HARROW, INC. — Call Transcript 2026

All right. Thank you, everybody, for joining us. I'm Lachlan Hanbury-Brown, one of the biotech analysts here at William Blair, and I cover Harrow. Before we get started, please visit williamblair.com for relevant disclosures. Pleased to welcome Mark Baum, the Chairman and CEO. Also got Andrew Boll, CFO and President, and Mike Biega, VP of IR and Communications. I'll throw it over to Mark to give the presentation, and then if there's time at the end, we'll do Q&A. Otherwise, come join us in the breakout room. Thank you, Lachlan. I want to thank William Blair for this audience. We're really grateful for the opportunity to share the Harrow story. I think everybody can hear me, hopefully. I would imagine that most people listening to this presentation are really interested in AI. At Harrow, believe it or not, we are an AI company. We're a successful AI company, except we define AI a little bit differently. When I say AI, I mean anterior and the interior of the eye. We're interested in the eye and ophthalmology and optometry, and specifically the eye care pharmaceuticals market, where we have the largest portfolio of prescription eye care products for the U.S. market. We're growing rapidly. We have a five-year revenue CAGR of better than 40% and a five-year adjusted EBITDA CAGR of better than 60%. The growth isn't stopping. In fact, the growth should continue for many years to come. We have important launches in key markets every year throughout the balance of this decade. We're publicly traded. This is our safe harbor. I think what makes us unique is that we are founder-led and we're extremely diversified by delivery type, by product category, how we receive our revenue, who pays us, the payer type, and the specific etiology of the disease, whether it affects the anterior segment or the posterior segment. The key revenue drivers that we're going to talk about today are best-in-class products in highly under-penetrated markets. A lot of companies talk about best-in-class, but what in the world does best-in-class mean? I define best-in-class as a product that really drives and leads to obsolescence of your competing products. We're going to talk about today how we're driving obsolescence in the markets that we serve. The goal ultimately for Harrow with our portfolio is to surround our customers and be a key vendor for them, to really become an important vendor for them. For the next 18 or so minutes, we're going to not only talk about obsolescence, but we're going to talk about a few disease states and how we serve those markets, like dry eye disease, anesthesia, surgical care and ophthalmology, how we serve the retina market specifically, and other specialty niches like severe allergies and blepharitis and eye pressure control. This is a visual of what our portfolio looks like. There's a lot of products on there, and I'm not going to really get into all of them, but I'm going to selectively discuss some of them, and how we use them to solve our customers' unmet needs. What do I mean by unmet needs, by the way? You can drive obsolescence, you can serve unmet needs, I think really in three ways. You can lower costs, you can increase your customers' revenues, or you could provide unique clinical value. I think that you'll see with all of the products that we're going to discuss today, we do all three of those and more. How has the business performed? Remember, we started this business from scratch. We had no revenues, no customers, but as I said, we've got fairly impressive five-year revenue CAGRs and adjusted EBITDA CAGRs. We've actually guided for better than 30% revenue growth from 2025-2026 and a whisker under 50% adjusted EBITDA growth from 2025-2026. The growth is not yielding. In fact, I would suggest that the growth in 2027 will be accelerating, and the growth won't end there either because we expect a launch coming with a product called MELT that I'm going to talk about today. That should further accelerate our growth in 2028. Let's talk about dry eye disease. First of all, does anybody here have dry eye disease? You do. Do you use anything as a prescription product? No. No. You do? Okay, great. Those are great. Well, we're very much interested in the dry eye disease market. It is a very large market in the U.S. There are more than 30 million Americans that suffer from dry eye disease. It is a highly underserved market because only about 10% or fewer of those patients are actually on therapy. There is very little therapeutic persistence. Patients who start dry eye prescription medications oftentimes do not continue with them. Have you ever been prescribed a product for dry eye or were you just given the punctal plugs? If you don't mind me asking. You did? Great. Thank you for that. The problem with a lot of these dry eye products, and the reason why patients will get the first prescription and they don't get the 10th or the 20th or the 30th, is because the products burn, they sting. From our perspective, all forms of dry eye disease have some sort of inflammatory component, and some products don't even contain an anti-inflammatory. The question is: how do you get something to a patient that works fast, that lasts a long time? You get durability of therapeutic effect. The way you do that, we think, is with VEVYE, where we can actually affect the signs and symptoms of dry eye disease in about 15 days. We have data that shows you can get durability of treatment effect going out 56 weeks. It works quick, and it lasts a long time. The key is to get the anti-inflammatory component to the cornea, the site and source of the inflammation, and to do it really efficiently. Our vehicle that is in VEVYE does that. It doesn't contain water. It's a semifluorinated alkane vehicle. It has a very small drop size, about one-fifth of the size of a normal water-based eye drop. The money shot, though, is that it delivers about 22x more cyclosporine to the cornea versus, for example, the vehicle in RESTASIS. It's incredibly efficient at delivering cyclosporine. These are the types of qualities that lead to rapid prescription growth and ultimately the obsolescence of these legacy products in the category. The power of a chronic care medication financially is, as I said, getting that first prescription, getting the 10th prescription, and getting the 50th prescription if you can. That's how you create this compounding effect. When you get new prescriptions and refills, you get this compounding effect financially. With VEVYE, we've been able to show not only in 2025, but also in 2024, that if there's a patient who is covered, we not only get that first prescription, but we get nine refills. If you add up all of the individual eye drops in those 10 bottles, it's about a year's worth of therapy. That is therapeutic persistence. I don't know that there's any product in the category that delivers financially in that way for patients, and it demonstrates the value of this product to patients and providers. We were really the only product in the first quarter, actually, that grew. We had 25% new prescription growth from Q4 of 2025 through the balance of Q1 in 2026. We had 11% growth in total prescriptions. We had 12% growth during that period in prescribers, and we achieved 14% market share. This is a product that only launched a couple of years ago. We're rapidly taking market share. We're only about 150 basis points or so away from taking over MIEBO, which is another important product from Bausch + Lomb in the category. In the March month, we surpassed Xiidra, which we were really excited about. We also have expanded coverage. We are now preferred with the largest manager of commercial lives in the U.S. market. As a result of the momentum that we have and our belief that we can continue to grow that momentum and take market share, we've doubled the sales force. Between the month of January up until now, we've gone from about 50 territories covered to around 100 territories covered. That should show up in the numbers for the third quarter and once again should accelerate our growth going forward, leading to more and more obsolescence with the competing products in the category. Let's talk about ocular anesthesia and how we play in that market. If you're going to poke on the eye or you're going to cut on the eye, you want your eye anesthetized. There hasn't been a lot of innovation in ocular anesthesia in about 14 years. In fact, though, ocular anesthesia and the procedures related that require ocular anesthesia, it's one of the largest TAMs in all of eye care. It's about 14 million annual procedures. Huge market opportunity. With IHEEZO, which is our product in the category, as I said, the first new FDA-approved product in the category in about 14 years, our product works quickly. You get predictable duration of anesthesia, which, if you're having the procedure, is pretty important, obviously. We've been able to demonstrate that if you receive IHEEZO, you don't need anything else to complete the procedure. It's a terrific product. It is innovative. Why is it going to lead to obsolescence? The answer is not only the performance of the product, but the fact that it is the only currently available reimbursable ocular anesthetic in the U.S. market. It's used in procedures that are capitated. The doctor receives a single capitated fee, and if they don't use IHEEZO, they're paying for the ocular anesthetic out of that capitated fee. If they use IHEEZO, they actually can turn a cost center into a small profit center. That is really important. This is a listing of just some of the CPT codes that make up that 14 million annual procedure number. Procedures like intravitreal injections. Many of you have heard of EYLEA and Lucentis and all of the drugs that are used to treat wet age-related macular degeneration. There are more than 10 million of those annual injections. Once again, if you're getting your eye poked on or cut on, you need an ocular anesthetic. How has the product performed? Well, first let me say that it is a very high gross margin product. It is a high 90s gross margin product. We've had strong demand year-over-year. We have a very high reorder rate. When we open an account and an account purchases from us, we have about an 85, 86% chance that they're going to reorder. A little over 80% of our units for that product are sold into the retina market specifically. It's a very important market for us. I do want to highlight on this slide that in Q3 and Q4 of last year, we had a little over 112,000 units of demand for IHEEZO. What I want to point out is that there are a few events that we expect to begin in the month of July that we believe give us comfort that the total number of second half units for 2027 will far exceed the number of units for the prior year, and we should see growth further accelerate on the demand side and the revenue side. What do I mean by those events? Well, believe it or not, we've been selling to the retina market with no retina-specific data. In July, at the American Society of Retina Specialists meeting in Montreal, we're going to have the first presentation of data for IHEEZO in the retina market. That's a really important data set that should accelerate growth. We also have an ASP that has been reset that'll begin in July, that will create a 20%-30% improvement in net revenue per unit for IHEEZO. We should see increased unit demand, increased revenue per unit, once again, the fact that this is the only reimbursable anesthetic in the U.S. market should lead to obsolescence of the other