows from operating expenses and capital expenditures, the Company believes that its existing cash and cash equivalents of $392,102 as of December 31, 2024 will enable it to fund its planned operating expenses, debt service obligations and capital expenditures at least through the next 12 months from the issuance date of these consolidated financial statements while the Company observes a minimum liquidity covenant of $20,000 in its credit facility (Note 9). The future viability of the Company is dependent on the Company’s ability to generate cash flows from the sales of the Company’s product candidates, such as AXPAXLI, if and as approved, and the sales of DEXTENZA, and to raise additional capital to finance its operations. The Company will need to finance its operations through public or private securities offerings, debt financings, collaborations, strategic alliances, licensing agreements, royalty agreements, or marketing and distribution agreements. Although the Company has been successful in raising capital in the past, there is no assurance that it will be successful in obtaining such additional financing on terms acceptable to the Company, if at all. If the Company is unable to obtain funding on a timely basis, in sufficient amounts, or at all, the Company could be forced to delay, reduce or eliminate some or all of its research and development programs for product candidates, product portfolio expansion or commercialization efforts, any of which could adversely affect its business prospects, or the Company may be unable to continue operations.

Summary of Significant Accounti

Summary of Significant Accounting Policies	12 Months Ended
	Dec. 31, 2024
Summary of Significant Accounting Policies
Summary of Significant Accounting Policies	2. Summary of Significant Accounting Policies Basis of Presentation and Principles of Consolidation The accompanying consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (“GAAP”). Use of Estimates The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the consolidated financial statements, and the reported amounts of revenues and expenses during the reporting periods. Significant estimates and assumptions reflected in these consolidated financial statements include, but are not limited to, the measurement and recognition of reserves for variable consideration related to product sales, revenue recognition related to a collaboration agreement that contains multiple promises, the fair value of derivatives, stock-based compensation, and realizability of net deferred tax assets. Estimates are periodically reviewed in light of changes in circumstances, facts and experience. Actual results could differ from the Company’s estimates. Cash Equivalents The Company considers all short-term, highly liquid investments with original maturities of ninety days or less at date of purchase to be cash equivalents. Cash equivalents, which primarily consist of investments in money market funds, are stated at fair value. Revenue Recognition The Company recognizes revenue in accordance with Accounting Standards Codification (“ASC”) Topic 606 – Revenue from Contracts with Customers To determine revenue recognition for arrangements that an entity determines are within the scope of ASC 606, the entity performs the following five steps: (i) identify the contract(s) with a customer, (ii) identify the performance obligations in the contract, (iii) determine the transaction price, (iv) allocate the transaction price to the performance obligations in the contract, and (v) recognize revenue when (or as) the entity satisfies a performance obligation. At contract inception, the Company assesses the goods or services promised within each contract, determines those that are performance obligations, and assesses whether each promised good or service is distinct. The Company then recognizes as revenue the amount of the transaction price that is allocated to the respective performance obligation when (or as) the performance obligation is satisfied. Product Revenue The Company sells DEXTENZA in the United States primarily to a limited number of specialty distributors (“SDs”) under individually negotiated distribution agreements. These customers then subsequently resell DEXTENZA to ambulatory surgery centers (“ASCs”), hospital outpatient departments (“HOPDs”) and physicians’ offices. The Company also sells DEXTENZA directly to a small population of ASCs and physicians’ offices based on individually negotiated direct distribution agreements (the “Direct Customers”). In addition, the Company enters into arrangements with health care providers and payors that provide for government mandated or privately negotiated rebates and chargebacks with respect to the purchase of DEXTENZA. The Company recognizes revenue on product sales when the customer obtains control of the Company's product, which occurs at a point in time (upon delivery to the customer). Product revenues are recorded net of applicable reserves for variable consideration, including discounts and allowances. Transaction Price, including Variable Consideration The amount of variable consideration which is included in the transaction price may be constrained, and is included in the net sales price, only to the extent that it is probable that a significant reversal in the amount of the cumulative revenue recognized under the contract will not occur in a future period. Actual amounts of consideration ultimately received may differ from the Company’s estimates. If actual results in the future vary from the Company’s original estimates, the Company will adjust these estimates, which would affect net product revenue and earnings in the period such variances become known. Trade Discounts and Allowances Product Returns The Company estimates the amount of its product sales that may be returned by its customers and records this estimate as a reduction of revenue in the period the related product revenue is recognized, as well as within accrued expenses and other current liabilities, in the accompanying consolidated balance sheets. The Company currently estimates product return reserves using available industry data and its own sales information, including its visibility into the inventory remaining in the distribution channel. Government Chargebacks U.S. U.S. federal government Drug Discount Program Government Rebates been received, estimates of claims for the current quarter, and estimated future claims that will be made for product that has been recognized as revenue, but which remains in the distribution channel inventories at the end of each reporting period. Purchaser/Provider Discounts and Rebates — The Company offers rebate payments for which ASCs, HOPDs and other prescribers qualify by meeting quarterly purchase volumes of DEXTENZA under the Company’s volume-based rebate program. The Company calculates rebate payment amounts due under this program quarterly, based on actual qualifying purchases and applies a contractual discount rate. In the third quarter of 2022, the Company implemented a separate off-invoice discount (“OID”) rebate program whereby end- users receive the discounted price immediately upon purchase, rather than having to wait until the end of the quarter for a rebate payment. The OID amounts are generally determined at the time of resale by SDs or direct sales to ASCs by the Company. The Company generally issues credits for such amounts within a few weeks of the SD’s notification to the Company of the resale. The Company includes the OID on the invoice when it sells to an ASC directly. The calculation of the accrual for all rebates is based on an estimate of claims that the Company expects to receive associated with product that has been recognized as revenue but also remains in the distribution channel inventories at the end of each reporting period. The adjustments are recorded in the same period the related revenue is recognized, resulting in a reduction of product revenue and the establishment of a current liability which is included as an accrued expenses and other current liabilities for volume-based rebates and as a reduction of accounts receivable for OID rebates. Other Incentives Collaboration Revenue The Company evaluates contracts that contain multiple promises to determine which promises are distinct. Promises are considered to be distinct and therefore, accounted for as separate performance obligations, provided that: (i) the customer can benefit from the good or service either on its own or together with other resources that are readily available to the customer and (ii) the promise to transfer the good or service to the customer is separately identifiable from other promises in the contract. In assessing whether a promise is distinct, the Company considers factors such as whether: (i) the Company provides a significant service of integrating goods and/or services with other goods and/or services promised in the contract; (ii) one or more of the goods and/or services significantly modifies or customizes, or are significantly modified or customized by one or more of the other goods and/or services promised in the contract; and (iii) the goods and/or services are highly interdependent or highly interrelated. Individual goods or services (or bundles of goods and/or services) that meet both criteria for being distinct are accounted for as separate performance obligations. Promises that are not distinct at contract inception are combined and accounted for as a single performance obligation. Options to acquire additional goods and/or services are evaluated to determine if such option provides a material right to the customer that it would not have received without entering into the contract. If so, the option is accounted for as a separate performance obligation. If not, the option is considered a marketing offer which would be accounted for as a separate contract upon the customer’s election. The Company considers the existence of any significant financing component within its arrangements based on whether a substantive business purpose exists to support the payment structure other than to provide a significant benefit of financing. The Company measures the transaction price based on the amount of consideration to which the Company expects to be entitled in exchange for transferring the promised goods and/or services to the customer. The Company utilizes either the expected value method or the most likely amount method to estimate the amount of variable consideration, depending on which method is expected to better predict the amount of consideration to which the Company will be entitled. Amounts of variable consideration are included in the transaction price to the extent that it is probable that a significant reversal in the amount of cumulative revenue recognized will not occur when the uncertainty associated with the variable consideration is subsequently resolved. With respect to arrangements that include payments for a development or regulatory milestone payment, the Company evaluates whether the associated event is considered likely of achievement and estimates the amount to be included in the transaction price using the most likely amount method. Milestone payments that are not within the Company’s control or the control of the licensee, such as those dependent upon receipt of regulatory approval, are not considered to be likely of achievement until the triggering event occurs. At the end of each reporting period, the Company re-evaluates the probability of achievement of each milestone and any related constraint and, if necessary, adjusts its estimate of the overall transaction price. Any such adjustments are recorded on a cumulative catch-up basis, which would affect revenue and net loss in the period of adjustment. For arrangements that include sales-based royalties, including milestone payments based upon the achievement of a certain level of product sales, wherein the license is deemed to be the sole or predominant item to which the payments relate, the Company recognizes revenue upon the later of: (i) when the related sales occur or (ii) when the performance obligation to which some or all of the payment has been allocated has been satisfied (or partially satisfied). Consideration that would be received for optional goods and/or services is excluded from the transaction price at contract inception. Accounts Receivable Accounts receivable arise from product sales and are recognized at the amounts invoiced to customers, net of applicable reserves for variable consideration. The Company analyzes the actual payment history of its customers, the aging of receivables, current customer-specific developments and economic trends to estimate the reserve for current expected credit losses. Inventory The Company values its inventories at the lower of cost or estimated net realizable value. Costs, which include amounts related to direct labor, materials and manufacturing overhead, are determined using standard costs, which approximate average cost. The Company performs an assessment of the recoverability of capitalized inventory during each reporting period, and it writes down any excess and obsolete inventories to their estimated realizable value in the period in which the impairment is first identified. Such impairment charges, should they occur, are recorded within cost of product revenue. The Company capitalizes inventory costs associated with the Company’s products after regulatory approval when, based on management’s judgment, future commercialization is considered probable and the future economic benefit is expected to be realized. Inventory acquired prior to receipt of marketing approval of a product candidate is expensed as research and development expense as incurred. Inventory that can be used in either the production of clinical or commercial product is expensed as research and development expense when selected for use in a clinical manufacturing campaign. Inventory produced that will be used in promotional marketing campaigns is expensed to selling and marketing expense when it is selected for use in a marketing program. Fair Value Measurements Certain assets and liabilities are carried at fair value under GAAP. Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. Valuation techniques used to measure fair value must maximize the use of observable inputs and minimize the use of unobservable inputs. Financial assets and liabilities carried at fair value are to be classified and disclosed in one of the following three levels of the fair value hierarchy, of which the first two are considered observable and the last is considered unobservable: ● Level 1—Quoted prices in active markets for identical assets or liabilities. ● Level 2—Observable inputs (other than Level 1 quoted prices) such as quoted prices in active markets for similar assets or liabilities, quoted prices in markets that are not active for identical or similar assets or liabilities, or other inputs that are observable or can be corroborated by observable market data. ● Level 3—Unobservable inputs that are supported by little or no market activity and that are significant to determining the fair value of the assets or liabilities, including pricing models, discounted cash flow methodologies and similar techniques. Derivative Instruments The Company recognizes all derivative instruments as either assets or liabilities at fair value through profit or loss on the Company's consolidated balance sheet. Changes in the estimated fair value of derivative instruments are recognized in other income (expense), net in the consolidated statements of operations and comprehensive loss. If the Company determines that a financial or non-financial contract, a ‘host contract’, includes implicit or explicit terms that affect the cash flows of the contract in a manner similar to a stand-alone derivative instrument, an ‘embedded derivative’, the Company analyzes whether to account for the embedded derivative separately. The Company accounts for an embedded derivative not separately from the host contract if it is clearly and closely related to the host contract or if the entire contract is measured at fair value through profit or loss. In other cases, the Company accounts for an embedded derivative separately. The Company measures the value of embedded derivatives that are accounted for separately at their respective fair values and recognizes changes in the respective estimated fair values in other income (expense), net in the consolidated statements of operations and comprehensive loss during the period of change. Embedded derivatives that are accounted for separately are recognized as derivative liabilities in the Company’s consolidated balance sheet. Property and Equipment Property and equipment are stated at cost less accumulated depreciation. Depreciation expense is recognized using the straight-line method over a three Leases The Company determines whether an arrangement is or contains a lease at inception. Operating leases are recognized on the consolidated balance sheets as operating lease assets, current portion of lease liabilities and long-term lease liabilities. Operating lease assets represent the Company’s right to use an underlying asset for the lease term and lease liabilities represent the Company’s obligation to make lease payments arising from the lease. Operating lease liabilities and their corresponding operating lease assets are recorded based on the present value of lease payments over the expected remaining lease term. The operating lease assets also include any lease payments made and adjustments for prepayments and lease incentives. The interest rate implicit in lease contracts is typically not readily determinable. As a result, the Company utilized its incremental borrowing rate, which is the rate incurred to borrow on a collateralized basis over a similar term an amount equal to the lease payments in a similar economic environment. Lease terms may include options to extend or terminate the lease when it is reasonably certain that the Company will exercise that option. The Company reassesses the lease term and remeasures the lease liability if triggering events occur. Lease expense for lease payments is recognized on a straight-line basis over the lease term. Impairment of Long-Lived Assets Long-lived assets consist of property and equipment and right-of-use assets. Long-lived assets to be held and used are tested for recoverability whenever events or changes in business circumstances indicate that the carrying amount of the assets may not be fully recoverable. Factors that the Company considers in deciding when to perform an impairment review include significant underperformance of the business in relation to expectations, significant negative industry or economic trends, and significant changes or planned changes in the use of the assets. If an impairment review is performed to evaluate a long-lived asset for recoverability, the Company compares forecasts of undiscounted cash flows expected to result from the use and eventual disposition of the long-lived asset to its carrying value. An impairment loss would be recognized when estimated undiscounted future cash flows expected to result from the use of an asset are less than its carrying amount. The impairment loss would be based on the excess of the carrying value of the impaired asset over its fair value, determined based on discounted cash flows. The Company has had no impairment triggers of long-lived assets. Warrants The Company accounts for issued warrants, including pre-funded warrants, as either liability or equity. Warrants are considered liabilities if they are mandatorily redeemable and they require settlement in cash or other assets, or a variable number of shares. Contracts that may require settlement for cash are liabilities, regardless of the probability of the occurrence of the triggering event. If warrants do not otherwise require liability classification, the Company assesses whether the warrants are indexed to its common stock. Liability-classified warrants are measured at fair value on the issuance date and at the end of each reporting period. Any change in the fair value of the warrants after the issuance date is recorded in the consolidated statements of operations as a gain or loss. Equity-classified warrants are accounted for at fair value on the issuance date with no changes in fair value recognized after the issuance date. Research and Development Costs Research and development costs are expensed as incurred. Included in research and development expenses are salaries, stock-based compensation and benefits of employees and other operational costs related to the Company’s research and development activities, including external costs of outside vendors engaged to conduct preclinical studies and clinical trials, manufacturing costs of the Company’s products prior to regulatory approval, costs related to collaboration agreements and facility-related expenses. The Company records accruals for estimated ongoing research and development costs. When evaluating the adequacy of the accrued liabilities, the Company analyzes progress of the studies, including the phase or completion of events, invoices received, estimates provided by vendors, and contracted costs. Judgments and estimates are made in determining the accrued balances at the end of any reporting period. Actual results could differ from the Company’s estimates. The Company’s historical accrual estimates have not been materially different from the actual costs. Advertising Costs Advertising costs are expensed as incurred. Accounting for Stock-Based Compensation The Company measures all stock options and other stock-based awards granted to employees, directors, and nonemployees at the fair value on the date of the grant. The fair value of the awards is recognized as expense, net of estimated forfeitures, over the requisite service period, which is generally the vesting period of the respective award. The straight-line method of expense recognition is applied to all awards with service-only conditions. For awards that include both service and performance conditions, the Company starts recognizing the fair value of the awards as expense when achievement of the underlying performance conditions is probable, based on the portion of the requisite service period completed. The Company recognizes compensation expense for only the portion of awards that are expected to vest. In developing a forfeiture rate estimate, the Company has considered its historical experience to estimate pre-vesting forfeitures for service-based awards. The impact of a forfeiture rate adjustment will be recognized in full in the period of adjustment, and if the actual forfeiture rate is materially different from the Company’s estimate, the Company may be required to record adjustments to stock-based compensation expense in future periods. Compensation cost related to shares purchased through the Company’s employee stock purchase plan, which is considered compensatory, is based on the estimated fair value of the shares on the offering date, including consideration of the discount and the look-back period. The Company estimates the fair value of the shares using a Black-Scholes option pricing model. Compensation expense is recognized over the six The Company classifies stock-based compensation expense in its consolidated statement of operations and comprehensive loss in the same manner in which the award recipient’s payroll costs are classified or in which the award recipient’s service payments are classified. Income Taxes The Company accounts for income taxes using the asset and liability method, which requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been recognized in the consolidated financial statements or in the Company’s tax returns. Deferred taxes are determined based on the difference between the financial statement and tax basis of assets and liabilities using enacted tax rates in effect in the years in which the differences are expected to reverse. Changes in deferred tax assets and liabilities are recorded in the provision for income taxes. The Company assesses the likelihood that its deferred tax assets will be recovered from future taxable income and, to the extent it believes, based upon the weight of available evidence, that it is more likely than not that all or a portion of deferred tax assets will not be realized, a valuation allowance is established through a charge to income tax expense. The Company accounts for uncertainty in income taxes recognized in the consolidated financial statements by applying a two-step process to determine the amount of tax benefit to be recognized. First, the tax position must be evaluated to determine the likelihood that it will be sustained upon external examination by the taxing authorities. If the tax position is deemed more-likely-than-not to be sustained, the tax position is then assessed to determine the amount of benefit to recognize in the consolidated financial statements. The amount of the benefit that may be recognized is the largest amount that has a greater than 50% likelihood of being realized upon ultimate settlement. The provision for income taxes includes the effects of any resulting tax reserves, or unrecognized tax benefits, that are considered appropriate. Interest and penalties related to income taxes are recorded as part of the income tax provision. Segment Data The Company manages its operations as a single segment for the purposes of assessing performance and making operating decisions. The Company has adopted Accounting Standards Update (“ASU”) No. 2023-07 Segment Reporting - Improvements to Reportable Segment Disclosures Comprehensive Loss Comprehensive loss includes net loss as well as other changes in stockholders’ equity that result from transactions and economic events other than those with stockholders. For the years ended December 31, 2024, 2023 and 2022, there were no items that gave rise to other comprehensive loss and therefore, there was no difference between net loss and comprehensive loss. Net Loss Per Share Basic net loss per share attributable to common stockholders is computed by dividing the net loss attributable to common stockholders by the weighted average number of shares of common stock outstanding for the period. Diluted net loss attributable to common stockholders is computed by adjusting net loss attributable to common stockholders to reallocate undistributed earnings based on the potential impact of dilutive securities, outstanding stock options, and outstanding restricted stock units, except where the result would be anti-dilutive. Diluted net loss per share attributable to common stockholders is computed by dividing the diluted net loss attributable to common stockholders by the weighted average number of common shares outstanding for the period, including potential dilutive common shares assuming the dilutive effect of the conversion of convertible debt securities, the exercise of outstanding stock options, and the vesting of outstanding restricted stock units. In the diluted net loss per share calculation, net loss would also be adjusted for the elimination of interest expense on convertible debt securities and the mark-to-market gain or loss on bifurcated conversion options, if the impact was not anti-dilutive. Recently Issued Accounting Pronouncements From time to time, new accounting pronouncements are issued by the Financial Accounting Standards Board (“FASB”) and adopted by the Company as of the specified effective date. In December 2023, the FASB issued ASU No. 2023-09 Income Taxes - Improvements to Income Tax Disclosures income taxes paid disaggregated by jurisdiction. The amendments are effective for annual periods beginning after December 15, 2024. The Company does not expect the adoption of the amendments to have a significant impact on its consolidated financial statements. In November 2024, the FASB issued ASU No. 2024-03 Disaggregation of Income Statement Expenses . The new standard requires disclosures about specific types of expenses included in the expense captions presented on the face of the income statement as well as disclosures about selling expenses and is effective for annual reporting periods beginning after December 15, 2026 and interim reporting periods beginning after December 15, 2027. The Company believes that other recently issued accounting pronouncements that are not yet effective will not have a material impact on our consolidated financial statements and disclosures.

