Glaukos

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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-K
(Mark one)
☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the fiscal year ended December 31, 2024
OR
☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from:                          to                          
Commission File No. 001-37463
GLAUKOS CORPORATION
(Exact name of registrant as specified in its charter)
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 principal executive office)
(Zip Code)
(949) 367-9600
(Registrant’s telephone number, including area code)
Securities registered pursuant to Section 12(b) of the Act:
Title of each class
Trading Symbol(s)
Name of each exchange on which registered
Common Stock
GKOS
New York Stock Exchange
Securities registered pursuant to Section 12(g) of the Act: None.
Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act.   Yes  ☒   No  ☐
Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or 15(d) of the Act.   Yes  ☐   No  ☒
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for
such shorter period that the registrant was required to file such reports) and (2) has been subject to such filing requirements for the past 90 days.   Yes  ☒   No   ☐
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter)
during the preceding 12 months (or for such shorter period that the registrant was required to submit such files)   Yes ☒   No ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company or an emerging growth company. (See
definitions of “large accelerated filer”, “accelerated filer”, “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act).
Large accelerated filer  ☒
Accelerated filer  ☐
Non-accelerated filer  ☐
Smaller reporting company  ☐
Emerging growth company  ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting
standards provided pursuant to Section 13(a) of the Exchange Act.    ☐
Indicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment of the effectiveness of its internal control over financial reporting under
Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report. ☒
If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction of an error to
previously issued financial statements. ☐
Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrant's executive
officers during the relevant recovery period pursuant to § 240.10D-1(b). ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act). Yes  ☐   No  ☒
As of June 30, 2024, the last business day of the registrant’s most recently completed second quarter, the aggregate market value of common stock held by non-affiliates of the registrant, based
on the closing sales price for the registrant’s common stock as reported on The New York Stock Exchange, was $6,488 million.
The number of shares of the Registrant’s common stock outstanding as of February 19, 2025 (latest practicable date) was 56,567,386 shares.
DOCUMENTS INCORPORATED BY REFERENCE
Portions of the Registrant's Proxy Statement for the 2025 Annual Meeting of Stockholders are incorporated herein by reference in Part III of this Annual Report on Form 10-K to the extent stated
herein. Such Proxy Statement will be filed with the Securities and Exchange Commission within 120 days after the close of the registrant's fiscal year ended December 31, 2024.

Table of Contents
TABLE OF CONTENTS
PAGE
PART I
Item 1.
Business.
3
Item 1A.
Risk Factors.
18
Item 1B.
Unresolved Staff Comments.
33
Item 1C.
Cybersecurity.
33
Item 2.
Properties.
36
Item 3.
Legal Proceedings.
36
Item 4.
Mine Safety Disclosures.
36
PART II
Item 5.
Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity
Securities.
37
Item 6.
[Reserved].
37
Item 7.
Management’s Discussion and Analysis of Financial Condition and Results of Operations.
38
Item 7A.
Quantitative and Qualitative Disclosures About Market Risk.
51
Item 8.
Financial Statements and Supplementary Data.
52
Item 9.
Changes in and Disagreements With Accountants on Accounting and Financial Disclosure.
90
Item 9A.
Controls and Procedures.
90
Item 9B.
Other Information.
92
Item 9C.
Disclosure Regarding Foreign Jurisdictions that Prevent Inspections.
92
PART III
Item 10.
Directors, Executive Officers and Corporate Governance.
93
Item 11.
Executive Compensation.
93
Item 12.
Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters.
93
Item 13.
Certain Relationships and Related Transactions, and Director Independence.
93
Item 14.
Principal Accountant Fees and Services.
93
PART IV
Item 15.
Exhibits and Financial Statement Schedules.
94
Item 16.
Form 10-K Summary
97
We use Glaukos, our logo, iStent, iStent inject W, iStent infinite, iPrism, iDose TR, iPRIME, MIGS, Avedro, Photrexa,
iLink, KXL, Epioxa, iLution, Retina XR, PRESERFLO Microshunt and other marks as trademarks. This report contains
references to our trademarks and service marks and to those belonging to other entities. Solely for convenience, trademarks
and trade names referred to in this report, including logos, artwork and other visual displays, may appear without the ® or ™
symbols, but such references are not intended to indicate in any way that we will not assert, to the fullest extent under
applicable law, our rights or the rights of the applicable licensor to these trademarks and trade names. We do not intend our use
or display of other entities’ trade names, trademarks or service marks to imply a relationship with, or endorsement or
sponsorship of us by, any other entity.
References throughout this document to the “Company,” “we,” “us,” “our,” or “Glaukos” refer to Glaukos
Corporation and its consolidated subsidiaries.

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SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS AND INDUSTRY DATA
This Annual Report on Form 10-K contains forward-looking statements within the meaning of Section 27A of the
Securities Act of 1933, as amended (Securities Act), and Section 21E of the Securities Exchange Act of 1934, as amended
(Exchange Act). All statements other than statements of historical or current facts in this report or referred to or incorporated
by reference into this report are forward-looking statements. In some cases, you can identify forward-looking statements by
the following words: “may,” “will,” “could,” “would,” “should,” “expect,” “intend,” “plan,” “anticipate,” “believe,”
“estimate,” “predict,” “project,” “potential,” “continue,” “ongoing” or the negative of these terms or other comparable
terminology, although not all forward-looking statements contain these words. Forward-looking statements in this Annual
Report on Form 10-K include statements regarding: future operations; expected operating results and financial performance;
the Company’s strategy for growth; product development activities; regulatory approvals, including timing and likelihood of
success; facility expansion and development; reimbursement rates and trends; market position and expenditures, and may be
included under Item 1 - “Business,” Item 1A - “Risk Factors,” Item 7 - “Management’s Discussion and Analysis of Financial
Condition and Results of Operations” and elsewhere in this Annual Report on Form 10-K. These forward-looking statements
are based on management’s beliefs and assumptions based on the information currently available to management. Although we
believe that we have a reasonable basis for each forward-looking statement contained in this Annual Report on Form 10-K, we
caution you that these forward-looking statements involve risks, uncertainties and other factors that may cause actual results,
levels of activity, performance or achievements to be materially different from the information expressed or implied by these
forward-looking statements.
You are urged to carefully review the disclosures we make concerning the risks we face and other factors that may
affect the outcome of our forward-looking statements and our business and operating results, including the risks set forth
below under “Risk Factors Summary” and further described in the “Risk Factors” section of this Annual Report on Form 10-
K, which includes a discussion of important factors that may cause actual results to differ materially from those expressed or
implied by any forward-looking statements. As a result of these factors, we cannot assure you that the forward-looking
statements in this Annual Report on Form 10-K will prove to be accurate, and actual results may differ materially from those
expressed or implied by the forward-looking statements. In light of the significant uncertainties in these forward-looking
statements, you should not regard these statements as a representation or warranty by us or any other person that we will
achieve our objectives and plans or that any of our expectations will occur in any specified time frame, or at all. You are
therefore cautioned not to place undue reliance on the forward-looking statements included in this Annual Report on Form 10-
K, which speak only as of the date of this document. We undertake no obligation to publicly update any forward-looking
statements, whether as a result of new information, future events or otherwise, except as required by law.
This Annual Report on Form 10-K contains market data and industry forecasts that were obtained from industry
publications. These data involve a number of assumptions and limitations, and you are cautioned not to give undue weight to
such information. Although we believe that the industry publications on which the market and industry statements are based
are reliable and we are not aware of any misstatements regarding any market data or industry forecasts presented herein, we
have not independently verified any of the third-party information.
WEBSITE REFERENCES
In this Annual Report on Form 10-K, we make references to our website at www.glaukos.com. References to our
website through this Form 10-K are provided for convenience only and the content on our website does not constitute a part
of, and shall not be deemed incorporated by reference into, this Annual Report on Form 10-K.

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2
Risk Factors Summary
Investing in our securities involves a high degree of risk. The following is a summary of the principal factors that make an
investment in our securities speculative or risky, all of which are further described below in the section titled “Risk Factors” in Part I,
Item 1A of this report. This summary should be read in conjunction with the “Risk Factors” section and should not be relied upon as
an exhaustive summary of the material risks facing our business. In addition to the following summary, you should consider the
information set forth in the “Risk Factors” section and the other information contained in this report before investing in our
securities.
Risks Related to Our Business
●
Failure to achieve commercial success of iDose TR could materially impact our business.
●
Downturns or volatility in general economic conditions and public health crises could harm our business.
●
Supply and/or manufacturing disruptions impacting our principal revenue-producing products could reduce our gross
margins and negatively impact our operating results.
●
We may not reach sustained profitability.
●
We may fail to generate sufficient sales of our commercialized products or to develop and commercialize additional
products.
●
We are subject to a variety of risks associated with our international operations.
●
We may not meet our customers’ expectations for the quality or delivery of our products, which could harm our reputation
and sales.
●
If ophthalmic surgeons do not use or if they misuse our products, our business could be harmed.
●
We may fail to manage our anticipated growth effectively and may not be able to meet customer demand.
●
We may be unable to retain or recruit qualified personnel for growth.
●
We have and may continue to enter into acquisitions, collaborations, in-licensing agreements, joint ventures, alliances or
partnerships with third parties that could fail.
●
Cybersecurity incidents, service interruptions, or data corruption could materially disrupt our operations and adversely
affect our business.
●
Failure to comply with data privacy and security laws could have a material adverse effect on our business.
●
Our net operating loss tax carryforwards may not be available, or may be subject to certain limitations, to offset future
taxable income.
Risks Related to Our Indebtedness
●
If we incur future indebtedness, our debt service obligations could limit our cash flow, and may adversely affect our
financial condition and operating results.
●
The capped call transactions may affect the value of our common stock, par value $0.001 per share (Common Stock) and
subject us to counterparty risk.
Risks Related to Our Regulatory Environment
●
Healthcare legislative reform measures and changes in U.S. and international trade policies may have a material adverse
effect on our business and results of operations.
●
Compliance with applicable regulations can be costly and failure to comply with such regulations could harm our business,
financial condition and operating results.
●
Legislative or regulatory reform of the healthcare system could hinder or prevent our products’ commercial success.
●
Inadequate or inconsistent reimbursement for our products may adversely impact our business.
Risks Related to Our Intellectual Property
●
Failure to protect our intellectual property could substantially impair our ability to compete.
●
Intellectual property claims or litigation could be costly, time-consuming and unsuccessful and could interfere with our
ability to successfully commercialize our products.
Risks Related to Our Common Stock
●
Provisions in our Certificate of Incorporation and Bylaws limit the ability of stockholders to take certain actions and could
delay or discourage takeover attempts.
●
Our Certificate of Incorporation designates the sole and exclusive forum for certain types of actions and proceedings,
which could limit our stockholders’ ability to obtain a favorable judicial forum.

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3
PART I
ITEM 1.
BUSINESS
Overview
Glaukos is an ophthalmic pharmaceutical and medical technology company focused on developing novel, dropless
therapies and commercializing associated products for the treatment of glaucoma, corneal disorders, and retinal disease. We
first developed Micro-Invasive Glaucoma Surgery (MIGS) as an alternative to the traditional glaucoma treatment paradigm,
launching our first MIGS device commercially in 2012. In 2024, we commenced commercialization activities for iDose® TR ,
a first-of-its-kind, long-duration, intracameral procedural pharmaceutical implant designed to continuously deliver glaucoma
drug therapy inside the eye for extended periods of time. We also offer commercially a proprietary bio-activated
pharmaceutical therapy for the treatment of a rare corneal disorder, keratoconus, that was approved by the United States (U.S.)
Food and Drug Administration (FDA) in 2016. Beyond our approved products, we continue to develop and advance a robust
pipeline of novel, dropless platform technologies designed to meaningfully advance the standard of care and improve
outcomes for patients suffering from chronic eye diseases.
Ophthalmic diseases and disorders are a national and global health concern and, as the population ages, the number
of individuals with vision impairment and blindness is increasing. Moreover, improving access to cost-effective tools is
increasing the diagnosis of sight-threatening ocular diseases globally and driving demand for innovative products,
technologies, and therapies that improve clinical outcomes, demonstrate favorable safety profiles and provide ease of use and
reliability. In response to the significant unmet needs that exist within ophthalmology we have designed commercial and
development-stage solutions to provide ophthalmologists and other eye care professionals with various treatment options.
Our commercial solutions and development-stage product candidates include:
●
procedural pharmaceuticals based on an intracameral drug delivery technology designed to reduce IOP
by delivering therapeutic levels of glaucoma medication from inside the eye over an extended period of
time;
●
MIGS products that primarily involve the insertion of a micro-scale device designed to reduce
intraocular pressure (IOP) by restoring the natural aqueous humor outflow pathways for patients
suffering from glaucoma;
●
bio-activated pharmaceuticals that are intended to strengthen, stabilize, and reshape the cornea for
patients impacted by corneal ectatic disorders such as keratoconus or refractive disorders;
●
transdermal pharmaceuticals that are applied to the eyelid and designed to treat glaucoma, dry eye,
presbyopia, demodex blepharitis, and other ocular surface diseases and disorders; and
●
proprietary micro-invasive, bio-erodible posterior sustained release drug delivery implants that are
designed to elute pharmaceuticals over time to improve the vision of patients impacted by retinal
diseases such as age-related macular degeneration (AMD), diabetic macular edema (DME), and retinal
vein occlusion (RVO).
Products and Pipeline
We operate in one operating segment and our primary business activity is the development and commercialization of therapies
across several end markets within ophthalmology. In an effort to provide greater visibility into our business, the following
discussion is presented based on our five principal novel platforms that address four therapeutic areas within ophthalmology:
glaucoma, rare disease, anterior segment and posterior segment.

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iStent Micro-Scale Surgical Devices
Glaucoma is a group of eye diseases characterized by progressive, irreversible and largely asymptomatic vision loss
in which elevated levels of IOP are often associated with optic nerve damage that can cause blindness. While some glaucoma
patients do not experience an increase in IOP, it is widely considered a major risk factor in glaucoma’s progression, and
reduction in IOP is the only clinically proven treatment for the disease. Elevated IOP occurs when aqueous humor is not
circulating normally or properly draining from the front part of the eye. We have three primary commercialized micro-scale
surgical device products designed to treat glaucoma: the iStent, the iStent inject W, and the iStent infinite, collectively referred
to as the “iStent family of products.”
The iStent and the iStent inject W are micro-bypass stents designed to treat mild-to-moderate open angle glaucoma
through the restoration of the natural physiologic outflow pathways for aqueous humor. These stents are inserted through the
small corneal incision made during cataract surgery and implanted in the trabecular meshwork of the eye. Our iStent, a single
stent device which reduces IOP by restoring the natural physiologic pathways for aqueous humor, obtained U.S. FDA
clearance in 2012 and was the first commercially available MIGS treatment solution. The iStent inject W device includes two
stents pre-loaded in an auto-injection system designed to allow the surgeon to inject stents through a single corneal entry and
was approved by the FDA in 2018. The iStent and iStent inject W procedures are currently reimbursed in the U.S. by Medicare
and all major national private payors. Some or all of the iStent family of products are commercially available in numerous
countries, including certain members of the European Union members, the United Kingdom, Japan, Australia, Canada and
Brazil, and other countries, even though reimbursement may not always be available for all such procedures.
In August 2022, we received FDA 510(k) clearance for the iStent infinite indicated for use in the treatment of patients
with glaucoma uncontrolled by prior medical and surgical therapy. The iStent infinite product includes three heparin-coated
titanium stents preloaded into an auto-injection system that allows the surgeon to inject stents across a span of up to
approximately six clock hours around Schlemm’s canal, the eye’s primary drainage channel. Once in place, the stents are
designed to lower IOP by restoring the natural, physiological outflow of aqueous humor. iStent infinite is our first FDA-
cleared micro-bypass stent that can be used in either a standalone procedure or in conjunction with cataract surgery for
glaucoma patients uncontrolled by prior medical and surgical therapy.
We have also licensed from Santen Pharmaceutical Co., Ltd. (Santen) the PRESERFLO MicroShunt. The
MicroShunt is an ab-externo device being developed for treatment of glaucoma where IOP is uncontrolled with maximum
tolerated medical therapy or where progression of the disease warrants surgery. Santen submitted a Pre-Market approval
(PMA) application to the FDA in June 2020. In April 2022, the U.S. FDA completed its review for the MicroShunt PMA
submission and notified InnFocus, Inc, a Santen company, of a Non-Approvable determination. We then assumed clinical
development from Santen and now plan to commence a Phase 3 clinical trial for the PRESERFLO MicroShunt in 2025, which
we believe would be the basis to support potential future FDA approval in the future. We have commercialized the
PRESERFLO MicroShunt in various countries including, but not limited to, Australia, Canada and Brazil.
iDose Sustained-Release Pharmaceuticals
In December 2023, we received FDA approval for iDose TR, indicated for the reduction of IOP in patients with open-
angle glaucoma or ocular hypertension. iDose TR is a first-of-its-kind, intracameral procedural pharmaceutical therapy
designed to continuously deliver therapeutic levels of a proprietary formulation of travoprost inside the eye for extended
periods of time. iDose TR is intended to improve the standard of care by addressing the ubiquitous patient non-compliance
issues and chronic side effects associated with topical glaucoma medications.
iDose TR was initially launched in a controlled manner during the first quarter of 2024. Up until the beginning of the
third quarter of 2024, iDose TR was reimbursed with Medicare under a miscellaneous C-code, and the Company was in the
process of securing both the establishment of a facility fee as well as a physician fee payment. On March 21, 2024, the U.S.
Centers for Medicare & Medicaid Services (CMS) assigned the temporary Current Procedural Terminology (CPT) codes
0660T and 0661T which are designed to cover the facility fee payment to ambulatory payment classification 5492, effective
April 1, 2024. Then, on April 2, 2024, CMS assigned a unique, permanent

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Healthcare Common Procedure Coding System (HCPCS) J-code that covers reimbursement for the iDose TR product. This J-
code became effective on July 1, 2024. Lastly, for products like iDose TR that are covered by temporary CPT codes, the
physician fee payment rates are set by the multi-state, regional contractors, or Medicare Administrative Contractors (MACs),
that are responsible for administering Medicare claims. Throughout 2024, we have been continuously working with the MACs
to streamline and obtain consistent reimbursement payments for iDose TR related to the permanent J-code, the facility fee, and
the physician fee.
iLink Bio-Activated Pharmaceuticals
The cornea, the eye’s outermost layer, is a clear, dome-shaped surface that functions best as a lens when the cornea is
strong and shaped properly. The cornea is responsible for the majority of the eye’s total focusing power and corneal disorders,
including ectasia, refractive vision errors and dry eye, among others, can cause vision impairment. Corneal ectatic disorders
are comprised of a class of diseases characterized by an ectatic, or misshaped, cornea. Corneal ectasia is typically caused by a
weakening of the cornea, which can be due to a number of factors, including genetic causes, adverse side effects from
ophthalmic refractive procedures such as LASIK, or excessive eye rubbing. We are currently targeting corneal disorders with
our bio-activated pharmaceuticals including keratoconus, a rare disease, and corneal ectasia following refractive surgery.
Keratoconus is mostly a hereditary, degenerative ectatic disease that is often first seen in older children or young
adults in which the typically round, dome-shaped cornea progressively thins and weakens, causing a cone-like corneal bulge
due to normal internal pressure of the eye.
Corneal ectasia following refractive surgery is a serious complication that involves the cornea becoming weakened
following a refractive procedure, such as LASIK, with symptoms similar to naturally occurring keratoconus.
Refractive vision errors, or the inability of the cornea to properly focus light, are prevalent in the U.S. and abroad and include
disorders such as presbyopia and myopia. Presbyopia is a natural part of aging due to the hardening of the eye’s crystalline
lens over time, resulting in a loss of lens elasticity or the ability of the lens to change shape in order to focus incoming light on
the retina. Myopia, or nearsightedness, is a vision condition in which close objects are seen clearly, but objects farther away
appear blurred, and is usually caused by an elongation of the eyeball or a cornea having too much curvature. Presbyopia
affects nearly everyone over the age of 40 while myopia first occurs in school-age children and typically progresses until
about age 20.
Our pharmaceutical iLink platform uses a suite of novel single-use drug formulations that are bio-activated by our
proprietary systems to address these corneal diseases. The iLink therapies, bioactivated upon the delivery of ultraviolet A
(UVA) light to the cornea, induce a biochemical reaction called corneal collagen cross-linking (CXL). CXL strengthens,
stabilizes and reshapes the cornea to treat corneal ectatic disorders.
Our KXL System, which delivers UVA light to a large portion of the cornea, in conjunction with our Photrexa
therapy, was approved by the FDA in 2016 for use in the U.S. following removal of the epithelium (often referred to as “iLink
epi-off”), a procedure familiar to ophthalmologists. In December 2024, we announced submission of our New Drug
Application (NDA) to the U.S. FDA for the iLink system using Epioxa therapy for the treatment of keratoconus without the
removal of the epithelium (often referred to as “iLink epi-on”). We anticipate an FDA approval decision for Epioxa by the end
of 2025.
We are also advancing clinical trials for a third generation iLink therapeutic system and are investigating whether our
bio-activated pharmaceutical products may also offer a means of improving the vision of patients with presbyopia, myopia or
other corneal diseases. Internationally, our iLink pharmaceutical therapies can also be administered with the KXL System to
address corneal weakening caused by refractive surgery such as LASIK.
iLution Transdermal Pharmaceuticals
We are developing our iLution platform of cream-based drug formulations that are applied to the outer surface of the
eyelid for dropless transdermal delivery of pharmaceutically active compounds for the treatment of certain anterior segment
eye disorders. Several iLution platform products leverage an exclusive global licensing arrangement

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with Intratus Inc. to research, develop, manufacture and commercialize a patented, non-invasive, transdermal drug delivery 
formulation designed for application on the eyelid in the treatment of dry eye disease, presbyopia, glaucoma, and other 
anterior segment ocular surface diseases and disorders.  
In September 2021, we entered into a licensing agreement with Attillaps Holdings, Inc. (Attillaps) to research,
develop, manufacture and commercialize Attillaps’ proprietary library of investigational pharmaceutical compounds that target
the eradication of Demodex mites, which are the root cause of Demodex blepharitis and often associated with meibomian
gland dysfunction and related ophthalmic diseases. We expect to commence a Phase 2 clinical trial evaluating iLution for the
treatment of Demodex blepharitis by the end of 2025.
In late 2023 we commenced a Phase 2a trial for iLution Travoprost for use in glaucoma patients. In 2022, we
commenced patient enrollment in Phase 2 clinical trials of two investigational drug candidates for the treatment of signs and
symptoms of dry eye disease (GLK-301) and presbyopia (GLK-302). In 2023, we announced topline initial Phase 2a results
for GLK-301.
Retinal XR Bio-Erodable IVT Pharmaceuticals
Retinal diseases vary widely but universally affect the retina, a thin layer of tissue inside the back wall of the eye
containing light-sensitive cells that convert light into neural signals. Most retinal diseases cause visual impairment, including
blurred or distorted vision and vision loss. Our research and development (R&D) efforts in our Retinal XR platform are
focused on treating AMD, DME, RVO, and other posterior segment retinal diseases.
AMD is a progressive disease that occurs when the macula, the central portion of the retina, is impaired, which can
result in severe vision problems. DME is highly prevalent among individuals with type 2 diabetes and is associated with
diabetic retinopathy (DR), the impairment of small blood vessels in the retina caused by increased glucose levels. Advanced
DR can lead to fluid leaking into the macula, which causes DME and severe vision impairment. RVO occurs when the flow of
blood from the retina is blocked, often due to a blood clot blocking the retinal vein, which can result in severe vision
problems.
We are developing sustained release (SR) pharmaceutical retinal platforms leveraging our expanded pharmaceutical
and sustained drug delivery R&D capabilities, including Triamcinolone Acetonide SR, Multi-Kinase Inhibitor SR and Anti-
VEGF SR. In December 2023, we commenced a first-in-human clinical trial for our retinal intravitreal multi-kinase inhibitor
designed to treat wet AMD patients.
The focus of our retinal research and development efforts is to develop potential treatment options with a longer
duration-of-effect than current standards of care products.
Research & Development
We devote significant resources to our R&D efforts, which are focused on developing new products, and enhancing
the effectiveness, ease of use, safety, and reliability of our commercialized products. Our R&D objectives are:
●
to advance glaucoma patient care through continuous improvement of our iDose and iStent platform
technologies;
●
to further enhance treatment options for keratoconus, while expanding iLink and CXL indications to include
treatment for certain refractive and other rare corneal conditions;
●
to develop dropless, transdermal pharmaceutical therapies for glaucoma and corneal disorders; and
●
to leverage our expertise in sustained release pharmaceutical retinal platforms to identify and develop viable
treatment options for retinal diseases such as AMD, DME and RVO.
A considerable portion of our R&D investment includes clinical trials and the collection of evidence that provide data
for use in regulatory submissions and required post-market approval studies involving applications of our

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products. We expect our R&D and clinical expenditures to increase as we continue to devote significant resources to clinical
trials and regulatory approvals of our pipeline products. We currently conduct R&D activities primarily in the U.S. but
continue to expand our clinical capabilities to sites internationally.
Our current R&D pipeline includes the following programs:
●
iStent infinite PMA pivotal Phase 3 clinical trial for treatment of mild-to-moderate glaucoma;
●
iStent infinite MDR submission in the EU for advanced-refractory glaucoma;
●
U.S. IDE for the PRESERFLO MicroShunt;
●
Second-generation extended release iDose TREX Phase 2b/3 clinical program;
●
Next generations of the iDose platform (pre-clinical);
●
NDA submission of Epioxa (Epi-on);
●
iLink third-generation Phase 2 clinical program;
●
2025 commencement of Phase 2 clinical trial for iLution Blepharitis;
●
iLution Travoprost (GLK-311) Phase 2a clinical trial;
●
iLution Dry Eye (GLK-301) Phase 2a clinical trial;
●
iLution Presbyopia (GLK-302) Phase 2a clinical trial;
●
IVT Multi-Kinase Inhibitor (GLK-401) Phase 2 clinical trial for AME, DME and RVO; and
●
IVT NCE Conjugate (GLK-411) for DME (pre-clinical).
Sales and Marketing
Our global sales efforts and promotional activities are currently aimed at ophthalmic surgeons and other eye care
professionals. Our primary customers include ambulatory surgery centers (ASC), hospitals and physician private practices. In
the U.S., we sell the majority of our products through a direct sales organization. Internationally, we sell our products
primarily through direct sales subsidiaries but also through independent distribution partners in certain countries in which we
do not have a direct commercial presence or only maintain a modest commercial presence. In 2024, sales to U.S. and
international customers accounted for 70% and 30% of our net sales, respectively. No single customer or distributor accounted
for more than 10% of our total net sales in 2024. For the year ended December 31, 2024, our iStent family of products, iDose
TR, and related glaucoma accessories accounted for approximately 79% of our net sales, while our iLink therapies accounted
for approximately 21% of our net sales.
Competition
The medical technology and pharmaceutical industries are highly competitive. We compete with many companies,
including divisions of companies much larger than us that may have greater resources and name recognition, and smaller
companies that compete against specific products or in certain geographies. Furthermore, new product development,
discoveries, and technological changes characterize the areas in which we compete. Our present or future products could be
rendered obsolete as a result of development advances made by one or more of our present or future competitors or by other
surgical or pharmaceutical therapy innovations. We must continue to develop and commercialize new products, technologies
and therapies to remain competitive in the ophthalmology industry. We believe that we compete primarily on the basis of
clinical superiority supported by extensive data and innovative features that enhance patient benefit, product performance, and
safety.

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The ophthalmic segment of the medical technology and pharmaceutical industries is dynamic and subject to
significant change due to cost-of-care considerations, reimbursement levels, regulatory reform, industry and customer
consolidation and evolving patient needs. The ability to provide products, technologies and therapies that demonstrate value,
are reimbursed through government or third-party payors, improve clinical outcomes, demonstrate favorable safety profiles,
and provide ease of use and reliability is becoming increasingly important for companies within ophthalmology.
In glaucoma, our MIGS offerings primarily compete against Alcon, which acquired Ivantis Inc., Sight Sciences and
New World Medical. Our procedural pharmaceutical product competes with AbbVie Inc. However, there are a considerable
number of large and small companies providing other surgical glaucoma technologies, laser-based therapies, and
pharmaceuticals that currently provide competition or with whom we may compete should our broad clinical development
pipeline be approved and commercialized. In corneal disorders, we currently have the only FDA approved bio-activated
pharmaceutical therapy for the treatment of keratoconus; however, there are certain pharmacies that compound
pharmaceuticals that may be used by certain physicians in place of our Photrexa product, and globally we compete against
numerous providers of corneal crosslinking therapies such as PeschkeTrade GmBH. Our anterior segment pipeline, if
approved, would vastly expand our competition to numerous large companies such as AbbVie Inc., Alcon, Inc. and Johnson &
Johnson, as well as some small companies that provide medical technology and pharmaceutical therapies for several areas
including dry eye and refractive conditions. Our posterior segment pipeline, if approved, may face substantial competition
from large pharmaceutical companies such as AbbVie Inc., Novartis AG, Genentech/Roche, Regeneron Pharmaceuticals, Inc.
and Bayer AG, and there are also a considerable number of large and small companies with development efforts in the field.
Facilities, Manufacturing and Distribution
Our corporate headquarters, including certain administrative, laboratory, R&D and warehouse space, are located at a
campus consisting of three office buildings comprising approximately 160,000 rentable square feet of space located in Aliso
Viejo, California (Aliso Facility). Our manufacturing operations for the iStent family of products and iDose TR are located in
an approximately 120,000 square foot campus in San Clemente, California which is comprised of two main buildings, two
suites and a warehouse. Our pharmaceutical therapies for keratoconus are primarily manufactured and supplied by third
parties in the U.S. and Germany, and the manufacturing operations for the systems that bio-activate these therapies are located
in approximately 60,000 square feet of space located in Burlington, Massachusetts. We recently reached agreement with the
city of Huntsville, Alabama to build a brand-new 200,000 square foot R&D and manufacturing facility with construction
anticipated to begin in 2026. Our international subsidiaries lease facilities in Australia, Brazil, Canada, Germany, Japan and
the United Kingdom.
In the U.S., we distribute our iStent family of products directly from our campus in San Clemente, California, or from
a third-party distribution center located in Memphis, Tennessee. Our iDose TR and Photrexa products are distributed using
third-party logistics providers. Our KXL Systems are distributed from our facility in Burlington, Massachusetts.
Internationally, we distribute our products using third-party logistics providers in the Netherlands, Germany, the
United Kingdom, Japan, Australia, Canada and Brazil.
Intellectual Property
The strength of our competitive position depends substantially upon our ability to obtain and enforce intellectual
property rights protecting our technology both domestically and internationally. We rely on a combination of intellectual
property rights, including patents, trademarks, service marks, copyrights, trade secrets and other similar intellectual property,
as well as customary contractual protections and security measures used to protect our proprietary, trade secret information.
In the aggregate, our intellectual property assets are of material importance to our business. We are significantly
dependent on our patent and other intellectual property rights and the failure to protect such rights could negatively impact our
ability to sell current or future products or prohibit us from enforcing our patents or other intellectual

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property rights against others. For additional information see the section titled Risks Related to Our Intellectual Property
within Item 1A. “Risk Factors” of this Annual Report on Form 10-K.
As of December 31, 2024, we owned or exclusively licensed in certain fields of use over 500 issued patents, pending
U.S. patent applications, issued foreign patents and pending foreign patent applications. We have obtained licenses from
various parties, including Intratus, Inc., Attillaps., Iveena Delivery Systems, Inc. and Stuart Therapeutics, Inc. for patents,
patent applications or other technology that we are currently or may in the future use in our R&D efforts. We may, from time
to time, choose to acquire or license additional patents and patent applications, or we may choose to abandon, sell, or license
certain Company patents and patent applications, depending on our needs. The issued patents that protect our commercial
products and current product pipeline expire between 2025 and 2043.
Government Regulation U.S. Regulation & Reimbursement
Our products and operations are subject to extensive and rigorous regulation by federal, state, and local authorities, as
well as foreign regulatory authorities. These governmental agencies regulate, among other things, the research, development,
testing, manufacturing, approval, labeling, storage, recordkeeping, advertising, promotion and marketing, distribution, post
approval monitoring and reporting, and import and export of medical devices and drugs (including drug/device combination
products) in their respective jurisdictions to assure the safety and effectiveness of medical products and pharmaceuticals for
their intended use. In general, there has been a trend of increased regulation of medical device and drug products which has
resulted in, and will likely continue to result in, increased prices to bring new products to market.
U.S. Regulation & Reimbursement
The FDA has broad regulatory authority over medical devices and drugs in the U.S. The FDA regulates, among other
things, product safety, efficacy, manufacturing, advertising, labeling and safety reporting.
Medical Device Requirements
Each medical device commercially distributed in the United States requires one of the following: (i) exemption from
or clearance under a 510(k) premarket notification; (ii) approval under a PMA application; or (iii) approval of a de-novo
classification petition.
The FDA classifies medical devices into one of three classes—Class I, Class II or Class III—depending on the degree
of risk associated with each medical device and the extent of manufacturing and regulatory control needed to ensure its safety
and effectiveness. Class III devices, which include our iStent family of products that produce the majority of our revenue, are
deemed to pose the greatest risk, such as life-sustaining, life-supporting or implantable devices and devices deemed not
substantially equivalent to a predicate device that the FDA has already cleared for marketing. Class III devices require FDA
approval of the more demanding PMA application before marketing of the device can proceed. While the iStent, iStent inject
W and the PRESERFLO MicroShunt are categorized as Class III devices and thus have been or would be generally subject to
the more rigorous PMA approval pathway, the FDA determined that an appropriate predicate device existed for the iStent
infinite and that 510(k) premarket notification was sufficient for clearance.
PMA Approval Pathway
In a PMA application process, the manufacturer must demonstrate that the device is safe and effective for its intended
use, and the PMA must be supported by extensive data, including data from preclinical studies and human clinical trials. If the
FDA accepts the application for review, it has 180 days under the Federal Food, Drug, and Cosmetic Act (FDCA) to complete
its review of a PMA, although in practice, the FDA’s review can take up to several years. The FDA will generally conduct
a pre-approval inspection of the applicant’s or its third-party manufacturers’ or suppliers’ manufacturing facility or facilities to
ensure compliance with the FDA’s Quality System Regulation (QSR). Even after a PMA approval, the FDA may require post-
approval conditions to ensure the safety and effectiveness of the device, including additional clinical studies or post-market
surveillance. Failure to comply with the conditions of approval can

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result in material adverse enforcement action, including withdrawal of the PMA approval. Certain changes to an approved
device, such as changes in manufacturing facilities, methods, or quality control procedures, or changes in the design
performance specifications, which may affect the safety or effectiveness of the device, require submission of a PMA
supplement.
Clinical Trials of Medical Devices
Clinical trials are almost always required to support a PMA for a Class III device. All clinical investigations must be
conducted in accordance with the FDA’s investigational device exemption (IDE) regulations. If the device presents a
“significant risk” to human health, as defined by the FDA, the FDA requires the device sponsor to submit an IDE application
to the FDA showing with appropriate data that it is safe to test the device in humans and that the testing protocol is
scientifically sound.
Regardless of the degree of risk presented by the medical device, clinical studies must be approved by, and conducted
under the oversight of, an Institutional Review Board (IRB) for each clinical site. During a study, the sponsor and any clinical
investigators are required to comply with the applicable FDA requirements. After a trial begins, the sponsor, the FDA or the
IRB could suspend or terminate a clinical trial at any time for various reasons, including a belief that the risks to study
subjects outweigh the anticipated benefits.
Post-Market Regulation
After a device is approved for marketing, numerous and pervasive regulatory requirements continue to apply. These
include:
●
establishment registration and device listing with the FDA;
●
QSR requirements, which require manufacturers, including third-party manufacturers, to follow stringent design,
testing, control, documentation and other quality assurance procedures during all aspects of the design and
manufacturing process;
●
labelling, advertising and promotion regulations, which require that promotion is truthful, not misleading, fairly
balanced and provide adequate directions for use and that all claims are substantiated, and also prohibit the
promotion of products for unapproved or “off-label” uses and impose other restrictions on labeling;
●
FDA approval of product modifications of approved devices that affect safety or effectiveness or that would
constitute a major change in intended use of an approved device;
●
medical device reporting regulations, which require that a manufacturer report to the FDA if a device it markets may
have caused or contributed to a death or serious injury, or has malfunctioned and the device or a similar device that it
markets would be likely to cause or contribute to a death or serious injury, if the malfunction were to recur;
●
correction, removal and recall reporting regulations, which require that manufacturers report to the FDA field
corrections and product recalls or removals if undertaken to reduce a risk to health posed by the device or to remedy
a violation of the FDCA that may present a risk to health; and
●
post-market surveillance activities and regulations, which apply when deemed by the FDA to be necessary to protect
the public health or to provide additional safety and effectiveness data for the device.
If the FDA determines that we failed to comply with applicable regulatory requirements, it can take a variety of
compliance or enforcement actions, which may result in, among other things:
●
warning letters, fines, injunctions, consent decrees, civil penalties and criminal prosecution;
●
recalls, withdrawals, or administrative detention or seizure of products;

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●
operating restrictions or partial or total suspension of production;
●
refusing or delaying requests for approvals of new products or modified products;
●
withdrawing 510(k) clearances or PMA approvals that have already been granted;
●
refusal to permit the export or import of our products.
Drug Requirements
The development and commercialization of drug products is subject to extensive regulation by governmental
authorities in the U.S. Before marketing in the U.S., a drug must undergo rigorous preclinical and clinical studies and an
extensive regulatory approval process implemented by the FDA under the FDCA. Several of our products, including our
recently-approved iDose TR implants and our pipeline iLution cream-based formulations, are drug products that are subject to
this regulatory approval process.
Before commencing clinical studies in humans in the US, we must submit to the FDA an investigational new drug
(IND) application that includes, among other things, the general investigational plan and protocols for specific human studies
and the results of preclinical studies. Once clinical studies have begun under the IND, they are usually conducted in three
phases and under FDA oversight. These phases generally include the following:
Phase 1.  Introduction into patients or healthy human volunteers to test for safety, dose tolerance and pharmacokinetics.
Phase 2.  Introduction into a limited patient population to assess the efficacy of the drug in specific, targeted indications, 
assess dosage tolerance and optimal dosage, and identify possible adverse effects and safety risks.
Phase 3.  Expansion to further demonstrate clinical efficacy, optimal dosage and safety within an expanded patient population.
The results of drug development, preclinical studies and clinical studies must be submitted to the FDA as part of an
NDA. The NDA also must contain extensive manufacturing information. The Prescription Drug User Fee Act (PDUFA)
establishes timeframes for FDA review of NDAs and the 2007 Food and Drug Administration Amendments Act gave the FDA
authority to require implementation of a formal Risk Evaluation and Management Strategy to ensure that the benefits of a drug
outweigh its risks. At the end of the review period, the FDA communicates either approval of the NDA or a complete response
listing the application’s deficiencies.
As part of the NDA approval, the FDA may require post-marketing studies, sometimes referred to as Phase 4 studies,
to monitor the safety and effectiveness of approved drugs, which may limit further marketing of the drug based on the results
of these post-marketing studies.
If regulatory approval for a drug is obtained, the marketing of the drug will be limited to those diseases and
conditions approved by the FDA and for which the drug was shown to be effective, as demonstrated through clinical studies
and specified in the drug’s labeling. Even if this regulatory approval is obtained, a marketed drug, its manufacturer and its
manufacturing facilities are subject to continual review and periodic inspections by the FDA. The FDA ensures the quality of
approved drugs by carefully monitoring manufacturers’ compliance with its current Good Manufacturing Practice (cGMP)
regulations, which contain minimum requirements for the methods, facilities, and controls used in manufacturing, processing,
and packaging of a drug. The FDA may withdraw drug approval if compliance with post-marketing regulatory standards is not
maintained or if safety or quality issues are identified after the drug reaches the marketplace.
The FDA has determined that products previously regulated as drugs, which are comprised of a drug constituent part
and a device part, may become subject to regulation as drug-led drug-device combination products. A drug-led drug-device
combination product classification, such as iDose TR received, is based on the determination of the primary mode of action of
the combination product. As a result, this change impacted the NDA submission for iDose TR, and may affect some of our
pipeline products, such as future iDose platform drug-eluting implants. These products that are