choices in that category. No other choice is reimbursable. Let's talk a little bit about ophthalmic surgery. First of all, we got a lot of young people. Has anybody had cataract surgery? Anybody? Anybody know anybody that's had cataract surgery? Okay. You do. Hopefully, people know people who've had cataract surgery. The standard of care for cataract surgery, and there's over 4.5 million of those in the U.S. each year, is IV sedation, opioid-based sedation, and multiple eye drops post-surgery to control inflammation and infection. Our vision for ophthalmic surgery is IV-free, opioid-free, and even eye drop-free. If we can deliver on those, we're going to create that obsolescence of these legacy modalities of treating post-surgery inflammation and even sedation. Our entry initially into that market has been with TRIESENCE. TRIESENCE is a high-trust injectable steroid. In fact, it's the only FDA-approved injectable corticosteroid for the U.S. market. We acquired it from Novartis. When Novartis owned this asset, there were three factors that really led to, I think, a reduced usage of TRIESENCE over the years. Number one, the supply chain was completely screwed up. The drug was not even available in the U.S. market for many years. The second thing is that the sales force was only selling on a very narrow part of the TRIESENCE label. The third item is that there was no defined pass-through status for ophthalmic surgery in, for example, the surgery center environment. Once again, surgery centers were paying for it from a capitated fee, which is not good for them. Once again, obsolescence, we're going to try and create that by lowering costs or increasing revenues, and this did the exact opposite. When we acquired the asset, we fixed all three of those. Fixed the supply chain. It's now available. The product's available. Secondly, we are selling on the entirety of the label, including its use case in ophthalmic surgery. Third, we went to CMS and asked them for pass-through status so that the surgery centers could be reimbursed separately outside of the capitated fee for this product. The opportunity for TRIESENCE, by the way, is very large. You're talking about 7 million annual ophthalmic surgeries where this product could be impactful. It's a very large market. Now that we've begun to sell on the entirety of the label, and that only happened, by the way, the fourth quarter of last year. 44% of the unit demand for TRIESENCE is specifically in the surgical market. We've had 28% sequential quarterly account growth, 6 consecutive quarters of demand growth, and based on what we feel is going to be an acceleration in demand for TRIESENCE now that we've fixed supply chain, we've got pass-through sorted out, and we're selling on the entirety of the label. This year so far, we have tripled the sales force for TRIESENCE that's selling into that ophthalmic surgical market. You should expect in the third quarter, and certainly in the fourth quarter of this year, to see further acceleration of growth. I mentioned that our vision is eye drop free, opioid free, and even IV free sedation. The largest product opportunity that we have in our portfolio is actually with a product that we expect to launch in 2028. It's called the G Melt. As I said, in ophthalmic surgery, the standard, believe it or not, is IVs and opioids for sedation. In fact, there was a Duke study that demonstrated better than 90% of their cataract surgeries, fentanyl, opioids. Mayo study, better than 80%. This is a standard in eye surgery. Our product candidate is a sublingual combination of midazolam and ketamine. We have IP issued both domestically and internationally for our product. Here's the kicker. Clinical studies, phase III clinical studies for the G Melt were able to demonstrate that the G Melt, as a combination of midazolam and ketamine, is superior to midazolam alone. I can assure you that midazolam as a sedation agent is a very powerful agent. It's like the Michael Jordan of sedation agents. To be better than that is very difficult to do. We didn't know that we could do it, but we actually did show superiority to midazolam alone. We expect to file the NDA maybe later this year, if not in the first quarter of next year. We're going to start selling this product if it's approved in eye care in the ophthalmic surgical market. Believe it or not, the markets outside of eye care are much larger. Colonoscopies. Who here has been in an MRI tube? Anybody had an MRI? Do you know that about one out of four patients press the button because they have claustrophobia? They need to get out of the tube. Well, if you give them the G Melt, they're probably not going to get out of that tube. From a revenue perspective, if you're the owner of that MRI clinic, it's a very attractive product. It doesn't end there. It's vasectomies, dermatology, women's health. I could go on and on. There are about 100 million annual procedures in just the U.S. market alone, where the G Melt could be impactful. I just got back yesterday, believe it or not, from Korea. In Korea, many of you may know it is the lifestyle procedure capital of the world. Lots and lots of plastic surgeries and dermatology procedures, laser procedures, all sorts of stuff. There's over 1 million of them in just that country alone. Turkey also is a big market. G Melt for us will not only be for eye care, it will also be for non-eye care as well, for sedation for those types of procedures. We're excited about that product. As I said, when that product gets approved, I think IVs and opioids will become obsolete. That is our goal. Let me talk a little bit about how we play in the retina market. As I said, IHEEZO is a product that we sell into retina for anesthesia. If you're going to poke on the eye or you're going to cut on the eye, you need an anesthetic. We sell IHEEZO into that retina market, and now we're excited to be able to expand our offering to the therapeutic as well. We partnered with Samsung Bioepis, one of the largest biosimilars companies in the world, to relaunch and launch both BYOOVIZ and OPUVIZ, respectively. The BYOOVIZ relaunch is going to occur actually July 1st. We should have a little bit of revenue in the second quarter from stocking orders for BYOOVIZ, but we're really excited about it. How are we going to play in that market? Well, we should have the only ranibizumab, which is the generic name for the active ingredient, that allows for net cost recovery. Once again, what leads to obsolescence, what allows you to compete successfully in a market is improving revenue, lowering costs, or providing something that is superior from an efficacy and safety perspective. In this instance, we're going to be offering the only ranibizumab that will allow for net cost recovery, which I think gives us a really strong opportunity in that market. I'm not going to get into how we're going to compete with OPUVIZ, because we're going to launch that product in the first quarter of next year, and we'll talk more about that as we get further into the year. We were excited that Samsung reached a global settlement with Regeneron earlier this year, allowing us to bring OPUVIZ to the market early next year. This is, by the way, these anti-VEGFs, the largest revenue market in all of U.S. ophthalmology, north of about $8 billion a year. We're going to be playing not only with the anesthetic but also with the therapeutic. We have a lot of IHEEZO customers, bless you, that are very interested in our biosimilars offering. I have about five minutes, six minutes left, and I'm going to spend that time talking about some specialty conditions, specifically VERKAZIA, NATACYN, and IOPIDINE. VERKAZIA. These three products, by the way, were sitting on our shelf. I don't think any of our stockholders knew much about them, cared much about them, or thought that they would ever amount to much. VERKAZIA specifically is thought of to serve a very rare condition called VKC. It is true that severe VKC is quite rare, but mild versions of VKC are not. In fact, patients, particularly children, show up in optometry offices with VKC, pardon me, thank you, Mike, very frequently. There's a saying in optometry that "If it's in my chair, it's not rare." I think that as we've gone to our optometry customers or ophthalmology customers, they've told us that this is in fact not a rare condition. How is it used? Well, children who are non-responders to antihistamines when they have allergies, and many of you with children know that your kids get seasonal allergies. You give them antihistamines, and they are not helped. In fact, 61% of patients are not benefited by these antihistamines. What do doctors give these kids? They give them steroids. Steroids are not good when they're chronically used for kids. They cause early onset of glaucoma and all sorts of other eye pressure conditions that can be quite dangerous for patients. VERKAZIA is the only FDA-approved cyclosporine for kids, so it's first and only. It is a high-margin product. It is a high-impact product for us, and we believe that doctors love the fact that they can prescribe a non-steroid for these kids who are not benefited by antihistamines. Talk a little bit about NATACYN. There's a really successful ophthalmic company called Tarsus that makes a product for blepharitis. In fact, Demodex blepharitis. There are three causes of blepharitis. It is really only known, I think, by most investors and even some doctors that these mites that the Tarsus product is good at eradicating will cure this condition. In fact, that's not the case. In fact, 50% of patients, when you kill these mites that are causing blepharitis, are not benefited. You need to kill also the bacteria and the fungus. NATACYN is the only FDA-approved antifungal in the market. Believe it or not, there are data that show that about 79% of chronic cases of blepharitis involve fungal elements. We're in the process of completing a study that'll read out in the fourth quarter to demonstrate this yet again, so our own study. The goal is to not only treat patients, but to provide complete treatment for more patients. Once again, this is a high-margin, high-impact product for us. The last one that I'll mention is IOPIDINE. Yet again, another product sitting on our shelf, highly underutilized. It is used for patients that are undergoing laser procedures in eye care. There's about a million and a half of them annually. The standard post-procedure is to treat potential eye pressure spikes with generics, off-label stuff that once again is paid for out of a physician's capitated fee. We saw IOPIDINE 1% as an opportunity to get a J-code issued so that it would be separately reimbursable and not paid for out of the physician's global fee. We were successful just a couple of months ago in getting CMS to issue a product-specific permanent J-code for IOPIDINE 1% that goes into effect July 1st. Once again, we're excited to turn a cost center into a profit center. In summary, why invest in Harrow? Well, we've got a proven market-leading platform. We're U.S.-centric. We have the largest portfolio of prescription products in the U.S. market, got durable patent protection on the key sources of our revenue and growth. We've got an amazing pipeline. We're going to be launching, as I said, new products every year for the balance of the decade. We've demonstrated that we can grow over the last five years, but the growth is going to continue in 2027 and beyond. We have plenty of cash on our balance sheet, and we have a goal of delivering $250 million in quarterly revenue by the end of 2027. While everyone else is watching AI, after this presentation, I hope that you'll keep a eye on Harrow, or maybe even two eyes on Harrow. Thank you.