Licensing Agreements and Deferr

Licensing Agreements and Deferred Revenue	12 Months Ended
	Dec. 31, 2024
Licensing Agreements and Deferred Revenue
Licensing Agreements and Deferred Revenue	3. Licensing Agreements and Deferred Revenue Incept License Agreement (in-licensing) On September 13, 2018, the Company entered into a second amended and restated license agreement with Incept, LLC (“Incept”) to use and develop certain intellectual property (the “Incept License”). Under the Incept License, as amended and restated, the Company was granted a worldwide, perpetual, exclusive license to use specific Incept technology to develop and commercialize products that are delivered to or around the human eye for diagnostic, therapeutic or prophylactic purposes relating to ophthalmic diseases or conditions. The Company is obligated to pay low single-digit royalties on net sales of commercial products developed using the licensed technology, commencing with the date of the first commercial sale of such products and until the expiration of the last to expire of the patents covered by the license. Any of the Company’s sublicensees also will be obligated to pay Incept a royalty equal to a low single-digit percentage of net sales made by it and will be bound by the terms of the agreement to the same extent as the Company. The Company is obligated to reimburse Incept for its share of the reasonable fees and costs incurred by Incept in connection with the prosecution of the patent applications licensed to the Company under the Incept License. Royalties paid under this agreement related to product sales were $1,834, $1,713 and $1,466 for the years ended December 31, 2024, 2023 and 2022, respectively. Royalties have been charged to cost of product revenue. AffaMed License Agreement (out-licensing) On October 29, 2020, the Company entered into a license agreement (“License Agreement”) with AffaMed Therapeutic Limited (“AffaMed”) for the development and commercialization of the Company’s DEXTENZA product regarding ocular inflammation and pain following cataract surgery and allergic conjunctivitis (collectively, the “DEXTENZA Field”) and for the Company’s PAXTRAVA, formerly known as OTX-TIC, product candidate (collectively with DEXTENZA, the “AffaMed Licensed Products”) regarding OAG or OHT (collectively, the “TIC Field” and, with the DEXTENZA Field, each a “Field”), in each case in mainland China, Taiwan, Hong Kong, Macau, South Korea, and the countries of the Association of Southeast Asian Nations (collectively, the “Territories”). The Company retains development and commercialization rights for the AffaMed Licensed Products in the rest of the world. Under the License Agreement, the Company received a non-refundable upfront payment of $12,000 in December 2020, a $1,000 milestone in the fourth quarter of 2021, a $2,000 clinical support payment in the second quarter of 2022, and a $1,000 milestone payment in the second quarter of 2023. The Company is also eligible to receive up to an additional $87,000 in aggregate upon the achievement of certain regulatory, development and commercial milestones. The Company is also entitled to receive tiered, escalating royalties on the net sales of the AffaMed Licensed Products ranging from a low-teen to low-twenties percentage. Royalties under the License Agreement are payable on an AffaMed Licensed Product-by-AffaMed Licensed Product and jurisdiction-by-jurisdiction basis and are subject to potential reductions in specified circumstances, subject to a specified floor. Under the License Agreement, the Company is generally responsible for expenses related to the development of the AffaMed Licensed Products in the applicable Fields in the Territories, provided that AffaMed (i) reimburse the Company a low-teen percentage of expenses incurred in connection with certain clinical trials conducted by the Company and designed to support marketing approval of the AffaMed Licensed Product by the FDA or the European Medicines Agency (“Global Studies”); (ii) is solely responsible for expenses incurred in connection with territory- specific clinical trials that it conducts in furtherance of the development plan agreed between the parties in the applicable Fields in the Territories (“Local Studies”); and (iii) reimburse the Company in full for expenses incurred in connection with obtaining and maintaining regulatory approvals of the AffaMed Licensed Products in the applicable Fields in the Territories. In the event AffaMed declines to participate in a Global Study or to conduct a Local Study in any jurisdiction in which the Company determines to conduct such a study, the Company is relieved of its obligation to provide AffaMed clinical data from such study, other than safety data, unless AffaMed subsequently reimburses the Company in the amounts described above plus a prespecified premium. The License Agreement expires upon the expiration of the last royalty term for the last AffaMed Licensed Product in any applicable Field in the Territories. Either party may, subject to specified cure periods, terminate the License Agreement in the event of the other party’s uncured breach. Either party may also terminate the License Agreement under specified circumstances relating to the other party’s insolvency. AffaMed has the right to terminate the License Agreement at any time after completion of a Phase 3 clinical trial for PAXTRAVA for any or no reason upon providing the Company three months’ notice. During an established period following its change of control or its entry into a global licensing agreement that includes the Territories with a third party, the Company has the option to terminate the License Agreement, subject to a specified notice period and the repayment of any costs and expenses incurred by AffaMed in connection with the License Agreement, including upfront and milestone payments AffaMed has previously paid to the Company, at a prespecified premium. The Company concluded that AffaMed is a customer in this arrangement, and as such, the arrangement falls within the scope of the revenue recognition guidance in ASC 606. At the inception of the License Agreement, the Company identified the following performance obligations in the agreement: ● the license, regulatory filings and manufacturing of DEXTENZA (the “DEXTENZA Field performance obligation”); ● the license, regulatory filings and manufacturing for the Company’s PAXTRAVA product candidate regarding OAG or OHT in the Territories (the “PAXTRAVA Field performance obligation”); ● the conduct of a Phase 2 clinical trial of PAXTRAVA (the “Phase 2 Clinical Trial of PAXTRAVA performance obligation”); and ● obligations to participate on various joint research, development and project committees, which the Company has concluded is not a material performance obligation. The transaction price was allocated to the performance obligations based on the relative estimated standalone selling prices of each performance obligation. The Company developed the estimated standalone selling price for the services and/or manufacturing and supply included in each of the performance obligations, as applicable, primarily based on the nature of the services to be performed and/or goods to be manufactured and estimates of the associated costs, adjusted for a reasonable profit margin that would be expected to be realized under similar contracts. The Company has determined that any sales-based royalties and milestones will be recognized as the Company delivers the clinical and commercial manufactured product to AffaMed. Any changes in estimates may result in a cumulative catch-up based on the number of units of manufactured product delivered. As of December 31, 2024, the transaction price was determined to be $16,000. All potential regulatory, development and commercial milestone payments in the amount of $87,000 did not meet the recognition criteria under the most likely method, because their achievement was highly dependent on factors outside the control of the Company and therefore, were excluded from the transaction price as of December 31, 2024. Furthermore, under the expected value method the Company excluded the potential royalties from the transaction price. The Company recognizes revenue related to the amounts allocated to the DEXTENZA Field performance obligation and the PAXTRAVA Field performance obligation based on the point in time upon which control of supply is transferred to AffaMed for each delivery of the associated supply. The Company currently expects to recognize the revenue over a period of approximately seven The Company recognized $262, $573 and $1,037 of collaboration revenue related to the Phase 2 Clinical Trial of PAXTRAVA performance obligation for the years ended December 31, 2024, 2023 and 2022, respectively. As of December 31, 2024, the aggregate amount of the transaction price allocated to the partially unsatisfied Phase 2 Clinical Trial of PAXTRAVA performance obligation was $128. This amount is expected to be recognized as this performance obligation is satisfied through June 2025. Deferred revenue activity for the year ended December 31, 2024 was as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ Deferred Revenue Deferred revenue at December 31, 2023 ​ $ 14,390 Amounts recognized into revenue ​ ​ (262) Deferred revenue at December 31, 2024 ​ $ 14,128 ​

Cash Equivalents and Restricted

Cash Equivalents and Restricted Cash	12 Months Ended
	Dec. 31, 2024
Cash Equivalents and Restricted Cash
Cash Equivalents and Restricted Cash	4. Cash Equivalents and Restricted Cash The Company’s statements of cash flows include restricted cash with cash and cash equivalents when reconciling the beginning-of-period and end-of-period total amounts shown on such statements. A reconciliation of the cash, cash equivalents, and restricted cash reported within the balance sheet that sum to the total of the same amounts shown in the statement of cash flows is as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ December 31, ​ December 31, ​ ​ 2024 2023 2022 Cash and cash equivalents ​ $ 392,102 ​ $ 195,807 ​ $ 102,300 Restricted cash (current) ​ ​ 0 ​ ​ 150 ​ ​ 0 Restricted cash (non-current) ​ ​ 1,614 ​ ​ 1,614 ​ ​ 1,764 Total cash, cash equivalents and restricted cash as shown on the statements of cash flows ​ $ 393,716 ​ $ 197,571 ​ $ 104,064 ​ The Company held restricted cash as security deposits for its real estate leases.

Inventory

Inventory	12 Months Ended
	Dec. 31, 2024
Inventory
Inventory	5. Inventory Inventory consisted of the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ December 31, ​ ​ 2024 2023 Raw materials ​ $ 214 ​ $ 302 ​ Work-in-process ​ ​ 1,489 ​ ​ 1,012 ​ Finished goods ​ 1,337 ​ 991 ​ ​ ​ $ 3,040 ​ $ 2,305 ​ ​

Property and Equipment, net

Property and Equipment, net	12 Months Ended
	Dec. 31, 2024
Property and Equipment, net
Property and Equipment, net	6. Property and Equipment, net Property and equipment, net consisted of the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ December 31, ​ 2024 2023 Equipment ​ $ 16,782 ​ $ 15,515 Leasehold improvements ​ 14,528 ​ 14,699 Furniture and fixtures ​ 1,268 ​ 1,268 Software ​ 324 ​ 236 Construction in progress ​ 119 ​ 281 ​ ​ 33,021 ​ 31,999 Less: Accumulated depreciation and amortization ​ (23,632) ​ (20,260) ​ ​ $ 9,389 ​ $ 11,739 ​ Depreciation and amortization expense was $3,786, $2,983 and $2,109 for the years ended the years ended December 31, 2024, 2023 and 2022, respectively.

Leases

Leases	12 Months Ended
	Dec. 31, 2024
Leases
Leases	7. Leases The Company leases real estate, including laboratory, manufacturing and office space, and certain equipment. The Company’s two real estate leases have remaining lease terms of approximately 2.5 years and 3.5 years, respectively. The Company’s equipment leases have remaining lease terms ranging from approximately 2 to 3.5 years. All of the Company’s leases qualify as operating leases. The lease for the Company’s 20,445 square feet of manufacturing space located at 36 Crosby Drive in Bedford, Massachusetts commenced on June 30, 2018. On October 18, 2022, the Company exercised its option to extend the lease agreement by an additional five five five five five The lease for the Company’s approximately 70,712 square feet of general office, research and development and manufacturing space located at 15 Crosby Drive in Bedford, Massachusetts commenced on February 1, 2017 and will expire on July 31, 2027. The Company has the option to extend the lease for The lease for the Company’s approximately 30,036 square feet of office space located at 24 Crosby Drive in Bedford, Massachusetts commenced on April 18, 2019 and terminated on March 31, 2024. Certain equipment leases include options to renew on a month-by-month basis, at the sole discretion of the Company. Recognized lease costs were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the ​ For the ​ For the ​ ​ Year Ended ​ Year Ended ​ Year Ended ​ ​ December 31, ​ December 31, ​ December 31, ​ ​ 2024 ​ 2023 ​ 2022 Operating lease costs ​ $ 3,027 ​ $ 2,663 ​ $ 2,369 Variable lease costs ​ ​ 969 ​ ​ 987 ​ ​ 756 Total lease costs ​ $ 3,996 ​ $ 3,650 ​ $ 3,125 ​ The minimum lease payments for the next five years and thereafter are expected to be as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, Year Ending December 31, ​ ​ 2024 2025 ​ ​ ​ ​ 2,722 2026 ​ ​ ​ ​ 3,086 2027 ​ ​ ​ ​ 2,179 2028 ​ ​ ​ ​ 750 2029 ​ ​ ​ ​ — Thereafter ​ ​ ​ ​ — Total lease payments ​ ​ ​ $ 8,737 Less: interest ​ ​ ​ ​ 1,459 Present value of operating lease liabilities ​ ​ ​ $ 7,278 ​ The following table summarizes the weighted average remaining lease term and the weighted average incremental borrowing rate used to determine the operating lease liability: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ ​ December 31, ​ 2024 ​ ​ 2023 Weighted average remaining lease term in years ​ ​ 3.1 ​ ​ 4.1 ​ Weighted average discount rate ​ ​ 11.85 % ​ 12.00 % ​ Supplemental disclosure of cash flow information related to the Company’s operating leases included in cash flows provided by operating activities in its consolidated statements of cash flows is as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the ​ ​ For the ​ For the ​ ​ Year Ended ​ ​ Year Ended ​ Year Ended ​ ​ December 31, ​ ​ December 31, ​ December 31, ​ 2024 ​ ​ 2023 ​ 2022 Cash paid for amounts included in the measurement of lease liabilities ​ $ 3,027 ​ $ 2,663 ​ $ 2,549 ​

Expenses

Expenses	12 Months Ended
	Dec. 31, 2024
Expenses
Expenses	8. Expenses The Company recognized $917, $880, and $1,166 of advertising expenses for the years ended December 31, 2024, 2023 and 2022, respectively. Accrued expenses consisted of the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ December 31, ​ 2024 2023 Accrued payroll and related expenses ​ $ 14,272 ​ $ 8,156 Accrued rebates and programs ​ ​ 5,265 ​ ​ 5,117 Accrued professional fees ​ 1,879 ​ 691 Accrued research and development expenses ​ 11,054 ​ 1,488 Accrued interest payable on Convertible Notes (Note 9) ​ — ​ 10,886 Accrued interest payable on Barings Credit Facility (Note 9) ​ ​ 592 ​ ​ 803 Accrued Other ​ 2,055 ​ 1,525 Other ​ $ 35,117 ​ $ 28,666 ​

Financial Liabilities

Financial Liabilities	12 Months Ended
	Dec. 31, 2024
Financial Liabilities
Financial Liabilities	9. Financial Liabilities Barings Credit Agreement On August 2, 2023 (the “Closing Date”), the Company entered into a credit and security agreement (the “Barings Credit Agreement”) with Barings Finance LLC (“Barings”), as administrative agent, and the lenders party thereto, providing for a secured term loan facility for the Company (the “Barings Credit Facility”) in the aggregate principal amount of $82,474 (the “Total Credit Facility Amount”). The Company borrowed the full amount of $82,474 at closing and received proceeds of $77,290, after the application of an original issue discount and fees. Indebtedness under the Barings Credit Facility matures on the earlier to occur of (i) the six-year anniversary of the Closing Date and (ii) the date that is 91 days prior to the maturity date for the Company’s Convertible Notes (as defined below). Indebtedness under the Barings Credit Facility incurs interest based on the Secured Overnight Financing Rate (“SOFR”), subject to a minimum plus The Company determined that the embedded obligation to pay the Barings Royalty Fee (the “Barings Royalty Fee Obligation”) is required to be separated from the Barings Credit Facility and accounted for as a freestanding derivative instrument subject to derivative accounting. The allocation of proceeds to the Barings Royalty Fee Obligation resulted in a discount on the Barings Credit Facility. The Company is amortizing the discount to interest expense over the term of the Barings Credit Facility using the effective interest method. Accrued or paid Barings Royalty Fees are included in the change in fair value of derivative liabilities on the consolidated statements of operations and comprehensive loss. For the years ended December 31, 2024 and 2023, Barings Royalty Fees were $2,221 and $901, respectively. A summary of the Barings Credit Facility is as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ December 31, ​ 2024 2023 Barings Credit Facility ​ $ 82,474 ​ ​ 82,474 Less: unamortized discount ​ ​ (13,969) ​ ​ (16,687) Total ​ $ 68,505 ​ ​ 65,787 ​ As of December 31, 2024, the full principal for the Barings Credit Facility of $82,474 was due for repayment in 2029. Convertible Notes On March 1, 2019, the Company issued $37,500 of convertible notes (as amended, the “Convertible Notes”). On March 28, 2024, the Company issued 5,769,232 shares of its common stock with a total fair value of $52,500 to the holder of the Convertible Notes in connection with the conversion of the principal amount of the Convertible Notes (the “Conversion”) and paid the holder $11,361 for accrued interest. The extinguishment of obligations under the Convertible Notes and the resulting derecognition of the principal of the Convertible Notes ($37,500), the unamortized discount ($27,950), and the Conversion Option Derivative Liability ($15,000), resulted in a net loss of $27,950, which was charged to gains and losses on extinguishment of debt, net on the consolidated statements of operations and comprehensive loss for the year ended December 31, 2024. Concurrently with entering into the Barings Credit Agreement, on August 2, 2023, the Company and the holders of the Convertible Notes extended the maturity of the Convertible Notes, which would otherwise have matured on March 1, 2026, to a date 91 days following the maturity of the indebtedness under the Barings Credit Facility, unless earlier converted, repurchased or redeemed (the “Amendment”). The Company accounted for the Amendment as an extinguishment of debt in accordance with the guidance in Accounting Standards Codification Topic 470-50 Debt The holders of the Convertible Notes were entitled to convert all or part of the outstanding principal amount of their Convertible Notes into shares of the Company’s common stock, par value $0.0001 per share, prior to maturity based on certain terms and conditions. The Company determined that the embedded conversion option was required to be separated from the Convertible Notes and accounted for as a freestanding derivative instrument subject to derivative accounting. The allocation of proceeds to the conversion option results in a discount on the Convertible Notes. The Company amortized the discount to interest expense over the term of the Convertible Notes using the effective interest method. The Company presented accrued interest in accrued current liabilities because the notes were convertible and the interest was payable in cash. The effective annual interest rate for the Convertible Notes was 19.4% and 14.8% for the years ended December 31, 2023 and 2022, respectively. A summary of the Convertible Notes at December 31, 2023 is as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ ​ 2023 Convertible Notes ​ ​ ​ ​ $ 37,500 Less: unamortized discount and current portion ​ ​ ​ ​ ​ (28,362) Total ​ ​ ​ ​ $ 9,138 ​ Interest recognized with regard to the Convertible Notes was as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2024 2023 2022 Coupon Interest ​ $ 475 ​ ​ 2,130 ​ ​ 2,281 Amortization of discount ​ ​ 412 ​ ​ 2,042 ​ ​ 2,314 Total ​ $ 887 ​ ​ 4,172 ​ ​ 4,595 ​ Notes Payable The Company entered into a credit and security agreement in 2014 (as amended, the “MidCap Credit Agreement”) establishing a credit facility (as amended, the “MidCap Credit Facility”). The Company satisfied its obligations under the MidCap Credit Agreement in August 2023, as discussed below. In connection with its satisfaction of its obligations, the Company extinguished the MidCap Credit Facility, and all liens and security interests securing the indebtedness under the MidCap Credit Agreement were released. In June 2021, the Company entered into a Fourth Amended and Restated Credit and Security Agreement (the “Fourth Amendment”) to amend the terms of its debt with existing lenders for total indebtedness of $20,833 and borrowed an incremental $4,167, for a total of $25,000. Under the Fourth Amendment, the Company was required to make interest-only payments through April 2024. Commencing in May 2024, the Company was required to make 19 equal monthly installments of principal in the amount of $1,042, plus interest, then on the maturity date, November 30, 2025 the remaining balance of $5,208 plus the exit fee, as defined below. Amounts borrowed under the MidCap Credit Facility based on the Fourth Amendment were initially at LIBOR base rate, subject to 1.00% floor Debt . Amounts paid to the lenders were recorded as debt discount and a new effective interest rate was established. On March 12, 2023, the Company requested, and received, a protective advance of $2,000 under the MidCap Credit Agreement as a short-term bridge loan in response to the closure of Silicon Valley Bank by the California Department of Financial Protection and Innovation. This protective advance was deemed a credit extension. The Company repaid the full principal amount of $2,000 in March 2023. On March 31, 2023, the Company entered into Amendment No. 1 to the MidCap Credit Agreement (“Amendment No. 1”) to replace the LIBOR-based interest rate provisions of the MidCap Credit Agreement with interest rate provisions based on SOFR, establish a benchmark replacement mechanism and make additional administrative updates. The Company accounted for Amendment No. 1 as a modification in accordance with the guidance in ASC 470-50 Debt On May 4, 2023, the Company entered into Amendment No. 2 to the MidCap Credit Agreement (“Amendment No. 2”). Amendment No. 2 provided that the Company may maintain up to 50% of its consolidated cash and cash equivalents with banks or financial institutions other than Silicon Valley Bank and made additional administrative updates. In August 2023, in connection with the Company’s establishment of the Barings Credit Facility, the Company paid an aggregate of $26,157 to MidCap Financial Trust and the other lenders party to the MidCap Credit Agreement, comprised of $25,017 in principal and interest accrued thereunder and $1,140 in exit and prepayment fees, in satisfaction of the Company’s obligations under the MidCap Credit Agreement. In connection with the payment, all liens and security interests securing the indebtedness under the MidCap Credit Agreement were released. The extinguishment of the MidCap Credit Facility has resulted in a loss of $717, which was charged to gains and losses on extinguishment of debt, net on the consolidated statements of operations and comprehensive loss for the year ended December 31, 2023.

