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GKOS on NYSE

GLAUKOS Corp

GLAUKOS Corp is an American surgical and medical instruments and apparatus company.2 It is headquartered in San Clemente, United States.2 Its shares trade on NYSE under the symbol GKOS.2

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Last updated Oct 21, 2026.

Overview

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  • TickerGKOS on NYSE2
  • IndustrySurgical & Medical Instruments & Apparatus2
  • HeadquartersSan Clemente, United States2
  • Incorporated inDE3
  • Business address1 Glaukos Way, Aliso Viejo, Ca 926563
  • Filer categoryLarge accelerated filer3
  • Legal formCorporation2
  • LEI5299004JA1LHE21M6T142
  • StatusActive2
  • LEI statusIssued and current2
  • Registered addressc/o DELAWARE CORPORATION ORGANIZERS, INC., 1201 NORTH MARKET ST, FL 18, P.O. BOX 1347, 19801 Wilmington, United States2
  • Registered withDivision of Corporations, Department of State, 28959682

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Financials

From the company’s reports to the SEC. Every number links to the filing it came from.

Key numbers, fiscal 2025

55.7%Gross margin5
-39.3%Operating margin5
-37.0%Net margin5
32.3%Revenue growth, 20255
-28.6%Return on equity5
-$22.5MFree cash flow5

What sells

Revenue by product, business segment and region, as the company reports it to the SEC.

Products and services

Glaucoma brought in 83% of the revenue GLAUKOS Corp broke down this way in fiscal 2025.

  1. Glaucoma$421.1M583%up 39% from 2024
  2. Corneal Health$86.4M517%up 8% from 2024
Products and services by year
Products and services202320242025
Glaucoma$237.0M$303.3M$421.1M
Corneal Health$77.7M$80.2M$86.4M

Regions

United States brought in 74% of the revenue GLAUKOS Corp broke down this way in fiscal 2025.

  1. United States$375.0M574%up 39% from 2024
  2. Outside the United States$132.4M526%up 17% from 2024
Regions by year
Regions202320242025
United States$219.4M$270.1M$375.0M
Outside the United States$95.3M$113.4M$132.4M

Where the money goes

Where each dollar of revenue went, fiscal 2025

  • Cost of revenue22¢$111.8M
  • Selling, general and admin65¢$331.7M
  • Other costs12¢$58.5M
  • Income tax1¢$5.4M

Out of $507.4M in revenue.5 The company lost money this year.

Financial statements

Revenue67895$507.4M in 2025+114% since 2019
0$200.0M$400.0M$600.0M2019: $237.0M$237.0M20192020: $225.0M$225.0M2020−5%2021: $294.0M$294.0M2021+31%2022: $282.9M$282.9M2022−4%2023: $314.7M$314.7M2023+11%2024: $383.5M$383.5M2024+22%2025: $507.4M$507.4M2025+32%
Gross profit67895$282.8M in 2025+43% since 2019
0$100.0M$200.0M$300.0M2019: $198.4M$198.4M20192020: $133.2M$133.2M2020−33%2021: $227.4M$227.4M2021+71%2022: $213.9M$213.9M2022−6%2023: $239.1M$239.1M2023+12%2024: $289.5M$289.5M2024+21%2025: $282.8M$282.8M2025−2%
Operating income67895-$199.6M in 2025+297% since 2019
-$200.0M-$150.0M-$100.0M-$50.0M02019: -$50.3M-$50.3M20192020: -$123.6M-$123.6M2020+146%2021: -$32.9M-$32.9M2021−73%2022: -$82.3M-$82.3M2022+150%2023: -$128.7M-$128.7M2023+56%2024: -$122.4M-$122.4M2024−5%2025: -$199.6M-$199.6M2025+63%
Net income67895-$187.7M in 2025
-$200.0M-$100.0M0$100.0M2019: $15.4M$15.4M20192020: -$120.3M-$120.3M20202021: -$49.6M-$49.6M2021−59%2022: -$99.2M-$99.2M2022+100%2023: -$134.7M-$134.7M2023+36%2024: -$146.4M-$146.4M2024+9%2025: -$187.7M-$187.7M2025+28%

Every line of the income statement as filed: the last 3 fiscal years, latest first.5