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considered to be drug-led drug-device combination products will require review and coordination by both the FDA’s drug and
device centers prior to approval, which may delay approval. In the U.S., a combination product with a drug primary mode of
action generally would be reviewed and approved pursuant to the drug approval processes under the FDCA. In reviewing the
approval application for such a product, however, FDA reviewers in the drug center will consult with their counterparts in the
device center to ensure that the device component of the combination product meet applicable requirements regarding safety,
effectiveness, durability and performance. Under FDA regulations, combination products are subject to cGMP requirements
applicable to both drugs and devices, including the Quality System (QS) regulations applicable to medical devices.
We are also subject to various laws and regulations regarding laboratory practices, the experimental use of animals
and the use and disposal of hazardous or potentially hazardous substances in connection with our research. In each of these
areas the FDA and other regulatory authorities have broad regulatory compliance and enforcement powers, including the
power to withdraw approvals.
Health Care Regulatory Laws
Additional laws and regulations also govern our business operations and products in the U.S., including among
others:
●
the federal health care Anti-Kickback Statute which prohibits, among other things, persons from knowingly 
and willfully soliciting, receiving, offering or paying remuneration, directly or indirectly, in cash or in kind, to 
induce or reward either the referral of an individual for, or the purchase, lease, order, arrangement for, or 
recommendation of, items or services for which payment may be made, in whole or in part, under federal 
health care programs, which impact our interactions with healthcare professionals;  
●
the federal civil False Claims Act which prohibits, among other things, knowingly presenting or causing the
presentation of a false or fraudulent claim for payment of government funds, or knowingly making, using, or
causing to be made, a false record or statement material to a false or fraudulent claim to avoid, decrease or
conceal an obligation to pay money to the federal government. False Claims Act liability is significant in the
healthcare industry because the statute provides for treble damages and significant mandatory penalties per
false claim or statement for violations (adjusted annually for inflation);
●
federal and state laws and regulations that govern the collection, dissemination, security, use, disclosure,
deletion and confidentiality of patient-identifiable health and other proprietary and personally-identifiable
information, in particular, the Health Insurance Portability and Accountability Act of 1996 (HIPAA), as
amended by the Health Information Technology for Economic and Clinical Health Act of 2009, as well as
proposed or enacted state-level laws and regulations that create data privacy and security rights for state
residents and obligations for certain entities, such as the California Consumer Privacy Act, the California
Privacy Rights Act, the Virginia Consumer Data Protection Act and the Colorado Privacy Act, among other
states. HIPAA created federal criminal statutes that prohibit, among other actions, knowingly and willfully
executing, or attempting to execute, a scheme to defraud any healthcare benefit program;
●
the Physician Payments Sunshine Act, which requires applicable manufacturers like us to report annually to the
CMS information related to payments and other “transfers of value” made to certain healthcare providers,
including physicians, physician assistants, nurse practitioners, clinical nurse specialists, certified nurse
anesthetists, and certified nurse-midwives, and teaching hospitals, and ownership and investment interests held
by such healthcare providers and their immediate family members; and
●
federal and state government price reporting laws that require us to calculate and report certain drug pricing
metrics to government programs, such as the average sales price of our Photrexa and iDose TR products, where
such reported prices may be used in the calculation of reimbursement and/or discounts on our marketed
pharmaceutical products, and prices for drugs may be reduced by mandatory discounts or rebates required by
government healthcare programs, including federal laws that require any company

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that participates in the Medicaid Drug Rebate Program (MDRP) also to participate in the Public Health
Service's 340B drug pricing program (340B program) in order for federal funds to be available for the
manufacturer's drugs under Medicaid and Medicare Part B. The 340B program requires participating
manufacturers to agree to charge statutorily defined covered entities no more than the 340B “ceiling price” for
the manufacturer's covered drugs.
Certain states also mandate implementation of corporate compliance programs, require adherence to the medical
device or pharmaceutical industry’s voluntary compliance guidelines, impose restrictions on manufacturer marketing
practices, require registration or licensing of manufacturers and their sales representatives, and/or require tracking and
reporting of gifts, compensation, and other remuneration to healthcare professionals and entities.
Violations of the health care regulatory laws described above; may subject us to administrative, civil, and criminal penalties,
including imprisonment of individuals, the imposition of significant fines, monetary penalties, and damages, exclusion from
participation in (or reimbursement for our products from) federal health care programs like Medicare or Medicaid, imposition
of compliance obligations or monitoring, curtailment or restructuring of our operations, and damage to our reputation.
Medical Device Reimbursement - Medicare
Ambulatory surgery centers, hospitals and physician private practices that purchase our medical device products
typically bill various third-party payors, such as government programs, private insurance plans and managed care programs, to
cover all or a portion of the costs and fees associated with the therapeutics or procedures in which our products are used and
bill patients for any applicable deductibles or co-payments. In the U.S., there are distinct billing codes that are used by
healthcare providers to report the provision of medical procedures and the use of supplies for specific patients to payors. There
are different categories of Current Procedural Terminology (CPT ®) codes (Category I, II and III) based on the procedure or
supply.
In the U.S., physicians are typically paid separately from the facility for surgical procedures involving our products.
Physician fee payment rates for products covered by temporary CPT codes are set by the multi-state, regional contractors, or
MACs, of which there are currently seven, that are responsible for administering Medicare claims. MACs have in the past, and
may in the future, change coverage terms, and there can be no assurance that coverage and adequate reimbursement will be
obtained from, or maintained by, the MACs.
In April 2024, five of the seven MACs released draft LCDs that would confirm reimbursement coverage of the
standalone procedure utilizing the iStent infinite, which received FDA clearance in August 2022, and that would confirm non-
coverage for surgical MIGS procedures in combination with other surgical MIGS procedures (but did not prohibit coverage
for use of a procedural pharmaceutical such as our iDose TR, in combination with surgical MIGS procedures). These draft
LCDs were finalized in October 2024 and took effect on November 17, 2024. The other two MACs have taken preliminary
steps to assess coverage of iStent infinite through temporary local coverage article (LCA) updates. In the case of these two
MACs, coverage of the iStent infinite is currently determined on a case-by-case basis.
On January 1, 2025, CMS’ final rules on 2025 Medicare physician fee and facility fee payment rates (2025 Final
Rule) became effective. The 2025 Final Rule did not materially modify the 2024 Medicare physician fee and facility fee
payment rates with respect to physician fee and facility fee payment rates for procedures using our iStent family of products.
We estimate that approximately 80% of procedures utilizing our iStent family of products in the U.S. are performed
in the ambulatory surgery center setting and the remaining estimated 20% of procedures are performed in the hospital.
Drug Reimbursement – Medicare
On April 2, 2024, CMS assigned a unique, permanent HCPCS J-code for iDose TR indicated for the reduction of
intraocular pressure in patients with open-angle glaucoma or ocular hypertension. The new J-code for iDose TR, J7355,
became effective July 1, 2024. J-codes are used by U.S. government and commercial payers, as well as surgeons,

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to streamline the billing and reimbursement process for procedural pharmaceuticals administered by a healthcare professional,
such as iDose TR, along with other certain treatments. In addition to the J-code, on March 21, 2024, CMS assigned the CPT
codes that are designed to be used to cover the procedural component of iDose TR, 0660T and 0661T, to ambulatory payment
classification 5492 (Level 2 Intraocular Procedures), effective April 1, 2024. The professional fees associated with an iDose
TR procedure are being set by each individual MAC separately.
Our Photrexa pharmaceutical therapy has received a permanent HCPCS J-code J2787 that covers the cost of the
drug. We have also obtained temporary Category III CPT code for the professional fees associated with CXL procedures done
in a physician office setting.
As a condition of having our iDose TR product covered under certain federal healthcare programs such as Medicare
and Medicaid, we are required to participate in the MDRP with respect to all of our pharmaceutical products. Participation in
the MDRP requires us to calculate and report certain pricing metrics to the government, comply with certain pricing
limitations and pay a rebate to each state Medicaid program for our covered products based on utilization of our products by
Medicaid beneficiaries. Any company that participates in the MDRP must also participate in the 340B program. The 340B
program, which is administered by the Health Resources and Services Administration, requires participating companies to
agree to charge statutorily defined covered entities no more than the 340B “ceiling price” for covered outpatient drugs. The
340B program ceiling price is calculated using a statutory formula, which is based on pricing data calculated under the MDRP.
To the extent applicable, these and other similar legislation or regulations will reduce the prices we can charge, and impact the
rebate amount we must pay on sales of our products subject to those laws or regulations, particularly on sales to our customers
if they qualify as covered entities eligible to receive the discounted 340B program ceiling price. Any changes to the
limitations, calculations, or scope of these programs could negatively impact the results of our operations. Our participation in
the MDRP affects our profitability through the need to increase our overall Medicaid rebate liability and the obligation to
charge reduced prices to covered entities.
Reimbursement – Commercial Insurance Plans
In the U.S., no uniform policy of coverage and reimbursement exists among third-party commercial payors; coverage
and reimbursement can differ significantly from payor to payor. In addition, payors continually review new products for
possible coverage and existing products for changes in coverage and can, without notice, deny coverage.
International Regulation & Reimbursement
Regulation
In addition to regulations in the U.S., we are subject to a variety of regulations in other jurisdictions governing
clinical trials, commercial sales and distribution of our products and reporting of payments to physicians. Whether or not we
obtain FDA approval for a product, we must obtain authorization before commencing clinical trials or obtain marketing
authorization or approval of a product under the comparable regulatory authorities of countries internationally. The approval
process varies from country to country and the time may be longer or shorter than that required for approval in the U.S. The
requirements governing the conduct of clinical trials, product licensing, pricing and reimbursement vary greatly from country
to country. In addition, certain countries have adopted transparency legislation that requires us to report contracts with or
payments made to physicians in those countries and many have enacted anti-kickback laws and regulations, which generally
prohibit the offer, receipt, or payment of remuneration in exchange for or to induce the use of our products.
Similar to the trend within the U.S., certain major international markets are also moving toward more stringent
regulatory frameworks for medical device and drug products. For example, in May 2017, the EU adopted a new regulatory
scheme for medical devices under the Medical Device Regulation (MDR). The MDR became effective in May 2021 and the
European Commission approved an extension of the transition period through 2028 for qualifying products. The MDR brings
significant new requirements for many medical devices, including enhanced requirements for clinical evidence and
documentation, increased focus on device identification and traceability, new definitions and registration of economic
operators throughout the distribution chain, and additional post-market surveillance and vigilance, which could result in
substantial additional expense. Additionally, the bio-activated therapy used with our

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crosslinking device to treat keratoconus in international markets, which is currently classified as a medical device in the EU
and certain other countries, could be reclassified as a drug product, which would impose an entirely new regulatory
framework on us and our contract manufacturers for this product, and compliance may prove costly and difficult or may not
be achievable at all.
The EU has also adopted increasingly stringent data protection and privacy rules that have and will continue to have
a substantial impact on the use of patient data across the healthcare industry. The EU General Data Protection Regulation
(GDPR) became effective in May 2018 and applies across the EU. The United Kingdom has adopted the UK Data Protection
Act 2018, a substantially equivalent version of the GDPR. The GDPR is wide-ranging in scope and imposes numerous
requirements on companies that process personal data, including requirements relating to processing health and other sensitive
data, obtaining consent of the individuals to whom the personal data relates, providing information to individuals regarding
data processing activities, implementing safeguards to protect the security and confidentiality of personal data, providing
notification of data breaches, and taking certain measures when engaging third-party processors. See the section titled Risks
Related to Our Business within Item 1A. “Risk Factors” of this Annual Report on Form 10-K for more information related to
the GDPR.
Reimbursement
Internationally, reimbursement levels vary significantly by country and by region within some countries.
Reimbursement is obtained from a variety of sources, including government-sponsored plans, private health insurance plans,
and combinations of both. Some countries require additional clinical data, or may impose additional obligations, such as
payment of rebates, before granting or expanding coverage and reimbursement for our products. In general, obtaining broad-
based reimbursement and adequate payment for new technologies is more difficult in these markets than in the U.S. Many
countries require new medical technologies to not only be safe and effective, but also to be able to demonstrate clinical
benefits that outweigh the costs when compared to the standard of care. As in the U.S., reimbursement decisions can change,
resulting in the elimination or reduction of reimbursement payments, which could adversely affect our financial results and
our ability to invest in and grow our business.
Other Regulations
Our operations and many of the products we manufacture or sell are subject to extensive regulation by numerous
other governmental agencies, both within the U.S. and internationally. In the U.S., apart from the agencies discussed above,
our facilities, operations, employees, products (their manufacture, sale, import and export) and services are regulated by the
Environmental Protection Agency, the Occupational Health & Safety Administration, the Department of Labor, Customs and
Border Protection, the Department of Commerce, the Department of Treasury, the Department of Justice and others. State
agencies also regulate our facilities, operations, employees, products and services within their respective states. Government
agencies internationally also regulate public health, product registration, manufacturing, environmental conditions, labor,
exports, imports, bribery and corruption and other aspects of our global operations.
These regulatory agencies and any current or future legislation could impact our business operations, reimbursement
for our products, and the healthcare environment generally, which could adversely affect our ability to operate our business
and our financial results. We cannot estimate the expenses we may incur to comply with potential new laws or changes to
existing laws, or the other potential effects these laws may have on our business.
Additionally, the U.S. government has recently made statements and taken certain actions that have created
significant uncertainty about the future relationship between the U.S. and various other countries with respect to trade policies,
treaties, government regulations and tariffs, which may lead to the imposition of tariffs and export control restrictions
affecting certain products manufactured in certain other countries. We believe our exposure to such potential tariffs and export
restrictions is limited as we do not source a significant amount of our raw materials and product components from countries
other than the U.S.; however, unfavorable government policies on international trade, such as export controls, or tariffs, may
increase the cost of manufacturing our commercialized products or developing our pipeline products, affect the demand for
our products (if and once approved), or restrict our access to raw materials and

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components used in the manufacture of our current products and the development of our future products, each of which could
negatively impact our financial condition and results of operations.
Human Capital Management
Glaukos is committed to developing a comprehensive, cohesive and positive employee experience. We consider
talent attraction, development, engagement and retention a key driver of our business success. As of December 31, 2024, we
had 995 full-time employees. Our Board of Directors, through the Compensation, Nominating and Governance Committee,
retains direct oversight of our human capital management process, including executive succession planning, talent
development, employee retention, material aspects of employee compensation as well as inclusive recruitment, retention and
compensation efforts. We report on human capital matters at each regularly scheduled Board of Directors meeting and
periodically throughout the year. The most significant human capital measures or objectives that we focus on in managing our
business and our related human capital initiatives include the following:
●
Health, Safety, and Wellness: We are dedicated to the safety and well-being of our employees. We continue
to provide our employees with exceptional medical and dental benefits. In the U.S. we provide vision benefits
for our employees and their dependents at no cost to them. In 2024 and 2023, we offered a wellness credit to
all U.S. employees that provides reimbursement for certain health-related expenses such has gym
memberships, to incent a healthy lifestyle, as well as a mental health toolkit that was developed to promote the
various resources, programs and tools available to help support our U.S. employees and their families. We
provide healthy snacks at all of our headquarters’ locations, and at certain sites we have implemented
“Wellness Wednesdays” to provide shoulder massage services to our employees to enhance their well-being.
We also established a cross-departmental Safety Committee to communicate safety information to their
respective teams, act as their department’s liaison to bring up safety concerns or questions, and work to
improve safety within the organization. Glaukos conducts periodic risk assessments and institutes controls
intended to eliminate hazards and minimize risks. In 2024, we also implemented a voluntary disability
insurance program for our California state employees.
●
Philanthropy and Volunteerism: We created the Glaukos Charitable Foundation to assist the company in its
philanthropic endeavors. In 2024, Glaukos donated approximately $6.6 million worth of its products to assist
individuals in need. We regularly hold local volunteer events and fundraising campaigns, including
approximately 30 in 2024, to encourage our employees to give back to our communities, a commitment that
we further support by offering employees paid time off for charitable volunteering. One of our more impactful
volunteer events involved Glaukos employees adopting over 200 disadvantaged families globally to help
provide a more special holiday experience. We also have implemented an automated charitable giving
platform that allows employees to donate to the Glaukos Charitable Foundation, or any other 501(c)(3)
charitable organization, through payroll deductions.
●
Training and Development: Employees receive regular development feedback through quarterly
management check-ins during which they are encouraged to cultivate new skills and opportunities. We coach
our leaders to facilitate effective conversations, and we measure the effectiveness of these conversations by
surveying our employees. All people leaders are invited to participate in two formal leadership development
programs. And Glaukos offers a variety of open enrollment leadership classes. In addition to training and
development opportunities, all new employees are required to participate in training seminars to introduce
them to Glaukos’ products, pipeline and position within ophthalmology. We value knowledge and continuous
improvement and conduct informational and training sessions to further expose our employees to different
departments, projects and business priorities. Our company-wide learning management system contains
thousands of learning activities and expanded leadership and technical training and is available to employees
worldwide.
●
Compensation and Benefits: To attract, retain and recognize talent, we aim to ensure merit-based, equitable
compensation practices and strive to provide competitive compensation and benefit packages to our
workforce. Employees at all levels are eligible for discretionary cash bonuses. To align employees

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with the organization’s performance, all U.S. employees are eligible to receive new hire and annual awards of
restricted stock units. In furtherance of our commitment to internal pay equity and pay transparency, Glaukos
conducts a global annual pay equity analysis to evaluate compensation distribution, which analysis is also
conducted in connection with new hires and promotions. In recent years we expanded our global benefits
programs, including broadening our employee assistance program globally. In the U.S., we added elderly and
childcare and fertility treatment assistance. In 2022, we enhanced our global leave policies for maternity,
adoption, baby bonding and medical disabilities to supplement disability and statutory benefits in such a way
that employees receive 100% salary for up to 12 weeks. In the U.S., we also enhanced our medical benefit
platform with wellness activities, incentives, and benefits including reimbursement for eligible wellness
expenses, onsite biometric screening, onsite voluntary flu and COVID vaccine events, health surveys, apps
and other resources to encourage and support our employees in achieving their best health. In 2024, we also
introduced a student loan repayment program available to all full-time U.S. employees, pursuant to which the
Company will make a monthly payment directly to an employee’s eligible student loan, up to a lifetime
maximum.
●
Employee Retention: Employee retention is crucial for the success of our organization. By retaining our
employees, we can experience savings on hiring and training costs, preserve institutional knowledge and
strengthen our culture. In order to keep our turnover rates low, we focus on maintaining a positive work
environment where employees want to stay, offer competitive compensation and benefits, encourage career
development and recognize and reward employees for their achievements and accomplishments. In 2024, our
overall employee voluntary turnover rate was 6.9%, an increase from our 2023 rate of 5.3%, but a decrease
from our 2022 rate of 11.0%.
●
Workforce Inclusiveness: We strive to create a work environment that emphasizes respect, fairness and
dignity and do not tolerate discrimination or harassment. Glaukos is an equal opportunity employer, and we
are focused on hiring and promoting the most qualified individual for each position. We incorporate fairness
and inclusiveness through our employee recruiting, hiring, and development practices. Individuals are
evaluated based on merit, without discrimination. We are committed to providing equal opportunities to every
member of our workforce. We believe that truly innovative companies must find new ways to address the
marketplace’s needs, and the most effective innovation happens when our workforce represents a diversity of
ideas and experiences. Our workforce was made up of 41% female employees and 44% racially or ethnically
diverse employees as of December 31, 2024. During 2024, of the promotions that were earned within our
workforce, 46% were earned by female employees and 55% were earned by racially or ethnically diverse
employees. To provide flexibility and increase opportunities to attract qualified and diverse talent, we have
evolved from our traditional work arrangements by implementing a hybrid office/home work model, for
eligible positions.
●
For additional information on human capital matters, please see our most recent Sustainability Report, which
is available on our website at www.glaukos.com. The information found on, or otherwise accessible through,
our website is not incorporated by reference into, nor does it form a part of, this report or any other document
that we file with the Securities and Exchange Commission (SEC).
Available Information
Our Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, Current Reports on Form 8-K and amendments
to reports filed or furnished pursuant to Sections 13(a) and 15(d) of the Exchange Act, are available on our web site at
www.glaukos.com, free of charge, as soon as reasonably practicable after the electronic filing of these reports with, or
furnishing of these reports to, the SEC. In addition, the SEC maintains a web site at www.sec.gov that contains reports, proxy
and information statements, and other information regarding issuers that file electronically with the SEC, including us.

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Item 1A.  Risk Factors
The risks and uncertainties discussed below are not the only ones facing our business but do represent those risks
that we believe are material to us. Additional risks and uncertainties not presently known to us or that we currently deem
immaterial may also harm our business. Please read the cautionary notice regarding forward-looking statements preceding
Part I, Item 1 in this Annual Report.
Risks Related to Our Business
The commercial success of our iDose TR is dependent upon multiple factors, the failure of any one of which could
materially impact the prospects of this product and our business.
Our iDose TR travoprost intracameral implant was approved for sale in the U.S. by the FDA in December 2023 and
we began commercializing the product in a controlled manner in February 2024. Its ultimate commercial success will depend
upon a number of factors, including physician training on and adoption of the use of this product, establishment of consistent
reimbursement, our ability to manufacture product in volumes sufficient to meet customer demand, marketing in compliance
with label restrictions, satisfactory patient outcomes, particularly as we continue our commercial launch, product pricing,
duration of efficacy, and the availability of commercial payor coverage and adequate reimbursement for the product. Our
failure to successfully commercialize the iDose TR based upon these or other factors could materially adversely impact our net
sales, our business or our financial condition.
Unfavorable global and regional conditions have adversely affected, and could in the future materially and adversely
affect, our business, results of operations, financial condition, liquidity, and cash flows.
Recent geopolitical conflicts, natural disasters and public health crises, such as COVID-19, have led to or
exacerbated certain unfavorable global and regional macroeconomic conditions, including inflation, volatility in the financial
and credit markets, higher interest rates and capital costs, labor shortages, increased energy costs, and currency fluctuations,
which have had, and could continue to have, an adverse effect on the global economy, the regional economies that we serve
and our business, results of operations, financial condition, liquidity and ability to access our existing cash, cash equivalents
and investments. Continuation or worsening of these unfavorable global and regional conditions, or similar new events or
crises, could have a material adverse effect on our operations, including through foreign exchange rate headwinds, higher
operating expenses and lower operating margins, and cause us to need to seek additional capital, which may not be available
to us on favorable terms or at all.
In recent years, unfavorable economic conditions have also adversely impacted several financial institutions,
including some financial institutions with whom we have banking relationships, and some banks have recently failed and gone
into receivership. If banks and other financial institutions with whom we have banking relationships enter receivership or
become insolvent in the future, we may be unable to access, and we may lose, some or all of our existing cash and cash
equivalents to the extent those funds are not insured or otherwise protected by the FDIC.
Public health crises, such as the COVID-19 pandemic, have adversely affected, and could in the future adversely affect,
our business, results of operations, financial condition, liquidity, and cash flows.
We are subject to risks associated with public heath crises, such as those experienced due to the COVID-19
pandemic. In particular, we have experienced, and may in the future experience, financial or operational impacts as a result of
such public health crises which may be material, including:
●
Impacts or delays to our product development efforts, including due to slowdown of new patient enrollment in
clinical trials such as we experienced in our 2020 and 2021 iDose clinical trial, or regulatory clearances and
approvals;
●
Costs associated with protecting the health of our employees and adhering to any guidance or orders of various
governmental authorities, such as masking, testing, and social distancing requirements;
●
Risks associated with remote work, including increased cybersecurity risk;
●
Widespread staffing shortages and turnover, including in ambulatory surgery centers, and mandatory and
voluntary quarantining, which may impact elective procedures;

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●
Outbreaks of disease in our facilities, which could require us to temporarily shut down manufacturing operations
or cause a disruption to, or shortage in, our workforce;
●
Delays in shipments of our products, which could harm our customer relations and adversely impact our
competitive positioning and sales, including as a result of longer lead times, delays, higher prices and unfulfilled
deliveries of our supply chain and development partners, each of which we continued to experience in 2024 and
some of which we anticipate will continue into the near future;
●
Restrictions on our personnel’s ability to access customers and clinical sites for training and support; and
●
Volatility in credit or financial markets.
If the supply and/or manufacture of our principal revenue-producing products, the iStent family of products, our Photrexa
therapies, or the iDose TR is materially disrupted, it may adversely affect our ability to manufacture products and could
reduce our gross margins and negatively impact our operating results.
Our sole manufacturing location for our iStent and iDose products is an approximately 120,000 square foot campus
located in San Clemente, California, where we manufacture, inspect, package, release and ship nearly all of our implanted
device products. We conduct substantially all of our research and development (R&D) activities, customer and technical
support, and management and administrative functions at our corporate headquarters in Aliso Viejo, California (Aliso
Facility). If either of our San Clemente or Aliso Facility suffers a crippling event or a natural disaster such as an earthquake,
fire or flood, or if we lose insurance coverage for or are unable to renew insurance on these facilities, as some California
residents have experienced, this could materially impact our ability to operate.
Additionally, we rely on a limited number of third-party suppliers, in some cases sole suppliers, to supply
components for the iStent, the iStent inject models, the iStent infinite, the iDose TR, and our other pipeline products. If any one
or more of our suppliers cease to provide us with sufficient quantities of components or drugs in a timely manner or on terms
acceptable to us, we would have to seek alternative sources of supply. Because of factors such as the proprietary nature of our
products, our domestic and international quality control standards and regulatory requirements including the FDA’s Quality
System Regulation, the European Union’s Medical Device Regulation, and Current Good Manufacturing Practices (cGMP)
regulations, we may be unable to obtain components or quickly engage replacement suppliers, who may not have access to
previous suppliers’ proprietary processes, if our component suppliers are found to be in violation of such standards, which
could delay or impact our business, including regulatory approval timelines. If our manufacturing facilities or those of any of
our component suppliers or contract facilities are found to be in violation of applicable laws and regulations or fail to
adequately remediate any issues discovered during an audit, the FDA or other regulatory bodies could take enforcement
action. Despite our efforts to maintain an adequate supply of inventory, the loss of these suppliers, or their inability to provide
us with an adequate supply of components or products, could cause delay in the manufacture of our products, thereby
impairing our ability to meet the demand of our customers and causing significant harm to our business. Any disruption of this
nature or increased expense could harm our commercialization efforts and adversely affect our operating results.
Our corneal health Photrexa therapies, and our Epioxa pharmaceutical therapies, which are not yet approved by the
FDA, are produced by a small number of contract manufacturing organizations. The systems that bio-activate our Photrexa
and Epioxa therapies are primarily manufactured in Burlington, Massachusetts. Any material disruption to the manufacture of
these corneal health products could also adversely affect our operating results and clinical efforts.
We have incurred significant losses since inception and our operating results can be unpredictable and may fluctuate
significantly from quarter to quarter, requiring substantial capital and operating expenditures for our business to operate
and grow. These factors could adversely affect our business, financial condition, results of operations and the trading price
of our common stock, and limit our ability to reach sustained profitability.
Since the Company’s inception in 1998, we have incurred significant operating losses. Although we have been
profitable for certain periods in our operating history, there can be no assurance that we will be profitable or generate cash
from operations in the future. As of December 31, 2024, we had an accumulated deficit of approximately $745.4 million,
principally comprised of costs incurred in our clinical trials, R&D programs, our selling, general and administrative expenses,
and from amortization expense related to our acquired developed technology intangible assets included in cost of sales. We
have funded our operations to date from the sale of equity securities, including our June 2015 initial public offering, the
issuance of notes payable, cash exercises of stock options and warrants to purchase

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equity securities, cash generated from commercial operations and the issuance of the Company’s 2.75% convertible notes due
2027 (Convertible Notes), which were fully exchanged, converted or redeemed in 2024. Our operations to date have been, and
our future growth and success will be, impacted by our ability to expand our business, including the success of our marketing
and sales efforts, our timely satisfaction of regulatory requirements, and our overall ability to maintain a competitive position.
To implement our global business strategies we have made, and expect to continue to make, significant investments in R&D
activities, clinical studies, expanding our manufacturing capabilities, growing our sales and marketing organization, engaging
in market access activities, enforcing and defending our intellectual property rights, acquiring companies or in-license
products and intellectual property, building our general and administrative infrastructure, and obtaining regulatory clearance
or approval to commercialize our pipeline product globally and expand our existing products into international markets or
products We expect our expenses will continue to increase as we pursue these objectives. While we believe we have sufficient
cash to fund our operations for at least the next 12 months from the date our consolidated financial statements for the year
ended December 31, 2024 are made publicly available, our ability to reach sustained profitability and generate positive cash
flow in the future is highly uncertain.
Additionally, our net sales may experience volatility due to a number of factors, many of which are beyond our
control, including, among other things, fluctuating demand, pricing pressures applicable to our products, changes in foreign
currency exchange rates, Medicare payment rates established by U.S. Centers for Medicare & Medicaid Services (CMS) or
Medicare Administrative Contractors (MACs), commercialization of our new products, the marketing of competitive products,
results of clinical research and trials, regulatory approval requirements and timings, legislative changes affecting our products,
variances in the sales terms, an increase in demand for our patient assistance and/or free drug programs, supply chain and
inventory management, shortage or increased cost of raw materials, seasonality in the timing or volume of customer orders,
the length of our sales cycle, and reductions in revenue associated with our participation in Medicaid Drug Rebate Program
(MDRP), which varies and may be unpredictable. As a result, you should not rely solely on our results in any past period as an
indication of future results and you should anticipate that fluctuations in our quarterly and annual operating results may
continue and could generate volatility in the price of our common stock. We believe that quarterly comparisons of our
financial results should not be relied upon as an indication of our future performance.
Our success depends on our ability to continue to generate sales of our commercialized products and develop and
commercialize additional products, which we may not be able to accomplish.
Our primary sales-generating commercial products have been the iStent, the iStent inject and its successor, the iStent
inject W, as well as our Photrexa therapies, which we acquired in connection with our acquisition of Avedro, Inc. (Avedro) in
2019. While we expect to continue to derive a significant portion of our net sales from the iStent, the iStent inject models, the
iStent infinite and the Photrexa therapies, as well as our iDose TR product, which was approved by the FDA in December
2023 and which we began commercializing in a controlled manner in February 2024, it is important that we continue to build
a more complete product offering. Developing additional products is expensive and time-consuming. Our research programs
may fail to yield product candidates for clinical development despite showing initial promise. If we are unable to successfully
commercialize additional products, our business prospects would be materially affected. Even if we are successful in
developing our additional pipeline products, the success of our new product offerings is inherently uncertain and our products
may not receive regulatory approval, may receive approval that requires restrictive labeling, or may not be profitable. Any
current or new products could also quickly be rendered obsolete by changing customer preferences, third party payor
reimbursement levels, or the introduction of competing products that (i) embody superior technologies, features, safety,
quality or efficacy, (ii) reflect a broader label indication, or (iii) are available at lower prices. Our competitors include large
publicly traded companies or divisions thereof and have more resources, greater name recognition, longer operating histories,
more established relationships with healthcare professionals, customers and third-party payors, broader products lines, more
established sales and marketing programs and distribution networks, and greater experience in obtaining regulatory clearance
or approval. Additionally, the period of orphan drug exclusivity with respect to our Photrexa pharmaceutical therapy expired
in 2023, which could allow competitive products to enter that market.

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As our growth strategy turns increasingly global, we are, and will continue to be, subject to a variety of risks
associated with our international operations, which could adversely impact our results of operations and financial
condition.
Our existing foreign operations, as well as our planned international growth, expose us to additional uncertainty and
risks beyond regulatory authorization and reimbursement levels. We sell our products through direct sales organizations and a
network of third-party distribution partners in other markets. These international operations expose us and our subsidiaries and
third-party distributors to a variety of risks including, without limitation, the following:
●
different, and in some cases more exacting and lengthy, regulatory approval processes, regulations and laws,
pricing and reimbursement systems, and rebate requirements applicable to us, our suppliers and distributors;
●
reduced or varied protection for intellectual property rights or difficulties enforcing our intellectual property
rights and defending against third-party threats and intellectual property enforcement actions against us, our
distributors, or any of our third-party suppliers;
●
pricing pressure or longer sales and payment cycles;
●
different competitive dynamics, including smaller market sizes, which we may not be able to fully appreciate
before entering certain foreign markets;
●
a shortage of qualified sales personnel and distributors;
●
the challenges of managing foreign operations;
●
relative disadvantages compared to competitors with more recognizable names, longer operating histories and
better established distribution networks and customer relationships;
●
political and economic instability, international terrorism and anti-U.S. sentiment, or the imposition of U.S. or
international sanctions that could restrict or prohibit continued business;
●
changes in duties and tariffs, license obligations, importation laws and other non-tariff barriers to trade;
●
scrutiny of foreign tax authorities that could result in significant fines, penalties and additional taxes;
●
different cultural norms which may impact how business is conducted;
●
laws and business practices favoring local companies;
●
difficulties in maintaining consistency and compliance with our internal guidelines;
●
difficulties in enforcing agreements and collecting receivables through foreign legal systems;
●
risks of money laundering, bribery and corruption practices, off-label promotion or breach of sanction
regulations by our personnel or distributors, which may be difficult for us to discover or prevent;
●
failures by our third-party partners to properly assist us with local guidance on operations, financial and other
reporting, accounting, tax, payroll, legal and regulatory matters; and
●
costly and complex export requirements and restrictions, particularly relating to technology.
If we experience any of these risks, our sales in non-U.S. jurisdictions may be harmed, our results of operations
would suffer, and our reputation and business prospects would be negatively impacted. Additionally, we are exposed to
changes in foreign currencies relative to the U.S. dollar, which are references to the differences between the foreign-exchanges
rates we use to convert the financial results of our international operations from local currencies into U.S. dollars for financial
reporting purposes. This impact of foreign-exchange rate changes is calculated based on the difference between the current
period’s currency exchange rates and that of the comparable prior period. Further,
significant foreign exchange rate fluctuations resulting in a decline in the respective local currency may decrease our revenues
and earnings from our foreign operations. As a result of our global operations, our revenue, gross margins, operating expense
and operating income in some international markets have been and may continue to be affected by foreign currency
fluctuations.
If the quality or delivery of our products does not meet our customers’ expectations, our reputation could suffer and
ultimately our sales and operating earnings could be negatively impacted.
As a manufacturer, we have addressed and must continue to address quality issues associated with our products,
including in our engineering, design, manufacturing and delivery processes, as well as issues with third-party pharmaceuticals
or components included in our products. Because our products are highly complex, the occurrence of

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performance issues may increase as we continue to introduce new products and rapidly scale up manufacturing to meet
increased demand. Although we have established internal procedures to minimize risks that may arise from product quality
issues, there can be no assurance that we will be able to eliminate or mitigate occurrences of these issues and associated
liabilities. In addition, identifying the root cause of performance or quality issues, particularly those affecting third-party
components or other elements, may be difficult, which increases the time needed to address quality issues as they arise and
increases the risk that similar problems could recur. Finding solutions to quality issues can be expensive and we may incur
significant costs, lost revenue or reputational damage in connection with, for example, shipment holds, product recalls and
warranty or other service obligations. Quality issues can also impair our relationships with new or existing customers or result
in product liability suits against us, which may be expensive to defend and could impact the reimbursement coverage of our
products, our product liability insurance rates and/or our cash reserves in the event our existing insurance coverage is
insufficient. The occurrence of any of the foregoing could harm our reputation as a producer of high-quality products and
could adversely affect our business, financial condition or results of operations.
Ophthalmic surgeons may not use our products if they do not believe they are safe, efficient, effective and preferable
alternatives to other treatment solutions in the market or may use our products without being adequately trained, which
could result in inferior clinical outcomes.
We believe that ophthalmic surgeons will not use our products unless they conclude that our products provide a safe,
efficient, effective and preferable alternative to currently available treatment options. Publications of clinical results by us, our
competitors and other third parties may impact whether, and the degree to which, our products are used by physicians and the
procedures and treatments those physicians choose to administer to their patients. If ophthalmic surgeons determine that any
of our products are not sufficiently effective, efficient or safe, whether based on longer-term patient studies or clinical
experience or unsatisfactory patient outcomes or patient injury, our sales would be harmed. Surgeons may base such
determination on patient outcomes that are the result of other unqualified surgeons performing procedures for which they
haven’t been trained. It is also possible that as our products become more widely used, latent defects could be identified,
creating negative publicity and liability problems for us and adversely affecting demand for our products. If an increasing
number of ophthalmic surgeons do not continue to adopt the use of our products, our operating and financial results will be
negatively impacted.
If we fail to manage our anticipated growth effectively, we may not be able to meet customer demand for our products and
our business could suffer.
Since the commercial launch of the iStent in 2012, we have seen significant period-to-period growth in our business,
both organically and through transactions, and we must continue to grow in order to meet our business and financial
objectives. However, continued growth creates numerous challenges, including, among others, new and increased
responsibilities for our management team; increased competition; increased and, with respect to new products such as the
iDose TR, uncertain product demand which could strain our manufacturing capacity or create product shortages; the
management of an increasing number of customer, supplier and other relationships; increased pressure on our operating,
financial and reporting systems; entry into new international territories with unfamiliar regulations and business approaches;
and the need to hire, train and manage additional qualified personnel. If we fail to manage any of these challenges effectively,
our business may be harmed.
If we are unable to retain or recruit qualified personnel for growth, our business results could suffer.
We have benefited substantially from the leadership and performance of our senior management and other key
employees. For example, our chief executive officer, as well as other key members of our senior management, has experience
successfully developing novel technologies and scaling early-stage medical device and pharmaceutical companies to achieve
profitability. We also rely on our qualified sales representatives and on consultants and advisors in our research, operations,
clinical and commercial efforts to grow our business, develop and commercialize new products and implement our business
strategies. Our success will depend on our ability to retain our current management and key employees, consultants and
advisors, and to attract and retain qualified personnel in the future, including by providing competitive compensation and
benefit programs, flexible work arrangements, career advancement prospects and sufficient opportunities to develop
leadership, managerial and other valuable skills. The loss of services of these personnel, which could occur without notice and
without cause, could prevent or delay our growth plans and the

