GLAUKOS Corp 10-Q for FY2025 Q2

GLAUKOS Corp (GKOS)

10-Q 2025-08-04 For: 2025-06-30

Added on April 12, 2026

About this 10-Q

GLAUKOS Corp filed this 10-Q on August 4, 2025, covering the quarter ended June 30, 2025 (FY2025 Q2).

Headline figures

Quarter ended June 30, 2025, as reported in this filing, compared with the same period a year earlier where the filing states it.

Revenue: $124.12M; up 29.7% from $95.69M a year earlier
Net loss: $19.66M; compared with a net loss of $50.55M a year earlier
Diluted EPS: -$0.34; compared with -$1.00 a year earlier

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Delaware	33-0945406
(State or other jurisdiction of incorporation or organization)	(I.R.S. Employer Identification No.)

One Glaukos Way Aliso Viejo, California	92656
(Address of registrant’s principal executive offices)	(Zip Code)

Title of each class		Trading Symbol(s)		Name of each exchange on which registered
Common Stock		GKOS		New York Stock Exchange

		Page
PART I: FINANCIAL INFORMATION		5
Item 1.	Financial Statements	5
	Condensed Consolidated Balance Sheets	5
	Condensed Consolidated Statements of Operations	6
	Condensed Consolidated Statements of Comprehensive Loss	7
	Condensed Consolidated Statements of Stockholders’ Equity	8
	Condensed Consolidated Statements of Cash Flows	9
	Notes to Condensed Consolidated Financial Statements	10
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	26
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	39
Item 4.	Controls and Procedures	39

PART II: OTHER INFORMATION		40
Item 1.	Legal Proceedings	40
Item1A.	Risk Factors	40
Item 5.	Other Information	56
Item 6.	Exhibits	57




SIGNATURES		58


	June 30,		December 31,
	2025		2024
	(unaudited)
Assets
Current assets:
Cash and cash equivalents	$	100,813	$	169,626
Short-term investments		173,973		149,289
Accounts receivable, net		82,985		60,744
Inventory		64,621		57,678
Prepaid expenses and other current assets		13,673		12,455
Total current assets		436,065		449,792
Restricted cash		3,834		4,733
Property and equipment, net		111,816		97,867
Operating lease right-of-use asset		31,985		30,254
Finance lease right-of-use asset		40,610		41,816
Intangible assets, net		270,491		263,445
Goodwill		66,710		66,134
Deposits and other assets		25,447		20,715
Total assets	$	986,958	$	974,756

Liabilities and stockholders' equity
Current liabilities:
Accounts payable	$	13,684	$	13,026
Accrued liabilities		65,452		62,099
Total current liabilities		79,136		75,125
Operating lease liability		36,200		33,936
Finance lease liability		68,823		69,463
Deferred tax liability, net		6,910		6,928
Other liabilities		30,777		22,373
Total liabilities		221,846		207,825

Commitments and contingencies (Note 13)

Stockholders' equity:
Preferred stock, $0.001 par value; 5,000 shares authorized; no shares issued and outstanding as of June 30, 2025 and December 31, 2024		-		-
Common stock, $0.001 par value; 150,000 shares authorized; 57,277 and 56,472 shares issued and 57,249 and 56,444 shares outstanding as of June 30, 2025 and December 31, 2024, respectively		57		56
Additional paid-in capital		1,545,557		1,509,831
Accumulated other comprehensive income		2,872		2,615
Accumulated deficit		(783,242)		(745,439)
Less treasury stock (28 shares as of June 30, 2025 and December 31, 2024)		(132)		(132)
Total stockholders' equity		765,112		766,931
Total liabilities and stockholders' equity	$	986,958	$	974,756


	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2025		2024		2025		2024
Net sales	$	124,120	$	95,690	$	230,784	$	181,312
Cost of sales		26,896		22,550		51,212		42,808
Gross profit		97,224		73,140		179,572		138,504
Operating expenses:
Selling, general and administrative		83,375		66,188		154,048		128,163
Research and development		36,538		34,426		68,891		65,152
Acquired in-process research and development		-		2,500		-		14,229
Total operating expenses		119,913		103,114		222,939		207,544
Loss from operations		(22,689)		(29,974)		(43,367)		(69,040)
Non-operating income (expense):
Interest income		2,574		2,828		5,650		5,911
Interest expense		(1,151)		(3,355)		(2,314)		(6,805)
Charges associated with convertible senior notes		-		(18,012)		-		(18,012)
Other income (expense), net		1,857		(1,701)		2,802		(2,729)
Total non-operating income (expense)		3,280		(20,240)		6,138		(21,635)
Loss before taxes		(19,409)		(50,214)		(37,229)		(90,675)
Income tax provision		248		331		574		708
Net loss	$	(19,657)	$	(50,545)	$	(37,803)	$	(91,383)
Basic and diluted net loss per share	$	(0.34)	$	(1.00)	$	(0.66)	$	(1.82)
Weighted-average shares outstanding used to compute basic and diluted net loss per share		57,205		50,715		56,922		50,169