Period ending2025-12-312024-12-312023-12-31
Net sales$507.4M$383.5M$314.7M
Cost of sales$111.8M$94.0M$75.6M
Impairment of intangible asset$112.9M
Gross profit$282.8M$289.5M$239.1M
Selling, general and administrative$331.7M$261.2M$224.1M
Research and development$150.6M$136.4M$138.8M
Acquired in-process research and development$14.2M$5.0M
Total operating expenses$482.4M$411.8M$367.8M
Loss from operations-$199.6M-$122.4M-$128.7M
Interest income$10.7M$11.1M$9.2M
Interest expense-$4.6M-$10.0M-$13.6M
Charges associated with convertible senior notes-$18.0M
Other income (expense), net$479.0K-$6.3M-$558.0K
Total non-operating income (expense)$6.6M-$23.2M-$5.0M
Loss before taxes-$193.0M-$145.6M-$133.7M
Income tax (benefit) provision-$5.4M$771.0K$934.0K
Net loss-$187.7M-$146.4M-$134.7M
Basic net loss per share (in dollar per share)-$3.28-$2.77-$2.78
Diluted net loss per share (in dollar per share)-$3.28-$2.77-$2.78
Weighted average shares outstanding used to compute basic net loss per share57.2M shares52.8M shares48.4M shares
Weighted average shares outstanding used to compute diluted net loss per share57.2M shares52.8M shares48.4M shares

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Corporate structure

GLAUKOS Corp sits at the top of its group. 19 entities, 17 countries on record. Switch between the flow chart and the network, and select any entity to see its details.

Major holders of GLAUKOS Corp

  • GLAUKOS Corp San Clemente, California, United States
    • Avedro, Inc. Subsidiary · Delaware, United States
    • GKOS Medical, Unipessoal LDA Subsidiary · Portugal
    • Glaukos (Switzerland) AG Subsidiary · Switzerland
    • Glaukos Acquisition Corp. Subsidiary · Delaware, United States
    • Glaukos Australia Pty Ltd Subsidiary · Australia
    • Glaukos Belgium Subsidiary · Belgium
    • Glaukos Canada Inc. Subsidiary · Canada
    • Glaukos France SAS Subsidiary · France
    • Glaukos Germany GmbH Subsidiary · Germany
    • Glaukos Ireland Limited Subsidiary · Ireland
    • Glaukos Japan GK Subsidiary · Japan
    • Glaukos Medical Spain, S.L. Subsidiary · Spain
    • Glaukos Netherlands B.V. Subsidiary · Netherlands
    • Glaukos Norway AS Subsidiary · Norway
    • Glaukos Produtos Médicos Ltda. Subsidiary · Brazil
    • Glaukos Singapore PTE. LTD. Subsidiary · Singapore
    • Glaukos Sweden AB Subsidiary · Sweden
    • Glaukos UK Limited Subsidiary · United Kingdom

Built from parent and subsidiary links from GLEIF, the Global Legal Entity Identifier Foundation (CC0); subsidiaries listed in Exhibit 21 of annual reports filed with the SEC; major holders from Schedules 13D and 13G. Each entity in the chart links to its source.

What it owns

What GLAUKOS Corp reports owning in its annual reports to the SEC: buildings, land and equipment, real estate and locations, investments, intangible assets and inventory, at the end of its latest fiscal year and a year before.

Property and equipment

ItemLatestA year beforeChange
Property and equipment, before depreciation$168.8M5 Dec 31, 2025$142.4M5 Dec 31, 2024+18.5%
Accumulated depreciation$55.5M5 Dec 31, 2025$44.6M5 Dec 31, 2024+24.6%
Property and equipment, net$113.3M5 Dec 31, 2025$97.9M5 Dec 31, 2024+15.7%
Finance-lease assets$39.4M5 Dec 31, 2025$41.8M5 Dec 31, 2024−5.8%
Operating-lease assets (leased space)$31.5M5 Dec 31, 2025$30.3M5 Dec 31, 2024+4.2%

Investments

ItemLatestA year beforeChange
Cash and cash equivalents$90.8M5 Dec 31, 2025$169.6M5 Dec 31, 2024−46.5%
Debt securities available for sale$187.9M5 Dec 31, 2025$149.3M5 Dec 31, 2024+25.9%

