HARROW, INC. — Call Transcript 2026

Morning, and welcome to Harrow's First Quarter 2026 Earnings Conference Call. My name is Michelle, and I will be your operator for today's call. At this time, all participants are in a listen-only mode. Later, we will conduct a question-and-answer session. As a reminder, this conference is being recorded. I would now like to turn the call over to Mike Biega, Vice President of Investor Relations and Communications for Harrow. Please go ahead. Thank you, operator. Good morning, and welcome to Harrow's First Quarter 2026 Earnings Conference Call. My name is Mike Biega, Vice President of Investor Relations and Communications, and I'm excited to be introducing today's call. The company's remarks may include forward-looking statements within the meaning of federal securities laws. Forward-looking statements are subject to numerous risks, and uncertainties. Many of which are beyond Harrow's control. Including risks, and uncertainties described from time to time in its SEC filings. Such as the risks, and uncertainties related to the company's ability. To make commercially available its FDA-approved products, and compounded formulations, and technologies. And FDA approval of certain drug candidates in a timely manner or at all. For a list, and description of those risks, and uncertainties. Please see the Risk Factors section of the company's most recent annual report on Form 10-K. And subsequent quarterly reports on Form 10-Q filed with the Securities and Exchange Commission. Harrow's results may differ materially from those projected. Harrow disclaims any intention or obligation. To update or revise any financial projections or forward-looking statements. Whether because of new information, future events, or otherwise. This conference call contains time-sensitive information, and is accurate only as of today. Joining me on today's call are Mark L. Baum, Chief Executive Officer, Andrew Boll, President and Chief Financial Officer. Pat Sullivan, Chief Commercial Officer, and Amir Shojaei, Chief Scientific Officer. I would like to turn the call over to Mark. Mark? Thank you and good morning, everyone. To begin, as a growth-oriented business, the fuel for our success is and will always be demand. Without buyers seeing value in Harrow's products, ordering and reordering them, we wouldn't have a business. Demand is the key. From that standpoint, the underlying fundamentals of Harrow have never been stronger. While the headline revenue number this quarter reflects a specific isolated dynamic. Let me be clear to my fellow stockholders, our data demonstrates that demand for our key growth drivers is accelerating. Further, our market share capture is sustainable, and will translate into profitable revenue growth. The $8 million revenue reduction in the first quarter was specifically tied to VEVYE, as detailed in my letter to stockholders. The surge that we saw in demand from patients. With high deductibles from this new band of commercial coverage, that we were so excited about. It just outpaced our initial financial modeling assumptions. Andrew will discuss this in greater detail shortly. We identified this issue. We corrected it, and importantly, our fix to return to our net pricing assumptions. Has shown negligible impact on the underlying new prescription VEVYE demand. That's the key. With the high deductible season largely behind us, and new business rules in place. We expect to realize the full financial benefit of our expanded coverage moving forward, starting in the second quarter. I want to go back to demand, though, because a lack of demand in the face. Of a concerted commercial effort is nearly impossible to remedy. Across our portfolio, and specifically with our key growth driver products. We do not have that problem. In fact, demand trends are strong, even for what is traditionally a weaker first quarter period. Due to standard industry seasonality. You've probably seen on LinkedIn that we've hired more than 90 new sales professionals. Our promised commercial investments, that is doubling our sales forces in dry eye, and surgical. And bolstering other teams are complete. We're now entering a period where the work we've been doing over the past several years. Is translating into meaningful, sustained growth, and demand. And this will in turn convert to revenue. Across VEVYE, IHEEZO, and TRIESENCE, our core growth drivers. We are seeing strong, durable demand trends that are at or above our internal expectations. In our business, once again, operational issues, they can be fixed. A lack of demand cannot. Let me provide some additional color on a few key products. On VEVYE, we are seeing record prescription growth. Continued market share gains, and increasing prescriber adoption. The product has now reached a highly meaningful position in the market. Having officially surpassed Xiidra, in total prescriptions as of the end of March. As we continue to close the gap with other category leaders. Crucially, this happened with half the number of reps we now have deployed. We are positioned to see this momentum accelerate. Especially, as we continue to successfully gain additional positive coverage changes. Which we expect over the next 12 to 18 months. I'm especially pleased, that more recently we are seeing higher daily new prescription highs, and higher lows. Breaking demand trend lines for a chronic care product. To the upside is a very good thing. IHEEZO demand continues to build across both retina, and in-office accounts. We're seeing record numbers of new accounts. This trend has continued into the second quarter. We are still early in unlocking the full opportunity here. As we move into the second half of the year. With improved pricing, new packaging, and upcoming clinical data. Specific to IHEEZO in retina procedures, we're positioning IHEEZO for a step change in growth. TRIESENCE is also demonstrating the kind of consistency that we expect. Even in what is typically a more challenging seasonal period for surgery. Demand continued to grow sequentially with increasing adoption, and strong reorder behavior. These are clear indicators that the product is gaining traction in clinical practice. Following my recent time in the field, with several large new TRIESENCE accounts. It is clear to me that our expansion into the surgical inflammation market is bearing fruit. And will be a part of our long-term revenue growth strategy. Our Access+ cash pay business, which includes both our branded, and compounded products. Having successfully worked through prior inventory constraints, is also on track. We are currently increasing safety stock, and expanding the Access+ sales team. Positioning this team to enter growth mode, so we can deliver essential. Affordable cash pay products that our customers rely on. As Pat will discuss shortly, these are the exact demand trends. We look for across our portfolio. Growing demand signals, expanding account adoption, and improving execution. Leading to greater breadth, and depth within those accounts. As I look at Harrow today, I've never been more confident, about where we are or where we're going. Simply put, the business is positioned beautifully for the balance of this year, and has never been more valuable. A few more points on the second half setup, though. One, as I mentioned, we made targeted high conviction investments to scale our commercial platform. And unlock the full potential of our portfolio. We recruited top talent to Harrow. That work is now complete. We've built the commercial infrastructure, expanded our reach. And attracted the exact kind of talent that wins in this industry. What that means is straightforward. We now have the engine in place to convert the demand. That we're seeing into sustained revenue, and profitability performance. As we move forward, several factors support strong, and sustainable growth. First, our core products operate in large, under-penetrated markets with significant runways ahead. These are not short-cycle opportunities. These are durable growth platforms. Second, awareness is building. New account starts are accelerating. Breadth and depth within accounts are expanding. And these factors drive the value of our products. Within our customers' practices in a highly meaningful way. Third, refill rates, and reorder rates. That are at or above our internal estimates, support bullish demand metrics for our key products. Fourth, the most challenging part of the year is behind us. Some of you have heard one of my mantras. And that is that at Harrow, we're not interested in mere activity. We celebrate economic accomplishment. We focus on economic accomplishment. As we move through the balance of 2026. We expect to see accelerating momentum, as our commercial investments. Fully translate into financial results or economic accomplishment. The non-recurring VEVYE revenue modeling dynamic does not change Harrow's trajectory. If anything, it reinforces how powerful the underlying business is, and what can come from VEVYE. Especially, as these new patients refill their prescriptions in a profitable way for our stockholders. We are executing, building momentum, and it is clearly showing in the demand data. Because of this, underlying demand is tracking in line with or above our expectations. Therefore, we're fully reaffirming our 2026 revenue guidance, of between $350 million-$365 million for the full year. This accelerating commercial engine underpins our unified corporate initiative. To achieve $250 million in quarterly revenue by the end of 2027. I will now turn the call over to Andrew Boll, our President and Chief Financial Officer. Andrew? Good morning, everyone. For the first quarter of 2026, we reported consolidated revenues of $44.2 million. And Adjusted EBITDA of -$12.7 million. As we previously communicated, Q1 was expected to be the lowest revenue quarter of the year. This reflects several factors. As expected, a minimal GAAP contribution, from IHEEZO as channel inventory is absorbed. And softer revenue from the compounding business, as we work through prior inventory constraints. Breaking down Q1 performance by product, VEVYE generated about $20.9 million in revenue. IHEEZO contributed $1.9 million, in line with expectations. Our specialty TRIESENCE portfolio delivered $7.8 million, and Access+ revenue was $13.5 million. As Mark noted, during the quarter, we experienced a gross-to-net modeling dynamic related to the VEVYE coverage rollout. Which resulted in a discrete reduction of reported revenue by approximately $8 million. To provide additional financial context, ahead of the January 1 coverage launch. We implemented business rules based on specific assumptions regarding patient mix, and patient out-of-pocket costs. While January net pricing tracked in line with our forecast. The mix shifted sharply as the quarter progressed. We saw a significantly higher than anticipated proportion of high-deductible patients filling prescriptions. Through their pharmacy benefit, and our average out-of-pocket buydowns increased rapidly. This growing utilization drove incremental gross to net pressure beyond our internal assumptions. Resulting in lower realized net revenue per unit for the period. Due to the standard industry lag in claims reporting. The full magnitude of this mix shift was confirmed in mid-April. We acted immediately, implementing targeted business rule changes. Including strict caps on co-pay buydowns, and other program refinements. To protect our net pricing going forward. These program changes have isolated this to be primarily a first-quarter issue. And we are now well-positioned to receive the complete economic benefit. We expect from our expanded coverage moving forward, beginning in Q2. Based on updated modeling, and what we have seen through April. Net pricing is much better aligned with our internal expectations. And should be notably higher than in the first quarter. Importantly, early indicators prove these changes, have not negatively impacted underlying demand or patient access to VEVYE. Given these adjustments, and current demand trends. We expect VEVYE to deliver sequential growth, and remain fully on track. To exceed our $100 million revenue outlook for the year. Looking ahead to the second quarter, we expect total revenues to be in the range of $71 million-$81 million. At the product level, VEVYE is expected to show sequential growth. We should set the IHEEZO revenue start back in Q2. Though likely still below prior year levels due to channel dynamics, and dependent upon stocking levels. Associated with our new five-pack presentation. We will also begin to recognize initial revenues from BYOOVIZ, as distributors take on initial stocking orders. As Mark already stated, we are reiterating our full-year 2026 revenue guidance of $350 million-$365 million. Based on current demand trends, and customer interactions. We expect the second half of the year to be even stronger than initially anticipated. We have clear visibility into several catalysts, that support this robust second half. Including continued growth in demand across our core commercial drivers. Full deployment of the expanded VEVYE sales force with a modest impact in Q2, and a highly meaningful contribution beginning in the second half of the year. Realization of the full financial benefit from expanded coverage for VEVYE. Following our mid-April business rule adjustments. The commercial launch of BYOOVIZ on July first. The permanent J-Codes for IOPIDINE 1% becoming effective July one. Potentially expanding utilization in the in-office procedural setting. An approximate 20%-25% improvement in IHEEZO net pricing. Along with the introduction of multi-unit packaging beginning in Q3. Upcoming clinical milestones for IHEEZO, including initial retina data. At the ASRS Meeting in July, and top-line results from the qual study in the fourth quarter. Finally, continued growth in TRIESENCE, building on the momentum in ocular inflammation. With a dedicated sales force that recently doubled in size. Taken together, these drivers give us high confidence in accelerating growth. And improved financial performance, as we move through the remainder of 2026. I'll now turn it over to Chief Commercial Officer, Pat Sullivan. Thanks, Andrew. Good morning, everyone. I will detail the commercial execution across our portfolio. The thread that runs through every one of these slides is exactly the same. Demand is accelerating, access is improving, and our scaled commercial organization. Is now actively converting that demand into revenue. Starting with VEVYE, the four numbers at the top of this slide tell the demand story. New prescriptions grew approximately 25% sequentially. Total prescriptions grew about 11%, our prescriber base expanded by another 12% sequentially. And we exited March at roughly 14% branded share. Officially surpassing Xiidra on a monthly TRx basis, and steadily gaining ground on MIEBO. Crucially, all of this was achieved with a smaller sales force of fewer than 50 representatives. Now that we have doubled the VEVYE team. We are aggressively deploying these new reps into both uncovered, and underserved territories. Which will directly fuel further growth in NRx, and TRx. This is happening in a market that has real underlying tailwinds. The dry eye category has grown 20% year-over-year, in prescription volume in each of the last two years. And VEVYE was effectively the only branded product to grow in Q1. We're actively taking share in expanding market. And that is the absolute cleanest signal you can get, that the brand is winning on its own Merit. Moving to IHEEZO, demand continues to build. Unit demand grew 18% year-over-year. New ordering accounts increased 21% in the quarter, and total accounts are up nearly 50% versus last year. Retina remains the core driver, representing over 80% of volume. The momentum we saw in Q1 has continued in the early part of Q2. Interest in IHEEZO continues to build. With demand increasing, and new accounts continuing to come on board. There is substantial runway ahead within the retina market. We are starting to see early, and encouraging signs of adoption in the in-office setting. That expanding interest across settings reflects growing physician, familiarity, and confidence in the product. And reinforces our view of the broader long-term opportunity for IHEEZO. Looking ahead, this growth story is driven by two engines. Continued momentum in retina, and expansion into the broader in-office market. What underpins both is a very strong refill dynamic. Once a practice adopts IHEEZO, they continue to reorder. We also have four distinct catalysts, that will drive the next step change in growth. First, expanding into the full in-office market. Adds more than $2.5 million procedures to the addressable opportunity. This expansion is underway, and off to a strong start. Second, the first available retina-specific clinical data begins reading out in July. Followed by additional data in the fourth quarter. Which is designed to accelerate adoption. Third, we are launching multi-unit packaging tailored for high-volume practices. Fourth, we expect a meaningful improvement in net pricing in the second half of the year. These four catalysts completely underpin our conviction, in IHEEZO's accelerating trajectory from Q3 onward. On TRIESENCE, the headline number is 136% year-over-year unit volume. March alone was up 113% year-over-year. This is now our sixth consecutive quarter of demand growth, and unit demand has grown roughly 250% over those six quarters. The composition of this growth matters, 44% of Q1 volume came from the ocular surgery account. And we expect that segment to drive the majority of new volume going forward. New account growth was approximately 28% sequentially. We are seeing increasing integration into the procedural workflows. Particularly among cataract surgeons, driven by the product's ability to simplify postoperative care, and improve the patient experience. That value proposition is directly translating into reordering. In addition, our label expansion study in cataract surgery, and pain is underway. Which is positioned to materially expand the long-term opportunity. This slide is a reminder of the sheer breadth of what sits behind our three lead products. We have one of, if not the largest portfolios of ophthalmic prescription medications in the U.S. market. Spanning specialty steroids, NSAIDs, and anti-inflammatories, antihistamines, antibiotics. Plus the most comprehensive ophthalmic compounded portfolio in the U.S. market. Two highlights from Q1. We secured the IOPIDINE J-Codes, which I will cover in a moment. And we are unlocking the value of two additional historically underappreciated assets. Each of these assets is positioned to enter new on-label markets, and contribute meaningful incremental revenue. Brinzolamide is the first, and only label product for Vernal Keratoconjunctivitis. A devastating form of severe ocular allergies that affects children, and adults. Our research clearly shows the degree to which the disease is underdiagnosed. We intend to share our plans regarding brinzolamide opportunity in the near term. The second is NATACYN, a product for fungal blepharitis, and other sight-threatening fungal infections. We are conducting a study for that product, and will share more information later this year. Lastly, within our Access+ cash pay business, our supply chain operations. Successfully cleared the backorders accumulated last year. For certain compounded products, rebuilt inventory across the key stock. Keeping units, and completely restored the operational confidence our customers expect. Let me close on IOPIDINE 1%. The only FDA-approved therapy, to prevent intraocular pressure spikes. Following various in-office procedures, backed by strong, well-established clinical data supporting its use in this setting. Despite that clinical profile, IOPIDINE has historically been underutilized for one specific reason. Physicians had no reimbursement pathway, and the product sat as a cost center within capitated fees. That fundamentally changes on July first when the permanent J-Codes takes effect at ASP +6%. Physician incentives are now perfectly aligned with evidence-based practice. The addressable market for laser procedures alone exceeds $1.5 million annual use cases. There is no FDA-approved alternative with an established J-Codes. Critically, IOPIDINE runs through the exact same in-office call point as IHEEZO. Meaning we are directly leveraging existing commercial relationships rather than building new ones. We expect this to be highly incremental, high margin contributor. As we move through the second half of this year. To summarize the commercial picture, VEVYE is taking share in a growing market, and now has the access. And sales force density to dramatically accelerate. IHEEZO's demand continues to grow sequentially, armed with four independent growth catalysts landing in the second half. Alongside continued strength in retina, and a highly successful expansion into the in-office setting. TRIESENCE has delivered six straight quarters of growth. With a major label expansion in motion. IOPIDINE hits a critical reimbursement inflection on July 1, that unlocks a market that has been waiting for it. Demand across the entire portfolio is robust, and our commercial organization has never been better positioned to convert it. With that, I will now turn the call over to Amir. To discuss the assets we recently acquired from Melt Pharmaceuticals. Thanks, Pat. I wanted to spend a few minutes on MELT-300, our IV- and opioid-free procedural sedation candidate. Having spent nearly 30 years in drug development advancing major global assets. I view MELT-300 as a pipeline candidate of the highest caliber. It is uniquely positioned to disrupt standard procedural sedation, and positively impact millions of patients. Regarding our clinical, and regulatory progress. Following the acquisition of Melt, the program's required deliverables included three pharmacokinetic studies, and a non-clinical toxicology study. We have successfully initiated all of these programs. The non-clinical study is now in the reporting phase, and the first pharmacokinetic study has also been completed. And is in the CSR drafting stage. The other two PK studies are the renal, and hepatic impairment study. Both of which are underway, and we anticipate final reports in Q4 2026. On the manufacturing front, our integration, and scale-up activities are advancing rapidly. A major manufacturing campaign scheduled for later this quarter. Will formalize the data package required for our NDA submission. Based on our current trajectory, we remain firmly on track with our targeted timelines. By our next quarterly call, we expect to provide a definitive update, regarding our pre-NDA meeting date with the FDA. With that, I would now like to turn it over to our operator for Q&A. Thank you. To ask a question, please press star one one on your telephone, and wait for your name to be announced. And to withdraw your question, please press star one one again. We do ask that you please limit to one question, and one follow-up. Our first question will come from Tamar Abernathy with Cantor. Hi. Thank you so much. This is Tamar Abernathy on for Steve Seedhouse. In terms of VEVYE, could you talk about the gross to net adjustment in more detail. And to what extent this was driven by typical seasonality, and maybe what were the major buckets? you know, such as co-pay assistance, high deductible buydowns. You know, cash pay economics, and to what extent this gross-to-net adjustment is isolated to Q1? Thank you so much. Thank you, Tamar. First of all, the first quarter, typically for Part D products. With the deductibles resetting is always a challenging period for these types of products. As we noted, I think, in one of our documents, the dry eye category for the first quarter. Was actually down in total prescriptions. In fact, the branded market was down 18%. That's in the face of the overall category improving, better than 20% for the last two years. What we highlight, and what I think is important. Is that our NRx growth, our new prescription growth, was actually up 25%. Sequentially in the face of a branded market that was down 18%. Our TRx growth was up 11%, once again, in the face of a branded market that was down 18%. With CVS specifically, the new benefit manager that we brought on. The new coverage on the commercial side, we were up 170%. In sequential growth with that set of plans alone. We did very well. What I would say is, I want Andrew to comment on this, is that, you know. We had to make a bet with our model in terms of, what the likely volume would be for patients with high deductibles. Frankly, the surge in volume that we saw was so large. That it really just exceeded the modeling that Andrew, and his team had done. On the one hand, it's a bad thing to see this $8 million revenue reduction as a result of this. On the other hand, we do know that we retain these commercial patients for a long time. While we didn't do as well with these patients during the month of January, and February, and March. We're gonna do very well with them on a go-forward basis. Andrew, do you wanna specifically add to that regarding gross-to-net in the first quarter, and any co-pay assistance? Yeah. Tamar, thanks for the question. Just to kind of add on to what Mark was saying. As we kind of looked at the average net pricing for these CVS patients in particular, and our out-of-pocket pay-down for patients in general. The CVS patients were coming in about 40% higher on a