						Accumulated
				Additional		other
	Common stock			paid-in		comprehensive		Accumulated		Treasury stock			Total
	Shares	Amount		capital		income (loss)		deficit		Shares	Amount		equity
Balance at December 31, 2024	56,472	$	56	$	1,509,831	$	2,615	$	(745,439)	(28)	$	(132)	$	766,931
Common stock issued under stock plans, net	297		1		2,197		-		-	-		-		2,198
Stock-based compensation	-		-		12,986		-		-	-		-		12,986
Other comprehensive loss	-		-		-		(10)		-	-		-		(10)
Net loss	-		-		-		-		(18,146)	-		-		(18,146)
Balance at March 31, 2025	56,769	$	57	$	1,525,014	$	2,605	$	(763,585)	(28)	$	(132)	$	763,959
Common stock issued under stock plans, net	508		-		2,524		-		-	-		-		2,524
Stock-based compensation	-		-		18,019		-		-	-		-		18,019
Other comprehensive income	-		-		-		267		-	-		-		267
Net loss	-		-		-		-		(19,657)	-		-		(19,657)
Balance at June 30, 2025	57,277	$	57	$	1,545,557	$	2,872	$	(783,242)	(28)	$	(132)	$	765,112


	Six Months Ended June 30,
	2025		2024
Operating Activities
Net loss	$	(37,803)	$	(91,383)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation		5,376		5,438
Amortization of intangible assets		11,420		12,473
Amortization of right-of-use lease assets		2,133		2,132
Amortization of debt issuance costs		-		595
Deferred income tax benefit		(18)		(2)
Loss on disposal of fixed assets		11		64
Stock-based compensation		31,005		22,478
Unrealized foreign currency losses		3,883		2,911
Amortization of premium on short-term investments		(2,199)		(2,225)
Other liabilities		815		3,496
Acquired in-process R&D acquired through the issuance of common stock		-		5,000
Inducement expense related to exchange of convertible senior notes		-		17,412
Allowance for doubtful accounts		4,067		(34)
Changes in operating assets and liabilities:
Accounts receivable		(23,984)		(11,980)
Inventory		(4,399)		(15,105)
Prepaid expenses and other current assets		(919)		3,653
Accounts payable and accrued liabilities		(113)		(4,971)
Deposits and other assets		(817)		(2,191)
Net cash used in operating activities		(11,542)		(52,239)
Investing activities
Cash paid for acquisitions, net of cash acquired		(12,437)		-
Purchase of real estate property		(16,607)		-
Purchases of short-term investments		(116,765)		(91,089)
Proceeds from sales and maturities of short-term investments		94,411		101,730
Purchases of property and equipment		(3,117)		(3,117)
Proceeds from disposal of property and equipment		-		38
Investment in company-owned life insurance		(2,465)		(2,081)
Other investing activities		(750)		-
Net cash (used in) provided by investing activities		(57,730)		5,481
Financing activities
Proceeds from exercise of stock options		9,054		24,000
Proceeds from share purchases under Employee Stock Purchase Plan		2,961		2,687
Payment of employee taxes related to vested restricted stock units		(7,294)		(4,505)
Principal paid on finance lease		(526)		(423)
Net cash provided by financing activities		4,195		21,759
Effect of exchange rate changes on cash and cash equivalents		(4,635)		(1,516)
Net decrease in cash, cash equivalents and restricted cash		(69,712)		(26,515)
Cash, cash equivalents and restricted cash at beginning of period		174,359		99,323
Cash, cash equivalents and restricted cash at end of period	$	104,647	$	72,808
Supplemental disclosures of cash flow information
Taxes paid, net of refunds	$	511	$	801
Interest paid on convertible senior notes	$	-	$	3,953
Other interest paid	$	2,115	$	2,316
Supplemental schedule of noncash investing and financing activities
Contingent consideration acquired	$	7,700	$	-
Convertible senior notes exchanged for common stock, net of debt issuance costs	$	-	$	226,676
Purchases of property and equipment included in accounts payable and accrued liabilities	$	590	$	512