Intangibles and goodwill

ItemLatestA year beforeChange
Goodwill$66.7M5 Dec 31, 2025$66.1M5 Dec 31, 2024+0.9%
Intangible assets, net (excluding goodwill)$141.9M5 Dec 31, 2025$263.4M5 Dec 31, 2024−46.1%
Finite-lived intangibles, gross$143.2M5 Dec 31, 2025$257.4M5 Dec 31, 2024−44.4%
Accumulated amortization$8.4M5 Dec 31, 2025$112.8M5 Dec 31, 2024−92.5%
Finite-lived intangibles, net$134.7M5 Dec 31, 2025$144.5M5 Dec 31, 2024−6.8%

Inventory

ItemLatestA year beforeChange
Inventory, total$63.6M5 Dec 31, 2025$57.7M5 Dec 31, 2024+10.2%
Raw materials$25.4M5 Dec 31, 2025$19.3M5 Dec 31, 2024+31.2%
Work in process$15.1M5 Dec 31, 2025$14.7M5 Dec 31, 2024+3.2%
Finished goods$23.0M5 Dec 31, 2025$23.7M5 Dec 31, 2024−2.7%

Properties, in its own words

Our corporate headquarters, including certain administrative, laboratory, R&D and warehouse space, are located at a campus in Aliso Viejo, California consisting of three leased buildings totaling 160,000 square feet of space (Aliso Facility) as well as certain real property purchased in 2025 consisting of land, assumed leases and an approximately 40,000 square foot office building, adjacent to our 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.

The rest of Item 2

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 38,000 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 2 of the 10-K filed Feb 23, 2026.13

Leadership

Who has led GLAUKOS Corp, and when. Pick a name to see everywhere that person has worked.

President

  1. Joseph E. Gilliam2022–now

Chief financial officer

  1. Richard L. Harrison2015–2017
  2. Joseph E. Gilliam2017–2022
  3. Alex R. Thurman2022–now

Chief operating officer

  1. Chris M. Calcaterra2018–2022
  2. Joseph E. Gilliam2022–now
20202025
Board members and other officers (14)

Subsidiaries and ownership

Subsidiaries (Exhibit 21)

  • Avedro, Inc. Delaware4
  • GKOS Medical, Unipessoal LDA Portugal4
  • Glaukos (Switzerland) AG Switzerland4
  • Glaukos Acquisition Corp. Delaware4
  • Glaukos Australia Pty Ltd Australia4
  • Glaukos Belgium Belgium4
  • Glaukos Canada Inc. Canada4
  • Glaukos France SAS France4
  • Glaukos Germany GmbH Germany4
  • Glaukos Ireland Limited Ireland4
  • Glaukos Japan GK Japan4
  • Glaukos Medical Spain, S.L. Spain4
  • Glaukos Netherlands B.V. Netherlands4
  • Glaukos Norway AS Norway4
  • Glaukos Produtos Médicos Ltda. Brazil4
  • Glaukos Singapore PTE. LTD. Singapore4
  • Glaukos Sweden AB Sweden4
  • Glaukos UK Limited England and Wales4

The subsidiaries the company lists in Exhibit 21 of its annual report, as filed.

Timeline

  1. Aug 3, 20268-K Regulation FD disclosure33
  2. Jul 29, 20268-K Results of operations; Regulation FD disclosure34
  3. Jun 3, 20268-K Shareholder vote35
  4. May 4, 20268-K Regulation FD disclosure36
  5. Apr 29, 20268-K Results of operations; Regulation FD disclosure37
  6. Mar 2, 20268-K Regulation FD disclosure38
  7. Feb 17, 20268-K Results of operations; Regulation FD disclosure39
  8. Jan 13, 20268-K Results of operations; Regulation FD disclosure40
  9. Nov 10, 20258-K Regulation FD disclosure41
  10. Oct 29, 20258-K Results of operations; Regulation FD disclosure42
  11. Aug 12, 20258-K Regulation FD disclosure43
  12. Jul 30, 20258-K Results of operations; Regulation FD disclosure44
  13. Jul 14, 1998Founded GLAUKOS Corp is founded2

Calendar

Coming up

  1. Oct 28, 2026 · After the closeReports results for the quarter ending Sep/2026 A year earlier it reported ($0.16) a share, on Oct 29, 2025.45