Speaker 1: All right. Thank you, everybody, for joining us. I'm Lachlan Hanbury-Brown, one of the biotech analysts here at William Blair, and I cover Harrow. Before we get started, please visit williamblair.com for relevant disclosures. Pleased to welcome Mark Baum, the Chairman and CEO. Also got Andrew Boll, CFO and President, and Mike Biega, VP of IR and Communications. I'll throw it over to Mark to give the presentation, and then if there's time at the end, we'll do Q&A. Otherwise, come join us in the breakout room. All right. all right Thank you, everybody, for joining us. thank you everybody for joining us I'm Lachlan Hanbury-Brown, one of the biotech analysts here at William Blair, and I cover Harrow. i'm lachlan hanbury-brown one of the biotech analysts here at william blair and i cover harrow Before we get started, please visit williamblair.com for relevant disclosures. before we get started please visit williamblair.com for relevant disclosures Pleased to welcome Mark Baum, the Chairman and CEO. pleased to welcome mark baum the chairman and ceo Also got Andrew Boll, CFO and President, and Mike Biega, VP of IR and Communications. also got andrew boll cfo and president and mike biega vp of ir and communications I'll throw it over to Mark to give the presentation, and then if there's time at the end, we'll do Q&A. i'll throw it over to mark to give the presentation and then if there's time at the end we'll do q&a Otherwise, come join us in the breakout room. otherwise come join us in the breakout room

Speaker 2: Thank you, Lachlan. I want to thank William Blair for this audience. We're really grateful for the opportunity to share the Harrow story. I think everybody can hear me, hopefully. I would imagine that most people listening to this presentation are really interested in AI. At Harrow, believe it or not, we are an AI company. We're a successful AI company, except we define AI a little bit differently. When I say AI, I mean anterior and the interior of the eye. We're interested in the eye and ophthalmology and optometry, and specifically the eye care pharmaceuticals market, where we have the largest portfolio of prescription eye care products for the U.S. market. We're growing rapidly. We have a five-year revenue CAGR of better than 40% and a five-year adjusted EBITDA CAGR of better than 60%. The growth isn't stopping. Thank you, Lachlan. thank you lachlan I want to thank William Blair for this audience. i want to thank william blair for this audience We're really grateful for the opportunity to share the Harrow story. we're really grateful for the opportunity to share the harrow story I think everybody can hear me, hopefully. i think everybody can hear me hopefully I would imagine that most people listening to this presentation are really interested in AI. i would imagine that most people listening to this presentation are really interested in ai At Harrow, believe it or not, we are an AI company. at harrow believe it or not we are an ai company We're a successful AI company, except we define AI a little bit differently. we're a successful ai company except we define ai a little bit differently When I say AI, I mean anterior and the interior of the eye. when i say ai i mean anterior and the interior of the eye We're interested in the eye and ophthalmology and optometry, and specifically the eye care pharmaceuticals market, where we have the largest portfolio of prescription eye care products for the U.S. market. we're interested in the eye and ophthalmology and optometry and specifically the eye care pharmaceuticals market where we have the largest portfolio of prescription eye care products for the u.s market We're growing rapidly. we're growing rapidly We have a five-year revenue CAGR of better than 40% and a five-year adjusted EBITDA CAGR of better than 60%. we have a five-year revenue cagr of better than 40% and a five-year adjusted ebitda cagr of better than 60% The growth isn't stopping. the growth isn't stopping In fact, the growth should continue for many years to come. We have important launches in key markets every year throughout the balance of this decade. We're publicly traded. This is our safe harbor. I think what makes us unique is that we are founder-led and we're extremely diversified by delivery type, by product category, how we receive our revenue, who pays us, the payer type, and the specific etiology of the disease, whether it affects the anterior segment or the posterior segment. The key revenue drivers that we're going to talk about today are best-in-class products in highly under-penetrated markets. A lot of companies talk about best-in-class, but what in the world does best-in-class mean? I define best-in-class as a product that really drives and leads to obsolescence of your competing products. In fact, the growth should continue for many years to come. in fact the growth should continue for many years to come We have important launches in key markets every year throughout the balance of this decade. we have important launches in key markets every year throughout the balance of this decade We're publicly traded. we're publicly traded This is our safe harbor. this is our safe harbor I think what makes us unique is that we are founder-led and we're extremely diversified by delivery type, by product category, how we receive our revenue, who pays us, the payer type, and the specific etiology of the disease, whether it affects the anterior segment or the posterior segment. i think what makes us unique is that we are founder-led and we're extremely diversified by delivery type by product category how we receive our revenue who pays us the payer type and the specific etiology of the disease whether it affects the anterior segment or the posterior segment The key revenue drivers that we're going to talk about today are best-in-class products in highly under-penetrated markets. the key revenue drivers that we're going to talk about today are best-in-class products in highly under-penetrated markets A lot of companies talk about best-in-class, but what in the world does best-in-class mean? a lot of companies talk about best-in-class but what in the world does best-in-class mean I define best-in-class as a product that really drives and leads to obsolescence of your competing products. i define best-in-class as a product that really drives and leads to obsolescence of your competing products We're going to talk about today how we're driving obsolescence in the markets that we serve. The goal ultimately for Harrow with our portfolio is to surround our customers and be a key vendor for them, to really become an important vendor for them. For the next 18 or so minutes, we're going to not only talk about obsolescence, but we're going to talk about a few disease states and how we serve those markets, like dry eye disease, anesthesia, surgical care and ophthalmology, how we serve the retina market specifically, and other specialty niches like severe allergies and blepharitis and eye pressure control. This is a visual of what our portfolio looks like. We're going to talk about today how we're driving obsolescence in the markets that we serve. we're going to talk about today how we're driving obsolescence in the markets that we serve The goal ultimately for Harrow with our portfolio is to surround our customers and be a key vendor for them, to really become an important vendor for them. the goal ultimately for harrow with our portfolio is to surround our customers and be a key vendor for them to really become an important vendor for them For the next 18 or so minutes, we're going to not only talk about obsolescence, but we're going to talk about a few disease states and how we serve those markets, like dry eye disease, anesthesia, surgical care and ophthalmology, how we serve the retina market specifically, and other specialty niches like severe allergies and blepharitis and eye pressure control. for the next 18 or so minutes we're going to not only talk about obsolescence but we're going to talk about a few disease states and how we serve those markets like dry eye disease anesthesia surgical care and ophthalmology how we serve the retina market specifically and other specialty niches like severe allergies and blepharitis and eye pressure control This is a visual of what our portfolio looks like. this is a visual of what our portfolio looks like There's a lot of products on there, and I'm not going to really get into all of them, but I'm going to selectively discuss some of them, and how we use them to solve our customers' unmet needs. What do I mean by unmet needs, by the way? You can drive obsolescence, you can serve unmet needs, I think really in three ways. You can lower costs, you can increase your customers' revenues, or you could provide unique clinical value. I think that you'll see with all of the products that we're going to discuss today, we do all three of those and more. How has the business performed? Remember, we started this business from scratch. We had no revenues, no customers, but as I said, we've got fairly impressive five-year revenue CAGRs and adjusted EBITDA CAGRs. There's a lot of products on there, and I'm not going to really get into all of them, but I'm going to selectively discuss some of them, and how we use them to solve our customers' unmet needs. there's a lot of products on there and i'm not going to really get into all of them but i'm going to selectively discuss some of them and how we use them to solve our customers' unmet needs What do I mean by unmet needs, by the way? what do i mean by unmet needs by the way You can drive obsolescence, you can serve unmet needs, I think really in three ways. you can drive obsolescence you can serve unmet needs i think really in three ways You can lower costs, you can increase your customers' revenues, or you could provide unique clinical value. you can lower costs you can increase your customers' revenues or you could provide unique clinical value I think that you'll see with all of the products that we're going to discuss today, we do all three of those and more. i think that you'll see with all of the products that we're going to discuss today we do all three of those and more How has the business performed? how has the business performed Remember, we started this business from scratch. remember we started this business from scratch We had no revenues, no customers, but as I said, we've got fairly impressive five-year revenue CAGRs and adjusted EBITDA CAGRs. we had no revenues no customers but as i said we've got fairly impressive five-year revenue cagrs and adjusted ebitda cagrs We've actually guided for better than 30% revenue growth from 2025-2026 and a whisker under 50% adjusted EBITDA growth from 2025-2026. The growth is not yielding. In fact, I would suggest that the growth in 2027 will be accelerating, and the growth won't end there either because we expect a launch coming with a product called MELT that I'm going to talk about today. That should further accelerate our growth in 2028. Let's talk about dry eye disease. First of all, does anybody here have dry eye disease? You do. Do you use anything as a prescription product? No. No. You do? Okay, great. Those are great. Well, we're very much interested in the dry eye disease market. It is a very large market in the U.S. There are more than 30 million Americans that suffer from dry eye disease. We've actually guided