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implementation of our strategic objectives, or divert management’s attention to seeking qualified replacements. Our U.S.
employees, including our senior management, are not subject to non-competition agreements. Accordingly, the adverse effect
of losing key personnel could be compounded by our inability to prevent them from competing with us.
We have and may continue to enter into acquisitions, collaborations, in-licensing agreements, joint ventures, alliances or
partnerships with third parties that could fail.
We have and may continue to enter into acquisitions, collaborations, in-licensing agreements, joint ventures and
partnerships in order to retain our competitive position within the marketplace, develop new products or expand into new
markets. Examples include our acquisitions of DOSE Medical and Avedro, as well as our licensing of Santen’s
PRESERFLO® Microshunt® (Preserflo MicroShunt), the Intratus drug delivery platform and the Attillaps, iVeena, Stuart and
Ripple pharmaceutical compounds and our collaboration agreement with Radius XR to market its wearable patient
engagement and diagnostic system. However, we cannot assure you that we will be able to successfully complete any future
acquisition we may pursue, or that we will be able to successfully integrate any acquired business, product or technology in a
cost-effective and non-disruptive manner. Our future successes will depend, in part, on our ability to manage an expanded
business, which may pose substantial challenges for our management, such as increased costs and complexity. There can be no
assurances that we will be successful in managing such expanded business or that we will realize the expected economies of
scale, synergies and other benefits currently anticipated from recent or future acquisitions or strategic transactions.
Additionally, these collaborations, joint ventures, and partnerships may fail to result in any commercialized product, including
due to delays in or failures to obtain regulatory approvals, such as the failure to receive approval of the PreserFlo MicroShunt
in the U.S., and could require us to invest a substantial amount of resources only to ultimately change regulatory strategies or
to fail. In addition, these arrangements may be terminated before we are able to realize net sales to sufficiently cover the costs
associated therewith, which could materially impact our business. We cannot assure you that any such transaction would result
in the benefits expected from the transaction, including revenue growth, increased profitability or an enhancement in our
business prospects. Further, pursuing acquisitions, collaborations, in-licensing agreements, joint ventures, alliances or
partnerships with third parties, whether or not completed, is costly and time-consuming and could distract Company
management from the operation of the business, which could negatively impact our operating results.
Failure to protect our information systems against cybersecurity threats, cybersecurity incidents, service interruptions, or
data corruption could materially disrupt our operations and adversely affect our business, operating results, or the
effectiveness of our internal controls over financial reporting.
The efficient operation of our global business depends on our information systems, including telecommunications,
the internet, network communications, email and various computer hardware and software applications. We rely on our
information systems to effectively manage sales and marketing data, accounting and financial functions, inventory
management, product development tasks, clinical data, quality systems, customer service and technical support functions. Our
information systems are vulnerable to damage or interruption from earthquakes, fires, floods and other natural disasters,
terrorist attacks, power losses, computer system or data network failures, data corruption and security breaches or other
cybersecurity incidents, some of which we have experienced and continue to monitor and expect may experience in the future.
Cybersecurity incidents can include ransomware, computer denial-of-service attacks, worms, and other malicious software
programs introduced to our computers and networks, including intrusions that are designed to evade detection for an extended
period of time, phishing attacks, social engineering attacks, and efforts to discover and exploit any design flaws, bugs, security
vulnerabilities or weaknesses, as well as intentional or unintentional acts by employees or other insiders with access
privileges, intentional acts of vandalism or fraud by third parties and sabotage. Additionally, cybersecurity threats and the
techniques used in cyberattacks change, develop and evolve rapidly, including from emerging technologies, such as advanced
forms of artificial intelligence (AI) and quantum computing. Further, use of AI by our employees, third-party service
providers, strategic partners or other contractors or consultants, whether authorized or unauthorized, increases the risk that our
intellectual property and other proprietary information will be unintentionally disclosed. While none of the cybersecurity
incidents or service interruptions that we have experienced to date have had a material adverse impact on our business,
financial condition or operations, the preventative measures we have implemented to date may not be sufficient to prevent,
mitigate or offset a future incident that may materially and adversely impact us and the cybersecurity insurance we have
obtained may or may not cover such an incident. In addition, some of our software systems are cloud-based data management

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applications, hosted by third-party service providers whose security and information technology systems are subject to similar
risks. The failure to protect either our or our service providers’ information technology infrastructure could disrupt our entire
operation, resulting in decreased sales, increased overhead costs, product shortages, or loss or misuse of intellectual property
or proprietary, confidential, sensitive or personal information, all of which could have a material adverse effect on our
reputation, business, financial condition and operating results or result in investigations, claims and administrative penalties
by regulators.  
Our enterprise resource planning (ERP) system is integral to our ability to accurately and efficiently maintain our
books and records, record transactions, and prepare our financial statements. Any disruptions or difficulties that may occur in
connection with our ERP system (whether in connection with the regular operation, periodic enhancements or upgrades of
such systems, or due to cybersecurity incidents) could adversely affect our ability to provide services, fulfill contractual
obligations, file reports with the SEC in a timely manner, operate our business or otherwise affect our controls environment. If
our independent registered public accounting firm determines that we have a material weakness in our internal control over
financial reporting, we could lose investor confidence in the accuracy and completeness of our financial reports, the market
price of our common stock could decline, and we could be subject to sanctions or investigations by the New York Stock
Exchange, the SEC, or other regulatory authorities. Any of these events could have an adverse effect on our operating results
and financial condition.
Failure to comply with data privacy and security laws could have a material adverse effect on our business.
We are subject to state, federal and foreign laws relating to data privacy and security in the conduct of our business,
including state breach notification laws, the Health Insurance Portability and Accountability Act, as amended by the Health
Information Technology for Economic and Clinical Health Act of 2009, the European Union’s General Data Protection
Regulation (GDPR), the U.K. Data Protection Act and the U.K. GDPR, the California Consumer Privacy Act, and the
California Privacy Rights Act, among others. These laws affect how we collect and use data of our employees, consultants,
customers and other parties, including patients treated with our products. They may further restrict our transfer and use of such
data, and may allow individuals to make requests or exercise rights that could limit use of data and require the expenditure of
significant resources and time and effort to address. In addition, as a result of the release and availability of AI technologies,
including generative AI platforms, we have seen a global trend toward more comprehensive and refined regulation of AI that
may impact our business, such as the EU AI Act, that are designed to ensure the ethical use, security, and privacy of AI and
create standards for transparency, accountability, and fairness. These laws, as well as similar laws being enacted by other
states and countries, impose substantial requirements that involve the expenditure of significant resources and the investment
of significant time and effort to comply. We also rely on third parties to host or otherwise process some of this data. In some
instances, these third parties have experienced failures to protect data privacy. Our failure or the failure of these third parties to
comply with these laws or prevent security breaches of such data could result in significant liability, fines and penalties under
applicable data privacy laws, cause disruption to our business, harm our reputation and have a material adverse effect on our
business.
We cannot be certain that our net operating loss tax carryforwards will be available to offset future taxable income.
At December 31, 2024, we had approximately $527.5 million, $437.0 million and $6.5 million of net operating loss
(NOL) carryforwards for federal, state and foreign purposes, respectively. Portions of federal NOL carryforwards incurred
prior to 2018 will expire annually, if unused, while $322.8 million will not expire but can only be used to offset 80 percent of
federal taxable income. Additionally, portions of state and foreign NOL carryforwards will expire annually, if unused.
At December 31, 2024, we had federal and state R&D credit carryforwards of approximately $48.2 million and
$28.6 million, respectively. Portions of federal and $4.6 million of state R&D credits will expire annually, if unused, while
$24.0 million of state R&D credits carry forward indefinitely. Additionally, at December 31, 2024, we had California
economic development credit carryforwards of $3.0 million. These economic development credits can only be used to offset
California taxable income and begin to expire in 2028, if unused.
We continue to provide a valuation allowance against a portion of these tax attributes because we believe that
uncertainty exists with respect to their future realization. Utilization of these tax attributes may be subject to annual

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limitations under IRC Sections 382 and 383 if we experience an ownership change. To the extent available, we intend to use
these NOL and credit carryforwards to offset future taxable income and/or income tax liabilities associated with our
operations. There can be no assurance that we will generate sufficient taxable income in the carry forward period to utilize the
remaining tax attributes before they expire.
Risks Related to Indebtedness
If we incur future indebtedness, our obligation to service the indebtedness could limit the cash flow available for our
operations and have other consequences that could adversely affect our business, and we may not have sufficient cash flow
from our business to pay our debt obligations.
We may in the future incur indebtedness to meet future financing needs. Interest payments, fees, covenants and
restrictions under agreements governing future indebtedness could have significant consequences, including the following:
impairing our ability to successfully continue to commercialize our future products; limiting our ability to obtain additional
financing on satisfactory terms; increasing our vulnerability to general economic downturns, competition and industry
conditions; requiring the dedication of a substantial portion of our cash flow from operations to service our indebtedness; and
inhibiting our flexibility to plan for, or react to, changes in our business. The occurrence of any one of these events could have
an adverse effect on our business, financial condition, operating results or cash flows.
Our ability to make scheduled payments of the principal and interest on, or to refinance the amounts payable under,
future indebtedness while still making necessary investments in our business, will depend on our operating and financial
performance, including our ability to generate sufficient cash flow from operations, which may be subject to economic,
financial, competitive and other factors beyond our control. If we are unable to generate such cash flow, we may be required
to sell assets, restructure existing debt or obtain additional debt financing or equity capital on terms that may be onerous or
highly dilutive. Our ability to refinance any future indebtedness will depend on the capital markets and our financial condition
at such time. We may not be able to engage in any of these activities or secure desirable terms, which could result in a default
on our debt obligations.
The capped call transactions may affect the value of our common stock, and subject us to counterparty risk.
In connection with the issuance of the Convertible Notes, we entered into capped call transactions with certain option
counterparties. The capped call transactions initially covered, subject to customary adjustments, the number of shares of
common stock initially underlying the Convertible Notes. The capped call transactions were expected generally to reduce the
potential dilution of our common stock upon any conversion of the Convertible Notes or at our election (subject to certain
conditions), offset any cash payments we would be required to make in excess of the aggregate principal amount of converted
Convertible Notes, as the case may be, with such reduction or offset subject to a cap. We have been advised that the option
counterparties or their respective affiliates have established initial hedges of the capped call transaction, and may modify their
hedge positions by entering into or unwinding various derivative transactions with respect to our common stock and/or
purchasing or selling our common stock or other securities of ours in secondary market transactions prior to the maturity of
the Convertible Notes, or following any termination of any portion of the capped call transactions in connection with any
repurchase, redemption or early conversion of the Convertible Notes. In December 2024, we unwound a portion of capped call
transactions corresponding to fifty percent of the number of shares of the Company’s common stock initially underlying the
Convertible Notes. However, the remaining capped call transaction may still modify their hedge positions and such hedge
modification activity could impact the market price of our common stock.
The option counterparties to the capped call transactions are financial institutions, and we are subject to the risk that
any or all of them might default under the capped call transactions. Our exposure to the credit risk of the option counterparties
is not secured by any collateral. Past global economic conditions have resulted in the actual or perceived failure or financial
difficulties of many financial institutions. If an option counterparty becomes subject to insolvency proceedings, we will
become an unsecured creditor in those proceedings with a claim equal to our exposure at that time under the capped call
transactions with such option counterparty. Our exposure will depend on many factors but, generally, an increase in our
exposure will be correlated to an increase in the market price of our common stock, subject

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to the cap and in the volatility of our common stock. We can provide no assurances as to the financial stability or viability of
the option counterparties.
Risks Related to Our Regulatory Environment
Healthcare legislative reform measures and changes in U.S. and international trade policies may have a material adverse
effect on our business and results of operations.
The current administration has enacted or proposed legislative, administrative and executive actions and regulatory
changes that could affect our ability to profitably sell our commercialized products or products for which we obtain marketing
approval. For example, the current administration previously enacted several executive actions that could impose pressures on
and create uncertainty surrounding the U.S. federal government’s budget and potential changes in budgetary priorities and
spending levels. Such pressures and uncertainty could adversely affect staffing levels and the funding for the FDA and as a
result, prevent or delay marketing approval of our current or future pipeline products, restrict or regulate post-approval
activities and affect our ability to profitably sell any product for which we obtain marketing approval, each of which may
negatively impact our business. Further, there have been, and may continue to be, legislative and regulatory proposals at the
U.S. federal and state levels and in foreign jurisdictions directed at broadening the availability and containing or lowering the
cost of healthcare including plans announced by the current administration to reform the U.S. pharmaceutical pricing system
significantly through rulemaking and executive orders. In addition, existing legislation aimed at patient affordability in the
United States such as the Patient Protection and Affordable Care Act may be repealed or replaced. The continuing efforts of
the government, insurance companies and third-party payors to contain or reduce costs of healthcare may adversely affect our
ability to set prices for our products that would allow us to achieve or sustain profitability. In addition, governments may
impose price controls on any of our products, which may adversely affect our future profitability. These risks may also impact
the development decisions we make with respect to our pipeline products.
Additionally, the U.S. government has recently made statements and taken certain actions that have created
significant uncertainty about the future relationship between the U.S. and various other countries with respect to trade policies,
treaties, government regulations and tariffs, which may lead to the imposition of tariffs and export control restrictions
affecting certain products manufactured in certain other countries. As a result of these statements and actions, we are exposed
to the possibility of product supply disruption and increased costs and expenses. While we cannot predict the likelihood,
nature or extent of the potential impact, unfavorable government policies on international trade, such as export controls, or
tariffs, may increase the cost of manufacturing our commercialized products or developing our pipeline products, affect the
demand for our products (if and once approved), or restrict our access to raw materials and components used in the
manufacture of our current products and the development of our future products, each of which could negatively impact our
financial condition and results of operations.
Our business, products and processes are subject to extensive regulation both in the U.S. and abroad and it can be costly to
comply with these regulations. Any failure to adhere to applicable regulations could harm our business, financial condition
and operating results.
Our medical devices, drugs, drug/device combination products and other products are subject to extensive
government regulation in the U.S. by the FDA, state regulatory authorities and foreign regulatory authorities in the countries
in which we conduct business. These regulations relate to, among other things, approval or clearance of our products for sale,
R&D, labeling, advertising, promotion, pricing and discounts, recordkeeping, reporting, import and export, post-approval
studies and the sale and distribution of our products. See Item 1, Business, “Government Regulation – U.S. Regulation &
Reimbursement” and “International Regulation & Reimbursement” in this Annual Report for additional information. Our
failure to comply with applicable regulatory requirements could result in enforcement action by the FDA, or state or foreign
regulatory authorities, which may include, among other things, warning letters, fines, injunctions, recalls, refusals to grant or
delays in granting requests, civil fines and penalties, operating restrictions, withdrawal of approvals and even criminal
prosecution.
The process of obtaining clearances or approvals to market our products can be expensive and lengthy, and we cannot
guarantee that our current products will receive clearance or approval for additional indications or that our future products will
receive clearance or approval on a timely basis, or without restrictions, if at all. Additionally, our pipeline

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products that are determined to be drug-device combination products, such as our iDose TR product, requires review and
coordination by each of FDA’s drug and device centers prior to approval, which may delay approval of our future products. In
some instances, we or our partners have pursued, and may in the future pursue, a regulatory clearance or approval that proves
unsuccessful, such as the FDA’s failure to approve the PreserFlo Microshunt in the U.S. and our determination to conduct a
second pivotal confirmatory study of our Epioxa pharmaceutical therapy based on recommendations from the FDA in pre-
NDA submission meetings. When this occurs, the time and financial resources required to obtain FDA or other regulatory
approval may substantially increase or new competitive products could reach the market faster than our product candidate,
which could materially adversely impact our competitive position and prospects.
Before we can obtain regulatory approval for any product candidate, we may have to undertake complex, time-
consuming and expensive clinical testing in humans to demonstrate safety and efficacy, the outcomes of which are inherently
uncertain and may never result in approved products or commercial sales. We have experienced in the past, and could
experience in the future, delays in the commencement or completion of clinical trials or testing that could significantly affect
our product development costs. We do not know whether planned clinical trials will begin on time, need to be redesigned,
enroll an adequate number of patients in a timely manner or be completed on schedule, if at all, or be deemed insufficient by
the FDA, which may require additional lengthy, time-consuming and expensive trials, which would further delay approval. We
may suffer significant setbacks in clinical trials, even after earlier trials showed promising results, and failure can occur at any
time during the clinical trial process. We, the clinical trial investigators, the independent review board overseeing the trial, the
FDA, or another regulatory authority may suspend, delay or terminate clinical trials at any time due to a number of factors,
including failure to conduct the trial in accordance with applicable regulatory requirements or trial protocols, failure to
demonstrate a benefit from using the product, lack of sufficient funding, medical device product malfunctions, adverse events,
or to avoid exposing trial participants to unacceptable health risks. Any delay or failure in clinical trials would delay or
prevent our ability to obtain necessary regulatory approvals, which would have a material adverse effect on our business,
financial condition and prospects.
If our facilities, or those of our third-party manufacturers or suppliers, fail to meet the FDA’s Quality System
Regulation or cGMP regulations, as applicable, or other standards required by the FDA, we could experience a delay in
obtaining the necessary regulatory clearances or approvals to commercialize our pipeline products, which could have a
material adverse effect on our business and financial condition and results.
We have ongoing responsibilities under FDA regulations and applicable foreign laws and regulations and we may
also be required to seek additional regulatory approvals to modify our approved products or their manufacturing processes or
indications, which may entail significant time and expense. We and our suppliers are subject to extensive post-marketing
regulatory requirements and failure to comply with applicable requirements in a timely manner could subject us to
enforcement actions, including recall or product approval withdrawals. Compliance with applicable regulatory requirements is
subject to continual review and is monitored rigorously through periodic inspections by the FDA. Other post-market
requirements on our products include reporting of adverse events and device malfunctions, product tracing, reporting of
corrections and removals (recalls), labeling requirements, and promotional restrictions. See Item 1, Business, “Government
Regulation – U.S. Regulation & Reimbursement – Post-Market Regulation” in this Annual Report for additional information.
Additionally, any recall or product withdrawal, whether required by the FDA, another regulatory authority or initiated by us,
could harm our reputation with customers, cause us to incur significant expense and negatively affect our sales.
In addition, our promotional materials, sales techniques, pricing programs and training methods must comply with
FDA and other applicable laws and regulations. The FDA or other regulatory authorities may limit the indications for use of
our products, thereby restricting our ability to promote the drug or device. Physicians may use our products, particularly
newly-approved products, off-label or in combination with other products that are not indicated or appropriate, as the FDA
does not restrict or regulate a physician's choice of treatment within the practice of medicine. However, if the FDA determines
that our promotional materials, sales techniques, pricing programs or training constitutes promotion of an off-label use or
encourages over-utilization of our products or use of our products in combinations that are not indicated or appropriate, it
could request that we modify our materials, techniques, programs or training or subject us to enforcement actions.

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We are subject to healthcare fraud and abuse, anti-kickback, false claims and transparency laws and regulations,
among others, which are enforced by federal, state and international governments with respect to our marketing, training,
customer arrangements, discount, rebate and pricing programs, product bundling, financial arrangements with physicians,
patient assistance programs, reimbursement support services, and other practices. See Item 1, Business, “Government
Regulation – U.S. Regulation & Reimbursement” and “International Regulation & Reimbursement” contained in this Annual
Report on Form 10-K for additional information about the laws and regulations which apply to us. The U.S. Department of
Justice has increased its scrutiny of interactions between manufacturers and healthcare providers, as well as various patient,
product and reimbursement support programs and speaker bureaus, which has led to a number of investigations, prosecutions,
convictions and settlements in the healthcare industry. Although we try to structure our arrangements within available safe
harbors whenever possible, we may nevertheless become subject to government scrutiny or investigation. Violations may
result in civil monetary penalties, criminal penalties, and exclusion from participation in government healthcare programs,
including Medicare and Medicaid, all of which would have an adverse effect on our business.
We are also subject to compliance with various anti-bribery laws and regulations, including the U.S. Foreign Corrupt
Practices Act, the U.K. Bribery Act, and similar anti-bribery laws in other jurisdictions, which generally prohibit companies
and their agents from making bribes or other improper payments to officials for the purpose of obtaining or retaining business.
We are also subject to limitations on trade with persons in sanctioned countries. Our sales in international markets increase the
inherent risks of encountering such issues. While our employees, distributors and agents are required to comply with these
laws and regulations, no assurance can be given that our training efforts and internal policies and procedures will prevent
violations of these laws. Any actual or alleged violations of these laws and regulations could subject us to government
investigations, criminal sanctions, severe fines and penalties that could have a material adverse impact on our reputation,
financial condition, results of operations and cash flows.
The scope and enforcement of each of the laws applicable to our business and products is uncertain and subject to
rapid change in the current environment of healthcare reform. Responding to a government investigation is time and resource
intensive, and may cause harm to our business and reputation even if we are able to successfully defend against it.
Additionally, resolution of any such investigation may require agreement to onerous corporate integrity agreements or other
compliance or reporting requirements, which may negatively affect our business.
Legislative or regulatory reform of the healthcare system could hinder or prevent our products’ commercial success.
In the U.S. and in certain states and foreign jurisdictions, there have been a number of legislative and regulatory
proposals and adoptions to change the healthcare systems in ways that could impact our ability to sell our products profitably,
if at all. In addition, new regulations and interpretations of existing healthcare statutes and regulations are frequently adopted
and we may not be able to comply with the changed laws, they could increase the cost of manufacturing, marketing or selling
our product, could make approvals of pipeline products more difficult or prevent us from selling at all. We expect there will
continue to be a number of legislative and regulatory changes to the U.S. health care system that could significantly change
the statutory provisions governing the regulatory approval, manufacture and marketing of regulated products or the
reimbursement thereof and may impose additional costs or lengthen review times of planned or future products. It is also
difficult to predict whether and how the policies and priorities of a new administration could materially impact the regulation
governing our products. A new U.S. administration may propose policy changes that create additional uncertainty for our
business, such as changes to the level of scrutiny to enforce the 340B drug pricing program (340B program) non-compliance,
new price restrictions on products we sell to Medicaid, Medicare or other government purchasers, or other regulatory changes
impacting reimbursement or competitive dynamics in the markets in which we operate. The extent to which such policy
changes impact the healthcare regulatory environment remains uncertain and could materially impact our business and
operations.
Additionally, in its June 2024 decision in Loper Bright Enterprises v. Raimondo (the “Loper ”), the U.S. Supreme
Court overturned the longstanding Chevron doctrine, under which courts were required to give deference to regulatory
agencies’ reasonable interpretations of ambiguous federal statutes. The Loper decision could result in additional legal
challenges to regulations and guidance issued by federal agencies applicable to our operations, including those issued by the
FDA and CMS. Further, the Loper decision may result in increased regulatory uncertainty, inconsistent judicial interpretations
and other impacts to the agency rulemaking process. We cannot predict which

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additional measures may be adopted or the impact of current and additional measures on the marketing, pricing and demand
for our products, which could have a material adverse effect on our business, financial condition and results of operations.
We are also subject to the EU’s Medical Devices Regulation (MDR), which could result in substantial additional
costs of compliance. In addition, our products could be reclassified in international markets, which would impose an entirely
new regulatory framework on us and our contract manufacturers and compliance may prove costly and difficult or may not be
achievable at all. Our failure, or the failure of our contract manufacturers, to obtain CE marks for all of our products under
MDR on a timely basis, or to comply with MDR or applicable European Medicines Agency regulations regarding drug
products, could restrict our ability to sell our products in the EU or other parts of the world, which would have a material
adverse effect on our business and financial results.
From time to time, we increase the prices of our products, as we have previously done with our Photrexa therapies.
Drug pricing by pharmaceutical manufacturers is subject to federal and state reporting requirements and is currently, and is
expected to continue to be, under close scrutiny, including with respect to manufacturers that increase the price of products
after acquiring those products from other companies. In some cases, such scrutiny has resulted in congressional inquiries and
federal and state legislation designed to, among other things, bring more transparency to product pricing, review the
relationship between pricing and manufacturers’ patient support programs, and reform government program reimbursement
methodologies for products. Although our price increases have been based upon third party studies of the projected economic
value of our products to the healthcare system, they may still become subject to such scrutiny.
As a condition of having our iDose TR product covered under certain federal healthcare programs such as Medicare
and Medicaid, we are required to participate in the MDRP with respect to all of our pharmaceutical products, which requires
us to calculate and report certain pricing metrics to the government, comply with certain pricing limitations and pay a rebate to
each state Medicaid program for our covered products based on utilization of our products by Medicaid beneficiaries. Any
company that participates in the MDRP also must participate in the 340B program. The 340B program, which is administered
by the Health Resources and Services Administration, requires participating companies to agree to charge statutorily defined
covered entities no more than the 340B “ceiling price” for covered outpatient drugs. The 340B program ceiling price is
calculated using a statutory formula, which is based on pricing data calculated under the MDRP.
Additionally, the U.S. Inflation Reduction Act of 2022 (IRA), which is designed to, among other things, have a direct
impact on drug prices and reduce drug spending by the federal government, requires drug manufacturers to pay rebates to
Medicare if they increase prices faster than inflation for certain drugs used by Medicare beneficiaries. The expansion of
inflation-based rebates may complicate our pricing strategies. See Item 1, Business, “Government Regulation – U.S.
Regulation & Reimbursement” in this Annual Report for more information on the MDRP. To the extent applicable, these and
other similar legislation or regulations will reduce the prices we can charge, and impact the rebate amount we must pay, on
sales of our products subject to that act, particularly on sales to our customers if they qualify as covered entities eligible to
receive the discounted 340B ceiling price. Compliance with these laws and programs may reduce our net sales, and could
require significant resources, which would reduce our profitability. Further, we cannot predict how our participation in, or how
future CMS guidance or rules governing, MDRP will affect our profitability (including the potential for increases in our
overall Medicaid rebate liability and the obligation to charge reduced prices to covered entities). Any changes to the
limitations, calculations, or scope of these programs could negatively impact the results of our operations. Additionally,
pricing and rebate calculations are complex and often subject to interpretation by the manufacturer, governmental agencies
and courts. A manufacturer that becomes aware that its Medicaid reporting for a prior was incorrect or has changed as a result
of a recalculation of pricing data is obligated to resubmit corrected data up to three years after the data was originally due.
Restatements and recalculations may result in an overage or shortfall in our rebate liability for prior periods, and may affect
our 340B ceiling price and therefore liability under the 340B program.
If we cannot sell our products profitably, whether due to our own inability to comply with, or the inability of other
economic operators in our supply chain to qualify under, any legislative reform or pricing programs, our business would be
harmed. In addition, any change in the laws or regulations that govern the clearance and approval processes

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relating to our current and future products could make it more difficult and costly to obtain clearance or approval for new
products, or to produce, market and distribute existing products.
Inadequate or inconsistent reimbursement for our products may adversely impact our business.
Our ability to successfully commercialize and achieve market acceptance of our products and compete against other
therapies designed to address the same disease states depends in significant part on adequate financial coverage and
reimbursement from third party payors, including governmental payors (such as the Medicare and Medicaid programs in the
U.S.), managed care organizations and private health insurers. See Item 1, Business, “Government Regulation – U.S.
Regulation & Reimbursement” and “International Regulation & Reimbursement” contained in our Annual Report for
additional information. Payors continually review the clinical evidence for new therapies and can change their coverage
policies without notice or deny payment if the product was not used in accordance with the payor’s coverage policy.
Therefore, coverage for our products can differ significantly from payor to payor. As a result, the coverage determination
process is often time-consuming and costly and requires us to provide scientific and clinical support for the use of our
products to each payor separately, with no assurance that coverage will be obtained or will be maintained once it is obtained.
In addition to uncertainties surrounding coverage policies, there are uncertainties regarding appropriate
reimbursement for the procedures associated with certain of our products like iAccess, a precision blade, iPRIME, a
viscoelastic delivery system, and iStent infinite and iDose TR, as well as sporadic volatility in reimbursement levels of existing
products, including our Photrexa therapy and the procedures associated with our existing products, such as our iStent family
of products. For example, in 2022 the CMS’ payment rates significantly lowered the Medicare physician fee payment rates
and slightly lowered the Medicare facility fee payment rates related to the implantation of trabecular bypass stents, such as our
iStent family of products, in conjunction with cataract surgery, furnished in the ambulatory surgery center setting, which we
believe disrupted traditional customer ordering patterns and resulted in certain of our customers’ utilization of competitive
products, causing reduced glaucoma sales volumes in the U.S. in 2022 and 2023. Additionally, the facility fee payment rates
for the standalone procedure that hospitals and ambulatory surgery centers will use with Glaukos’ iStent infinite product were
lower than anticipated for 2022 and were not significantly modified by CMS for 2023 facility fee payment rates, which had an
adverse impact on procedural iStent family product volumes and our revenues and net income.
The demand for, and the profitability of, our products could be materially harmed if the Medicaid program, Medicare
program, other healthcare programs in the U.S. or elsewhere, or third party commercial payors in the U.S. or elsewhere, deny
reimbursement for our products, limit the indications for which our products will be reimbursed, are unclear on appropriate
reimbursement codes or provide reimbursement only on unfavorable terms. For example, in June 2023 five MACs, which set
physician fee payment rates for products covered by temporary CPT Category III codes, published proposed local coverage
determinations (LCDs) that deemed certain ophthalmic procedures, including the procedures using our iAccess and iPRIME
products, investigational and therefore not covered by Medicare and not reimbursed, which LCD was ultimately adopted and
then reversed by these MACs. This non-coverage determination was not included in the proposed LCDs subsequently
published by the five MACs in April 2024 and finalized in November 2024. Additionally, the physician fee payment rates for
the procedures using our iDose TR product will be determined by the MACs, the majority of which have not yet published this
rate. Also, when procedures associated with our products transition from temporary CPT Category III codes to permanent CPT
Category I codes, the physician and facility reimbursement levels associated with the procedures using these products could
be decreased, such as the decreased payment rates for procedures using our iStent-related products, in conjunction with
cataract surgery, established by CMS for 2022 and 2023, as discussed above. Even when a permanent billing code has been
assigned to a product, there is no guarantee that coverage will be provided. If we are unable to maintain our existing codes or
obtain new permanent codes for procedures using our products, use existing codes for new products or obtain new
reimbursement codes for our products in development, we may be subject to significant pricing pressure, that could harm our
results of operations, financial condition and prospects. In the foreign markets in which we operate, different pricing and
reimbursement systems, could result in lower reimbursement, harming our ability to operate our business.
We cannot predict to what extent current global economic conditions may disrupt healthcare systems and access to
our products or result in a widespread loss of individual health insurance coverage due to unemployment, a shift from

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commercial payor coverage to government payor coverage, or an increase in demand for patient assistance or free drug
programs, any of which could adversely affect our net revenue. In addition, payers consistently engage in cost containment
efforts, which could result in decreased reimbursement levels for prescription drugs and the imposition of prior authorization
for the use of our products. We cannot predict actions that third party payors may take, including limiting access to or the level
of reimbursement for our products or refusal to provide any approvals or coverage.
Risks Related to Our Intellectual Property
If we are unable to adequately protect our intellectual property, our competitors and other third parties could develop and
commercialize products similar or identical to ours, which would substantially impair our ability to compete.
Our success and ability to compete depends significantly upon our ability to obtain, maintain and protect our
proprietary rights and licensed intellectual property rights to the technologies and inventions used in or embodied by our
products. We rely on a combination of patents and trademark rights, and to a lesser extent on trade secrets and copyrights,
together with licenses and nondisclosure agreements to protect our technologies. These legal means, however, afford only
limited protection and may not adequately protect our business. We also have not pursued or maintained, and may not pursue
or maintain in the future, patent protection for our products in every country or territory in which we sell or will in the future
sell our products. In addition, we cannot be sure that any of our pending patent applications or pending trademark applications
will issue or issue in a form that will be advantageous to us.
Despite our efforts, we cannot guarantee that we will be able to adequately protect our proprietary rights, which could
substantially impair our ability to compete. Our patents may be challenged and held invalid or we may be unable to extend the
protection on products with expiring patents. Moreover, our competitors may independently develop equivalent knowledge,
methods and know-how. Competitors could purchase our products and attempt to replicate some or all of the competitive
advantages we derive from our development efforts, infringe our intellectual property rights, design around our protected
technology or develop their own competitive technologies that fall outside of our intellectual property rights. Further, although
it is our policy to require each of our employees, consultants and any other parties who may be involved in the development of
intellectual property on our behalf to execute proprietary information and inventions agreements, we may be unsuccessful in
doing so with each party who in fact develops intellectual property that we regard as our own. The relevant assignment
provisions may not be self-executing or may be breached, resulting in ownership disputes and/or litigation.
We have many foreign patents and patent applications, and expect to pursue patent protection in the most significant
markets in which we do business. The laws of other countries in which our products are or may be sold may not protect our
product offerings and intellectual property to the same extent as U.S. laws, if at all. Many companies have encountered
significant difficulties in obtaining, protecting and defending such rights in international markets. In addition, many countries
limit the enforceability of patents against other parties, including government agencies or government contractors. In these
countries, the patent owner may have limited remedies, and certain countries have compulsory licensing laws under which a
patent owner may be compelled to grant licenses to other parties. We also may be unable to protect our rights in trade secrets
and unpatented proprietary technology in these countries. If we encounter such difficulties or are otherwise precluded from
effectively protecting our intellectual property rights in these countries, our business, financial condition and results of
operations could be substantially harmed.
We may not be able to accurately estimate or control our future operating expenses in relation to obtaining, enforcing
and/or defending intellectual property, which could lead to cash shortfalls. Our operating expenses may fluctuate significantly
in the future as a result of the costs of preparing, filing, prosecuting, defending and enforcing patent claims and other patent
related costs, including litigation costs and the results of such litigation or costs associated with administrative proceedings
and the results of such proceedings.
We have been and may in the future become involved in patent and other intellectual property litigation or administrative
proceedings relating to our intellectual property rights, which could be costly, time consuming and unsuccessful and could
interfere with our ability to successfully commercialize our products.
Intellectual property rights are essential to our business. We have asserted and may in the future need to assert claims
of infringement against third parties to protect our rights, or to invalidate or challenge the intellectual property

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rights of a third party, including those rights owned by our competitors. Additionally, third parties could assert infringement or
misappropriation claims against us with respect to our current or future commercial products and seek to invalidate one or
more of our patents or trademarks. Such claims could arise in situations where certain employees, consultants or contractors
were previously, or are currently, employed by other medical device, biotechnology or pharmaceutical companies, including
our competitors or potential competitors; we may be subject to claims that we or these individuals have, inadvertently or
otherwise, misappropriated the intellectual property or disclosed the alleged trade secrets or other proprietary information, of
these other employers.
There is no guarantee that we would be successful enforcing or defending our intellectual property rights in court. A
court could hold that some or all of our asserted intellectual property rights are not infringed, or could invalidate our rights,
hold our rights unenforceable, or substantially narrow the scope of protection. Further, we could be prohibited from
manufacturing or selling our products or a court could order us to pay substantial compensatory damages as well as other
penalties and fines. Any such adverse result would undermine our competitive position. Regardless of the final outcome, any
litigation to enforce our intellectual property rights in patents, copyrights, trade secrets or trademarks is highly unpredictable
and could result in substantial costs and diversion of resources, which could have a material adverse effect on our business,
financial condition and results of operations.
Risks Related to Our Common Stock
Anti-takeover provisions in our Charter and Bylaws and under Delaware law could make an acquisition of us, which may
be beneficial to our stockholders, more difficult and may prevent attempts by our stockholders to replace or remove our
current management and limit the market price of our common stock.
Provisions in our Restated Certificate of Incorporation (Charter) and amended and restated bylaws (Bylaws) may
have the effect of delaying or preventing a change of control or changes in our management. Our Charter and Bylaws include
provisions that:
●
authorize our board of directors to issue, without further action by the stockholders, up to 5,000,000 shares of
undesignated preferred stock;
●
require that any action to be taken by our stockholders be affected at a duly called annual or special meeting and
not by written consent;
●
specify that special meetings of our stockholders may be called only by our board of directors, the chairman of
the board of directors, the chief executive officer or the president;
●
establish an advance notice procedure for stockholder approvals to be brought before an annual meeting of our
stockholders, including proposed nominations of persons for election to our board of directors;
●
divide our board of directors into three classes, with each class serving staggered three year terms;
●
provide that our directors may be removed only for cause by a supermajority vote of our stockholders;
●
provide that vacancies on our board of directors may be filled only by a majority of directors then in office, even
though less than a quorum;
●
specify that no stockholder is permitted to cumulate votes at any election of directors; and
●
require a supermajority vote of the stockholders and a majority vote of the board to amend certain of the above-
mentioned provisions and our Bylaws.
These provisions may frustrate or prevent any attempts by our stockholders to replace or remove our current
management by making it more difficult to replace members of our board of directors, which is responsible for appointing the
members of our management. In addition, because we are incorporated in Delaware, we are governed by the provisions of
Section 203 of the Delaware General Corporation Law, which limits the ability of stockholders owning in excess of 15% of
our outstanding voting stock to merge or combine with us.
The exclusive forum provisions in our organizational documents could limit our stockholders’ ability to bring a claim in a
judicial forum that it finds favorable for disputes with the Company or its directors, officers or other employees.
Our Charter and Bylaws provide that, unless the Company consents in writing, the Court of Chancery of the State of
Delaware is the sole and exclusive forum for (i) any derivative action or proceeding brought on behalf of the

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Company, (ii) any action or proceeding asserting a claim of breach of a fiduciary duty owed by any director, officer or other
employee of the Company or its stockholders, (iii) any action or proceeding asserting a claim arising pursuant to any provision
of the Delaware General Corporation Law, our Charter or Bylaws, or (iv) any action or proceeding asserting a claim governed
by the internal affairs doctrine (the Delaware Exclusive Forum Provision). The Delaware Exclusive Forum Provision is
intended to apply to claims arising under Delaware state law and would not apply to claims brought pursuant to the Exchange
Act or the Securities Act, or any other claim for which the federal courts have exclusive jurisdiction.
Further, our Bylaws provide that the federal district courts of the U.S. will, to the fullest extent permitted by law, be
the exclusive forum for resolving any complaint asserting a cause of action under the Securities Act (the Federal Forum
Provision). Our decision to adopt the Federal Forum Provision followed a decision by the Supreme Court of the State of
Delaware holding that such provisions are facially valid under Delaware law and means that suits brought by stockholders to
enforce any duty or liability created under the Securities Act must be brought in federal court and cannot be brought in state
court.
The exclusive forum provisions in our Charter and Bylaws will not relieve us of our duties to comply with the federal
securities laws and the rules and regulations thereunder and, accordingly, actions by our stockholders to enforce any duty or
liability created by the Exchange Act or the rules and regulations thereunder must be brought in federal courts. Our
stockholders will not be deemed to have waived our compliance with these laws, rules and regulations. The exclusive forum
provisions in our Charter and Bylaws may limit a stockholder's ability to bring a claim in a judicial forum of its choosing for
disputes with the Company or its directors, officers or other employees, which may discourage such lawsuits. In addition,
stockholders who do bring a claim in the Court of Chancery of the State of Delaware pursuant to the Delaware Exclusive
Forum Provision could face additional litigation costs in pursuing any such claim, particularly if they do not reside in or near
Delaware. The court in the designated forum under our exclusive forum provisions may also reach different judgments or
results than would other courts, including courts where a stockholder would otherwise choose to bring the action, and such
judgments or results may be more favorable to the Company than to our stockholders. Further, the enforceability of similar
exclusive forum provisions in other companies’ organizational documents has been challenged in legal proceedings, and it is
possible that a court could find any of our exclusive forum provisions to be inapplicable to, or unenforceable in respect of, one
or more of the specified types of actions or proceedings. If a court were to find all or any part of our exclusive forum
provisions to be inapplicable or unenforceable in an action, we might incur additional costs associated with resolving such
action in other jurisdictions.
ITEM 1B.
UNRESOLVED STAFF COMMENTS
None.
ITEM 1C.
CYBERSECURITY
Risk Management and Strategy
We recognize the importance of maintaining the security of our information systems and assets, and have several
cybersecurity processes and controls designed to identify, assess and manage the risks associated with cybersecurity threats
and cybersecurity incidents.
Risk Management Systems and Processes
To identify and assess material risks from cybersecurity threats, our enterprise risk management program considers
cybersecurity threat risks alongside other company risks as part of our overall risk assessment process. Our enterprise risk
management program is administered by the Company’s legal and internal audit functions, and facilitates the process of
identifying and assessing cybersecurity threat risks, as well as monitoring the effectiveness of our risk mitigation efforts.
During the year, our senior management periodically identifies the cybersecurity risks facing the Company and reviews our
mitigation plans related to these risks. These senior leaders conduct an evaluation of the severity of these identified risks and
any changes to the risk level or the Company’s mitigation efforts since the prior evaluation. The severity of risks is measured
based upon the potential adverse impact that could result, the immediacy of

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the threat and the availability of mitigating factors, among other elements. Management may consult with outside consultants,
such as legal counsel or cybersecurity advisors, in assessing risks and developing mitigation plans. The Audit Committee of
the Board regularly receives reports from such outside experts in response to emerging or higher risk areas.
We also have specific cybersecurity risk assessment processes which help identify our cybersecurity threat risks,
including a comparison of our processes to industry standards as well as periodic third-party assessments of our programs. We
compare our Information Security Program with industry standards including the National Institute of Standards and
Technology Cybersecurity Framework (NIST CSF) and ISO 27001. In order to enhance internal expertise, members of our
Global Technology Systems (GTS) department maintain various cybersecurity-related certifications. We also maintain written
incident response and security policies that seek to ensure we are protected and ready to respond should a security incident
occur. Incidents are investigated and analyzed for potential impact. If any potential impact is determined to present, the
appropriate departments, key employees, and executive management team members are notified as part of the incident
response process. Our incident response plan coordinates the activities we would take to respond to and recover from
cybersecurity incidents, which include processes to triage, assess severity of, escalate, contain, investigate, and remediate the
incident, as well as to comply with potentially applicable legal obligations and mitigate potential liability and reputational
damage. If appropriate, incidents may be reported to senior management, the Audit Committee or the full Board.
To provide for the availability of critical data and systems, maintain regulatory compliance, manage our material
risks from cybersecurity threats, and to protect against, detect, and respond to cybersecurity incidents, we undertake the
activities listed below:
●
closely monitor emerging data protection laws and implement responsive changes to our processes;
●
conduct annual cybersecurity training for all employees and contractors who use our systems;
●
conduct regular email phishing testing exercises for all employees to enhance awareness and responsiveness to
such possible threats;
●
require employees, as well as contractors who have access to our systems or the data of our employees or
customers, to treat information as confidential;
●
performed internal audits of our use of single sign-on and multifactor authentication for key information
systems;
●
schedule tabletop exercises to simulate a response to a cybersecurity incident and use the findings to improve
our processes, technologies and incident response plan; and
●
carry cyber risk insurance that provides protection (as specified in the applicable policies) against certain
potential costs and losses arising from a cybersecurity incident.
Engagement of Third Parties
As part of the above processes, we regularly engage with assessors, consultants, and other third-parties to review our
cybersecurity program. These reviews are intended to evaluate the effectiveness and robustness of the security measures
implemented in our networks and information systems, identifying potential vulnerabilities, performance improvements, and
recommended improvement strategies. These security assessments may focus on key areas such as user access controls, data
encryption processes, auditing and monitoring of database activities, system and server configuration and update procedures.
Threats from Third Party Service Providers
Our processes also address cybersecurity threat risks associated with our use of third-party software and system
providers. Third-party risks are included within our enterprise risk management assessment program, which is discussed
above. In addition, cybersecurity considerations affect the selection and oversight of our third-party service providers.