When it reported results

  1. Jul 29, 2026Reported quarterly or annual results34
  2. Apr 29, 2026Reported quarterly or annual results37
  3. Feb 17, 2026Reported quarterly or annual results39
  4. Jan 13, 2026Reported quarterly or annual results40
  5. Oct 29, 2025Reported quarterly or annual results42
  6. Jul 30, 2025Reported quarterly or annual results44
  7. Apr 30, 2025Reported quarterly or annual results46
  8. Feb 20, 2025Reported quarterly or annual results47

Upcoming dates from Nasdaq's calendar; past results from the company's 8-K filings (Item 2.02). The full markets calendar

Filings

574 filings to the SEC since October 2021: 5 annual reports, 15 quarterly reports, 60 major events, 326 insider forms, 32 large holders, 136 other. The latest 20:

  1. Oct 7, 20264 EDGAR
  2. Oct 5, 2026144 EDGAR
  3. Sep 28, 20264 EDGAR
  4. Sep 25, 2026144 EDGAR
  5. Sep 18, 20264 EDGAR
  6. Sep 16, 2026144 EDGAR
  7. Sep 1, 20264 EDGAR
  8. Aug 28, 2026144 EDGAR
  9. Aug 20, 20264 EDGAR
  10. Aug 19, 2026144 EDGAR
  11. Aug 13, 20264 EDGAR
  12. Aug 11, 2026144 EDGAR
  13. Aug 11, 20264 EDGAR
  14. Aug 7, 2026144 EDGAR
  15. Aug 3, 20264 EDGAR
  16. Aug 3, 20268-K EDGAR
  17. Jul 31, 2026144 EDGAR
  18. Jul 29, 202610-Q EDGAR
  19. Jul 29, 20268-K EDGAR
  20. Jul 21, 20264 EDGAR

The 574 filings since October 2021 can be filtered by form type and year here when JavaScript is on.

Every filing from the last five years, summarized. The full record is on SEC EDGAR.

Insider trades

112 open-market trades by officers, directors and large owners since October 2021: 0 buys and 112 sales. Grants, option exercises and gifts are left out.

DateWhoTradeSharesPriceValueFiling
Sep 25, 2026Navratil TomasCHIEF DEVELOPMENT OFFICERSale1,615$154.28$249.2KForm 4
Sep 16, 2026Navratil TomasCHIEF DEVELOPMENT OFFICERSale1,457$166.92$243.2KForm 4
Aug 28, 2026Navratil TomasCHIEF DEVELOPMENT OFFICERSale13,744$180.67$2.5MForm 4
Aug 19, 2026Kliman Gilbert HDirectorSale2,500$190.00$475.0KForm 4
Aug 11, 2026Gilliam Joseph EPRESIDENT & COOSale60,000$179.74$10.8MForm 4
Aug 7, 2026Thurman Alex R.SVP & CHIEF FINANCIAL OFFICERSale20,000$180.13$3.6MForm 4
Jul 31, 2026WEN LEANADirectorSale525$167.63$88.0KForm 4
Jul 16, 2026Thurman Alex R.SVP & CHIEF FINANCIAL OFFICERSale10,000$160.00$1.6MForm 4
Jul 9, 2026Thurman Alex R.SVP & CHIEF FINANCIAL OFFICERSale10,000$155.00$1.6MForm 4
Jul 6, 2026Thurman Alex R.SVP & CHIEF FINANCIAL OFFICERSale10,000$150.00$1.5MForm 4
Jul 1, 2026Navratil TomasCHIEF DEVELOPMENT OFFICERSale716$139.06$99.6KForm 4
Jun 16, 2026Navratil TomasCHIEF DEVELOPMENT OFFICERSale1,537$130.68$200.9KForm 4
May 14, 2026Kliman Gilbert HDirectorSale5,000$140.76$703.8KForm 4
May 11, 2026Kliman Gilbert HDirectorSale5,000$135.00$675.0KForm 4
May 1, 2026WEN LEANADirectorSale1,700$143.35$243.7KForm 4
May 1, 2026Gilliam Joseph EPRESIDENT & COOSale19,573$143.54$2.8MForm 4
Apr 30, 2026Thurman Alex R.SVP & CHIEF FINANCIAL OFFICERSale10,000$140.00$1.4MForm 4
Apr 10, 2026Navratil TomasCHIEF DEVELOPMENT OFFICERSale2,093$117.62$246.2KForm 4
Mar 25, 2026Thurman Alex R.SVP & CHIEF FINANCIAL OFFICERSale2,511$106.46$267.3KForm 4
Mar 24, 2026Thurman Alex R.SVP & CHIEF FINANCIAL OFFICERSale1,521$105.24$160.1KForm 4

All 112 trades can be filtered by person here when JavaScript is on.