Derivatives

Derivatives	12 Months Ended
	Dec. 31, 2024
Derivatives
Derivatives	10. Derivatives Barings Credit Agreement The Barings Credit Agreement (Note 9) contains an embedded Royalty Fee Obligation that meets the criteria to be bifurcated and accounted for separately from the Barings Credit Facility (the "Royalty Fee Derivative Liability"). The Royalty Fee Derivative Liability was recorded at fair value upon the entering into the Barings Credit Facility and is subsequently remeasured to fair value at each reporting period. The Royalty Fee Derivative Liability was initially valued and is remeasured using a “with-and-without” method. The “with-and-without” methodology involves valuing the whole instrument on an as-is basis with the embedded Royalty Fee Obligation and then valuing the instrument without the embedded Royalty Fee Obligation. Royalty payments are estimated using a Monte Carlo simulation. Refer to Note 11 for details regarding the determination of fair value. A roll-forward of the Royalty Fee Derivative Liability is as follows: ​ ​ ​ ​ ​ ​ ​ As of Balance at December 31, 2023 ​ $ 12,389 Change in fair value ​ ​ 857 Balance at December 31, 2024 ​ $ 13,246 ​ Convertible Notes The Convertible Notes (Note 9) contained the Conversion Option Derivative Liability, an embedded conversion option that met the criteria to be bifurcated and accounted for separately from the Convertible Notes. The Conversion Option Derivative Liability was recorded at fair value upon the issuance of the Convertible Notes and was subsequently remeasured to fair value at each reporting period. The Conversion Option Derivative Liability was initially valued and subsequently remeasured using a “with-and-without” method. The “with-and-without” methodology involved valuing the whole instrument on an as-is basis with the embedded conversion option and then valuing the instrument without the embedded conversion option. The difference between the entire instrument with the embedded conversion option compared to the instrument without the embedded conversion option was the fair value of the derivative, recorded as the Conversion Option Derivative Liability. Refer to Note 11 for details regarding the determination of fair value. A roll-forward of the Conversion Option Derivative Liability is as follows: ​ ​ ​ ​ ​ ​ ​ As of Balance at December 31, 2023 ​ $ 17,598 Change in fair value ​ ​ (2,598) Balance at March 28, 2024 ​ ​ 15,000 Extinguishment in connection with Conversion ​ ​ (15,000) Balance at December 31, 2024 ​ $ — ​

Risks and Fair Value

Risks and Fair Value	12 Months Ended
	Dec. 31, 2024
Risks and Fair Value
Risks and Fair Value	11. Risks and Fair Value Concentration of Credit Risk and of Significant Suppliers and Customers Financial instruments that potentially expose the Company to concentrations of credit risk consist primarily of cash and cash equivalents and accounts receivable. The Company has its cash and cash equivalents balances at two accredited financial institutions, in amounts that exceed federally insured limits. The Company does not believe that it is subject to unusual credit risk beyond the normal credit risk associated with commercial banking relationships. The Company is dependent on a small number of third-party manufacturers to supply products for research and development activities in its preclinical and clinical programs and for sales of its products. The Company’s development programs as well as revenue from future product sales could be adversely affected by a significant interruption in the supply of any of the components of these products. Three specialty distributor customers accounted for the following percentages of the Company’s total revenue: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ ​ ​ ​ ​ 2024 2023 ​ 2022 ​ Customer 1 ​ 44 % ​ 49 % ​ 44 % Customer 2 ​ 23 ​ ​ 25 ​ ​ 25 ​ Customer 3 ​ 10 ​ ​ 11 ​ ​ 17 ​ ​ Three specialty distributor customers accounted for the following percentages of the Company’s accounts receivables: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of ​ ​ ​ December 31, ​ December 31, ​ ​ ​ 2024 ​ 2023 ​ Customer 1 ​ 46 % ​ 50 % ​ Customer 2 ​ 28 ​ ​ 28 ​ ​ Customer 3 ​ 8 ​ ​ 11 ​ ​ ​ Change in Fair Value of Derivative Liabilities Other income (expenses) from the change in the fair values of derivative liabilities as presented on the Company’s consolidated statements of operations and comprehensive loss includes the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended ​ December 31, ​ 2024 2023 ​ 2022 Change in the fair value of the Conversion Option Derivative Liability $ 2,598 ​ $ (4,502) ​ $ 13,841 Change in the fair value of Royalty Fee Derivative Liability ​ (857) ​ ​ 215 ​ ​ — Barings Royalty Fee ​ (2,221) ​ ​ (901) ​ ​ — Total $ (480) ​ $ (5,188) ​ ​ 13,841 ​ Fair Value of Financial Assets and Liabilities The following tables present information about the Company’s financial assets and liabilities that are measured at fair value on a recurring basis as of December 31, 2024 and 2023 and indicate the level of the fair value hierarchy utilized to determine such fair value: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fair Value Measurements as of ​ ​ December 31, 2024 Using: ​ Level 1 Level 2 Level 3 Total Assets: ​ ​ ​ ​ Cash equivalents: ​ ​ ​ ​ Money market funds ​ $ 378,112 ​ $ — ​ $ — ​ $ 378,112 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Liability: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Derivative liability ​ $ — ​ $ — ​ $ 13,246 ​ $ 13,246 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fair Value Measurements as of ​ ​ December 31, 2023 Using: ​ Level 1 Level 2 Level 3 Total Assets: ​ ​ ​ ​ Cash equivalents: ​ ​ ​ ​ Money market funds ​ $ 187,951 ​ $ — ​ $ — ​ $ 187,951 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Liability: ​ ​ ​ ​ Derivative liabilities ​ $ — ​ $ — ​ $ 29,987 ​ $ 29,987 ​ During the years ended December 31, 2024 and 2023, there were no transfers between levels of the fair value hierarchy. The carrying value of accounts receivable, prepaid expenses and other current assets, accounts payable and accrued expenses approximate their fair value due to the short-term nature of these assets and liabilities. Barings Credit Agreement and Royalty Fee Derivative Liability At December 31, 2024, the Barings Credit Facility, net of the Royalty Fee Derivative Liability, was carried at amortized cost totaling $69,097, comprised of the $68,505 non-current liability (Note 9) and $592 accrued interest (Note 8). The estimated fair value of the Barings Credit Facility, without the Royalty Fee Derivative Liability, was $73,608 at December 31, 2024. At December 31, 2023, the Barings Credit Facility, net of the Royalty Fee Derivative Liability, was carried at amortized cost totaling $66,590 comprised of the $65,787 non-current liability (Note 9) and $803 accrued interest (Note 8). The estimated fair value of the Barings Credit Facility, without the Royalty Fee Derivative Liability, was $72,295 at December 31, 2023. The fair value of the Royalty Fee Derivative Liability is estimated using a Monte Carlo simulation. The use of this approach requires the use of Level 3 unobservable inputs. The main inputs when determining the fair value of the Royalty Fee Derivative Liability are the amount and timing of the expected future revenue of the Company, the estimated volatility of these revenues, and the discount rate corresponding to the risk of revenue. The estimated fair value presented is not necessarily indicative of an amount that could be realized in a current market exchange. The use of alternative inputs and estimation methodologies could have a material effect on these estimates of fair value. The main inputs to valuing the Royalty Fee Derivative Liability are as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of ​ ​ December 31, ​ December 31, ​ ​ ​ 2024 ​ 2023 ​ Revenue volatility ​ ​ 64.0 % ​ 67.0 % Revenue discount rate ​ ​ 16.0 % ​ 15.8 % ​ The main inputs to valuing the Royalty Fee Derivative Liability as of the Closing Date were revenue volatility of 61.0%, and a revenue discount rate of 15.8%. Convertible Notes and Conversion Option Derivative Liability At December 31, 2023, the Convertible Notes, net of the Conversion Option Derivative Liability, were carried at amortized cost totaling $20,024, comprised of the $9,138 non-current liability (Note 9) and $10,886 accrued interest (Note 8). The estimated fair value of the Convertible Notes, without the Conversion Option Derivative Liability, was $22,665 at December 31, 2023. The fair value of the Convertible Notes with and without the conversion option as of December 31, 2023 and previous periods was estimated using a binomial lattice approach. The use of this approach required the use of Level 3 unobservable inputs. The main input when determining the fair value of the Convertible Notes was the bond yield that pertained to the host instrument without the conversion option. The significant assumption used in determining the bond yield was the market yield movements of a comparable instrument issued as of the valuation date, which was assessed and updated each period. The main input when determining the fair value for disclosure purposes was the bond yield which was updated each period to reflect the yield of a comparable instrument issued as of the valuation date. The estimated fair value presented was not necessarily indicative of an amount that could have been realized in a current market exchange. The fair value of the Conversion Option Derivative Liability immediately before the Conversion was determined based on the intrinsic value of the separated conversion option. The main inputs to valuing the Convertible Notes with the conversion option are as follows: ​ ​ ​ ​ ​ ​ ​ ​ As of ​ ​ December 31, ​ ​ 2023 Company's stock price ​ $ 4.46 ​ Volatility ​ ​ 88.4 % Bond yield ​ ​ 20.8 % ​ The bond yield was derived by making the fair value of the Convertible Notes equal to the face value on the issuance date. Fair value measurements are highly sensitive to changes in these inputs and significant changes in these inputs would result in a significantly higher or lower fair value.

Equity

Equity	12 Months Ended
	Dec. 31, 2024
Equity
Equity	12. Equity Preferred Stock The Amended and Restated Certificate of Incorporation has authorized 5,000,000 shares of preferred stock, $0.0001 par value, all of which is undesignated and none of which are issued outstanding Common Stock The Amended and Restated Certificate of Incorporation authorized 100,000,000 shares of the Company’s common stock. In June 2021, the Company adopted an amendment to the amended and restated certificate of incorporation increasing the number of its authorized shares of its common stock to On February 21, 2024, the Company entered into a securities purchase agreement (the “Securities Purchase Agreement”) with certain institutional accredited investors (the “Investors”), pursuant to which the Company issued and sold to the Investors in a private placement an aggregate of 32,413,560 shares of the Company’s common stock, par value $0.0001 per share (the “Shares”), at a price of $7.52 per share, and, to certain Investors in lieu of Shares, pre-funded warrants to purchase 10,805,957 shares of the Company’s common stock (the “Pre-Funded Warrants”), at a price of $7.519 per Pre-Funded Warrant (the “2024 Private Placement”). Each Pre-Funded Warrant issued in the 2024 Private Placement has an exercise price of $0.001 per share, is currently exercisable and will remain exercisable until the Pre-Funded Warrant is exercised in full. The 2024 Private Placement closed on February 26, 2024. The Company received total net proceeds from the 2024 Private Placement of approximately $316,353 after deducting placement agent fees and offering expenses. The Company accounts for the Pre-Funded Warrants as a component of permanent equity. In connection with entering into the Securities Purchase Agreement, also on February 21, 2024, the Company entered into a registration rights agreement with the Investors, pursuant to which the Company agreed to register for resale the Shares and the shares of the Company’s common stock issuable upon exercise of the Pre-Funded Warrants (together with the Shares, the “Registrable Securities”). The Company filed a registration statement regarding the Registrable Securities on Form S-3 with the SEC on March 25, 2024. On March 28, 2024, the Company issued 5,769,232 shares of its common stock to the holder of the Convertible Notes in connection with the Conversion. The newly issued shares of common stock were valued at fair value, being the closing price of the Company’s common stock on that day, resulting in an increase in par value of the Company’s common stock of $1 and an increase in additional paid-in capital of $52,499. On April 5, 2019, the Company entered into an Open Market Sales Agreement (the “2019 Sales Agreement”) with Jefferies LLC (“Jefferies”), under which the Company may offer and sell its common stock having aggregate proceeds of up to $50,000 from time-to-time through Jefferies, acting as agent. The Company did not sell any shares of common stock under the 2019 Sales Agreement in the twelve months ended December 31, 2021. On August 9, 2021, the Company and Jefferies mutually terminated the 2019 Sales Agreement and entered into another Open Market Sale Agreement (the “2021 Sales Agreement”) under which the Company may offer and sell shares of common stock of the Company having an aggregate offering price of up to $100,000 from time to time through Jefferies, acting as agent. The Company did not offer or sell shares of its common stock under the 2021 Sales Agreement during the twelve months ended December 31, 2024 and 2022, respectively. In the twelve months ended December 31, 2023, the Company sold 1,514,926 shares of common stock under the 2021 Sales Agreement, resulting in gross proceeds to the Company of $9,897, and net proceeds, after accounting for issuance costs, of $9,532. On December 13, 2023, the Company entered into an underwriting agreement with Jefferies, BofA Securities, Inc. and Piper Sandler & Co. (collectively “the Underwriters”) in connection with an underwritten public offering of 30,800,000 shares of the Company’s common stock. Under the terms of this underwriting agreement, the Company also granted the Underwriters an option to purchase up to an additional 4,620,000 shares of common stock at the public offering price, less the underwriting discounts and commissions. On December 17, 2023, the Company sold all 35,420,000 shares of common stock and closed this underwritten public offering. The public offering price of the shares in this offering was $3.25 per share, and the Underwriters purchased all of the shares from the Company at a price of $3.055 per share. After deducting underwriting discounts and commissions and offering expenses, the Company received net proceeds from the offering of $107,725. As of December 31, 2024, the Company had reserved 9,260,579 shares of common stock for future grants of stock-based awards under its stock-based compensation plans (Note 13).

Stock-Based Awards

Stock-Based Awards	12 Months Ended
	Dec. 31, 2024
Stock-Based Awards
Stock-Based Awards	13. Stock-Based Awards For the years ended December 31, 2024 and 2023, the Company had three stock-based compensation plans under which it was able to grant stock-based awards, the 2021 Stock Incentive Plan, as amended (the “2021 Plan”), the 2019 Inducement Stock Incentive Plan, as amended (the “2019 Inducement Plan”), and the 2014 Employee Stock Purchase Plan (the “ESPP”) (collectively the “Stock Plans”). Certain inducement awards made prior to inception of the 2019 Inducement Plan were issued outside of the Stock Plans. The purpose of the Stock Plans is to provide incentives to employees, directors, and nonemployee consultants. The 2021 Plan and the 2019 Inducement Plan provide for the grant of non-statutory stock options, restricted stock awards, restricted stock units (“RSUs”), stock appreciation rights and other stock-based awards. The 2021 Plan also provides for the grant of incentive stock options. As of December 31, 2024 and 2023, respectively, the Company had a number of vested stock awards outstanding that were granted under the Company’s 2014 Stock Incentive Plan (the “2014 Plan”). Effective as of the adoption of the 2021 Plan on June 18, 2021 by the Company’s stockholders, no new awards have been granted under the 2014 Plan. However, as of December 31, 2024, all then-outstanding awards under the 2014 Plan remained in effect and continued to be governed by the terms of the 2014 Plan. As of December 31, 2024 and 2023, respectively, the Company had an immaterial number of vested stock awards outstanding that were granted under the Company’s 2006 Stock Incentive Plan (the “2006 Plan”). Effective as of the adoption of the 2014 Plan by the Company’s stockholders in 2014, no new awards have been granted under the 2006 Plan. As of December 31, 2024, all then outstanding awards under the 2006 Plan remained in effect and continued to be governed by the terms of the 2006 Plan. 2021 Plan 2019 Inducement Plan - Awards under the 2019 Inducement Plan may only be granted to persons who (a) were not previously an employee or director of the Company or (b) are commencing employment with the Company following a bona fide period of non-employment, in either case as an inducement material to the individual’s entering into employment with the Company and in accordance with the requirements of Nasdaq Stock Market Rule 5635(c)(4). For the avoidance of doubt, neither consultants nor advisors shall be eligible to participate in the 2019 Inducement Plan. Each person who is granted an Award under the 2019 Inducement Plan is deemed a “Participant”. On December 10, 2020, the board of directors of the Company amended the 2019 Inducement Plan to increase the aggregate number of shares issuable by . On February 20, 2024, the Company’s board of directors amended the 2019 Inducement Plan to increase the aggregate number of shares issuable thereunder from ESPP Stock options granted pursuant to the Stock Plans, excluding awards under the ESPP, are granted at exercise prices not to be less than the fair value of common shares as of the date of grant. They generally require a service period of 4 years and generally vest monthly, or 1/4 1/3 Valuation of Awards The fair value of each stock option grant is estimated on the date of grant using the Black-Scholes option-pricing model. The expected life of the options was calculated using the simplified method. The simplified method defines the life as the average of the contractual term of the options and the weighted-average vesting period for all option tranches. The Company utilizes the simplified method because the Company does not have sufficient historical exercise data over the life of awards to provide a reasonable basis upon which to estimate expected term. The expected term of stock options granted to non-employees is equal to the contractual term of the option award. The risk-free interest rate is determined by reference to the U.S. Treasury yield curve in effect at the time of grant of the award for time periods approximately equal to the expected term of the award. Expected dividend yield is based on the fact that the Company has never paid cash dividends and does not expect to pay any cash dividends in the foreseeable future. The Company uses its historical volatility to estimate expected volatility. The assumptions that the Company used to determine the fair value of the stock options granted to employees and directors are as follows, presented on a weighted average basis: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended ​ ​ December 31, ​ 2024 2023 2022 Risk-free interest rate 4.11 % 3.72 % 2.10 % Expected term (in years) 6.0 6.0 6.0 ​ Expected volatility 80.12 % 77.32 % 81.14 % Expected dividend yield 0.0 % 0.0 % 0.0 % ​ For RSUs, the grant date fair value is the closing price of the Company’s stock on the grant date. Stock Options The following table summarizes the Company’s stock option activity: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted ​ ​ ​ ​ ​ ​ ​ Weighted ​ Average ​ ​ ​ ​ ​ ​ ​ Average ​ Remaining ​ Aggregate ​ ​ Shares Issuable ​ Exercise ​ Contractual ​ Intrinsic ​ Under Options Price Term Value ​ ​ ​ ​ ​ ​ ​ (In years) ​ ​ ​ Outstanding as of December 31, 2023 16,136,791 ​ $ 7.51 6.10 ​ $ 3,364 Granted 9,207,383 ​ 7.62 ​ ​ ​ ​ Exercised (3,112,976) ​ 4.74 ​ ​ ​ ​ Cancelled/forfeited (2,343,515) ​ 8.07 ​ ​ ​ ​ Outstanding as of December 31, 2024 19,887,683 ​ $ 7.93 6.05 ​ $ 41,570 Options vested and expected to vest as of December 31, 2024 18,406,424 ​ $ 8.10 5.89 ​ $ 37,139 Options exercisable as of December 31, 2024 11,419,466 ​ $ 8.26 3.90 ​ $ 27,814 ​ The aggregate intrinsic value of stock options is calculated as the difference between the exercise price of the stock options and the fair value of the Company’s common stock for those stock options that had exercise prices lower than the fair value of the Company’s common stock. The aggregate intrinsic value of stock options exercised was $11,102, $275 and $186 during the years ended December 31, 2024, 2023 and 2022, respectively. The weighted average grant date fair value of stock options granted during the years ended December 31, 2024, 2023 and 2022 was $5.59, $2.74 and $4.95 per share, respectively. RSUs The following table summarizes the Company’s activity of unvested RSUs: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted ​ ​ ​ ​ average ​ ​ ​ ​ grant date ​ RSU's fair value ​ ​ ​ ​ ​ ​ Unvested balance at December 31, 2023 1,627,341 ​ $ 4.40 ​ Granted 3,628,824 ​ 7.89 ​ Released ​ (1,277,398) ​ ​ 5.84 ​ Cancelled/forfeited (589,163) ​ 4.79 ​ Unvested balance at December 31, 2024 3,389,604 ​ $ 7.52 ​ ​ Each RSU is equivalent to one share of common stock upon vesting. Holders of RSUs are not entitled to vote on any matters and are not entitled to dividends. Stock-based Compensation The Company recorded stock-based compensation expense in the following expense categories of its statements of operations and comprehensive loss: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2024 2023 2022 Research and development ​ $ 9,276 ​ $ 4,508 ​ $ 4,166 ​ Selling and marketing ​ 3,071 ​ 3,682 ​ 4,684 ​ General and administrative ​ 20,762 ​ 9,635 ​ 8,114 ​ ​ ​ $ 33,109 ​ $ 17,825 ​ $ 16,964 ​ ​ As of December 31, 2024, the Company had an aggregate of $53,813 of unrecognized stock-based compensation cost, which is expected to be recognized over a weighted average period of 2.8 years.