out-of-pocket buydown amount. Than any other covered patient for us. As obviously, when we modeled things, we didn't expect that buydown to be significantly higher for these patients. Once we accumulated all the data, and could make a decision based on the trends in mid-April. We adjusted those rules to basically take down the amount out-of-pocket buydowns. We were putting into that patient bucket. We also made some tweaks, that will affect patients on other plans as well. But should improve net pricing. I think it'll have minimal impact on what the patient's actual out-of-pocket is. I think in some cases, actually, the patient's out-of-pocket will get better. Based on just some of these tweaks we did to the business rule. As we kind of talk through the initial trends that we're seeing. Importantly, is that there's minimal to no impact to demand. At least what we're seeing through the first, these first few weeks of implementation of the new business rules. Importantly, we will now go from those CVS patients essentially being on average, negative revenue. To much more positive, and contributing to overall net revenue for on a go-forward basis. Thank you. And the next question's gonna come from Chase Knickerbocker with Craig-Hallum. Your line's open. Good morning, guys. Thanks for taking the questions. Maybe just to kind of ask it directly on VEVYE around ASPs. You had mentioned kind of an $8 million, you know, impact. If the business rules had been changed, you know, for the entirety of the first quarter. As we look kind of in Q2, and onward. I mean, that's about a, you know, call it mid-30s% kind of impact. Is that what we should be assuming, sort of from a potential increase of ASP? Or maybe, you know, just making sure that. I'm kind of thinking about that the right way. Thanks. Andrew, I don't know that we can give a specific answer regarding ASP. But I know that you've done some calculations on. What the likely improvement is, and it's impressive. Do you wanna try and tackle that one? Yeah. Chase, obviously, that's assuming status quo. I think that's a reasonable assumption to assume roughly 30% increase. Helpful. Thank you. Maybe just you guys have a couple weeks of additional bill. Visibility relative to us, obviously, on kind of the VEVYE data. So far since, those business rule changes, could you maybe just give us some commenta,ry. As far as what you've seen in recent weeks as it relates to volume, just kind of confirming this isn't having an impact? Maybe around those, around that, Andrew, if you could kind of explain in a little bit greater detail. How the out-of-pockets could actually kind of be coming down for these patients? With these business changes, respecting the fact that there's a lot of detail here. Thank you. Thanks for that, Chase. Yeah, in terms of VEVYE volumes, more recently in the last, let's say, 20 days even. I think I mentioned this in my stockholder letter. But I watch the new prescription volumes like a hawk. I mean, literally multiple times a day, we have a dashboard that gives us real-time data as to what's coming in. I know, for example, you know, at 4:00 o'clock Central, what the likely total day volume will be. Because we've got a lot of data in our system in terms of, you know. What the balance of the day will look like as the Mountain Time, and Pacific physicians begin to write for VEVYE. I think what I'm really pleased with, and I mentioned this in my opening remarks. Is that I am seeing higher highs, and higher lows in the last 15 days, especially. I think that's as a result of these new reps. Actually being out in the field, making the calls, and their work beginning to bear fruit. That's really exciting. In particular, I'm seeing days in the week. That are usually lower in volume than other days in the week, now all of a sudden. They're popping up, breaking trend lines, and becoming much better days in the week. We're having record days, record weeks, and as I said, higher highs, and higher lows. That's really positive, we can see those trend lines breaking. The work that we are doing out in the field. With this doubling of the sales force is beginning to have an impact. Andrew, do you wanna talk about patient out-of-pocket? Yeah. Chase, I'm gonna try to speak to this without giving too much detail. Because a lot of our competitors listen to this call as well. What I would say is we are gonna leverage our VAFA program, and cash pay program with some of those patients as well. Which, you know, as you know, the cash pay price there is $59 for the product. Helpful, guys. Thank you. Thank you. The next question comes from Lachlan Hanbury-Brown with William Blair. Your line's open. Hey, guys. Thanks for the question. I guess maybe I'll ask one on IHEEZO. Just how should we think about the dynamics in Q2? Is channel inventory sort of largely normalized at this point? How do we think about the sort of sunsetting of the current packaging versus the introduction of the new packaging? And how that may impact Q2? Yeah. I'll make a few comments, Lachlan, and then turn it over to Andrew. You know, I think a couple of important data points. One is 2025, we saw 30% of our unit volume come from the ASC setting. I think you know that. The ASC setting in the Q1 period was down to 18%. I think as I said in the stockholder letter, we should be able to eclipse. The entirety of that ASC volume through the in-office sales. That we're beginning to see flow by the end of the year. That's very promising. Obviously, we've now moved to a five-pack presentation. You know, we've made some, you know, I think very significant improvements, to ASP that'll begin to kick in in the third quarter. I think we even referenced the figure of, you know, better than 20% improvement. That's really, I think, important. I think what our sales force is particularly excited about. Is finally having some retina-specific data, to be able to present to accounts. Everything that we've done, you know, we've got a few percentage points of market share, but not many. The vast majority of the market opportunity remains under-penetrated, unpenetrated. We believe that this data is going to certainly help us. That's showing up, by the way, in Q2. We're seeing record new account starts, and that I think bodes well. For not only the second quarter, but the third quarter, and beyond. That's what I think gives us so much confidence in our reiteration of our guidance. Andrew, do you wanna talk about the stocking dynamic, and what to expect in Q2 versus Q3? Yeah, absolutely. Hey, Lachlan. Second quarter revenue for IHEEZO, we're expecting to be still be somewhat muted. Especially compared to second quarter last year. We're still working through that remainder of channel inventory that was taken in Q4, and the loss of pass-through. To Mark's, Mark and Pat's points, you know, we're seeing a big increase in demand, especially on the retina side. A lot of new accounts coming through. So a lot of that, any revenue that we're gonna be booking will be below last year. But we should start seeing revenue increasing from my IHEEZO, and then get to more of a normalized level beginning in Q3 and Q4. Especially as we introduce this new multi-pack option. Which we will commercially launch in July of this year. Maybe if I could just also ask one on IOPIDINE 1% with the new J-Codes. Sort of how should we think about that adoption, and the market opportunity? Obviously, a lot of procedures out there where it could be used? But just as we think about, you know, how it changes in terms of the contribution it makes starting in Q3? Is that gonna be a meaningful driver of the back half, or is it more incremental, especially in light of, you know, some of the changes with VEVYE and IHEEZO trials? Yeah, I would definitely say it's gonna be an incremental contributor on the launch. You know, in the third quarter, and the fourth quarter of this year. We're more bullish on the contribution, you know, in terms of it showing up relative to our overall size, in 2027. We're really pleased to have a J-Codes. It is a sizable market. Frankly, the laser procedure market, which is what we kinda quote in terms of the overall TAM. At better than 1.5 million annual procedures, is really only a fraction of the potential use cases of the product. There are a lot of procedures that occur in, on the office. That can induce a pressure spike. And right now, these offices are using, you know, a variety of off-label products, once again, that are paid for out of a capitated fee. I think that the opportunity to use something that is on label. That is reimbursable, at ASP Plus, is very attractive. And we've done a meaningful amount of market research to validate that. We're pleased to get that launched. It'll be incremental this year. It'll show up, I think, you know, with bigger numbers in 2027. Thank you. Our next question is gonna come from Tom Shrader with BTIG. Your line is open. Good morning. Thanks for taking the questions. Kind of one more on VEVYE. Can you give us a remedial rundown of the information flow? Why you learned so late? Why it took four months for you to get a hint that this problem was going on? I feel like you warned on everything this quarter, but then this one hit. Is that solved? Then, one quick one on IHEEZO. It's interesting to see you still have 18% ASC use. Do you think that's stable? Do you think that's people who like it enough, that are eating the cost, or is that 18% gonna continue to decline? Thank you. Thank you for that, Tom. I'm gonna take the last question first, and then I'll ask Andrew Boll to talk about timing. Cause I think it's really important. Our stockholders, I think, hopefully will appreciate after Andrew Boll explains this. Why this is not a real-time situation. You can't just make a decision, change business rules on a real-time basis. And that we actually acted expeditiously once, you know, we figured this out, and Andrew Boll will talk on that. In terms of IHEEZO, and the ASC. The IHEEZO business in the ASC is going to go, and probably is now at zero. These ASCs are not going to be purchasing IHEEZO for procedures in that environment. What we can say is that the unit volumes that we formerly had. And I'm not talking about the 18%, that we had in the first quarter. But I'm talking about a more normalized view of what we had in the year 2025. In the ASC environment when those units represented 30% of the overall volume. Those are the unit volumes that we expect to replace, with in-office use cases by the end of the year. It's a larger number overall, and it will contribute meaningfully. I think, to, you know, our revenue in 2026, and certainly in 2027. Yeah, the ASC business is gonna go to zero. The good news for us is that we have durable, sustainable reimbursement in the in-office market. I would say we have nearly pervasive coverage. Nearly pervasive coverage, better than 95% coverage, and a prior authorization rate that is sub-5%. Extraordinary coverage in office, and that is durable. Andrew, do you describe, you know, I think in more detail the timing of the work that you, and your team did on the business rules? Yep. Yeah, absolutely, Tom. Appreciate the question. First of all, it's more than just one data set. That we use to assess, and calculate a lot of these figures. It's co-pay data, it's the claims data from the payer. It's script data from our partners, and IQVIA that we're using. As we're getting that data, you know, we're making assumptions. January, which came in, you know, middle of February. When you have all of the data, and we can calculate, and analyze it. That came in pretty much in line with what we were anticipating. Middle of February, we thought we were in pretty good shape. When the February data came in, that's when sort of our antennas went up. Those numbers were coming in much higher, than we thought or anticipated. We didn't wanna make a decision based on that single data point. That single data point being the month of February. We wanted to see how March came in. Unfortunately, when March came in, which the final accumulation of data came in, mid to late April, you know, we knew we had to make changes. I think we had a final data set that we were able to act on on a Friday. We worked over the weekend, and had the new business rules out to the partners, Sunday night. We try to make decisions based on trends, and not data points. That's what we did in this case. We worked as quickly as possible to get those changes in place. I think going forward, we should see much better improvement on pricing for the product. Especially in the case of some of these covered scripts, that we've been talking about. Perfect. That's useful detail. Thank you. Thank you. Our next question will come from Mayank Mamtani with B. Riley Securities. Your line's open. Yes. Good morning, team. Thanks for taking our questions. Regarding the 100 reps hired in a relatively short period of time. Mark, could you touch on what sort of experience they bring in? And how you anticipate demand to inflate further as a result of that in second half? I don't know if I heard a commercial mix, you know, of the total NRx that you're seeing. If you could maybe give a little bit more color on also how, you know, these reps can have an impact on improving commercial mix? I think in prepared remarks, Mark, you said there are some positive insurance reimbursement developments for VEVYE. If you could maybe lay that out in this 12-18 month period. Pat, do you wanna talk about the tenure of some of these new reps? Thanks, Mark. Thanks for your question. You know, as we talked about, this is all about demand. The indicators that we're seeing are very positive. You know, as Mark mentioned in the letter, and previously on the call. You know, we were able to deliver in Q1 the growth with a generally small team of 50 representatives. What we're most excited about in our expansion, is the recruitment approach that we used. You know, many reps that we recruited have ophthalmic experience in their exact areas. I think we have a range of experience on the anterior side. That I think is gonna position us well for many of the other, you know, competitors in our space right now as we sit today. We're super excited about that team that's been out there arguably. A few weeks as it sits right now. As Mark mentioned, our early indicators in Q2 are showing positive signs, and we are just getting started. I would expect ongoing growth acceleration because of the new profile we have. Our representatives are out there. I think, you know, as Mark mentioned in Q1, we wanted to get them out as soon as possible. But I can tell you that we took a very diligent approach to make sure that we, you know, recruited the right reps. At the same time, put them through a very rigorous approach. To make sure that they were stepping in the field. To make impact immediately, to grow VEVYE. The signs are very positive for us at this point in time. Like I said, I mean, we're super encouraged, and on the prospects for growth going forward. The team, as we said, has been out there for only a few weeks. I think more to follow here in Q2 about the progress they make with their customers. Early signs expect more growth. Mayank, in terms of, you know, how do you improve the commercial mix? You know, one of the things I like most about Pat is. He really believes in incentives very strongly, and he buys into this whole concept of, you know, what you incentivize, you end up getting. You know, we value a commercial-covered prescription in our company. Certainly more than we do, for example, a cash pay consignment prescription, in terms of the economic value. Pat is a big supporter of that. In terms of new insurance reimbursement, new coverage. The team is actively bidding on that coverage, and those processes are in place. You know, we have some idea that, you know, we should see improved coverage over the next 12 to 18 months. I think that's why we made the statement. We can't get more specific with, which benefit managers or which payers. We do believe that we're gonna have some decent coverage wins over the next 12 to 18 months, and we'll see. To the extent that they're meaningful, we'll certainly, you know, make our stockholders aware of those. Great. Thank you, Pat and Mark. Then on the IHEEZO growth catalyst for second half, I appreciate the color on, you know. Which ones are demand versus net pricing improvement related. But I was just trying to understand the full year revenue target for that brand. 'Cause, you know, second half revenue uplift, you know, needed to get to the full year target. If you just look outside of, you know, VEVYE, and compounding business. There's a lot of growth, including from IHEEZO, and other products. If you could maybe just help us understand, you know, how do you get to the second half number? You know, throughout the different parts of the portfolio, that would be very helpful. Yeah. I'll ask Andrew to kind of give some additional cover on that. What I can tell you is that even in the second quarter number for IHEEZO in particular. You know, you're not going to see the same level of revenue. We believe for the second quarter as you did, for example, in the first quarter. We do expect to see a meaningful step up in terms of revenue from IHEEZO, even in the second quarter. The big improvement to not only unit demand, or the big conversion of unit demand. To revenue is going to happen in the third and fourth quarter for that product. Andrew, do you want to comment on second half revenue, and the guide? Yeah. Yeah, I will. My answer, I think in the second half, number one, you also get a new product. Which is BYOOVIZ coming to market, which we expect it to have. I would say, a meaningful contribution to revenue. IHEEZO we expect from a revenue perspective to be close. To last year's number, hopefully in excess of it from a revenue standpoint, depending on demand. VEVYE revenue will continue to ramp quarter-over-quarter, we expect. Hopefully seeing a meaningful improvement in Q2 over Q1. In the second half of the year, we expect to really see the benefit of that sales force expansion. Accelerating unit volumes, and importantly, net pricing being stabilized on the product. As Pat kind of mentioned, we should also start seeing contribution, from some of these other products. That are going to get some attention this year, VERKAZIA, MAXITROL, and then as well as IOPIDINE with the J-Codes being issued. We've got ImprimisRx on the compounding side, and the Access+ side. That business has been sort of out of that inventory issue. That had been occurring in Q4 and Q1 of this year. And that business should return to a growth trajectory this year, although more sequentially quarter-over-quarter versus year-over-year. Thank you. Thank you. The next question comes from Thomas Flaten with Lake Street Capital Markets. Your line is open. Hey, good morning, guys. Appreciate you taking the questions. Just to confirm on the sales force expansion. In your letter, you talked about hiring about 100 folks. If I'm understanding, 50 of them went to the VEVYE sales team to effectively double that team. The distribution of the balance of those new hires, was it all to the retina team? Or, is there something else we should understand about that? Thank you for that question. I'm glad that I have the chance to clarify. We did hire about 50 new reps for the dry eye team. We also tripled the sales force for TRIESENCE. You know, that sales organization is now three times the size. That of the you know, than it once was. We've also made a few incremental hires in retina. As I said, I think in my prepared remarks, we've also begun to. We decided to bolster some of the Access+ team. Finally, VERKAZIA and MAXITROL in particular historically have not had any inventory. They've had inventory problems, you know, with that product, and I'm talking about, you know, pre-Harrow ownership. It had not really had any, you know, dedicated sales, and promotion. Frankly, with both VERKAZIA and MAXITROL, once again, the marketing that was done. Was really done on only part of the label. We're going to make a big push with those products. We're going to talk a little bit more about VERKAZIA in the coming weeks. I'm particularly very excited about VERKAZIA. We have great pricing on that product. It's a very powerful product in terms of its clinical efficacy, and the results that it provides, particularly for children. It's the only cyclosporine that's actually on label for pediatrics. You know, we're going to make a big push in that category. We did build out what we call a specialty team around both of those products. That team makes up the balance of that 100. That's super helpful. Thanks for that. Then Mark, previously, I think you've mentioned. I want to say used the word bounty, for pulling the GMLT submission, into 2026. I heard early 2027 today. I'm just curious if there, if there was a chance that that could get pulled forward. If we should really think about an early 2027 NDA submission for GMLT. Right now, I think, you know, let's think about a Q1 2027 submission. We're working really hard, I know the team is, to complete the balance of the data gathering, and to build the dossier for submission. I think by our next conference call, we'll have a lot more information. And I'll be able to, you know, I think, specify as to, you know, whether or not we'll be able to get a submission made at the end of the year. If we did, it would be at the very, very end of the year. I have to tell you, whether we make the submission in late December or early January or even early February. The potential that we see for that product is just extraordinary, absolutely extraordinary. You know, I do believe in due course. That that product will be perhaps our largest selling product by revenue. We're really excited to get that NDA filed. All the really difficult, risky work is behind us. The work that Amir discussed is, I don't wanna say perfunctory, but it is, you know, ultra-low risk data gathering. We're excited to meet with the FDA in a pre-NDA meeting. We'll have more information about that in August when we have our next call. Thank you very much. Thank you. The next question will come from Yi Chen with H.C. Wainwright. Your line is open. Thank you for taking my questions. Could you comment on whether BYQLOVI has already been launched? And whether your current full year revenue guidance includes sales of BYQLOVI please? Thank you. Thank you, Yi. The BYQLOVI launch, strictly speaking, when we say launch, we mean trade launch. We mean actual sales of the product. Believe it or not, from a sampling perspective, BYQLOVI is actually launched. We've begun to distribute BYQLOVI samples to select customers. You know, I think there are several thousand of those samples out. We're gonna spend the next couple of months. Continuing that process of sampling, and talking to customers about BYQLOVI. Which we think is a best-in-class topical steroid. The topical steroid category is a very large category. We're gonna begin the trade portion of the launch, you know, actually selling the product, driving revenue. That will begin in the third quarter. Strictly speaking, you know, if you were to go into the offices of some of these doctors. That are a part of this program, they will have access to BYQLOVI right now. Samples are out, trade's gonna begin in the third quarter of this year. In terms of the numbers that we're quoting, they are inclusive of BYQLOVI for sure. Can you also comment on how much contribution, do you expect these two drugs to make beyond 2026? Yes. We're not giving revenue-specific guidance on each product. Especially, you know, on a new launch. I think that would, you know, we would have a tough time doing that externally. We certainly have internally, you know, a model built. But we're not prepared with either BYQLOVI or even BYOOVIZ at this point to provide, you know, what the expected revenue contribution will be for this year or next year. Thank you. Thank you, Yi. I show no further questions at this time. I would now like to turn the call back over to Mark for closing remarks. Thank you, operator, and thank you all for joining us today. Let me close with what matters most, and that is Harrow's demand strength is stable. It's a foundation that supports my confidence in our future. With the high deductible season now behind us, we're moving into a period of accelerating growth, and execution. The first quarter included a discrete issue, that we have resolved. And that does not impact the long-term trajectory of this business. We spent the past several years building this platform. Expanding access, scaling our commercial organization, and positioning our portfolio for growth. That work is largely behind us. We're now entering a period, where the foundation translates. Into sustained revenue growth, and increasing profitability. Looking ahead, we have clear visibility into the drivers of our performance. From improving access, and pricing to new product contributions, and clinical milestones. Beyond that, we're actively shaping our next five-year strategic plan. With a clear path to scale our core assets, unlock additional value across the portfolio. And hopefully complete some accretive, and exciting acquisitions. When I step back, this is stronger, more scalable, and in my view, a more valuable company. Than at any point in our history. We truly appreciate your continued trust, and support. Thank you, and this will conclude our call. This concludes today's conference call. Thank you for participating, and you may now disconnect.