for better than 30% revenue growth from 2025- 2026 and a whisker under 50% adjusted EBITDA growth from 2025- 2026. we've actually guided for better than 30% revenue growth from 2025- 2026 and a whisker under 50% adjusted ebitda growth from 2025- 2026 The growth is not yielding. the growth is not yielding In fact, I would suggest that the growth in 2027 will be accelerating, and the growth won't end there either because we expect a launch coming with a product called MELT that I'm going to talk about today. in fact i would suggest that the growth in 2027 will be accelerating and the growth won't end there either because we expect a launch coming with a product called melt that i'm going to talk about today That should further accelerate our growth in 2028. that should further accelerate our growth in 2028 Let's talk about dry eye disease. let's talk about dry eye disease First of all, does anybody here have dry eye disease? first of all does anybody here have dry eye disease You do. you do Do you use anything as a prescription product? do you use anything as a prescription product No. no No. no You do? you do Okay, great. okay great Those are great. those are great Well, we're very much interested in the dry eye disease market. well we're very much interested in the dry eye disease market It is a very large market in the U.S. it is a very large market in the u.s There are more than 30 million Americans that suffer from dry eye disease. there are more than 30 million americans that suffer from dry eye disease It is a highly underserved market because only about 10% or fewer of those patients are actually on therapy. There is very little therapeutic persistence. Patients who start dry eye prescription medications oftentimes do not continue with them. Have you ever been prescribed a product for dry eye or were you just given the punctal plugs? If you don't mind me asking. You did? Great. Thank you for that. The problem with a lot of these dry eye products, and the reason why patients will get the first prescription and they don't get the 10th or the 20th or the 30th, is because the products burn, they sting. From our perspective, all forms of dry eye disease have some sort of inflammatory component, and some products don't even contain an anti-inflammatory. It is a highly underserved market because only about 10% or fewer of those patients are actually on therapy. it is a highly underserved market because only about 10% or fewer of those patients are actually on therapy There is very little therapeutic persistence. there is very little therapeutic persistence Patients who start dry eye prescription medications oftentimes do not continue with them. patients who start dry eye prescription medications oftentimes do not continue with them Have you ever been prescribed a product for dry eye or were you just given the punctal plugs? have you ever been prescribed a product for dry eye or were you just given the punctal plugs If you don't mind me asking. if you don't mind me asking You did? you did Great. great Thank you for that. thank you for that The problem with a lot of these dry eye products, and the reason why patients will get the first prescription and they don't get the 10th or the 20th or the 30th, is because the products burn, they sting. the problem with a lot of these dry eye products and the reason why patients will get the first prescription and they don't get the 10th or the 20th or the 30th is because the products burn they sting From our perspective, all forms of dry eye disease have some sort of inflammatory component, and some products don't even contain an anti-inflammatory. from our perspective all forms of dry eye disease have some sort of inflammatory component and some products don't even contain an anti-inflammatory The question is: how do you get something to a patient that works fast, that lasts a long time? You get durability of therapeutic effect. The way you do that, we think, is with VEVYE, where we can actually affect the signs and symptoms of dry eye disease in about 15 days. We have data that shows you can get durability of treatment effect going out 56 weeks. It works quick, and it lasts a long time. The key is to get the anti-inflammatory component to the cornea, the site and source of the inflammation, and to do it really efficiently. Our vehicle that is in VEVYE does that. It doesn't contain water. It's a semifluorinated alkane vehicle. It has a very small drop size, about one-fifth of the size of a normal water-based eye drop. The question is: how do you get something to a patient that works fast, that lasts a long time? the question is how do you get something to a patient that works fast that lasts a long time You get durability of therapeutic effect. you get durability of therapeutic effect The way you do that, we think, is with VEVYE, where we can actually affect the signs and symptoms of dry eye disease in about 15 days. the way you do that we think is with vevye where we can actually affect the signs and symptoms of dry eye disease in about 15 days We have data that shows you can get durability of treatment effect going out 56 weeks. we have data that shows you can get durability of treatment effect going out 56 weeks It works quick, and it lasts a long time. it works quick and it lasts a long time The key is to get the anti-inflammatory component to the cornea, the site and source of the inflammation, and to do it really efficiently. the key is to get the anti-inflammatory component to the cornea the site and source of the inflammation and to do it really efficiently Our vehicle that is in VEVYE does that. our vehicle that is in vevye does that It doesn't contain water. it doesn't contain water It's a semifluorinated alkane vehicle. it's a semifluorinated alkane vehicle It has a very small drop size, about one-fifth of the size of a normal water-based eye drop. it has a very small drop size about one-fifth of the size of a normal water-based eye drop The money shot, though, is that it delivers about 22x more cyclosporine to the cornea versus, for example, the vehicle in RESTASIS. It's incredibly efficient at delivering cyclosporine. These are the types of qualities that lead to rapid prescription growth and ultimately the obsolescence of these legacy products in the category. The power of a chronic care medication financially is, as I said, getting that first prescription, getting the 10th prescription, and getting the 50th prescription if you can. That's how you create this compounding effect. When you get new prescriptions and refills, you get this compounding effect financially. With VEVYE, we've been able to show not only in 2025, but also in 2024, that if there's a patient who is covered, we not only get that first prescription, but we get nine refills. The money shot, though, is that it delivers about 22x more cyclosporine to the cornea versus, for example, the vehicle in RESTASIS. the money shot though is that it delivers about 22x more cyclosporine to the cornea versus for example the vehicle in restasis It's incredibly efficient at delivering cyclosporine. it's incredibly efficient at delivering cyclosporine These are the types of qualities that lead to rapid prescription growth and ultimately the obsolescence of these legacy products in the category. these are the types of qualities that lead to rapid prescription growth and ultimately the obsolescence of these legacy products in the category The power of a chronic care medication financially is, as I said, getting that first prescription, getting the 10th prescription, and getting the 50th prescription if you can. the power of a chronic care medication financially is as i said getting that first prescription getting the 10th prescription and getting the 50th prescription if you can That's how you create this compounding effect. that's how you create this compounding effect When you get new prescriptions and refills, you get this compounding effect financially. when you get new prescriptions and refills you get this compounding effect financially With VEVYE, we've been able to show not only in 2025, but also in 2024, that if there's a patient who is covered, we not only get that first prescription, but we get nine refills. with vevye we've been able to show not only in 2025 but also in 2024 that if there's a patient who is covered we not only get that first prescription but we get nine refills If you add up all of the individual eye drops in those 10 bottles, it's about a year's worth of therapy. That is therapeutic persistence. I don't know that there's any product in the category that delivers financially in that way for patients, and it demonstrates the value of this product to patients and providers. We were really the only product in the first quarter, actually, that grew. We had 25% new prescription growth from Q4 of 2025 through the balance of Q1 in 2026. We had 11% growth in total prescriptions. We had 12% growth during that period in prescribers, and we achieved 14% market share. This is a product that only launched a couple of years ago. We're rapidly taking market share. If you add up all of the individual eye drops in those 10 bottles, it's about a year's worth of therapy. if you add up all of the individual eye drops in those 10 bottles it's about a year's worth of therapy That is therapeutic persistence. that is therapeutic persistence I don't know that there's any product in the category that delivers financially in that way for patients, and it demonstrates the value of this product to patients and providers. i don't know that there's any product in the category that delivers financially in that way for patients and it demonstrates the value of this product to patients and providers We were really the only product in the first quarter, actually, that grew. we were really the only product in the first quarter actually that grew We had 25% new prescription growth from Q4 of 2025 through the balance of Q1 in 2026. we had 25% new prescription growth from q4 of 2025 through the balance of q1 in 2026 We had 11% growth in total prescriptions. we had 11% growth in total prescriptions We had 12% growth during that period in prescribers, and we achieved 14% market share. we had 12% growth during that period in prescribers and we achieved 14% market share This is a product that only launched a couple of years ago. this is a product that only launched a couple of years ago We're rapidly taking market share. we're rapidly taking market share We're only about 150 basis points or so away from taking over MIEBO, which is another important product from Bausch + Lomb in the category. In the March month, we surpassed Xiidra, which we were really excited about. We also have expanded coverage. We are now preferred with the largest manager of commercial lives in the U.S. market. As a result of the momentum that we have and our belief that we can continue to grow that momentum and take market share, we've doubled the sales force. Between the month of January up until now, we've gone from about 50 territories covered to around 100 territories covered. That should show up in the numbers for the third quarter and once again should accelerate our growth going forward, leading to more and more obsolescence with the competing products in the category. We're only about 150 basis points or so away from taking over MIEBO, which is another important product from Bausch + Lomb in the category. we're only about 150 basis points or so away from taking over miebo which is another important product from bausch + lomb in the category In the March