From Forms 4 filed with the SEC.

Major holders

Investors who own more than 5% of the shares must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively.

Executive pay

What the company paid its top executives, from the summary compensation table in its proxy statement. Total pay includes salary, bonus, stock and option awards and other pay, as the company valued them.

YearExecutiveAgeSalaryTotal pay
2025Thomas W. Burns65$850.0K$12.0M60
2025Joseph E. Gilliam50$584.9K$7.8M60
2025Tomas Navratil49$499.4K$3.4M60
2025Alex R. Thurman56$486.2K$2.9M60
2024Chairman and Chief$800.0K$9.0M60
2024President and$557.0K$4.2M60
2024Senior VicePresident and$442.0K$2.5M60
2023Executive Officer$765.0K$8.7M60
2023Chief Operating Officer$530.2K$4.2M60
2023Chief Development Officer$420.0K$2.6M60
2023Chief Financial Officer$401.5K$2.4M60

Held by these funds

The largest holders among investment managers' 13F reports for the quarter ending Jun 30, 2026, the top 25 of 100. Change is in shares since the quarter before.

FundSharesValueShare of the fundChange
BlackRock, Inc.9,540,056$1.3B0.0%+450,027
Jupiter Topco LLC4,862,894$679.6M0.3%New
Vanguard Portfolio Management LLC3,321,839$464.3M0.0%+113,476
Primecap Management Co/ca/3,040,705$425.0M0.3%−329,923
Vanguard Capital Management LLC2,551,132$356.5M0.0%+42,361
State Street Corp2,315,568$323.7M0.0%+132,951
Millennium Management LLC1,581,016$221.0M0.2%+407,320
Holocene Advisors, LP1,514,931$211.7M0.5%+131,216
Geode Capital Management, LLC1,463,448$204.6M0.0%+106,995
Citadel Advisors LLC1,390,017$194.3M0.1%−56,909
Ameriprise Financial Inc1,315,057$183.8M0.0%−295,717
Capital World Investors1,015,943$142.0M0.0%+26,883
Alliancebernstein L.P.1,254,703$135.1M0.0%−142,853
Goldman Sachs Group Inc897,021$125.4M0.0%−477,937
Charles Schwab Investment Management Inc752,642$105.2M0.0%+38,253
Invesco Ltd.706,877$98.8M0.0%−207,311
William Blair Investment Management, LLC661,675$92.5M0.3%−412,144
Driehaus Capital Management LLC650,571$90.9M0.5%+162,659
Nomura Asset Management International Inc.647,428$90.5M0.1%+35,365
Northern Trust Corp612,496$85.6M0.0%+36,287
Braidwell LP591,927$82.7M3.2%−171,578
Morgan Stanley589,793$82.4M0.0%−89,032
Bank Of America Corp /de/587,327$82.1M0.0%−70,105
UBS Group AG578,271$80.8M0.0%+191,871
Fuller & Thaler Asset Management, Inc.529,922$74.1M0.2%New

13F reports cover disclosed long positions in U.S. stocks only.

SEC filer profile

How GLAUKOS Corp is registered with the Securities and Exchange Commission, from its EDGAR record and the cover page of its latest annual report.

  • Name on EDGARGLAUKOS Corp1
  • CIK0001192448
  • Employer ID (EIN)33-094540613
  • Filer statusLarge accelerated filer not an emerging growth company; not a smaller reporting company; not a shell company13
  • Incorporated inDelaware13
  • Fiscal year endsDecember 311
  • Industry code (SIC)3841 Surgical & Medical Instruments & Apparatus1
  • SEC reviewing officeOffice of Industrial Applications and Services, Division of Corporation Finance1
  • Business address1 Glaukos Way, Aliso Viejo, CA 926561
  • Phone949-367-96001
  • Shares outstanding58,983,937 as of Jul 28, 202611
  • Public float$5.9B as of Jun 30, 202513
  • AuditorErnst & Young LLP, Irvine, California PCAOB ID 42; it also attests to the company’s internal control over financial reporting13
  • On EDGAR sinceSep 17, 20021
  • Filings1,063 in all: 4 (520), 8-K (142), 144 (111), SC 13G/A (56), 10-Q (34), 3 (31), SC 13G (25), 4/A (16)1
    All 37 form types