	At June 30, 2025
	Maturity	Amortized cost		Unrealized		Unrealized		Estimated
	(in years)	or cost		gains		losses		fair value
U.S. treasury securities	less than 3	$	142,094	$	244	$	(35)	$	142,303
Bank certificates of deposit	less than 1		8,605		3		-		8,608
Commercial paper	less than 1		1,989		1		-		1,990
Corporate notes	less than 3		13,040		130		-		13,170
Asset-backed securities	less than 1		4,887		1		(1)		4,887
Municipal bonds	less than 1		3,010		5		-		3,015
Total		$	173,625	$	384	$	(36)	$	173,973

	At December 31, 2024
	Maturity	Amortized cost		Unrealized		Unrealized		Estimated
	(in years)	or cost		gains		losses		fair value
U.S. treasury securities	less than 3	$	115,766	$	215	$	(90)	$	115,891
Bank certificates of deposit	less than 1		5,620		3		-		5,623
Corporate notes	less than 3		16,852		88		(2)		16,938
Asset-backed securities	less than 2		7,824		15		(20)		7,819
Municipal bonds	less than 1		3,010		8		-		3,018
Total		$	149,072	$	329	$	(112)	$	149,289


			At June 30, 2025
			Quoted prices		Significant
			in active		other		Significant
			markets for		observable		unobservable
	June 30,		identical assets		inputs		inputs
	2025		(Level 1)		(Level 2)		(Level 3)
Assets
Cash equivalents:
Money market funds ⁽ⁱ⁾	$	40,225	$	40,225	$	-	$	-
Available for sale securities:
U.S. treasury securities ^(ii)(v)		157,276		-		157,276		-
Commercial paper ⁽ⁱⁱ⁾		1,990		-		1,990		-
Bank certificates of deposit ⁽ⁱⁱ⁾		8,608		-		8,608		-
Corporate notes ⁽ⁱⁱ⁾		13,170		-		13,170		-
Asset-backed securities ⁽ⁱⁱ⁾		4,887		-		4,887		-
Municipal bonds ⁽ⁱⁱ⁾		3,015		-		3,015		-
Investments held for deferred compensation plans ⁽ⁱⁱⁱ⁾		17,206		-		17,206		-
Total Assets	$	246,377	$	40,225	$	206,152	$	-
Liabilities
Deferred compensation plans ^(iv)	$	17,319	$	-	$	17,319	$	-
Contingent consideration ^(iv)	$	9,285	$	-	$	-	$	9,285
Total Liabilities	$	26,604	$	-	$	17,319	$	9,285


Component of Value	Assets		Liabilities
Land	$	10,127		-
Building		5,800		-
Site improvements		412		-
Tenant improvements		60		-
Tangible assets	$	16,399	$	-

Leasehold improvements (below market)		-		(459)
Leases in place		666		-
Intangible assets	$	666	$	(459)

Total fair value		17,065		(459)
Allocated purchase price	$	16,606


Maturity of Lease Liabilities	Operating		Finance
(in thousands)	Leases ^(a)		Leases ^(b)
Remainder of 2025	$	2,135	$	2,690
2026		4,040		5,487
2027		4,315		5,651
2028		4,264		5,821
2029		4,268		5,995
2030		4,254		6,175
Thereafter		40,248		84,341
Total lease payments	$	63,524	$	116,160
Less: imputed interest		26,238		46,101
Total lease liabilities	$	37,286	$	70,059



Cash proceeds to seller	$	13,479
Repayment of sellers' closing debt		665
Reimbursement of sellers' transaction expenses		446
Escrow payments		2,196
Contingent consideration		7,700
Fair value of consideration transferred	$	24,486



Assets Acquired
Cash and cash equivalents	$	4,349
Accounts receivable		1,223
Inventory		2,209
Prepaid expenses and other current assets		99
Intangible assets		17,800
Goodwill		575
Liabilities Assumed
Accounts payable		1,065
Accrued liabilities		704
Fair value of net assets acquired	$	24,486


			Estimated
	Fair		Useful Life
	Value		(in years)
Intangible assets subject to amortization:
Developed intellectual property	$	17,400	9.0
Customer relationships		400	9.0
Total	$	17,800


	Weighted-	As of June 30, 2025						As of December 31, 2024
	Average	Gross						Gross
	Amortization	Carrying		Accumulated		Net		Carrying		Accumulated		Net
	Period (in years)	Amount		Amortization		Amount		Amount		Amortization		Amount
Developed technology	11.4	$	252,200	$	(123,808)	$	128,392	$	252,200	$	(112,762)	$	139,438
Customer relationships	5.0		14,100		(14,100)		-		14,100		(14,100)		-
License	4.0		5,190		(216)		4,974		5,190		(83)		5,107
In place leases	3.8		666		-		666		-		-		-
Developed technology and customer relationships	9.0		17,800		(241)		17,559		-		-		-
Intangible assets subject to amortization			289,956		(138,365)		151,591		271,490		(126,945)		144,545