Speaker 8: Morning, and welcome to Harrow's First Quarter 2026 Earnings Conference Call. My name is Michelle, and I will be your operator for today's call. At this time, all participants are in a listen-only mode. Later, we will conduct a question-and-answer session. As a reminder, this conference is being recorded. I would now like to turn the call over to Mike Biega, Vice President of Investor Relations and Communications for Harrow. Please go ahead. Morning, and welcome to Harrow's First Quarter 2026 Earnings Conference Call. morning and welcome to harrow's first quarter 2026 earnings conference call My name is Michelle, and I will be your operator for today's call. my name is michelle and i will be your operator for today's call At this time, all participants are in a listen-only mode. at this time all participants are in a listen-only mode Later, we will conduct a question-and-answer session. later we will conduct a question-and-answer session As a reminder, this conference is being recorded. as a reminder this conference is being recorded I would now like to turn the call over to Mike Biega, Vice President of Investor Relations and Communications for Harrow. i would now like to turn the call over to mike biega vice president of investor relations and communications for harrow Please go ahead. please go ahead

Speaker 7: Thank you, operator. Good morning, and welcome to Harrow's First Quarter 2026 Earnings Conference Call. My name is Mike Biega, Vice President of Investor Relations and Communications, and I'm excited to be introducing today's call. The company's remarks may include forward-looking statements within the meaning of federal securities laws. Forward-looking statements are subject to numerous risks, and uncertainties. Many of which are beyond Harrow's control. Including risks, and uncertainties described from time to time in its SEC filings. Such as the risks, and uncertainties related to the company's ability. To make commercially available its FDA-approved products, and compounded formulations, and technologies. And FDA approval of certain drug candidates in a timely manner or at all. Thank you, operator. thank you operator Good morning, and welcome to Harrow's First Quarter 2026 Earnings Conference Call. good morning and welcome to harrow's first quarter 2026 earnings conference call My name is Mike Biega, Vice President of Investor Relations and Communications, and I'm excited to be introducing today's call. my name is mike biega vice president of investor relations and communications and i'm excited to be introducing today's call The company's remarks may include forward-looking statements within the meaning of federal securities laws. the company's remarks may include forward-looking statements within the meaning of federal securities laws Forward-looking statements are subject to numerous risks, and uncertainties. forward-looking statements are subject to numerous risks and uncertainties Many of which are beyond Harrow's control. many of which are beyond harrow's control Including risks, and uncertainties described from time to time in its SEC filings. including risks and uncertainties described from time to time in its sec filings Such as the risks, and uncertainties related to the company's ability. such as the risks and uncertainties related to the company's ability To make commercially available its FDA-approved products, and compounded formulations, and technologies. to make commercially available its fda-approved products and compounded formulations and technologies And FDA approval of certain drug candidates in a timely manner or at all. and fda approval of certain drug candidates in a timely manner or at all For a list, and description of those risks, and uncertainties. Please see the Risk Factors section of the company's most recent annual report on Form 10-K. And subsequent quarterly reports on Form 10-Q filed with the Securities and Exchange Commission. Harrow's results may differ materially from those projected. Harrow disclaims any intention or obligation. To update or revise any financial projections or forward-looking statements. Whether because of new information, future events, or otherwise. This conference call contains time-sensitive information, and is accurate only as of today. Joining me on today's call are Mark L. Baum, Chief Executive Officer, Andrew Boll, President and Chief Financial Officer. Pat Sullivan, Chief Commercial Officer, and Amir Shojaei, Chief Scientific Officer. I would like to turn the call over to Mark. Mark? For a list, and description of those risks, and uncertainties. for a list and description of those risks and uncertainties Please see the Risk Factors section of the company's most recent annual report on Form 10-K. please see the risk factors section of the company's most recent annual report on form 10-k And subsequent quarterly reports on Form 10-Q filed with the Securities and Exchange Commission. and subsequent quarterly reports on form 10-q filed with the securities and exchange commission Harrow's results may differ materially from those projected. harrow's results may differ materially from those projected Harrow disclaims any intention or obligation. harrow disclaims any intention or obligation To update or revise any financial projections or forward-looking statements. to update or revise any financial projections or forward-looking statements Whether because of new information, future events, or otherwise. whether because of new information future events or otherwise This conference call contains time-sensitive information, and is accurate only as of today. this conference call contains time-sensitive information and is accurate only as of today Joining me on today's call are Mark L. joining me on today's call are mark l Baum, Chief Executive Officer, Andrew Boll, President and Chief Financial Officer. baum chief executive officer andrew boll president and chief financial officer Pat Sullivan, Chief Commercial Officer, and Amir Shojaei, Chief Scientific Officer. pat sullivan chief commercial officer and amir shojaei chief scientific officer I would like to turn the call over to Mark. i would like to turn the call over to mark Mark? mark

Speaker 5: Thank you and good morning, everyone. To begin, as a growth-oriented business, the fuel for our success is and will always be demand. Without buyers seeing value in Harrow's products, ordering and reordering them, we wouldn't have a business. Demand is the key. From that standpoint, the underlying fundamentals of Harrow have never been stronger. While the headline revenue number this quarter reflects a specific isolated dynamic. Let me be clear to my fellow stockholders, our data demonstrates that demand for our key growth drivers is accelerating. Further, our market share capture is sustainable, and will translate into profitable revenue growth. The $8 million revenue reduction in the first quarter was specifically tied to VEVYE, as detailed in my letter to stockholders. Thank you and good morning, everyone. thank you and good morning everyone To begin, as a growth-oriented business, the fuel for our success is and will always be demand. to begin as a growth-oriented business the fuel for our success is and will always be demand Without buyers seeing value in Harrow's products, ordering and reordering them, we wouldn't have a business. without buyers seeing value in harrow's products ordering and reordering them we wouldn't have a business Demand is the key. demand is the key From that standpoint, the underlying fundamentals of Harrow have never been stronger. from that standpoint the underlying fundamentals of harrow have never been stronger While the headline revenue number this quarter reflects a specific isolated dynamic. while the headline revenue number this quarter reflects a specific isolated dynamic Let me be clear to my fellow stockholders, our data demonstrates that demand for our key growth drivers is accelerating. let me be clear to my fellow stockholders our data demonstrates that demand for our key growth drivers is accelerating Further, our market share capture is sustainable, and will translate into profitable revenue growth. further our market share capture is sustainable and will translate into profitable revenue growth The $8 million revenue reduction in the first quarter was specifically tied to VEVYE, as detailed in my letter to stockholders. the $8 million revenue reduction in the first quarter was specifically tied to vevye as detailed in my letter to stockholders The surge that we saw in demand from patients. With high deductibles from this new band of commercial coverage, that we were so excited about. It just outpaced our initial financial modeling assumptions. Andrew will discuss this in greater detail shortly. We identified this issue. We corrected it, and importantly, our fix to return to our net pricing assumptions. Has shown negligible impact on the underlying new prescription VEVYE demand. That's the key. With the high deductible season largely behind us, and new business rules in place. We expect to realize the full financial benefit of our expanded coverage moving forward, starting in the second quarter. I want to go back to demand, though, because a lack of demand in the face. Of a concerted commercial effort is nearly impossible to remedy. Across our portfolio, and specifically with our key growth driver products. We do not have that problem. The surge that we saw in demand from patients. the surge that we saw in demand from patients With high deductibles from this new band of commercial coverage, t hat we were so excited about. with high deductibles from this new band of commercial coverage, t hat we were so excited about It just outpaced our initial financial modeling assumptions. it just outpaced our initial financial modeling assumptions Andrew will discuss this in greater detail shortly. andrew will discuss this in greater detail shortly We identified this issue. we identified this issue We corrected it, and importantly, our fix to return to our net pricing assumptions. we corrected it and importantly our fix to return to our net pricing assumptions Has shown negligible impact on the underlying new prescription VEVYE demand. has shown negligible impact on the underlying new prescription vevye demand That's the key. that's the key With the high deductible season largely behind us, and new business rules in place. with the high deductible season largely behind us and new business rules in place We expect to realize the full financial benefit of our expanded coverage moving forward, starting in the second quarter. we expect to realize the full financial benefit of our expanded coverage moving forward starting in the second quarter I want to go back to demand, though, because a lack of demand in the face. i want to go back to demand though because a lack of demand in the face Of a concerted commercial effort is nearly impossible to remedy. of a concerted commercial effort is nearly impossible to remedy Across our portfolio, and specifically with our key growth driver products. across our portfolio and specifically with our key growth driver products We do not have that problem. we do not have that problem In fact, demand trends are strong, even for what is traditionally a weaker first quarter period. Due to standard industry seasonality. You've probably seen on LinkedIn that we've hired more than 90 new sales professionals. Our promised commercial investments, that is doubling our sales forces in dry eye, and surgical. And bolstering other teams are complete. We're now entering a period where the work we've been doing over the past several years. Is translating into meaningful, sustained growth, and demand. And this will in turn convert to revenue. Across VEVYE, IHEEZO, and TRIESENCE, our core growth drivers. We are seeing strong, durable demand trends that are at or above our internal expectations. In our business, once again, operational issues, they can be fixed. A lack of demand cannot. Let me provide some additional color on a few key products. In fact, demand trends are strong, even for what is traditionally a weaker first quarter period. in fact demand trends are strong even for what is traditionally a weaker first quarter period Due to standard industry seasonality. due to standard industry seasonality You've probably seen on LinkedIn that we've hired more than 90 new sales professionals. you've probably seen on linkedin that we've hired more than 90 new sales professionals Our promised commercial investments, that is doubling our sales forces in dry eye, and surgical. our promised commercial investments that is doubling our sales forces in dry eye and surgical And bolstering other teams are complete. and bolstering other teams are complete We're now entering a period where the work we've been doing over the past several years. we're now entering a period where the work we've been doing over the past several years Is translating into meaningful, sustained growth, and demand. is translating into meaningful sustained growth and demand And this will in turn convert to revenue. and this will in turn convert to revenue Across VEVYE, IHEEZO, and TRIESENCE, our core growth drivers. across vevye iheezo and triesence our core growth drivers We are seeing strong, durable demand trends that are at or above our internal expectations. we are seeing strong durable demand trends that are at or above our internal expectations In our business, once again, operational issues, they can be fixed. in our business once again operational issues they can be fixed A lack of demand cannot. a lack of demand cannot Let me provide some additional color on a few key products. let me provide some additional color on a few key products On VEVYE, we are seeing record prescription growth. Continued market share gains, and increasing prescriber adoption. The product has now reached a highly meaningful position in the market. Having officially surpassed Xiidra, in total prescriptions as of the end of March. As we continue to close the gap with other category leaders. Crucially, this happened with half the number of reps we now have deployed. We are positioned to see this momentum accelerate. Especially, as we continue to successfully gain additional positive coverage changes. Which we expect over the next 12 to 18 months. I'm especially pleased, that more recently we are seeing higher daily new prescription highs, and higher lows. Breaking demand trend lines for a chronic care product. To the upside is a very good thing. IHEEZO demand continues to build across both retina, and in-office accounts. On VEVYE, we are seeing record prescription growth. on vevye we are seeing record prescription growth Continued market share gains, and increasing prescriber adoption. continued market share gains and increasing prescriber adoption The product has now reached a highly meaningful position in the market. the product has now reached a highly meaningful position in the market Having officially surpassed Xiidra, in total prescriptions as of the end of March. having officially surpassed xiidra in total prescriptions as of the end of march As we continue to close the gap with other category leaders. as we continue to close the gap with other category leaders Crucially, this happened with half the number of reps we now have deployed. crucially this happened with half the number of reps we now have deployed We are positioned to see this momentum accelerate. we are positioned to see this momentum accelerate Especially, as we continue to successfully gain additional positive coverage changes. especially as we continue to successfully gain additional positive coverage changes Which we expect over the next 12 to 18 months. which we expect over the next 12 to 18 months I'm especially pleased, that more recently we are seeing higher daily new prescription highs, and higher lows. i'm especially pleased that more recently we are seeing higher daily new prescription highs and higher lows Breaking demand trend lines for a chronic care product. breaking demand trend lines for a chronic care product To the upside is a very good thing. IHEEZO demand continues to build across both retina, and in-office accounts. to the upside is a very good thing. iheezo demand continues to build across both retina and in-office accounts We're seeing record numbers of new accounts. This trend has continued into the second quarter. We are still early in unlocking the full opportunity here. As we move into the second half of the year. With improved pricing, new packaging, and upcoming clinical data. Specific to IHEEZO in retina procedures, we're positioning IHEEZO for a step change in growth. TRIESENCE is also demonstrating the kind of consistency that we expect. Even in what is typically a more challenging seasonal period for surgery. Demand continued to grow sequentially with increasing adoption, and strong reorder behavior. These are clear indicators that the product is gaining traction in clinical practice. Following my recent time in the field, with several large new TRIESENCE accounts. It is clear to me that our expansion into the surgical inflammation market is bearing fruit. And will be a part of our long-term revenue growth strategy. We're seeing record numbers of new accounts. we're seeing record numbers of new accounts This trend has continued into the second quarter. this trend has continued into the second quarter We are still early in unlocking the full opportunity here. we are still early in unlocking the full opportunity here As we move into the second half of the year. as we move into the second half of the year With improved pricing, new packaging, and upcoming clinical data. with improved pricing new packaging and upcoming clinical data Specific to IHEEZO in retina procedures, we're positioning IHEEZO for a step change in growth. specific to iheezo in retina procedures we're positioning iheezo for a step change in growth TRIESENCE is also demonstrating the kind of consistency that we expect. triesence is also demonstrating the kind of consistency that we expect Even in what is typically a more challenging seasonal period for surgery. even in what is typically a more challenging seasonal period for surgery Demand continued to grow sequentially with increasing adoption, and strong reorder behavior. demand continued to grow sequentially with increasing adoption and strong reorder behavior These are clear indicators that the product is gaining traction in clinical practice. these are clear indicators that the product is gaining traction in clinical practice Following my recent time in the field, with several large new TRIESENCE accounts. following my recent time in the field with several large new triesence accounts It is clear to me that our expansion into the surgical inflammation market is bearing fruit. it is clear to me that our expansion into the surgical inflammation market is bearing fruit And will be a part of our long-term revenue growth strategy. and will be a part of our long-term revenue growth strategy Our Access+ cash pay business, which includes both our branded, and compounded products. Having successfully worked through prior inventory constraints, is also on track. We are currently increasing safety stock, and expanding the Access+ sales team. Positioning this team to enter growth mode, so we can deliver essential. Affordable cash pay products that our customers rely on. As Pat will discuss shortly, these are the exact demand trends. We look for across our portfolio. Growing demand signals, expanding account adoption, and improving execution. Leading to greater breadth, and depth within those accounts. As I look at Harrow today, I've never been more confident, about where we are or where we're going. Simply put, the business is positioned beautifully for the balance of this year, and has never been more valuable. A few more points on the second half setup, though. Our Access+ cash pay business, which includes both our branded, and compounded products. our access+ cash pay business which includes both our branded and compounded products Having successfully worked through prior inventory constraints, is also on track. having successfully worked through prior inventory constraints is also on track We are currently increasing safety stock, and expanding the Access+ sales team. we are currently increasing safety stock and expanding the access+ sales team Positioning this team to enter growth mode, so we can deliver essential. positioning this team to enter growth mode so we can deliver essential Affordable cash pay products that our customers rely on. affordable cash pay products that our customers rely on As Pat will discuss shortly, these are the exact demand trends. as pat will discuss shortly these are the exact demand trends We look for across our portfolio. we look for across our portfolio Growing demand signals, expanding account adoption, and improving execution. growing demand signals expanding account adoption and improving execution Leading to greater breadth, and depth within those accounts. leading to greater breadth and depth within those accounts As I look at Harrow today, I've never been more confident, about where we are or where we're going. as i look at harrow today i've never been more confident about where we are or where we're going Simply put, the business is positioned beautifully for the balance of this year, and has never been more valuable. simply put the business is positioned beautifully for the balance of this year and has never been more valuable A few more points on the second half setup, though. a few more points on the second half setup though One, as I mentioned, we made targeted high conviction investments to scale our commercial platform. And unlock the full potential of our portfolio. We recruited top talent to Harrow. That work is now complete. We've built the commercial infrastructure, expanded our reach. And attracted the exact kind of talent that wins in this industry. What that means is straightforward. We now have the engine in place to convert the demand. That we're seeing into sustained revenue, and profitability performance. As we move forward, several factors support strong, and sustainable growth. First, our core products operate in large, under-penetrated markets with significant runways ahead. These are not short-cycle opportunities. These are durable growth platforms. Second, awareness is building. New account starts are accelerating. Breadth and depth within accounts are expanding. And these factors drive the value of our products. Within our customers' practices in a highly meaningful way. One, as I mentioned, we made targeted high conviction investments to scale our commercial platform. one as i mentioned we made targeted high conviction investments to scale our commercial platform And unlock the full potential of our portfolio. and unlock the full potential of our portfolio We recruited top talent to Harrow. we recruited top talent to harrow That work is now complete. that work is now complete We've built the commercial infrastructure, expanded our reach. we've built the commercial infrastructure expanded our reach And attracted the exact kind of talent that wins in this industry. and attracted the exact kind of talent that wins in this industry What that means is straightforward. what that means is straightforward We now have the engine in place to convert the demand. we now have the engine in place to convert the demand That we're seeing into sustained revenue, and profitability performance. that we're seeing into sustained revenue and profitability performance As we move forward, several factors support strong, and sustainable growth. as we move forward several factors support strong and sustainable growth First, our core products operate in large, under-penetrated markets with significant runways ahead. first our core products operate in large under-penetrated markets with significant runways ahead These are not short-cycle opportunities. these are not short-cycle opportunities These are durable growth platforms. these are durable growth platforms Second, awareness is building. second awareness is building New account starts are accelerating. new account starts are accelerating Breadth and depth within accounts are expanding. breadth and depth within accounts are expanding And these factors drive the value of our products. and these factors drive the value of our products Within our customers' practices in a highly meaningful way. within our customers' practices in a highly meaningful way Third, refill rates, and reorder rates. That are at or above our internal estimates, support bullish demand metrics for our key products. Fourth, the most challenging part of the year is behind us. Some of you have heard one of my mantras. And that is that at Harrow, we're not interested in mere activity. We celebrate economic accomplishment. We focus on economic accomplishment. As we move through the balance of 2026. We expect to see accelerating momentum, as our commercial investments. Fully translate into financial results or economic accomplishment. The non-recurring VEVYE revenue modeling dynamic does not change Harrow's trajectory. If anything, it reinforces how powerful the underlying business is, and what can come from VEVYE. Especially, as these new patients refill their prescriptions in a profitable way for our stockholders. We are executing, building momentum, and it is clearly showing in the demand data. Third, refill rates, and reorder rates. third refill rates and reorder rates That are at or above our internal estimates, support bullish demand metrics for our key products. that are at or above our internal estimates support bullish demand metrics for our key products Fourth, the most challenging part of the year is behind us. fourth the most challenging part of the year is behind us Some of you have heard one of my mantras. some of you have heard one of my mantras And that is that at Harrow, we're not interested in mere activity. and that is that at harrow we're not interested in mere activity We celebrate economic accomplishment. we celebrate economic accomplishment We focus on economic accomplishment. we focus on economic accomplishment As we move through the balance of 2026. as we move through the balance of 2026 We expect to see accelerating momentum, as our commercial investments. we expect to see accelerating momentum as our commercial investments Fully translate into financial results or economic accomplishment. fully translate into financial results or economic accomplishment The non-recurring VEVYE revenue modeling dynamic does not change Harrow's trajectory. the non-recurring vevye revenue modeling dynamic does not change harrow's trajectory If anything, it reinforces how powerful the underlying business is, and what can come from VEVYE. if anything it reinforces how powerful the underlying business is and what can come from vevye Especially, as these new patients refill their prescriptions in a profitable way for our stockholders. especially as these new patients refill their prescriptions in a profitable way for our stockholders We are executing, building momentum, and it is clearly showing in the demand data. we are executing building momentum and it is clearly showing in the demand data Because of this, underlying demand is tracking in line with or above our expectations. Therefore, we're fully reaffirming our 2026 revenue guidance, of between $350 million-$365 million for the full year. This accelerating commercial engine underpins our unified corporate initiative. To achieve $250 million in quarterly revenue by the end of 2027. I will now turn the call over to Andrew Boll, our President and Chief Financial Officer. Andrew? Because of this, underlying demand is tracking in line with or above our expectations. because of this underlying demand is tracking in line with or above our expectations Therefore, we're fully reaffirming our 2026 revenue guidance, of between $350 million-$365 million for the full year. therefore we're fully reaffirming our 2026 revenue guidance of between $350 million-$365 million for the full year This accelerating commercial engine underpins our unified corporate initiative. this accelerating commercial engine underpins our unified corporate initiative To achieve $250 million in quarterly revenue by the end of 2027. to achieve $250 million in quarterly revenue by the end of 2027 I will now turn the call over to Andrew Boll, our President and Chief Financial Officer. i will now turn the call over to andrew boll our president and chief financial officer Andrew? andrew