month, we surpassed Xiidra, which we were really excited about. in the march month we surpassed xiidra which we were really excited about We also have expanded coverage. we also have expanded coverage We are now preferred with the largest manager of commercial lives in the U.S. market. we are now preferred with the largest manager of commercial lives in the u.s market As a result of the momentum that we have and our belief that we can continue to grow that momentum and take market share, we've doubled the sales force. as a result of the momentum that we have and our belief that we can continue to grow that momentum and take market share we've doubled the sales force Between the month of January up until now, we've gone from about 50 territories covered to around 100 territories covered. between the month of january up until now we've gone from about 50 territories covered to around 100 territories covered That should show up in the numbers for the third quarter and once again should accelerate our growth going forward, leading to more and more obsolescence with the competing products in the category. that should show up in the numbers for the third quarter and once again should accelerate our growth going forward leading to more and more obsolescence with the competing products in the category Let's talk about ocular anesthesia and how we play in that market. If you're going to poke on the eye or you're going to cut on the eye, you want your eye anesthetized. There hasn't been a lot of innovation in ocular anesthesia in about 14 years. In fact, though, ocular anesthesia and the procedures related that require ocular anesthesia, it's one of the largest TAMs in all of eye care. It's about 14 million annual procedures. Huge market opportunity. With IHEEZO, which is our product in the category, as I said, the first new FDA-approved product in the category in about 14 years, our product works quickly. You get predictable duration of anesthesia, which, if you're having the procedure, is pretty important, obviously. We've been able to demonstrate that if you receive IHEEZO, you don't need anything else to complete the procedure. Let's talk about ocular anesthesia and how we play in that market. let's talk about ocular anesthesia and how we play in that market If you're going to poke on the eye or you're going to cut on the eye, you want your eye anesthetized. if you're going to poke on the eye or you're going to cut on the eye you want your eye anesthetized There hasn't been a lot of innovation in ocular anesthesia in about 14 years. there hasn't been a lot of innovation in ocular anesthesia in about 14 years In fact, though, ocular anesthesia and the procedures related that require ocular anesthesia, it's one of the largest TAMs in all of eye care. in fact though ocular anesthesia and the procedures related that require ocular anesthesia it's one of the largest tams in all of eye care It's about 14 million annual procedures. it's about 14 million annual procedures Huge market opportunity. huge market opportunity With IHEEZO, which is our product in the category, as I said, the first new FDA-approved product in the category in about 14 years, our product works quickly. with iheezo which is our product in the category as i said the first new fda-approved product in the category in about 14 years our product works quickly You get predictable duration of anesthesia, which, if you're having the procedure, is pretty important, obviously. you get predictable duration of anesthesia which if you're having the procedure is pretty important obviously We've been able to demonstrate that if you receive IHEEZO, you don't need anything else to complete the procedure. we've been able to demonstrate that if you receive iheezo you don't need anything else to complete the procedure It's a terrific product. It is innovative. Why is it going to lead to obsolescence? The answer is not only the performance of the product, but the fact that it is the only currently available reimbursable ocular anesthetic in the U.S. market. It's used in procedures that are capitated. The doctor receives a single capitated fee, and if they don't use IHEEZO, they're paying for the ocular anesthetic out of that capitated fee. If they use IHEEZO, they actually can turn a cost center into a small profit center. That is really important. This is a listing of just some of the CPT codes that make up that 14 million annual procedure number. Procedures like intravitreal injections. Many of you have heard of EYLEA and Lucentis and all of the drugs that are used to treat wet age-related macular degeneration. It's a terrific product. it's a terrific product It is innovative. it is innovative Why is it going to lead to obsolescence? why is it going to lead to obsolescence The answer is not only the performance of the product, but the fact that it is the only currently available reimbursable ocular anesthetic in the U.S. market. the answer is not only the performance of the product but the fact that it is the only currently available reimbursable ocular anesthetic in the u.s market It's used in procedures that are capitated. it's used in procedures that are capitated The doctor receives a single capitated fee, and if they don't use IHEEZO, they're paying for the ocular anesthetic out of that capitated fee. the doctor receives a single capitated fee and if they don't use iheezo they're paying for the ocular anesthetic out of that capitated fee If they use IHEEZO, they actually can turn a cost center into a small profit center. if they use iheezo they actually can turn a cost center into a small profit center That is really important. that is really important This is a listing of just some of the CPT codes that make up that 14 million annual procedure number. Procedures like intravitreal injections. this is a listing of just some of the cpt codes that make up that 14 million annual procedure number. procedures like intravitreal injections Many of you have heard of EYLEA and Lucentis and all of the drugs that are used to treat wet age-related macular degeneration. many of you have heard of eylea and lucentis and all of the drugs that are used to treat wet age-related macular degeneration There are more than 10 million of those annual injections. Once again, if you're getting your eye poked on or cut on, you need an ocular anesthetic. How has the product performed? Well, first let me say that it is a very high gross margin product. It is a high 90s gross margin product. We've had strong demand year-over-year. We have a very high reorder rate. When we open an account and an account purchases from us, we have about an 85, 86% chance that they're going to reorder. A little over 80% of our units for that product are sold into the retina market specifically. It's a very important market for us. I do want to highlight on this slide that in Q3 and Q4 of last year, we had a little over 112,000 units of demand for IHEEZO. There are more than 10 million of those annual injections. there are more than 10 million of those annual injections Once again, if you're getting your eye poked on or cut on, you need an ocular anesthetic. once again if you're getting your eye poked on or cut on you need an ocular anesthetic How has the product performed? how has the product performed Well, first let me say that it is a very high gross margin product. well first let me say that it is a very high gross margin product It is a high 90s gross margin product. it is a high 90s gross margin product We've had strong demand year-over-year. we've had strong demand year-over-year We have a very high reorder rate. we have a very high reorder rate When we open an account and an account purchases from us, we have about an 85, 86% chance that they're going to reorder. when we open an account and an account purchases from us we have about an 85 86% chance that they're going to reorder A little over 80% of our units for that product are sold into the retina market specifically. a little over 80% of our units for that product are sold into the retina market specifically It's a very important market for us. it's a very important market for us I do want to highlight on this slide that in Q3 and Q4 of last year, we had a little over 112,000 units of demand for IHEEZO. i do want to highlight on this slide that in q3 and q4 of last year we had a little over 112,000 units of demand for iheezo What I want to point out is that there are a few events that we expect to begin in the month of July that we believe give us comfort that the total number of second half units for 2027 will far exceed the number of units for the prior year, and we should see growth further accelerate on the demand side and the revenue side. What do I mean by those events? Well, believe it or not, we've been selling to the retina market with no retina-specific data. In July, at the American Society of Retina Specialists meeting in Montreal, we're going to have the first presentation of data for IHEEZO in the retina market. That's a really important data set that should accelerate growth. What I want to point out is that there are a few events that we expect to begin in the month of July that we believe give us comfort that the total number of second half units for 2027 will far exceed the number of units for the prior year, and we should see growth further accelerate on the demand side and the revenue side. what i want to point out is that there are a few events that we expect to begin in the month of july that we believe give us comfort that the total number of second half units for 2027 will far exceed the number of units for the prior year and we should see growth further accelerate on the demand side and the revenue side What do I mean by those events? what do i mean by those events Well, believe it or not, we've been selling to the retina market with no retina-specific data. well believe it or not we've been selling to the retina market with no retina-specific data In July, at the American Society of Retina Specialists meeting in Montreal, we're going to have the first presentation of data for IHEEZO in the retina market. in july at the american society of retina specialists meeting in montreal we're going to have the first presentation of data for iheezo in the retina market That's a really important data set that should accelerate growth. that's a really important data set that should accelerate growth We also have an ASP that has been reset that'll begin in July, that will create a 20%-30% improvement in net revenue per unit for IHEEZO. We should see increased unit demand, increased revenue per unit, once again, the fact that this is the only reimbursable anesthetic in the U.S. market should lead to obsolescence of the other choices in that category. No other choice is reimbursable. Let's talk a little bit about ophthalmic surgery. First of all, we got a lot of young people. Has anybody had cataract surgery? Anybody? Anybody know anybody that's had cataract surgery? Okay. You do. Hopefully, people know people who've had cataract surgery. We also have an ASP that has been reset that'll begin in July, that will create a 20%-30% improvement in net revenue per unit for IHEEZO. we also have an asp that has been reset that'll begin in july that will create a 20%-30% improvement in net revenue per unit for iheezo We should see increased unit demand, increased revenue per unit, once again, the fact that this is the only reimbursable anesthetic in the U.S. market should lead to obsolescence of the other choices in that category. we should see increased unit demand