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We perform diligence on high-risk third-parties that provide us software or have access to our systems or highly sensitive
information, and monitor cybersecurity threat risks identified through such diligence. New software is evaluated for risk and
approved by our internal Software Approval Board before purchase or installation on our systems. We formed a Software
Approval Board, which is made up of cross-functional members from Quality, Internal Audit, Information Security, Business
Systems, and R&D, to help determine risk and impact of any potential newly proposed software. Additionally, we generally
require those high risk third parties to agree by contract to manage their cybersecurity risks in specified ways. This approach is
designed to mitigate risks related to data breaches or other security incidents originating from third parties.
Material Impact of Cybersecurity Threats or Incidents
We describe whether and how risks from identified cybersecurity threats, including as a result of any previous
cybersecurity incidents, have materially affected or are reasonably likely to materially affect us, including our business
strategy, results of operations, or financial condition, under the heading “Risks Related to our Business,” included as part of
our risk factor disclosures at Item 1A of this Annual Report, which disclosures are incorporated by reference herein.
We are not aware of any material cybersecurity incidents that have occurred in the last three fiscal years, and the
expenses we have incurred from cybersecurity incidents were immaterial, including penalties and settlements, of which there
were none.
Governance
Cybersecurity is an important part of our risk management processes and an area of increasing focus for our Board
and management.
Board Oversight
The Audit Committee of our Board is responsible for the oversight of risks from cybersecurity threats. At least twice
a year, the Audit Committee receives a report from the head of Information Security of our cybersecurity threat risk
management and mitigation strategy covering topics such as data security posture, results from third-party assessments,
progress towards pre-determined risk-mitigation-related goals, our incident response plan, and potentially material
cybersecurity threat risks or incidents, as well as the steps management has taken to respond to such risks. In such sessions,
the Audit Committee generally receives information describing current and emerging material cybersecurity threat risks, and
describing the Company’s plans to mitigate those risks, and discusses such matters with our head of GTS and other members
of senior management. Potential material cybersecurity threat risks are also considered during separate Board discussions of
important matters like enterprise risk management. Two members of our Board, including one member of the Audit
Committee, have earned cybersecurity certifications to help them identify cybersecurity threats and oversee management’s
efforts to manage and mitigate them.
Management Oversight
While the Audit Committee reviews and oversees the Company’s information security efforts, senior leadership is
responsible for the day-to-day management of cybersecurity risk and the design and implementation of policies, processes and
procedures to identify and mitigate this risk. Our cybersecurity risk management and strategy processes, which are discussed
in greater detail above, are led by our Legal department and our Internal Audit department, working with our GTS department.
Members of this team include a Certified Information Systems Auditor (CISA), a Certified Information Security Manager
(CISM), a Certified Data Privacy Solutions Engineer (CDPSE), Certified Information Systems Security Professionals
(CISSP), as well as members of ISACA and ISC2 industry organizations. These members of management are informed about
and monitor the prevention, mitigation, detection, and remediation of cybersecurity incidents through their management of,
and participation in, the cybersecurity risk management and strategy processes described above, including the operation of our
incident response plan.

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ITEM 2.
PROPERTIES
The Company’s office building lease in Aliso Viejo, California (Aliso Facility) is one property containing three
existing office buildings, comprising approximately 160,000 rentable square feet of space, and serves at the Company’s global
headquarters. The term of the Aliso Facility commenced on May 1, 2019 and continues for thirteen years. The agreement
contains an option to extend the lease for two additional five year periods at market rates. On December 18, 2018, we also
purchased approximately 2.5 acres of vacant land located adjacent to the Aliso Facility for future expansion purposes. In 2022,
the Company relocated its corporate administrative headquarters and marketing functions, along with certain laboratory, R&D
and warehouse space, to the Aliso Facility.
The Company leases two adjacent buildings, two suites, and a warehouse as part of its manufacturing campus located
in San Clemente, California. Each of the leases for the two adjacent buildings expires on May 31, 2035, and each contains an
option to extend the lease for one additional five-year period at market rates. The total leased square footage of both buildings
totals 101,000. The square footage of the other suites and warehouse in San Clemente, California totals 19,000. The
Company’s San Clemente locations will continue to serve as its main manufacturing location for the foreseeable future.
We also occupy approximately 60,000 square feet of leased manufacturing space in Burlington, Massachusetts
pursuant to a lease agreement that expires on July 31, 2033. Our remaining foreign subsidiaries’ leased office and warehouse
space totals less than 35,000 square feet.
In December 2024, we reached agreement with the city of Huntsville, Alabama to develop a new 200,000 square foot
R&D and manufacturing facility. We expect construction to begin in 2026.
We believe our existing properties are well maintained, in good operating condition and are adequate to support our
present level of operations.
ITEM 3.
LEGAL PROCEEDINGS
Neither we nor any of our subsidiaries is a party to, and none of their respective property is the subject of, any
material legal proceeding, although we are from time to time party to legal proceedings that arise in the ordinary course of
business.
ITEM 4.
MINE SAFETY DISCLOSURES
Not applicable.

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PART II
ITEM 5.      MARKET FOR REGISTRANT’S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND
ISSUER PURCHASES OF EQUITY SECURITIES
Market Information for Common Stock
Our common stock trades on the New York Stock Exchange (NYSE) under the symbol “GKOS”.
As of February 19, 2025, we had 46 holders of record of our common stock. The actual number of stockholders is
greater than this number of record holders, and includes stockholders who are beneficial owners but whose shares are held in
street name by brokers and other nominees. The number of record holders also does not include stockholders whose shares
may be held in trust by other entities.
Stock Performance Graph
The following performance graph shows the cumulative total stockholder return during the last five years in (i) our
common stock, (ii) the S&P Small Cap 600 index and (iii) the S&P Small Cap 600 Healthcare index. The graph assumes that
$100 was invested at the closing price of our common stock on the last trading day of fiscal year 2019 and all dividends were
reinvested. Stockholder returns over the indicated period should not be considered indicative of future stockholder returns.
    
12/31/2019 12/31/2020      12/31/2021      12/31/2022      12/31/2023      12/31/2024
Glaukos Corporation
$  100.00
$  138.17
$
 81.59
$
 80.19
$  145.93
$  275.27
S&P Small Cap 600 index
$  100.00
$  109.57
$  137.26
$  113.35
$  129.09
$  137.90
S&P Small Cap 600
Healthcare index
$  100.00
$  131.41
$  138.98
$  102.25
$
 99.53
$  102.90
This performance graph shall not be deemed “filed” for purposes of Section 18 of the Exchange Act, or otherwise
subject to the liabilities under that section and shall not be deemed to be incorporated by reference into any of our filings
under the Securities Act or the Exchange Act.
Dividend Policy
We have never declared or paid any cash dividends on our common stock or any other securities. We anticipate that
we will retain all available funds and any future earnings, if any, for use in the operation of our business and do not anticipate
paying cash dividends in the foreseeable future.
ITEM 6.
[RESERVED]

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38
ITEM 7.
MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF
OPERATIONS
You should read the following discussion and analysis of our financial condition and results of operations together
with our audited consolidated financial statements and related notes included in this Annual Report on Form 10-K. This
discussion and analysis and other parts of this Annual Report on Form 10-K contain forward-looking statements that reflect
our current plans, expectations, estimates and beliefs that involve risks, uncertainties and assumptions, such as statements
regarding our plans, objectives, expectations, intentions and projections. Our actual results and the timing of selected events
may differ materially from those discussed in these forward-looking statements. You should carefully read Item 1A - “Risk
Factors” included in this Annual Report on Form 10-K to gain an understanding of the important factors that could cause
actual results to differ materially from our forward-looking statements. Please also see the section entitled “Special Note
Regarding Forward-Looking Statements and Industry Data.”
Overview
We are an ophthalmic pharmaceutical and medical technology company focused on developing novel, dropless
platform therapies and commercializing associated products for the treatment of glaucoma, corneal disorders, and retinal
disease. We first developed Micro-Invasive Glaucoma Surgery (MIGS) as an alternative to the traditional glaucoma treatment
paradigm, launching our first MIGS device commercially in 2012. In 2024, we commenced commercial launch activities for
iDose TR, an intracameral procedural pharmaceutical implant designed to continuously deliver therapeutic levels of a
proprietary formulation of travoprost inside the eye for extended periods of time. We also offer commercially a proprietary
bio-activated pharmaceutical therapy for the treatment of a rare corneal disorder, keratoconus, that was approved by the
United States (U.S.) Food and Drug Administration (FDA) in 2016. Beyond our approved products, we continue to develop
and advance a robust pipeline of novel, dropless platform technologies designed to advance the standard of care and improve
outcomes for patients suffering from chronic eye diseases.
Financial Overview
The most important financial indicators that we use to assess our business are net sales, gross margin, operating
expenses, and cash on hand.
December 31,
December 31,
    
2024
    
2023
Net sales
$
 383,481
$
 314,711
Gross margin
 75 %
 76 %
Operating expenses
$
 411,820
$
 367,836
Cash, cash equivalents, short-term investments and restricted cash
$
 323,648
$
 301,287
Please see Results of Operations and Liquidity and Capital Resources below for a detailed discussion of each of the
above items including analysis of the fluctuations from year to year.
We incurred net losses of $146.4 million, $134.7 million and $99.2 million for the years ended December 31, 2024,
December 31, 2023, and December 31, 2022, respectively and as of December 31, 2024, we had an accumulated deficit of
$745.4 million.
Recent Developments
Convertible Notes and Capped Call Unwind
In June 2020, we issued $287.5 million in aggregate principal amount of Convertible Notes pursuant to an indenture
dated June 11, 2020, between us and Wells Fargo Bank, National Association, as trustee (the Indenture), in a private offering
to qualified institutional buyers in accordance with Rule 144A under the Securities Act of 1933, as amended. The Convertible
Notes were senior unsecured obligations and bore interest at a rate of 2.75% per year, payable semi-annually in arrears
on June 15 and December 15 of each year, beginning on December 15, 2020. In connection

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with issuing the Convertible Notes, we received $242.2 million in proceeds, after deducting fees and offering expenses and
paying the cost of the capped call transactions described below.
In June 2024 we executed a Convertible Notes Exchange whereby certain investors exchanged $230.0 million in
aggregate principal of Convertible Notes held for an aggregate of 4,253,423 shares of our common stock, leaving $57.5
million aggregate principal of remaining Convertible Notes outstanding. Then on October 4, 2024, we issued a notice of
redemption (the Redemption Notice) for all remaining $57.5 million aggregate principal outstanding of the Convertible Notes
to be redeemed on December 16, 2024 (the Redemption Date) for the principal amount together with accrued and unpaid
interest. The Redemption Notice triggered a right to conversion by holders, at their election, into shares of our common stock
(Common Stock) pursuant to physical settlement at any time prior to the Redemption Date. The conversion rate for the
Convertible Notes was 17.8269 shares of Common Stock per $1,000 principal amount, plus additional shares of 0.3501 per
$1,000 principal amount, thus totaling 18.1770 shares of Common Stock per $1,000 principal amount surrendered for
conversion thereunder.
Between the issuance of the Redemption Notice and the Redemption Date, holders of Convertible Notes totaling
approximately $57.4 million of outstanding principal amount elected to convert, resulting in the issuance of 1,044,066 shares
of our common stock. On December 16, 2024, the remaining approximately $0.1 million of outstanding principal amount was
redeemed, along with accrued and unpaid interest, for cash.
On December 2, 2024, we entered into unwind agreements with certain financial institutions (Option Counterparties)
relating to a portion of the capped call transactions (Capped Call Unwind Agreements) that we previously entered into with
such Option Counterparties in connection with the issuance of our Convertible Notes. The Capped Call Unwind Agreements
relate to a portion of capped call transactions corresponding to fifty percent of the number of shares of our common stock
initially underlying the Convertible Notes. Pursuant to the Capped Call Unwind Agreements, the Option Counterparties
delivered to us approximately $53.2 million, which amount was determined based upon the volume-weighted average price
per share of our common stock during the averaging period from December 3, 2024 through December 5, 2024.
Strategic Transactions
On March 7, 2024, we issued $5.0 million of our common stock and paid approximately $5.1 million in cash in
connection with the acquisition of 100% of the outstanding equity interests in a clinical stage biopharma company (the Seller)
focused on developing novel therapeutics for rare ophthalmic diseases, including all related patents and patent applications,
technology and know-how. Under the terms of the agreement, if these proprietary technologies are commercialized, we may
have to make potential payments of up to $51.0 million upon the achievement of certain event-based development milestones,
potential payments of up to $150.0 million upon the achievement of certain commercial sales-based milestones should annual
net sales of a licensed product eventually exceed various levels, and up to a low double digit royalty on net sales.
Effective March 17, 2023, we entered into a sales agreement (Sales Agreement) with Celanese Canada ULC
(Celanese) under which Celanese will make available and supply us certain raw materials used to create a nanoporous
membrane utilized in the iDose TR, and authorized us to reference its Drug Master File (DMF) with respect to such raw
materials, which is required for us to commercialize iDose TR. The term of the Sales Agreement is four years after the iDose
TR launch date in February 2024. In exchange for the ability to obtain future raw materials and the rights related to the DMF,
we are subject to minimum compensation payments over four years of $6.3 million and potential additional royalties based on
a percentage of sales of the iDose TR product. We recognized an intangible asset related to the minimum compensation
payments at fair value of $5.2 million upon the date of acquisition, which was determined to be the iDose TR launch date. The
$5.2 million is included in Intangible assets, net on the consolidated balance sheets and will be amortized to cost of sales over
its useful life of four years, which is the initial term of the Sales Agreement. A member of the Celanese board of directors also
sits on our board of directors.
Market and Business Update
Impact of the Current Global Economic Environment

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During the last twelve months, global and regional economies have experienced, in connection with ongoing
macroeconomic conditions, inflation, supply shortages or delays, changes in supply and demand, foreign exchange rate
fluctuations and other conditions that have led to disruptions in commerce and pricing stability. Additionally, some of our
vendors are continuing to experience supply challenges, both in the acquisition of raw materials as well as due to labor
shortages and other disruptions. These challenges have occasionally led to longer lead times and delays of certain components
needed for the manufacture of our products, in some cases requiring us to find alternative sources for materials. As a result of
these supply chain challenges and ongoing inflationary pressures, we have experienced higher costs for certain components
and raw materials. While these supply challenges have generally stabilized over the course of 2024, if these supply issues
persist or worsen in the future, they could impact our ability to ship some of our products to our customers, or bring some of
our pipeline products to market, in a timely manner. We expect some supply challenges and higher costs of certain
components and raw materials to continue throughout 2025. Additionally, while the U.S. government has recently made
statements and taken certain actions that have created significant uncertainty about the future relationship between the U.S.
and various other countries with respect to trade policies, treaties, government regulations and tariffs, we believe our exposure
to such potential policies, tariffs and restrictions is limited as we do not source a material amount of our raw materials and
product components from countries other than the U.S.
Additionally, the effects of foreign currency fluctuations were most notably experienced in our international
glaucoma business. Our annual growth rate of net sales for the year ended December 31, 2024 was negatively affected by
approximately 185 basis points, primarily related to the Japanese Yen. For the year ended December 31, 2023, net sales of our
international glaucoma business were negatively impacted by approximately 145 basis points, primarily related to the
Japanese Yen.
Developments Impacting Reimbursement Rates and Coverage
In the U.S., healthcare providers use separate billing codes to report the provision of medical procedures and use of
supplies to third-party payors, such as government programs or private insurance, and seek reimbursement for all or a portion
of those costs. Physician fee payment rates for products covered by temporary Current Procedural Terminology (CPT) codes,
such as our iStent infinite and iDose TR products, are set by the multi-state, regional contractors, or Medicare Administrative
Contractors (MACs), of which there are currently seven, that are responsible for administering Medicare claims. MACs have
in the past, and may in the future, change coverage terms, and there can be no assurance that coverage and adequate
reimbursement will be obtained from, or maintained by, the MACs.
In October and November 2023, five of the seven MACs released final local coverage determinations (LCDs)
confirming reimbursement coverage of the standalone procedure utilizing the iStent infinite, which received FDA clearance in
August 2022, and non-coverage for certain procedures, including the ophthalmic canaloplasty procedure utilizing our iPRIME
product. These LCDs also indicated that surgical MIGS procedures should not be performed in combination with other MIGS
or surgical glaucoma procedures. In December 2023, prior to their respective effective dates, those five MACs rescinded the
final LCDs and determined there would be no change in the current status of coverage for MIGS. In April 2024, five of the
seven MACs released draft LCDs that would confirm reimbursement coverage of the standalone procedure utilizing the iStent
infinite, which received FDA clearance in August 2022, and that would confirm non-coverage for surgical MIGS procedures
in combination with other surgical MIGS procedures (but did not prohibit coverage for use of a procedural pharmaceutical
such as our iDose TR, in combination with surgical MIGS procedures). These draft LCDs were finalized in November 2024
and took effect on November 17, 2024. The other two MACs have taken preliminary steps to assess coverage of iStent infinite
through temporary local coverage article (LCA) updates. In the case of these two MACs, coverage of the iStent infinite is
currently determined on a case-by-case basis.
On April 2, 2024, CMS assigned a unique, permanent Healthcare Common Procedure Coding System J-code for
iDose TR indicated for the reduction of intraocular pressure in patients with open-angle glaucoma or ocular hypertension. The
new J-code for iDose TR, J7355, became effective July 1, 2024. J-codes are used by U.S. government and commercial payers,
as well as surgeons, to streamline the billing and reimbursement process for procedural pharmaceuticals administered by a
healthcare professional, such as iDose TR, along with other certain treatments. In addition to the J-code, on March 21, 2024,
CMS assigned the CPT codes that are designed to be used to cover the procedural component of iDose TR, 0660T and 0661T,
to ambulatory payment classification 5492 (Level 2 Intraocular

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41
Procedures), retroactively effective as of January 1, 2024. The professional fees associated with an iDose TR procedure have
been published by three of the seven MACs.
On January 1, 2025, the U.S. Centers for Medicare & Medicaid Services’ (CMS’) final rules on 2025 Medicare
physician fee and facility fee payment rates (2025 Final Rule) became effective. The 2025 Final Rule did not materially
modify the 2024 Medicare physician fee and facility fee payment rates with respect to physician fee and facility fee payment
rates for procedures using our iStent family of products in conjunction with cataract surgery, which 2024 payment rates
contained significant increases in the facility fee rates for ASCs and hospitals that perform iStent infinite procedures in a
standalone setting under its temporary Category III CPT code.
We estimate that approximately 80% of procedures utilizing our iStent family of products in the U.S. are performed
in the ASC setting and the remaining estimated 20% of procedures are performed in the hospital.
Business Outlook
CMS physician fee payment rate decreases have disrupted traditional customer ordering patterns and may have
resulted in certain of our customers’ utilization of competitive products, which may have reduced U.S. Glaucoma sales
volumes of our iStent family of products used in conjunction with cataract surgery in each of the three years ended December
31, 2024, December 31, 2023 and December 31, 2022. Our corneal health sales have experienced sporadic headwinds in
recent years due to U.S. commercial payer volatility. We believe investments in our market access organization were
successful in reducing volatility during the years ended December 31, 2024 and December 31, 2023, although we cannot
predict whether such success will continue.
In addition to the foregoing, we commercialized certain of our products for several years in the U.S. with few or no
direct competitors. Other competitive products have now become available in the U.S. and globally that have impacted and
may continue to impact adoption of or demand for our products. We are also aware of similar products being developed by
third parties that could enter the market and increase the competitive pressures we face. These other products could achieve
greater commercial acceptance or demonstrate better safety or effectiveness, clinical results, ease of use or lower costs than
our products, which could adversely impact our net sales.
Components of Results of Operations
Net Sales
Our net sales are generated primarily from sales of our iStent family of products to customers, Photrexa and other
associated drug formulations, our proprietary bioactivation systems and royalty income. We also began commercializing
iDose TR in a controlled manner in February 2024. Customers are primarily comprised of ambulatory surgery centers,
hospitals and physician private practices, with independent distributors being used in certain international locations where we
currently do not have a direct commercial presence. We currently operate in one operating and reportable segment and our
primary business activity is the development and commercialization of therapies across several end markets within
ophthalmology.
We sell the majority of our products through a direct sales organization in the United States. Internationally, we sell
our products primarily through direct sales subsidiaries and through independent distributors in certain countries in which we
do not have a direct presence or maintain a modest commercial presence. The primary end-user customers for our products are
surgery centers, hospitals and physician private practices.
Revenue is recognized when control of the promised goods or services is transferred to the customer in an amount
that reflects the consideration to which we expect to be entitled in exchange for those products or services, which includes
estimates of reductions to revenue for commercial and governmental rebates owed, variable consideration for product returns
and warranty replacements and other discounts and incentives.

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42
Cost of Sales
Cost of sales reflects the aggregate costs to manufacture our products and includes raw material costs, labor costs,
manufacturing overhead expenses and the effect of changes in the balance of reserves for excess and obsolete inventory.
We manufacture our iStent family of products and iDose TR at our facilities in San Clemente, California and our
KXL systems at our manufacturing facility in Burlington, Massachusetts. We contract with third-party manufacturers in the
U.S. and Germany to produce our Photrexa and other associated drug formulations. We currently intend to maintain our
manufacturing facilities at our San Clemente and Burlington locations for the foreseeable future.
Due to the relatively low production volumes of our iStent family of products, iDose TR and our KXL systems
compared to our potential capacity for those products, a significant portion of our per unit costs is comprised of manufacturing
overhead expenses. These expenses include quality assurance, material procurement, inventory control, facilities, equipment
and operations supervision and management.
In 2022, cost of sales included a charge equal to a low single-digit percentage of worldwide net sales of certain iStent
products, with a required minimum annual payment of $0.5 million, which amount became payable to the Regents of the
University of California (the University) in connection with our December 2014 agreement with the University related to a
group of our U.S. patents (the Patent Rights). This ongoing product payment obligation changed as patent coverage on certain
products has lapsed, and terminated entirely on the date the last of the Patent Rights expires, which was December 29, 2022.
For the year ended December 31, 2022, we recorded approximately $3.1 million in cost of sales in connection with the
product payment obligation.
Cost of sales has included amortization of the $252.2 million developed technology intangible assets recorded as a
result of our acquisition of Avedro, Inc (Avedro) and our Celanese Agreement. For the year ended December 31, 2024, the
amortization expense was $22.2 million and for each of the years ended December 31, 2023, December 31, 2022, the
amortization expense was $22.1 million.
Our future gross profit as a percentage of net sales, or gross margin, will be impacted by numerous factors including
commencement of sales of products in our pipeline, or any other future products, which may have higher pricing, or
conversely, higher product costs. Our gross margin will also be affected by manufacturing or supply chain disruptions or
inefficiencies that we may experience as we attempt to manufacture our products on a larger scale, manufacture new products
and change our manufacturing capacity, processes or output. Additionally, our gross margin will continue to be affected by
amortization of Avedro developed technology and Celanese Agreement intangible assets, the impact of rebates associated with
government and commercial programs and by royalty expenses on current or future products associated with various licensing
agreements. Our gross margin in future periods may also be impacted by other factors adversely affecting our net sales in
future periods such as the impact of government pricing programs and reductions of payment rates for certain of our products
and related services and inflationary pressures.
Selling, General and Administrative
Our selling, general and administrative (SG&A) expenses primarily consist of personnel-related expenses, including
salaries, sales commissions, bonuses, fringe benefits and stock-based compensation for our executive, sales, marketing,
market access, financial, legal, and other administrative functions. Other significant SG&A expenses include marketing
programs; advertising; post-approval clinical studies; conferences and congresses; travel expenses; costs associated with
obtaining and maintaining our patent portfolio; professional fees for accounting, auditing, consulting and legal services; costs
associated with our global enterprise systems and information systems; and allocated facility expenses.
SG&A expenses also include amortization of the $14.1 million customer relationships intangible assets recorded as a
result of our acquisition of Avedro, Inc. (Avedro). Amortization expense was $2.5 million for the year ended December 31,
2024, and $2.8 million for each of the years ended December 31, 2023 and December 31, 2022.

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We expect SG&A expenses to continue to grow as we increase our infrastructures for our global sales and marketing
functions, commercial support organizations, and general administration departments. We also expect other non-employee‐
related costs, including sales and marketing program activities for new products, market access efforts, outside services,
accounting services and general legal costs to increase as our overall operations grow. The timing of these increased
expenditures and their magnitude are primarily dependent on the commercial success and sales growth of our products, as well
as on the timing of any new product launches and other potential business and operational activities.
Research and Development
Our research and development (R&D) activities primarily consist of new product development projects, pre-clinical
studies, Investigational New Drug studies, and clinical trials. Our R&D expenses primarily consist of personnel-related
expenses, including salaries, fringe benefits and stock-based compensation for our R&D employees; research materials;
supplies and services; in-licenses, including event-based milestones; and the costs of conducting clinical studies, which
include payments to investigational sites and investigators, clinical research organizations, consultants, and other outside
technical services; and the costs of materials, supplies and travel. We expense R&D costs as they are incurred. We expect our
R&D expenses to continue to increase as we initiate and advance our development programs, including our expanding
pharmaceutical development efforts and clinical trials across the glaucoma, corneal health and retinal disease spectrums.
Costs for our clinical development programs include expenses for all activities necessary for obtaining regulatory
approvals. Our research programs vary significantly for each current and future product candidate and completion dates are
difficult to predict. As a result, while we expect our R&D costs to continue to increase for the foreseeable future, we cannot
estimate with any degree of certainty the timing or the amount of costs we will incur in connection with the development of
our product candidates. We anticipate we will make determinations as to which programs and product candidates to pursue
and how much funding to direct to each program and product candidate on an ongoing basis in response to the scientific
success of early research programs, results of ongoing and future clinical trials, the availability of funding resources, as well
as ongoing assessments as to each current or future product candidate’s commercial potential and our likelihood of obtaining
necessary regulatory approvals. We are not currently able to fully track expenses by product candidate.
Acquired In-Process Research and Development
Our acquired in-process research and development (IPR&D) expenses generally relate to acquisitions of technologies
that management determines are not a business combination and do not have any alternative future uses. Future costs to
develop these assets are expensed as R&D when incurred. We may have ongoing milestone and royalty payment obligations
depending on the success, development, regulatory approval and commercialization of the proprietary technologies we have
acquired.
Our IPR&D for the years ended December 31, 2024, December 31, 2023 and December 31, 2022 totaled $14.2
million, $5.0 million and $10.0 million, respectively, relating to one-time upfront payments and stock issuances associated
with our exclusive licensing agreements with various third-parties, whereby we were granted the exclusive, worldwide
licenses for certain technologies that are in development.
We may have ongoing milestone and royalty payment obligations depending on the success, development regulatory
approval and commercialization of the proprietary technologies we have acquired.
Non-Operating Expense, Net
Non-operating expense, net primarily consists of charges associated with our Convertible Note exchange, interest
expense associated with our finance lease for our Aliso Facility and for our Convertible Notes, interest income derived from
our short-term investments and unrealized gains and losses arising from exchange rate fluctuations on transactions
denominated in a currency other than the U.S. dollar, primarily related to intercompany loans.

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44
Income Taxes
Our tax provision is primarily comprised of state and foreign income taxes offset by release of uncertain tax positions
for which the statute of limitations has expired. Our net deferred tax liability of $6.9 million at December 31, 2024 primarily
represents the excess of our indefinite-lived deferred tax liabilities over our indefinite-lived deferred tax assets. We continue to
provide a full valuation allowance against our other net deferred tax assets.
We record reserves for uncertain tax positions where we believe the ability to sustain the tax position does not reach a
more likely than not threshold.
Results of Operations
For discussion related to the results of operations and changes in financial condition for the year ended December 31,
2023 compared to the year ended December 31, 2022 refer to “Management’s Discussion and Analysis of Financial Condition
and Results of Operations” in Part II, Item 7 of our 2023 Annual Report on Form 10-K, which was filed with the United States
Securities and Exchange Commission on February 23, 2024
Comparison of Years Ended December 31, 2024 and December 31, 2023
Year ended
 
December 31,
% Increase  
(in thousands)
2024
2023
(decrease)  
Statements of operations data:
    
    
    
Net sales
$  383,481
$  314,711
 22 %
Cost of sales
 94,027
 
 75,575
 24 %
Gross profit
 289,454
   239,136
 21 %
Operating expenses:
Selling, general and administrative
 261,166
   224,068
 17 %
Research and development
 136,425
   138,768
 (2)%
Acquired in-process research and development
 14,229
 5,000
 185 %
Total operating expenses
 411,820
   367,836
 12 %
Loss from operations
 (122,366)
   (128,700)
 (5)%
Non-operating loss, net
 (23,235)
 
 (5,027)
NM
Income tax provision
 771
 
 934
 (17)%
Net loss
$  (146,372)
$  (134,661)
 9 %
Net Sales
Net sales for the years ended December 31, 2024 and December 31, 2023 were $383.5 million and $314.7 million,
respectively, reflecting an increase of $68.8 million or 22%.
Net sales of glaucoma products in the United States were $199.6 million and $151.5 million for the years ended
December 31, 2024 and December 31, 2023, respectively, increasing by approximately 32%. This increase is primarily due to
the introduction of iDose TR as well as higher volumes sold of our iStent family of products due to higher demand, primarily
iStent infinite.
International sales of glaucoma products for the years ended December 31, 2024 and December 31, 2023 were
$103.7 million and $85.6 million, respectively, increasing by approximately 21%. The increase in international sales reflects
continued broad-based growing volume in many key international markets for glaucoma procedures, primarily France, Japan,
the United Kingdom and Australia, the dollar-based results of which were slightly affected by unfavorable foreign exchange
rates over the course of the year, primarily related to the Japanese Yen, during the year ended December 31, 2024 as compared
to the year ended December 31, 2023.

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45
Net sales of corneal health products were $80.2 million and $77.7 million for the years ended December 31, 2024
and December 31, 2023, respectively, increasing by 3%. Of the approximately $2.5 million increase in net sales generated by
our corneal health products, $2.3 million related to an increase in U.S. net sales of Photrexa using direct sales operations,
which was positively impacted by higher realized average sales prices of Photrexa along with increases in sales to existing
customers and new account starts, mostly offset by accrued rebates related to our participation in the Medicaid Drug Rebate
Program (MDRP). Our net sales of iLink devices in the U.S. increased $0.3 million for the year ended December 31, 2024 as
compared to the year ended December 31, 2023. Our international corneal health sales decreased $0.1 million from net sales
in countries outside the U.S. during the year ending December 31, 2024 as compared to the year ended December 31, 2023.
Cost of Sales
Cost of sales for the years ended December 31, 2024 and December 31, 2023 were $94.0 million and $75.6 million,
respectively, reflecting an increase of approximately $18.5 million or 24% that is generally proportionate to the increase in net
sales for the corresponding period, offset by certain new product launch manufacturing costs associated with iDose TR along
with an inventory write-down charge associated with product line optimizations. Our gross margin was approximately 75%
and 76% for the years ended December 31, 2024 and December 31, 2023, respectively.
Selling, General and Administrative Expenses
SG&A expenses for the years ended December 31, 2024 and December 31, 2023 were $261.2 million and
$224.1 million, respectively, reflecting an increase of $37.1 million or 17%.
Of the total $37.1 million increase in SG&A expenses for the year ended December 31, 2024 as compared to the year
ended December 31, 2023, $19.0 million related to increased compensation and related employee costs, with $3.0 million of
the incremental amount related to an increase in stock-based compensation expense, the majority of which was associated
with certain performance equity awards that were achieved during the year. The residual increase primarily relates to
enhancements of various customer and patient support functions, our business intelligence function, and growth in our
commercial infrastructure in glaucoma and corneal health, along with increased travel, meetings and accompanying costs as
business activities have expanded.
The remaining increase of $18.1 million primarily relates to discretionary expenses supporting the above personnel
growth as well as our ongoing administrative operations, inclusive of information technology, facilities and allocated
expenses.
Research and Development Expenses
R&D expenses for the years ended December 31, 2024 and December 31, 2023 were $136.4 million and
$138.8 million, respectively, reflecting a decrease of $2.3 million or 2%.
For the year ended December 31, 2024, we incurred $84.6 million in core R&D expenses and $51.8 million in
clinical expenses, comprised of $79.9 million in compensation and related employee expenses, $2.0 million of which was
related to increased stock-based compensation, with the remaining $56.5 million spent on the continued research and
development, clinical studies, regulatory activities, quality assurance, clinical inventory and supplies for surgical glaucoma
product candidates and pharmaceutical projects, such as next generation iDose products; Epioxa, a pharmaceutical therapeutic
system for the treatment of keratoconus without the removal of the epithelium (also referred to as “epi-on”); and our earlier
stage programs for glaucoma, corneal, retinal and other therapeutic investments. For the year ended December 31, 2023, we
incurred $86.3 million in core R&D expenses and $52.5 million in clinical expenses, comprised of $77.9 million in
compensation and related employee expenses with the remaining $60.9 million spent on the abovementioned programs.

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46
Acquired In-process Research and Development
During the year ended December 31, 2024 we issued $5.0 million of our common stock, paid approximately $5.1
million in cash, and incurred $1.6 million of contingent consideration in connection with the asset acquisition of 100% of the
outstanding equity interests in a clinical stage biopharma company focused on developing novel therapeutics for ophthalmic
diseases, including all related patents and patent applications, technology and know-how. Also included in IPR&D for the year
ended December 31, 2024 is a $2.5 million payment related to an additional license agreement pursuant to which we obtained
an exclusive, worldwide license to develop and commercialize drug products incorporating certain proprietary technology.
IPR&D expenses for the year ended December 31, 2023 related to the issuance of $3.0 million of our common stock
for the acquisition of intellectual property rights, as well as a $2.0 million upfront payment related to our exclusive license
agreement with Stuart Therapeutics, Inc. License Agreement.
Non-Operating Expense, Net
We had non-operating expense, net of $23.2 million and $5.0 million for the years ended December 31, 2024 and
December 31, 2023, respectively. The $18.2 million increase primarily relates to charges associated with our Convertible Note
Exchange.
Income Tax Provision
Our effective tax rate for the year ended December 31, 2024 was (0.50)%. For the year ended December 31, 2024
and December 31, 2023, we recorded a provision for income taxes of $0.8 million and $0.9 million, respectively. For the years
ended December 31, 2024 and December 31, 2023, our tax provision was primarily comprised of state and foreign income tax
expense offset by release of uncertain tax positions for which the statute of limitations has expired.
Liquidity and Capital Resources
Our principal sources of liquidity are our existing cash, cash equivalents and short-term investments, and generally
cash generated from operating, financing and investing activities. Our primary uses of cash have been for commercial
activities, acquired in-process research and development, clinical and research and development programs, general and
administrative expenses, and capital expenditures.
The following table summarizes our cash and cash equivalents, short-term investments and selected working capital
data as of December 31, 2024 and December 31, 2023 (in thousands):
December 31,
December 31,
    
2024
    
2023
Cash and cash equivalents
$
 169,626
$
 93,467
Short-term investments
 149,289
 201,964
Accounts receivable, net
 60,744
 39,850
Inventory
 57,678
 41,986
Accounts payable
 13,026
 13,440
Accrued liabilities
 62,099
 60,574
Working capital (1)
 374,667
 321,447
(1)
Working capital consists of total current assets less total current liabilities per our consolidated balance sheets
Main Sources of Liquidity
We plan to fund our operations, commitments for capital expenditures and other short and long-term known
contractual and other obligations using existing cash and investments and, to the extent available, cash received from
commercial operations as well as cash generated from employee stock option exercises.