In-process research and development	Indefinite	$	118,900	$	-	$	118,900	$	118,900	$	-	$	118,900

Total		$	408,856	$	(138,365)	$	270,491	$	390,390	$	(126,945)	$	263,445

Goodwill	Indefinite	$	66,710	$	-	$	66,710	$	66,134	$	-	$	66,134


	June 30,		December 31,
	2025		2024
Finished goods	$	23,909	$	23,667
Work in process		17,909		14,663
Raw material		22,803		19,348
	$	64,621	$	57,678


	Amortization Expense
Remainder of 2025	$	12,830
2026		25,976
2027		26,326
2028		24,205
2029		23,526
Thereafter		38,728
Total amortization	$	151,591


	Three Months Ended
	June 30,
	United States				International				Total
	2025		2024		2025		2024		2025		2024

Glaucoma	$	72,282	$	49,751	$	31,251	$	26,131	$	103,533	$	75,882
Corneal Health		18,237		17,069		2,350		2,739		20,587		19,808
Total	$	90,519	$	66,820	$	33,601	$	28,870	$	124,120	$	95,690


	June 30,
	2025
Sales rebate balance, December 31, 2024	$	7,956
Current period provision		8,435
Payments and credits		(4,158)
Reserve balance, June 30, 2025	$	12,233


	Three months ended June 30,				Six months ended June 30,
	2025		2024		2025		2024
	(in thousands)				(in thousands)
Net sales	$	124,120	$	95,690	$	230,784	$	181,312
Less:
Cost of sales		26,896		22,550		51,212		42,808
Sales, marketing & distribution		40,025		35,210		74,468		71,431
Research & development		25,802		19,805		48,724		38,238
Clinical		10,736		14,621		20,167		26,914
General & administrative		43,350		30,978		79,580		56,732
In-process research and development		-		2,500		-		14,229
Significant segment expenses		146,809		125,664		274,151		250,352
Interest income		(2,574)		(2,828)		(5,650)		(5,911)
Interest expense		1,151		3,355		2,314		6,805
Charges associated with convertible senior notes		-		18,012		-		18,012
Other (income) expense, net		(1,857)		1,701		(2,802)		2,729
Income tax provision		248		331		574		708
Net loss	$	(19,657)	$	(50,545)	$	(37,803)	$	(91,383)


	Property and equipment, net				Depreciation and amortization				Capital expenditures
	June 30,		December 31,		Six Months June 30,				Six Months June 30,
	2025		2024		2025		2024		2025		2024

United States	$	111,634	$	97,726	$	16,771	$	17,895	$	3,067	$	3,105
International		182		141		25		16		50		12
Total	$	111,816	$	97,867	$	16,796	$	17,911	$	3,117	$	3,117


	Three Months Ended
	June 30,				% Increase
(dollars in thousands)	2025		2024		(decrease)
Statements of operations data:
Net sales	$	124,120	$	95,690	30	%
Cost of sales		26,896		22,550	19	%
Gross profit		97,224		73,140	33	%
Operating expenses:
Selling, general and administrative		83,375		66,188	26	%
Research and development		36,538		34,426	6	%
Acquired in-process research and development		-		2,500	(100)	%
Total operating expenses		119,913		103,114	16	%
Loss from operations		(22,689)		(29,974)	(24)	%
Total non-operating income (expense), net		3,280		(20,240)	NM
Income tax provision		248		331	(25)	%
Net loss	$	(19,657)	$	(50,545)	(61)	%


		Incorporated by Reference
Exhibit No.	Description	Form	File No.	Exhibit	Filing Date
3.1	Restated Certificate of Incorporation of the Registrant	8-K	1-37463	3.1	06/30/2015
3.2	Amended and Restated Bylaws of the Registrant	8-K	1-37463	3.1	12/21/2022
31.1*	Certification of Chief Executive Officer pursuant to Rule 13a-14(a) and Rule 15d-14(a) of the Securities Exchange Act, as amended, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
31.2*	Certification of Chief Financial Officer pursuant to Rule 13a-14(a) and Rule 15d-14(a) of the Securities Exchange Act, as amended, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
32.1**	Certification of Chief Executive Officer pursuant to 18 U.S.C. Section 1350 as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
32.2**	Certification of Chief Financial Officer pursuant to 18 U.S.C. Section 1350 as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
101.INS*	XBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document
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GLAUKOS CORPORATION

By:	/s/ THOMAS W. BURNS
Thomas W. Burns
Chairman and Chief Executive Officer (Principal Executive Officer; Duly Authorized Officer)

By:	/s/ ALEX R. THURMAN
Alex R. Thurman
Senior Vice President & Chief Financial Officer (Principal Accounting and Financial Officer)