Employee Benefits

Employee Benefits	12 Months Ended
	Dec. 31, 2024
Employee Benefits
Employee Benefits	14. Employee Benefits The Company established a defined contribution savings plan under Section 401(k) of the Internal Revenue Code (the “401(k) Plan”). The 401(k) Plan covers substantially all employees who meet minimum age and service requirements and allows participants to defer a portion of their annual compensation based on a pre-tax or post-tax basis as elected by the participants. Company contributions to the plan may be made at the discretion of the board of directors. For the years ended December 31, 2024, 2023 and 2022, the Company has made contributions of $675, $625, and $593, respectively, to the 401(k) Plan.

Income Taxes

Income Taxes	12 Months Ended
	Dec. 31, 2024
Income Taxes
Income Taxes	15. Income Taxes During the years ended December 31, 2024, 2023 and 2022, the Company recorded no income tax benefits for the net operating losses incurred or the research and development tax credits generated in each year, due to its uncertainty of realizing a benefit from those items. ​ A reconciliation of the U.S. federal statutory income tax rate to the Company’s effective income tax rate is as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ 2024 2023 2022 Federal statutory income tax rate 21.0 % 21.0 % 21.0 % Research and development tax credits 3.5 ​ 3.6 ​ 5.4 ​ State taxes, net of federal benefit 1.8 ​ 2.0 ​ 2.6 ​ Stock-based compensation (1.9) ​ (2.3) ​ (2.1) ​ Derivative liability ​ — ​ — ​ 2.7 ​ Change in tax rate ​ — ​ (0.4) ​ 1.4 ​ Debt extinguishment ​ (1.9) ​ — ​ — ​ Other (1.1) ​ (0.2) ​ (0.1) ​ Change in the valuation allowance (21.4) ​ (23.7) ​ (30.9) ​ Effective income tax rate — % — % — % ​ Changes in the valuation of the Royalty Fee Derivative Liability, except to the extent that they relate to actual royalties paid or accrued, do not provide a future tax benefit. To the extent the deferred tax asset related to the Royalty Fee Derivative Liability exceeds the deferred tax liability related to the Barings Credit Agreement, the excess is recorded as a permanent item. Net deferred tax assets consisted of the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ 2024 2023 Deferred tax assets: ​ ​ ​ ​ ​ ​ Net operating loss carryforwards ​ $ 134,571 ​ $ 120,971 Tax credit carryforwards ​ 29,311 ​ 22,597 Capitalized start-up costs ​ — ​ 121 Capitalized research and development expenses, net - Sec. 59(e) : ​ 1,814 ​ 3,570 Capitalized research and development expenses, net Sec. 174 ​ ​ 38,244 ​ ​ 19,491 Operating lease liabilities ​ ​ 1,693 ​ ​ 1,970 Derivative liability ​ ​ 3,082 ​ ​ 6,981 Stock-based Awards ​ ​ 9,976 ​ ​ 10,443 Accrued expenses and other ​ 10,186 ​ 8,433 Total deferred tax assets ​ 228,877 ​ 194,577 Valuation allowance ​ (225,248) ​ (183,737) Net deferred tax assets ​ ​ 3,629 ​ ​ 10,840 ​ ​ ​ ​ ​ ​ ​ Deferred tax liabilities: ​ ​ ​ ​ ​ ​ Operating lease right of use assets ​ ​ (1,383) ​ ​ (1,507) Convertible Notes ​ ​ — ​ ​ (6,603) Barings Credit Facility ​ ​ (2,246) ​ ​ (2,730) Total deferred tax liabilities ​ ​ (3,629) ​ ​ (10,840) Net deferred tax assets ​ $ — ​ $ — ​ Changes in the valuation allowance for deferred tax assets during the years ended December 31, 2024, 2023 and 2022, resulting primarily from increases in net operating loss carryforwards, additions to and amortization of capitalized research and development expenses, and increases in research and development tax credit carryforwards, were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ 2024 2023 2022 Valuation allowance as of beginning of year ​ $ 183,737 ​ $ 164,546 ​ $ 142,637 Increases recorded to income tax provision ​ 41,511 ​ 19,191 ​ 21,909 Valuation allowance as of end of year ​ $ 225,248 ​ $ 183,737 ​ $ 164,546 ​ As of December 31, 2024, the Company had net operating loss (“NOL”) carryforwards for federal and state income tax purposes of $538,025 and $385,224 , respectively. The federal and state NOLs generated for annual periods prior to January 1, 2018 begin to expire in 2026. The Company’s federal NOLs generated for the years ended on or after December 31, 2018, which amount to a total of $ The Company has evaluated the positive and negative evidence bearing upon its ability to realize the deferred tax assets. Management considered the Company’s cumulative net losses and concluded that it is more likely than not that the Company would not realize the benefits of the deferred tax assets. Accordingly, a full valuation allowance was established against the net deferred tax assets as of December 31, 2024, 2023 and 2022. The Company has not recorded any amounts for unrecognized tax benefits as of December 31, 2024, 2023 or 2022. The Company files tax returns as prescribed by the tax laws of the jurisdictions in which it operates. In the normal course of business, the Company is subject to examination by federal and state jurisdictions, where applicable. There are currently no pending income tax examinations that are expected to have a material impact on the Company’s Consolidated Financial Statements. The Company’s tax years are still open under statute from the Company’s fiscal year 2021 to the present. Earlier years may be examined to the extent that tax credit or net operating loss carryforwards are used in future periods.

Net Loss Per Share

Net Loss Per Share	12 Months Ended
	Dec. 31, 2024
Net Loss Per Share
Net Loss Per Share	16. Net Loss Per Share Basic net loss per share attributable to common stockholders was calculated as follows for the years ended December 31, 2024, 2023 and 2022: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended ​ December 31, ​ 2024 2023 ​ 2022 Numerator: ​ ​ ​ ​ Net loss attributable to common stockholders $ (193,506) ​ $ (80,736) ​ $ (71,038) Denominator: ​ ​ Weighted average common shares outstanding, basic 158,265,162 ​ 79,827,362 ​ 76,875,035 Net loss per share - basic $ (1.22) ​ $ (1.01) ​ $ (0.92) ​ Diluted net loss per share was calculated as follows for the years ended December 31, 2023 and 2022: ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended ​ ​ December 31, ​ 2023 ​ ​ 2022 Net loss attributable to common stockholders, basic ​ $ (80,736) ​ $ (71,038) Interest expense on Convertible Notes ​ 4,172 ​ 4,596 Gain on extinguishment of debt (Note 9) ​ ​ (14,907) ​ ​ — Change in fair value of derivative liability ​ ​ 4,502 ​ ​ (13,841) Net loss attributable to common stockholders, diluted ​ $ (86,969) ​ $ (80,283) ​ ​ ​ ​ ​ ​ ​ Weighted average common shares outstanding, basic ​ ​ 79,827,362 ​ ​ 76,875,035 Shares issuable in connection with conversion of Convertible Notes, as if converted ​ ​ 5,769,232 ​ ​ 5,769,232 Weighted average common shares outstanding, diluted ​ 85,596,594 ​ 82,644,267 ​ ​ ​ ​ ​ ​ ​ Net loss per share attributable to common stockholders, diluted ​ $ (1.02) ​ $ (0.97) ​ For the year ended December 31, 2024, there was no dilutive impact from potentially issuable common shares. Therefore, diluted net loss per share was the same as basic net loss per share. As of December 31, 2024, the Pre-Funded Warrants (Note 12) are included in the calculation of basic and diluted net loss per share. The Company excluded the following common stock equivalents, outstanding as of December 31, 2024, 2023 and 2022 from the computation of diluted net loss per share attributable to common stockholders for the years ended December 31, 2024, 2023 and 2022 because they had an anti-dilutive impact due to the net loss incurred for the periods. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ 2024 2023 2022 Options to purchase common stock 19,887,683 16,136,791 13,669,711 Restricted stock units ​ 3,389,604 ​ 1,627,341 ​ 1,092,682 ​ 23,277,287 17,764,132 14,762,393 ​

Segment Reporting

Segment Reporting	12 Months Ended
	Dec. 31, 2024
Segment Reporting
Segment Reporting	17. Segment Reporting The Company operates as a single operating segment. Its operations consist of developing and commercializing innovative therapies for retinal diseases and other eye conditions based on its ELUTYX proprietary bioresorbable hydrogel-based formulation technology. Resources are allocated and performance is assessed by the Company’s Chief Executive Officer and the Company’s Chief Financial Officer and Chief Operating Officer, who the Company has determined to be, collectively, the Company’s Chief Operating Decision Maker (“CODM”). The Company’s research and development function is responsible for research and discovery of new product candidates, and the pre-clinical and clinical development of, and related registration efforts for, the Company’s product candidates. The Company’s operations and technical function is responsible for supply chain, the manufacturing of the Company’s commercial products and clinical trial material, and facilities. The Company’s sales and marketing function is responsible for the commercialization of its products and market access activities. The Company’s operations are supported by corporate functions. Managing and allocating resources on a total company basis enables the Company’s CODM to assess the overall level of resources available and how to best deploy these resources across functions and development projects in line with the Company’s strategy. Consistent with this approach, the CODM uses consolidated, single-segment financial information for the purposes of developing budgets and forecasts, assessing performance, allocating resources, and setting incentive targets. The accounting policies for the Company’s one segment are the same as those described in Note 2 Summary of Significant Accounting Policies The following table provides information about the Company’s single segment: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2024 2023 2022 Revenue ​ $ 63,723 ​ $ 58,443 ​ $ 51,494 Cost of Product Revenue ​ ​ 5,626 ​ ​ 5,281 ​ ​ 4,540 Research & Development (a) ​ ​ ​ ​ ​ ​ ​ ​ ​ Direct Program Expenses ​ ​ ​ ​ ​ ​ ​ ​ ​ AXPAXLI for wet AMD ​ ​ 57,507 ​ ​ 8,750 ​ ​ 5,296 Other clinical and preclinical programs ​ ​ 8,099 ​ ​ 11,191 ​ ​ 7,892 Unallocated expenses ​ ​ ​ ​ ​ ​ ​ ​ ​ Personnel costs ​ ​ 28,625 ​ ​ 22,617 ​ ​ 20,854 All other costs ​ ​ 16,236 ​ ​ 5,720 ​ ​ 8,510 Selling & Marketing (a) ​ ​ 38,029 ​ ​ 36,564 ​ ​ 34,920 General & Administrative (a) ​ ​ 38,861 ​ ​ 23,838 ​ ​ 23,766 Facilities (b) ​ ​ 5,626 ​ ​ 6,056 ​ ​ 5,297 Stock-based compensation ​ ​ 33,109 ​ ​ 17,825 ​ ​ 16,964 Depreciation ​ ​ 3,786 ​ ​ 2,983 ​ ​ 2,109 Interest income ​ ​ 20,282 ​ ​ 3,983 ​ ​ 798 Interest expense ​ ​ (13,577) ​ ​ (11,338) ​ ​ (7,022) Other non-operating items ​ ​ (28,430) ​ ​ 9,001 ​ ​ 13,840 Net Loss ​ $ (193,506) ​ $ (80,736) ​ $ (71,038) ​ (a) excluding stock-based compensation, depreciation, and facilities expenses (b) excluding stock-based compensation and depreciation For the years ended December 31, 2024, 2023 and 2022, respectively, the Company has generated all of its Product Revenue, net, in the United States. Collaboration revenue is attributable to a customer in China (Note 3). All of the Company’s long-lived assets were located in the United States. Refer to Note 11 for information regarding the Company’s major customers.

Commitments and Contingencies

Commitments and Contingencies	12 Months Ended
	Dec. 31, 2024
Commitments and Contingencies
Commitments and Contingencies	18. Commitments and Contingencies Indemnification Agreements In the ordinary course of business, the Company enters into agreements that may include indemnification provisions. Pursuant to such agreements, the Company may indemnify, hold harmless and defend indemnified parties for losses suffered or incurred by the indemnified party. Some of the provisions will limit losses to those arising from third-party actions. In some cases, the indemnification will continue after the termination of the agreement. The maximum potential amount of future payments the Company could be required to make under these provisions is not determinable. To date, the Company has not incurred any material costs as a result of such indemnifications.

Related Party Transactions

Related Party Transactions	12 Months Ended
	Dec. 31, 2024
Related Party Transactions
Related Party Transactions	19. Related Party Transactions The Company has engaged Boston Image Reading Center LLC (“BIRC”) to provide certain clinical development-related services to the Company. Nadia Waheed, M.D. M.P.H., who has served as the Company’s Chief Medical Officer since June 1, 2024, is a Director of BIRC. For the year ended December 31, 2024, the Company incurred fees for clinical development-related services rendered by BIRC while being deemed a related party since June 1, 2024 of $81. As of December 31, 2024, there was $0 and $5 recorded in accounts payable and accrued expenses for BIRC, respectively. Jeffrey Heier, M.D., a former member of the Company’s Board of Directors and the Company’s current Chief Scientific Officer, and Peter Kaiser, M.D., the Company’s Chief Development Officer since April 16, 2024, are each affiliated with i2Vision, Inc. and its affiliated entities (collectively “i2Vision”). The Company has engaged i2Vision to provide services with respect to the clinical advancement of AXPAXLI. For the year ended December 31, 2024, the Company incurred fees and expenses related to services rendered by i2Vision of $2,368, including $526 for pass-through costs. The Company incurred fees and expenses related to services rendered by i2Vision of $271, including $102 for pass-through costs, for the year ended December 31, 2023, and $131, including $0 for pass-through costs, for the year ended December 31, 2022. As of December 31, 2024 and 2023, there was $132 and $0 recorded in accounts payable for i2Vision, respectively. As of December 31, 2024 and 2023, there was $383 and $0 recorded in accrued expenses for i2Vision, respectively. As of December 31, 2024 and 2023, there was $176 and $0 recorded in prepaid expenses and other current assets for i2Vision, respectively. The Company has engaged Wilmer Cutler Pickering Hale and Dorr LLP (“WilmerHale”) to provide certain legal services to the Company. Christopher White, who served as the Company’s Chief Business Officer until March 6, 2024, is the brother of a partner at WilmerHale who has not participated in providing legal services to the Company. Upon Mr. White’s departure, WilmerHale ceased to be a related party to the Company. For the year ended December 31, 2024, the Company incurred fees for legal services rendered by WilmerHale while being deemed a related party through March 31, 2024 of $1,080. The Company incurred fees for legal services rendered by WilmerHale of approximately $1,472 and $959 for the years ended December 31, 2023 and 2022, respectively. As of December 31, 2023, there was $298 recorded in accounts payable for WilmerHale. As of December 31, 2023, there was $0 recorded in accrued expenses for WilmerHale. The Company had engaged Heier Consulting, LLC (“Heier Consulting”), an entity affiliated with Dr. Heier, to provide advice or expertise on one or more of the Company’s development-stage drug or medical device products relating to retinal diseases or conditions under a consultant agreement (the “Consultant Agreement”). On February 21, 2024, the Company entered into an employment agreement with Dr. Heier (the “Heier Employment Agreement”) under which Dr. Heier agreed to serve as Chief Scientific Officer of the Company. In connection with entering into the Heier Employment Agreement, the Heier Consulting Agreement was terminated. In addition, in connection with his commencement of employment, Dr. Heier resigned from the Company’s board of directors, effective February 21, 2024. Compensation for the consulting services was in the form of cash and stock-based awards. The total grant date fair value of stock-based awards granted to Dr. Heier was $96, which was recognized to expense on a straight-line basis over the respective vesting periods. The Company incurred cash-based fees for services rendered by Heier Consulting before termination of the Consultant Agreement of approximately $5 for the year ended December 31, 2024. The Company incurred cash-based fees for services rendered by Heier Consulting of approximately $32 and $24 for the years ended December 31, 2023 and 2022, respectively. As of December 31, 2023, there were $6 recorded in accounts payable for Heier Consulting. As of December 31, 2023, there were $0 recorded in accrued expenses for Heier Consulting, respectively.

Subsequent Events

Subsequent Events	12 Months Ended
	Dec. 31, 2024
Subsequent Events
Subsequent Events	20 . Subsequent Events No subsequent events noted.