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We may seek to obtain additional financing in the future through other debt or equity financings. There can be no
assurance that we will be able to obtain additional financing on terms acceptable to us, or at all and although we have been
profitable for certain periods in our operating history, there can be no assurance that we will be profitable or generate cash
from operations in future periods.
Cash, Cash Equivalents, Short-term Investments and Restricted Cash
As of December 31, 2024, our cash, cash equivalents and short-term investments totaled approximately $318.9
million and our restricted cash totaled approximately $4.7 million.
Cash Flow used in Operations
For the twelve months ended December 31, 2024, our operating activities used $61.3 million in net cash.
Short-term Liquidity Requirements
Our short-term liquidity requirements primarily consist of regular operating costs, R&D project funding, capital
expenditures as we continue the development of our manufacturing facilities and office spaces, operating and financing lease
obligations and other firm purchase commitments. As of December 31, 2024, we had net working capital of $374.7 million,
which indicates that our current assets are sufficient to cover our short-term liabilities.
Long-term Liquidity Requirements
Our long-term liquidity requirements primarily consist of capital expenditures for the continued development of our
manufacturing facilities and office spaces, potential future payments related to our licensing agreements, and firm purchase
commitments. As demand grows for our products, we will continue to expand global operations to meet demand through
investments in our manufacturing capabilities. In December 2024, we reached an understanding with the city of Huntsville,
Alabama to develop a new 200,000 square foot R&D and manufacturing facility. We expect construction to begin in 2026.
Material Cash Requirements
The following table summarizes our material cash requirements, including commitments for capital expenditures and
known contractual and other obligations as of December 31, 2024, and the amount required to satisfy those requirements in
future periods.
Payments due by period  
Less than
More than  
(in thousands)
Total
1 year
1 - 3 years
3 - 5 years
5 years  
Operating and finance lease obligations
    $  177,608     $
 9,453     $  19,420     $  20,233     $  128,502
Firm purchase commitments
 
 48,742
   47,268
 
 1,474
 
 -
 
 -
Total
$  226,350
$  56,721
$  20,894
$  20,233
$  128,502
After funding the current operations of our commercial activities, the first planned use of our cash flow from
operations is to provide capital funding for our R&D and clinical activities. In addition to investing in R&D and clinical
activities, we expect to utilize cash for various capital expenditures. We have made and expect to continue to make significant
investments in our global sales force, marketing programs, market access, research and development activities, clinical
studies, facilities and general and administrative infrastructure.
We believe that cash from operating, financing and investing activities, together with our cash and investment
balances, will be sufficient to meet ongoing operations, capital expenditures, commitments, working capital requirements and
other known contractual and other obligations and satisfy our liquidity requirements for at least the next 12 months and the
foreseeable future.

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Cash Flows
Our historical cash outflows have primarily been associated with cash used for operating activities such as the
expansion of our commercial and R&D activities; purchase of and growth in inventory and other working capital needs; the
acquisition of intellectual property; and expenditures related to equipment and improvements used to increase our
manufacturing capacity and improve our manufacturing efficiency and for overall facility expansion.
The following table is a condensed summary of our cash flows for the periods indicated:
Year ended  
December 31,  
(in thousands)
2024
2023  
Net cash (used in) provided by:
    
    
Operating activities
$
 (61,318)
$
 (57,758)
Investing activities
 47,831
 
 14,095
Financing activities
 91,540
 
 15,042
Exchange rate changes
 (3,017)
 
 1,341
Net increase (decrease) in cash, cash equivalents and restricted cash
$
 75,036
$
 (27,280)
At December 31, 2024, our cash and cash equivalents were held for working capital purposes. We do not enter into
investments for trading or speculative purposes. Our policy is to invest any cash in excess of our immediate requirements in
investments designed to preserve the principal balance and provide liquidity.
Operating Activities
In the years ended December 31, 2024 and December 31, 2023 our operating activities used $61.3 million and $57.8
million, respectively.
For the year ended December 31, 2024, our net cash used in operating activities reflected our net loss of $146.4
million, adjusted for non-cash items of $120.1 million, primarily consisting of stock-based compensation expense of
$50.2 million, depreciation of $10.9 million, inducement expense related to Convertible Notes Exchange of $17.4 million,
amortization of intangible assets of $24.7 million, non-cash lease expense of $4.3 million, amortization of debt issuance costs
of $0.7 million, amortization of premium of $4.0 million, a write-down charge of $4.4 million associated with product line
optimizations that was recorded against inventory and prepaid assets and other assets, and IPR&D acquired through issuance
of common stock of $5.0 million. Additionally, changes in operating assets and liabilities resulted in a net use of cash of $39.5
million, which resulted primarily from increases in accounts receivable of $22.0 million, mostly because extended payment
terms have been offered as part of our iDose TR commercial launch during 2024, increases in inventory of $18.8 million, an
increase in other assets of $2.1 million, partially offset by decreases in prepaids and other current assets of $3.3 million.
For the year ended December 31, 2023, our net cash used in operating activities reflected our net loss of $134.7
million, adjusted for non-cash items of $87.0 million, primarily consisting of stock-based compensation expense of
$43.5 million, depreciation of $8.7 million, amortization of intangible assets of $24.9 million, amortization of lease right-of-
use assets of $4.3 million, and amortization of debt issuance costs of $1.4 million, accretion of discount $1.7 million and
IPR&D acquired through issuance of common stock of $3.0 million. Additionally, changes in operating assets and liabilities
resulted in a net use of $10.1 million, which resulted primarily from increases in inventory of $4.8 million, increases in
accounts receivable of $3.8 million, increase in other assets of $1.9 million and increases in prepaids and other current assets
of $0.9 million, offset by increases in accounts payable and accrued liabilities of $1.3 million.
Investing Activities
In the years ended December 31, 2024 and December 31, 2023, our investing activities provided cash of $47.8
million and $14.1 million, respectively.

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In the year ended December 31, 2024, we used approximately $190.0 million for purchases of short-term investments
and approximately $6.3 million for purchases of property and equipment, primarily related to our facilities in Aliso Viejo,
California; and San Clemente, California. We also received cash of approximately $247.2 million from sales and maturities of
short-term investments and used approximately $3.2 million related to investments in company-owned life insurance.
In the year ended December 31, 2023, we used approximately $265.6 million for purchases of short-term 
investments, approximately $20.2 million for purchases of property and equipment, primarily related to our facilities in Aliso 
Viejo, California; Burlington, Massachusetts; and San Clemente, California; and approximately $3.2 million related to 
investments in company-owned life insurance, and we received cash of approximately $303.1 million from sales and 
maturities of short-term investments.  
We expect levels of our capital expenditures to be higher in 2025 than in 2024 as we upgrade certain manufacturing
facilities and continue investing in R&D equipment needed to advance our product pipeline.
Financing Activities
In the years ended December 31, 2024 and December 31, 2023, our financing activities provided $91.5 million and
$15.0 million of net cash, respectively.
In the year ended December 31, 2024, we received $53.2 million related to our Capped Call Unwind Agreements,
$46.8 million from the exercises of stock options and purchases of our common stock by employees pursuant to our Employee
Stock Purchase Plan and used $6.6 million for payment of employee taxes related to restricted stock unit vestings.
Additionally, we paid $0.9 million in principal on our finance lease.
In the year ended December 31, 2023, we received $19.0 million from the exercises of stock options and purchases
of our common stock by employees pursuant to our Employee Stock Purchase Plan and used $3.3 million for payment of
employee taxes related to restricted stock unit vestings. Additionally, we paid $0.7 million in principal on our finance lease.
We do not have any off-balance sheet arrangements.
Critical Accounting Policies and Significant Estimates
Management’s discussion and analysis of our financial condition and results of operations are based on our
consolidated financial statements, which have been prepared in accordance with U.S. generally accepted accounting principles
(GAAP). The preparation of these consolidated financial statements requires us to make estimates and judgments that affect
the reported amounts of assets and liabilities and related disclosure of contingent assets and liabilities, revenue and expenses at
the date of the consolidated financial statements. Generally, we base our estimates on historical experience and on various
other assumptions in accordance with GAAP that we believe to be reasonable under the circumstances. Actual results may
differ materially from these estimates under different assumptions or conditions and such differences could be material to our
financial position and results of operations.
While our significant accounting policies are more fully described below and in the Notes to our consolidated
financial statements in Part II, Item 8 in this Annual Report on Form 10-K, we believe the following accounting policy to be
most critical for fully understanding and evaluating our financial condition and results of operations.
Revenue Recognition
We derive our revenue from sales of our products in the United States and internationally. Customers are primarily
comprised of ambulatory surgery centers, hospitals and physician private practices, with distributors being used in certain
international locations where we do not have a direct commercial presence.
We concluded that one performance obligation exists for the majority of our contracts with customers which is to
deliver products in accordance with our normal delivery times. Revenue is recognized when this performance

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obligation is satisfied, which is the point in time when we consider control of a product to have transferred to the customer.
Revenue recognized reflects the consideration to which we expect to be entitled in exchange for those products or services.
We have determined the transaction price to be the invoice price, net of adjustments that reduce revenue, which includes
estimates of volume-based rebates, rebates for government pricing programs, variable consideration for certain product returns
and warranty replacements, and other discounts and incentives that reduce revenue.
We only recognize revenue when it is probable that we will collect the consideration we are entitled to in exchange
for the goods transferred to a customer. This requires management to perform an assessment related to the probability of
collecting the consideration. The assessment can contain judgment when it is performed for customers with declining credit
conditions or those with no history or a limited history of product sales with us.
We offer volume-based rebate agreements to certain customers and, if earned by the customer, we provide a rebate
(in the form of a credit memo) at the contract’s conclusion. In such cases, the transaction price is allocated between our
delivery of product and the issuance of a rebate at the contract’s conclusion for the customer to utilize on prospective
purchases. The performance obligation to issue a customer’s rebate, if earned, is transferred over time and our method of
measuring progress is the output method, whereby the progress is measured by the estimated rebate earned to date over the
total rebate estimated to be earned over the contract period. The provision for volume-based rebates is estimated based on
customers' contracted rebate programs and the customers’ projected sales levels.
Non-volume-based rebates consist primarily of rebates for government pricing programs, which were estimated using
the expected value method, based upon a range of possible outcomes for the estimated number of actual claims invoices we
expect to receive. We apply this estimate to the respective period’s sales to determine the rebate accrual and related expense.
This estimate is evaluated regularly to ensure that the historical trends are as current as practicable. These reserves are
recorded in the same period the related revenue is recognized, resulting in a reduction of product revenue.
We regularly monitor our rebate programs to ensure the rebate allowance is fairly stated. Our rebate allowance is
included in accrued liabilities in the consolidated balance sheets.
Additionally, we have performance obligations related to certain customers’ right to a future discount on single dose
pharmaceutical purchases in the U.S., as well as voluntary patient assistance programs to provide financial assistance to
qualified patients. Each of these performance obligations is expected to be recognized when the customer or patient elects to
utilize the discount, which is generally within one year. The impact of these programs on revenue were not material for the
periods presented.
Customers are not granted specific rights of return; however, we may permit returns of certain products from
customers if such product is returned in a timely manner and in good condition. We generally provide a warranty on our
products for one year from the date of shipment, and offer an extended warranty for our KXL systems. Any product found to
be defective or out of specification will be replaced or serviced at no charge during the warranty period. Estimated allowances
for sales returns and warranty replacements are recorded at the time of sale of the product and are estimated based upon the
historical patterns of product returns matched against sales, and an evaluation of specific factors that may increase the risk of
product returns. Product returns and warranty replacements to date have been consistent with amounts reserved or accrued and
have not been significant. If actual results in the future vary from our estimates, we will adjust these estimates which would
affect net product revenue and earnings in the period such variances become known.
Recent Accounting Pronouncements
For a description of recent accounting pronouncements, see Note 2 of the notes to our consolidated financial
statements included in Part II, Item 8 of this Annual Report on Form 10-K.

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51
ITEM 7A.
QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
Interest Rate Risk
We are exposed to market risks in the ordinary course of our business. Our cash and cash equivalents include cash in
readily available checking and money market accounts, as well as certificates of deposit. These securities are not dependent on
interest rate fluctuations that could cause the principal amount of these assets to fluctuate and thus do not pose any interest rate
risk to us. While we believe our cash and cash equivalents do not contain excessive risk, we cannot provide absolute assurance
that in the future our investments will not be subject to adverse changes in market value.
Credit Risk
In addition, we maintain significant amounts of cash and cash equivalents at one or more U.S. financial institutions
that are in excess of federally insured limits.
Foreign Currency Exchange Risk
We have foreign currency risks related to our revenue and operating expenses denominated in currencies other than
the U.S. dollar. Increases or decreases in our foreign-denominated revenue from movements in foreign exchange rates are
often partially offset by the corresponding increases or decreases in our foreign-denominated operating expenses.
To the extent that our international operations grow, our risks associated with fluctuation in currency rates will
become greater, and we will continue to assess our approach to managing this risk. In addition, currency fluctuations or a
weakening U.S. dollar can increase the costs of our international operations. To date, we have not entered into any foreign
currency hedging contracts although we may do so in the future.
A hypothetical 10% increase or decrease in the value of foreign exchange rates relative to the U.S. dollar as of
December 31, 2024 would have had an immaterial impact on our net loss.

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52
ITEM 8.
FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA
Index to Consolidated Financial Statements
Report of Independent Registered Public Accounting Firm (PCAOB ID: 42)
53
Consolidated Balance Sheets
55
Consolidated Statements of Operations
56
Consolidated Statements of Comprehensive Loss
57
Consolidated Statements of Stockholders’ Equity
58
Consolidated Statements of Cash Flows
59
Notes to Consolidated Financial Statements
60

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53
Report of Independent Registered Public Accounting Firm
To the Stockholders and the Board of Directors of Glaukos Corporation
Opinion on the Financial Statements
We have audited the accompanying consolidated balance sheets of Glaukos Corporation (the Company) as of December 31,
2024 and 2023, the related consolidated statements of operations, comprehensive loss, stockholders' equity and cash flows for
each of the three years in the period ended December 31, 2024, and the related notes  (collectively referred to as the
“consolidated financial statements”). In our opinion, the consolidated financial statements present fairly, in all material
respects, the financial position of the Company at December 31, 2024 and 2023, and the results of its operations and its cash
flows for each of the three years in the period ended December 31, 2024, in conformity with U.S. generally accepted
accounting principles.
We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States)
(PCAOB), the Company's internal control over financial reporting as of December 31, 2024, based on criteria established in
Internal Control—Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission
(2013 framework), and our report dated February 24, 2025 expressed an unqualified opinion thereon.
Basis for Opinion
These financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on
the Company’s financial statements based on our audits. We are a public accounting firm registered with the PCAOB and are
required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable
rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform
the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due
to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the financial
statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included
examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also
included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the
overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.
Critical Audit Matter 
The critical audit matter communicated below is a matter arising from the current period audit of the financial statements that
was communicated or required to be communicated to the audit committee and that: (1) relates to accounts or disclosures that
are material to the financial statements and (2) involved our especially challenging, subjective or complex judgments. The
communication of the critical audit matter does not alter in any way our opinion on the consolidated financial statements,
taken as a whole, and we are not, by communicating the critical audit matter below, providing a separate opinion on the
critical audit matter or on the accounts or disclosures to which it relates.
Classification, completeness, and measurement of customer discounts and revenue related incentive
programs
Description of
the Matter
As discussed in Note 2 of the consolidated financial statements, the Company derives its revenue from
sales of its products in the United States and internationally. The Company has determined the
transaction price to be the invoice price, net of adjustments that reduce revenue, which included
estimates of volume-based rebates, variable consideration for product returns and warranty
replacements and other discounts and incentives that reduce revenue.

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54
Auditing the Company’s net sales was challenging, specifically related to the effort required to evaluate
the classification, completeness, and measurement of discounts and incentives. This included
judgmentally assessing factors including evaluation of contractual terms, incentives offered, and non-
volume-based rebate assumptions.
How We
Addressed the
Matter in Our
Audit
We obtained an understanding, evaluated the design, and tested the operating effectiveness of controls
over the Company’s process of recording net sales of its products, including controls over the
identification, measurement, and approval of incentive programs and classification. We updated our
understanding of the discounts and incentives process, performed walkthroughs of the discounts and
incentives accrual estimation analysis process, evaluated the design of the related controls, and
performed tests of control procedures. We also tested management’s controls related to the
completeness and accuracy of data utilized in the controls.
To test the classification, completeness, and measurement of discounts and incentives, our audit
procedures included, among others, inquiries of sales representatives and other members of
management and obtaining confirmations from sales representatives to validate the completeness of
customer incentive programs and revenue contracts provided to the finance and accounting department.
Additionally, for the largest customers across both Glaucoma and Corneal Health, we obtained
confirmations of contract terms. We performed testing of a sample of transactions to assess the
appropriateness of the classification. We also performed procedures to analyze trends in gross margin,
cost of sales, and selling, general, and administrative costs. To test completeness of the population of
customer discount and incentive programs, we examined credit memos issued subsequent to year end.
For each material program identified, we tested classification of the discount and incentive programs.
We evaluated the measurement and completeness of the material non-volume-based rebates estimated
by utilizing hindsight information and gained an understanding of the model and significant
assumptions used. We also tested the roll forward of activity recorded in the consolidated statement of
operations related to material non-volume-based rebates. We evaluated the completeness and accuracy
of data used in the calculations.
/s/ Ernst & Young LLP
We have served as the Company's auditor since 2006.
Irvine, California
February 24, 2025

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55
Glaukos Corporation
Consolidated Balance Sheets
(in thousands, except par values)
December 31,  
2024
2023  
Assets
          
    
    
Current assets:
Cash and cash equivalents
 
$
169,626
$
93,467
Short-term investments
149,289
201,964
Accounts receivable, net
60,744
 
39,850
Inventory
57,678
 
41,986
Prepaid expenses and other current assets
12,455
 
18,194
Total current assets
449,792
 
395,461
Restricted cash
4,733
5,856
Property and equipment, net
97,867
 
103,212
Operating lease right-of-use asset
30,254
27,146
Finance lease right-of-use asset
41,816
44,180
Intangible assets, net
263,445
 
282,956
Goodwill
66,134
66,134
Deposits and other assets
20,715
 
15,469
Total assets
 
$
974,756
$
940,414
Liabilities and stockholders' equity
Current liabilities:
Accounts payable
 
$
13,026
$
13,440
Accrued liabilities
62,099
 
60,574
Total current liabilities
75,125
74,014
Convertible senior notes
-
 
282,773
Operating lease liability
33,936
30,427
Finance lease liability
69,463
70,538
Deferred tax liability, net
6,928
7,144
Other liabilities
22,373
 
13,752
Total liabilities
207,825
 
478,648
Commitments and contingencies (Note 12)
Stockholders’ equity:
Preferred stock, $0.001 par value; 5,000 shares authorized; no shares issued and
outstanding as of December 31, 2024 and 2023
 
-
 
-
Common stock, $0.001 par value; 150,000 shares authorized; 56,472 and 49,148
shares issued and 56,444 and 49,120 shares outstanding at December 31, 2024 and
2023, respectively
56
 
49
Additional paid-in capital
1,509,831
 
1,059,751
Accumulated other comprehensive income
2,615
 
1,165
Accumulated deficit
 
(745,439)
 
(599,067)
Less treasury stock (28 shares as of December 31, 2024 and 2023)
 
(132)
 
(132)
Total stockholders’ equity
 
766,931
 
461,766
Total liabilities and stockholders' equity
 
$
974,756
$
940,414
See accompanying notes to consolidated financial statements.

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56
Glaukos Corporation
Consolidated Statements of Operations
(in thousands, except per share amounts)
Year ended  
December 31,  
2024
2023
2022  
Net sales
    $
383,481     $
314,711     $
282,862
Cost of sales
94,027
 
75,575
 
68,979
Gross profit
289,454
 
239,136
 
213,883
Operating expenses:
Selling, general and administrative
261,166
 
224,068
 
192,925
Research and development
136,425
 
138,768
 
123,271
Acquired in-process research and development
14,229
5,000
10,000
Litigation-related settlement
-
-
(30,000)
Total operating expenses
411,820
 
367,836
 
296,196
Loss from operations
(122,366)
 
(128,700)
 
(82,313)
Non-operating expense:
Interest income
11,105
 
9,164
 
2,375
Interest expense
(10,040)
(13,633)
(13,720)
Charges associated with convertible senior notes
(18,012)
-
-
Other expense, net
(6,288)
 
(558)
 
(4,771)
Total non-operating expense
(23,235)
 
(5,027)
 
(16,116)
Loss before taxes
(145,601)
 
(133,727)
 
(98,429)
Income tax provision
771
 
934
 
766
Net loss
$
(146,372)
$
(134,661)
$
(99,195)
Basic and diluted net loss per share
$
(2.77)
$
(2.78)
$
(2.09)
Weighted-average shares outstanding used to compute basic and diluted net
loss per share
52,755
48,433
47,444
See accompanying notes to consolidated financial statements.

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57
Glaukos Corporation
Consolidated Statements of Comprehensive Loss
(in thousands)
Year ended  
December 31,  
2024
2023
2022  
Net loss
    $
(146,372)    $
(134,661)    $
(99,195)
Other comprehensive income (loss):
Foreign currency translation gain
926
 
(110)
 
985
Unrealized gain (loss) on short-term investments
524
4,250
(3,975)
Other comprehensive income (loss)
1,450
 
4,140
 
(2,990)
Total comprehensive loss
$
(144,922)
$
(130,521)
$
(102,185)
See accompanying notes to consolidated financial statements.

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58
Glaukos Corporation
Consolidated Statements of Stockholders’ Equity
(in thousands)
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, 2021
46,993
$
47
$
952,432
$
15
$
(365,211)
(28) $
(132) $
587,151
Common stock issued under
stock plans, net
789
1
6,477
-
-
-
-
6,478
Stock-based compensation
-
 
-
38,561
-
-
-
-
38,561
Other comprehensive loss
-
 
-
-
(2,990)
-
-
-
(2,990)
Net loss
-
 
-
-
-
(99,195)
-
-
(99,195)
Balance at December 31, 2022
47,782
$
48
$
997,470
$
(2,975) $
(464,406)
(28) $
(132) $
530,005
Common stock issued under
stock plans, net
1,366
1
15,753
-
-
-
-
15,754
Acquired in-process R&D
acquired through the
issuance of common stock
-
-
3,000
-
-
-
-
3,000
Stock-based compensation
-
 
-
43,528
-
-
-
-
43,528
Other comprehensive
income
-
 
-
-
4,140
-
-
-
4,140
Net loss
-
 
-
-
-
(134,661)
-
-
(134,661)
Balance at December 31, 2023
49,148
$
49
$ 1,059,751
$
1,165
$
(599,067)
(28) $
(132) $
461,766
Common stock issued under
stock plans, net
1,972
2
40,200
-
-
-
-
40,202
Issuance of common stock
in exchange for convertible
senior notes, net
5,297
5
300,792
-
-
-
-
300,797
Unwinding of capped calls
-
-
53,881
-
-
-
-
53,881
Acquired in-process R&D
acquired through the
issuance of common stock
55
-
5,000
-
-
-
-
5,000
Stock-based compensation
-
-
50,207
-
-
-
-
50,207
Other comprehensive
income
-
-
-
1,450
-
-
-
1,450
Net loss
-
-
-
-
(146,372)
-
-
(146,372)
Balance at December 31, 2024
56,472
$
56
$ 1,509,831
$
2,615
$
(745,439)
(28) $
(132) $
766,931
See accompanying notes to consolidated financial statements.

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59
Glaukos Corporation
Consolidated Statements of Cash Flows
(in thousands)
Year ended  
December 31,  
2024
2023
2022  
Operating Activities
    
    
    
    
    
Net loss
$
(146,372)
$
(134,661)
$
(99,195)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation
10,949
 
8,742
 
6,664
Amortization of intangible assets
24,701
24,912
24,912
Amortization of right-of-use lease assets
4,272
4,324
4,370
Amortization of debt issuance costs
718
1,373
1,373
Deferred income tax benefit
(216)
(120)
(54)
Loss (gain) on disposal of fixed assets
598
893
(24)
Stock-based compensation
50,207
 
43,528
 
38,561
Unrealized foreign currency losses (gains)
4,620
(980)
2,242
(Amortization of premium) accretion of discount on short-term investments
(4,045)
 
(1,685)
 
731
Other liabilities
 
5,206
 
3,049
 
785
Acquired in-process R&D acquired through the issuance of common stock
5,000
3,000
-
Loss on capped call transaction
657
-
-
Inducement expense related to exchange of convertible senior notes
17,412
-
-
Inventory write-down
4,449
-
-
Changes in operating assets and liabilities:
Accounts receivable, net
 
(21,966)
 
(3,843)
 
(3,138)
Inventory
 
(18,788)
 
(4,830)
 
(15,472)
Prepaid expenses and other current assets
 
3,334
 
(885)
 
(1,720)
Accounts payable and accrued liabilities
21
 
1,305
 
7,210
Other assets
 
(2,075)
 
(1,880)
 
(328)
Net cash used in operating activities
 
(61,318)
 
(57,758)
 
(33,083)
Investing activities
Purchases of property and equipment
 
(6,300)
 
(20,248)
 
(30,265)
Purchases of short-term investments
 
(189,955)
 
(265,587)
 
(59,256)
Proceeds from sales and maturities of short-term investments
247,199
 
303,100
 
135,157
Proceeds from disposal of property and equipment
38
-
151
Investment in company-owned life insurance
(3,151)
(3,170)
(1,008)
Net cash provided by investing activities
 
47,831
 
14,095
 
44,779
Financing activities
Proceeds from partial unwinding of capped calls related to issuance of convertible senior
notes
53,224
-
-
Proceeds from exercise of stock options
39,347
 
12,748
 
3,577
Share purchases under Employee Stock Purchase Plan
7,416
6,278
5,630
Payments of employee taxes related to vested restricted stock units
(6,563)
(3,273)
(2,730)
Payments related to convertible senior notes
(712)
-
-
Payments related to capped call transactions
 
(295)
 
-
 
301
Principal paid on finance lease
(877)
(711)
(527)
Net cash provided by financing activities
 
91,540
 
15,042
 
6,251
Effect of exchange rate changes on cash and cash equivalents
(3,017)
 
1,341
 
(1,468)
Net increase (decrease) in cash, cash equivalents and restricted cash
75,036
 
(27,280)
 
16,479
Cash, cash equivalents and restricted cash at beginning of period
99,323
 
126,603
 
110,124
Cash, cash equivalents and restricted cash at end of period
$
174,359
$
99,323
$
126,603
Supplemental schedule of noncash investing and financing activities
Purchases of property and equipment included in accounts payable and accrued liabilities
$
909
$
1,333
$
3,797
Convertible senior notes exchanged for common stock, net of debt issuance costs
$
226,676
$
-
$
-
Issuance of common stock related to conversion of convertible senior notes, net of debt
issuance costs
56,755
-
-
Supplemental disclosures of cash flow information
Taxes paid, net of refunds
$
1,360
$
1,557
$
522
Interest paid on convertible senior notes
$
4,744
$
7,906
$
7,906
Other interest paid
$
4,466
$
4,348
$
4,434
See accompanying notes to consolidated financial statements.

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60
Glaukos Corporation
Notes to Consolidated Financial Statements
Note 1. Organization and Basis of Presentation
Organization and Business
Glaukos Corporation (Glaukos or the Company), incorporated in Delaware on July 14, 1998, is an ophthalmic
pharmaceutical and medical technology company focused on developing novel dropless platform therapies and
commercializing associated products for the treatment of glaucoma, corneal disorders, and retinal diseases. The Company first
developed Micro-Invasive Glaucoma Surgery (MIGS) as an alternative to the traditional glaucoma treatment paradigm,
launching its first MIGS device commercially in 2012. The Company also offers commercially a proprietary bio-activated
pharmaceutical therapy for the treatment of a rare corneal disorder, keratoconus, that was approved by the United States (U.S.)
Food and Drug Administration (FDA) in 2016. In 2024, the Company commenced commercial launch activities for iDose TR
and began commercializing the product in a controlled manner in February 2024. The Company is developing a portfolio of
platforms to support ongoing pharmaceutical and medical device innovations. Products or product candidates for each of these
platforms are designed to advance the standard of care through better treatment options across the areas of glaucoma, corneal
disorders such as keratoconus, dry eye and refractive vision correction, and retinal diseases such as neovascular age-related
macular degeneration, diabetic macular edema and retinal vein occlusion.
The accompanying consolidated financial statements include the accounts of Glaukos and its wholly-owned
subsidiaries. All intercompany balances and transactions among the consolidated entities have been eliminated in
consolidation.
Liquidity
For the year ended December 31, 2024, the Company incurred a net loss of $146.4 million, used $61.3 million of
cash for operating activities and, as of December 31, 2024, had an accumulated deficit of $745.4 million. The Company has
made and expects to continue to make significant investments in its global sales force and commercial infrastructure,
marketing programs, research and development activities, clinical studies and general and administrative organization.
The Company plans to fund its operations, capital funding and other liquidity needs using existing cash and
investments and, to the extent available, cash generated from commercial operations. The Company’s existing cash and
investments include the net proceeds from unwind agreements with certain financial institutions (Option Counterparties)
relating to a portion of the capped call transactions (Capped Call Unwind Agreements).
The consolidated financial statements have been prepared on a going concern basis, which contemplates the
realization of assets and satisfaction of liabilities in the normal course of business. The consolidated financial statements do
not include any adjustments relating to the recoverability and classification of recorded asset amounts or the amounts and
classification of liabilities that might result from the outcome of this uncertainty.
Recent Developments
On June 14, 2024, the Company announced it had entered into separate, privately negotiated exchange agreements
(Exchange Agreements) with certain holders of its 2.75% Convertible Senior Notes due 2027 (Convertible Notes), pursuant to
which the Company agreed, subject to customary closing conditions, to repurchase an aggregate of $230.0 million principal
amount of Convertible Notes for aggregate consideration consisting of a number of shares of the Company’s common stock,
par value $0.001 per share, to be determined over an averaging period commencing on June 14, 2024, and cash in lieu of
fractional shares and in respect of accrued interest on the Convertible Notes (Convertible Notes Exchange). On June 28, 2024,
the Company closed the transactions contemplated by the Exchange

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61
Agreements, and the holders exchanged $230.0 million in aggregate principal amount of the Convertible Notes for
consideration consisting of an aggregate of 4,253,423 shares of the Company’s common stock, and cash in lieu of fractional
shares and in respect of accrued interest on the Convertible Notes. The Company accounted for the Convertible Notes
Exchange as an induced conversion based on the nature of the conversion offer and the period of time it was offered. The
Company accounted for the Convertible Notes Exchange by expensing the fair value of the common shares that were issued in
excess of the original terms of the Convertible Notes. The Company reduced the balance of the Convertible Notes on the
consolidated balance sheets by $226.7 million, which is comprised of the reduction in Convertible Notes principal of $230.0
million, less $3.3 million in unamortized debt issuance costs. The Company also recognized a non-cash inducement charge of
$17.4 million and direct transaction costs of $0.6 million recorded within charges associated with convertible senior notes on
the consolidated statements of operations and increased additional paid-in capital on the consolidated balance sheets of $244.1
million.
On October 4, 2024, the Company issued a notice of redemption (the Redemption Notice) for the remaining $57.5
million aggregate principal amount outstanding of its Convertible Notes as of such date. Pursuant to the Redemption Notice,
on December 16, 2024, the Company redeemed $57.5 million aggregate principal amount outstanding of Convertible Notes
that had not been converted prior to such date at a redemption price equal to 100% of the principal amount of such
Convertible Notes (Redemption Price) together with accrued and unpaid interest from December 1, 2024 up to and excluding
December 16, 2024. On December 16, 2024, the Redemption Price became due and payable upon each Convertible Note
redeemed and interest thereon ceased to accrue as of such date. The Convertible Notes called for redemption were subject to
conversion by holders into shares of common stock of the Company (Common Stock) pursuant to physical settlement. The
conversion rate for the Convertible Notes was 17.8269 shares of Common Stock per $1,000 principal amount, plus additional
shares of 0.3501 per $1,000 principal amount. The Convertible Notes were therefore convertible into 18.1770 shares of
Common Stock per $1,000 principal amount surrendered for conversion thereunder.
On December 2, 2024, the Company entered into unwind agreements with Option Counterparties relating to its
Capped Call Unwind Agreements that were previously entered into by the Company with such Option Counterparties in
connection with the issuance of its Convertible Notes in an aggregate principal amount of $287.5 million. The Capped Call
Unwind Agreements related to a portion of capped call transactions corresponding to fifty percent of the number of shares of
the Company’s common stock initially underlying the Convertible Notes. Pursuant to the Capped Call Unwind Agreements,
the Option Counterparties delivered to the Company approximately $53.2 million, which amount was determined based upon
the volume-weighted average price per share of the Company’s common stock during the averaging period from December 3,
2024 through December 5, 2024.
On March 7, 2024, the Company issued $5.0 million of its common stock and paid approximately $5.1 million in
cash in connection with the acquisition of 100% of the outstanding equity interests in a clinical stage biopharma company (the
Seller) focused on developing novel therapeutics for rare ophthalmic diseases, including all related patents and patent
applications, technology and know-how. The Company accounted for the transaction as an asset acquisition as the set of
acquired assets did not constitute a business, and the acquisition costs are recorded within acquired in-process research and
development on the consolidated statement of operations. Under the terms of the agreement, if these proprietary technologies
are commercialized, the Company may have to make potential payments of up to $51.0 million upon the achievement of
certain event-based development milestones, potential payments of up to $150.0 million upon the achievement of certain
commercial sales-based milestones should annual net sales of a licensed product eventually exceed various levels, and up to a
low double digit royalty on net sales. Furthermore, because the first two development milestones are payable in either cash or
Company shares at the Company’s sole discretion, the Company has accrued a liability measured at fair value in the amount of
$1.6 million related to these two milestones, which is classified as other liabilities within the consolidated balance sheets, as
the contingent consideration is not expected to be paid within the next twelve months. See also Note 4, Fair Value
Measurements for additional details regarding this contingent consideration.

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Note 2. Summary of Significant Accounting Policies
Basis of Presentation
The accompanying consolidated financial statements have been prepared in accordance with accounting principles
generally accepted in the United States of America (GAAP).
Use of Estimates
The preparation of the consolidated financial statements in conformity with GAAP requires management to make
estimates, judgments and assumptions that affect the reported amounts in the consolidated financial statements and
accompanying notes. Actual results could differ materially from those estimates and assumptions used in the preparation of the
accompanying consolidated financial statements under different assumptions and conditions.
The Company’s consolidated financial statements as of and for the year ended December 31, 2024 reflect the
Company’s estimates of the impact of the macroeconomic environment, including the impact of inflation, supply shortages or
delays, changes in supply and demand, foreign exchange rate fluctuations and other conditions which have led to disruptions
in commerce and pricing stability. The Company is not aware of any specific event or circumstance that would require an
update to its estimates, judgments and assumptions or a revision of the carrying value of the Company’s assets or liabilities as
of December 31, 2024.
Segments
The Company has one business activity and operates as one operating segment: the development and
commercialization of ophthalmic therapies designed to treat glaucoma, corneal disorders and retinal diseases. The Company
determined its operating segment on the same basis that it uses to evaluate its performance internally. The Company’s chief
operating decision-maker (CODM), its Chief Executive Officer, reviews consolidated operating results for the purpose of
allocating resources and evaluating financial performance.
Variable Interest Entities
The Company has a variable interest in a variable interest entity based on its $5.0 million convertible promissory note
outstanding as of December 31, 2024. The convertible promissory note bears interest on the outstanding principal at the rate of
5.0% per annum, and the outstanding principal and interest is convertible into preferred stock or capital stock under certain
circumstances. The Company concluded it is not the primary beneficiary of the variable interest entity. The Company does not
have the power to direct the activities of the variable interest entity that most significantly impact its economic performance,
does not have the obligation to absorb losses that could potentially be significant to the variable interest entity, and does not
have the right to receive benefits that could potentially be significant to the variable interest entity. The Company evaluates its
relationships with the variable interest entity on an ongoing basis to determine whether it would be considered the primary
beneficiary.  
Cash, Cash Equivalents, Restricted Cash and Short-term Investments
The Company invests its excess cash in marketable securities, including U.S. treasury securities, bank certificates of
deposit, municipal bonds, corporate notes and asset-backed securities. For financial reporting purposes, liquid investment
instruments purchased with an original maturity of three months or less are considered to be cash equivalents. Cash and cash
equivalents are recorded at face value or cost, which approximates fair market value. The Company maintains cash balances in
the U.S. in excess of amounts insured by the Federal Deposit Insurance Commission. Investments are stated at fair value as
determined by quoted market prices. Investments are considered available for sale and, accordingly, unrealized gains and
losses are included in accumulated other comprehensive loss within stockholders’ equity.
The Company’s entire investment portfolio, except for restricted cash, is considered to be available for use in current
operations and, accordingly, all such investments are stated at fair value using quoted market prices and

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classified as current assets, although the stated maturity of individual investments may be one year or more beyond the
balance sheet date. The Company did not have any trading securities or restricted investments at December 31, 2024 or
December 31, 2023.
Realized gains and losses and declines in value, if any, judged to be other-than-temporary on available for sale
securities, are reported in other expense, net. When securities are sold, any associated unrealized gain or loss previously
reported as a separate component of stockholders’ equity is reclassified out of stockholders’ equity and recorded in the
statements of operations in the period sold using the specific identification method. Accrued interest and dividends from
investments are included in other expense, net. The Company periodically reviews its available for sale securities for other
than temporary declines in fair value below the cost basis, and whenever events or changes in circumstances indicate that the
carrying amount of an asset may not be recoverable.
The following table provides a reconciliation of cash and cash equivalents and restricted cash reported within the
consolidated balance sheets that equate to the amount reported in the consolidated statement of cash flows as of December 31,
2024, December 31, 2023 and December 31, 2022 (in thousands):
Year ended
December 31,
2024
2023
2022
Cash and cash equivalents
$
169,626
$
93,467
$
119,525
Restricted cash
4,733
5,856
7,078
Cash, cash equivalents and restricted cash in the consolidated statement of cash flows
$
174,359
$
99,323
$
126,603
Concentration of Credit Risk and Significant Customers
Financial instruments, which potentially subject the Company to significant concentration of credit risk, consist
primarily of cash, cash equivalents, short-term investments and accounts receivable. The Company maintains deposits in
federally insured financial institutions in the U.S. in excess of federally insured limits and management believes that the
Company is not exposed to significant credit risk due to the financial position of the depository institutions in which those
deposits are held. Additionally, the Company has established guidelines regarding investment instruments and their maturities
which are designed to maintain preservation of principal and liquidity. The Company believes that the concentration of credit
risk in its accounts receivable is mitigated by its credit evaluation process, relatively short collection terms and the level of
credit worthiness of its customers. During the years ended 2024, 2023 and 2022, none of the Company’s customers accounted
for more than 10% of revenues.
Accounts Receivable
The Company primarily sells its products directly to ambulatory surgery centers, hospitals, and physician private
practices, with distributors being used in certain international locations where the Company does not have a direct commercial
presence. The Company is exposed to credit losses primarily through sales of its products to its customers.
The Company’s expected loss allowance methodology for accounts receivable is developed using historical
collection experience, current and expected future economic and market conditions and periodic evaluation of customers’
receivables balances. Management estimates the adequacy of the allowance by using relevant available information, from
internal and external sources, relating to past events, current conditions and forecasts. Historical credit loss experience
provides the basis for estimation of expected credit losses and are adjusted as necessary using the relevant information
available. The allowance for credit losses is measured on a collective basis when similar risk characteristic exists. The
Company has identified one portfolio segment based on evaluation of the following risk characteristics: geographic regions,
product lines, default rates and customer specific factors.
Additionally, specific allowance amounts may be established to record the appropriate provision for customers that
have a higher probability of non-payment. The Company writes off uncollectible receivables against the allowance when all
attempts to collect the receivable have failed. The Company’s allowance for credit losses represents management’s estimate of
current expected credit losses and totaled approximately $1.1 million and $1.2 million as of

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December 31, 2024 and December 31, 2023, respectively, and there were immaterial bad-debt write offs during the years
ended December 31, 2024 and December 31, 2023.
As of December 31, 2024 and December 31, 2023 the Company evaluated the current and expected future economic
and market conditions surrounding the macroeconomic environment, including the impact of inflation, supply shortages or
delays, changes in supply and demand, labor shortages and turnover, foreign exchange rate fluctuations and other conditions,
as it relates to collectability of its accounts receivable and determined the estimate of expected credit losses was not materially
impacted. The Company will continue to re-evaluate the estimate of credit losses related to the current macroeconomic
environment in conjunction with its assessment of expected credit losses in subsequent periods.
Additionally, no customers accounted for more than 10% of net accounts receivable as of December 31, 2024 or
December 31, 2023.
Inventory
Inventory is valued at the lower of cost or net realizable value with cost being determined on a first-in, first-out basis.
The Company periodically reviews inventory for potential impairment, estimated losses from obsolescence, material
expirations or unmarketable inventory or excess inventory and writes down the cost of inventory to net realizable value at the
time such determinations are made. Net realizable value is determined using the estimated selling price, in the ordinary course
of business, less estimated costs to complete and dispose. 
Property and Equipment, Net
Property and equipment is recorded at cost. Depreciation of property and equipment is generally provided using the
straight-line method over the estimated useful lives of the assets, which range from three to five years. Leasehold
improvements are amortized over their estimated useful life or the related lease term, whichever is shorter. Maintenance and
repairs are expensed as incurred.
All long-lived assets are reviewed for impairment in value when changes in circumstances indicate that an asset or
asset group’s carrying value may not be recoverable, based upon undiscounted future operating cash flows to be derived from
their use, and appropriate losses are recognized and reflected in current earnings to the extent the carrying amount of an asset
exceeds its estimated fair value, determined by the use of appraisals, discounted cash flow analyses or comparable fair values
of similar assets. The Company did not record any impairment charges for the year ended December 31, 2024, December 31,
2023 or December 31, 2022.
Intangible Assets
Intangible assets with finite-lives include developed technology and customer relationships, which are amortized on a
straight-line basis over their estimated useful lives, which range from four to eleven years. The Company reviews finite-lived
intangible assets for impairment whenever events or changes in circumstances indicate that the carrying amount of the assets
or asset group may not be recoverable. When such an event occurs, management determines whether there has been
impairment by comparing the anticipated undiscounted future net cash flows to the related asset group’s carrying value. If the
affected intangible assets are not recoverable, management estimates the fair value of the assets and record an impairment loss
if the carrying value of the assets exceeds the fair value.
Indefinite-lived intangible assets are comprised of acquired in-process research and development (IPR&D) assets and
are not amortized, but instead tested for impairment until the successful completion and commercialization, or abandonment,
of the associated research and development efforts, at which point the IPR&D assets are either amortized over their estimated
useful lives or written-off immediately.
Refer to Note 6, Intangible Assets and Goodwill for more information on the Company’s intangible assets.