increased revenue per unit once again the fact that this is the only reimbursable anesthetic in the u.s market should lead to obsolescence of the other choices in that category No other choice is reimbursable. no other choice is reimbursable Let's talk a little bit about ophthalmic surgery. let's talk a little bit about ophthalmic surgery First of all, we got a lot of young people. first of all we got a lot of young people Has anybody had cataract surgery? has anybody had cataract surgery Anybody? anybody Anybody know anybody that's had cataract surgery? anybody know anybody that's had cataract surgery Okay. okay You do. you do Hopefully, people know people who've had cataract surgery. hopefully people know people who've had cataract surgery The standard of care for cataract surgery, and there's over 4.5 million of those in the U.S. each year, is IV sedation, opioid-based sedation, and multiple eye drops post-surgery to control inflammation and infection. Our vision for ophthalmic surgery is IV-free, opioid-free, and even eye drop-free. If we can deliver on those, we're going to create that obsolescence of these legacy modalities of treating post-surgery inflammation and even sedation. Our entry initially into that market has been with TRIESENCE. TRIESENCE is a high-trust injectable steroid. In fact, it's the only FDA-approved injectable corticosteroid for the U.S. market. We acquired it from Novartis. When Novartis owned this asset, there were three factors that really led to, I think, a reduced usage of TRIESENCE over the years. Number one, the supply chain was completely screwed up. The standard of care for cataract surgery, and there's over 4.5 million of those in the U.S. each year, is IV sedation, opioid-based sedation, and multiple eye drops post-surgery to control inflammation and infection. the standard of care for cataract surgery and there's over 4.5 million of those in the u.s each year is iv sedation opioid-based sedation and multiple eye drops post-surgery to control inflammation and infection Our vision for ophthalmic surgery is IV-free, opioid-free, and even eye drop-free. our vision for ophthalmic surgery is iv-free opioid-free and even eye drop-free If we can deliver on those, we're going to create that obsolescence of these legacy modalities of treating post-surgery inflammation and even sedation. if we can deliver on those we're going to create that obsolescence of these legacy modalities of treating post-surgery inflammation and even sedation Our entry initially into that market has been with TRIESENCE. our entry initially into that market has been with triesence TRIESENCE is a high-trust injectable steroid. triesence is a high-trust injectable steroid In fact, it's the only FDA-approved injectable corticosteroid for the U.S. market. in fact it's the only fda-approved injectable corticosteroid for the u.s market We acquired it from Novartis. we acquired it from novartis When Novartis owned this asset, there were three factors that really led to, I think, a reduced usage of TRIESENCE over the years. when novartis owned this asset there were three factors that really led to i think a reduced usage of triesence over the years Number one, the supply chain was completely screwed up. number one the supply chain was completely screwed up The drug was not even available in the U.S. market for many years. The second thing is that the sales force was only selling on a very narrow part of the TRIESENCE label. The third item is that there was no defined pass-through status for ophthalmic surgery in, for example, the surgery center environment. Once again, surgery centers were paying for it from a capitated fee, which is not good for them. Once again, obsolescence, we're going to try and create that by lowering costs or increasing revenues, and this did the exact opposite. When we acquired the asset, we fixed all three of those. Fixed the supply chain. It's now available. The product's available. Secondly, we are selling on the entirety of the label, including its use case in ophthalmic surgery. The drug was not even available in the U.S. market for many years. the drug was not even available in the u.s market for many years The second thing is that the sales force was only selling on a very narrow part of the TRIESENCE label. the second thing is that the sales force was only selling on a very narrow part of the triesence label The third item is that there was no defined pass-through status for ophthalmic surgery in, for example, the surgery center environment. the third item is that there was no defined pass-through status for ophthalmic surgery in for example the surgery center environment Once again, surgery centers were paying for it from a capitated fee, which is not good for them. once again surgery centers were paying for it from a capitated fee which is not good for them Once again, obsolescence, we're going to try and create that by lowering costs or increasing revenues, and this did the exact opposite. once again obsolescence we're going to try and create that by lowering costs or increasing revenues and this did the exact opposite When we acquired the asset, we fixed all three of those. when we acquired the asset we fixed all three of those Fixed the supply chain. fixed the supply chain It's now available. it's now available The product's available. the product's available Secondly, we are selling on the entirety of the label, including its use case in ophthalmic surgery. secondly we are selling on the entirety of the label including its use case in ophthalmic surgery Third, we went to CMS and asked them for pass-through status so that the surgery centers could be reimbursed separately outside of the capitated fee for this product. The opportunity for TRIESENCE, by the way, is very large. You're talking about 7 million annual ophthalmic surgeries where this product could be impactful. It's a very large market. Now that we've begun to sell on the entirety of the label, and that only happened, by the way, the fourth quarter of last year. 44% of the unit demand for TRIESENCE is specifically in the surgical market. We've had 28% sequential quarterly account growth, 6 consecutive quarters of demand growth, and based on what we feel is going to be an acceleration in demand for TRIESENCE now that we've fixed supply chain, we've got pass-through sorted out, and we're selling on the entirety of the label. Third, we went to CMS and asked them for pass-through status so that the surgery centers could be reimbursed separately outside of the capitated fee for this product. third we went to cms and asked them for pass-through status so that the surgery centers could be reimbursed separately outside of the capitated fee for this product The opportunity for TRIESENCE, by the way, is very large. the opportunity for triesence by the way is very large You're talking about 7 million annual ophthalmic surgeries where this product could be impactful. you're talking about 7 million annual ophthalmic surgeries where this product could be impactful It's a very large market. it's a very large market Now that we've begun to sell on the entirety of the label, and that only happened, by the way, the fourth quarter of last year. 44% of the unit demand for TRIESENCE is specifically in the surgical market. now that we've begun to sell on the entirety of the label and that only happened by the way the fourth quarter of last year 44% of the unit demand for triesence is specifically in the surgical market We've had 28% sequential quarterly account growth, 6 consecutive quarters of demand growth, and based on what we feel is going to be an acceleration in demand for TRIESENCE now that we've fixed supply chain, we've got pass-through sorted out, and we're selling on the entirety of the label. we've had 28% sequential quarterly account growth 6 consecutive quarters of demand growth and based on what we feel is going to be an acceleration in demand for triesence now that we've fixed supply chain we've got pass-through sorted out and we're selling on the entirety of the label This year so far, we have tripled the sales force for TRIESENCE that's selling into that ophthalmic surgical market. You should expect in the third quarter, and certainly in the fourth quarter of this year, to see further acceleration of growth. I mentioned that our vision is eye drop free, opioid free, and even IV free sedation. The largest product opportunity that we have in our portfolio is actually with a product that we expect to launch in 2028. It's called the G Melt. As I said, in ophthalmic surgery, the standard, believe it or not, is IVs and opioids for sedation. In fact, there was a Duke study that demonstrated better than 90% of their cataract surgeries, fentanyl, opioids. Mayo study, better than 80%. This is a standard in eye surgery. Our product candidate is a sublingual combination of midazolam and ketamine. This year so far, we have tripled the sales force for TRIESENCE that's selling into that ophthalmic surgical market. this year so far we have tripled the sales force for triesence that's selling into that ophthalmic surgical market You should expect in the third quarter, and certainly in the fourth quarter of this year, to see further acceleration of growth. you should expect in the third quarter and certainly in the fourth quarter of this year to see further acceleration of growth I mentioned that our vision is eye drop free, opioid free, and even IV free sedation. i mentioned that our vision is eye drop free opioid free and even iv free sedation The largest product opportunity that we have in our portfolio is actually with a product that we expect to launch in 2028. the largest product opportunity that we have in our portfolio is actually with a product that we expect to launch in 2028 It's called the G Melt. it's called the g melt As I said, in ophthalmic surgery, the standard, believe it or not, is IVs and opioids for sedation. as i said in ophthalmic surgery the standard believe it or not is ivs and opioids for sedation In fact, there was a Duke study that demonstrated better than 90% of their cataract surgeries, fentanyl, opioids. in fact there was a duke study that demonstrated better than 90% of their cataract surgeries fentanyl opioids Mayo study, better than 80%. mayo study better than 80% This is a standard in eye surgery. this is a standard in eye surgery Our product candidate is a sublingual combination of midazolam and ketamine. our product candidate is a sublingual combination of midazolam and ketamine We have IP issued both domestically and internationally for our product. Here's the kicker. Clinical studies, phase III clinical studies for the G Melt were able to demonstrate that the G Melt, as a combination of midazolam and ketamine, is superior to midazolam alone. I can assure you that midazolam as a sedation agent is a very powerful agent. It's like the Michael Jordan of sedation agents. To be better than that is very difficult to do. We didn't know that we could do it, but we actually did show superiority to midazolam alone. We expect to file the NDA maybe later this year, if not in the first quarter of next year. We're going to start selling this product if it's approved in eye care in the ophthalmic surgical market. Believe it or not, the markets outside of eye care are much larger. Colonoscopies. We have IP issued both domestically and internationally for our product. we have ip issued both domestically and internationally for our product Here's the kicker. here's the kicker Clinical studies, phase III clinical studies for the G