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Pay vs Performance Disclosure
Net Income (Loss)	$ (193,506)	$ (80,736)	$ (71,038)

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Dec. 31, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Insider Trading Policies and Pr

Insider Trading Policies and Procedures	12 Months Ended
	Dec. 31, 2024
Insider Trading Policies and Procedures [Line Items]
Insider Trading Policies and Procedures Adopted	true

Cybersecurity Risk Management a

Cybersecurity Risk Management and Strategy Disclosure	12 Months Ended
	Dec. 31, 2024
Cybersecurity Risk Management, Strategy, and Governance [Line Items]
Cybersecurity Risk Management Processes for Assessing, Identifying, and Managing Threats [Text Block]	We have certain processes for identifying, assessing and managing cybersecurity risks, which are built into our overall risk management program and are designed to help protect our people, technology, products, information and operations from internal and external cyber threats and to protect the information of employees, customers, vendors, and other individuals, such as subjects enrolled in our clinical trials, from unauthorized access or attack, as well as secure our networks and systems. Our cybersecurity program is built upon, and we periodically assess our processes against, the National Institute of Standards and Technology, or NIST, Cybersecurity Framework Special Publication 800-53, and our incident response capabilities align with NIST 800-61, revision 2, or collectively, the NIST Framework. This does not imply that we meet any particular technical standards, specifications, or requirements of the NIST Framework, but rather only that we use these standards as a guide to help us mature our security posture in order to identify, assess, and manage cybersecurity risks relevant to our business. Our processes for identifying, assessing and managing cybersecurity risks include physical, procedural and technical safeguards, a cybersecurity incident response plan, regular tests on our systems, incident simulations and routine review of our policies and procedures to identify risks and improve our practices. We engage certain external parties, including information technology security firms, to assist us with the identification, verification, and validation of cybersecurity risks, and to support mitigation efforts if necessary. We consider the internal risk oversight programs of third-party service providers before engaging them in order to help protect us from any related vulnerabilities. We do not believe that there are currently any known risks from cybersecurity threats that are reasonably likely to materially affect us or our business strategy, results of operations or financial condition.
Cybersecurity Risk Management Processes Integrated [Flag]	true
Cybersecurity Risk Management Processes Integrated [Text Block]	We have certain processes for identifying, assessing and managing cybersecurity risks, which are built into our overall risk management program and are designed to help protect our people, technology, products, information and operations from internal and external cyber threats and to protect the information of employees, customers, vendors, and other individuals, such as subjects enrolled in our clinical trials, from unauthorized access or attack, as well as secure our networks and systems.Our processes for identifying, assessing and managing cybersecurity risks include physical, procedural and technical safeguards, a cybersecurity incident response plan, regular tests on our systems, incident simulations and routine review of our policies and procedures to identify risks and improve our practices.
Cybersecurity Risk Management Third Party Engaged [Flag]	true
Cybersecurity Risk Third Party Oversight and Identification Processes [Flag]	true
Cybersecurity Risk Materially Affected or Reasonably Likely to Materially Affect Registrant [Flag]	false
Cybersecurity Risk Board of Directors Oversight [Text Block]	The Audit Committee of our board of directors provides direct oversight over cybersecurity risk and provides updates to the board of directors regarding such oversight as deemed necessary. The Audit Committee receives periodic updates from management regarding cybersecurity matters and is notified between such updates regarding significant new cybersecurity threats or incidents. Our management team is responsible for day-to-day assessment and management of cybersecurity risks. On our management team, our Chief Financial Officer and Chief Operating Officer, or CFO and COO, leads the operational oversight of company-wide cybersecurity strategy, policy, standards and processes and works across relevant departments to assess and help prepare us and our employees, customers, vendors and other individuals to address cybersecurity risks. Our CFO and COO has more than ten years of experience managing information technology teams of operating companies in the biotechnology industry. Our CFO and COO leads a cross-functional Cybersecurity Committee, consisting of executive-level leaders and other management-level individuals with the requisite skills and education, including our Executive Director IT and Cybersecurity, that assists the CFO and COO with carrying out these duties. The Executive Director IT and Cybersecurity has over ten years of offensive and defensive cybersecurity experience with departments of the U.S. government, international alliances and small to large biopharmaceutical companies. Collectively, the members of our Cybersecurity Committee have notable experience in managing information security, possess the education and skills to fulfill these duties, and attend periodic trainings as necessary. In an effort to deter and detect cyber threats, we provide all employees, including part-time and temporary employees, with periodic training, including training related to data protection, cybersecurity and incident response, and prevention and compliance, which covers timely and relevant topics, including social engineering, phishing, password protection, confidential data protection, asset use and mobile security, and educates employees on the importance of reporting all incidents immediately. We also use technology-based tools to mitigate cybersecurity risks and to bolster our employee-based cybersecurity programs.
Cybersecurity Risk Board Committee or Subcommittee Responsible for Oversight [Text Block]	Audit Committee
Cybersecurity Risk Process for Informing Board Committee or Subcommittee Responsible for Oversight [Text Block]	The Audit Committee receives periodic updates from management regarding cybersecurity matters and is notified between such updates regarding significant new cybersecurity threats or incidents.
Cybersecurity Risk Role of Management [Text Block]	Our management team is responsible for day-to-day assessment and management of cybersecurity risks. On our management team, our Chief Financial Officer and Chief Operating Officer, or CFO and COO, leads the operational oversight of company-wide cybersecurity strategy, policy, standards and processes and works across relevant departments to assess and help prepare us and our employees, customers, vendors and other individuals to address cybersecurity risks. Our CFO and COO has more than ten years of experience managing information technology teams of operating companies in the biotechnology industry. Our CFO and COO leads a cross-functional Cybersecurity Committee, consisting of executive-level leaders and other management-level individuals with the requisite skills and education, including our Executive Director IT and Cybersecurity, that assists the CFO and COO with carrying out these duties. The Executive Director IT and Cybersecurity has over ten years of offensive and defensive cybersecurity experience with departments of the U.S. government, international alliances and small to large biopharmaceutical companies. Collectively, the members of our Cybersecurity Committee have notable experience in managing information security, possess the education and skills to fulfill these duties, and attend periodic trainings as necessary.
Cybersecurity Risk Management Positions or Committees Responsible [Flag]	true
Cybersecurity Risk Management Positions or Committees Responsible [Text Block]	Chief Financial Officer and Chief Operating Officer
Cybersecurity Risk Management Expertise of Management Responsible [Text Block]	Our CFO and COO has more than ten years of experience managing information technology teams of operating companies in the biotechnology industry. Our CFO and COO leads a cross-functional Cybersecurity Committee, consisting of executive-level leaders and other management-level individuals with the requisite skills and education, including our Executive Director IT and Cybersecurity, that assists the CFO and COO with carrying out these duties. The Executive Director IT and Cybersecurity has over ten years of offensive and defensive cybersecurity experience with departments of the U.S. government, international alliances and small to large biopharmaceutical companies. Collectively, the members of our Cybersecurity Committee have notable experience in managing information security, possess the education and skills to fulfill these duties, and attend periodic trainings as necessary.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2024
Summary of Significant Accounting Policies
Basis of Presentation and Principles of Consolidation	Basis of Presentation and Principles of Consolidation The accompanying consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (“GAAP”).
Use of Estimates	Use of Estimates The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the consolidated financial statements, and the reported amounts of revenues and expenses during the reporting periods. Significant estimates and assumptions reflected in these consolidated financial statements include, but are not limited to, the measurement and recognition of reserves for variable consideration related to product sales, revenue recognition related to a collaboration agreement that contains multiple promises, the fair value of derivatives, stock-based compensation, and realizability of net deferred tax assets. Estimates are periodically reviewed in light of changes in circumstances, facts and experience. Actual results could differ from the Company’s estimates.
Cash Equivalents	Cash Equivalents The Company considers all short-term, highly liquid investments with original maturities of ninety days or less at date of purchase to be cash equivalents. Cash equivalents, which primarily consist of investments in money market funds, are stated at fair value.
Revenue Recognition	Revenue Recognition The Company recognizes revenue in accordance with Accounting Standards Codification (“ASC”) Topic 606 – Revenue from Contracts with Customers To determine revenue recognition for arrangements that an entity determines are within the scope of ASC 606, the entity performs the following five steps: (i) identify the contract(s) with a customer, (ii) identify the performance obligations in the contract, (iii) determine the transaction price, (iv) allocate the transaction price to the performance obligations in the contract, and (v) recognize revenue when (or as) the entity satisfies a performance obligation. At contract inception, the Company assesses the goods or services promised within each contract, determines those that are performance obligations, and assesses whether each promised good or service is distinct. The Company then recognizes as revenue the amount of the transaction price that is allocated to the respective performance obligation when (or as) the performance obligation is satisfied. Product Revenue The Company sells DEXTENZA in the United States primarily to a limited number of specialty distributors (“SDs”) under individually negotiated distribution agreements. These customers then subsequently resell DEXTENZA to ambulatory surgery centers (“ASCs”), hospital outpatient departments (“HOPDs”) and physicians’ offices. The Company also sells DEXTENZA directly to a small population of ASCs and physicians’ offices based on individually negotiated direct distribution agreements (the “Direct Customers”). In addition, the Company enters into arrangements with health care providers and payors that provide for government mandated or privately negotiated rebates and chargebacks with respect to the purchase of DEXTENZA. The Company recognizes revenue on product sales when the customer obtains control of the Company's product, which occurs at a point in time (upon delivery to the customer). Product revenues are recorded net of applicable reserves for variable consideration, including discounts and allowances. Transaction Price, including Variable Consideration The amount of variable consideration which is included in the transaction price may be constrained, and is included in the net sales price, only to the extent that it is probable that a significant reversal in the amount of the cumulative revenue recognized under the contract will not occur in a future period. Actual amounts of consideration ultimately received may differ from the Company’s estimates. If actual results in the future vary from the Company’s original estimates, the Company will adjust these estimates, which would affect net product revenue and earnings in the period such variances become known. Trade Discounts and Allowances Product Returns The Company estimates the amount of its product sales that may be returned by its customers and records this estimate as a reduction of revenue in the period the related product revenue is recognized, as well as within accrued expenses and other current liabilities, in the accompanying consolidated balance sheets. The Company currently estimates product return reserves using available industry data and its own sales information, including its visibility into the inventory remaining in the distribution channel. Government Chargebacks U.S. U.S. federal government Drug Discount Program Government Rebates been received, estimates of claims for the current quarter, and estimated future claims that will be made for product that has been recognized as revenue, but which remains in the distribution channel inventories at the end of each reporting period. Purchaser/Provider Discounts and Rebates — The Company offers rebate payments for which ASCs, HOPDs and other prescribers qualify by meeting quarterly purchase volumes of DEXTENZA under the Company’s volume-based rebate program. The Company calculates rebate payment amounts due under this program quarterly, based on actual qualifying purchases and applies a contractual discount rate. In the third quarter of 2022, the Company implemented a separate off-invoice discount (“OID”) rebate program whereby end- users receive the discounted price immediately upon purchase, rather than having to wait until the end of the quarter for a rebate payment. The OID amounts are generally determined at the time of resale by SDs or direct sales to ASCs by the Company. The Company generally issues credits for such amounts within a few weeks of the SD’s notification to the Company of the resale. The Company includes the OID on the invoice when it sells to an ASC directly. The calculation of the accrual for all rebates is based on an estimate of claims that the Company expects to receive associated with product that has been recognized as revenue but also remains in the distribution channel inventories at the end of each reporting period. The adjustments are recorded in the same period the related revenue is recognized, resulting in a reduction of product revenue and the establishment of a current liability which is included as an accrued expenses and other current liabilities for volume-based rebates and as a reduction of accounts receivable for OID rebates. Other Incentives Collaboration Revenue The Company evaluates contracts that contain multiple promises to determine which promises are distinct. Promises are considered to be distinct and therefore, accounted for as separate performance obligations, provided that: (i) the customer can benefit from the good or service either on its own or together with other resources that are readily available to the customer and (ii) the promise to transfer the good or service to the customer is separately identifiable from other promises in the contract. In assessing whether a promise is distinct, the Company considers factors such as whether: (i) the Company provides a significant service of integrating goods and/or services with other goods and/or services promised in the contract; (ii) one or more of the goods and/or services significantly modifies or customizes, or are significantly modified or customized by one or more of the other goods and/or services promised in the contract; and (iii) the goods and/or services are highly interdependent or highly interrelated. Individual goods or services (or bundles of goods and/or services) that meet both criteria for being distinct are accounted for as separate performance obligations. Promises that are not distinct at contract inception are combined and accounted for as a single performance obligation. Options to acquire additional goods and/or services are evaluated to determine if such option provides a material right to the customer that it would not have received without entering into the contract. If so, the option is accounted for as a separate performance obligation. If not, the option is considered a marketing offer which would be accounted for as a separate contract upon the customer’s election. The Company considers the existence of any significant financing component within its arrangements based on whether a substantive business purpose exists to support the payment structure other than to provide a significant benefit of financing. The Company measures the transaction price based on the amount of consideration to which the Company expects to be entitled in exchange for transferring the promised goods and/or services to the customer. The Company utilizes either the expected value method or the most likely amount method to estimate the amount of variable consideration, depending on which method is expected to better predict the amount of consideration to which the Company will be entitled. Amounts of variable consideration are included in the transaction price to the extent that it is probable that a significant reversal in the amount of cumulative revenue recognized will not occur when the uncertainty associated with the variable consideration is subsequently resolved. With respect to arrangements that include payments for a development or regulatory milestone payment, the Company evaluates whether the associated event is considered likely of achievement and estimates the amount to be included in the transaction price using the most likely amount method. Milestone payments that are not within the Company’s control or the control of the licensee, such as those dependent upon receipt of regulatory approval, are not considered to be likely of achievement until the triggering event occurs. At the end of each reporting period, the Company re-evaluates the probability of achievement of each milestone and any related constraint and, if necessary, adjusts its estimate of the overall transaction price. Any such adjustments are recorded on a cumulative catch-up basis, which would affect revenue and net loss in the period of adjustment. For arrangements that include sales-based royalties, including milestone payments based upon the achievement of a certain level of product sales, wherein the license is deemed to be the sole or predominant item to which the payments relate, the Company recognizes revenue upon the later of: (i) when the related sales occur or (ii) when the performance obligation to which some or all of the payment has been allocated has been satisfied (or partially satisfied). Consideration that would be received for optional goods and/or services is excluded from the transaction price at contract inception.
Accounts Receivable	Accounts Receivable Accounts receivable arise from product sales and are recognized at the amounts invoiced to customers, net of applicable reserves for variable consideration. The Company analyzes the actual payment history of its customers, the aging of receivables, current customer-specific developments and economic trends to estimate the reserve for current expected credit losses.
Inventory	Inventory The Company values its inventories at the lower of cost or estimated net realizable value. Costs, which include amounts related to direct labor, materials and manufacturing overhead, are determined using standard costs, which approximate average cost. The Company performs an assessment of the recoverability of capitalized inventory during each reporting period, and it writes down any excess and obsolete inventories to their estimated realizable value in the period in which the impairment is first identified. Such impairment charges, should they occur, are recorded within cost of product revenue. The Company capitalizes inventory costs associated with the Company’s products after regulatory approval when, based on management’s judgment, future commercialization is considered probable and the future economic benefit is expected to be realized. Inventory acquired prior to receipt of marketing approval of a product candidate is expensed as research and development expense as incurred. Inventory that can be used in either the production of clinical or commercial product is expensed as research and development expense when selected for use in a clinical manufacturing campaign. Inventory produced that will be used in promotional marketing campaigns is expensed to selling and marketing expense when it is selected for use in a marketing program.
Fair Value Measurements	Fair Value Measurements Certain assets and liabilities are carried at fair value under GAAP. Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. Valuation techniques used to measure fair value must maximize the use of observable inputs and minimize the use of unobservable inputs. Financial assets and liabilities carried at fair value are to be classified and disclosed in one of the following three levels of the fair value hierarchy, of which the first two are considered observable and the last is considered unobservable: ● Level 1—Quoted prices in active markets for identical assets or liabilities. ● Level 2—Observable inputs (other than Level 1 quoted prices) such as quoted prices in active markets for similar assets or liabilities, quoted prices in markets that are not active for identical or similar assets or liabilities, or other inputs that are observable or can be corroborated by observable market data. ● Level 3—Unobservable inputs that are supported by little or no market activity and that are significant to determining the fair value of the assets or liabilities, including pricing models, discounted cash flow methodologies and similar techniques.
Derivative Instruments	Derivative Instruments The Company recognizes all derivative instruments as either assets or liabilities at fair value through profit or loss on the Company's consolidated balance sheet. Changes in the estimated fair value of derivative instruments are recognized in other income (expense), net in the consolidated statements of operations and comprehensive loss. If the Company determines that a financial or non-financial contract, a ‘host contract’, includes implicit or explicit terms that affect the cash flows of the contract in a manner similar to a stand-alone derivative instrument, an ‘embedded derivative’, the Company analyzes whether to account for the embedded derivative separately. The Company accounts for an embedded derivative not separately from the host contract if it is clearly and closely related to the host contract or if the entire contract is measured at fair value through profit or loss. In other cases, the Company accounts for an embedded derivative separately. The Company measures the value of embedded derivatives that are accounted for separately at their respective fair values and recognizes changes in the respective estimated fair values in other income (expense), net in the consolidated statements of operations and comprehensive loss during the period of change. Embedded derivatives that are accounted for separately are recognized as derivative liabilities in the Company’s consolidated balance sheet.
Property and Equipment	Property and Equipment Property and equipment are stated at cost less accumulated depreciation. Depreciation expense is recognized using the straight-line method over a three
Leases	Leases The Company determines whether an arrangement is or contains a lease at inception. Operating leases are recognized on the consolidated balance sheets as operating lease assets, current portion of lease liabilities and long-term lease liabilities. Operating lease assets represent the Company’s right to use an underlying asset for the lease term and lease liabilities represent the Company’s obligation to make lease payments arising from the lease. Operating lease liabilities and their corresponding operating lease assets are recorded based on the present value of lease payments over the expected remaining lease term. The operating lease assets also include any lease payments made and adjustments for prepayments and lease incentives. The interest rate implicit in lease contracts is typically not readily determinable. As a result, the Company utilized its incremental borrowing rate, which is the rate incurred to borrow on a collateralized basis over a similar term an amount equal to the lease payments in a similar economic environment. Lease terms may include options to extend or terminate the lease when it is reasonably certain that the Company will exercise that option. The Company reassesses the lease term and remeasures the lease liability if triggering events occur. Lease expense for lease payments is recognized on a straight-line basis over the lease term.
Impairment of Long-Lived Assets	Impairment of Long-Lived Assets Long-lived assets consist of property and equipment and right-of-use assets. Long-lived assets to be held and used are tested for recoverability whenever events or changes in business circumstances indicate that the carrying amount of the assets may not be fully recoverable. Factors that the Company considers in deciding when to perform an impairment review include significant underperformance of the business in relation to expectations, significant negative industry or economic trends, and significant changes or planned changes in the use of the assets. If an impairment review is performed to evaluate a long-lived asset for recoverability, the Company compares forecasts of undiscounted cash flows expected to result from the use and eventual disposition of the long-lived asset to its carrying value. An impairment loss would be recognized when estimated undiscounted future cash flows expected to result from the use of an asset are less than its carrying amount. The impairment loss would be based on the excess of the carrying value of the impaired asset over its fair value, determined based on discounted cash flows. The Company has had no impairment triggers of long-lived assets.
Warrants	Warrants The Company accounts for issued warrants, including pre-funded warrants, as either liability or equity. Warrants are considered liabilities if they are mandatorily redeemable and they require settlement in cash or other assets, or a variable number of shares. Contracts that may require settlement for cash are liabilities, regardless of the probability of the occurrence of the triggering event. If warrants do not otherwise require liability classification, the Company assesses whether the warrants are indexed to its common stock. Liability-classified warrants are measured at fair value on the issuance date and at the end of each reporting period. Any change in the fair value of the warrants after the issuance date is recorded in the consolidated statements of operations as a gain or loss. Equity-classified warrants are accounted for at fair value on the issuance date with no changes in fair value recognized after the issuance date.
Research and Development Costs	Research and Development Costs Research and development costs are expensed as incurred. Included in research and development expenses are salaries, stock-based compensation and benefits of employees and other operational costs related to the Company’s research and development activities, including external costs of outside vendors engaged to conduct preclinical studies and clinical trials, manufacturing costs of the Company’s products prior to regulatory approval, costs related to collaboration agreements and facility-related expenses. The Company records accruals for estimated ongoing research and development costs. When evaluating the adequacy of the accrued liabilities, the Company analyzes progress of the studies, including the phase or completion of events, invoices received, estimates provided by vendors, and contracted costs. Judgments and estimates are made in determining the accrued balances at the end of any reporting period. Actual results could differ from the Company’s estimates. The Company’s historical accrual estimates have not been materially different from the actual costs.
Advertising Costs	Advertising Costs Advertising costs are expensed as incurred.
Accounting for Stock-Based Compensation	Accounting for Stock-Based Compensation The Company measures all stock options and other stock-based awards granted to employees, directors, and nonemployees at the fair value on the date of the grant. The fair value of the awards is recognized as expense, net of estimated forfeitures, over the requisite service period, which is generally the vesting period of the respective award. The straight-line method of expense recognition is applied to all awards with service-only conditions. For awards that include both service and performance conditions, the Company starts recognizing the fair value of the awards as expense when achievement of the underlying performance conditions is probable, based on the portion of the requisite service period completed. The Company recognizes compensation expense for only the portion of awards that are expected to vest. In developing a forfeiture rate estimate, the Company has considered its historical experience to estimate pre-vesting forfeitures for service-based awards. The impact of a forfeiture rate adjustment will be recognized in full in the period of adjustment, and if the actual forfeiture rate is materially different from the Company’s estimate, the Company may be required to record adjustments to stock-based compensation expense in future periods. Compensation cost related to shares purchased through the Company’s employee stock purchase plan, which is considered compensatory, is based on the estimated fair value of the shares on the offering date, including consideration of the discount and the look-back period. The Company estimates the fair value of the shares using a Black-Scholes option pricing model. Compensation expense is recognized over the six The Company classifies stock-based compensation expense in its consolidated statement of operations and comprehensive loss in the same manner in which the award recipient’s payroll costs are classified or in which the award recipient’s service payments are classified.
Income Taxes	Income Taxes The Company accounts for income taxes using the asset and liability method, which requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been recognized in the consolidated financial statements or in the Company’s tax returns. Deferred taxes are determined based on the difference between the financial statement and tax basis of assets and liabilities using enacted tax rates in effect in the years in which the differences are expected to reverse. Changes in deferred tax assets and liabilities are recorded in the provision for income taxes. The Company assesses the likelihood that its deferred tax assets will be recovered from future taxable income and, to the extent it believes, based upon the weight of available evidence, that it is more likely than not that all or a portion of deferred tax assets will not be realized, a valuation allowance is established through a charge to income tax expense. The Company accounts for uncertainty in income taxes recognized in the consolidated financial statements by applying a two-step process to determine the amount of tax benefit to be recognized. First, the tax position must be evaluated to determine the likelihood that it will be sustained upon external examination by the taxing authorities. If the tax position is deemed more-likely-than-not to be sustained, the tax position is then assessed to determine the amount of benefit to recognize in the consolidated financial statements. The amount of the benefit that may be recognized is the largest amount that has a greater than 50% likelihood of being realized upon ultimate settlement. The provision for income taxes includes the effects of any resulting tax reserves, or unrecognized tax benefits, that are considered appropriate. Interest and penalties related to income taxes are recorded as part of the income tax provision.
Segment Data	Segment Data The Company manages its operations as a single segment for the purposes of assessing performance and making operating decisions. The Company has adopted Accounting Standards Update (“ASU”) No. 2023-07 Segment Reporting - Improvements to Reportable Segment Disclosures
Comprehensive Loss	Comprehensive Loss Comprehensive loss includes net loss as well as other changes in stockholders’ equity that result from transactions and economic events other than those with stockholders. For the years ended December 31, 2024, 2023 and 2022, there were no items that gave rise to other comprehensive loss and therefore, there was no difference between net loss and comprehensive loss.
Net Loss Per Share	Net Loss Per Share Basic net loss per share attributable to common stockholders is computed by dividing the net loss attributable to common stockholders by the weighted average number of shares of common stock outstanding for the period. Diluted net loss attributable to common stockholders is computed by adjusting net loss attributable to common stockholders to reallocate undistributed earnings based on the potential impact of dilutive securities, outstanding stock options, and outstanding restricted stock units, except where the result would be anti-dilutive. Diluted net loss per share attributable to common stockholders is computed by dividing the diluted net loss attributable to common stockholders by the weighted average number of common shares outstanding for the period, including potential dilutive common shares assuming the dilutive effect of the conversion of convertible debt securities, the exercise of outstanding stock options, and the vesting of outstanding restricted stock units. In the diluted net loss per share calculation, net loss would also be adjusted for the elimination of interest expense on convertible debt securities and the mark-to-market gain or loss on bifurcated conversion options, if the impact was not anti-dilutive.
Recently Issued Accounting Pronouncements	Recently Issued Accounting Pronouncements From time to time, new accounting pronouncements are issued by the Financial Accounting Standards Board (“FASB”) and adopted by the Company as of the specified effective date. In December 2023, the FASB issued ASU No. 2023-09 Income Taxes - Improvements to Income Tax Disclosures income taxes paid disaggregated by jurisdiction. The amendments are effective for annual periods beginning after December 15, 2024. The Company does not expect the adoption of the amendments to have a significant impact on its consolidated financial statements. In November 2024, the FASB issued ASU No. 2024-03 Disaggregation of Income Statement Expenses . The new standard requires disclosures about specific types of expenses included in the expense captions presented on the face of the income statement as well as disclosures about selling expenses and is effective for annual reporting periods beginning after December 15, 2026 and interim reporting periods beginning after December 15, 2027. The Company believes that other recently issued accounting pronouncements that are not yet effective will not have a material impact on our consolidated financial statements and disclosures.