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Goodwill
Goodwill represents the excess of the cost over the fair value of net assets acquired from business combinations. If
the Company determines the carrying value of a reporting unit exceeds its fair value, an impairment charge would be
recognized and should not exceed the total amount of goodwill allocated to that reporting unit. The Company has one
reporting unit and tests for impairment annually, on October 1. In addition to that test, the Company regularly assesses if an
event or indicator of impairment has occurred which would require interim impairment testing. The Company’s annual
impairment test did not result in any impairment, and the Company has not identified any indicators of impairment through
December 31, 2024 and consequently, no impairment charge was recorded during the year.
Refer to Note 6, Intangible Assets and Goodwill for more information on the Company’s goodwill.
Fair Value of Financial Instruments
Fair value is an exit price, representing the amount that would be received to sell an asset or paid to transfer a liability
in an orderly transaction between market participants. As such, fair value is a market-based measurement that should be
determined based on assumptions that market participants would use in pricing an asset or liability.
The carrying amounts of cash equivalents, accounts receivable, accounts payable, and accrued liabilities are
considered to be representative of their respective fair values because of the short-term nature of those instruments.
The valuation of assets and liabilities is subject to fair value measurements using a three-tiered approach and fair
value measurements are classified and disclosed by the Company in one of the following three categories:
Level 1: Unadjusted quoted prices in active markets that are accessible at the measurement date for identical,
unrestricted assets or liabilities;
Level 2: Quoted prices for similar assets and liabilities in active markets, quoted prices in markets that are not active,
or inputs which are observable, either directly or indirectly, for substantially the full term of the asset or liability; and
Level 3: Prices or valuation techniques that require inputs that are both significant to the fair value measurement and
unobservable (i.e., supported by little or no market activity).
Assets and liabilities are classified based on the lowest level of input that is significant to the fair value
measurements. The Company reviews the fair value hierarchy classification on a quarterly basis. Changes in the ability to
observe valuation inputs may result in a reclassification of levels for certain assets or liabilities within the fair value hierarchy.
The Company did not have any transfers of assets and liabilities between the levels of the fair value measurement hierarchy
during the years presented.
Leases
The Company determines if an arrangement is a lease at inception. As a lessee, right-of-use assets represent the
Company’s right to use an underlying asset for the lease term and lease liabilities represent an obligation to make lease
payments arising from the lease. Right-of-use assets and lease liabilities are recognized at the lease commencement date based
on the present value of lease payments over the lease term. The Company estimates the incremental borrowing rate based on
its debt, prevailing financial market conditions, peer company credit analyses, and management judgment. Operating and
financing lease right-of-use assets also include any lease payments made at or before lease commencement and exclude any
lease incentives received. The lease terms used to calculate the right-of-use asset and related lease liability include options to
extend or terminate the lease when it is reasonably certain that the Company will exercise that option. Lease expense for
operating leases is recognized on a straight-line basis over the lease term as an operating expense while the expense for
finance leases is recognized as amortization expense on right-of-use lease assets

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and interest expense using the accelerated interest method of recognition. Leases with an initial term of 12 months or less are
expensed and not recorded on the consolidated balance sheets.
Revenue Recognition
The Company derives its revenue from sales of its products in the United States and internationally. Customers are
primarily comprised of ambulatory surgery centers, hospitals and physician private practices, with independent distributors
being used in certain international locations where the Company does not have a direct commercial presence.
The Company concluded that one performance obligation exists for the majority of its contracts with customers
which is to deliver products in accordance with the Company’s normal delivery times. Revenue is recognized when this
performance obligation is satisfied, which is the point in time when the Company considers control of a product to have
transferred to the customer. Revenue recognized reflects the consideration to which the Company expects to be entitled in
exchange for those products or services. The Company has determined the transaction price to be the invoice price, net of
adjustments that reduce revenue, which includes estimates of volume-based rebates, rebates for government pricing programs,
variable consideration for certain product returns and warranty replacements, and other discounts and incentives that reduce
revenue.
The Company recognizes revenue when it is probable that the entity will collect the consideration it is entitled to in
exchange for the goods it transfers to the customer. This requires management to perform an assessment related to the
probability of collecting the consideration. The assessment can contain judgment when it is performed for customers with
declining credit conditions or those with no history or a limited history of product sales with the Company.
The Company offers volume-based rebate agreements to certain customers and, if earned by the customer, the
Company provides a rebate (usually in the form of a credit memo) at the contract’s conclusion, if earned by the customer. In
such cases, the transaction price is allocated between the Company’s delivery of product and the issuance of a rebate at the
contract’s conclusion for the customer to utilize on prospective purchases. The performance obligation to issue a customer’s
rebate, if earned, is transferred over time and the Company’s method of measuring progress is the output method, whereby the
progress is measured by the estimated rebate earned to date over the total rebate estimated to be earned over the contract
period. The provision for volume-based rebates is estimated based on customers' contracted rebate programs and the
customers’ projected sales levels.
Non-volume-based rebates consist primarily of rebates for government pricing programs, which were estimated using
the expected value method, based upon a range of possible outcomes for the estimated number of actual claims invoices we
expect to receive. The Company applies this estimate to the respective period’s sales to determine the rebate accrual and
related expense. This estimate is evaluated regularly to ensure that the historical trends are as current as practicable. These
reserves are recorded in the same period the related revenue is recognized, resulting in a reduction of product revenue.
The Company regularly monitors its customer rebate programs to ensure the rebate allowance is fairly stated. The
Company’s rebate allowance is included in accrued liabilities in the consolidated balance sheets.
Customers are not granted specific rights of return; however, the Company may permit returns of certain products
from customers if such product is returned in a timely manner and in good condition. The Company generally provides a
warranty on its products for one year from the date of shipment, and offers an extended warranty for its KXL systems. Any
product found to be defective or out of specification will be replaced or serviced at no charge during the warranty period.
Estimated allowances for sales returns and warranty replacements are recorded at the time of sale of the product and are
estimated based upon the historical patterns of product returns matched against sales, and an evaluation of specific factors that
may increase the risk of product returns. Product returns and warranty replacements to date have been consistent with amounts
reserved or accrued and have not been significant. If actual results vary from the Company’s estimates, the Company will
adjust these estimates in the period such variances become known.

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Shipping and Handling Costs
All shipping and handling costs are expensed as incurred and are charged to selling, general and administrative
expense. Charges to customers for shipping and handling are credited to selling, general and administrative expense.
Advertising Costs
All advertising costs are expensed as incurred. Advertising costs incurred during the years ended December 31, 2024,
December 31, 2023 and December 31, 2022 were approximately $3.6 million, $3.4 million and $2.5 million, respectively.
Income Taxes
Income taxes are accounted for using a liability approach. This requires the recognition of deferred tax assets and
liabilities for the differences between the financial statement and tax basis of the Company’s assets and liabilities, NOLs, and
tax credit carryovers using tax rates in effect for the year in which the differences are expected to reverse. The Company
records a valuation allowance against a portion of deferred tax assets to reduce the net carrying value to an amount that it
believes is more likely than not to be realized. Management has considered estimated taxable income and ongoing prudent and
feasible tax planning strategies in assessing the amount of the valuation allowance. Based upon the weight of available
positive and negative evidence, which includes the Company’s historical operating performance and limited potential to utilize
NOL and tax credit carryforwards, the Company has determined that it is more likely than not that the future realization of all
or some of the deferred tax assets will not be achieved and a portion of its deferred tax assets should be offset by a valuation
allowance. When the Company establishes or reduces the valuation allowance against its deferred tax assets, its provision for
income taxes increases or decreases, respectively, in the period such determination is made.
The Company is required to file federal and state income tax returns in the United States. The Company also files
income tax returns in the foreign countries in which its subsidiaries operate. The preparation of these income tax returns
requires the Company to interpret the applicable tax laws and regulations in effect in such jurisdictions, which could affect the
amount of tax paid.
Additionally, the Company follows an accounting standard addressing the accounting for uncertainty in income taxes
that prescribes rules for recognition, measurement, and classification in the consolidated financial statements of tax positions
taken or expected to be taken in a tax return.
Research and Development Expenses
Major components of research and development expense include personnel costs, preclinical studies, clinical trials
and related clinical product manufacturing, materials and supplies, and fees paid to consultants. Research and development
costs are expensed as goods are received or services are rendered. Costs to acquire technologies to be used in research and
development that have not reached technological feasibility and have no alternative future use are also expensed as incurred.
At each financial reporting date, the Company accrues the estimated unpaid costs of clinical study activities
performed during a period by third party clinical sites with whom the Company has agreements that provide for fees based
upon the quantities of subjects enrolled and clinical evaluation visits that occur over the life of the study. The cost estimates
are determined based upon a review of the agreements and data collected by internal and external clinical personnel as to the
status of enrollment and subject visits, and are based upon the facts and circumstances known to the Company at each
financial reporting date. If the actual performance of activities varies from the assumptions used in the cost estimates, the
accruals are adjusted accordingly. There have been no material adjustments to the Company’s prior period accrued estimates
for clinical trial activities through December 31, 2024.

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Stock-Based Compensation
The Company recognizes compensation expense for all stock-based awards granted to employees and nonemployees,
including members of its board of directors, based on the grant date fair value of the award.
For stock-based awards with service conditions, the fair value of the awards is amortized on a straight-line basis over
the requisite service period in which the awards are expected to vest. For stock-based awards with performance vesting
conditions, stock-based compensation is recognized when it is considered probable that the performance conditions will be
satisfied. At each reporting period, the Company re-assesses the probability of the achievement of the performance vesting
conditions. Any change in stock-based compensation resulting from an adjustment in the vesting is treated as a cumulative
catch-up in the period of adjustment.
Software Costs
The Company capitalizes certain software development costs incurred for internal use projects when it is determined
that it is probable that the project will be completed, the software will be used to perform the function intended, and the
preliminary project stage is completed. Once capitalized projects are ready for their intended use, they are amortized using the
straight-line method over the estimated useful life, which is generally 3 years. These capitalized costs are included in property
and equipment, net within the consolidated balance sheets and are not significant for the period presented.
Comprehensive Loss
All components of comprehensive loss, including net loss, are reported in the consolidated financial statements in the
period in which they are recognized. Comprehensive loss is defined as the change in equity during a period from transactions
and other events and circumstances from non-owner sources, including unrealized gains and losses on marketable securities
and foreign currency translation adjustments.
Foreign Currency
Assets and liabilities are translated into the reporting currency using the exchange rates in effect on the consolidated
balance sheet dates. Equity accounts are translated at historical rates, except for the change in retained earnings during the
period, which is the result of the income statement translation process. Revenue and expense accounts are translated using the
daily average exchange rates during the period. The cumulative translation adjustments associated with the net assets of
foreign subsidiaries are recorded in accumulated other comprehensive loss in the accompanying consolidated statements of
stockholders’ equity.
Net Loss per Share
Basic net loss per share is calculated by dividing the net loss by the weighted average number of common shares that
were outstanding for the period, without consideration for potentially dilutive common stock equivalents.
For periods when the Company realizes a net loss, no potentially dilutive common stock equivalents are included in
the calculation of weighted average number of dilutive common stock equivalents as the effect of applying the treasury stock
method is considered anti-dilutive.
For periods when the Company realizes net income, diluted net income per share is calculated by dividing the net
income by the weighted average number of common shares plus the sum of the weighted average number of dilutive common
stock equivalents outstanding for the period determined using the treasury stock method or if-converted method for
convertible instruments. Common stock equivalents are comprised of stock options, outstanding and unvested RSUs under the
Company’s incentive compensation plans and shares issuable under the Company’s Employee Stock Purchase Plan (ESPP)
and as of December 31, 2023 and December 31, 2022, shares convertible pursuant to the Convertible Notes.

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Potentially dilutive securities not included in the calculation of diluted net loss per share because to do so would be
anti-dilutive were as follows (weighted outstanding common stock equivalent shares, in thousands):
As of  
December 31,  
2024
2023
2022  
Convertible senior notes
-
5,125
5,125
Stock options outstanding
    
2,318     
2,613     
2,373
Unvested restricted stock units
1,011
743
934
Employee stock purchase plan
4  
2  
8
3,333  
8,483  
8,440
The Company has 5,000,000 of authorized preferred stock issuable, and there is no preferred stock outstanding as of
December 31, 2024 and December 31, 2023. Each share of common stock is entitled to one vote.
Recently Adopted Accounting Pronouncements
In November 2023, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU)
No. 2023-07, Improvements to Reportable Segments Disclosures. While ASU 2023-07 requires incremental disclosures, it
does not change how an entity identifies its operating segments, aggregates those operating segments, or applies the
quantitative thresholds to determine reportable segments. This ASU is effective for all public business entities for fiscal years
beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. Entities must
adopt the changes to the segment reporting guidance on a retrospective basis and while adoption as of December 31, 2024 did
not impact the Company’s consolidated financial statements, the required disclosure updates are included in Note 13. Business
Segment Information.
Recently Issued Accounting Pronouncements Not Yet Adopted
In December 2023, the FASB issued ASU No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax
Disclosures, which is intended to improve the transparency of income tax disclosures by requiring consistent categories and
greater disaggregation of information in the effective tax rate reconciliation and income taxes paid by jurisdiction. The ASU is
effective for public business entities’ annual periods beginning after December 15, 2024, with early adoption permitted. The
Company is currently finalizing its evaluation of the impact of adopting this pronouncement; however the Company currently
does not believe the adoption will have a material impact on its consolidated financial statements.
Note 3. Balance Sheet Details
Short-term Investments
Short-term investments consisted of the following (in thousands):
    
At December 31, 2024  
Maturity
Amortized cost
Unrealized
Unrealized
Fair  
    
(in years)     
or cost     
gains     
losses     
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 1
 
7,824
 
15
 
(20)
 
7,819
Municipal bonds
less than 1
3,010
8
-
3,018
Total
$
149,072
$
329
$
(112)
$
149,289

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70
    
At December 31, 2023  
Maturity
Amortized cost
Unrealized
Unrealized
Fair  
    
(in years)     
or cost     
gains     
losses     
value  
U.S. government agency bonds
less than 3
$
25,995
$
2
$
(347)
$
25,650
U.S. treasury securities
less than 2
124,780
274
(36)
125,018
Bank certificates of deposit
less than 1
7,100
9
-
7,109
Commercial paper
less than 1
 
5,679
 
4
 
(1)
 
5,682
Corporate notes
less than 3
 
21,292
 
77
 
(229)
 
21,140
Asset-backed securities
less than 2
 
12,415
 
41
 
(135)
 
12,321
Municipal bonds
less than 3
5,010
34
-
5,044
Total
$
202,271
$
441
$
(748)
$
201,964
At each reporting date, the Company performs an evaluation of impairment to determine if any unrealized losses are
the result of credit losses. Impairment is assessed at the individual security level. Factors considered in determining whether a
loss resulted from a credit loss or other factors include the Company’s intent and ability to hold the investment until the
recovery of its amortized cost basis, the extent to which the fair value is less than the amortized cost basis, the length of time
and extent to which fair value has been less than the cost basis, the financial condition of the issuer, any historical failure of
the issuer to make scheduled interest or principal payments, any changes to the rating of the security by a rating agency, any
adverse legal or regulatory events affecting the issuer or issuer’s industry, and any significant deterioration in economic
conditions.
The credit-related portion of unrealized losses, and any subsequent improvements, are recorded in interest expense in
the consolidated statements of operations through an allowance for credit losses. Unrealized gains and losses that are not
credit-related are included in accumulated other comprehensive loss. Unrealized losses on available-for-sale debt securities as
of December 31, 2024 and December 31, 2023 were not significant and were primarily due to changes in interest rates,
including market credit spreads, and not due to increased credit risks associated with specific securities. Further, the Company
does not intend to sell these investments prior to maturity and it is not more likely than not that the Company will be required
to sell these investments before recovery of their amortized cost basis. Accordingly, the Company did not record an allowance
for credit losses with these investments as of December 31, 2024 and December 31, 2023.
Accounts Receivable, Net
Accounts receivable consisted of the following (in thousands):
December 31,  
2024
    
2023  
Accounts receivable
    $
61,817
$
41,051
Allowance for credit losses
 
(1,073)
 
(1,201)
 
$
60,744
$
39,850

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71
Inventory
Inventory consisted of the following (in thousands):
December 31,  
2024     
2023  
Finished goods
    $
23,667
$
16,699
Work in process
14,663
 
12,870
Raw material
19,348
 
12,417
 
$
57,678
$
41,986
For the year ended December 31, 2024, the Company recorded a write-down charge of $4.4 million associated with
product line optimizations which was recorded against inventory and prepaid assets and other assets in the accompanying
consolidated balances sheets, and within cost of sales in the accompanying consolidated statements of operations. No
inventory write-downs were recognized for the year ended December 31, 2023.
Property and Equipment, Net
Property and equipment consisted of the following (in thousands):
December 31,
2024
2023
    
Buildings
    $
874
$
874
Equipment
32,197
29,843
Furniture and fixtures
9,030
 
8,287
Leasehold improvements
80,987
 
70,332
Computer equipment and software
4,198
3,906
Land
7,068
7,068
Construction in progress
8,087
 
17,379
142,441
 
137,689
Less accumulated depreciation and amortization
 
(44,574)
 
(34,477)
 
$
97,867
$
103,212
Depreciation and amortization expense related to property and equipment was $10.1 million, $7.3 million and $6.6
million for the years ended December 31, 2024, December 31, 2023 and December 31, 2022, respectively.
Accrued Liabilities
Accrued liabilities consisted of the following (in thousands):
December 31,  
2024
2023  
    
Accrued bonuses
    $
22,025
$
20,588
Accrued sales rebates
7,956
8,935
Accrued vacation benefits
5,530
 
5,269
Other accrued liabilities
26,588
 
25,782
$
62,099
$
60,574

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72
Note 4. Fair Value Measurements
The following tables present information about the Company’s financial assets and liabilities measured at fair value
on a recurring basis as of December 31, 2024 and December 31, 2023, and indicate the fair value hierarchy of the valuation
techniques utilized by the Company to determine such fair value (in thousands).
At December 31, 2024  
Significant
 
Quoted prices in
other
Significant  
active markets for
observable
unobservable  
December 31,
identical assets
inputs
inputs  
2024
(Level 1)
(Level 2)
(Level 3)  
Assets
    
    
    
    
    
    
    
    
Cash equivalents:
   Money market funds (i)
$
69,854
$
69,854
$
-
$
-
Available for sale securities:
   U.S. treasury securities (ii)
115,891
-
115,891
-
   Bank certificates of deposit (ii)
5,623
-
5,623
-
   Corporate notes (ii)
16,938
-
16,938
-
   Asset-backed securities (ii)
7,819
-
7,819
-
   Municipal bonds (ii)
3,018
-
3,018
-
  Investments held for deferred compensation plans (iii)
14,741
-
14,741
-
Total Assets
$
233,884
$
69,854
$
164,030
$
-
Liabilities
Deferred compensation plans (iv)
$
14,640
-
14,640
-
Contingent consideration (iv)
1,585
-
-
1,585
Total Liabilities
$
16,225
$
-
$
14,640
$
1,585
(i) Included in cash and cash equivalents with a maturity of three months or less from date of purchase on the consolidated balance sheets.
(ii) Included in short-term investments on the consolidated balance sheets.
(iii) Included in deposits and other assets on the consolidated balance sheets.
(iv) Included in other liabilities on the consolidated balance sheets.
At December 31, 2023
Significant
 
Quoted prices in
other
Significant  
active markets for
observable
unobservable  
December 31,
identical assets
inputs
inputs  
2023
(Level 1)
(Level 2)
(Level 3)  
Assets
    
    
    
    
    
    
    
    
Cash equivalents:
   Money market funds (i)
$
52,156
$
52,156
$
-
$
-
Available for sale securities:
   U.S. government agency bonds (ii)
25,650
-
25,650
-
   U.S. treasury securities (ii)
125,018
-
125,018
-
   Bank certificates of deposit (ii)
7,109
-
7,109
-
   Commercial paper (ii)
5,682
-
5,682
-
   Corporate notes (ii)
21,140
-
21,140
-
   Asset-backed securities (ii)
12,321
-
12,321
-
   Municipal bonds (ii)
5,044
-
5,044
-
  Investments held for deferred compensation plans (iii)
11,589
-
11,589
-
Total Assets
$
265,709
$
52,156
$
213,553
$
-
Liabilities
Deferred compensation plans (iv)
11,294
-
11,294
-
Total Liabilities
$
11,294
$
-
$
11,294
$
-
(i) Included in cash and cash equivalents with a maturity of three months or less from date of purchase on the consolidated balance sheets.
(ii) Included in short-term investments on the consolidated balance sheets.
(iii) Included in deposits and other assets on the consolidated balance sheets.
(iv) Included in other liabilities on the consolidated balance sheets.

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73
Money market funds are highly liquid investments and are actively traded. The pricing information on these
investment instruments is readily available and can be independently validated as of the measurement date. This approach
results in the classification of these securities as Level 1 of the fair value hierarchy.
U.S. government agency bonds, U.S. treasury securities, bank certificates of deposit, commercial paper, municipal
bonds, corporate notes and asset-backed securities are measured at fair value using Level 2 inputs. The Company reviews
trading activity and pricing for these investments as of each measurement date. Pursuant to the Company’s deferred
compensation plan (the Deferred Compensation Plan), the Company has also established a rabbi trust that serves as an
investment to shadow the Deferred Compensation Plan liability. The investments of the rabbi trust and Deferred
Compensation Plan liability consist of company-owned life insurance policies (COLIs) and the pricing on these investments
can be independently evaluated. When sufficient quoted pricing for identical securities is not available, the Company uses
market pricing and other observable market inputs for similar securities obtained from third party data providers. These inputs
represent quoted prices for similar assets in active markets or these inputs have been derived from observable market data.
This approach results in the classification of these securities as Level 2 of the fair value hierarchy.
The Company recorded a contingent consideration liability upon the asset acquisition described in Recent
Developments within Note 1, Organization and Basis of Presentation above. The contingent consideration is measured at fair
value and is based on significant inputs not observable in the market which includes the probability and timing of achieving
certain future milestones, and to a lesser extent, an applicable discount rate and Glaukos’ credit rating. This represents a Level
3 measurement within the fair value hierarchy. The valuation of contingent consideration uses assumptions the Company
believes a market participant would make. The Company assesses these estimates on an ongoing basis as it obtains additional
data impacting the assumptions. During the year ended December 31, 2024, the contingent consideration liability increased
from $1.4 million to $1.6 million, with the change in the fair value of contingent consideration related to updated assumptions
and estimates recognized within the consolidated statements of operations.
There were no transfers between levels within the fair value hierarchy during the periods presented.
The Company did not have any assets or liabilities measured at fair value on a recurring basis within Level 3 fair
value measurements as of December 31, 2023.
Convertible Senior Notes
As of December 31, 2023, the fair value of the Convertible Notes was $444.0 million. The fair value was determined
on the basis of the market prices observable for similar instruments and is considered Level 2 in the fair value hierarchy. See
Note 8, Convertible Senior Notes for additional information.
Note 5. Leases
The Company has operating and finance leases for facilities and certain equipment.
The Company’s leases have non-cancelable lease terms of approximately one year to thirteen years, some of which
include options to extend the leases for up to ten years. The exercise of lease renewal options is at the Company’s sole
discretion. In certain of the Company’s lease agreements, the rental payments are adjusted periodically to reflect actual
charges incurred for common area maintenance, landlord incentives and/or inflation.
The Company’s office building lease in Aliso Viejo, California (Aliso Facility) is one property containing three
existing office buildings, comprising approximately 160,000 rentable square feet of space, which was accounted for as a
finance lease. The term of the Aliso Facility commenced on April 1, 2019 for expense recognition and continues for thirteen
years. The lease agreement contains an option to extend the lease for two additional five year periods at market rates.

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74
The Company also leases two adjacent buildings, two office suites and a warehouse located in San Clemente,
California and a facility in Burlington, Massachusetts. The total leased square footage of the San Clemente facilities equals
approximately 120,000 and the two most significant leases expire on May 31, 2030 and May 31, 2035. Each of these two
leases contain an option to extend the lease for one additional five-year period at market rates. The total leased square footage
of the Burlington facility is approximately 60,000 square feet, and the lease expires on July 31, 2033. The Burlington facility
lease contains an option to extend the lease for one additional five-year period at market rates.
The Company’s remaining foreign subsidiaries’ leased office and warehouse space totals less than 35,000 square feet.
The following table presents the maturity of the Company’s operating and finance lease liabilities within the
consolidated balance sheets:
Leases
    
    
December 31,     
December 31,
(in thousands)
Classification
2024
2023
Assets
  
  
  
Operating
Operating lease right-of-use asset
$
30,254
$
27,146
Finance
Finance lease right-of-use asset
41,816
44,180
Total lease assets
$
72,070
$
71,326
Liabilities
  
  
  
Current
Operating
Accrued liabilities
$
1,353
$
1,309
Finance
Accrued liabilities
1,121
923
Noncurrent
Operating
Operating lease liability
33,936
30,427
Finance
Finance lease liability
69,463
70,538
Total lease liabilities
  
$
105,873
$
103,197
Note: As the implicit rates in the Company’s leases are not readily available, the incremental borrowing rate was determined based on the information
available at commencement date in determining the present value of lease payments.
For the year ended December 31, 2024 and December 31, 2023, the components of operating and finance lease
expenses were as follows:
    
Year Ended
Year Ended
Lease Cost
December 31,
December 31,
(in thousands)
Classification
2024
2023
Fixed operating lease cost
Cost of sales
$
1,899
$
1,175
Research and development
1,680
1,903
Selling, general and administrative
expenses
913 (a)
1,128 (a)
Finance lease cost
Amortization of right-of-use asset included
in Selling, general and administrative
expenses
$
2,385
$
2,421
Finance lease cost
Interest expense on lease liability
$
4,274
$
4,310
(a)
Includes short-term leases, which are not significant.

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75
The following table presents the maturity of the Company’s operating and finance lease liabilities as of December 31,
2024:
Maturity of Lease Liabilities
Operating
Finance
(in thousands)
    
Leases (a)     
Leases (b)
2025
$
4,126
$
5,327
2026
4,127
5,487
2027
4,155
5,651
2028
4,204
5,821
2029
4,213
5,995
Thereafter
37,987
90,515
Total lease payments
$
58,812
$
118,796
Less: imputed interest
23,523
48,212
Total lease liabilities
$
35,289
$
70,584
(a)
Operating lease payments include $24.7 million related to options to extend lease terms that are reasonably certain of being exercised.
(b)
Finance lease payments include $75.8 million related to options to extend lease terms that are reasonably certain of being exercised.
The weighted-average remaining lease term and weighted-average discount rate related to the Company’s operating
and finance leases as of December 31, 2024 and December 31, 2023 were:
December 31,
December 31,
Lease Term and Discount Rate
    
2024
    
2023
Weighted-average remaining lease term (years)
  
Operating leases
12.9
12.3
Finance leases
17.3
18.3
Weighted-average discount rate
Operating leases
8.0 %
8.0 %
Finance leases
6.0 %
6.0 %
Supplemental cash flow information related to the Company’s operating and finance leases was as follows:
Year Ended
Year Ended
Other Information
December 31,
December 31,
(in thousands)
2024
2023
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases
$
4,117
$
3,248
Right-of-use asset obtained in exchange for new operating lease
$
5,066
$
3,126
Interest paid for finance lease
$
4,274
$
4,310
Note 6. Intangible Assets and Goodwill
Intangible assets
Effective March 17, 2023, the Company entered into a sales agreement (Sales Agreement) with Celanese Canada
ULC (Celanese) under which Celanese will make available and supply to the Company certain raw materials used to create a
nanoporous membrane utilized in the iDose TR, and authorized the Company to reference its Drug Master File (DMF) with
respect to such raw materials, which is required for the Company to commercialize iDose TR. The term of the Sales
Agreement is four years after the iDose TR launch date in February 2024. In exchange for the ability to obtain future raw
materials and the rights related to the DMF, the Company is subject to minimum compensation payments over four years of
$6.3 million and potential additional royalties based on a percentage of sales of the iDose TR product. The Company
recognized an intangible asset related to the minimum compensation payments at fair value of $5.2 million upon the date of
acquisition, which was determined to be the iDose TR launch date. The $5.2 million is included in Intangible assets, net on the
consolidated balance sheets and will be amortized to cost of sales over

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76
its useful life of four years, which is the initial term of the Sales Agreement. A member of the Celanese board of directors also
sits on the board of directors of the Company.
For the year ended December 31, 2024, amortization expense related to the Company’s finite-lived intangible assets
was approximately $22.2 million and $2.5 million, recorded in cost of sales and sales, general and administrative expenses,
respectively, in the consolidated statements of operations. For each of the years ended December 31, 2023 and December 31,
2022, amortization expense related to the Company’s finite-lived intangible assets was approximately $22.1 million and $2.8
million, recorded in cost of sales and selling, general and administrative expenses, respectively, in the consolidated statement
of operations.
Goodwill
The following table presents the composition of the Company’s intangible assets and goodwill (in thousands):
Weighted-Average
As of December 31, 2024
As of December 31, 2023
Amortization
Gross
Gross
Period
Carrying
Accumulated
Net
Carrying
Accumulated
Net
    
(in years)     
Amount      Amortization     
Amount     
Amount      Amortization     
Amount
Developed technology
11.4
$ 252,200
$
(112,762)
$ 139,438
$ 252,200
$
(90,670)
$ 161,530
Customer relationships
5.0
14,100
(14,100)
-
14,100
(11,574)
2,526
License
4.0
5,190
(83)
5,107
-
-
-
Intangible assets subject to
amortization
271,490
(126,945)
144,545
266,300
(102,244)
164,056
In-process research and
development
Indefinite
$ 118,900
-
118,900
118,900
-
118,900
Total
$ 390,390
$
(126,945)
$ 263,445
$ 385,200
$ (102,244)
$ 282,956
Goodwill
Indefinite
$
66,134
-
66,134
66,134
-
66,134
As of December 31, 2024, expected amortization expense for unamortized finite-lived intangible assets for the next
five years and thereafter is as follows (in thousands):
    
Amortization Expense
2025
$
22,978
2026
23,735
2027
24,311
2028
21,896
2029
21,548
Thereafter
30,077
Total amortization
$
144,545
Actual amortization expense to be reported in future periods could differ from these estimates as a result of asset
impairments, acquisitions, or other facts and circumstances.

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77
Note 7. Revenue from Contracts with Customers
Disaggregation of Revenue
The Company’s revenues disaggregated by product category and geography, for the years ended December 31, 2024,
December 31, 2023 and December 31, 2022 were as follows (in thousands):
Year ended
December 31,
United States
International
Total
   
2024    
2023    
2022    
2024    
2023    
2022    
2024    
2023    
2022
Glaucoma
$ 199,571
$ 151,479
$ 144,661
$ 103,705
$ 85,560
$ 69,577
$ 303,276
$ 237,039
$ 214,238
Corneal Health
70,523
 
67,917
 
58,577
9,682
 
9,755
 
10,047
80,205
 
77,672
 
68,624
Total
  $ 270,094
$ 219,396
$ 203,238
$ 113,387
$ 95,315
$ 79,624
$ 383,481
$ 314,711
$ 282,862
Contract Balances
Contract Assets
Amounts are recorded as accounts receivable when the Company’s right to consideration becomes unconditional.
Payment terms on invoiced amounts are typically between 30 – 60 days for glaucoma and corneal health products, though
extended payment terms have been offered as part of the iDose TR commercial launch during 2024. However, the Company
does not consider any significant financing components in customer contracts given the expected time between transfer of the
promised products and the payment of the associated consideration is less than one year. As of December 31, 2024 and
December 31, 2023, substantially all amounts included in accounts receivable, net on the consolidated balance sheets are
related to contracts with customers.
Aside from the aforementioned contract assets, the Company does not have any contract assets given that the
Company does not have any unbilled receivables and sales commissions on products are expensed within selling, general and
administrative expenses within the consolidated statement of operations when incurred as any incremental cost of obtaining
contracts with customers would have an amortization period of less than one year.
Contract Liabilities
Contract liabilities reflect consideration received from customers’ purchases allocated to the Company’s future
performance obligations.
The Company has a performance obligation to issue a volume-based rebate to customers who may be eligible for
such rebate at the conclusion of their contract term. This performance obligation is transferred over time and the Company’s
method of measuring progress is the output method, whereby the progress is measured by the estimated rebate earned to date
over the total rebate estimated to be earned over the contract period.
Additionally, effective in the first quarter 2024, certain sales of the Company’s pharmaceutical products are subject to
rebates under the Medicaid Drug Rebate Program (MDRP). The rebate accrual calculation requires management to estimating
the volume of net sales that will be subject to these rebates. There can be significant time-lag in receiving rebate notices from
each state (generally, several months or longer after a sale is recognized). Estimated MDRP rebates are recorded as a reduction
of revenue in the period the related sale is recognized.

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The Company’s total volume-based and MDRP allowances are included in accrued liabilities in the consolidated
balance sheets and estimated rebates accrued were $8.0 million and $8.9 million as of December 31, 2024 and December 31,
2023, respectively, as detailed below:
Year ended
December 31,
    
2024
Sales rebate balance, January 1, 2024
$
8,935
Current period provision
12,501
Payments and credits
(13,480)
Sales rebate balance, December 31, 2024
$
7,956
During the years ended December 31, 2024 and December 31, 2023, the Company did not recognize any revenue
related to material changes in transaction prices regarding its contracts with customers and did not recognize any material
changes in revenue related to amounts included in contract liabilities at the beginning of the period.
The Company’s net sales within a fiscal year may be impacted seasonally, as demand for U.S. ophthalmic procedures
is typically softer in the first quarter and stronger in the fourth quarter of a given year.
Note 8. Convertible Senior Notes
The Company accounted for its convertible senior notes as a single unit of accounting, a liability, because the
Company concluded that there were no material conversion features that require bifurcation as a derivative and its convertible
debt instruments were not issued at a substantial premium.
In June 2020, the Company issued $287.5 million in aggregate principal amount of Convertible Notes pursuant to an
indenture dated June 11, 2020, between the Company and Wells Fargo Bank, National Association, as trustee (the Indenture),
in a private offering to qualified institutional buyers in accordance with Rule 144A under the Securities Act of 1933, as
amended. The Convertible Notes were senior unsecured obligations of the Company and bore interest at a rate of 2.75% per
year, payable semi-annually in arrears on June 15 and December 15 of each year, beginning on December 15, 2020. In
connection with issuing the Convertible Notes, the Company received $242.2 million in proceeds, after deducting fees and
offering expenses and paying the cost of the capped call transactions described below.
In June 2024 the Company executed a Convertible Notes Exchange whereby certain investors exchanged $230.0
million in aggregate principal of Convertible Notes held for an aggregate of 4,253,423 shares of the Company’s common
stock, leaving $57.5 million aggregate principal of remaining Convertible Notes outstanding. Then on October 4, 2024, the
Company issued a notice of redemption (the Redemption Notice) for all remaining $57.5 million aggregate principal
outstanding of its Convertible Notes to be redeemed on December 16, 2024 (the Redemption Date) for the principal amount
together with accrued and unpaid interest. The Redemption Notice triggered a right to conversion by holders, at their election,
into shares of common stock of the Company (Common Stock) pursuant to physical settlement at any time prior to the
Redemption Date. The conversion rate for the Convertible Notes was 17.8269 shares of Common Stock per $1,000 principal
amount, plus additional shares of 0.3501 per $1,000 principal amount, thus totaling 18.1770 shares of Common Stock per
$1,000 principal amount surrendered for conversion thereunder.
Between the issuance of the Redemption Notice and the Redemption Date, holders of Convertible Notes totaling
approximately $57.4 million of outstanding principal amount elected to convert, resulting in the issuance of 1,044,066 shares
of the Company’s common stock. On December 16, 2024, the remaining approximately $0.1 million of outstanding principal
amount was redeemed, along with accrued and unpaid interest, for cash.

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79
Interest expense relating to the Convertible Notes in the consolidated statements of operations for the years ended
December 31, 2024, December 31, 2023 and December 31, 2022 are summarized as follows (in thousands):
Year ended
December 31,
    
2024
    
2023
    
2022
Contractual interest expense
$
4,590
$
7,906
$
7,906
Amortization of debt issuance costs
1,403
1,373
1,373
Total interest expense
$
5,993
$
9,279
$
9,279
The effective interest rate on the Convertible Notes for the year ended December 31, 2024 was 2.1% and was 3.2%
for the years ended December 31, 2023 and December 31, 2022, respectively.
As of December 31, 2023 the Convertible Notes on the consolidated balance sheets represented the carrying amount
of the liability component of the Convertible Notes, net of unamortized debt issuance costs, which are summarized as follows
(in thousands):
Year ended
December 31,
    
2023
    
Convertible Notes
287,500
Less: Unamortized debt issuance costs
(4,727)
Carrying amount of Convertible Notes
282,773
Capped Call Transactions
In connection with the offering of the Convertible Notes, in June 2020 the Company entered into privately negotiated
capped call transactions with certain financial institutions (the Option Counterparties) and used an aggregate $35.7 million of
the net proceeds from the Convertible Notes to pay the cost of the capped call transactions. The capped call transactions are
expected generally to reduce potential dilution to the Company’s common stock upon any conversion of the Convertible
Notes or at the Company’s election (subject to certain conditions) offset any cash payments the Company is required to make
in excess of the aggregate principal amount of converted Convertible Notes, as the case may be, with such reduction or offset
subject to a cap based on the cap price. The cap price of the capped call transactions is initially $86.30 per share, which
represented a premium of 100% over the last reported sale price of the Company’s common stock on June 8, 2020, and is
subject to certain adjustments under the terms of the capped call transactions. The capped calls have an initial strike price
of approximately $56.10 per share, subject to certain adjustments, which corresponds to the conversion option strike price in
the Convertible Notes. The capped call transactions cover, subject to customary adjustments, the number of shares of common
stock initially underlying the Convertible Notes (or approximately 5.1 million shares of the Company’s common stock).
The capped call transactions are separate transactions that the Company entered into with the Option Counterparties,
are not part of the terms of the Convertible Notes and will not change the holders’ rights under the Convertible Notes. As the
capped call transactions meet certain accounting criteria, the cost of the capped call transactions of $35.7 million was recorded
as a reduction in additional paid-in capital in the consolidated balance sheets and will not be remeasured to fair value as long
as the accounting criteria continue to be met.
On December 2, 2024, the Company entered into Capped Call Unwind Agreements with certain of the Option
Counterparties to unwind 50% of the capped call transactions. Under the terms of the Unwind Agreements, there was a three-
day unwinding period, referred to as the Volume-Weighted Average Price (VWAP) period, before the cash settlement was
delivered. At the time of signing the Unwind Agreements, the Company recognized a derivative asset at its fair value of $53.9
million, reflecting the initial cash settlement value based on the VWAP as of the signing date, with a corresponding entry
recorded to additional paid-in capital in the consolidated balance sheets.