Speaker 2: Good morning, everyone. For the first quarter of 2026, we reported consolidated revenues of $44.2 million. And Adjusted EBITDA of -$12.7 million. As we previously communicated, Q1 was expected to be the lowest revenue quarter of the year. This reflects several factors. As expected, a minimal GAAP contribution, from IHEEZO as channel inventory is absorbed. And softer revenue from the compounding business, as we work through prior inventory constraints. Breaking down Q1 performance by product, VEVYE generated about $20.9 million in revenue. IHEEZO contributed $1.9 million, in line with expectations. Good morning, everyone. good morning everyone For the first quarter of 2026, we reported consolidated revenues of $44.2 million. for the first quarter of 2026 we reported consolidated revenues of $44.2 million And Adjusted EBITDA of - $12.7 million. and adjusted ebitda of - $12.7 million As we previously communicated, Q1 was expected to be the lowest revenue quarter of the year. as we previously communicated q1 was expected to be the lowest revenue quarter of the year This reflects several factors. this reflects several factors As expected, a minimal GAAP contribution, from IHEEZO as channel inventory is absorbed. as expected a minimal gaap contribution from iheezo as channel inventory is absorbed And softer revenue from the compounding business, as we work through prior inventory constraints. and softer revenue from the compounding business as we work through prior inventory constraints Breaking down Q1 performance by product, VEVYE generated about $20.9 million in revenue. breaking down q1 performance by product vevye generated about $20.9 million in revenue IHEEZO contributed $1.9 million, in line with expectations. iheezo contributed $1.9 million in line with expectations Our specialty TRIESENCE portfolio delivered $7.8 million, and Access+ revenue was $13.5 million. As Mark noted, during the quarter, we experienced a gross-to-net modeling dynamic related to the VEVYE coverage rollout. Which resulted in a discrete reduction of reported revenue by approximately $8 million. To provide additional financial context, ahead of the January 1 coverage launch. We implemented business rules based on specific assumptions regarding patient mix, and patient out-of-pocket costs. While January net pricing tracked in line with our forecast. The mix shifted sharply as the quarter progressed. We saw a significantly higher than anticipated proportion of high-deductible patients filling prescriptions. Through their pharmacy benefit, and our average out-of-pocket buydowns increased rapidly. This growing utilization drove incremental gross to net pressure beyond our internal assumptions. Resulting in lower realized net revenue per unit for the period. Our specialty TRIESENCE portfolio delivered $7.8 million, and Access+ revenue was $13.5 million. our specialty triesence portfolio delivered $7.8 million and access+ revenue was $13.5 million As Mark noted, during the quarter, we experienced a gross-to-net modeling dynamic related to the VEVYE coverage rollout. as mark noted during the quarter we experienced a gross-to-net modeling dynamic related to the vevye coverage rollout Which resulted in a discrete reduction of reported revenue by approximately $8 million. which resulted in a discrete reduction of reported revenue by approximately $8 million To provide additional financial context, ahead of the January 1 coverage launch. to provide additional financial context ahead of the january 1 coverage launch We implemented business rules based on specific assumptions regarding patient mix, and patient out-of-pocket costs. we implemented business rules based on specific assumptions regarding patient mix and patient out-of-pocket costs While January net pricing tracked in line with our forecast. while january net pricing tracked in line with our forecast The mix shifted sharply as the quarter progressed. the mix shifted sharply as the quarter progressed We saw a significantly higher than anticipated proportion of high-deductible patients filling prescriptions. we saw a significantly higher than anticipated proportion of high-deductible patients filling prescriptions Through their pharmacy benefit, and our average out-of-pocket buydowns increased rapidly. through their pharmacy benefit and our average out-of-pocket buydowns increased rapidly This growing utilization drove incremental gross to net pressure beyond our internal assumptions. this growing utilization drove incremental gross to net pressure beyond our internal assumptions Resulting in lower realized net revenue per unit for the period. resulting in lower realized net revenue per unit for the period Due to the standard industry lag in claims reporting. The full magnitude of this mix shift was confirmed in mid-April. We acted immediately, implementing targeted business rule changes. Including strict caps on co-pay buydowns, and other program refinements. To protect our net pricing going forward. These program changes have isolated this to be primarily a first-quarter issue. And we are now well-positioned to receive the complete economic benefit. We expect from our expanded coverage moving forward, beginning in Q2. Based on updated modeling, and what we have seen through April. Net pricing is much better aligned with our internal expectations. And should be notably higher than in the first quarter. Importantly, early indicators prove these changes, have not negatively impacted underlying demand or patient access to VEVYE. Due to the standard industry lag in claims reporting. due to the standard industry lag in claims reporting The full magnitude of this mix shift was confirmed in mid-April. the full magnitude of this mix shift was confirmed in mid-april We acted immediately, implementing targeted business rule changes. we acted immediately implementing targeted business rule changes Including strict caps on co-pay buydowns, and other program refinements. including strict caps on co-pay buydowns and other program refinements To protect our net pricing going forward. to protect our net pricing going forward These program changes have isolated this to be primarily a first-quarter issue. these program changes have isolated this to be primarily a first-quarter issue And we are now well-positioned to receive the complete economic benefit. and we are now well-positioned to receive the complete economic benefit We expect from our expanded coverage moving forward, beginning in Q2. we expect from our expanded coverage moving forward beginning in q2 Based on updated modeling, and what we have seen through April. based on updated modeling and what we have seen through april Net pricing is much better aligned with our internal expectations. net pricing is much better aligned with our internal expectations And should be notably higher than in the first quarter. and should be notably higher than in the first quarter Importantly, early indicators prove these changes, have not negatively impacted underlying demand or patient access to VEVYE. importantly early indicators prove these changes have not negatively impacted underlying demand or patient access to vevye Given these adjustments, and current demand trends. We expect VEVYE to deliver sequential growth, and remain fully on track. To exceed our $100 million revenue outlook for the year. Looking ahead to the second quarter, we expect total revenues to be in the range of $71 million-$81 million. At the product level, VEVYE is expected to show sequential growth. We should set the IHEEZO revenue start back in Q2. Though likely still below prior year levels due to channel dynamics, and dependent upon stocking levels. Associated with our new five-pack presentation. We will also begin to recognize initial revenues from BYOOVIZ, as distributors take on initial stocking orders. As Mark already stated, we are reiterating our full-year 2026 revenue guidance of $350 million-$365 million. Given these adjustments, and current demand trends. given these adjustments and current demand trends We expect VEVYE to deliver sequential growth, and remain fully on track. we expect vevye to deliver sequential growth and remain fully on track To exceed our $100 million revenue outlook for the year. to exceed our $100 million revenue outlook for the year Looking ahead to the second quarter, we expect total revenues to be in the range of $71 million-$81 million. looking ahead to the second quarter we expect total revenues to be in the range of $71 million-$81 million At the product level, VEVYE is expected to show sequential growth. at the product level vevye is expected to show sequential growth We should set the IHEEZO revenue start back in Q2. we should set the iheezo revenue start back in q2 Though likely still below prior year levels due to channel dynamics, and dependent upon stocking levels. though likely still below prior year levels due to channel dynamics and dependent upon stocking levels Associated with our new five-pack presentation. associated with our new five-pack presentation We will also begin to recognize initial revenues from BYOOVIZ, as distributors take on initial stocking orders. we will also begin to recognize initial revenues from byooviz as distributors take on initial stocking orders As Mark already stated, we are reiterating our full-year 2026 revenue guidance of $350 million-$365 million. as mark already stated we are reiterating our full-year 2026 revenue guidance of $350 million-$365 million Based on current demand trends, and customer interactions. We expect the second half of the year to be even stronger than initially anticipated. We have clear visibility into several catalysts, that support this robust second half. Including continued growth in demand across our core commercial drivers. Full deployment of the expanded VEVYE sales force with a modest impact in Q2, and a highly meaningful contribution beginning in the second half of the year. Realization of the full financial benefit from expanded coverage for VEVYE. Following our mid-April business rule adjustments. The commercial launch of BYOOVIZ on July first. The permanent J-Codes for IOPIDINE 1% becoming effective July one. Potentially expanding utilization in the in-office procedural setting. An approximate 20%-25% improvement in IHEEZO net pricing. Along with the introduction of multi-unit packaging beginning in Q3. Based on current demand trends, and customer interactions. based on current demand trends and customer interactions We expect the second half of the year to be even stronger than initially anticipated. we expect the second half of the year to be even stronger than initially anticipated We have clear visibility into several catalysts, that support this robust second half. we have clear visibility into several catalysts that support this robust second half Including continued growth in demand across our core commercial drivers. including continued growth in demand across our core commercial drivers Full deployment of the expanded VEVYE sales force with a modest impact in Q2, and a highly meaningful contribution beginning in the second half of the year. full deployment of the expanded vevye sales force with a modest impact in q2 and a highly meaningful contribution beginning in the second half of the year Realization of the full financial benefit from expanded coverage for VEVYE. realization of the full financial benefit from expanded coverage for vevye Following our mid-April business rule adjustments. following our mid-april business rule adjustments The commercial launch of BYOOVIZ on July first. the commercial launch of byooviz on july first The permanent J-Codes for IOPIDINE 1% becoming effective July one. the permanent j-codes for iopidine 1% becoming effective july one Potentially expanding utilization in the in-office procedural setting. potentially expanding utilization in the in-office procedural setting An approximate 20%-25% improvement in IHEEZO net pricing. an approximate 20%-25% improvement in iheezo net pricing Along with the introduction of multi-unit packaging beginning in Q3. along with the introduction of multi-unit packaging beginning in q3 Upcoming clinical milestones for IHEEZO, including initial retina data. At the ASRS Meeting in July, and top-line results from the qual study in the fourth quarter. Finally, continued growth in TRIESENCE, building on the momentum in ocular inflammation. With a dedicated sales force that recently doubled in size. Taken together, these drivers give us high confidence in accelerating growth. And improved financial performance, as we move through the remainder of 2026. I'll now turn it over to Chief Commercial Officer, Pat Sullivan. Upcoming clinical milestones for IHEEZO, including initial retina data. upcoming clinical milestones for iheezo including initial retina data At the ASRS Meeting in July, and top- line results from the qual study in the fourth quarter. at the asrs meeting in july and top- line results from the qual study in the fourth quarter Finally, continued growth in TRIESENCE, building on the momentum in ocular inflammation. finally continued growth in triesence building on the momentum in ocular inflammation With a dedicated sales force that recently doubled in size. with a dedicated sales force that recently doubled in size Taken together, these drivers give us high confidence in accelerating growth. taken together these drivers give us high confidence in accelerating growth And improved financial performance, as we move through the remainder of 2026. and improved financial performance as we move through the remainder of 2026 I'll now turn it over to Chief Commercial Officer, Pat Sullivan. i'll now turn it over to chief commercial officer pat sullivan