Licensing Agreements and Defe_2

Licensing Agreements and Deferred Revenue (Tables)	12 Months Ended
	Dec. 31, 2024
Licensing Agreements and Deferred Revenue
Schedule of deferred revenue	​ ​ ​ ​ ​ ​ ​ ​ ​ Deferred Revenue Deferred revenue at December 31, 2023 ​ $ 14,390 Amounts recognized into revenue ​ ​ (262) Deferred revenue at December 31, 2024 ​ $ 14,128 ​

Cash Equivalents and Restrict_2

Cash Equivalents and Restricted Cash (Tables)	12 Months Ended
	Dec. 31, 2024
Cash Equivalents and Restricted Cash
Reconciliation of cash, cash equivalents, and restricted cash reported within the balance sheet to the total amounts shown in the statement of cash flows	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ December 31, ​ December 31, ​ ​ 2024 2023 2022 Cash and cash equivalents ​ $ 392,102 ​ $ 195,807 ​ $ 102,300 Restricted cash (current) ​ ​ 0 ​ ​ 150 ​ ​ 0 Restricted cash (non-current) ​ ​ 1,614 ​ ​ 1,614 ​ ​ 1,764 Total cash, cash equivalents and restricted cash as shown on the statements of cash flows ​ $ 393,716 ​ $ 197,571 ​ $ 104,064

Inventory (Tables)

Inventory (Tables)	12 Months Ended
	Dec. 31, 2024
Inventory
Components of inventory	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ December 31, ​ ​ 2024 2023 Raw materials ​ $ 214 ​ $ 302 ​ Work-in-process ​ ​ 1,489 ​ ​ 1,012 ​ Finished goods ​ 1,337 ​ 991 ​ ​ ​ $ 3,040 ​ $ 2,305 ​ ​

Property and Equipment, net (Ta

Property and Equipment, net (Tables)	12 Months Ended
	Dec. 31, 2024
Property and Equipment, net
Schedule of property and equipment, net	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ December 31, ​ 2024 2023 Equipment ​ $ 16,782 ​ $ 15,515 Leasehold improvements ​ 14,528 ​ 14,699 Furniture and fixtures ​ 1,268 ​ 1,268 Software ​ 324 ​ 236 Construction in progress ​ 119 ​ 281 ​ ​ 33,021 ​ 31,999 Less: Accumulated depreciation and amortization ​ (23,632) ​ (20,260) ​ ​ $ 9,389 ​ $ 11,739

Leases (Tables)

Leases (Tables)	12 Months Ended
	Dec. 31, 2024
Leases
Summary of lease cost	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the ​ For the ​ For the ​ ​ Year Ended ​ Year Ended ​ Year Ended ​ ​ December 31, ​ December 31, ​ December 31, ​ ​ 2024 ​ 2023 ​ 2022 Operating lease costs ​ $ 3,027 ​ $ 2,663 ​ $ 2,369 Variable lease costs ​ ​ 969 ​ ​ 987 ​ ​ 756 Total lease costs ​ $ 3,996 ​ $ 3,650 ​ $ 3,125
Schedule of minimum lease payments	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, Year Ending December 31, ​ ​ 2024 2025 ​ ​ ​ ​ 2,722 2026 ​ ​ ​ ​ 3,086 2027 ​ ​ ​ ​ 2,179 2028 ​ ​ ​ ​ 750 2029 ​ ​ ​ ​ — Thereafter ​ ​ ​ ​ — Total lease payments ​ ​ ​ $ 8,737 Less: interest ​ ​ ​ ​ 1,459 Present value of operating lease liabilities ​ ​ ​ $ 7,278
Schedule of weighted average remaining lease term and the average incremental borrowing rate	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ ​ December 31, ​ 2024 ​ ​ 2023 Weighted average remaining lease term in years ​ ​ 3.1 ​ ​ 4.1 ​ Weighted average discount rate ​ ​ 11.85 % ​ 12.00 %
Supplemental disclosure of cash flow information related to our operating leases included in cash flows provided by operating activities	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the ​ ​ For the ​ For the ​ ​ Year Ended ​ ​ Year Ended ​ Year Ended ​ ​ December 31, ​ ​ December 31, ​ December 31, ​ 2024 ​ ​ 2023 ​ 2022 Cash paid for amounts included in the measurement of lease liabilities ​ $ 3,027 ​ $ 2,663 ​ $ 2,549 ​

Expenses (Tables)

Expenses (Tables)	12 Months Ended
	Dec. 31, 2024
Expenses
Schedule of accrued expenses	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ December 31, ​ 2024 2023 Accrued payroll and related expenses ​ $ 14,272 ​ $ 8,156 Accrued rebates and programs ​ ​ 5,265 ​ ​ 5,117 Accrued professional fees ​ 1,879 ​ 691 Accrued research and development expenses ​ 11,054 ​ 1,488 Accrued interest payable on Convertible Notes (Note 9) ​ — ​ 10,886 Accrued interest payable on Barings Credit Facility (Note 9) ​ ​ 592 ​ ​ 803 Accrued Other ​ 2,055 ​ 1,525 Other ​ $ 35,117 ​ $ 28,666 ​

Financial Liabilities (Tables)

Financial Liabilities (Tables)	12 Months Ended
	Dec. 31, 2024
Convertible Notes
Debt Instrument [Line Items]
Schedule of interest recognized with regard to debt	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2024 2023 2022 Coupon Interest ​ $ 475 ​ ​ 2,130 ​ ​ 2,281 Amortization of discount ​ ​ 412 ​ ​ 2,042 ​ ​ 2,314 Total ​ $ 887 ​ ​ 4,172 ​ ​ 4,595
Summary of debt	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ ​ 2023 Convertible Notes ​ ​ ​ ​ $ 37,500 Less: unamortized discount and current portion ​ ​ ​ ​ ​ (28,362) Total ​ ​ ​ ​ $ 9,138
Barings Credit Facility
Debt Instrument [Line Items]
Summary of debt	​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ December 31, ​ 2024 2023 Barings Credit Facility ​ $ 82,474 ​ ​ 82,474 Less: unamortized discount ​ ​ (13,969) ​ ​ (16,687) Total ​ $ 68,505 ​ ​ 65,787

Derivative (Tables)

Derivative (Tables)	12 Months Ended
	Dec. 31, 2024
Convertible Notes
Financial Liabilities
Summary of roll-forward of the derivative liability	​ ​ ​ ​ ​ ​ ​ As of Balance at December 31, 2023 ​ $ 17,598 Change in fair value ​ ​ (2,598) Balance at March 28, 2024 ​ ​ 15,000 Extinguishment in connection with Conversion ​ ​ (15,000) Balance at December 31, 2024 ​ $ — ​
Barings Credit Facility
Financial Liabilities
Summary of roll-forward of the derivative liability	​ ​ ​ ​ ​ ​ ​ As of Balance at December 31, 2023 ​ $ 12,389 Change in fair value ​ ​ 857 Balance at December 31, 2024 ​ $ 13,246

Risks and Fair Value (Tables)

Risks and Fair Value (Tables)	12 Months Ended
	Dec. 31, 2024
Risks and Fair Value
Summary of Concentration of Credit Risk and of Significant Suppliers and Customers	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ ​ ​ ​ ​ 2024 2023 ​ 2022 ​ Customer 1 ​ 44 % ​ 49 % ​ 44 % Customer 2 ​ 23 ​ ​ 25 ​ ​ 25 ​ Customer 3 ​ 10 ​ ​ 11 ​ ​ 17 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of ​ ​ ​ December 31, ​ December 31, ​ ​ ​ 2024 ​ 2023 ​ Customer 1 ​ 46 % ​ 50 % ​ Customer 2 ​ 28 ​ ​ 28 ​ ​ Customer 3 ​ 8 ​ ​ 11 ​ ​
Schedule of change in fair value of derivative liabilities	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended ​ December 31, ​ 2024 2023 ​ 2022 Change in the fair value of the Conversion Option Derivative Liability $ 2,598 ​ $ (4,502) ​ $ 13,841 Change in the fair value of Royalty Fee Derivative Liability ​ (857) ​ ​ 215 ​ ​ — Barings Royalty Fee ​ (2,221) ​ ​ (901) ​ ​ — Total $ (480) ​ $ (5,188) ​ ​ 13,841
Schedule of assets and liabilities measured at fair Value on recurring basis	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fair Value Measurements as of ​ ​ December 31, 2024 Using: ​ Level 1 Level 2 Level 3 Total Assets: ​ ​ ​ ​ Cash equivalents: ​ ​ ​ ​ Money market funds ​ $ 378,112 ​ $ — ​ $ — ​ $ 378,112 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Liability: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Derivative liability ​ $ — ​ $ — ​ $ 13,246 ​ $ 13,246 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fair Value Measurements as of ​ ​ December 31, 2023 Using: ​ Level 1 Level 2 Level 3 Total Assets: ​ ​ ​ ​ Cash equivalents: ​ ​ ​ ​ Money market funds ​ $ 187,951 ​ $ — ​ $ — ​ $ 187,951 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Liability: ​ ​ ​ ​ Derivative liabilities ​ $ — ​ $ — ​ $ 29,987 ​ $ 29,987
Royalty Fee Derivative Liability
Risks and Fair Value
Schedule of main inputs to valuing the Derivative Liability	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of ​ ​ December 31, ​ December 31, ​ ​ ​ 2024 ​ 2023 ​ Revenue volatility ​ ​ 64.0 % ​ 67.0 % Revenue discount rate ​ ​ 16.0 % ​ 15.8 %
Shares issuable in connection with conversion of Convertible Notes, if converted
Risks and Fair Value
Schedule of main inputs to valuing the Derivative Liability	​ ​ ​ ​ ​ ​ ​ ​ As of ​ ​ December 31, ​ ​ 2023 Company's stock price ​ $ 4.46 ​ Volatility ​ ​ 88.4 % Bond yield ​ ​ 20.8 %

Stock-Based Awards (Tables)

Stock-Based Awards (Tables)	12 Months Ended
	Dec. 31, 2024
Stock-Based Awards
Schedule of Assumptions Used to Determine Fair Value of Stock Options Granted to Employees and Directors Presented on Weighted Average Basis	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended ​ ​ December 31, ​ 2024 2023 2022 Risk-free interest rate 4.11 % 3.72 % 2.10 % Expected term (in years) 6.0 6.0 6.0 ​ Expected volatility 80.12 % 77.32 % 81.14 % Expected dividend yield 0.0 % 0.0 % 0.0 %
Schedule of Stock Option Activity	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted ​ ​ ​ ​ ​ ​ ​ Weighted ​ Average ​ ​ ​ ​ ​ ​ ​ Average ​ Remaining ​ Aggregate ​ ​ Shares Issuable ​ Exercise ​ Contractual ​ Intrinsic ​ Under Options Price Term Value ​ ​ ​ ​ ​ ​ ​ (In years) ​ ​ ​ Outstanding as of December 31, 2023 16,136,791 ​ $ 7.51 6.10 ​ $ 3,364 Granted 9,207,383 ​ 7.62 ​ ​ ​ ​ Exercised (3,112,976) ​ 4.74 ​ ​ ​ ​ Cancelled/forfeited (2,343,515) ​ 8.07 ​ ​ ​ ​ Outstanding as of December 31, 2024 19,887,683 ​ $ 7.93 6.05 ​ $ 41,570 Options vested and expected to vest as of December 31, 2024 18,406,424 ​ $ 8.10 5.89 ​ $ 37,139 Options exercisable as of December 31, 2024 11,419,466 ​ $ 8.26 3.90 ​ $ 27,814
Schedule of Restricted Stock Activity	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted ​ ​ ​ ​ average ​ ​ ​ ​ grant date ​ RSU's fair value ​ ​ ​ ​ ​ ​ Unvested balance at December 31, 2023 1,627,341 ​ $ 4.40 ​ Granted 3,628,824 ​ 7.89 ​ Released ​ (1,277,398) ​ ​ 5.84 ​ Cancelled/forfeited (589,163) ​ 4.79 ​ Unvested balance at December 31, 2024 3,389,604 ​ $ 7.52 ​
Schedule of stock-based compensation expense related to stock options	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2024 2023 2022 Research and development ​ $ 9,276 ​ $ 4,508 ​ $ 4,166 ​ Selling and marketing ​ 3,071 ​ 3,682 ​ 4,684 ​ General and administrative ​ 20,762 ​ 9,635 ​ 8,114 ​ ​ ​ $ 33,109 ​ $ 17,825 ​ $ 16,964 ​

Income Taxes (Tables)

Income Taxes (Tables)	12 Months Ended
	Dec. 31, 2024
Income Taxes
Reconciliation of Federal Income Tax Rate	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ 2024 2023 2022 Federal statutory income tax rate 21.0 % 21.0 % 21.0 % Research and development tax credits 3.5 ​ 3.6 ​ 5.4 ​ State taxes, net of federal benefit 1.8 ​ 2.0 ​ 2.6 ​ Stock-based compensation (1.9) ​ (2.3) ​ (2.1) ​ Derivative liability ​ — ​ — ​ 2.7 ​ Change in tax rate ​ — ​ (0.4) ​ 1.4 ​ Debt extinguishment ​ (1.9) ​ — ​ — ​ Other (1.1) ​ (0.2) ​ (0.1) ​ Change in the valuation allowance (21.4) ​ (23.7) ​ (30.9) ​ Effective income tax rate — % — % — %
Net Deferred Tax Assets	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ 2024 2023 Deferred tax assets: ​ ​ ​ ​ ​ ​ Net operating loss carryforwards ​ $ 134,571 ​ $ 120,971 Tax credit carryforwards ​ 29,311 ​ 22,597 Capitalized start-up costs ​ — ​ 121 Capitalized research and development expenses, net - Sec. 59(e) : ​ 1,814 ​ 3,570 Capitalized research and development expenses, net Sec. 174 ​ ​ 38,244 ​ ​ 19,491 Operating lease liabilities ​ ​ 1,693 ​ ​ 1,970 Derivative liability ​ ​ 3,082 ​ ​ 6,981 Stock-based Awards ​ ​ 9,976 ​ ​ 10,443 Accrued expenses and other ​ 10,186 ​ 8,433 Total deferred tax assets ​ 228,877 ​ 194,577 Valuation allowance ​ (225,248) ​ (183,737) Net deferred tax assets ​ ​ 3,629 ​ ​ 10,840 ​ ​ ​ ​ ​ ​ ​ Deferred tax liabilities: ​ ​ ​ ​ ​ ​ Operating lease right of use assets ​ ​ (1,383) ​ ​ (1,507) Convertible Notes ​ ​ — ​ ​ (6,603) Barings Credit Facility ​ ​ (2,246) ​ ​ (2,730) Total deferred tax liabilities ​ ​ (3,629) ​ ​ (10,840) Net deferred tax assets ​ $ — ​ $ —
Changes in Valuation Allowance for Deferred Tax Assets	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ 2024 2023 2022 Valuation allowance as of beginning of year ​ $ 183,737 ​ $ 164,546 ​ $ 142,637 Increases recorded to income tax provision ​ 41,511 ​ 19,191 ​ 21,909 Valuation allowance as of end of year ​ $ 225,248 ​ $ 183,737 ​ $ 164,546