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During the three-day VWAP period, fluctuations in the Company’s stock price resulted in a remeasurement loss on
the derivative asset of $0.7 million, which was recorded within other expense, net in the consolidated statements of operations.
On December 6, 2024, the Capped Call Unwind Agreements were settled and the Company received $53.2 million in cash, at
which point the derivative asset was derecognized.
The remaining outstanding 50% of the capped call transaction will not be remeasured to fair value as long as the
accounting criteria continue to be met.
Note 9. Stock-Based Compensation
The Company has three stock-based compensation plans (collectively, the Stock Plans) — the 2011 Stock Plan (the
2011 Stock Plan), the Amended and Restated 2015 Omnibus Incentive Compensation Plan (the 2024 Stock Plan) and the
Employee Stock Purchase Program (ESPP). The 2024 Stock Plan permits grants of stock options and restricted stock unit
(RSU) awards. The Company no longer grants any awards under the 2011 Stock Plan.
The purpose of these Stock Plans is to provide incentives to employees, directors and nonemployee consultants. The
maximum term of any stock options granted under the Stock Plans is 10 years. For employees and nonemployees, time-based
stock options generally vest 25% on the first anniversary of the original vesting date, with the balance vesting monthly or
annually over the remaining three years. Stock options are granted at exercise prices at least equal to the fair value of the
underlying stock at the date of the grant.
For employees and nonemployees, generally, time-based RSU awards vest 25% on each of the first, second, third and
fourth anniversaries of the grant date and in certain cases, vest one year after grant date.
The Compensation, Nominating and Governance Committee (Compensation Committee) has approved the grant of
performance-based equity awards (PBEAs) to the Company’s named executive officers and certain other senior level
employees pursuant to the 2024 Stock Plan and include performance-based stock options and performance-based RSUs. These
PBEAs will only vest upon the Compensation Committee’s determination that the corresponding, pre-defined Company
operational goals were satisfied.
The ESPP permits eligible employees to purchase shares of the Company’s common stock, using contributions made
via payroll deductions of up to 15% of their earnings, at a price per share equal to 85% of the lower of the stock’s fair market
value on the offering date or the purchase date of a given ESPP offering period. The ESPP is intended to qualify as an
“employee stock purchase plan” under Section 423 of the Internal Revenue Code.
As of January 1, 2025, the Company has reserved an aggregate of 25.8 million shares of common stock for issuance
under the 2024 Stock Plan, and 4.7 million shares of common stock for issuance under the ESPP.
Valuation and Expense Recognition of Stock-Based Awards  
The Company accounts for the measurement and recognition of compensation expense for all share-based awards
made to the Company’s employees and nonemployees based on the estimated fair value of the awards.
The Company uses the Black-Scholes option-pricing model to estimate the fair value of time-based and performance-
based stock options and look back options included as part of the ESPP. The determination of fair value using the Black-
Scholes option-pricing model is affected by the estimated fair market value per share of the Company’s common stock as well
as assumptions regarding a number of complex and subjective variables, including expected stock price volatility, risk-free
interest rate, expected dividends and expected option life and generally requires significant management judgment to
determine.
Fair value of common stock. The Company has used the daily closing market prices in the determination of the fair
value of its common stock.
Expected volatility. The Company based the expected volatility on the historic volatility of its common stock.

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81
Risk-free interest rate. The risk-free interest rate is equal to the U.S. Treasury Note interest rate for the comparable
term for the expected option life as of the valuation date. If the expected option life is between the U.S. Treasury Note rates of
two published terms, then the risk-free interest rate is based on the straight-line interpolation between the U.S. Treasury Note
rates of the two published terms as of the valuation date.
Expected dividend yield. The expected dividend yield is based on the Company’s history and expectation of dividend
payouts. The Company has never declared or paid any cash dividends and does not presently plan to pay cash dividends in the
foreseeable future.
Expected term. The Company has concluded that its stock option exercise history does not provide a reasonable basis
upon which to estimate expected term, and therefore it uses the simplified method for estimating the expected term of stock
option grants. Under this approach, the weighted-average expected term is presumed to be the average of the vesting term and
the contractual term of the option.
Forfeiture rate. The Company reduces share-based compensation expense for estimated forfeitures. Forfeitures are
estimated at the time of grant based on historical experience, and revised, if necessary, in subsequent periods if actual
forfeitures differ from those estimates.
Stock Options
Time-based stock options
The following table summarizes time-based stock option activity under the Stock Plans:
    
Number of     
    
Weighted-     
 
shares
Weighted-
average
Aggregate
underlying
average
remaining
intrinsic
options
exercise price
contractual
value (in
(in thousands)
per share      life (in years)
thousands)
Outstanding at December 31, 2021
 
4,413
$
29.01
4.9
$
72,944
Granted
202
54.99
Exercised
(295)
12.12
11,190
Canceled/forfeited/expired
(32)
54.31
Outstanding at December 31, 2022
4,288
$
31.35
4.3
$
60,960
Granted
307
48.84
Exercised
(694)
18.24
37,946
Canceled/forfeited/expired
(165)
41.41
Outstanding at December 31, 2023
3,736
$
34.78
4.0
$ 167,180
Granted
79
88.52
Exercised
(1,262)
29.93
96,359
Canceled/forfeited/expired
(19)
53.57
Outstanding at December 31, 2024
2,534
$
38.39
3.5
$ 273,349
Vested and expected to vest at December 31, 2024
2,442
$
38.34
3.5
$ 272,485
Exercisable at December 31, 2024
2,193
$
35.81
3.0
$ 250,345
The weighted average estimated grant date fair value per share of time-based stock options granted during the years
ended December 31, 2024, December 31, 2023 and December 31, 2022 was $50.10, $27.07 and $25.43, respectively.
The total fair value of time-based stock options that vested during the years ended December 31, 2024, December 31,
2023 and December 31, 2022 was $6.9 million, $3.7 million and $3.6 million, respectively.

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82
As of December 31, 2024 unamortized stock-based compensation expense attributable to time-based stock options
was $7.3 million and is to be recognized over the stock options’ remaining vesting terms of approximately 4.0 years (2.4 years
on a weighted average basis).
The fair value of each time-based option award is estimated on the date of grant using a Black-Sholes option pricing
model applying the assumptions noted in the following table. The weighted average assumptions used to estimate the fair
value of options granted to employees and non-employees were as follows:
Year ended
 
December 31,
 
2024
2023
2022  
Risk-free interest rate
    
4.39 %  
3.53 %  
2.55 % 
Expected dividend yield
 
0.0 %  
0.0 %  
0.0 %
Expected volatility
 
55.2 %  
56.4 %  
55.6 %
Expected term (in years)
 
6.02
5.83
5.97
Performance-based stock options
The following table summarizes performance-based stock option activity under the Stock Plans:
    
Number of     
    
Weighted-     
 
shares
Weighted-
average
Aggregate
underlying
average
remaining
intrinsic
options
exercise price
contractual
value (in
(in thousands)
per share      life (in years)
thousands)
Outstanding at December 31, 2021
 
129
$
39.10
8.2
$
692
Granted
282
55.18
Exercised
-
-
63
Canceled/forfeited/expired
(18)
39.10
Outstanding at December 31, 2022
393
$
50.63
8.2
$
692
Granted
183
48.46
Exercised
(2)
39.10
100
Canceled/forfeited/expired
(55)
39.10
Outstanding at December 31, 2023
519
$
51.13
8.4
$
14,720
Granted
-
-
Exercised
(36)
46.96
2,234
Canceled/forfeited/expired
-
-
Outstanding at December 31, 2024
483
$
51.20
7.4
$
56,018
Vested and expected to vest at December 31, 2024
362
$
52.33
6.9
$
35,332
Exercisable at December 31, 2024
231
$
50.71
6.8
$
22,890
Intrinsic value is calculated as the difference between the exercise price of the underlying options and the fair value
of the common stock for the options that had exercise prices that were lower than the fair value per share of the common stock
on the date of exercise.
The weighted average estimated grant date fair value per share of performance-based stock options granted during
the years ended December 31, 2023 and December 31, 2022 was $27.21 and $27.33, respectively. No performance-based
stock options were granted during 2024.
The total fair value of performance-based stock options that vested during the years ended December 31, 2024
December 31, 2023 and December 31, 2022 was $2.1 million, $2.4 million and $0.4 million, respectively.

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As of December 31, 2024 unamortized stock-based compensation expense attributable to performance-based stock
options was $0.3 million and is to be recognized over the stock options’ remaining vesting terms of approximately less than
one year (0.9 years on a weighted average basis).
The fair value of each performance-based option award is estimated on the date of grant using a Black-Sholes option
pricing model applying the assumptions noted in the following table. The weighted average assumptions used to estimate the
fair value of options granted to employees and non-employees were as follows:
Year ended  
December 31,  
2024
2023
2022  
Risk-free interest rate
    
n/a
3.54 %  
2.38
Expected dividend yield
 
n/a
0.0 %  
0.0
Expected volatility
 
n/a
56.3 %  
55.6
Expected term (in years)
 
n/a
6.01
6.01
Restricted Stock Units
The fair value of RSU awards made to employees and nonemployees is equal to the closing market price of the
Company’s common stock on the grant date.
Time-based RSUs
The following table summarizes the activity of unvested time-based RSUs under the Stock Plans during the years
ended December 31, 2024, December 31, 2023 and December 31, 2022:
Weighted-
Number of
average
shares
grant date
    
(in thousands)     
fair value
Unvested at December 31, 2021
1,010
$
57.30
Granted
738
56.40
Vested
(362)
53.96
Canceled/forfeited
(118)
55.42
Unvested at December 31, 2022
 
1,268
$
57.92
Granted
839
51.39
Vested
(441)
56.66
Canceled/forfeited
(75)
55.19
Unvested at December 31, 2023
1,591
$
54.95
Granted
470
93.40
Vested
(570)
53.83
Canceled/forfeited
(76)
63.62
Unvested at December 31, 2024
1,415
$
67.68
The total fair value of time-based RSUs that vested during the years ended December 31, 2024, December 31, 2023
and December 31, 2022 was $30.7 million, $25.0 million and $19.5 million, respectively.
As of December 31, 2024 unamortized stock-based compensation expense attributable to time-based RSUs was
$65.7 million and is to be recognized over the RSU’s remaining vesting terms of approximately 4.0 years (2.6 years on a
weighted average basis).

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84
Performance-based RSUs
The following table summarizes the activity of unvested performance-based RSUs under the Stock Plans during the
years ended December 31, 2024, December 31, 2023 and December 31, 2022:
Weighted-
Number of
average
shares
grant date
    
(in thousands)     
fair value
Unvested at December 31, 2021
176
$
78.19
Granted
37
55.18
Vested
(37)
42.21
Canceled/forfeited
-
-
Unvested at December 31, 2022
 
176
$
75.02
Granted
8
48.62
Vested
(63)
69.82
Canceled/forfeited
-
-
Unvested at December 31, 2023
 
121
$
77.42
Granted
174
85.78
Vested
(58)
71.03
Canceled/forfeited
-
-
Unvested at December 31, 2024
237
$
73.47
The total fair value of performance-based RSUs that vested during the years ended December 31, 2024, December
31, 2023 and December 31, 2022 was $4.1 million, $4.4 million and $1.6 million, respectively.
As of December 31, 2024 unamortized stock-based compensation expense attributable to performance-based RSUs
was $1.2 million and is to be recognized over the RSU’s remaining vesting terms of approximately less than one year
(0.8 years on a weighted average basis).
All Share-Based Compensation Arrangements
The following table summarizes the allocation of stock-based compensation related to both time-based and
performance-based stock options and RSUs in the accompanying consolidated statements of operations (in thousands):
Year ended  
December 31,  
2024
2023
2022  
    
Cost of sales
    $
3,440
$
2,233     $
1,849
Selling, general & administrative
33,165
 
28,781
 
26,988
Research and development
13,602
 
12,514
 
9,724
Total
  $
50,207
$
43,528
$
38,561
In the years ended December 31, 2024, December 31, 2023, and December 31, 2022, the related tax
(expense)/benefit was $20.0 million, $5.3 million and $(0.5) million, respectively, relating to stock-based compensation.
The total stock-based compensation cost capitalized in inventory was not significant for the years ended December
31, 2024, December 31, 2023 and December 31, 2022, respectively.

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85
Note 10.Income Taxes
United States and foreign (loss) income before income taxes was as follows (in thousands):
Year ended December 31,  
2024
2023
2022  
United States
    $
(147,828)    $
(138,205)    $
(101,316)
Foreign
 
2,227
 
4,478
 
2,887
Total
$
(145,601)
$
(133,727)
$
(98,429)
The income tax provision was as follows (in thousands):
December 31,  
2024
2023
2022  
Current:
         
         
         
Federal
$
-
$
(55)
$
(240)
State
 
307
 
294
 
368
Foreign
 
680
 
815
 
693
 
987
 
1,054
 
821
Deferred:
Federal
 
4
 
23
 
14
State
 
(220)
 
(143)
 
(87)
Foreign
 
-
 
-
 
18
 
(216)
 
(120)
 
(55)
Income tax provision
$
771
$
934
$
766
The reconciliations of the U.S. federal statutory tax expense to the combined effective tax provision are as follows:
Year ended  
December 31,  
(amounts in thousands)
    
2024     
2023     
2022  
Statutory rate of tax benefit
$
(30,578)
$
(28,082)
$
(20,670)
State income taxes, net of federal benefit
 
(5,728)
(6,436)
(2,558)
Permanent and other items
 
2,212
5,105
497
Loss on extinguishment of debt
3,657
-
-
Limitation on officers' compensation
6,622
-
-
In-process research and development
2,160
-
-
Stock-based compensation
 
(19,960)
(5,323)
493
Research credits
 
(6,481)
(6,059)
(7,700)
Uncertain tax positions
 
2,977
3,493
3,711
Change in tax rate
 
899
1,333
56
State economic development credits
-
(2,370)
-
Valuation allowance
 
44,991
39,273
26,937
Income tax provision
$
771
$
934
$
766

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86
Significant components of the Company’s net deferred tax assets at December 31, 2024 and December 31, 2023 are
as follows (in thousands):
December 31,  
2024
2023  
Deferred tax assets:
     
             
Net operating loss carryforwards
 
$
115,938
$
96,886
Tax credits
30,000
 
26,176
Stock-based compensation
12,197
14,533
Reserves and accruals
15,073
12,111
Lease liability
25,510
24,924
Section 174 research costs capitalization
69,372
48,462
     Other, net
1,481
957
Total deferred tax assets
$
269,571
$
224,049
Deferred tax liabilities:
Depreciation and amortization
(51,039)
(56,471)
ROU lease asset
(17,280)
(17,196)
Total deferred tax liabilities
$
(68,319)
$
(73,667)
Valuation allowance
 
(208,180)
 
(157,526)
Net deferred tax liability
$
(6,928)
$
(7,144)
Based on the weight of available evidence, management has established a valuation allowance for a portion of its
deferred tax assets which it expects will not be realized on a more likely than not basis. The net increase in the valuation
allowance was $50.7 million in 2024.
As of December 31, 2024, the Company had approximately $527.5 million, $437.0 million and $6.5 million of NOL
carryforwards for federal, state and foreign purposes, respectively. Portions of federal NOL carryforwards incurred prior to
2018 will expire annually, if unused, while $322.8 million will not expire but can only be used to offset 80 percent of federal
taxable income. Additionally, portions of state and foreign NOL carryforwards will expire annually, if unused.
As of December 31, 2024, the Company had federal and state R&D credit carryforwards of approximately
$48.2 million and $28.6 million, respectively. Portions of federal and $4.6 million of state credits will expire annually, if
unused, while $24.0 million of state credits carry forward indefinitely. Additionally, as of December 31, 2024, the Company
had California economic development credit carryforwards of $3.0 million. These economic development credits can only be
used to offset California taxable income and begin to expire in 2028, if unused.
Utilization of some NOL and tax credit carryforwards will be subject to annual limitations under IRC Section 382
and Section 383 due to several ownership changes that have occurred previously or that could occur in the future. These
ownership changes may limit the amount of NOL, tax credit carryforwards, and other deferred tax assets that can be utilized to
offset future taxable income and/or income tax liabilities. In general, ownership changes as defined by IRC Section 382 result
from a greater than 50 percent change in the ownership of the Company’s stock among certain shareholders over a three-year
period.

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87
A reconciliation of the beginning and ending amount of gross unrecognized tax benefits for the years ended
December 31, 2024, December 31, 2023 and December 31, 2022 excluding interest and penalties, is as follows (in thousands):
December 31,
2024
2023
2022
Balance at beginning of the year
    $
32,839     $
28,968     $
25,816
Net addition for tax positions - prior years
526
986
679
Net additions for tax positions - current year
3,479
 
4,013
 
4,307
Subtractions from tax positions - prior years
(2,250)
(1,128)
(553)
Subtractions from tax positions - current year
-
-
(1,281)
Balance at end of the year
$
34,594
$
32,839
$
28,968
As of December 31, 2024, approximately $2.0 million of unrecognized tax benefits would reduce the Company’s
annual effective tax rate if recognized.
The Company’s policy is to recognize interest expense and penalties related to income tax matters as a component of
its income tax provision. The accrued interest and penalties associated with uncertain tax positions as of December 31, 2024,
December 31, 2023 and December 31, 2022 were not material. Approximately $0.6 million of the Company’s unrecognized
tax benefits are expected to reverse over the next 12 months.
Due to the Company’s NOL carryforwards, its U.S. income tax returns are open to examination by the Internal
Revenue Service and other state taxing jurisdictions for years beginning in 2005.
There are no cumulative earnings in the Company’s foreign subsidiaries as of December 31, 2024 that would be
subject to U.S. income tax or foreign withholding tax. The Company plans to indefinitely reinvest any future earnings of its
foreign subsidiaries.
Note 11. Employee Benefits
Defined Contribution Plan
The Company sponsors a defined contribution plan pursuant to section 401(k) of the U.S. Internal Revenue Code that
allows participating employees to contribute up to 100% of their salary, to an annual maximum of $23,000 in 2024, $22,500 in
2023, and $20,500 in 2022 ($30,500, $30,000 and $27,000 in 2024, 2023 and 2022, respectively, for employees over the age
of 50). Through December 31, 2024, the Company has only made “qualified nonelective contributions” to maintain
compliance with IRS regulations.
During the years ended December 31, 2024, December 31, 2023 and December 31, 2022, the Company contributed a
$0.50 match for every $1.00 contributed by a participating employee up to 6% of plan-eligible earnings, with such Company
contributions becoming fully vested when participating employees reach the 3-year anniversary from their date of hire, giving
credit for past service. For the years ended December 31, 2024, December 31, 2023 and December 31, 2022, Company
contributions totaled approximately $3.2 million, $2.9 million and $2.5 million, respectively.

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88
Deferred Compensation Plan
Pursuant to the Company’s deferred compensation plan (the Deferred Compensation Plan), eligible senior level
employees are permitted to make elective deferrals of compensation to which they will become entitled in the future. The
Company has also established a rabbi trust that serves as an investment to shadow the Deferred Compensation Plan liability.
The investments of the rabbi trust consist of COLIs. The fair value of the Deferred Compensation Plan liability, included in
other liabilities on the consolidated balance sheets, was approximately $14.6 million and $11.3 million as of December 31,
2024 and December, 31, 2023 respectively, and the cash surrender value of the COLIs, included in deposits and other assets
on the consolidated balance sheets, which reflects the underlying assets at fair value, was approximately $14.7 million and
$11.6 million as of December 31, 2024 and December 31, 2023, respectively.
Note 12.Commitments and Contingencies
Secured Letters of Credit
The Company has a letter of credit that is related to its Aliso Facility. The letter of credit is secured with an amount of
cash held in a restricted account of approximately $4.5 million and $5.6 million as of December 31, 2024 and December 31,
2023, respectively. Beginning May 2022, and on each twelve-month anniversary thereafter, the letter of credit will be reduced
by 20% until the letter of credit amount has been reduced to $2.0 million.
The Company has other irrevocable standby letters of credit secured with approximately $0.2 million of cash in a
restricted account.
Purchase Commitment
As of December 31, 2024, the Company had noncancelable, firm purchase commitments of $1.5 million due beyond
one year.
Indemnification
In the ordinary course of business, the Company enters into agreements that may include indemnification provisions.
Pursuant to such agreements, the Company may indemnify, hold harmless and defend the indemnified parties for losses
suffered or incurred by the indemnified party. Some of the provisions will limit losses to those arising from third-party actions.
In some cases, the indemnification will continue after the termination of the agreement. The maximum potential amount of
future payments the Company could be required to make under these provisions is not determinable. To date, the Company
has not incurred material costs to defend lawsuits or settle claims related to these indemnification provisions. The Company
has also entered into indemnification agreements with its directors and officers that may require it to indemnify its directors
and officers against liabilities that may arise by reason of their status or service as directors or officers to the fullest extent
permitted by corporate law. The Company also has directors’ and officers’ insurance.

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89
Note 13.  Business Segment Information
The Company has one business activity and operates as one operating segment: the development and
commercialization of ophthalmic therapies designed to treat glaucoma, corneal disorders and retinal diseases. The Company
determined its operating segment on the same basis that it uses to evaluate its performance internally. The Company’s
revenues disaggregated by revenue and product category are included in Note 7, Revenue from Contracts with Customers. The
Company’s chief operating decision-maker, its Chief Executive Officer, reviews its consolidated operating results for the
purpose of allocating resources and evaluating financial performance.
Year Ended December 31,
    
2024     
2023     
2022
(in thousands)
Net sales
    $
383,481     $
314,711     $ 282,862
Less:
 
   
   
  
Cost of sales
 
94,027  
75,575  
68,979
Sales, marketing & distribution
 
140,094  
137,959  
125,121
Research & development
 
84,609  
86,294  
80,399
Clinical
 
51,816  
52,474  
42,872
General & administrative
 
121,072  
86,109  
67,804
In-process research and development
 
14,229  
5,000  
10,000
Litigation-related settlement
 
-  
-  
(30,000)
Interest income
 
(11,105) 
(9,164) 
(2,375)
Interest expense
 
10,040  
13,633  
13,720
Charges associated with convertible senior notes
 
18,012  
-  
-
Other expense, net
 
6,288  
558  
4,771
Income tax provision
 
771  
934  
766
Net loss
$ (146,372)
$ (134,661)
$ (99,195)
Property and equipment, net
Depreciation and amortization
Capital expenditures
As of December 31,
Year ended December 31,
Year ended December 31,
2024
2023
2022
2024
2023
2022
2024
2023
2022
    
    
International
141
 
114
 
140
35
8
29
71
 
10
 
53
Total
 
$
97,867
$ 103,212
$ 94,403
$
35,650
$ 33,654
$ 31,576
$
6,300
$ 20,248
$
30,265
United States
   $
97,726    $ 103,098     $ 94,263     $
35,615     $ 33,646     $ 31,547     $
6,229    $ 20,238  $
30,212

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90
ITEM 9.
CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND
FINANCIAL DISCLOSURE
None.
ITEM 9A.
CONTROLS AND PROCEDURES
Evaluation of Disclosure Controls and Procedures
The term “disclosure controls and procedures,” as defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act, refers
to controls and procedures that are designed to ensure that information required to be disclosed by a company in the reports that it
files or submits under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in the
SEC’s rules and forms. Disclosure controls and procedures include, without limitation, controls and procedures designed to ensure
that information required to be disclosed by a company in the reports that it files or submits under the Exchange Act is accumulated
and communicated to the company’s management, including its principal executive and principal financial officers, or persons
performing similar functions, as appropriate to allow timely decisions regarding required disclosure. Our management recognizes
that any controls and procedures, no matter how well designed and operated, can provide only reasonable assurance of achieving
their objectives and our management necessarily applies its judgment in evaluating the cost-benefit relationship of possible controls
and procedures. Our management, with the participation of our chief executive officer and our chief financial officer, evaluated the
effectiveness of our disclosure controls and procedures as of the end of the period covered by this Annual Report on Form 10-K.
Based on that evaluation, our chief executive officer and our chief financial officer concluded that our disclosure controls and
procedures were effective, at the reasonable assurance level, as of December 31, 2024.
Management’s Annual Report on Internal Control Over Financial Reporting and Attestation Report of the Registered Public
Accounting Firm
Our management is responsible for establishing and maintaining adequate internal control over financial reporting as
defined in Rules 13a-15(f) and 15d-15(f) under the Exchange Act to provide reasonable assurance regarding the reliability of our
financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted
accounting principles. Internal control over financial reporting includes those policies and procedures that (i) pertain to the
maintenance of records that in reasonable detail accurately and fairly reflect the transactions and dispositions of our assets; (ii)
provide reasonable assurance that the transactions are recorded as necessary to permit preparation of financial statements in
accordance with generally accepted accounting principles, and that our receipts and expenditures are being made only in accordance
with authorizations of our management and our directors; and (iii) provide reasonable assurance regarding prevention or timely
detection of unauthorized acquisition, use or disposition of our assets that could have a material effect on the financial statements.
Our management, with the participation of our chief executive officer and our chief financial officer, conducted an
evaluation of the effectiveness of our internal control over financial reporting as of the end of the period covered by this Annual
Report on Form 10-K based on the framework in Internal Control – Integrated Framework (2013) issued by the Committee of
Sponsoring Organizations of the Treadway Commission. Based on this evaluation, management concluded that the Company’s
internal control over financial reporting was effective as of December 31, 2024.
Ernst & Young LLP, our independent registered public accounting firm, which audited the consolidated financial statements
included in this Annual Report on Form 10-K, has issued an attestation report on our internal control over financial reporting. See
Report of Independent Registered Public Accounting Firm below.
Changes in Internal Control over Financial Reporting
There have been no changes in our internal control over financial reporting, as such term is defined in Rules 13a-15(f) and
15d-15(f) under the Exchange Act, during our fourth fiscal quarter of 2024 that have materially affected, or are reasonably likely to
materially affect, our internal control over financial reporting.

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91
Report of Independent Registered Public Accounting Firm
To the Stockholders and the Board of Directors of Glaukos Corporation
Opinion on Internal Control Over Financial Reporting
We have audited Glaukos Corporation’s internal control over financial reporting as of December 31, 2024, based on criteria
established in Internal Control—Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway
Commission (2013 framework) (the COSO criteria). In our opinion, Glaukos Corporation (the Company) maintained, in all material
respects, effective internal control over financial reporting as of December 31, 2024, based on the COSO criteria.
We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States)
(PCAOB), the consolidated balance sheets of the Company as of December 31, 2024 and 2023, the related consolidated statements
of operations, comprehensive loss, stockholders’ equity and cash flows for each of the three years in the period ended December 31,
2024, and the related notes and our report dated February 24, 2025 expressed an unqualified opinion thereon.
Basis for Opinion
The Company’s management is responsible for maintaining effective internal control over financial reporting and for its assessment
of the effectiveness of internal control over financial reporting included in the accompanying Management’s Annual Report on
Internal Control Over Financial Reporting. Our responsibility is to express an opinion on the Company’s internal control over
financial reporting based on our audit. We are a public accounting firm registered with the PCAOB and are required to be
independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations
of the Securities and Exchange Commission and the PCAOB.
We conducted our audit in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit
to obtain reasonable assurance about whether effective internal control over financial reporting was maintained in all material
respects.
Our audit included obtaining an understanding of internal control over financial reporting, assessing the risk that a material weakness
exists, testing and evaluating the design and operating effectiveness of internal control based on the assessed risk, and performing
such other procedures as we considered necessary in the circumstances. We believe that our audit provides a reasonable basis for our
opinion.
Definition and Limitations of Internal Control Over Financial Reporting
A company’s internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability
of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted
accounting principles. A company’s internal control over financial reporting includes those policies and procedures that (1) pertain to
the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the
company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements
in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only
in accordance with authorizations of management and directors of the company; and (3) provide reasonable assurance regarding
prevention or timely detection of unauthorized acquisition, use, or disposition of the company’s assets that could have a material
effect on the financial statements. Because of its inherent limitations, internal control over financial reporting may not prevent or
detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may
become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may
deteriorate.
/s/ Ernst & Young LLP
Irvine, California
February 24, 2025

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92
ITEM 9B.
OTHER INFORMATION
On November 12, 2024, Tomas Navratil, the Company’s Chief Development Officer, adopted a 10b5-1 trading plan
(the Navratil Trading Plan). The Navratil Trading Plan is intended to satisfy the affirmative defense of Rule 10b5-1(c) under
the Exchange Act. The Navratil Trading Plan provides for the potential sale of 5,000 shares of the Company’s common stock
commencing February 14, 2025. The Navratil Trading Plan terminates on the earlier of May 15, 2025 or the date all shares
under the plan are sold.  
Additionally, on December 13, 2024, Alex Thurman, the Company’s Senior Vice President and Chief Financial
Officer, adopted a 10b5-1 trading plan (the Thurman Trading Plan). The Thurman Trading Plan is intended to satisfy the
affirmative defense of Rule 10b5-1(c) under the Exchange Act. The Thurman Trading Plan provides for the potential sale of
2,752 shares of the Company’s common stock commencing March 21, 2025. The Thurman Trading Plan terminates on the
earlier of June 13, 2025 or the date all shares under the plan are sold.
ITEM 9C.
DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS
Not applicable.

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93
PART III
ITEM 10.
DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE
We have adopted a written code of business conduct and ethics that applies to our directors, executive officers and
employees, including our principal executive officer, principal financial officer, principal accounting officer or controller, or
persons performing similar functions. A current copy of the code is posted on the investor section of our web site,
www.glaukos.com. To the extent required by rules adopted by the SEC and NYSE, we intend to promptly disclose future
amendments to certain provisions of the code, or waivers of such provisions granted to executive officers and directors, in the
Corporate Governance section of our Investor Relations web site at investors.glaukos.com.
The remaining information required by this Item 10 will be included in our Proxy Statement for the 2025 Annual
Meeting of Stockholders, which will be filed with the SEC no later than 120 days after the close of the fiscal year ended
December 31, 2024, and is incorporated herein by reference.
ITEM 11.
EXECUTIVE COMPENSATION
The information required by this Item 11 will be included in our Proxy Statement for the 2025 Annual Meeting of
Stockholders, which will be filed with the SEC no later than 120 days after the close of the fiscal year ended December 31,
2024, and is incorporated herein by reference.
ITEM 12.
SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND
RELATED STOCKHOLDER MATTERS
The information required by this Item 12 will be included in our Proxy Statement for the 2025 Annual Meeting of
Stockholders, which will be filed with the SEC no later than 120 days after the close of the fiscal year ended December 31,
2024, and is incorporated herein by reference.
ITEM 13.
CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR INDEPENDENCE
The information required by this Item 13 will be included in our Proxy Statement for the 2025 Annual Meeting of
Stockholders, which will be filed with the SEC no later than 120 days after the close of the fiscal year ended December 31,
2024, and is incorporated herein by reference.
ITEM 14.
PRINCIPAL ACCOUNTANT FEES AND SERVICES
The information required by this Item 14 will be included in our Proxy Statement for the 2025 Annual Meeting of
Stockholders, which will be filed with the SEC no later than 120 days after the close of the fiscal year ended December 31,
2024, and is incorporated herein by reference.

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94
PART IV
ITEM 15.
EXHIBITS AND FINANCIAL STATEMENT SCHEDULES
(a) List of documents filed as part of this Annual Report on Form 10-K:
(1) Financial Statements
The financial statements included in Part II, Item 8 of this document are filed as part of this Annual Report on
Form 10-K.
(2) Financial Statement Schedules
Schedules have been omitted because they are not applicable or the amounts are immaterial or the required
information is presented in the financial statements or notes thereto.
(b) Exhibits
The exhibits listed in the Exhibit Index below are filed, furnished or incorporated by reference as part of this
Annual Report on Form 10-K.

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95
INDEX TO EXHIBITS
Exhibit
Number
    
Description
3.1
Restated Certificate of Incorporation of the Registrant (incorporated by referenced to Exhibit 3.1 to the
Current Report on Form 8-K (File No. 001-37463) filed on June 30, 2015).
3.2
Amended and Restated Bylaws of the Registrant (incorporated by reference to Exhibit 3.1 to the Current
Report on Form 8-K (File No. 001-37463) filed on December 21, 2022).
4.1
Description of Capital Stock of Glaukos Corporation (incorporated by reference to Exhibit 4.3 to the
Annual Report on Form 10-K (File No. 001-37463) filed on March 1, 2021).
10.1+
Form of Director and Executive Officer Indemnification Agreement (incorporated by reference to
Exhibit 10.1 to the Quarterly Report on Form 10-Q (File No. 333-37463) filed on August 5, 2021).
10.2+
2011 Stock Plan (incorporated by reference to Exhibit 10.12 to the Registration Statement on Form S-1
(File No. 333-204091) filed on May 12, 2015).
10.3+
Form of Notice of Incentive Stock Option Grant and Stock Option Agreement under the 2011 Stock Plan
(incorporated by reference to Exhibit 10.13 to the Registration Statement on Form S-1 (File No. 333-
204091) filed on May 12, 2015).
10.4+
Form of Notice of Non-Statutory Stock Option Grant and Stock Option Agreement under the 2011 Stock
Plan (incorporated by reference to Exhibit 10.14 to the Registration Statement on Form S-1 (File No. 333-
204091) filed on May 12, 2015).
10.5+
Form of Notice of Grant of Restricted Stock Units and Restricted Stock Unit Agreement under the 2015
Omnibus Incentive Compensation Plan (incorporated by reference to Exhibit 10.1 to the Quarterly Report
on Form 10-Q (File No. 001-37463) filed on August 7, 2017).
10.6+
Form of Notice of Grant of Option and Option Award Agreement under the 2015 Omnibus Incentive
Compensation Plan (incorporated by reference to Exhibit 10.1 to the Quarterly Report on Form 10-Q (File
No. 001-37463) filed on May 9, 2018).
10.7+
Form of Notice of Grant of Restricted Stock Units and Restricted Stock Unit Agreement under the 2015
Omnibus Incentive Compensation Plan (incorporated by reference to Exhibit 10.1 to the Quarterly Report
on Form 10-Q (File No. 001-37463) filed on August 6, 2018).
10.8+
Form of Director Notice of Grant of Restricted Stock Units and Restricted Stock Unit Agreement under the
2015 Omnibus Incentive Compensation Plan. (incorporated by reference to Exhibit 10.22 to the Annual
Report on Form 10-K (File No. 001-37463) filed on February 28, 2018).
10.9+
Form of Notice of Grant of Performance-Based Equity Award under the 2015 Omnibus Incentive
Compensation Plan (incorporated by reference to Exhibit 10.15 to the Annual Report on Form 10-K (File
No. 001-37463) filed on March 2, 2020).
10.10+
Glaukos Corporation Amended and Restated 2015 Omnibus Incentive Compensation Plan (incorporated by
reference to Exhibit 10.1 to the Current Report on Form 8-K (File No. 001-37463) filed on June 5, 2024)
10.11+
2015 Employee Stock Purchase Plan (incorporated by reference to Exhibit 10.16 to Amendment No. 2 to
the Registration Statement on Form S-1 (File No. 333-204091) filed on June 15, 2015).
10.12+
Thomas W. Burns Offer Letter dated July 10, 2014 (incorporated by reference to Exhibit 10.17 to the
Registration Statement on Form S-1 (File No. 333-204091) filed on May 12, 2015).
10.13+
Thomas W. Burns Amended and Restated Executive Severance and Change in Control Agreement dated
November 3, 2017 (incorporated by reference to Exhibit 10.1 to the Current Report on Form 8-K (File No
001-37463) filed on November 7, 2017).
10.14+
Joseph E. Gilliam Offer Letter dated February 3, 2017 (incorporated by reference to Exhibit 99.2 to the to
the Current Report on Form 8-K (File No. 001-37463) filed on February 6, 2017).
10.15+
Joseph E. Gilliam Amended and Restated Executive Severance and Change in Control Agreement dated
November 3, 2017 (incorporated by reference to Exhibit 10.3 to the Current Report on Form 8-K (File
No. 001-37463) filed on November 7, 2017).