Speaker 9: Thanks, Andrew. Good morning, everyone. I will detail the commercial execution across our portfolio. The thread that runs through every one of these slides is exactly the same. Demand is accelerating, access is improving, and our scaled commercial organization. Is now actively converting that demand into revenue. Starting with VEVYE, the four numbers at the top of this slide tell the demand story. New prescriptions grew approximately 25% sequentially. Total prescriptions grew about 11%, our prescriber base expanded by another 12% sequentially. And we exited March at roughly 14% branded share. Officially surpassing Xiidra on a monthly TRx basis, and steadily gaining ground on MIEBO. Crucially, all of this was achieved with a smaller sales force of fewer than 50 representatives. Thanks, Andrew. thanks andrew Good morning, everyone. good morning everyone I will detail the commercial execution across our portfolio. i will detail the commercial execution across our portfolio The thread that runs through every one of these slides is exactly the same. the thread that runs through every one of these slides is exactly the same Demand is accelerating, access is improving, and our scaled commercial organization. demand is accelerating access is improving and our scaled commercial organization Is now actively converting that demand into revenue. is now actively converting that demand into revenue Starting with VEVYE, the four numbers at the top of this slide tell the demand story. starting with vevye the four numbers at the top of this slide tell the demand story New prescriptions grew approximately 25% sequentially. new prescriptions grew approximately 25% sequentially Total prescriptions grew about 11%, our prescriber base expanded by another 12% sequentially. total prescriptions grew about 11% our prescriber base expanded by another 12% sequentially And we exited March at roughly 14% branded share. and we exited march at roughly 14% branded share Officially surpassing Xiidra on a monthly TRx basis, and steadily gaining ground on MIEBO. officially surpassing xiidra on a monthly trx basis and steadily gaining ground on miebo Crucially, all of this was achieved with a smaller sales force of fewer than 50 representatives. crucially all of this was achieved with a smaller sales force of fewer than 50 representatives Now that we have doubled the VEVYE team. We are aggressively deploying these new reps into both uncovered, and underserved territories. Which will directly fuel further growth in NRx, and TRx. This is happening in a market that has real underlying tailwinds. The dry eye category has grown 20% year-over-year, in prescription volume in each of the last two years. And VEVYE was effectively the only branded product to grow in Q1. We're actively taking share in expanding market. And that is the absolute cleanest signal you can get, that the brand is winning on its own Merit. Moving to IHEEZO, demand continues to build. Unit demand grew 18% year-over-year. New ordering accounts increased 21% in the quarter, and total accounts are up nearly 50% versus last year. Now that we have doubled the VEVYE team. now that we have doubled the vevye team We are aggressively deploying these new reps into both uncovered, and underserved territories. we are aggressively deploying these new reps into both uncovered and underserved territories Which will directly fuel further growth in NRx, and TRx. which will directly fuel further growth in nrx and trx This is happening in a market that has real underlying tailwinds. this is happening in a market that has real underlying tailwinds The dry eye category has grown 20% year-over-year, in prescription volume in each of the last two years. the dry eye category has grown 20% year-over-year in prescription volume in each of the last two years And VEVYE was effectively the only branded product to grow in Q1. and vevye was effectively the only branded product to grow in q1 We're actively taking share in expanding market. And that is the absolute cleanest signal you can get, that the brand is winning on its own Merit. we're actively taking share in expanding market. and that is the absolute cleanest signal you can get that the brand is winning on its own merit Moving to IHEEZO, demand continues to build. moving to iheezo demand continues to build Unit demand grew 18% year-over-year. unit demand grew 18% year-over-year New ordering accounts increased 21% in the quarter, and total accounts are up nearly 50% versus last year. new ordering accounts increased 21% in the quarter and total accounts are up nearly 50% versus last year Retina remains the core driver, representing over 80% of volume. The momentum we saw in Q1 has continued in the early part of Q2. Interest in IHEEZO continues to build. With demand increasing, and new accounts continuing to come on board. There is substantial runway ahead within the retina market. We are starting to see early, and encouraging signs of adoption in the in-office setting. That expanding interest across settings reflects growing physician, familiarity, and confidence in the product. And reinforces our view of the broader long-term opportunity for IHEEZO. Looking ahead, this growth story is driven by two engines. Continued momentum in retina, and expansion into the broader in-office market. What underpins both is a very strong refill dynamic. Once a practice adopts IHEEZO, they continue to reorder. We also have four distinct catalysts, that will drive the next step change in growth. Retina remains the core driver, representing over 80% of volume. retina remains the core driver representing over 80% of volume The momentum we saw in Q1 has continued in the early part of Q2. the momentum we saw in q1 has continued in the early part of q2 Interest in IHEEZO continues to build. interest in iheezo continues to build With demand increasing, and new accounts continuing to come on board. with demand increasing and new accounts continuing to come on board There is substantial runway ahead within the retina market. there is substantial runway ahead within the retina market We are starting to see early, and encouraging signs of adoption in the in-office setting. That expanding interest across settings reflects growing physician, familiarity, and confidence in the product. we are starting to see early and encouraging signs of adoption in the in-office setting. that expanding interest across settings reflects growing physician familiarity and confidence in the product And reinforces our view of the broader long-term opportunity for IHEEZO. and reinforces our view of the broader long-term opportunity for iheezo Looking ahead, this growth story is driven by two engines. looking ahead this growth story is driven by two engines Continued momentum in retina, and expansion into the broader in-office market. continued momentum in retina and expansion into the broader in-office market What underpins both is a very strong refill dynamic. what underpins both is a very strong refill dynamic Once a practice adopts IHEEZO, they continue to reorder. once a practice adopts iheezo they continue to reorder We also have four distinct catalysts, that will drive the next step change in growth. we also have four distinct catalysts that will drive the next step change in growth First, expanding into the full in-office market. Adds more than $2.5 million procedures to the addressable opportunity. This expansion is underway, and off to a strong start. Second, the first available retina-specific clinical data begins reading out in July. Followed by additional data in the fourth quarter. Which is designed to accelerate adoption. Third, we are launching multi-unit packaging tailored for high-volume practices. Fourth, we expect a meaningful improvement in net pricing in the second half of the year. These four catalysts completely underpin our conviction, in IHEEZO's accelerating trajectory from Q3 onward. On TRIESENCE, the headline number is 136% year-over-year unit volume. March alone was up 113% year-over-year. This is now our sixth consecutive quarter of demand growth, and unit demand has grown roughly 250% over those six quarters. First, expanding into the full in-office market. first, expanding into the full in-office market Adds more than $2.5 million procedures to the addressable opportunity. adds more than $2.5 million procedures to the addressable opportunity This expansion is underway, and off to a strong start. this expansion is underway and off to a strong start Second, the first available retina-specific clinical data begins reading out in July. second, the first available retina-specific clinical data begins reading out in july Followed by additional data in the fourth quarter. followed by additional data in the fourth quarter Which is designed to accelerate adoption. which is designed to accelerate adoption Third, we are launching multi-unit packaging tailored for high-volume practices. third, we are launching multi-unit packaging tailored for high-volume practices Fourth, we expect a meaningful improvement in net pricing in the second half of the year. fourth, we expect a meaningful improvement in net pricing in the second half of the year These four catalysts completely underpin our conviction, in IHEEZO's accelerating trajectory from Q3 onward. these four catalysts completely underpin our conviction in iheezo's accelerating trajectory from q3 onward On TRIESENCE, the headline number is 136% year-over-year unit volume. on triesence the headline number is 136% year-over-year unit volume March alone was up 113% year-over-year. march alone was up 113% year-over-year This is now our sixth consecutive quarter of demand growth, and unit demand has grown roughly 250% over those six quarters. this is now our sixth consecutive quarter of demand growth and unit demand has grown roughly 250% over those six quarters The composition of this growth matters, 44% of Q1 volume came from the ocular surgery account. And we expect that segment to drive the majority of new volume going forward. New account growth was approximately 28% sequentially. We are seeing increasing integration into the procedural workflows. Particularly among cataract surgeons, driven by the product's ability to simplify postoperative care, and improve the patient experience. That value proposition is directly translating into reordering. In addition, our label expansion study in cataract surgery, and pain is underway. Which is positioned to materially expand the long-term opportunity. This slide is a reminder of the sheer breadth of what sits behind our three lead products. We have one of, if not the largest portfolios of ophthalmic prescription medications in the U.S. market. Spanning specialty steroids, NSAIDs, and anti-inflammatories, antihistamines, antibiotics. Plus the most comprehensive ophthalmic compounded portfolio in the U.S. market. The composition of this growth matters, 44% of Q1 volume came from the ocular surgery account. the composition of this growth matters 44% of q1 volume came from the ocular surgery account And we expect that segment to drive the majority of new volume going forward. and we expect that segment to drive the majority of new volume going forward New account growth was approximately 28% sequentially. new account growth was approximately 28% sequentially We are seeing increasing integration into the procedural workflows. we are seeing increasing integration into the procedural workflows Particularly among cataract surgeons, driven by the product's ability to simplify postoperative care, and improve the patient experience. particularly among cataract surgeons driven by the product's ability to simplify postoperative care and improve the patient experience That value proposition is directly translating into reordering. that value proposition is directly translating into reordering In addition, our label expansion study in cataract surgery, and pain is underway. in addition our label expansion study in cataract surgery and pain is underway Which is positioned to materially expand the long-term opportunity. which is positioned to materially expand the long-term opportunity This slide is a reminder of the sheer breadth of what sits behind our three lead products. this slide is a reminder of the sheer breadth of what sits behind our three lead products We have one of, if not the largest portfolios of ophthalmic prescription medications in the U.S. market. we have one of if not the largest portfolios of ophthalmic prescription medications in the u.s market Spanning specialty steroids, NSAIDs, and anti-inflammatories, antihistamines, antibiotics. spanning specialty steroids nsaids and anti-inflammatories antihistamines antibiotics Plus the most comprehensive ophthalmic compounded portfolio in the U.S. market. plus the most comprehensive ophthalmic compounded portfolio in the u.s market Two highlights from Q1. We secured the IOPIDINE J-Codes, which I will cover in a moment. And we are unlocking the value of two additional historically underappreciated assets. Each of these assets is positioned to enter new on-label markets, and contribute meaningful incremental revenue. Brinzolamide is the first, and only label product for Vernal Keratoconjunctivitis. A devastating form of severe ocular allergies that affects children, and adults. Our research clearly shows the degree to which the disease is underdiagnosed. We intend to share our plans regarding brinzolamide opportunity in the near term. The second is NATACYN, a product for fungal blepharitis, and other sight-threatening fungal infections. We are conducting a study for that product, and will share more information later this year. Two highlights from Q1. two highlights from q1 We secured the IOPIDINE J-Codes, which I will cover in a moment. we secured the iopidine j-codes which i will cover in a moment And we are unlocking the value of two additional historically underappreciated assets. and we are unlocking the value of two additional historically underappreciated assets Each of these assets is positioned to enter new on-label markets, and contribute meaningful incremental revenue. each of these assets is positioned to enter new on-label markets and contribute meaningful incremental revenue Brinzolamide is the first, and only label product for Vernal Keratoconjunctivitis. brinzolamide is the first and only label product for vernal keratoconjunctivitis A devastating form of severe ocular allergies that affects children, and adults. a devastating form of severe ocular allergies that affects children and adults Our research clearly shows the degree to which the disease is underdiagnosed. our research clearly shows the degree to which the disease is underdiagnosed We intend to share our plans regarding brinzolamide opportunity in the near term. we intend to share our plans regarding brinzolamide opportunity in the near term The second is NATACYN, a product for fungal blepharitis, and other sight-threatening fungal infections. the second is natacyn a product for fungal blepharitis and other sight-threatening fungal infections We are conducting a study for that product, and will share more information later this year. we are conducting a study for that product and will share more information later this year Lastly, within our Access+ cash pay business, our supply chain operations. Successfully cleared the backorders accumulated last year. For certain compounded products, rebuilt inventory across the key stock. Keeping units, and completely restored the operational confidence our customers expect. Let me close on IOPIDINE 1%. The only FDA-approved therapy, to prevent intraocular pressure spikes. Following various in-office procedures, backed by strong, well-established clinical data supporting its use in this setting. Despite that clinical profile, IOPIDINE has historically been underutilized for one specific reason. Physicians had no reimbursement pathway, and the product sat as a cost center within capitated fees. That fundamentally changes on July first when the permanent J-Codes takes effect at ASP +6%. Physician incentives are now perfectly aligned with evidence-based practice. The addressable market for laser procedures alone exceeds $1.5 million annual use cases. There is no FDA-approved alternative with an established J-Codes. Lastly, within our Access+ cash pay business, our supply chain operations. lastly within our access+ cash pay business our supply chain operations Successfully cleared the backorders accumulated last year. successfully cleared the backorders accumulated last year For certain compounded products, rebuilt inventory across the key stock. for certain compounded products rebuilt inventory across the key stock Keeping units, and completely restored the operational confidence our customers expect. keeping units and completely restored the operational confidence our customers expect Let me close on IOPIDINE 1%. let me close on iopidine 1% The only FDA-approved therapy, to prevent intraocular pressure spikes. the only fda-approved therapy to prevent intraocular pressure spikes Following various in-office procedures, backed by strong, well-established clinical data supporting its use in this setting. following various in-office procedures backed by strong well-established clinical data supporting its use in this setting Despite that clinical profile, IOPIDINE has historically been underutilized for one specific reason. despite that clinical profile iopidine has historically been underutilized for one specific reason Physicians had no reimbursement pathway, and the product sat as a cost center within capitated fees. physicians had no reimbursement pathway and the product sat as a cost center within capitated fees That fundamentally changes on July first when the permanent J-Codes takes effect at ASP + 6%. that fundamentally changes on july first when the permanent j-codes takes effect at asp + 6% Physician incentives are now perfectly aligned with evidence-based practice. physician incentives are now perfectly aligned with evidence-based practice The addressable market for laser procedures alone exceeds $1.5 million annual use cases. the addressable market for laser procedures alone exceeds $1.5 million annual use cases There is no FDA-approved alternative with an established J-Codes. there is no fda-approved alternative with an established j-codes Critically, IOPIDINE runs through the exact same in-office call point as IHEEZO. Meaning we are directly leveraging existing commercial relationships rather than building new ones. We expect this to be highly incremental, high margin contributor. As we move through the second half of this year. To summarize the commercial picture, VEVYE is taking share in a growing market, and now has the access. And sales force density to dramatically accelerate. IHEEZO's demand continues to grow sequentially, armed with four independent growth catalysts landing in the second half. Alongside continued strength in retina, and a highly successful expansion into the in-office setting. TRIESENCE has delivered six straight quarters of growth. With a major label expansion in motion. IOPIDINE hits a critical reimbursement inflection on July 1, that unlocks a market that has been waiting for it. Critically, IOPIDINE runs through the exact same in-office call point as IHEEZO. critically iopidine runs through the exact same in-office call point as iheezo Meaning we are directly leveraging existing commercial relationships rather than building new ones. meaning we are directly leveraging existing commercial relationships rather than building new ones We expect this to be highly incremental, high margin contributor. we expect this to be highly incremental high margin contributor As we move through the second half of this year. as we move through the second half of this year To summarize the commercial picture, VEVYE is taking share in a growing market, and now has the access. to summarize the commercial picture vevye is taking share in a growing market and now has the access And sales force density to dramatically accelerate. and sales force density to dramatically accelerate IHEEZO's demand continues to grow sequentially, armed with four independent growth catalysts landing in the second half. iheezo's demand continues to grow sequentially armed with four independent growth catalysts landing in the second half Alongside continued strength in retina, and a highly successful expansion into the in-office setting. alongside continued strength in retina and a highly successful expansion into the in-office setting TRIESENCE has delivered six straight quarters of growth. triesence has delivered six straight quarters of growth With a major label expansion in motion. with a major label expansion in motion IOPIDINE hits a critical reimbursement inflection on July 1, that unlocks a market that has been waiting for it. iopidine hits a critical reimbursement inflection on july 1 that unlocks a market that has been waiting for it Demand across the entire portfolio is robust, and our commercial organization has never been better positioned to convert it. With that, I will now turn the call over to Amir. To discuss the assets we recently acquired from Melt Pharmaceuticals. Demand across the entire portfolio is robust, and our commercial organization has never been better positioned to convert it. demand across the entire portfolio is robust and our commercial organization has never been better positioned to convert it With that, I will now turn the call over to Amir. with that i will now turn the call over to amir To discuss the assets we recently acquired from Melt Pharmaceuticals. to discuss the assets we recently acquired from melt pharmaceuticals

Speaker 1: Thanks, Pat. I wanted to spend a few minutes on MELT-300, our IV- and opioid-free procedural sedation candidate. Having spent nearly 30 years in drug development advancing major global assets. I view MELT-300 as a pipeline candidate of the highest caliber. It is uniquely positioned to disrupt standard procedural sedation, and positively impact millions of patients. Regarding our clinical, and regulatory progress. Following the acquisition of Melt, the program's required deliverables included three pharmacokinetic studies, and a non-clinical toxicology study. We have successfully initiated all of these programs. The non-clinical study is now in the reporting phase, and the first pharmacokinetic study has also been completed. And is in the CSR drafting stage. The other two PK studies are the renal, and hepatic impairment study. Both of which are underway, and we anticipate final reports in Q4 2026. On the manufacturing front, our integration, and scale-up activities are advancing rapidly. Thanks, Pat. thanks pat I wanted to spend a few minutes on MELT-300, our IV- and opioid-free procedural sedation candidate. i wanted to spend a few minutes on melt-300 our iv- and opioid-free procedural sedation candidate Having spent nearly 30 years in drug development advancing major global assets. having spent nearly 30 years in drug development advancing major global assets I view MELT-300 as a pipeline candidate of the highest caliber. i view melt-300 as a pipeline candidate of the highest caliber It is uniquely positioned to disrupt standard procedural sedation, and positively impact millions of patients. it is uniquely positioned to disrupt standard procedural sedation and positively impact millions of patients Regarding our clinical, and regulatory progress. regarding our clinical and regulatory progress Following the acquisition of Melt, the program's required deliverables included three pharmacokinetic studies, and a non-clinical toxicology study. We have successfully initiated all of these programs. following the acquisition of melt the program's required deliverables included three pharmacokinetic studies and a non-clinical toxicology study. we have successfully initiated all of these programs The non-clinical study is now in the reporting phase, and the first pharmacokinetic study has also been completed. the non-clinical study is now in the reporting phase and the first pharmacokinetic study has also been completed And is in the CSR drafting stage. and is in the csr drafting stage The other two PK studies are the renal, and hepatic impairment study. the other two pk studies are the renal and hepatic impairment study Both of which are underway, and we anticipate final reports in Q4 2026. both of which are underway and we anticipate final reports in q4 2026 On the manufacturing front, our integration, and scale-up activities are advancing rapidly. on the manufacturing front our integration and scale-up activities are advancing rapidly A major manufacturing campaign scheduled for later this quarter. Will formalize the data package required for our NDA submission. Based on our current trajectory, we remain firmly on track with our targeted timelines. By our next quarterly call, we expect to provide a definitive update, regarding our pre-NDA meeting date with the FDA. With that, I would now like to turn it over to our operator for Q&A. A major manufacturing campaign scheduled for later this quarter. a major manufacturing campaign scheduled for later this quarter Will formalize the data package required for our NDA submission. will formalize the data package required for our nda submission Based on our current trajectory, we remain firmly on track with our targeted timelines. based on our current trajectory we remain firmly on track with our targeted timelines By our next quarterly call, we expect to provide a definitive update, regarding our pre-NDA meeting date with the FDA. by our next quarterly call we expect to provide a definitive update regarding our pre-nda meeting date with the fda With that, I would now like to turn it over to our operator for Q&A. with that i would now like to turn it over to our operator for q&a

Speaker 8: Thank you. To ask a question, please press star one one on your telephone, and wait for your name to be announced. And to withdraw your question, please press star one one again. We do ask that you please limit to one question, and one follow-up. Our first question will come from Tamar Abernathy with Cantor. Thank you. To ask a question, please press star one one on your telephone, and wait for your name to be announced. And to withdraw your question, please press star one one again. thank you. to ask a question, please press star one one on your telephone, and wait for your name to be announced. and to withdraw your question, please press star one one again We do ask that you please limit to one question, and one follow-up. we do ask that you please limit to one question and one follow-up Our first question will come from Tamar Abernathy with Cantor. our first question will come from tamar abernathy with cantor

Speaker 10: Hi. Thank you so much. This is Tamar Abernathy on for Steve Seedhouse. In terms of VEVYE, could you talk about the gross to net adjustment in more detail. And to what extent this was driven by typical seasonality, and maybe what were the major buckets? you know, such as co-pay assistance, high deductible buydowns. You know, cash pay economics, and to what extent this gross-to-net adjustment is isolated to Q1? Thank you so much. Hi. hi Thank you so much. thank you so much This is Tamar Abernathy on for Steve Seedhouse. this is tamar abernathy on for steve seedhouse In terms of VEVYE, could you talk about the gross to net adjustment in more detail. in terms of vevye could you talk about the gross to net adjustment in more detail And to what extent this was driven by typical seasonality, and maybe what were the major buckets? you know, such as co-pay assistance, high deductible buydowns. and to what extent this was driven by typical seasonality and maybe what were the major buckets you know such as co-pay assistance high deductible buydowns You know, cash pay economics, and to what extent this gross-to-net adjustment is isolated to Q1? you know cash pay economics and to what extent this gross-to-net adjustment is isolated to q1 Thank you so much. thank you so much

Speaker 5: Thank you, Tamar. First of all, the first quarter, typically for Part D products. With the deductibles resetting is always a challenging period for these types of products. As we noted, I think, in one of our documents, the dry eye category for the first quarter. Was actually down in total prescriptions. In fact, the branded market was down 18%. That's in the face of the overall category improving, better than 20% for the last two years. What we highlight, and what I think is important. Is that our NRx growth, our new prescription growth, was actually up 25%. Sequentially in the face of a branded market that was down 18%. Our TRx growth was up 11%, once again, in the face of a branded market that was down 18%. Thank you, Tamar. thank you tamar First of all, the first quarter, typically for Part D products. first of all the first quarter typically for part d products With the deductibles resetting is always a challenging period for these types of products. with the deductibles resetting is always a challenging period for these types of products As we noted, I think, in one of our documents, the dry eye category for the first quarter. as we noted i think in one of our documents the dry eye category for the first quarter Was actually down in total prescriptions. was actually down in total prescriptions In fact, the branded market was down 18%. in fact the branded market was down 18% That's in the face of the overall category improving, better than 20% for the last two years. that's in the face of the overall category improving better than 20% for the last two years What we highlight, and what I think is important. what we highlight and what i think is important Is that our NRx growth, our new prescription growth, was actually up 25%. is that our nrx growth our new prescription growth was actually up 25% Sequentially in the face of a branded market that was down 18%. sequentially in the face of a branded market that was down 18% Our TRx growth was up 11%, once again, in the face of a branded market that was down 18%. our trx growth was up 11% once again in the face of a branded market that was down 18% With CVS specifically, the new benefit manager that we brought on. The new coverage on the commercial side, we were up 170%. In sequential growth with that set of plans alone. We did very well. What I would say is, I want Andrew to comment on this, is that, you know. We had to make a bet with our model in terms of, what the likely volume would be for patients with high deductibles. Frankly, the surge in volume that we saw was so large. That it really just exceeded the modeling that Andrew, and his team had done. On the one hand, it's a bad thing to see this $8 million revenue reduction as a result of this. With CVS specifically, the new benefit manager that we brought on. with cvs specifically the new benefit manager that we brought on The new coverage on the commercial side, we were up 170%. the new coverage on the commercial side we were up 170% In sequential growth with that set of plans alone. in sequential growth with that set of plans alone We did very well. we did very well What I would say is, I want Andrew to comment on this, is that, you know. what i would say is i want andrew to comment on this is that you know We had to make a bet with our model in terms of, what the likely volume would be for patients with high deductibles. we had to make a bet with our model in terms of what the likely volume would be for patients with high deductibles Frankly, the surge in volume that we saw was so large. frankly the surge in volume that we saw was so large That it really just exceeded the modeling that Andrew, and his team had done. that it really just exceeded the modeling that andrew and his team had done On the one hand, it's a bad thing to see this $8 million revenue reduction as a result of this. on the one hand it's a bad thing to see this $8 million revenue reduction as a result of this On the other hand, we do know that we retain these commercial patients for a long time. While we didn't do as well with these patients during the month of January, and February, and March. We're gonna do very well with them on a go-forward basis. Andrew, do you wanna specifically add to that regarding gross-to-net in the first quarter, and any co-pay assistance? On the other hand, we do know that we retain these commercial patients for a long time. on the other hand we do know that we retain these commercial patients for a long time While we didn't do as well with these patients during the month of January, and February, and March. while we didn't do as well with these patients during the month of january and february and march We're gonna do very well with them on a go-forward basis. we're gonna do very well with them on a go-forward basis Andrew, do you wanna specifically add to that regarding gross- to- net in the first quarter, and any co-pay assistance? andrew do you wanna specifically add to that regarding gross- to- net in the first quarter and any co-pay assistance