Net Loss Per Share (Tables)

Net Loss Per Share (Tables)	12 Months Ended
	Dec. 31, 2024
Net Loss Per Share
Schedule of basic and diluted net (loss) income per share attributable to common stockholders	Basic net loss per share attributable to common stockholders was calculated as follows for the years ended December 31, 2024, 2023 and 2022: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended ​ December 31, ​ 2024 2023 ​ 2022 Numerator: ​ ​ ​ ​ Net loss attributable to common stockholders $ (193,506) ​ $ (80,736) ​ $ (71,038) Denominator: ​ ​ Weighted average common shares outstanding, basic 158,265,162 ​ 79,827,362 ​ 76,875,035 Net loss per share - basic $ (1.22) ​ $ (1.01) ​ $ (0.92) ​ Diluted net loss per share was calculated as follows for the years ended December 31, 2023 and 2022: ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended ​ ​ December 31, ​ 2023 ​ ​ 2022 Net loss attributable to common stockholders, basic ​ $ (80,736) ​ $ (71,038) Interest expense on Convertible Notes ​ 4,172 ​ 4,596 Gain on extinguishment of debt (Note 9) ​ ​ (14,907) ​ ​ — Change in fair value of derivative liability ​ ​ 4,502 ​ ​ (13,841) Net loss attributable to common stockholders, diluted ​ $ (86,969) ​ $ (80,283) ​ ​ ​ ​ ​ ​ ​ Weighted average common shares outstanding, basic ​ ​ 79,827,362 ​ ​ 76,875,035 Shares issuable in connection with conversion of Convertible Notes, as if converted ​ ​ 5,769,232 ​ ​ 5,769,232 Weighted average common shares outstanding, diluted ​ 85,596,594 ​ 82,644,267 ​ ​ ​ ​ ​ ​ ​ Net loss per share attributable to common stockholders, diluted ​ $ (1.02) ​ $ (0.97)
Schedule of antidilutive securities, excluded from computation of diluted net loss per share	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ 2024 2023 2022 Options to purchase common stock 19,887,683 16,136,791 13,669,711 Restricted stock units ​ 3,389,604 ​ 1,627,341 ​ 1,092,682 ​ 23,277,287 17,764,132 14,762,393 ​

Segment Reporting (Tables)

Segment Reporting (Tables)	12 Months Ended
	Dec. 31, 2024
Segment Reporting
Schedule of information about the Company's single segment	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2024 2023 2022 Revenue ​ $ 63,723 ​ $ 58,443 ​ $ 51,494 Cost of Product Revenue ​ ​ 5,626 ​ ​ 5,281 ​ ​ 4,540 Research & Development (a) ​ ​ ​ ​ ​ ​ ​ ​ ​ Direct Program Expenses ​ ​ ​ ​ ​ ​ ​ ​ ​ AXPAXLI for wet AMD ​ ​ 57,507 ​ ​ 8,750 ​ ​ 5,296 Other clinical and preclinical programs ​ ​ 8,099 ​ ​ 11,191 ​ ​ 7,892 Unallocated expenses ​ ​ ​ ​ ​ ​ ​ ​ ​ Personnel costs ​ ​ 28,625 ​ ​ 22,617 ​ ​ 20,854 All other costs ​ ​ 16,236 ​ ​ 5,720 ​ ​ 8,510 Selling & Marketing (a) ​ ​ 38,029 ​ ​ 36,564 ​ ​ 34,920 General & Administrative (a) ​ ​ 38,861 ​ ​ 23,838 ​ ​ 23,766 Facilities (b) ​ ​ 5,626 ​ ​ 6,056 ​ ​ 5,297 Stock-based compensation ​ ​ 33,109 ​ ​ 17,825 ​ ​ 16,964 Depreciation ​ ​ 3,786 ​ ​ 2,983 ​ ​ 2,109 Interest income ​ ​ 20,282 ​ ​ 3,983 ​ ​ 798 Interest expense ​ ​ (13,577) ​ ​ (11,338) ​ ​ (7,022) Other non-operating items ​ ​ (28,430) ​ ​ 9,001 ​ ​ 13,840 Net Loss ​ $ (193,506) ​ $ (80,736) ​ $ (71,038) ​ (a) excluding stock-based compensation, depreciation, and facilities expenses (b) excluding stock-based compensation and depreciation

Nature of the Business and (Det

Nature of the Business and (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Nature of Business
Accumulated deficit	$ 891,084	$ 697,578
Cash and cash equivalents	392,102	$ 195,807	$ 102,300
Barings Credit Facility
Nature of Business
Debt Instrument, covenants, minimum liquidity requirement	$ 20,000

Summary of Significant Accoun_3

Summary of Significant Accounting Policies - Additional Information (Detail)	12 Months Ended
	Dec. 31, 2024
Summary Of Significant Accounting Policies
ESPP, period for recognition of expense	6 months
Minimum
Summary Of Significant Accounting Policies
Property and equipment, estimated useful life	3 years
Maximum
Summary Of Significant Accounting Policies
Property and equipment, estimated useful life	5 years

Licensing Agreements and Defe_3

Licensing Agreements and Deferred Revenue (Details) - USD ($) $ in Thousands	3 Months Ended			12 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2021	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2020
Collaboration Agreement
Revenue				$ 63,723	$ 58,443	$ 51,494
Total deferred revenue:
Deferred revenue, beginning balance				14,390
Amounts recognized into revenue				(262)
Deferred revenue, ending balance				14,128	14,390
Incept
Collaboration Agreement
Royalties paid				1,834	1,713	1,466
License Agreement | AffaMed
Collaboration Agreement
Revenue				262	$ 573	$ 1,037
Transaction price allocated to performance obligations partially unsatisfied				128
Amount of non-refundable upfront payments received							$ 12,000
Additional payments to be received upon the achievement of certain development and commercial milestones				87,000
Milestone payment received	$ 1,000		$ 1,000
Clinical support payment received		$ 2,000
Transaction price				16,000
Potential regulatory, development and commercial milestone payments excluded from transaction price				$ 87,000
License Agreement | AffaMed | Minimum
Collaboration Agreement
Remaining performance obligation, expected timing of satisfaction, period				7 years
License Agreement | AffaMed | Maximum
Collaboration Agreement
Remaining performance obligation, expected timing of satisfaction, period				8 years

Cash Equivalents and Restrict_3

Cash Equivalents and Restricted Cash (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Cash Equivalents and Restricted Cash
Cash and cash equivalents	$ 392,102	$ 195,807	$ 102,300
Restricted cash (current)	0	150	0
Restricted cash (non-current)	1,614	1,614	1,764
Total cash, cash equivalents and restricted cash as shown on the statements of cash flows	$ 393,716	$ 197,571	$ 104,064	$ 165,928

Inventory (Details)

Inventory (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Inventory
Raw materials	$ 214	$ 302
Work-in-process	1,489	1,012
Finished goods	1,337	991
Total inventory	$ 3,040	$ 2,305

Property and Equipment, net - S

Property and Equipment, net - Schedule of Property and Equipment, net (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Property and Equipment, net
Property and equipment, gross	$ 33,021	$ 31,999
Less: Accumulated depreciation and amortization	(23,632)	(20,260)
Property and equipment, net	9,389	11,739
Equipment
Property and Equipment, net
Property and equipment, gross	16,782	15,515
Leasehold improvements
Property and Equipment, net
Property and equipment, gross	14,528	14,699
Furniture and fixtures
Property and Equipment, net
Property and equipment, gross	1,268	1,268
Software
Property and Equipment, net
Property and equipment, gross	324	236
Construction in progress
Property and Equipment, net
Property and equipment, gross	$ 119	$ 281

Property and Equipment, net - A

Property and Equipment, net - Additional Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Property and Equipment, net
Depreciation and amortization expense	$ 3,786	$ 2,983	$ 2,109

Leases - Other (Details)

Leases - Other (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2024 USD ($) ft² period item	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)	Mar. 31, 2024 ft²
Leases
Number Of Real Estate | item	2
Operating lease liabilities | $	$ (1,186)	$ (1,813)	$ 2,729
Office space at 24 Crosby Drive
Leases
Area of lease				30,036
Manufacturing space at 36 Crosby Drive
Leases
Area of lease	20,445
Renewal terms	5 years
Operating lease liabilities | $	$ 4,284
Research and manufacturing space at 15 Crosby Drive
Leases
Area of lease	70,712
Renewal terms	5 years
Additional periods for renewal | period	2
Research and manufacturing space at 15 Crosby Drive | Minimum
Leases
Written notice period to extend the lease	12 months
Research and manufacturing space at 15 Crosby Drive | Maximum
Leases
Written notice period to extend the lease	15 months
Equipment | Minimum
Leases
Lessee, Operating Lease, Remaining Lease Term	2 years
Equipment | Maximum
Leases
Lessee, Operating Lease, Remaining Lease Term	3 years 6 months
Real Estate Property One
Leases
Lessee, Operating Lease, Remaining Lease Term	2 years 6 months
Real Estate Property Two
Leases
Lessee, Operating Lease, Remaining Lease Term	3 years 6 months

Leases - Costs (Details)

Leases - Costs (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Lease Costs
Operating lease costs	$ 3,027	$ 2,663	$ 2,369
Variable lease costs	969	987	756
Total lease costs	$ 3,996	$ 3,650	$ 3,125

Leases - Future minimum payment

Leases - Future minimum payments (Details) $ in Thousands	Dec. 31, 2024 USD ($)
Minimum lease payments
2025	$ 2,722
2026	3,086
2027	2,179
2028	750
Total lease payments	8,737
Less: interest	1,459
Present value of operating lease liabilities	$ 7,278

Leases - Terms and discount rat

Leases - Terms and discount rate (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Leases
Weighted average remaining lease term in years	3 years 1 month 6 days	4 years 1 month 6 days
Weighted average discount rate	11.85%	12%
Supplemental disclosure of cash flow information related to operating leases
Cash paid for amounts included in the measurement of lease liabilities	$ 3,027	$ 2,663	$ 2,549

Expenses - Additional Informati

Expenses - Additional Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Expenses
Advertising expenses	$ 917	$ 880	$ 1,166

Expenses - Accrued Expenses (De

Expenses - Accrued Expenses (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Expenses
Accrued payroll and related expenses	$ 14,272	$ 8,156
Accrued rebates and programs	5,265	5,117
Accrued professional fees	1,879	691
Accrued research and development expenses	11,054	1,488
Accrued interest payable on Convertible Notes (Note 9)		10,886
Accrued interest payable on Barings Credit Facility (Note 9)	592	803
Accrued other	2,055	1,525
Other	$ 35,117	$ 28,666

Financial Liabilities - Barings

Financial Liabilities - Barings Credit Agreement - Terms (Details) - Barings Credit Facility - USD ($) $ in Thousands		12 Months Ended
	Aug. 02, 2023	Dec. 31, 2024	Dec. 31, 2023
Financial Liabilities
Borrowing capacity under the agreement	$ 82,474
Principal amount of debt issued	82,474
Proceeds from issuance of debt, net	$ 77,290
Interest rate floor (as a percent)	1.50%
Debt Instrument, Variable Interest Rate, Type [Extensible Enumeration]	us-gaap:SecuredOvernightFinancingRateSofrMember
Basis spread (as a percent)	6.75%
Royalty fees payable as percentage of net sales.	3.50%
Minimum liquidity amount		$ 20,000
Barings Royalty Fees		$ 22	$ 901

Financial Liabilities - Barin_2

Financial Liabilities - Barings Credit Agreement - Summary (Details) - Barings Credit Facility - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Credit Agreement
Barings Credit Facility	$ 82,474	$ 82,474
Less: unamortized discount	(13,969)	(16,687)
Total	68,505	$ 65,787
Due for repayment in 2029	$ 82,474

Financial Liabilities - Convert

Financial Liabilities - Convertible Notes, Terms (Details) - USD ($) $ / shares in Units, $ in Thousands			12 Months Ended
	Mar. 28, 2024	Aug. 02, 2023	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022	Mar. 01, 2019
Financial Liabilities
Gain (loss) on extinguishment of debt			$ (27,950)	$ 14,190
Common stock, par value			$ 0.0001	$ 0.0001		$ 0.0001
Convertible Notes
Financial Liabilities
Principal amount of debt issued				$ 37,500		$ 37,500
Extinguishment of debt, amount		$ 51,090
Fair value of convertible notes including conversion option		36,183
Debt instrument fair value		18,482		$ 22,665
Convertible Notes, fair value portion included in accrued expenses		9,943
Effective annual interest rate (as a percent)				19.40%	14.80%
Conversion shares common stock	5,769,232
Total fair value amount	$ 52,500
Accrued interest	11,361
Conversion of debt, derecognition of principal	(37,500)
Conversion of debt, unamortized discount	27,950
Conversion of debt, conversion option derivative liability	$ 15,000
Conversion option derivative liability, fair value		$ 17,701
Gain (loss) on extinguishment of debt			$ (27,950)	$ 14,907

Financial Liabilities - Conve_2

Financial Liabilities - Convertible Notes, Summary (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Mar. 01, 2019
Financial Liabilities
Total	$ 9,138
Convertible Notes
Financial Liabilities
Convertible Notes	37,500	$ 37,500
Less: unamortized discount and current portion	(28,362)
Total	$ 9,138

Financial Liabilities - Conve_3

Financial Liabilities - Convertible Notes, Interest (Details) - Convertible Notes - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Interest recognized
Coupon Interest	$ 475	$ 2,130	$ 2,281
Amortization of discount	412	2,042	2,314
Total	$ 887	$ 4,172	$ 4,595

Financial Liabilities - Notes P

Financial Liabilities - Notes Payable, Additional Information (Details) $ in Thousands			1 Months Ended			12 Months Ended
	May 04, 2023	Mar. 12, 2023 USD ($)	Aug. 31, 2023 USD ($)	Mar. 31, 2023 USD ($)	Jun. 30, 2021 USD ($) item	Dec. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)	Dec. 31, 2021 USD ($)
Credit Agreement
Protective advance requested under Credit Agreement representing a short-term bridge loan							$ 2,000
Gain (loss) on extinguishment of debt						$ (27,950)	$ 14,190
2021 Amended Credit Facility
Credit Agreement
Outstanding borrowings under credit facility, net of unamortized discount					$ 20,833			$ 25,000
Interest rate floor (as a percent)					1%
Debt Instrument, Variable Interest Rate, Type [Extensible Enumeration]					ocul:LondonInterbankOfferedRateMember
Basis spread (as a percent)					6.75%
Net proceeds from credit facility					$ 4,167
Final payment due at maturity					$ 5,208
Exit fee (as a percent)					3.50%
Credit Facility, Final Interest Payment					$ 875
Debt instrument carrying amount					$ 25,000
2021 Amended Credit Facility | Period commencing May 2024
Credit Agreement
Number of equal monthly installments | item					19
Required monthly principal payment					$ 1,042
MidCap Credit Facility
Credit Agreement
Protective advance requested under Credit Agreement representing a short-term bridge loan		$ 2,000
Repayment of protective advance				$ 2,000
Repayment of debt including principal, interest, exit and prepayment fees			$ 26,157
Repayment of debt, principal and interest			25,017
Payment of exit and prepayment fees in satisfaction of debt obligation			1,140
Gain (loss) on extinguishment of debt			$ (717)
MidCap Credit Facility | Maximum
Credit Agreement
Threshold percent of cash and cash equivalents to be maintained under debt agreement	50%

Derivatives - Liability roll fo

Derivatives - Liability roll forward (Details) - USD ($) $ in Thousands	3 Months Ended	9 Months Ended	12 Months Ended
	Mar. 28, 2024	Dec. 31, 2024	Dec. 31, 2024	Dec. 31, 2023
Royalty Fee Derivative Liability
Derivative Liability Roll forward
Beginning Balance	$ 12,389		$ 12,389
Change in fair value			857
Ending Balance		$ 13,246	$ 13,246
Derivative Liability, Statement of Financial Position [Extensible Enumeration]		Derivative Liability, Noncurrent	Derivative Liability, Noncurrent	Derivative Liability, Noncurrent
Conversion Option Derivative Liability
Derivative Liability Roll forward
Beginning Balance	17,598	$ 15,000	$ 17,598
Change in fair value	(2,598)
Extinguishment in connection with Conversion		$ 15,000
Ending Balance	$ 15,000
Derivative Liability, Statement of Financial Position [Extensible Enumeration]		Derivative Liability, Noncurrent	Derivative Liability, Noncurrent	Derivative Liability, Noncurrent

Risks and Fair Value - Concentr

Risks and Fair Value - Concentration of Credit Risk (Details)	12 Months Ended
	Dec. 31, 2024 customer item	Dec. 31, 2023 customer	Dec. 31, 2022 customer
Concentration risk
Number Of financial institutions | item	2
Total revenue | Customer
Concentration risk
Number of major customers	3	3	3
Total revenue | Customer | Customer one
Concentration risk
Concentration risk	44%	49%	44%
Total revenue | Customer | Customer two
Concentration risk
Concentration risk	23%	25%	25%
Total revenue | Customer | Customer three
Concentration risk
Concentration risk	10%	11%	17%
Accounts receivable | Customer
Concentration risk
Number of major customers	3	3
Accounts receivable | Customer | Customer one
Concentration risk
Concentration risk	46%	50%
Accounts receivable | Customer | Customer two
Concentration risk
Concentration risk	28%	28%
Accounts receivable | Customer | Customer three
Concentration risk
Concentration risk	8%	11%

Risks and Fair Value - Change i

Risks and Fair Value - Change in Fair Value of Derivative Labilities (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Change in Fair Value of Derivative Liabilities
Barings Royalty Fees	$ (2,221)	$ (901)
Total	(480)	(5,188)	$ 13,841
Conversion Option Derivative Liability
Change in Fair Value of Derivative Liabilities
Change in fair value of derivative liability	$ 2,598	$ (4,502)	$ 13,841
Derivative, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]	Total	Total	Total
Royalty Fee Derivative Liability
Change in Fair Value of Derivative Liabilities
Change in fair value of derivative liability	$ (857)	$ 215
Derivative, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]	Total	Total	Total