Melt were able to demonstrate that the G Melt, as a combination of midazolam and ketamine, is superior to midazolam alone. clinical studies phase iii clinical studies for the g melt were able to demonstrate that the g melt as a combination of midazolam and ketamine is superior to midazolam alone I can assure you that midazolam as a sedation agent is a very powerful agent. i can assure you that midazolam as a sedation agent is a very powerful agent It's like the Michael Jordan of sedation agents. it's like the michael jordan of sedation agents To be better than that is very difficult to do. to be better than that is very difficult to do We didn't know that we could do it, but we actually did show superiority to midazolam alone. we didn't know that we could do it but we actually did show superiority to midazolam alone We expect to file the NDA maybe later this year, if not in the first quarter of next year. we expect to file the nda maybe later this year if not in the first quarter of next year We're going to start selling this product if it's approved in eye care in the ophthalmic surgical market. we're going to start selling this product if it's approved in eye care in the ophthalmic surgical market Believe it or not, the markets outside of eye care are much larger. believe it or not the markets outside of eye care are much larger Colonoscopies. colonoscopies Who here has been in an MRI tube? Anybody had an MRI? Do you know that about one out of four patients press the button because they have claustrophobia? They need to get out of the tube. Well, if you give them the G Melt, they're probably not going to get out of that tube. From a revenue perspective, if you're the owner of that MRI clinic, it's a very attractive product. It doesn't end there. It's vasectomies, dermatology, women's health. I could go on and on. There are about 100 million annual procedures in just the U.S. market alone, where the G Melt could be impactful. I just got back yesterday, believe it or not, from Korea. In Korea, many of you may know it is the lifestyle procedure capital of the world. Who here has been in an MRI tube? who here has been in an mri tube Anybody had an MRI? anybody had an mri Do you know that about one out of four patients press the button because they have claustrophobia? do you know that about one out of four patients press the button because they have claustrophobia They need to get out of the tube. they need to get out of the tube Well, if you give them the G Melt, they're probably not going to get out of that tube. well if you give them the g melt they're probably not going to get out of that tube From a revenue perspective, if you're the owner of that MRI clinic, it's a very attractive product. from a revenue perspective if you're the owner of that mri clinic it's a very attractive product It doesn't end there. it doesn't end there It's vasectomies, dermatology, women's health. it's vasectomies dermatology women's health I could go on and on. i could go on and on There are about 100 million annual procedures in just the U.S. market alone, where the G Melt could be impactful. there are about 100 million annual procedures in just the u.s market alone where the g melt could be impactful I just got back yesterday, believe it or not, from Korea. i just got back yesterday believe it or not from korea In Korea, many of you may know it is the lifestyle procedure capital of the world. in korea many of you may know it is the lifestyle procedure capital of the world Lots and lots of plastic surgeries and dermatology procedures, laser procedures, all sorts of stuff. There's over 1 million of them in just that country alone. Turkey also is a big market. G Melt for us will not only be for eye care, it will also be for non-eye care as well, for sedation for those types of procedures. We're excited about that product. As I said, when that product gets approved, I think IVs and opioids will become obsolete. That is our goal. Let me talk a little bit about how we play in the retina market. As I said, IHEEZO is a product that we sell into retina for anesthesia. If you're going to poke on the eye or you're going to cut on the eye, you need an anesthetic. Lots and lots of plastic surgeries and dermatology procedures, laser procedures, all sorts of stuff. lots and lots of plastic surgeries and dermatology procedures laser procedures all sorts of stuff There's over 1 million of them in just that country alone. there's over 1 million of them in just that country alone Turkey also is a big market. turkey also is a big market G Melt for us will not only be for eye care, it will also be for non-eye care as well, for sedation for those types of procedures. g melt for us will not only be for eye care it will also be for non-eye care as well for sedation for those types of procedures We're excited about that product. we're excited about that product As I said, when that product gets approved, I think IVs and opioids will become obsolete. as i said when that product gets approved i think ivs and opioids will become obsolete That is our goal. that is our goal Let me talk a little bit about how we play in the retina market. let me talk a little bit about how we play in the retina market As I said, IHEEZO is a product that we sell into retina for anesthesia. as i said iheezo is a product that we sell into retina for anesthesia If you're going to poke on the eye or you're going to cut on the eye, you need an anesthetic. if you're going to poke on the eye or you're going to cut on the eye you need an anesthetic We sell IHEEZO into that retina market, and now we're excited to be able to expand our offering to the therapeutic as well. We partnered with Samsung Bioepis, one of the largest biosimilars companies in the world, to relaunch and launch both BYOOVIZ and OPUVIZ, respectively. The BYOOVIZ relaunch is going to occur actually July 1st. We should have a little bit of revenue in the second quarter from stocking orders for BYOOVIZ, but we're really excited about it. How are we going to play in that market? Well, we should have the only ranibizumab, which is the generic name for the active ingredient, that allows for net cost recovery. Once again, what leads to obsolescence, what allows you to compete successfully in a market is improving revenue, lowering costs, or providing something that is superior from an efficacy and safety perspective. We sell IHEEZO into that retina market, and now we're excited to be able to expand our offering to the therapeutic as well. we sell iheezo into that retina market and now we're excited to be able to expand our offering to the therapeutic as well We partnered with Samsung Bioepis, one of the largest biosimilars companies in the world, to relaunch and launch both BYOOVIZ and OPUVIZ, respectively. we partnered with samsung bioepis one of the largest biosimilars companies in the world to relaunch and launch both byooviz and opuviz respectively The BYOOVIZ relaunch is going to occur actually July 1st. the byooviz relaunch is going to occur actually july 1st We should have a little bit of revenue in the second quarter from stocking orders for BYOOVIZ, but we're really excited about it. we should have a little bit of revenue in the second quarter from stocking orders for byooviz but we're really excited about it How are we going to play in that market? how are we going to play in that market Well, we should have the only ranibizumab, which is the generic name for the active ingredient, that allows for net cost recovery. well we should have the only ranibizumab which is the generic name for the active ingredient that allows for net cost recovery Once again, what leads to obsolescence, what allows you to compete successfully in a market is improving revenue, lowering costs, or providing something that is superior from an efficacy and safety perspective. once again what leads to obsolescence what allows you to compete successfully in a market is improving revenue lowering costs or providing something that is superior from an efficacy and safety perspective In this instance, we're going to be offering the only ranibizumab that will allow for net cost recovery, which I think gives us a really strong opportunity in that market. I'm not going to get into how we're going to compete with OPUVIZ, because we're going to launch that product in the first quarter of next year, and we'll talk more about that as we get further into the year. We were excited that Samsung reached a global settlement with Regeneron earlier this year, allowing us to bring OPUVIZ to the market early next year. This is, by the way, these anti-VEGFs, the largest revenue market in all of U.S. ophthalmology, north of about $8 billion a year. We're going to be playing not only with the anesthetic but also with the therapeutic. In this instance, we're going to be offering the only ranibizumab that will allow for net cost recovery, which I think gives us a really strong opportunity in that market. in this instance we're going to be offering the only ranibizumab that will allow for net cost recovery which i think gives us a really strong opportunity in that market I'm not going to get into how we're going to compete with OPUVIZ, because we're going to launch that product in the first quarter of next year, and we'll talk more about that as we get further into the year. i'm not going to get into how we're going to compete with opuviz because we're going to launch that product in the first quarter of next year and we'll talk more about that as we get further into the year We were excited that Samsung reached a global settlement with Regeneron earlier this year, allowing us to bring OPUVIZ to the market early next year. we were excited that samsung reached a global settlement with regeneron earlier this year allowing us to bring opuviz to the market early next year This is, by the way, these anti-VEGFs, the largest revenue market in all of U.S. ophthalmology, north of about $8 billion a year. this is by the way these anti-vegfs the largest revenue market in all of u.s ophthalmology north of about $8 billion a year We're going to be playing not only with the anesthetic but also with the therapeutic. we're going to be playing not only with the anesthetic but also with the therapeutic We have a lot of IHEEZO customers, bless you, that are very interested in our biosimilars offering. I have about five minutes, six minutes left, and I'm going to spend that time talking about some specialty conditions, specifically VERKAZIA, NATACYN, and IOPIDINE. VERKAZIA. These three products, by the way, were sitting on our shelf. I don't think any of our stockholders knew much about them, cared much about them, or thought that they would ever amount to much. VERKAZIA specifically is thought of to serve a very rare condition called VKC. It is true that severe VKC is quite rare, but mild versions of VKC are not. In fact, patients, particularly children, show up in optometry offices with VKC, pardon me, thank you, Mike, very frequently. We have a lot of IHEEZO customers, bless you, that are very interested in our biosimilars offering. we have a lot of iheezo customers bless you that are very interested in our biosimilars offering I have about five minutes, six minutes left, and I'm going to spend that time talking about some specialty conditions, specifically VERKAZIA, NATACYN, and IOPIDINE. i have about five minutes six minutes left and i'm going to spend that time talking about some specialty conditions specifically verkazia natacyn and iopidine VERKAZIA. verkazia These three products, by the way, were