Speaker 2: Yeah. Tamar, thanks for the question. Just to kind of add on to what Mark was saying. As we kind of looked at the average net pricing for these CVS patients in particular, and our out-of-pocket pay-down for patients in general. The CVS patients were coming in about 40% higher on a out-of-pocket buydown amount. Than any other covered patient for us. As obviously, when we modeled things, we didn't expect that buydown to be significantly higher for these patients. Yeah. yeah Tamar, thanks for the question. tamar thanks for the question Just to kind of add on to what Mark was saying. just to kind of add on to what mark was saying As we kind of looked at the average net pricing for these CVS patients in particular, and our out-of-pocket pay-down for patients in general. as we kind of looked at the average net pricing for these cvs patients in particular and our out-of-pocket pay-down for patients in general The CVS patients were coming in about 40% higher on a out-of-pocket buydown amount. the cvs patients were coming in about 40% higher on a out-of-pocket buydown amount Than any other covered patient for us. than any other covered patient for us As obviously, when we modeled things, we didn't expect that buydown to be significantly higher for these patients. as obviously when we modeled things we didn't expect that buydown to be significantly higher for these patients Once we accumulated all the data, and could make a decision based on the trends in mid-April. We adjusted those rules to basically take down the amount out-of-pocket buydowns. We were putting into that patient bucket. We also made some tweaks, that will affect patients on other plans as well. But should improve net pricing. I think it'll have minimal impact on what the patient's actual out-of-pocket is. I think in some cases, actually, the patient's out-of-pocket will get better. Based on just some of these tweaks we did to the business rule. Once we accumulated all the data, and could make a decision based on the trends in mid-April. once we accumulated all the data and could make a decision based on the trends in mid-april We adjusted those rules to basically take down the amount out-of-pocket buydowns . We were putting into that patient bucket. we adjusted those rules to basically take down the amount out-of-pocket buydowns . we were putting into that patient bucket We also made some tweaks, that will affect patients on other plans as well. we also made some tweaks that will affect patients on other plans as well But should improve net pricing. but should improve net pricing I think it'll have minimal impact on what the patient's actual out-of-pocket is. i think it'll have minimal impact on what the patient's actual out-of-pocket is I think in some cases, actually, the patient's out-of-pocket will get better. i think in some cases actually the patient's out-of-pocket will get better Based on just some of these tweaks we did to the business rule. based on just some of these tweaks we did to the business rule As we kind of talk through the initial trends that we're seeing. Importantly, is that there's minimal to no impact to demand. At least what we're seeing through the first, these first few weeks of implementation of the new business rules. Importantly, we will now go from those CVS patients essentially being on average, negative revenue. To much more positive, and contributing to overall net revenue for on a go-forward basis. As we kind of talk through the initial trends that we're seeing. as we kind of talk through the initial trends that we're seeing Importantly, is that there's minimal to no impact to demand. importantly is that there's minimal to no impact to demand At least what we're seeing through the first, these first few weeks of implementation of the new business rules. at least what we're seeing through the first these first few weeks of implementation of the new business rules Importantly, we will now go from those CVS patients essentially being on average, negative revenue. importantly we will now go from those cvs patients essentially being on average negative revenue To much more positive, and contributing to overall net revenue for on a go-forward basis. to much more positive and contributing to overall net revenue for on a go-forward basis

Speaker 8: Thank you. And the next question's gonna come from Chase Knickerbocker with Craig-Hallum. Your line's open. Thank you. thank you And the next question's gonna come from Chase Knickerbocker with Craig-Hallum. and the next question's gonna come from chase knickerbocker with craig-hallum Your line's open. your line's open

Speaker 3: Good morning, guys. Thanks for taking the questions. Maybe just to kind of ask it directly on VEVYE around ASPs. You had mentioned kind of an $8 million, you know, impact. If the business rules had been changed, you know, for the entirety of the first quarter. As we look kind of in Q2, and onward. I mean, that's about a, you know, call it mid-30s% kind of impact. Is that what we should be assuming, sort of from a potential increase of ASP? Or maybe, you know, just making sure that. I'm kind of thinking about that the right way. Thanks. Good morning, guys. good morning guys Thanks for taking the questions. thanks for taking the questions Maybe just to kind of ask it directly on VEVYE around ASPs. maybe just to kind of ask it directly on vevye around asps You had mentioned kind of an $8 million, you know, impact. you had mentioned kind of an $8 million you know impact If the business rules had been changed, you know, for the entirety of the first quarter. if the business rules had been changed you know for the entirety of the first quarter As we look kind of in Q2, and onward. as we look kind of in q2 and onward I mean, that's about a, you know, call it mid-30s% kind of impact. i mean that's about a you know call it mid-30s% kind of impact Is that what we should be assuming, sort of from a potential increase of ASP? is that what we should be assuming sort of from a potential increase of asp Or maybe, you know, just making sure that. or maybe you know just making sure that I'm kind of thinking about that the right way. i'm kind of thinking about that the right way Thanks. thanks

Speaker 5: Andrew, I don't know that we can give a specific answer regarding ASP. But I know that you've done some calculations on. What the likely improvement is, and it's impressive. Do you wanna try and tackle that one? Andrew, I don't know that we can give a specific answer regarding ASP. andrew i don't know that we can give a specific answer regarding asp But I know that you've done some calculations on. but i know that you've done some calculations on What the likely improvement is, and it's impressive. what the likely improvement is and it's impressive Do you wanna try and tackle that one? do you wanna try and tackle that one

Speaker 2: Yeah. Chase, obviously, that's assuming status quo. I think that's a reasonable assumption to assume roughly 30% increase. Yeah. yeah Chase, obviously, that's assuming status quo. chase obviously that's assuming status quo I think that's a reasonable assumption to assume roughly 30% increase. i think that's a reasonable assumption to assume roughly 30% increase

Speaker 3: Helpful. Thank you. Maybe just you guys have a couple weeks of additional bill. Visibility relative to us, obviously, on kind of the VEVYE data. So far since, those business rule changes, could you maybe just give us some commenta,ry. As far as what you've seen in recent weeks as it relates to volume, just kind of confirming this isn't having an impact? Maybe around those, around that, Andrew, if you could kind of explain in a little bit greater detail. How the out-of-pockets could actually kind of be coming down for these patients? With these business changes, respecting the fact that there's a lot of detail here. Thank you. Helpful. helpful Thank you. thank you Maybe just you guys have a couple weeks of additional bill. maybe just you guys have a couple weeks of additional bill Visibility relative to us, obviously, on kind of the VEVYE data. visibility relative to us obviously on kind of the vevye data So far since, those business rule changes, could you maybe just give us some commenta,ry. so far since those business rule changes could you maybe just give us some commenta,ry As far as what you've seen in recent weeks as it relates to volume, just kind of confirming this isn't having an impact? as far as what you've seen in recent weeks as it relates to volume just kind of confirming this isn't having an impact Maybe around those, around that, Andrew, if you could kind of explain in a little bit greater detail. maybe around those around that andrew if you could kind of explain in a little bit greater detail How the out-of-pockets could actually kind of be coming down for these patients? how the out-of-pockets could actually kind of be coming down for these patients With these business changes, respecting the fact that there's a lot of detail here. with these business changes respecting the fact that there's a lot of detail here Thank you. thank you

Speaker 5: Thanks for that, Chase. Yeah, in terms of VEVYE volumes, more recently in the last, let's say, 20 days even. I think I mentioned this in my stockholder letter. But I watch the new prescription volumes like a hawk. I mean, literally multiple times a day, we have a dashboard that gives us real-time data as to what's coming in. I know, for example, you know, at 4:00 o'clock Central, what the likely total day volume will be. Because we've got a lot of data in our system in terms of, you know. What the balance of the day will look like as the Mountain Time, and Pacific physicians begin to write for VEVYE. Thanks for that, Chase. thanks for that chase Yeah, in terms of VEVYE volumes, more recently in the last, let's say, 20 days even. yeah in terms of vevye volumes more recently in the last let's say 20 days even I think I mentioned this in my stockholder letter. i think i mentioned this in my stockholder letter But I watch the new prescription volumes like a hawk. but i watch the new prescription volumes like a hawk I mean, literally multiple times a day, we have a dashboard that gives us real-time data as to what's coming in. i mean literally multiple times a day we have a dashboard that gives us real-time data as to what's coming in I know, for example, you know, at 4:00 o'clock Central, what the likely total day volume will be. i know for example you know at 4:00 o'clock central what the likely total day volume will be Because we've got a lot of data in our system in terms of, you know. because we've got a lot of data in our system in terms of you know What the balance of the day will look like as the Mountain Time, and Pacific physicians begin to write for VEVYE. what the balance of the day will look like as the mountain time and pacific physicians begin to write for vevye I think what I'm really pleased with, and I mentioned this in my opening remarks. Is that I am seeing higher highs, and higher lows in the last 15 days, especially. I think that's as a result of these new reps. Actually being out in the field, making the calls, and their work beginning to bear fruit. That's really exciting. In particular, I'm seeing days in the week. That are usually lower in volume than other days in the week, now all of a sudden. They're popping up, breaking trend lines, and becoming much better days in the week. We're having record days, record weeks, and as I said, higher highs, and higher lows. That's really positive, we can see those trend lines breaking. I think what I'm really pleased with, and I mentioned this in my opening remarks. i think what i'm really pleased with and i mentioned this in my opening remarks Is that I am seeing higher highs, and higher lows in the last 15 days, especially. is that i am seeing higher highs and higher lows in the last 15 days especially I think that's as a result of these new reps. i think that's as a result of these new reps Actually being out in the field, making the calls, and their work beginning to bear fruit. actually being out in the field making the calls and their work beginning to bear fruit That's really exciting. that's really exciting In particular, I'm seeing days in the week. in particular i'm seeing days in the week That are usually lower in volume than other days in the week, now all of a sudden. that are usually lower in volume than other days in the week now all of a sudden They're popping up, breaking trend lines, and becoming much better days in the week. they're popping up breaking trend lines and becoming much better days in the week We're having record days, record weeks, and as I said, higher highs, and higher lows. we're having record days record weeks and as i said higher highs and higher lows That's really positive, we can see those trend lines breaking. that's really positive we can see those trend lines breaking The work that we are doing out in the field. With this doubling of the sales force is beginning to have an impact. Andrew, do you wanna talk about patient out-of-pocket? The work that we are doing out in the field. the work that we are doing out in the field With this doubling of the sales force is beginning to have an impact. with this doubling of the sales force is beginning to have an impact Andrew, do you wanna talk about patient out-of-pocket? andrew do you wanna talk about patient out-of-pocket

Speaker 2: Yeah. Chase, I'm gonna try to speak to this without giving too much detail. Because a lot of our competitors listen to this call as well. What I would say is we are gonna leverage our VAFA program, and cash pay program with some of those patients as well. Which, you know, as you know, the cash pay price there is $59 for the product. Yeah. yeah Chase, I'm gonna try to speak to this without giving too much detail. chase i'm gonna try to speak to this without giving too much detail Because a lot of our competitors listen to this call as well. because a lot of our competitors listen to this call as well What I would say is we are gonna leverage our VAFA program, and cash pay program with some of those patients as well. what i would say is we are gonna leverage our vafa program and cash pay program with some of those patients as well Which, you know, as you know, the cash pay price there is $59 for the product. which you know as you know the cash pay price there is $59 for the product

Speaker 3: Helpful, guys. Thank you. Helpful, guys. helpful guys Thank you. thank you

Speaker 8: Thank you. The next question comes from Lachlan Hanbury-Brown with William Blair. Your line's open. Thank you. thank you The next question comes from Lachlan Hanbury-Brown with William Blair. the next question comes from lachlan hanbury-brown with william blair Your line's open. your line's open

Speaker 4: Hey, guys. Thanks for the question. I guess maybe I'll ask one on IHEEZO. Just how should we think about the dynamics in Q2? Is channel inventory sort of largely normalized at this point? How do we think about the sort of sunsetting of the current packaging versus the introduction of the new packaging? And how that may impact Q2? Hey, guys. hey guys Thanks for the question. thanks for the question I guess maybe I'll ask one on IHEEZO. i guess maybe i'll ask one on iheezo Just how should we think about the dynamics in Q2? just how should we think about the dynamics in q2 Is channel inventory sort of largely normalized at this point? is channel inventory sort of largely normalized at this point How do we think about the sort of sunsetting of the current packaging versus the introduction of the new packaging? how do we think about the sort of sunsetting of the current packaging versus the introduction of the new packaging And how that may impact Q2? and how that may impact q2

Speaker 5: Yeah. I'll make a few comments, Lachlan, and then turn it over to Andrew. You know, I think a couple of important data points. One is 2025, we saw 30% of our unit volume come from the ASC setting. I think you know that. The ASC setting in the Q1 period was down to 18%. I think as I said in the stockholder letter, we should be able to eclipse. The entirety of that ASC volume through the in-office sales. That we're beginning to see flow by the end of the year. That's very promising. Obviously, we've now moved to a five-pack presentation. You know, we've made some, you know, I think very significant improvements, to ASP that'll begin to kick in in the third quarter. Yeah. yeah I'll make a few comments, Lachlan, and then turn it over to Andrew. i'll make a few comments lachlan and then turn it over to andrew You know, I think a couple of important data points. you know i think a couple of important data points One is 2025, we saw 30% of our unit volume come from the ASC setting. one is 2025 we saw 30% of our unit volume come from the asc setting I think you know that. i think you know that The ASC setting in the Q1 period was down to 18%. the asc setting in the q1 period was down to 18% I think as I said in the stockholder letter, we should be able to eclipse. i think as i said in the stockholder letter we should be able to eclipse The entirety of that ASC volume through the in-office sales. the entirety of that asc volume through the in-office sales That we're beginning to see flow by the end of the year. that we're beginning to see flow by the end of the year That's very promising. that's very promising Obviously, we've now moved to a five-pack presentation. obviously we've now moved to a five-pack presentation You know, we've made some, you know, I think very significant improvements, to ASP that'll begin to kick in in the third quarter. you know we've made some you know i think very significant improvements to asp that'll begin to kick in in the third quarter I think we even referenced the figure of, you know, better than 20% improvement. That's really, I think, important. I think what our sales force is particularly excited about. Is finally having some retina-specific data, to be able to present to accounts. Everything that we've done, you know, we've got a few percentage points of market share, but not many. The vast majority of the market opportunity remains under-penetrated, unpenetrated. We believe that this data is going to certainly help us. That's showing up, by the way, in Q2. We're seeing record new account starts, and that I think bodes well. For not only the second quarter, but the third quarter, and beyond. That's what I think gives us so much confidence in our reiteration of our guidance. I think we even referenced the figure of, you know, better than 20% improvement. i think we even referenced the figure of you know better than 20% improvement That's really, I think, important. that's really i think important I think what our sales force is particularly excited about. i think what our sales force is particularly excited about Is finally having some retina-specific data, to be able to present to accounts. is finally having some retina-specific data to be able to present to accounts Everything that we've done, you know, we've got a few percentage points of market share, but not many. everything that we've done you know we've got a few percentage points of market share but not many The vast majority of the market opportunity remains under-penetrated, unpenetrated. the vast majority of the market opportunity remains under-penetrated unpenetrated We believe that this data is going to certainly help us. we believe that this data is going to certainly help us That's showing up, by the way, in Q2. that's showing up by the way in q2 We're seeing record new account starts, and that I think bodes well. we're seeing record new account starts and that i think bodes well For not only the second quarter, but the third quarter, and beyond. for not only the second quarter but the third quarter and beyond That's what I think gives us so much confidence in our reiteration of our guidance. that's what i think gives us so much confidence in our reiteration of our guidance Andrew, do you wanna talk about the stocking dynamic, and what to expect in Q2 versus Q3? Andrew, do you wanna talk about the stocking dynamic, and what to expect in Q2 versus Q3? andrew do you wanna talk about the stocking dynamic and what to expect in q2 versus q3

Speaker 2: Yeah, absolutely. Hey, Lachlan. Second quarter revenue for IHEEZO, we're expecting to be still be somewhat muted. Especially compared to second quarter last year. We're still working through that remainder of channel inventory that was taken in Q4, and the loss of pass-through. To Mark's, Mark and Pat's points, you know, we're seeing a big increase in demand, especially on the retina side. A lot of new accounts coming through. Yeah, absolutely. yeah absolutely Hey, Lachlan. hey lachlan Second quarter revenue for IHEEZO, we're expecting to be still be somewhat muted. second quarter revenue for iheezo we're expecting to be still be somewhat muted Especially compared to second quarter last year. especially compared to second quarter last year We're still working through that remainder of channel inventory that was taken in Q4, and the loss of pass-through. we're still working through that remainder of channel inventory that was taken in q4 and the loss of pass-through To Mark's, Mark and Pat's points, you know, we're seeing a big increase in demand, especially on the retina side. to mark's mark and pat's points you know we're seeing a big increase in demand especially on the retina side A lot of new accounts coming through. a lot of new accounts coming through So a lot of that, any revenue that we're gonna be booking will be below last year. But we should start seeing revenue increasing from my IHEEZO, and then get to more of a normalized level beginning in Q3 and Q4. Especially as we introduce this new multi-pack option. Which we will commercially launch in July of this year. So a lot of that, any revenue that we're gonna be booking will be below last year. so a lot of that, any revenue that we're gonna be booking will be below last year But we should start seeing revenue increasing from my IHEEZO, and then get to more of a normalized level beginning in Q3 and Q4. but we should start seeing revenue increasing from my iheezo and then get to more of a normalized level beginning in q3 and q4 Especially as we introduce this new multi-pack option. especially as we introduce this new multi-pack option Which we will commercially launch in July of this year. which we will commercially launch in july of this year

Speaker 4: Maybe if I could just also ask one on IOPIDINE 1% with the new J-Codes. Sort of how should we think about that adoption, and the market opportunity? Obviously, a lot of procedures out there where it could be used? But just as we think about, you know, how it changes in terms of the contribution it makes starting in Q3? Is that gonna be a meaningful driver of the back half, or is it more incremental, especially in light of, you know, some of the changes with VEVYE and IHEEZO trials? Maybe if I could just also ask one on IOPIDINE 1% with the new J-Codes. maybe if i could just also ask one on iopidine 1% with the new j-codes Sort of how should we think about that adoption, and the market opportunity? sort of how should we think about that adoption and the market opportunity Obviously, a lot of procedures out there where it could be used? obviously a lot of procedures out there where it could be used But just as we think about, you know, how it changes in terms of the contribution it makes starting in Q3? but just as we think about you know how it changes in terms of the contribution it makes starting in q3 Is that gonna be a meaningful driver of the back half, or is it more incremental, especially in light of, you know, some of the changes with VEVYE and IHEEZO trials? is that gonna be a meaningful driver of the back half or is it more incremental especially in light of you know some of the changes with vevye and iheezo trials