Risks and Fair Value - Fair Val

Risks and Fair Value - Fair Value Measurement (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Aug. 02, 2023
Liability:
Transfers Between Fair Value Measurement Levels	$ 0	$ 0
Notes Payable, Noncurrent	68,505	65,787
Non-current liability		9,138
Barings Credit Facility
Liability:
Notes payable, amortized cost, including accrued interest	69,097	66,590
Notes Payable, Noncurrent	68,505	65,787
Accrued interest payable	592	803
Estimated fair value	73,608	72,295
Debt instrument carrying amount	82,474	82,474
Convertible Notes
Liability:
Accrued interest payable		10,886
Estimated fair value		22,665	$ 18,482
Debt instrument carrying amount		20,024
Non-current liability		9,138
Recurring Basis
Liability:
Derivative liabilities	$ 13,246	$ 29,987
Derivative Liability, Statement of Financial Position [Extensible Enumeration]	Derivative Liability, Noncurrent	Derivative Liability, Noncurrent
Money Market Funds | Recurring Basis
Assets:
Cash equivalents	$ 378,112	$ 187,951
Level 1 | Money Market Funds | Recurring Basis
Assets:
Cash equivalents	378,112	187,951
Level 3 | Recurring Basis
Liability:
Derivative liabilities	$ 13,246	$ 29,987

Risks and Fair Value - The main

Risks and Fair Value - The main inputs to valuing the Royalty Fee Derivative Liability (Details) - Royalty Fee Derivative Liability - Level 3	Dec. 31, 2024	Dec. 31, 2023	Aug. 02, 2023
Revenue volatility
Fair Value Measurement Inputs and Valuation Techniques
Derivative Liability, Measurement Input	0.64	0.67	0.61
Revenue discount rate
Fair Value Measurement Inputs and Valuation Techniques
Derivative Liability, Measurement Input	0.16	0.158	0.158

Risks and Fair Value - Measurem

Risks and Fair Value - Measurement inputs (Details) - Convertible Notes	Dec. 31, 2023
Company's stock price
Derivative Liability
Debt instrument, measurement input	4.46
Volatility
Derivative Liability
Debt instrument, measurement input	88.4
Bond yield
Derivative Liability
Debt instrument, measurement input	20.8

Equity - Preferred Stock (Detai

Equity - Preferred Stock (Details) - $ / shares	Dec. 31, 2024	Dec. 31, 2023
Equity
Preferred stock, shares authorized	5,000,000	5,000,000
Preferred stock, par value	$ 0.0001	$ 0.0001
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0

Equity-Common Stock (Details)

Equity-Common Stock (Details)

1 Months Ended

12 Months Ended

Mar. 28, 2024 USD ($) shares

Feb. 26, 2024 USD ($)

Feb. 21, 2024 $ / shares shares

Dec. 17, 2023 USD ($) $ / shares shares

Dec. 13, 2023 shares

Aug. 09, 2021 USD ($)

Apr. 05, 2019 USD ($)

Jun. 30, 2024 shares

Dec. 31, 2024 USD ($) Vote $ / shares shares

Dec. 31, 2023 USD ($) $ / shares shares

Dec. 31, 2022 shares

Jun. 30, 2021 shares

Dec. 31, 2020 shares

Mar. 01, 2019 $ / shares

Common Stock

Common stock, shares authorized | shares

400,000,000

400,000,000

200,000,000

200,000,000

100,000,000

Common stock, par value | $ / shares

$ 0.0001

$ 0.0001

$ 0.0001

Increased Common Stock Shares Authorized | shares

200,000,000

Issuance of common stock upon exercise of conversion option

$ 52,500,000

Proceeds from issuance of common stock upon public offering, net of issuance costs

$ 117,261,000

Voting right description

Each share of common stock entitles the holder to one vote on all matters submitted to a vote of the Company’s stockholders.

Common stock shares, reserved | shares

9,260,579

Number of votes per share | Vote

1

Convertible Notes

Common Stock

Issuance of common stock upon exercise of conversion option, shares | shares

5,769,232

Common Stock

Common Stock

Number of shares issued | shares

32,413,560

36,934,926

Issuance of common stock upon exercise of conversion option, shares | shares

5,769,232

Issuance of common stock upon exercise of conversion option

$ 1,000

Common Stock | Convertible Notes

Common Stock

Issuance of common stock upon exercise of conversion option

$ 1,000

Additional Paid-in Capital

Common Stock

Issuance of common stock upon exercise of conversion option

$ 52,499,000

Additional Paid-in Capital | Convertible Notes

Common Stock

Issuance of common stock upon exercise of conversion option

$ 52,499,000

2019 Sales Agreement | Common Stock

Common Stock

Maximum aggregate proceeds from offering

$ 50,000,000

Over-allotment Option | Common Stock

Common Stock

Number of shares issued | shares

4,620,000

Common stock, price per share | $ / shares

$ 3.055

Follow-on Offering | Common Stock

Common Stock

Number of shares issued | shares

35,420,000

30,800,000

Common stock, price per share | $ / shares

$ 3.25

Proceeds from issuance of common stock upon public offering, net of issuance costs

$ 107,725,000

2021 Sales Agreement | Common Stock

Common Stock

Number of shares issued | shares

0

1,514,926

0

Gross proceeds from issuance of common stock

$ 9,897,000

Proceeds from issuance of common stock upon public offering, net of issuance costs

$ 9,532,000

Maximum aggregate proceeds from offering

$ 100,000,000

Securities Purchase Agreement

Common Stock

Common stock, par value | $ / shares

$ 0.0001

Number of shares issued | shares

32,413,560

Common stock, price per share | $ / shares

$ 7.52

Securities Purchase Agreement | Pre-Funded Warrants

Common Stock

Number of shares callable by warrants | shares

10,805,957

Offering price of warrants | $ / shares

$ 7.519

Weighted average exercise price to purchase common stock | $ / shares

$ 0.001

Private Placement

Common Stock

Proceeds from issuance of common stock upon public offering, net of issuance costs

$ 316,353

Stock-Based Awards - Stock Ince

Stock-Based Awards - Stock Incentive Plan (Details)

12 Months Ended

Jun. 12, 2024 shares

Jun. 14, 2023 shares

Jan. 01, 2023 shares

Jun. 16, 2022 shares

Jun. 18, 2021 shares

Dec. 10, 2020 shares

Dec. 31, 2014 shares

Dec. 31, 2024 item shares

Oct. 04, 2024 shares

Oct. 03, 2024 shares

Apr. 16, 2024 shares

Apr. 15, 2024 shares

Feb. 20, 2024 shares

Feb. 19, 2024 shares

Jan. 01, 2024 shares

Dec. 31, 2023 item shares

Dec. 31, 2021 shares

Jan. 01, 2015 shares

Stock-Based Awards

Number of stock based compensation plans | item

3

3

Number of shares of common stock reserved for issuance

9,260,579

2014 and 2006 Stock Incentive Plan

Stock-Based Awards

Granted (in shares)

0

Number of shares of common stock available for issuance

9,766,336

2014 Stock Incentive Plan

Stock-Based Awards

Granted (in shares)

0

Number of shares of common stock available for issuance

456,334

2021 Incentive Plan

Stock-Based Awards

Number of shares of common stock reserved for issuance

6,000,000

Additional number of shares authorized for issuance

7,000,000

3,900,000

3,600,000

Number of shares of common stock available for issuance

8,019,151

2019 Inducement Plan

Stock-Based Awards

Number of shares of common stock authorized for issuance

1,054,000

6,054,000

4,804,000

4,804,000

3,804,000

3,804,000

1,054,000

Additional number of shares authorized for issuance

554,000

Number of shares of common stock available for issuance

848,373

2014 ESPP

Stock-Based Awards

Number of shares of common stock available for issuance

606,186

398,784

2014 ESPP | Common Stock

Stock-Based Awards

Number of shares of common stock reserved for issuance

207,402

Additional number of shares authorized for issuance

207,402

Number of shares of common stock available for issuance

393,055

Stock-Based Awards - ESPP (Deta

Stock-Based Awards - ESPP (Details)			12 Months Ended
	Jan. 01, 2023 shares	Jan. 01, 2015 shares	Dec. 31, 2024 shares	Jan. 01, 2024 shares	Dec. 31, 2023 shares
Stock-Based Awards
Number of shares of common stock reserved for issuance			9,260,579
Number of RSU is equivalent to common share			1
Employee Stock Option
Stock-Based Awards
Service period			4 years
Contractual term of Stock Options granted			10 years
Employee Stock Option | Share-Based Payment Arrangement
Stock-Based Awards
Percentage of first anniversary of the grant date			0.25%
Restricted Stock Units (RSUs)
Stock-Based Awards
Service period			3 years
Percentage of first anniversary of the grant date			0.33%
2014 ESPP
Stock-Based Awards
Number of shares of common stock available for issuance				606,186	398,784
2014 ESPP | Common Stock
Stock-Based Awards
Number of shares of common stock reserved for issuance		207,402
Additional shares of common stock that may be issued under the plan		207,402
Additional number of shares of common stock , percentage		0.50%
Additional number of shares authorized for issuance	207,402
Number of shares of common stock available for issuance			393,055

Stock-Based Awards - Fair Value

Stock-Based Awards - Fair Value Assumptions (Details)	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Assumptions Used to Determine Fair Value of Stock Options Granted to Employees and Directors Presented on a Weighted Average Basis
Risk-free interest rate	4.11%	3.72%	2.10%
Expected term (in years)	6 years	6 years	6 years
Expected volatility	80.12%	77.32%	81.14%
Expected dividend yield	0%	0%	0%

Stock-Based Awards - Schedule o

Stock-Based Awards - Schedule of Stock Option Activity (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Shares Issuable Under Options
Shares Issuable Under Options, Beginning balance	16,136,791
Shares Issuable Under Options, Granted	9,207,383
Shares Issuable Under Options, Exercised	(3,112,976)
Shares Issuable Under Options, Cancelled/forfeited	(2,343,515)
Shares Issuable Under Options, Ending balance	19,887,683	16,136,791
Shares Issuable Under Options, Vested and expected to vest	18,406,424
Shares Issuable Under Options, Exercisable	11,419,466
Weighted Average Exercise Price
Weighted Average Exercise Price, Beginning balance	$ 7.51
Weighted Average Exercise Price, Granted	7.62
Weighted Average Exercise Price, Exercised	4.74
Weighted Average Exercise Price, Cancelled/forfeited	8.07
Weighted Average Exercise Price, Ending balance	7.93	$ 7.51
Weighted Average Exercise Price, Vested and expected to vest	8.1
Weighted Average Exercise Price, Exercisable	$ 8.26
Weighted Average Remaining Contractual Term	6 years 18 days	6 years 1 month 6 days
Weighted Average Remaining Contractual Term, Vested and Expected to vest	5 years 10 months 20 days
Weighted Average Remaining Contractual Term, Exercisable	3 years 10 months 24 days
Other disclosures
Aggregate Intrinsic Value	$ 41,570	$ 3,364
Aggregate Intrinsic Value, Vested and Expected to vest	37,139
Aggregate Intrinsic Value, Exercisable	27,814
Aggregate intrinsic value of stock options exercised	$ 11,102	$ 275	$ 186
Weighted average fair value of stock option granted	$ 5.59	$ 2.74	$ 4.95

Stock-Based Awards - Schedule_2

Stock-Based Awards - Schedule of Restricted Stock Activity (Details)	12 Months Ended
	Dec. 31, 2024 $ / shares shares
Restricted Stock Units
Weighted average grant date fair value, Beginning balance | $ / shares	$ 4.4
Weighted average grant date fair value, Granted | $ / shares	7.89
Weighted average grant date fair value, Released | $ / shares	5.84
Weighted average grant date fair value, Cancelled/forfeited | $ / shares	4.79
Weighted average grant date fair value, Ending balance | $ / shares	$ 7.52
Restricted Stock Units (RSUs)
Restricted Stock Units
Unvested balance, Beginning balance | shares	1,627,341
Unvested RSU's, Granted (in shares) | shares	3,628,824
Unvested RSU's, Released (in shares) | shares	(1,277,398)
Unvested RSU's, Cancelled/forfeited (in shares) | shares	(589,163)
Unvested balance, Ending balance | shares	3,389,604

Stock-Based Awards - Stock-Base

Stock-Based Awards - Stock-Based Compensation Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Stock-Based Awards
Stock-based compensation expense	$ 33,109	$ 17,825	$ 16,964
Unrecognized stock-based compensation cost	$ 53,813
Weighted average period of unrecognized stock-based compensation cost expected to be recognized	2 years 9 months 18 days
Research and development
Stock-Based Awards
Stock-based compensation expense	$ 9,276	4,508	4,166
Selling and marketing
Stock-Based Awards
Stock-based compensation expense	3,071	3,682	4,684
General and administrative
Stock-Based Awards
Stock-based compensation expense	$ 20,762	$ 9,635	$ 8,114

Employee Benefits - Additional

Employee Benefits - Additional Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Employee Benefits
Contributions to savings plan	$ 675	$ 625	$ 593

Income Taxes - Reconciliation o

Income Taxes - Reconciliation of Federal Income Tax Rate (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Income Taxes
Income tax benefit	$ 0	$ 0	$ 0
Reconciliation of the U.S. federal statutory income tax rate to the Company's effective income tax rate
Federal statutory income tax rate	21%	21%	21%
Research and development tax credits	3.50%	3.60%	5.40%
State taxes, net of federal benefit	1.80%	2%	2.60%
Stock-based compensation	(1.90%)	(2.30%)	(2.10%)
Derivative liability			2.70%
Change in tax rate		(0.40%)	1.40%
Debt extinguishment	(1.90%)
Other	(1.10%)	(0.20%)	(0.10%)
Change in valuation allowance	(21.40%)	(23.70%)	(30.90%)

Income Taxes - Net Deferred Tax

Income Taxes - Net Deferred Tax Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Deferred tax assets:
Net operating loss carryforwards	$ 134,571	$ 120,971
Tax credit carryforwards	29,311	22,597
Capitalized start-up costs		121
Capitalized research and development expenses, net - Sec. 59(e):	1,814	3,570
Capitalized research and development expenses, net Sec. 174	38,244	19,491
Operating lease liabilities	1,693	1,970
Derivative liability	3,082	6,981
Stock-based Awards	9,976	10,443
Accrued expenses and other	10,186	8,433
Total deferred tax assets	228,877	194,577
Valuation allowance	(225,248)	(183,737)	$ (164,546)	$ (142,637)
Net deferred tax assets	3,629	10,840
Operating lease right of use assets	(1,383)	(1,507)
Convertible Notes		(6,603)
Barings Credit Facility	(2,246)	(2,730)
Total deferred tax liabilities	$ (3,629)	(10,840)
Net deferred tax assets

Income Taxes - Changes in Valua

Income Taxes - Changes in Valuation Allowance for Deferred Tax Assets (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Income Taxes
Valuation allowance as of beginning of year	$ 183,737	$ 164,546	$ 142,637
Increases recorded to income tax provision	41,511	19,191	21,909
Valuation allowance as of end of year	$ 225,248	$ 183,737	$ 164,546

Income Taxes - Net Operating Lo

Income Taxes - Net Operating Loss Carryforwards (Details) $ in Thousands	Dec. 31, 2024 USD ($)
Federal
Net operating loss carryforwards
Net operating loss carryforwards	$ 538,025
Net operating loss carryforward that can be carried forward indefinitely	412,220
State
Net operating loss carryforwards
Net operating loss carryforwards	$ 385,224

Income Taxes - Tax Credit Carry

Income Taxes - Tax Credit Carryforwards (Details) - Research and Development $ in Thousands	Dec. 31, 2024 USD ($)
Federal
Tax credit carryforwards
Tax credit carryforwards	$ 19,666
State
Tax credit carryforwards
Tax credit carryforwards	$ 11,848

Income Taxes - Other (Details)

Income Taxes - Other (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Income Taxes
Unrecognized tax benefits	$ 0	$ 0	$ 0

Net Loss Per Share - Basic (Det

Net Loss Per Share - Basic (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Basic net loss per share attributable to common stockholders
Net loss attributable to common stockholders	$ (193,506)	$ (80,736)	$ (71,038)
Weighted average common shares outstanding, basic (in shares)	158,265,162	79,827,362	76,875,035
Net loss per share - basic (in dollar per share)	$ (1.22)	$ (1.01)	$ (0.92)

Net Loss Per Share - Diluted Ne

Net Loss Per Share - Diluted Net Loss Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Reconciliation of net loss attributable to common stockholders for basic and diluted net loss per share
Net loss attributable to common stockholders, basic		$ (80,736)	$ (71,038)
Interest expense on Convertible Notes		4,172	4,596
Gain on extinguishment of debt		(14,907)
Change in fair value of derivative liability		4,502	(13,841)
Net loss attributable to common stockholders, diluted		$ (86,969)	$ (80,283)
Weighted average common shares outstanding, basic (in shares)	158,265,162	79,827,362	76,875,035
Shares issuable in connection with conversion of Convertible Notes, as if converted (in shares)		5,769,232	5,769,232
Weighted average common shares outstanding, diluted (in shares)	158,265,162	85,596,594	82,644,267
Net loss per share attributable to common stockholders, diluted (in dollars per share)	$ (1.22)	$ (1.02)	$ (0.97)

Net Loss Per Share - Schedule o

Net Loss Per Share - Schedule of Antidilutive Securities, Excluded from Computation of Diluted Net Loss per Share (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Net Loss Per Share
Dilutive impact from potentially issuable common shares	$ 0
Total common stock equivalents	23,277,287	17,764,132	14,762,393
Options to purchase common stock
Net Loss Per Share
Total common stock equivalents	19,887,683	16,136,791	13,669,711
Restricted stock units
Net Loss Per Share
Total common stock equivalents	3,389,604	1,627,341	1,092,682

Segment Reporting (Details)

Segment Reporting (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2024 USD ($) segment	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)
Segment Reporting
Number of operating segments | segment	1
Revenue	$ 63,723	$ 58,443	$ 51,494
Cost of product revenue	5,626	5,281	4,540
Research and Development
Stock-based compensation	(33,109)	(17,825)	(16,964)
Depreciation	(3,786)	(2,983)	(2,109)
Interest expense	(13,577)	(11,338)	(7,022)
Interest income	20,282	3,983	798
Net Income (Loss)	(193,506)	(80,736)	(71,038)
Single Reportable Segment
Segment Reporting
Revenue	63,723	58,443	51,494
Cost of product revenue	5,626	5,281	4,540
Research and Development
Direct Program Expenses: AXPAXLI for wet AMD	57,507	8,750	5,296
Direct Program Expenses: Other clinical and preclinical programs	8,099	11,191	7,892
Unallocated expenses, Personnel costs	28,625	22,617	20,854
Unallocated expenses, All other costs	16,236	5,720	8,510
Selling & Marketing	38,029	36,564	34,920
General and Administrative	38,861	23,838	23,766
Facilities	5,626	6,056	5,297
Stock-based compensation	33,109	17,825	16,964
Depreciation	3,786	2,983	2,109
Interest expense	20,282	3,983	798
Interest income	(13,577)	(11,338)	(7,022)
Other non-operating items	(28,430)	9,001	13,840
Net Income (Loss)	$ (193,506)	$ (80,736)	$ (71,038)

Related Party Transactions - Ad

Related Party Transactions - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Related Party Transactions
Total grant date fair value of stock-based awards granted	$ 7.89
Accounts payable	$ 4,176	$ 4,389
Accrued expenses	35,117	28,666
Prepaid expenses and other current assets	13,457	7,794
BIRC | Chief Medical Officer
Related Party Transactions
Expenses incurred	81
Accounts payable	0
Accrued expenses	5
i2 Vision Inc | Related Party
Related Party Transactions
Expenses incurred	2,368	271	$ 131
Pass-through costs	526	102	0
Accounts payable	132	0
Accrued expenses	383	0
Prepaid expenses and other current assets	176	0
WilmerHale | Chief Business Officer
Related Party Transactions
Expenses incurred	$ 1,080	1,472	959
Accounts payable		298
Accrued expenses		0
Heier Consulting LLC | Related Party
Related Party Transactions
Total grant date fair value of stock-based awards granted	$ 96
Expenses incurred	$ 5	32	$ 24
Accounts payable		6
Accrued expenses		$ 0