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96
Exhibit
Number
    
Description
10.16+
Alex R. Thurman Executive Severance and Change in Control Agreement dated April 1, 2022 (incorporated
by reference to Exhibit 10.1 to the Quarterly Report on Form 10-Q (File No. 001-37463) filed on May 5,
2022).
10.17+
Tomas Navratil Executive Severance and Change in Control Agreement dated April 1, 2022 (incorporated
by reference to Exhibit 10.2 to the Quarterly Report on Form 10-Q (File No. 001-37463) filed on May 5,
2022).
10.18+
The Executive Nonqualified Excess Plan and the Executive Nonqualified Excess Plan Adoption Agreement
(incorporated by reference to Exhibit 10.20 to the Annual Report on Form 10-K (File No. 001-37463) filed
on March 15, 2017).
10.19+
Directors’ Compensation Policy (incorporated by reference to Exhibit 10.1 to the Quarterly Report on Form
10-Q (File No. 001-37463) filed on May 3, 2024).
10.20
Standard Industrial/Commercial Single-Tenant Lease—Net, dated as of June 8, 2015, by and between the
Registrant and 229 Fabricante, LLC (incorporated by reference to Exhibit 10.35 to Amendment No. 2 to the
Registration Statement on Form S-1 (File No. 333-204091) filed on June 15, 2015).
10.21
First Amendment to Lease dated as of December 31, 2018 between the Registrant and 229 Avenida
Fabricante, LLC (incorporated by reference to Exhibit 10.3 to the Quarterly Report on Form 10-Q (File No.
001-37463) filed on August 7, 2020).
10.22
Second Amendment to Lease dated as of July 2, 2020 between the Registrant and 229 Avenida Fabricante,
LLC (incorporated by reference to Exhibit 10.4 to the Quarterly Report on Form 10-Q (File No. 001-
37463) filed on August 7, 2020).
10.23
Third Amendment to Lease dated as of January 25, 2024 between the Registrant and 229 Avenida, LLC
(incorporated by reference to Exhibit 10.23 to the Annual Report on Form 10-K (File No. 001-37463) filed
on February 23, 2024).
10.24
Office Building Lease dated as of November 14, 2018, by and between the Registrant and CIP 2014/SG,
Aliso Owner LLC (incorporated by reference to Exhibit 10.27 to the Annual Report on Form 10-K (File
No. 001-37463) filed on February 28, 2019).
10.25
First Amendment to Office Building Lease dated as of December 12, 2018 between the Registrant and CIP
2014/SG Aliso Owner, LLC (incorporated by reference to Exhibit 10.5 to the Quarterly Report on Form 10-
Q (File No. 001-37463) filed on August 7, 2020).
10.26
Second Amendment to Office Building Lease dated as of May 20, 2020 between the Registrant and CIP
2014/SG Aliso Owner, LLC (incorporated by reference to Exhibit 10.6 to the Quarterly Report on Form 10-
Q (File No. 001-37463) filed on August 7, 2020).
10.27
Amended and Restated Patent License Agreement, by and between the Registrant and DOSE Medical
Corporation, dated as of June 30, 2015 (incorporated by reference to Exhibit 10.1 to the Current Report on
Form 8-K (File No. 001-37463) filed on June 30, 2015).
10.28
First Amendment to Amended and Restated Patent License Agreement dated as of April 12, 2017 by and
between Glaukos Corporation and DOSE Medical Corporation (incorporated by reference to Exhibit 10.1
to the Current Report on Form 8-K (File No. 001-37463) filed on April 12, 2017).
10.29
Agreement and Plan of Merger, dated as of June 19, 2019, by and between Glaukos Corporation, GKOS
Merger Sub, Inc., DOSE Medical Corporation and Fortis Advisors LLC, solely in its capacity as the
Stockholders’ Representative (incorporated by reference to Exhibit 99.2 to the Current Report on Form 8-K
(File No. 001-37463) filed on June 19, 2019).
10.30
Form of Capped Call Confirmation (incorporated by reference to Exhibit 10.1 to the Current Report on
Form 8-K (File No. 001-37463) filed on June 12, 2020).
10.31
Form of Capped Call Unwind Agreement, dated as of December 2, 2024, by and between the Registrant
and the applicable call option counterparty (incorporated by reference to Exhibit 10.1 to the Current Report
on Form 8-K (File No. 001-37463) filed on December 3, 2024).
19*
Glaukos Corporation Insider Trading Policies and Procedures

Table of Contents
97
Exhibit
Number
    
Description
21*
Subsidiaries of Glaukos Corporation as of December 31, 2024
23.1*
Consent of Independent Registered Public Accounting Firm
31.1*
Certification of Chief Executive Officer pursuant to Rule 13a-14(a) and Rule 15d-14(a) of the Securities
Exchange Act of 1934, 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 of 1934, 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
97
Dodd-Frank Clawback Policy (incorporated by reference to Exhibit 97 to the Annual Report on Form 10-K
(File No. 001-37463) filed on February 23, 2024).
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
101.SCH*
XBRL Taxonomy Schema Linkbase Document
101.CAL*
XBRL Taxonomy Calculation Linkbase Document
101.DEF*
XBRL Taxonomy Definition Linkbase Document
101.LAB*
XBRL Taxonomy Labels Linkbase Document
101.PRE*
XBRL Taxonomy Presentation Linkbase Document
104
Cover Page Interactive Data File - the cover page interactive data file does not appear in the Interactive
Data File because its XBRL tags are embedded within the Inline XBRL document
+    Indicates a management contract or compensatory plan or arrangement.
*    Filed Herewith.
**  Furnished Herewith.
ITEM 16.
FORM 10-K SUMMARY
None.

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98
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be
signed on its behalf by the undersigned, thereunto duly authorized, in the City of San Clemente, State of California, on
February 24, 2025.
GLAUKOS CORPORATION
By:
/s/ Thomas W. Burns
Thomas W. Burns
Chairman & Chief Executive Officer
Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed by the following
persons in the capacities and on the dates indicated.
Signature
    
Title
    
Date
/s/ Thomas W. Burns
Chief Executive Officer and Chairman of the
February 24, 2025
Thomas W. Burns
Board (Principal Executive Officer)
/s/ Alex R. Thurman
Senior Vice President & Chief Financial Officer
February 24, 2025
Alex R. Thurman
(Principal Accounting and Financial Officer)
/s/ Mark J. Foley
Lead Independent Director
February 24, 2025
Mark J. Foley
/s/ David F. Hoffmeister
Director
February 24, 2025
David F. Hoffmeister
/s/ Gilbert H. Kliman
Director
February 24, 2025
Gilbert H. Kliman, M.D.
/s/ Marc A. Stapley
Director
February 24, 2025
Marc A. Stapley
/s/ Aimee S. Weisner
Director
February 24, 2025
Aimee S. Weisner
/s/ Leana S. Wen
Director
February 24, 2025
Leana S. Wen, M.D.
/s/ Denice M. Torres
Director
February 24, 2025
Denice M. Torres

September 19, 2024
1
Exhibit 19
Glaukos Corporation
Policy on Insider Trading and Tipping
INTRODUCTION
In the normal course of business, officers, directors and employees of Glaukos Corporation (“Company”) 
may come into possession of material nonpublic information.  This information is considered the property of the 
Company.  In particular, if you are an insider under the law or covered by this Policy, you may not seek to profit from 
material nonpublic information by buying or selling securities yourself, or passing on the information to others to 
enable them to profit, or to enable them to profit on your behalf.  The purpose of this Policy is both to inform you of 
your legal responsibilities in this area and to make clear to you that the misuse of sensitive information is contrary to 
Company policy and will be dealt with severely.
Material Nonpublic Information
What constitutes “material nonpublic information” is described generally below and is defined more 
specifically with additional examples in Section C of this Policy.  For information to be “material,” it must be 
information that the typical investor would likely consider significant.  It is important to keep in mind that material 
information need not be definitive or historical in nature. Material information may also include projections, 
forecasts or possible future events..
“Nonpublic” information is any information that has not been broadly disseminated to the investing public.  
Once the Company releases information through public channels (for instance, a press release), it may take a few 
additional days for it to be considered broadly disseminated.
Insider Trading Laws
Trading in securities on the basis of material nonpublic information is against the law.  Insider trading 
violations are punishable under federal law by fines of as much as $5,000,000 and as many as 20 years in jail.  In 
addition, the Securities and Exchange Commission (“SEC”) may seek a civil penalty of up to three times the profits 
made or losses avoided from illegal trading.  Insiders who illegally trade also may need to disgorge any profits made 
and are often subjected to an injunction against future violation.  Finally, insiders who illegally trade may be 
subjected to monetary liability in private lawsuits with other investors, which have become increasingly frequent in 
recent years.
Employers and other controlling persons (including supervisory personnel) are also at risk under federal law.
You should be aware that stock market surveillance techniques for public companies are becoming more 
sophisticated all the time, and the chance that federal authorities will detect and prosecute even a small level of 
trading is a significant one.  The risk is simply not worth taking.
Trading and Tipping
As an officer, director or employee, you may not seek to benefit personally by buying or selling stock while 
in possession of material nonpublic information that you have learned as a result of your relationship with the 
Company.  This rule applies, of course, to trading in the Company’s own securities (including Common Stock or 
options on stock).  It also applies to trading in the securities of other companies if you learn something 

September 19, 2024
2
in the course of your employment or relationship with us that would reasonably be expected to affect the value of 
such securities.  This may include material nonpublic information you learn about another company in the course of 
your relationship with the Company, such as a customer or supplier of the Company; for instance, if you learned that 
the Company was about to award a major contract to ABC Corporation, it would probably be an insider trading 
violation to buy ABC securities.  This may also include material nonpublic information you learn in the course of 
your relationship with the Company that, while not directly about such other company, would reasonably be expected 
to impact the value of the other company’s securities; for instance, if you learn in the course of your employment that 
ABC Corporation is being acquired and you proceed to purchase shares of DEF Corporation, a competitor of ABC 
Corporation, based on an expectation that the acquisition of ABC Corporation will be material to DEF Corporation, 
you may be liable for an insider trading violation.
The insider trading rules apply both to securities purchases (to make a profit based on good news) and 
securities sales (to avoid a loss or decline in value based on bad news).  Keep in mind also that the mere fact that you 
are aware of material nonpublic information is enough to bar you from trading.  It is no excuse that your reasons for 
trading were not based on that information.
Besides your obligation to refrain from trading while in possession of material nonpublic information, you 
are also prohibited from “tipping” others.  The concept of unlawful tipping includes passing on information to 
friends, family members or others under circumstances that might permit them to make a profit or avoid a loss.  
When tipping occurs, both the “tipper” and the “tippee” may be held liable, and this liability may extend to all those 
to whom the tippee provides the information.  Besides being considered a form of insider trading, of course, tipping 
is also a serious breach of corporate confidentiality.  For this reason, you should be careful to avoid discussing 
sensitive information in any place (for instance, at lunch, on public transportation, in elevators) where such 
information may be heard by others.
POLICY
Because insider trading liability operates as such a threat to both you and the Company, it is contrary to 
Company policy to engage in any activity that would be considered unlawful trading or tipping, whether in our own 
Company’s securities or the securities of another entity, with information gained as a result of your employment or 
relationship with the Company.  Persons violating this Policy will be subject to sanctions up to and including 
immediate termination of employment.
A.
Scope
1.
Persons Covered
This Policy covers all directors, officers and employees of the Company and its subsidiaries, their immediate
family members sharing the same household and any entities such as trusts, partnerships, or corporations over which
they have or share voting or investment control (collectively referred to as “Insiders”).  The term “immediate family 
members” shall mean any children, stepchildren, grandchildren, parents, stepparents, grandparents, spouse, siblings, 
or any relationships as a result of marriage, and shall include adoptive relationships.  This Policy also applies to any 
outsiders such as consultants and contractors whom the Company may designate as Insiders from time to time 
because they have access to material nonpublic information concerning the Company.  As a director, officer or 
employee of the Company, you are responsible for transactions in Company securities by your immediate family 
members sharing your same household and each entity over which you or any of your immediate family members 
have or share voting or investment control.  You should make all such persons aware of the need to confer with you 
before they trade in Company securities and you should treat all such transactions for purposes of the Company’s 
policies on insider trading and applicable securities laws as if the transactions were for your own account.

September 19, 2024
3
2.
Transactions Covered
This Policy applies to any and all transactions in the Company’s securities, including its Common Stock and
options to purchase Common Stock, and any other type of securities that the Company may issue, such as preferred
stock, bonds, debentures and warrants, as well as to exchange-traded options or other derivative securities.
3.
Acknowledgement and Agreement to Comply
This Policy is being delivered to all directors, officers, employees and designated outsiders and will be 
delivered to all new directors, officers, employees and designated outsiders at the start of their employment or 
relationship with the Company and/or its subsidiaries.  Upon first receiving a copy of this Policy or any revised 
versions, each Insider must sign an acknowledgment that he or she has received a copy and agrees to comply with 
this Policy’s terms.
B.
Insider Trading Compliance Officer
The Company has designated the General Counsel of the Company as its Insider Trading Compliance Officer
(the “Compliance Officer”).  The Compliance Officer will review and either approve or prohibit all proposed trades 
by the Insiders identified on Schedule B in accordance with the procedures set forth in Section D.
The Chief Executive Officer may designate one or more individuals who may perform the Compliance
Officer’s duties in the event that the Compliance Officer is unable or unavailable to perform such duties.
C.
Definition of “Material Nonpublic Information”
1.
“Material” Information
Information about the Company is “material” if it would be expected to affect the investment or voting 
decisions of a reasonable shareholder or investor, or if the disclosure of the information would be expected to 
significantly alter the total mix of the information in the marketplace about the Company.  In simple terms, material 
information is any type of information which could reasonably be expected to affect the price of Company securities.  
While it is not possible to identify all information that would be deemed “material,” the following types of 
information ordinarily could be considered material depending upon the facts and circumstances of the situation, 
including, without limitation, the probability of an event occurring and the impact the information could have on the 
Company as a whole. If you have any questions as to whether information should be considered “material”, you 
should consult with the Compliance Officer.
●
Financial performance, especially quarterly and year-end earnings, and significant changes in
financial performance or liquidity.
●
Company projections and strategic plans.
●
Potential mergers and acquisitions or the sale of Company assets.
●
New major contracts, orders, suppliers, customers or finance sources, or the loss thereof.
●
Major discoveries or significant changes or developments in products or product lines, research or
technologies, including, without limitation, clinical trial results and the receipt, denial or change in
status of FDA approvals and clearances relating to the Company’s products.

September 19, 2024
4
●
Significant changes or developments in supplies or inventory, including significant product defects,
recalls or product returns.
●
Significant pricing changes.
●
Stock splits, public or private securities/debt offerings, or changes in Company dividend policies or
amounts.
●
Purchases or redemptions of the Company’s own securities.
●
Significant changes in senior management.
●
Significant labor disputes or negotiations.
●
Actual or threatened major litigation or the resolution of such litigation.
●
Exclusive license and other patent agreements.
●
Capital investment plans and changes in such plans.
●
A significant cybersecurity incident or other significant disruption in the Company’s operations due to
a breach or unauthorized access of the Company’s information technology infrastructure.
2.
“Nonpublic” Information
Material information is “nonpublic” if it has not been widely disseminated to the public through major 
newswire services, national news services or financial news services.  For the purposes of this Policy, information 
generally will be considered public, i.e., no longer “nonpublic,” one full trading day after the Company’s widespread 
public release of the information.  For purposes of this Policy, “trading day” means a day on which national stock 
exchanges, including the New York Stock Exchange, are open for trading.
3.
Consult the Compliance Officer for Guidance
Any Insiders who are unsure whether the information that they possess is material or nonpublic should
consult the Compliance Officer for guidance before trading in any Company securities.
D.
Trading Policy and Procedures
1.
Prohibited Activities
Except as permitted under Sections D.3 or D.4 below:
(a)
No Insider may trade in Company securities while possessing material nonpublic information 
concerning the Company.  Persons possessing such information may not trade in Company securities until (i) 
one full trading day after the Company’s widespread public release of the information or (ii) such information 
is no longer considered material nonpublic information (e.g., due to the passage of time or a change in 
circumstances). If you have any questions regarding whether information you possess is considered material 
nonpublic information, you should consult the Compliance Officer.
(b)
No Insider identified on Schedule A to this Policy may trade in Company securities during the
Company’s quarterly blackout periods, which commence each quarter beginning fifteen days prior to the

September 19, 2024
5
end of the next fiscal quarter (i.e., March 16, June 15, September 15 and December 16) and end after one full
trading day following the date of public disclosure of the Company’s financial results for the corresponding
fiscal quarter or fiscal year.
(c)
No Insider, if designated by the Compliance Officer, may trade in Company securities during any 
special trading blackout periods designated by the Compliance Officer or the Board of Directors.  The 
Compliance Officer may, on a case-by-case basis, authorize trading in Company securities due to financial 
hardship or other hardships, but only in accordance with the procedures set forth in Section D.2 below.
(d)
No Insider may disclose to any outside third party that a special trading blackout period has been
designated (regardless of whether such Insider is subject to the special trading blackout period).
(e)
No Insider may “tip” or disclose material nonpublic information concerning the Company to any 
outside person (including family members, analysts, individual investors, and members of the investment 
community and news media), unless required as part of that Insider’s regular duties for the Company and 
authorized by the Compliance Officer.  In any instance in which such information is disclosed to outsiders in 
advance of the widespread public release of such information, the Company will take such steps as are 
necessary to preserve the confidentiality of the information, including requiring the outsider to agree in 
writing to comply with the terms of this Policy and/or to sign a confidentiality agreement.  All inquiries from 
outsiders regarding material nonpublic information about the Company must be forwarded to the Compliance 
Officer.
(f)
No Insider may give trading advice of any kind about the Company to anyone, except that Insiders 
should advise others not to trade if doing so might violate the law or this Policy.  The Company strongly 
discourages all Insiders from ever giving trading advice concerning the Company to third parties even when 
the Insiders do not possess material nonpublic information about the Company.
(g)
If an Insider becomes aware of material nonpublic information concerning another public company
that the Insider learned as a result of the Insider’s service or other relationship with the Company, the Insider
may not (i) trade in the securities of that company while possessing such material nonpublic information
concerning that company, (ii) “tip” or disclose such material nonpublic information concerning the other
company to anyone, or (iii) give trading advice of any kind to anyone concerning the other company while
possessing such material nonpublic information about that company.
(h)
No Insider may engage in a short sale of the Company’s securities.  Short sales generally evidence 
an expectation on the part of the seller that the securities will decline in value and may reduce a seller’s 
incentive to seek to improve the Company’s performance.  In addition, Section 16(c) of the Securities 
Exchange Act of 1934, as amended, prohibits officers and directors from engaging in short sales.
(i)
No Insider may pledge shares as collateral for a loan or margin Company securities in a margin
account.
(j)
No Insider may purchase financial instruments (including prepaid variable forward contracts, equity
swaps, collars and exchange funds) or otherwise engage in transactions, that hedge or offset, or are designed
to hedge or offset, any decrease in the market value of the Company’s securities.

September 19, 2024
6
2.
Preclearance of Trades by Certain Insiders
Except as permitted under Sections D.3 or D.4 below:
(a)
To avoid even the appearance of an improper transaction and given their position in the Company, in
addition to the other provisions of this Policy, the Insiders identified on Schedule B to this Policy may not
trade in Company securities unless and until:
(i)
such Insider has notified the Compliance Officer in writing of the amount and nature of the
proposed trade;
(ii)
such Insider has certified to the Compliance Officer in writing no earlier than two business days
prior to the proposed trade that he or she is not in possession of material nonpublic information
concerning the Company; and
(iii) the Compliance Officer has precleared the trade.
(b)
the Compliance Officer may not trade in Company securities unless the trade has been precleared by
the Chief Executive Officer or Chief Financial Officer, in consultation with the Company’s inside or outside
legal counsel, in accordance with the same procedures set forth in Section D.2(a) above.
(c)
The existence of the foregoing approval procedures does not in any way obligate the Compliance 
Officer to approve any trades requested by an Insider, including hardship applicants.  The Compliance Officer 
may reject any trading requests in his or her sole and reasonable discretion.
3.
“Trading in” Company Securities
For purposes of this Policy, “trading in” or a “trade in” Company securities includes all purchases or sales of
Company securities, including:
●
Buying or selling Company securities on the open market;
●
Selling shares of Company stock on the open market that were acquired upon the exercise of stock
options or to satisfy the exercise price or any tax withholding obligation related to such exercise
(including pursuant to a broker-assisted cashless exercise); and
●
Selling shares of Company stock on the open market acquired pursuant to the Company’s Employee
Stock Purchase Plan (the “ESPP”).
In addition, because a disposition of Company securities by gift could create insider trading concerns under 
some circumstances if the donor is aware of material, nonpublic information at the time of the transaction, all 
dispositions of Company stock via a bona fide gift transaction (including charitable donations and transfers for estate 
planning purposes) should be treated as a “trade in” the Company securities and subject to all of the provisions of 
this Policy that prohibit trading in Company securities if the Insider is in possession of material nonpublic 
information concerning the Company or subject to a blackout period under this Policy, unless otherwise approved by 
the Compliance Officer.  In addition, all gifts by the Insiders identified on Schedule B to this Policy are subject to the 
preclearance requirements set forth in Section D.2 above.

September 19, 2024
7
Notwithstanding the foregoing, “trading in” or a “trade in” Company securities does not include:
●
The vesting of restricted stock or restricted stock unit awards;
●
The Company’s withholding or reacquisition of shares of Company stock to satisfy a tax withholding
obligation in connection with the vesting of restricted stock or restricted stock unit awards;
●
Exercising, but not selling, Company stock options;
●
The acquisition of Company stock in the ESPP;
●
Acquisitions of Company securities via a bona fide gift;
●
Trades in Company securities pursuant to a Rule 10b5-1 trading plan adopted as provided in Section
D.4 below.
In addition, for purposes of this Policy, the Company considers sell-to-cover transactions solely for the purpose of
paying withholding taxes upon the vesting and delivery of restricted stock units to be exempt from this Policy if such
sale is required by the Company in accordance with the terms of the equity award and not upon the directive of the
employee.
4.
10b5-1 Trading Plans
Rule 10b5-1 under the Securities Exchange Act of 1934 (“Rule 10b5-1”) provides an affirmative defense to
allegations of insider trading liability for trading plans that meet the requirements of Rule 10b5-1. It is the
Company’s policy that no Insider is permitted to establish a Rule 10b5-1 trading plan unless, in consultation with the
Company’s inside or outside legal counsel, the Compliance Officer or the Board of Directors have authorized such a
trading plan in advance and such trading plan complies with the Company’s 10b5-1 Trading Plan Policy and the
requirements of Rule 10b5-1. The trading prohibitions and restrictions of this Policy do not apply to transactions in
the Company’s securities made through an authorized Rule 10b5-1 trading plan.
5.
Priority of Statutory or Regulatory Trading Restrictions
The trading prohibitions and restrictions set forth in this Policy will be superseded by any greater prohibitions
or restrictions prescribed by federal or state securities laws and regulations. Any Insider who is uncertain whether
other prohibitions or restrictions apply should ask the Compliance Officer.
E.
Violations
1.
Disciplinary Sanctions
Violation of this Policy or federal or state insider trading or tipping laws by any director, officer or employee,
or their family members, may subject the director to dismissal proceedings and the officer or employee to
disciplinary action by the Company up to and including termination for cause.
2.
Reporting Violations
Any Insider who violates this Policy or any federal or state laws governing insider trading or tipping, or
knows of any such violation by any other Insiders, must report the violation immediately to the Compliance

September 19, 2024
8
Officer.  Upon learning of any such violation, the Compliance Officer, in consultation with the Company’s inside or 
outside legal counsel, will determine whether the Company should release any material nonpublic information, or 
whether the Company should report the violation to the appropriate governmental authority.
F.
Inquiries
Please direct all inquiries regarding any of the provisions or procedures of this Policy to the Compliance
Officer.

September 19, 2024
9
SCHEDULE A
Glaukos Corporation (the “Company”)
Policy on Insider Trading and Tipping (the “Policy”)
Insiders subject to quarterly blackout period under Section D.1(b)
of the Policy
1. All Corporate directors and Sec. 16 Officers
2. All direct reports to the CEO who regularly attend the CEO’s senior team meetings
3. All Investor Relations department members
4. All Corporate Strategy & Development department members
5. All Finance department members with the title of Vice President, Senior Director, Director, Controller, Senior
Manager and Accounting Manager
6. All Regional Vice Presidents and U.S. Sales department members with the title of Senior Director, Senior
Manager, and Sales Directors, excluding Commercial Training personnel
7. All Commercial department members with the title of Vice President, Commercial; Vice President, Global
Marketing; Vice President, Global Medical Affairs; Franchise Head; and Global Sales Operations personnel
8. All members of the Internal Audit department
9. All members of the Business Systems department with the title of Manager or above
10. All attorneys in the Legal department
11. Such other employees as determined from time-to-time by the Compliance Officer

September 19, 2024
10
SCHEDULE B
Glaukos Corporation (the “Company”)
Policy on Insider Trading and Tipping (the “Policy”)
Insiders subject to mandatory preclearance of trades under Section D.2(a) of the Policy
1. All Corporate directors and Sec. 16 Officers
2. All direct reports to the CEO who regularly attend the CEO’s senior team meetings
3. Vice President, Finance
4. Controller
5. Head of Investor Relations

September 19, 2024
11
Glaukos Corporation
10b5-1 Trading Plan Policy
Purpose
Federal securities laws prohibit trading securities of a public company while in possession of material non-public
information.
Rule 10b5-1 under the Securities Exchange Act of 1934 (the “Exchange Act”), as amended, provides an affirmative
defense against allegations of insider trading if the transactions occur under a trading plan which complies with the
requirements of Exchange Act Rule 10b5-1 (a “Trading Plan”) and is adopted in good faith at a time when the person
is not in possession of material non-public information, provided the person acts in good faith with respect to the
Trading Plan.
This 10b5-1 Trading Plan Policy (the “Trading Plan Policy”) has been established by the Board of Directors of
Glaukos Corporation (the “Company”) to:
●
set forth the Company’s policy regarding the adoption, modification and termination of Trading Plans with
respect to the Company’s securities, the required terms of Trading Plans, and who is eligible to adopt a
Trading Plan; and
●
assist the Company’s employees, officers and directors who are eligible to adopt Trading Plans to meet the
requirements of the affirmative defense created by Rule 10b5-1.
Scope
All Trading Plans adopted by eligible persons are required to comply with this Trading Plan Policy.
10b5-1 Trading Plans – Eligibility and Rule 10b5-1 Requirements
1.
Eligibility to Adopt Trading Plans. Trading Plans may be adopted by members of the Board of Directors of
the Company and by any employee of the Company, subject to the terms hereof, including without limitation the
requirement that such eligible persons use only brokers and template agreements that are pre-approved by the
Company’s Legal Department (see below).
2.
Rule 10b5-1 Requirements for a Trading Plan.  A Trading Plan must meet the following requirements
under Rule 10b5-1:
1) The Trading Plan must be adopted when the person is not in possession of material non-public information
concerning the Company.
2) The Trading Plan must be “entered into in good faith,” and not as part of a plan or scheme to evade the
general prohibition against trading on the basis of material non-public information.
3) The person must “act in good faith” with respect to the Trading Plan throughout its duration.
4) The Trading Plan must be in the form of a binding written plan or contract.

September 19, 2024
12
5) The Trading Plan must specify the amount of securities to be traded, the prices and the dates of transactions
or a written algorithm or formula for determining the amounts, prices, and dates of transactions.
6) After a Trading Plan is adopted, any purchases or sales of securities covered by the Trading Plan must be in
compliance with the Trading Plan and the person adopting the Trading Plan may not exercise any subsequent
influence over how, when, or whether to make purchases or sales of those securities or enter into or alter a
corresponding or hedging transaction or position to account for his or her planned purchases or sales of those
securities under the Trading Plan. Any other person who, pursuant to the contract, instruction, or plan, did
exercise such influence must have not been aware of material nonpublic information about the Company or
its securities when doing so.
7) Contain and comply with such other terms, conditions and restrictions as may be required by Rule 10b5-1
and applicable rules and regulations promulgated by the Securities and Exchange Commission as in effect
from time to time.
Required Terms for Trading Plans and Procedures for Adoption
In addition to the Rule 10b5-1 requirements for Trading Plans specified above, the following requirements
will apply to all Trading Plans, as well as any additional terms and conditions as the Company may from time to time
require:
1) Pre-Clearance, Form and Broker.  All Trading Plans must be approved by the Company’s Legal 
Department or his/her designee.  The Company reserves the right to clear or not clear any proposed Trading 
Plan in its sole and absolute discretion. Eligible persons will be required to use brokers and template 
agreements that have been pre-approved by the Company’s Legal Department.  Approval of a Trading Plan 
will be valid for five trading days following the day on which it is approved.  If the Trading Plan is not 
adopted within such five-day period, the Trading Plan must be resubmitted for approval again before it can be 
adopted.  Please note that the Company’s clearance of a Trading Plan does not in any way constitute the 
rendering of financial, tax or legal advice to the person establishing a Trading Plan or a representation or 
warranty that the Trading Plan is valid under Rule 10b5-1.  It is the responsibility of the person adopting the 
Trading Plan to ensure compliance with Rule 10b5-1.  Any person adopting a Trading Plan should consult 
with his or her personal financial, tax and legal advisors, as he or she deems appropriate or necessary.
2) Timing Requirements.  In order to help ensure that Trading Plans are adopted when persons are not in
possession of material non-public information and that Trading Plans are not designed to take advantage of
material non-public information, the following requirements shall apply:
Ø Trading Plans may not be adopted during a blackout period under the Company’s Insider Trading 
Policy or when a person is aware of any material non-public information about the Company or its 
securities.  The Trading Plan must include a written representation stating that the person is not aware 
of any material non-public information at the time that the Trading Plan is adopted and that the 
Trading Plan is intended to comply with the requirements of Rule 10b5-1.
Ø Each Trading Plan must provide for a cooling-off period prior to the commencement of trading. The
first trade under a newly-adopted Trading Plan shall not occur until the later of (1) 90 days after the
adoption of the Trading Plan or (2) two business days following the disclosure of the Company’s
financial results in a Form 10-Q or Form 10-K relating to the fiscal quarter in which the Trading Plan
was adopted (but no longer than 120 days following adoption of the Trading Plan (such period, the
“cooling-off period”).

September 19, 2024
13
Ø The Company will assess whether there is material non-public information that has not been publicly
disclosed at the time a person wishes to enter into a Trading Plan. If there is any such undisclosed
information, the Company may delay its approval of the Trading Plan until the information has been
disclosed.
Ø In the event of a modification or change to the amount, price or timing of a trade under a Trading
Plan, a new cooling-off period as described above will be required between such modification or
change and the first possible transaction under such revised Trading Plan or any new Trading Plan.
3) Term.  A Trading Plan must have a minimum term of 6 months.
4) Termination of, or Amendments to, a Trading Plan.  Because a Trading Plan cannot be entered into as part 
of a plan or scheme to evade the prohibitions of Rule 10b5-1, a Trading Plan should be adopted with the 
intention that it will not be terminated, amended or modified, since changes to a Trading Plan may raise 
issues as to an individual’s good faith.  For this reason, although amendments to, and early terminations of, a 
Trading Plan are not prohibited, any amendment or termination of a Trading Plan is subject to pre-clearance 
by the General Counsel or his/her designee and the following additional requirements:
Ø the Trading Plan may not be amended during a blackout period or when a person is aware of material
non-public information concerning the Company or its securities;
Ø the Trading Plan may not be amended more than once during its term;
Ø any modification or change to the amount, price or timing of a trade under the Trading Plan
constitutes the termination of the Trading Plan and the adoption of a new Trading Plan on such
modified terms, and must satisfy all of the requirements for a Trading Plan set forth herein as if such
modification constituted the adoption of a new Trading Plan, including a cooling-off period prior to
commencement of trading under the modified Trading Plan; and
Ø if a person terminates a Trading Plan during its term, a new Trading Plan must satisfy all of the 
requirements for a Trading Plan set forth herein, including a cooling-off period prior to 
commencement of trading under the new Trading Plan.   
5) Multiple Trading Plans.  Unless otherwise permitted by Rule 10b5-1, a person may not have in effect more
than oneTrading Plan providing for the open market purchase or sale of Company securities; provided,
however, that a person may adopt a second Trading Plan in compliance with this Trading Plan Policy to take
effect upon the expiration of his or her current Trading Plan, or such other date as may be required by Rule
10b5-1 of the Exchange Act.
6) Limitation on Single-Trade Plans.  No person may adopt a Trading Plan that is designed to effect the open-
market purchase or sale of securities in a single transaction if such person has adopted another Rule 10b5-1
trading plan contemplating only a single transaction within the prior 12 months.
7) Trading Plans for Sell-to-Cover Transactions.  Trading Plans that provide solely for sales necessary to
cover tax withholding obligations arising exclusively from the vesting of compensatory awards are exempt
from this Policy’s restrictions on Multiple Trading Plans and Single-Trade Plans, provided the person does
not otherwise exercise control over the timing of such sales.

September 19, 2024
14
8) Certification.  Trading Plans adopted by directors and officers must include a representation in the Trading
Plan certifying that, on the date of the adoption of the Trading Plan, such director or officer is not aware of
material nonpublic information about the Company or its securities and such director or officer is adopting
the Trading Plan in good faith and not as part of a plan or scheme to evade the prohibitions of Exchange Act
Section 10(b) and Rule 10b-5 thereunder.
9) Stock Ownership Policy.  For any person subject to the Company’s Stock Ownership Policy, the Trading 
Plan must be structured to comply with any applicable share ownership or retention requirements under such 
policy.
10) Disclosure of Trading Plans.
Ø The Company reserves the right to publicly disclose that any person has entered into a Trading Plan
(by press release, web site posting, or other means of disclosure).
Ø Each quarter, the Company is required to publicly disclose whether directors or certain officers have
adopted or terminated Trading Plans during the quarter covered by such periodic report (or the fourth
quarter in the case of an annual report on Form 10-K) and provide a description of the material terms
of each Trading Plan, including the name of the director or officer, the date of adoption or termination,
the duration and the aggregate number of securities to be purchased or sold (however, the price at
which the person executing the Trading Plan is authorized to trade does not need to be publicly
disclosed).
11) Reporting Requirements.
Ø A Trading Plan must contain procedures to ensure prompt compliance with (1) any reporting 
requirements under Exchange Act Section 16, (2) SEC Rule 144 or Rule 145 relating to any sales 
under the Trading Plan, and (3) any suspension of trading or other trading restrictions that the 
Company imposes on sales under an approved Trading Plan, including in connection with a 
distribution by the Company of securities, including lock up or affiliate letters required in connection 
with a proposed merger, acquisition or distribution of Company securities or any restrictions on or 
suspensions of trading imposed by applicable authorities (including the SEC or other governmental 
authority, or any stock exchange, automated quotation system or other self-regulated organization that 
promulgates rules to which the Company is subject from time to time).  Compliance with these rules 
is ultimately the responsibility of each person, not the Company.
Ø If transactions are made under a Trading Plan, any required Form 4, Form 5 and Form 144 filings
filed with respect to such transactions must expressly indicate that the transactions were made
pursuant to a Trading Plan.

Exhibit 21
Subsidiaries
Subsidiary Name
State of Incorporation / Formation
Country of Incorporation / Formation
Glaukos Germany GmbH
Germany
Glaukos Japan GK
Japan
Glaukos Australia Pty Ltd
Australia
Glaukos Canada Inc.
Canada
Glaukos France SAS
France
Glaukos Ireland Limited
Ireland
Glaukos Netherlands B.V.
Netherlands
Glaukos Produtos Médicos Ltda.
Brazil
Glaukos Sweden AB
Sweden
Glaukos UK Limited
England and Wales
Glaukos Singapore PTE. LTD.
Singapore
Glaukos Medical Spain, S.L.
Spain
Glaukos (Switzerland) AG
Switzerland
Glaukos Norway AS
Norway
GKOS Medical, Unipessoal LDA
Portugal
Glaukos Belgium
Belgium
Avedro, Inc.
Delaware
United States
Glaukos Acquisition Corp.
Delaware
United States

Exhibit 23.1
Consent of Independent Registered Public Accounting Firm
We consent to the incorporation by reference in the following Registration Statements:
(1) Registration Statement (Form S-8 No. 333-237030) pertaining to the Glaukos Corporation 2015 Omnibus
Incentive Compensation Plan and 2015 Employee Stock Purchase Plan;
(2) Registration Statement (Form S-8 No. 333-233807) pertaining to the Avedro, Inc. 2019 Equity Incentive Plan,
the Avedro, Inc. 2012 Equity Incentive Plan, as amended, and the Avedro, Inc. (f/k/a ThermalVision, Inc.) 2003
Stock Plan, as amended;
(3) Registration Statement (Form S-8 No. 333-230017) pertaining to the Glaukos Corporation 2015 Omnibus
Incentive Compensation Plan and 2015 Employee Stock Purchase Plan;
(4) Registration Statement (Form S-8 No. 333-224822) pertaining to the Glaukos Corporation 2015 Omnibus
Incentive Compensation Plan and 2015 Employee Stock Purchase Plan;
(5) Registration Statement (Form S-8 No. 333-212106) pertaining to Glaukos Corporation 2015 Omnibus Incentive
Compensation Plan and 2015 Employee Stock Purchase Plan;
(6) Registration Statement (Form S-8 No. 333-205372) pertaining to the Glaukos Corporation 2015 Omnibus
Incentive Compensation Plan, 2015 Employee Stock Purchase Plan, 2011 Stock Plan, and 2001 Stock Option
Plan;
(7) Registration Statement (Form S-8 No. 333-254141) pertaining to the Glaukos Corporation 2015 Omnibus
Incentive Compensation Plan and 2015 Employee Stock Purchase Plan;
(8) Registration Statement (Form S-8 No. 333-263373) pertaining to the Glaukos Corporation 2015 Omnibus
Incentive Compensation Plan and 2015 Employee Stock Purchase Plan;
(9) Registration Statement (Form S-8 No. 333-270453) pertaining to the Glaukos Corporation 2015 Omnibus
Incentive Compensation Plan and 2015 Employee Stock Purchase Plan; and
(10)Registration Statement (Form S-8 No. 333-278005) pertaining to the Glaukos Corporation 2015 Omnibus
Incentive Compensation Plan and 2015 Employee Stock Purchase Plan.
of our reports dated February 24, 2025, with respect to the consolidated financial statements of Glaukos Corporation and
the effectiveness of internal control over financial reporting of Glaukos Corporation included in this Annual Report (Form
10-K) of Glaukos Corporation for the year ended December 31, 2024.
/s/ Ernst & Young LLP
Irvine, California 
February 24, 2025

Exhibit 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
I, Thomas W. Burns, certify that:
1.
I have reviewed this Annual Report on Form 10-K of Glaukos Corporation;
2.
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the
statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3.
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the
financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
4.
The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in
Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f))
for the registrant and have:
a)
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to
ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those
entities, particularly during the period in which this report is being prepared;
b)
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our
supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external
purposes in accordance with generally accepted accounting principles;
c)
Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the
effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
d)
Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent
fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially
affect, the registrant’s internal control over financial reporting; and
5.
The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the
registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):
a)
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably
likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
b)
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control
over financial reporting.
Date: February 24, 2025
/s/ THOMAS W. BURNS
Name: Thomas W. Burns
Chairman and Chief Executive Officer

Exhibit 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
I, Alex R. Thurman, certify that:
1.
I have reviewed this Annual Report on Form 10-K of Glaukos Corporation;
2.
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the
statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3.
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the
financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
4.
The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange
Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the
registrant and have:
a)
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to
ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those
entities, particularly during the period in which this report is being prepared;
b)
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our
supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external
purposes in accordance with generally accepted accounting principles;
c)
Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the
effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
d)
Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent
fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially
affect, the registrant’s internal control over financial reporting; and
5.
The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the
registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):
a)
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably
likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
b)
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control
over financial reporting.
Date: February 24, 2025
/s/ ALEX R. THURMAN
Name: Alex R. Thurman
Senior Vice President & Chief Financial Officer

Exhibit 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
I, Thomas W. Burns, Chairman and Chief Executive Officer of Glaukos Corporation (the “Company”), certify, pursuant to 18 U.S.C. Section 1350, as
adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that to my knowledge:
(1)
the Annual Report on Form 10-K for the year ended December 31, 2024 (the “Report”) fully complies with the requirements of Section 13(a) or 15(d) of
the Securities Exchange Act of 1934, as amended; and
(2)
the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.
Date: February 24, 2025
/s/ THOMAS W. BURNS
Name: Thomas W. Burns
Chairman and Chief Executive Officer
This certification accompanies and is being “furnished” with this Report, shall not be deemed “filed” by the Company for purposes of Section 18 of the
Securities Exchange Act of 1934, as amended, or otherwise subject to liability under that Section and shall not be deemed to be incorporated by reference into
any filing of the Company under the Securities Act of 1933, as amended, or the Securities Exchange Act of 1934, as amended, whether made before or after
the date of this Report, irrespective of any general incorporation language contained in such filing.

Exhibit 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
I, Alex R. Thurman, Senior Vice President & Chief Financial Officer of Glaukos Corporation (the “Company”), certify, pursuant to 18 U.S.C. Section
1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that to my knowledge:
(1)
the Annual Report on Form 10-K for the year ended December 31, 2024 (the “Report”) fully complies with the requirements of Section 13(a) or 15(d) of
the Securities Exchange Act of 1934, as amended; and
(2)
the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.
Date: February 24, 2025
/s/ ALEX R. THURMAN
Name: Alex R. Thurman
Senior Vice President & Chief Financial Officer
This certification accompanies and is being “furnished” with this Report, shall not be deemed “filed” by the Company for purposes of Section 18 of the
Securities Exchange Act of 1934, as amended, or otherwise subject to liability under that Section and shall not be deemed to be incorporated by reference into
any filing of the Company under the Securities Act of 1933, as amended, or the Securities Exchange Act of 1934, as amended, whether made before or after
the date of this Report, irrespective of any general incorporation language contained in such filing.