Speaker 5: Yeah, I would definitely say it's gonna be an incremental contributor on the launch. You know, in the third quarter, and the fourth quarter of this year. We're more bullish on the contribution, you know, in terms of it showing up relative to our overall size, in 2027. We're really pleased to have a J-Codes. It is a sizable market. Frankly, the laser procedure market, which is what we kinda quote in terms of the overall TAM. At better than 1.5 million annual procedures, is really only a fraction of the potential use cases of the product. There are a lot of procedures that occur in, on the office. That can induce a pressure spike. Yeah, I would definitely say it's gonna be an incremental contributor on the launch. yeah i would definitely say it's gonna be an incremental contributor on the launch You know, in the third quarter, and the fourth quarter of this year. you know in the third quarter and the fourth quarter of this year We're more bullish on the contribution, you know, in terms of it showing up relative to our overall size, in 2027. we're more bullish on the contribution you know in terms of it showing up relative to our overall size in 2027 We're really pleased to have a J-Codes. we're really pleased to have a j-codes It is a sizable market. it is a sizable market Frankly, the laser procedure market, which is what we kinda quote in terms of the overall TAM. frankly the laser procedure market which is what we kinda quote in terms of the overall tam At better than 1.5 million annual procedures, is really only a fraction of the potential use cases of the product. at better than 1.5 million annual procedures is really only a fraction of the potential use cases of the product There are a lot of procedures that occur in, on the office. there are a lot of procedures that occur in, on the office That can induce a pressure spike. that can induce a pressure spike And right now, these offices are using, you know, a variety of off-label products, once again, that are paid for out of a capitated fee. I think that the opportunity to use something that is on label. That is reimbursable, at ASP Plus, is very attractive. And we've done a meaningful amount of market research to validate that. We're pleased to get that launched. It'll be incremental this year. It'll show up, I think, you know, with bigger numbers in 2027. And right now, these offices are using, you know, a variety of off-label products, once again, that are paid for out of a capitated fee. and right now these offices are using you know a variety of off-label products once again that are paid for out of a capitated fee I think that the opportunity to use something that is on label. i think that the opportunity to use something that is on label That is reimbursable, at ASP Plus, is very attractive. that is reimbursable at asp plus is very attractive And we've done a meaningful amount of market research to validate that. and we've done a meaningful amount of market research to validate that We're pleased to get that launched. we're pleased to get that launched It'll be incremental this year. it'll be incremental this year It'll show up, I think, you know, with bigger numbers in 2027. it'll show up i think you know with bigger numbers in 2027

Speaker 8: Thank you. Our next question is gonna come from Tom Shrader with BTIG. Your line is open. Thank you. thank you Our next question is gonna come from Tom Shrader with BTIG. our next question is gonna come from tom shrader with btig Your line is open. your line is open

Speaker 12: Good morning. Thanks for taking the questions. Kind of one more on VEVYE. Can you give us a remedial rundown of the information flow? Why you learned so late? Why it took four months for you to get a hint that this problem was going on? I feel like you warned on everything this quarter, but then this one hit. Is that solved? Then, one quick one on IHEEZO. It's interesting to see you still have 18% ASC use. Do you think that's stable? Do you think that's people who like it enough, that are eating the cost, or is that 18% gonna continue to decline? Thank you. Good morning. good morning Thanks for taking the questions. thanks for taking the questions Kind of one more on VEVYE. kind of one more on vevye Can you give us a remedial rundown of the information flow? W hy you learned so late? can you give us a remedial rundown of the information flow? w hy you learned so late Why it took four months for you to get a hint that this problem was going on? why it took four months for you to get a hint that this problem was going on I feel like you warned on everything this quarter, but then this one hit. i feel like you warned on everything this quarter but then this one hit Is that solved? is that solved Then, one quick one on IHEEZO. then one quick one on iheezo It's interesting to see you still have 18% ASC use. it's interesting to see you still have 18% asc use Do you think that's stable? do you think that's stable Do you think that's people who like it enough, t hat are eating the cost, or is that 18% gonna continue to decline? do you think that's people who like it enough, t hat are eating the cost or is that 18% gonna continue to decline Thank you. thank you

Speaker 5: Thank you for that, Tom. I'm gonna take the last question first, and then I'll ask Andrew Boll to talk about timing. Cause I think it's really important. Our stockholders, I think, hopefully will appreciate after Andrew Boll explains this. Why this is not a real-time situation. You can't just make a decision, change business rules on a real-time basis. And that we actually acted expeditiously once, you know, we figured this out, and Andrew Boll will talk on that. In terms of IHEEZO, and the ASC. The IHEEZO business in the ASC is going to go, and probably is now at zero. These ASCs are not going to be purchasing IHEEZO for procedures in that environment. Thank you for that, Tom. thank you for that tom I'm gonna take the last question first, and then I'll ask Andrew Boll to talk about timing. i'm gonna take the last question first and then i'll ask andrew boll to talk about timing Cause I think it's really important. cause i think it's really important Our stockholders, I think, hopefully will appreciate after Andrew Boll explains this. our stockholders i think hopefully will appreciate after andrew boll explains this Why this is not a real-time situation. why this is not a real-time situation You can't just make a decision, change business rules on a real-time basis. you can't just make a decision change business rules on a real-time basis And that we actually acted expeditiously once, you know, we figured this out, and Andrew Boll will talk on that. and that we actually acted expeditiously once you know we figured this out and andrew boll will talk on that In terms of IHEEZO, and the ASC. in terms of iheezo and the asc The IHEEZO business in the ASC is going to go, and probably is now at zero. the iheezo business in the asc is going to go and probably is now at zero These ASCs are not going to be purchasing IHEEZO for procedures in that environment. these ascs are not going to be purchasing iheezo for procedures in that environment What we can say is that the unit volumes that we formerly had. And I'm not talking about the 18%, that we had in the first quarter. But I'm talking about a more normalized view of what we had in the year 2025. In the ASC environment when those units represented 30% of the overall volume. Those are the unit volumes that we expect to replace, with in-office use cases by the end of the year. It's a larger number overall, and it will contribute meaningfully. I think, to, you know, our revenue in 2026, and certainly in 2027. Yeah, the ASC business is gonna go to zero. What we can say is that the unit volumes that we formerly had. what we can say is that the unit volumes that we formerly had And I'm not talking about the 18%, that we had in the first quarter. and i'm not talking about the 18% that we had in the first quarter But I'm talking about a more normalized view of what we had in the year 2025. but i'm talking about a more normalized view of what we had in the year 2025 In the ASC environment when those units represented 30% of the overall volume. in the asc environment when those units represented 30% of the overall volume Those are the unit volumes that we expect to replace, with in-office use cases by the end of the year. those are the unit volumes that we expect to replace with in-office use cases by the end of the year It's a larger number overall, and it will contribute meaningfully. it's a larger number overall and it will contribute meaningfully I think, to, you know, our revenue in 2026, and certainly in 2027. i think to you know our revenue in 2026 and certainly in 2027 Yeah, the ASC business is gonna go to zero. yeah the asc business is gonna go to zero The good news for us is that we have durable, sustainable reimbursement in the in-office market. I would say we have nearly pervasive coverage. Nearly pervasive coverage, better than 95% coverage, and a prior authorization rate that is sub-5%. Extraordinary coverage in office, and that is durable. Andrew, do you describe, you know, I think in more detail the timing of the work that you, and your team did on the business rules? The good news for us is that we have durable, sustainable reimbursement in the in-office market. the good news for us is that we have durable sustainable reimbursement in the in-office market I would say we have nearly pervasive coverage. i would say we have nearly pervasive coverage Nearly pervasive coverage, better than 95% coverage, and a prior authorization rate that is sub-5%. nearly pervasive coverage better than 95% coverage and a prior authorization rate that is sub-5% Extraordinary coverage in office, and that is durable. extraordinary coverage in office and that is durable Andrew, do you describe, you know, I think in more detail the timing of the work that you, and your team did on the business rules? andrew do you describe you know i think in more detail the timing of the work that you and your team did on the business rules

Speaker 2: Yep. Yeah, absolutely, Tom. Appreciate the question. First of all, it's more than just one data set. That we use to assess, and calculate a lot of these figures. It's co-pay data, it's the claims data from the payer. It's script data from our partners, and IQVIA that we're using. As we're getting that data, you know, we're making assumptions. January, which came in, you know, middle of February. When you have all of the data, and we can calculate, and analyze it. That came in pretty much in line with what we were anticipating. Middle of February, we thought we were in pretty good shape. Yep. yep Yeah, absolutely, Tom. yeah absolutely tom Appreciate the question. appreciate the question First of all, it's more than just one data set. first of all it's more than just one data set That we use to assess, and calculate a lot of these figures. that we use to assess and calculate a lot of these figures It's co-pay data, it's the claims data from the payer. it's co-pay data it's the claims data from the payer It's script data from our partners, and IQVIA that we're using. it's script data from our partners and iqvia that we're using As we're getting that data, you know, we're making assumptions. as we're getting that data you know we're making assumptions January, which came in, you know, middle of February. january which came in you know middle of february When you have all of the data, and we can calculate, and analyze it. when you have all of the data and we can calculate and analyze it That came in pretty much in line with what we were anticipating. that came in pretty much in line with what we were anticipating Middle of February, we thought we were in pretty good shape. middle of february we thought we were in pretty good shape When the February data came in, that's when sort of our antennas went up. Those numbers were coming in much higher, than we thought or anticipated. We didn't wanna make a decision based on that single data point. That single data point being the month of February. We wanted to see how March came in. Unfortunately, when March came in, which the final accumulation of data came in, mid to late April, you know, we knew we had to make changes. I think we had a final data set that we were able to act on on a Friday. We worked over the weekend, and had the new business rules out to the partners, Sunday night. When the February data came in, that's when sort of our antennas went up. when the february data came in that's when sort of our antennas went up Those numbers were coming in much higher, than we thought or anticipated. those numbers were coming in much higher than we thought or anticipated We didn't wanna make a decision based on that single data point. we didn't wanna make a decision based on that single data point That single data point being the month of February. that single data point being the month of february We wanted to see how March came in. we wanted to see how march came in Unfortunately, when March came in, which the final accumulation of data came in, mid to late April, you know, we knew we had to make changes. unfortunately when march came in which the final accumulation of data came in mid to late april you know we knew we had to make changes I think we had a final data set that we were able to act on on a Friday. i think we had a final data set that we were able to act on on a friday We worked over the weekend, and had the new business rules out to the partners, Sunday night. we worked over the weekend and had the new business rules out to the partners sunday night We try to make decisions based on trends, and not data points. That's what we did in this case. We worked as quickly as possible to get those changes in place. I think going forward, we should see much better improvement on pricing for the product. Especially in the case of some of these covered scripts, that we've been talking about. We try to make decisions based on trends, and not data points. we try to make decisions based on trends and not data points That's what we did in this case. that's what we did in this case We worked as quickly as possible to get those changes in place. we worked as quickly as possible to get those changes in place I think going forward, we should see much better improvement on pricing for the product. i think going forward we should see much better improvement on pricing for the product Especially in the case of some of these covered scripts, that we've been talking about. especially in the case of some of these covered scripts that we've been talking about

Speaker 12: Perfect. That's useful detail. Thank you. Perfect. perfect That's useful detail. that's useful detail Thank you. thank you

Speaker 8: Thank you. Our next question will come from Mayank Mamtani with B. Riley Securities. Your line's open. Thank you. thank you Our next question will come from Mayank Mamtani with B. our next question will come from mayank mamtani with b Riley Securities. riley securities Your line's open. your line's open

Speaker 6: Yes. Good morning, team. Thanks for taking our questions. Regarding the 100 reps hired in a relatively short period of time. Mark, could you touch on what sort of experience they bring in? And how you anticipate demand to inflate further as a result of that in second half? I don't know if I heard a commercial mix, you know, of the total NRx that you're seeing. If you could maybe give a little bit more color on also how, you know, these reps can have an impact on improving commercial mix? I think in prepared remarks, Mark, you said there are some positive insurance reimbursement developments for VEVYE. If you could maybe lay that out in this 12-18 month period. Yes. yes Good morning, team. good morning team Thanks for taking our questions. thanks for taking our questions Regarding the 100 reps hired in a relatively short period of time. regarding the 100 reps hired in a relatively short period of time Mark, could you touch on what sort of experience they bring in? mark could you touch on what sort of experience they bring in And how you anticipate demand to inflate further as a result of that in second half? and how you anticipate demand to inflate further as a result of that in second half I don't know if I heard a commercial mix, you know, of the total NRx that you're seeing. i don't know if i heard a commercial mix you know of the total nrx that you're seeing If you could maybe give a little bit more color on also how, you know, these reps can have an impact on improving commercial mix? if you could maybe give a little bit more color on also how you know these reps can have an impact on improving commercial mix I think in prepared remarks, Mark, you said there are some positive insurance reimbursement developments for VEVYE. i think in prepared remarks mark you said there are some positive insurance reimbursement developments for vevye If you could maybe lay that out in this 12-18 month period. if you could maybe lay that out in this 12-18 month period

Speaker 5: Pat, do you wanna talk about the tenure of some of these new reps? Pat, do you wanna talk about the tenure of some of these new reps? pat do you wanna talk about the tenure of some of these new reps

Speaker 9: Thanks, Mark. Thanks for your question. You know, as we talked about, this is all about demand. The indicators that we're seeing are very positive. You know, as Mark mentioned in the letter, and previously on the call. You know, we were able to deliver in Q1 the growth with a generally small team of 50 representatives. What we're most excited about in our expansion, is the recruitment approach that we used. You know, many reps that we recruited have ophthalmic experience in their exact areas. I think we have a range of experience on the anterior side. That I think is gonna position us well for many of the other, you know, competitors in our space right now as we sit today. Thanks, Mark. thanks mark Thanks for your question. thanks for your question You know, as we talked about, this is all about demand. you know as we talked about this is all about demand The indicators that we're seeing are very positive. the indicators that we're seeing are very positive You know, as Mark mentioned in the letter, and previously on the call. you know as mark mentioned in the letter and previously on the call You know, we were able to deliver in Q1 the growth with a generally small team of 50 representatives. you know we were able to deliver in q1 the growth with a generally small team of 50 representatives What we're most excited about in our expansion, is the recruitment approach that we used. what we're most excited about in our expansion is the recruitment approach that we used You know, many reps that we recruited have ophthalmic experience in their exact areas. you know many reps that we recruited have ophthalmic experience in their exact areas I think we have a range of experience on the anterior side. i think we have a range of experience on the anterior side That I think is gonna position us well for many of the other, you know, competitors in our space right now as we sit today. that i think is gonna position us well for many of the other you know competitors in our space right now as we sit today We're super excited about that team that's been out there arguably. A few weeks as it sits right now. As Mark mentioned, our early indicators in Q2 are showing positive signs, and we are just getting started. I would expect ongoing growth acceleration because of the new profile we have. Our representatives are out there. I think, you know, as Mark mentioned in Q1, we wanted to get them out as soon as possible. But I can tell you that we took a very diligent approach to make sure that we, you know, recruited the right reps. At the same time, put them through a very rigorous approach. To make sure that they were stepping in the field. To make impact immediately, to grow VEVYE. The signs are very positive for us at this point in time. We're super excited about that team that's been out there arguably. we're super excited about that team that's been out there arguably A few weeks as it sits right now. a few weeks as it sits right now As Mark mentioned, our early indicators in Q2 are showing positive signs, and we are just getting started. as mark mentioned our early indicators in q2 are showing positive signs and we are just getting started I would expect ongoing growth acceleration because of the new profile we have. i would expect ongoing growth acceleration because of the new profile we have Our representatives are out there. our representatives are out there I think, you know, as Mark mentioned in Q1, we wanted to get them out as soon as possible. i think you know as mark mentioned in q1 we wanted to get them out as soon as possible But I can tell you that we took a very diligent approach to make sure that we, you know, recruited the right reps. but i can tell you that we took a very diligent approach to make sure that we you know recruited the right reps At the same time, put them through a very rigorous approach. at the same time put them through a very rigorous approach To make sure that they were stepping in the field. to make sure that they were stepping in the field To make impact immediately, to grow VEVYE. to make impact immediately to grow vevye The signs are very positive for us at this point in time. the signs are very positive for us at this point in time Like I said, I mean, we're super encouraged, and on the prospects for growth going forward. The team, as we said, has been out there for only a few weeks. I think more to follow here in Q2 about the progress they make with their customers. Early signs expect more growth. Like I said, I mean, we're super encouraged, and on the prospects for growth going forward. like i said i mean we're super encouraged and on the prospects for growth going forward The team, as we said, has been out there for only a few weeks. the team as we said has been out there for only a few weeks I think more to follow here in Q2 about the progress they make with their customers. i think more to follow here in q2 about the progress they make with their customers Early signs expect more growth. early signs expect more growth

Speaker 5: Mayank, in terms of, you know, how do you improve the commercial mix? You know, one of the things I like most about Pat is. He really believes in incentives very strongly, and he buys into this whole concept of, you know, what you incentivize, you end up getting. You know, we value a commercial-covered prescription in our company. Certainly more than we do, for example, a cash pay consignment prescription, in terms of the economic value. Pat is a big supporter of that. In terms of new insurance reimbursement, new coverage. The team is actively bidding on that coverage, and those processes are in place. You know, we have some idea that, you know, we should see improved coverage over the next 12 to 18 months. Mayank, in terms of, you know, how do you improve the commercial mix? mayank in terms of you know how do you improve the commercial mix You know, one of the things I like most about Pat is. you know one of the things i like most about pat is He really believes in incentives very strongly, and he buys into this whole concept of, you know, what you incentivize, you end up getting. he really believes in incentives very strongly and he buys into this whole concept of you know what you incentivize you end up getting You know, we value a commercial-covered prescription in our company. you know we value a commercial-covered prescription in our company Certainly more than we do, for example, a cash pay consignment prescription, in terms of the economic value. certainly more than we do for example a cash pay consignment prescription in terms of the economic value Pat is a big supporter of that. pat is a big supporter of that In terms of new insurance reimbursement, new coverage. in terms of new insurance reimbursement new coverage The team is actively bidding on that coverage, and those processes are in place. the team is actively bidding on that coverage and those processes are in place You know, we have some idea that, you know, we should see improved coverage over the next 12 to 18 months. you know we have some idea that you know we should see improved coverage over the next 12 to 18 months I think that's why we made the statement. We can't get more specific with, which benefit managers or which payers. We do believe that we're gonna have some decent coverage wins over the next 12 to 18 months, and we'll see. To the extent that they're meaningful, we'll certainly, you know, make our stockholders aware of those. I think that's why we made the statement. i think that's why we made the statement We can't get more specific with, which benefit managers or which payers. we can't get more specific with which benefit managers or which payers We do believe that we're gonna have some decent coverage wins over the next 12 to 18 months, and we'll see. we do believe that we're gonna have some decent coverage wins over the next 12 to 18 months and we'll see To the extent that they're meaningful, we'll certainly, you know, make our stockholders aware of those. to the extent that they're meaningful we'll certainly you know make our stockholders aware of those

Speaker 6: Great. Thank you, Pat and Mark. Then on the IHEEZO growth catalyst for second half, I appreciate the color on, you know. Which ones are demand versus net pricing improvement related. But I was just trying to understand the full year revenue target for that brand. 'Cause, you know, second half revenue uplift, you know, needed to get to the full year target. If you just look outside of, you know, VEVYE, and compounding business. There's a lot of growth, including from IHEEZO, and other products. If you could maybe just help us understand, you know, how do you get to the second half number? You know, throughout the different parts of the portfolio, that would be very helpful. Great. great Thank you, Pat and Mark. thank you pat and mark Then on the IHEEZO growth catalyst for second half, I appreciate the color on, you know. then on the iheezo growth catalyst for second half i appreciate the color on you know Which ones are demand versus net pricing improvement related. which ones are demand versus net pricing improvement related But I was just trying to understand the full year revenue target for that brand. 'Cause, you know, second half revenue uplift, you know, needed to get to the full year target. but i was just trying to understand the full year revenue target for that brand 'cause you know second half revenue uplift you know needed to get to the full year target If you just look outside of, you know, VEVYE, and compounding business. if you just look outside of you know vevye and compounding business There's a lot of growth, including from IHEEZO, and other products. there's a lot of growth including from iheezo and other products If you could maybe just help us understand, you know, how do you get to the second half number? if you could maybe just help us understand you know how do you get to the second half number You know, throughout the different parts of the portfolio, that would be very helpful. you know throughout the different parts of the portfolio that would be very helpful