sitting on our shelf. these three products by the way were sitting on our shelf I don't think any of our stockholders knew much about them, cared much about them, or thought that they would ever amount to much. i don't think any of our stockholders knew much about them cared much about them or thought that they would ever amount to much VERKAZIA specifically is thought of to serve a very rare condition called VKC. verkazia specifically is thought of to serve a very rare condition called vkc It is true that severe VKC is quite rare, but mild versions of VKC are not. it is true that severe vkc is quite rare but mild versions of vkc are not In fact, patients, particularly children, show up in optometry offices with VKC, pardon me, thank you, Mike, very frequently. in fact patients particularly children show up in optometry offices with vkc pardon me thank you mike very frequently There's a saying in optometry that "If it's in my chair, it's not rare." I think that as we've gone to our optometry customers or ophthalmology customers, they've told us that this is in fact not a rare condition. How is it used? Well, children who are non-responders to antihistamines when they have allergies, and many of you with children know that your kids get seasonal allergies. You give them antihistamines, and they are not helped. In fact, 61% of patients are not benefited by these antihistamines. What do doctors give these kids? They give them steroids. Steroids are not good when they're chronically used for kids. They cause early onset of glaucoma and all sorts of other eye pressure conditions that can be quite dangerous for patients. VERKAZIA is the only FDA-approved cyclosporine for kids, so it's first and only. It is a high-margin product. There's a saying in optometry that "If it's in my chair, it's not rare." I think that as we've gone to our optometry customers or ophthalmology customers, they've told us that this is in fact not a rare condition. there's a saying in optometry that "if it's in my chair it's not rare." i think that as we've gone to our optometry customers or ophthalmology customers they've told us that this is in fact not a rare condition How is it used? how is it used Well, children who are non-responders to antihistamines when they have allergies, and many of you with children know that your kids get seasonal allergies. well children who are non-responders to antihistamines when they have allergies and many of you with children know that your kids get seasonal allergies You give them antihistamines, and they are not helped. you give them antihistamines and they are not helped In fact, 61% of patients are not benefited by these antihistamines. in fact 61% of patients are not benefited by these antihistamines What do doctors give these kids? what do doctors give these kids They give them steroids. they give them steroids Steroids are not good when they're chronically used for kids. steroids are not good when they're chronically used for kids They cause early onset of glaucoma and all sorts of other eye pressure conditions that can be quite dangerous for patients. they cause early onset of glaucoma and all sorts of other eye pressure conditions that can be quite dangerous for patients VERKAZIA is the only FDA-approved cyclosporine for kids, so it's first and only. verkazia is the only fda-approved cyclosporine for kids so it's first and only It is a high-margin product. it is a high-margin product It is a high-impact product for us, and we believe that doctors love the fact that they can prescribe a non-steroid for these kids who are not benefited by antihistamines. Talk a little bit about NATACYN. There's a really successful ophthalmic company called Tarsus that makes a product for blepharitis. In fact, Demodex blepharitis. There are three causes of blepharitis. It is really only known, I think, by most investors and even some doctors that these mites that the Tarsus product is good at eradicating will cure this condition. In fact, that's not the case. In fact, 50% of patients, when you kill these mites that are causing blepharitis, are not benefited. You need to kill also the bacteria and the fungus. NATACYN is the only FDA-approved antifungal in the market. It is a high-impact product for us, and we believe that doctors love the fact that they can prescribe a non-steroid for these kids who are not benefited by antihistamines. it is a high-impact product for us and we believe that doctors love the fact that they can prescribe a non-steroid for these kids who are not benefited by antihistamines Talk a little bit about NATACYN. talk a little bit about natacyn There's a really successful ophthalmic company called Tarsus that makes a product for blepharitis. there's a really successful ophthalmic company called tarsus that makes a product for blepharitis In fact, Demodex blepharitis. in fact demodex blepharitis There are three causes of blepharitis. there are three causes of blepharitis It is really only known, I think, by most investors and even some doctors that these mites that the Tarsus product is good at eradicating will cure this condition. it is really only known i think by most investors and even some doctors that these mites that the tarsus product is good at eradicating will cure this condition In fact, that's not the case. in fact that's not the case In fact, 50% of patients, when you kill these mites that are causing blepharitis, are not benefited. in fact 50% of patients when you kill these mites that are causing blepharitis are not benefited You need to kill also the bacteria and the fungus. you need to kill also the bacteria and the fungus NATACYN is the only FDA-approved antifungal in the market. natacyn is the only fda-approved antifungal in the market Believe it or not, there are data that show that about 79% of chronic cases of blepharitis involve fungal elements. We're in the process of completing a study that'll read out in the fourth quarter to demonstrate this yet again, so our own study. The goal is to not only treat patients, but to provide complete treatment for more patients. Once again, this is a high-margin, high-impact product for us. The last one that I'll mention is IOPIDINE. Yet again, another product sitting on our shelf, highly underutilized. It is used for patients that are undergoing laser procedures in eye care. There's about a million and a half of them annually. The standard post-procedure is to treat potential eye pressure spikes with generics, off-label stuff that once again is paid for out of a physician's capitated fee. Believe it or not, there are data that show that about 79% of chronic cases of blepharitis involve fungal elements. believe it or not there are data that show that about 79% of chronic cases of blepharitis involve fungal elements We're in the process of completing a study that'll read out in the fourth quarter to demonstrate this yet again, so our own study. we're in the process of completing a study that'll read out in the fourth quarter to demonstrate this yet again so our own study The goal is to not only treat patients, but to provide complete treatment for more patients. the goal is to not only treat patients but to provide complete treatment for more patients Once again, this is a high-margin, high-impact product for us. once again this is a high-margin high-impact product for us The last one that I'll mention is IOPIDINE. the last one that i'll mention is iopidine Yet again, another product sitting on our shelf, highly underutilized. yet again another product sitting on our shelf highly underutilized It is used for patients that are undergoing laser procedures in eye care. it is used for patients that are undergoing laser procedures in eye care There's about a million and a half of them annually. there's about a million and a half of them annually The standard post-procedure is to treat potential eye pressure spikes with generics, off-label stuff that once again is paid for out of a physician's capitated fee. the standard post-procedure is to treat potential eye pressure spikes with generics off-label stuff that once again is paid for out of a physician's capitated fee We saw IOPIDINE 1% as an opportunity to get a J-code issued so that it would be separately reimbursable and not paid for out of the physician's global fee. We were successful just a couple of months ago in getting CMS to issue a product-specific permanent J-code for IOPIDINE 1% that goes into effect July 1st. Once again, we're excited to turn a cost center into a profit center. In summary, why invest in Harrow? Well, we've got a proven market-leading platform. We're U.S.-centric. We have the largest portfolio of prescription products in the U.S. market, got durable patent protection on the key sources of our revenue and growth. We've got an amazing pipeline. We're going to be launching, as I said, new products every year for the balance of the decade. We saw IOPIDINE 1% as an opportunity to get a J-code issued so that it would be separately reimbursable and not paid for out of the physician's global fee. we saw iopidine 1% as an opportunity to get a j-code issued so that it would be separately reimbursable and not paid for out of the physician's global fee We were successful just a couple of months ago in getting CMS to issue a product-specific permanent J-code for IOPIDINE 1% that goes into effect July 1st. we were successful just a couple of months ago in getting cms to issue a product-specific permanent j-code for iopidine 1% that goes into effect july 1st Once again, we're excited to turn a cost center into a profit center. once again we're excited to turn a cost center into a profit center In summary, why invest in Harrow? in summary why invest in harrow Well, we've got a proven market-leading platform. well we've got a proven market-leading platform We're U.S.-centric. we're u.s.-centric We have the largest portfolio of prescription products in the U.S. market, got durable patent protection on the key sources of our revenue and growth. we have the largest portfolio of prescription products in the u.s market got durable patent protection on the key sources of our revenue and growth We've got an amazing pipeline. we've got an amazing pipeline We're going to be launching, as I said, new products every year for the balance of the decade. we're going to be launching as i said new products every year for the balance of the decade We've demonstrated that we can grow over the last five years, but the growth is going to continue in 2027 and beyond. We have plenty of cash on our balance sheet, and we have a goal of delivering $250 million in quarterly revenue by the end of 2027. While everyone else is watching AI, after this presentation, I hope that you'll keep a eye on Harrow, or maybe even two eyes on Harrow. Thank you. We've demonstrated that we can grow over the last five years, but the growth is going to continue in 2027 and beyond. we've demonstrated that we can grow over the last five years but the growth is going to continue in 2027 and beyond We have plenty of cash on our balance sheet, and we have a goal of delivering $250 million in quarterly revenue by the end of 2027. we have plenty of cash on our balance sheet and we have a goal of delivering $250 million in quarterly revenue by the end of 2027 While everyone else is watching AI, after this presentation, I hope that you'll keep a eye on Harrow, or maybe even two eyes on Harrow. while everyone else is watching ai after this presentation i hope that you'll keep a eye on harrow or maybe even two eyes on harrow Thank you. thank you