Speaker 5: Yeah. I'll ask Andrew to kind of give some additional cover on that. What I can tell you is that even in the second quarter number for IHEEZO in particular. You know, you're not going to see the same level of revenue. We believe for the second quarter as you did, for example, in the first quarter. We do expect to see a meaningful step up in terms of revenue from IHEEZO, even in the second quarter. The big improvement to not only unit demand, or the big conversion of unit demand. To revenue is going to happen in the third and fourth quarter for that product. Andrew, do you want to comment on second half revenue, and the guide? Yeah. yeah I'll ask Andrew to kind of give some additional cover on that. i'll ask andrew to kind of give some additional cover on that What I can tell you is that even in the second quarter number for IHEEZO in particular. what i can tell you is that even in the second quarter number for iheezo in particular You know, you're not going to see the same level of revenue. you know you're not going to see the same level of revenue We believe for the second quarter as you did, for example, in the first quarter. we believe for the second quarter as you did for example in the first quarter We do expect to see a meaningful step up in terms of revenue from IHEEZO, even in the second quarter. we do expect to see a meaningful step up in terms of revenue from iheezo even in the second quarter The big improvement to not only unit demand, or the big conversion of unit demand. the big improvement to not only unit demand or the big conversion of unit demand To revenue is going to happen in the third and fourth quarter for that product. to revenue is going to happen in the third and fourth quarter for that product Andrew, do you want to comment on second half revenue, and the guide? andrew do you want to comment on second half revenue and the guide

Speaker 2: Yeah. Yeah, I will. My answer, I think in the second half, number one, you also get a new product. Which is BYOOVIZ coming to market, which we expect it to have. I would say, a meaningful contribution to revenue. IHEEZO we expect from a revenue perspective to be close. To last year's number, hopefully in excess of it from a revenue standpoint, depending on demand. VEVYE revenue will continue to ramp quarter-over-quarter, we expect. Hopefully seeing a meaningful improvement in Q2 over Q1. In the second half of the year, we expect to really see the benefit of that sales force expansion. Accelerating unit volumes, and importantly, net pricing being stabilized on the product. Yeah. yeah Yeah, I will. yeah i will My answer, I think in the second half, number one, you also get a new product. my answer i think in the second half number one you also get a new product Which is BYOOVIZ coming to market, which we expect it to have. which is byooviz coming to market which we expect it to have I would say, a meaningful contribution to revenue. i would say a meaningful contribution to revenue IHEEZO we expect from a revenue perspective to be close. iheezo we expect from a revenue perspective to be close To last year's number, hopefully in excess of it from a revenue standpoint, depending on demand. to last year's number hopefully in excess of it from a revenue standpoint depending on demand VEVYE revenue will continue to ramp quarter-over-quarter, we expect. vevye revenue will continue to ramp quarter-over-quarter we expect Hopefully seeing a meaningful improvement in Q2 over Q1. hopefully seeing a meaningful improvement in q2 over q1 In the second half of the year, we expect to really see the benefit of that sales force expansion. in the second half of the year we expect to really see the benefit of that sales force expansion Accelerating unit volumes, and importantly, net pricing being stabilized on the product. accelerating unit volumes and importantly net pricing being stabilized on the product As Pat kind of mentioned, we should also start seeing contribution, from some of these other products. That are going to get some attention this year, VERKAZIA, MAXITROL, and then as well as IOPIDINE with the J-Codes being issued. We've got ImprimisRx on the compounding side, and the Access+ side. That business has been sort of out of that inventory issue. That had been occurring in Q4 and Q1 of this year. And that business should return to a growth trajectory this year, although more sequentially quarter-over-quarter versus year-over-year. As Pat kind of mentioned, we should also start seeing contribution, from some of these other products. as pat kind of mentioned we should also start seeing contribution from some of these other products That are going to get some attention this year, VERKAZIA, MAXITROL, and then as well as IOPIDINE with the J-Codes being issued. that are going to get some attention this year verkazia maxitrol and then as well as iopidine with the j-codes being issued We've got ImprimisRx on the compounding side, and the Access+ side. we've got imprimisrx on the compounding side and the access+ side That business has been sort of out of that inventory issue. that business has been sort of out of that inventory issue That had been occurring in Q4 and Q1 of this year. that had been occurring in q4 and q1 of this year And that business should return to a growth trajectory this year, although more sequentially quarter-over-quarter versus year-over-year. and that business should return to a growth trajectory this year although more sequentially quarter-over-quarter versus year-over-year

Speaker 6: Thank you. Thank you. thank you

Speaker 8: Thank you. The next question comes from Thomas Flaten with Lake Street Capital Markets. Your line is open. Thank you. thank you The next question comes from Thomas Flaten with Lake Street Capital Markets. the next question comes from thomas flaten with lake street capital markets Your line is open. your line is open

Speaker 11: Hey, good morning, guys. Appreciate you taking the questions. Just to confirm on the sales force expansion. In your letter, you talked about hiring about 100 folks. If I'm understanding, 50 of them went to the VEVYE sales team to effectively double that team. The distribution of the balance of those new hires, was it all to the retina team? Or, is there something else we should understand about that? Hey, good morning, guys. hey good morning guys Appreciate you taking the questions. appreciate you taking the questions Just to confirm on the sales force expansion. just to confirm on the sales force expansion In your letter, you talked about hiring about 100 folks. in your letter you talked about hiring about 100 folks If I'm understanding, 50 of them went to the VEVYE sales team to effectively double that team. if i'm understanding 50 of them went to the vevye sales team to effectively double that team The distribution of the balance of those new hires, was it all to the retina team? the distribution of the balance of those new hires was it all to the retina team Or, is there something else we should understand about that? or is there something else we should understand about that

Speaker 5: Thank you for that question. I'm glad that I have the chance to clarify. We did hire about 50 new reps for the dry eye team. We also tripled the sales force for TRIESENCE. You know, that sales organization is now three times the size. That of the you know, than it once was. We've also made a few incremental hires in retina. As I said, I think in my prepared remarks, we've also begun to. We decided to bolster some of the Access+ team. Finally, VERKAZIA and MAXITROL in particular historically have not had any inventory. They've had inventory problems, you know, with that product, and I'm talking about, you know, pre-Harrow ownership. Thank you for that question. thank you for that question I'm glad that I have the chance to clarify. i'm glad that i have the chance to clarify We did hire about 50 new reps for the dry eye team. we did hire about 50 new reps for the dry eye team We also tripled the sales force for TRIESENCE. we also tripled the sales force for triesence You know, that sales organization is now three times the size. you know that sales organization is now three times the size That of the you know, than it once was. that of the you know than it once was We've also made a few incremental hires in retina. we've also made a few incremental hires in retina As I said, I think in my prepared remarks, we've also begun to. as i said i think in my prepared remarks we've also begun to We decided to bolster some of the Access+ team. we decided to bolster some of the access+ team Finally, VERKAZIA and MAXITROL in particular historically have not had any inventory. finally verkazia and maxitrol in particular historically have not had any inventory They've had inventory problems, you know, with that product, and I'm talking about, you know, pre-Harrow ownership. they've had inventory problems you know with that product and i'm talking about you know pre-harrow ownership It had not really had any, you know, dedicated sales, and promotion. Frankly, with both VERKAZIA and MAXITROL, once again, the marketing that was done. Was really done on only part of the label. We're going to make a big push with those products. We're going to talk a little bit more about VERKAZIA in the coming weeks. I'm particularly very excited about VERKAZIA. We have great pricing on that product. It's a very powerful product in terms of its clinical efficacy, and the results that it provides, particularly for children. It's the only cyclosporine that's actually on label for pediatrics. You know, we're going to make a big push in that category. We did build out what we call a specialty team around both of those products. It had not really had any, you know, dedicated sales, and promotion. it had not really had any you know dedicated sales and promotion Frankly, with both VERKAZIA and MAXITROL, once again, the marketing that was done. frankly with both verkazia and maxitrol once again the marketing that was done Was really done on only part of the label. was really done on only part of the label We're going to make a big push with those products. we're going to make a big push with those products We're going to talk a little bit more about VERKAZIA in the coming weeks. we're going to talk a little bit more about verkazia in the coming weeks I'm particularly very excited about VERKAZIA. i'm particularly very excited about verkazia We have great pricing on that product. we have great pricing on that product It's a very powerful product in terms of its clinical efficacy, and the results that it provides, particularly for children. it's a very powerful product in terms of its clinical efficacy and the results that it provides particularly for children It's the only cyclosporine that's actually on label for pediatrics. it's the only cyclosporine that's actually on label for pediatrics You know, we're going to make a big push in that category. you know we're going to make a big push in that category We did build out what we call a specialty team around both of those products. we did build out what we call a specialty team around both of those products That team makes up the balance of that 100. That team makes up the balance of that 100. that team makes up the balance of that 100

Speaker 11: That's super helpful. Thanks for that. Then Mark, previously, I think you've mentioned. I want to say used the word bounty, for pulling the GMLT submission, into 2026. I heard early 2027 today. I'm just curious if there, if there was a chance that that could get pulled forward. If we should really think about an early 2027 NDA submission for GMLT. That's super helpful. that's super helpful Thanks for that. thanks for that Then Mark, previously, I think you've mentioned. then mark previously i think you've mentioned I want to say used the word bounty, for pulling the GMLT submission, into 2026. i want to say used the word bounty for pulling the gmlt submission into 2026 I heard early 2027 today. i heard early 2027 today I'm just curious if there, if there was a chance that that could get pulled forward. i'm just curious if there if there was a chance that that could get pulled forward If we should really think about an early 2027 NDA submission for GMLT. if we should really think about an early 2027 nda submission for gmlt

Speaker 5: Right now, I think, you know, let's think about a Q1 2027 submission. We're working really hard, I know the team is, to complete the balance of the data gathering, and to build the dossier for submission. I think by our next conference call, we'll have a lot more information. And I'll be able to, you know, I think, specify as to, you know, whether or not we'll be able to get a submission made at the end of the year. If we did, it would be at the very, very end of the year. I have to tell you, whether we make the submission in late December or early January or even early February. The potential that we see for that product is just extraordinary, absolutely extraordinary. Right now, I think, you know, let's think about a Q1 2027 submission. right now i think you know let's think about a q1 2027 submission We're working really hard, I know the team is, to complete the balance of the data gathering, and to build the dossier for submission. we're working really hard i know the team is to complete the balance of the data gathering and to build the dossier for submission I think by our next conference call, we'll have a lot more information. i think by our next conference call we'll have a lot more information And I'll be able to, you know, I think, specify as to, you know, whether or not we'll be able to get a submission made at the end of the year. and i'll be able to you know i think specify as to you know whether or not we'll be able to get a submission made at the end of the year If we did, it would be at the very, very end of the year. if we did it would be at the very very end of the year I have to tell you, whether we make the submission in late December or early January or even early February. i have to tell you whether we make the submission in late december or early january or even early february The potential that we see for that product is just extraordinary, absolutely extraordinary. the potential that we see for that product is just extraordinary absolutely extraordinary You know, I do believe in due course. That that product will be perhaps our largest selling product by revenue. We're really excited to get that NDA filed. All the really difficult, risky work is behind us. The work that Amir discussed is, I don't wanna say perfunctory, but it is, you know, ultra-low risk data gathering. We're excited to meet with the FDA in a pre-NDA meeting. We'll have more information about that in August when we have our next call. Thank you very much. You know, I do believe in due course. you know i do believe in due course That that product will be perhaps our largest selling product by revenue. that that product will be perhaps our largest selling product by revenue We're really excited to get that NDA filed. we're really excited to get that nda filed All the really difficult, risky work is behind us. all the really difficult risky work is behind us The work that Amir discussed is, I don't wanna say perfunctory, but it is, you know, ultra-low risk data gathering. the work that amir discussed is i don't wanna say perfunctory but it is you know ultra-low risk data gathering We're excited to meet with the FDA in a pre-NDA meeting. we're excited to meet with the fda in a pre-nda meeting We'll have more information about that in August when we have our next call. we'll have more information about that in august when we have our next call Thank you very much. thank you very much

Speaker 8: Thank you. The next question will come from Yi Chen with H.C. Wainwright. Your line is open. Thank you. thank you The next question will come from Yi Chen with H.C. the next question will come from yi chen with h.c Wainwright. wainwright Your line is open. your line is open

Speaker 13: Thank you for taking my questions. Could you comment on whether BYQLOVI has already been launched? And whether your current full year revenue guidance includes sales of BYQLOVI please? Thank you. Thank you for taking my questions. thank you for taking my questions Could you comment on whether BYQLOVI has already been launched? could you comment on whether byqlovi has already been launched And whether your current full year revenue guidance includes sales of BYQLOVI please? and whether your current full year revenue guidance includes sales of byqlovi please Thank you. thank you

Speaker 5: Thank you, Yi. The BYQLOVI launch, strictly speaking, when we say launch, we mean trade launch. We mean actual sales of the product. Believe it or not, from a sampling perspective, BYQLOVI is actually launched. We've begun to distribute BYQLOVI samples to select customers. You know, I think there are several thousand of those samples out. We're gonna spend the next couple of months. Continuing that process of sampling, and talking to customers about BYQLOVI. Which we think is a best-in-class topical steroid. The topical steroid category is a very large category. We're gonna begin the trade portion of the launch, you know, actually selling the product, driving revenue. That will begin in the third quarter. Thank you, Yi. thank you yi The BYQLOVI launch, strictly speaking, when we say launch, we mean trade launch. the byqlovi launch strictly speaking when we say launch we mean trade launch We mean actual sales of the product. we mean actual sales of the product Believe it or not, from a sampling perspective, BYQLOVI is actually launched. believe it or not from a sampling perspective byqlovi is actually launched We've begun to distribute BYQLOVI samples to select customers. we've begun to distribute byqlovi samples to select customers You know, I think there are several thousand of those samples out. you know i think there are several thousand of those samples out We're gonna spend the next couple of months. we're gonna spend the next couple of months Continuing that process of sampling, and talking to customers about BYQLOVI. continuing that process of sampling and talking to customers about byqlovi Which we think is a best-in-class topical steroid. which we think is a best-in-class topical steroid The topical steroid category is a very large category. the topical steroid category is a very large category We're gonna begin the trade portion of the launch, you know, actually selling the product, driving revenue. we're gonna begin the trade portion of the launch you know actually selling the product driving revenue That will begin in the third quarter. that will begin in the third quarter Strictly speaking, you know, if you were to go into the offices of some of these doctors. That are a part of this program, they will have access to BYQLOVI right now. Samples are out, trade's gonna begin in the third quarter of this year. In terms of the numbers that we're quoting, they are inclusive of BYQLOVI for sure. Strictly speaking, you know, if you were to go into the offices of some of these doctors. strictly speaking you know if you were to go into the offices of some of these doctors That are a part of this program, they will have access to BYQLOVI right now. that are a part of this program they will have access to byqlovi right now Samples are out, trade's gonna begin in the third quarter of this year. samples are out trade's gonna begin in the third quarter of this year In terms of the numbers that we're quoting, they are inclusive of BYQLOVI for sure. in terms of the numbers that we're quoting they are inclusive of byqlovi for sure

Speaker 13: Can you also comment on how much contribution, do you expect these two drugs to make beyond 2026? Can you also comment on how much contribution, do you expect these two drugs to make beyond 2026? can you also comment on how much contribution do you expect these two drugs to make beyond 2026

Speaker 5: Yes. We're not giving revenue-specific guidance on each product. Especially, you know, on a new launch. I think that would, you know, we would have a tough time doing that externally. We certainly have internally, you know, a model built. But we're not prepared with either BYQLOVI or even BYOOVIZ at this point to provide, you know, what the expected revenue contribution will be for this year or next year. Yes. yes We're not giving revenue-specific guidance on each product. we're not giving revenue-specific guidance on each product Especially, you know, on a new launch. especially you know on a new launch I think that would, you know, we would have a tough time doing that externally. i think that would you know we would have a tough time doing that externally We certainly have internally, you know, a model built. we certainly have internally you know a model built But we're not prepared with either BYQLOVI or even BYOOVIZ at this point to provide, you know, what the expected revenue contribution will be for this year or next year. but we're not prepared with either byqlovi or even byooviz at this point to provide you know what the expected revenue contribution will be for this year or next year

Speaker 13: Thank you. Thank you. thank you

Speaker 5: Thank you, Yi. Thank you, Yi. thank you yi

Speaker 8: I show no further questions at this time. I would now like to turn the call back over to Mark for closing remarks. I show no further questions at this time. i show no further questions at this time I would now like to turn the call back over to Mark for closing remarks. i would now like to turn the call back over to mark for closing remarks

Speaker 5: Thank you, operator, and thank you all for joining us today. Let me close with what matters most, and that is Harrow's demand strength is stable. It's a foundation that supports my confidence in our future. With the high deductible season now behind us, we're moving into a period of accelerating growth, and execution. The first quarter included a discrete issue, that we have resolved. And that does not impact the long-term trajectory of this business. We spent the past several years building this platform. Expanding access, scaling our commercial organization, and positioning our portfolio for growth. That work is largely behind us. We're now entering a period, where the foundation translates. Into sustained revenue growth, and increasing profitability. Looking ahead, we have clear visibility into the drivers of our performance. From improving access, and pricing to new product contributions, and clinical milestones. Thank you, operator, and thank you all for joining us today. thank you operator and thank you all for joining us today Let me close with what matters most, and that is Harrow's demand strength is stable. let me close with what matters most and that is harrow's demand strength is stable It's a foundation that supports my confidence in our future. it's a foundation that supports my confidence in our future With the high deductible season now behind us, we're moving into a period of accelerating growth, and execution. with the high deductible season now behind us we're moving into a period of accelerating growth and execution The first quarter included a discrete issue, that we have resolved. the first quarter included a discrete issue that we have resolved And that does not impact the long-term trajectory of this business. and that does not impact the long-term trajectory of this business We spent the past several years building this platform. we spent the past several years building this platform Expanding access, scaling our commercial organization, and positioning our portfolio for growth. expanding access scaling our commercial organization and positioning our portfolio for growth That work is largely behind us. that work is largely behind us We're now entering a period, where the foundation translates. we're now entering a period where the foundation translates Into sustained revenue growth, and increasing profitability. into sustained revenue growth and increasing profitability Looking ahead, we have clear visibility into the drivers of our performance. looking ahead we have clear visibility into the drivers of our performance From improving access, and pricing to new product contributions, and clinical milestones. from improving access and pricing to new product contributions and clinical milestones Beyond that, we're actively shaping our next five-year strategic plan. With a clear path to scale our core assets, unlock additional value across the portfolio. And hopefully complete some accretive, and exciting acquisitions. When I step back, this is stronger, more scalable, and in my view, a more valuable company. Than at any point in our history. We truly appreciate your continued trust, and support. Thank you, and this will conclude our call. Beyond that, we're actively shaping our next five-year strategic plan. beyond that we're actively shaping our next five-year strategic plan With a clear path to scale our core assets, unlock additional value across the portfolio. with a clear path to scale our core assets unlock additional value across the portfolio And hopefully complete some accretive, and exciting acquisitions. and hopefully complete some accretive and exciting acquisitions When I step back, this is stronger, more scalable, and in my view, a more valuable company. when i step back this is stronger more scalable and in my view a more valuable company Than at any point in our history. than at any point in our history We truly appreciate your continued trust, and support. we truly appreciate your continued trust and support Thank you, and this will conclude our call. thank you and this will conclude our call

Speaker 8: This concludes today's conference call. Thank you for participating, and you may now disconnect. This concludes today's conference call. this concludes today's conference call Thank you for participating, and you may now disconnect. thank you for participating and you may now disconnect