    10-K (11), DEF 14A (11), S-8 (11), DEFA14A (10), 425 (9), SD (9), CORRESP (8), SCHEDULE 13G/A (7), UPLOAD (6), D (5), SCHEDULE 13G (5), 5 (4), ARS (4), REGDEX (4), 8-K/A (3), DRS/A (3), S-1/A (3), DRSLTR (2), EFFECT (2), S-8 POS (2), 424B3 (1), 424B4 (1), 8-A12B (1), CERTNYS (1), DRS (1), S-1 (1), S-4 (1), S-4/A (1), SC 13D (1)

  • Latest filingsAnnual report (10-K) Feb 23, 2026
    Quarterly report (10-Q) Jul 29, 2026
    Proxy statement (DEF 14A) Apr 16, 2026
    Latest 8-K (8-K) Aug 3, 2026

Securities registered for trading

ClassSymbolExchange
Common StockGKOSNew York Stock Exchange

From the cover page of the 10-K filed Feb 23, 2026 (Section 12(b) of the Exchange Act).13

Risk factors and legal proceedings

The risks GLAUKOS Corp names in Item 1A of its 10-K filed Feb 23, 2026: 26 risks under these headings, as written.13

  • 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 and Epioxa products is dependent upon multiple factors, the failure of any one of which could materially impact the prospects of these products and our business.
  • 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.
  • Public health crises have adversely affected, and could in the future adversely affect, our business, results of operations, financial condition, liquidity, and cash flows.
  • If the supply and/or manufacture of our principal revenue-producing products, the iStent family of products, our Photrexa therapies, or the iDose TR, or our recently-approved Epioxa therapies, is materially disrupted, it may adversely affect our ability to manufacture products and could reduce our gross margins and negatively impact our operating results.
  • 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.
  • 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.
  • 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.
  • 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.
  • 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.
  • 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.
The other 15 risks
  • If we are unable to retain or recruit qualified personnel for growth, our business results could suffer.
  • We have and may continue to enter into acquisitions, collaborations, in-licensing agreements, joint ventures, alliances or partnerships with third parties that could fail or result in litigation.
  • Failure to protect our information systems against cybersecurity threats, cybersecurity incidents, service interruptions, or data loss could materially disrupt our operations and adversely affect our business, operating results, or the effectiveness of our internal controls over financial reporting.
  • We have incorporated and continue to further incorporate artificial intelligence into our internal operations. Implementation of artificial intelligence and machine learning technologies may result in legal and regulatory risks, reputational harm, or other adverse consequences to our business.
  • Failure to comply with data privacy and security laws could 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.
  • Risks Related to Financing Transactions
  • The capped call transactions may affect the value of our 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.
  • 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.
  • 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
  • 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.
  • 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.
  • 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.
  • 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.

Legal proceedings

On September 17, 2025, the Company filed a complaint against SpyGlass Pharma, Inc. (SpyGlass) in the United States District Court for the Central District of California and its Vice President of Clinical Research, Long Doan (Case No. 8:25-cv-02105) (the Complaint). The Company asserts two claims for relief against SpyGlass: trade secret theft under the United States Defend Trade Secrets Act and unfair competition under California’s unfair competition statute. The Company asserts three claims against Mr. Doan: breach of contract, fraud regarding employee exit documentation, and a violation of the Computer Fraud and Abuse Act. Specifically, the complaint alleges that former Glaukos senior clinical leader Long Doan and competitor SpyGlass engaged in the mass theft and continuing exploitation of more than 11,000 confidential and trade secret files—part of over 13,000 Company documents Mr. Doan surreptitiously uploaded to his personal Google Drive after accepting SpyGlass’s offer to shortcut SpyGlass’s clinical, regulatory, and operational efforts and inflict irreparable competitive harm on the Company. On December 11, 2025, after finding that the Company was likely to prevail on the merits of the case and is at risk of irreparable harm, the Court entered an injunction against both SpyGlass and Mr. Doan and in favor of the Company, ordering both SpyGlass and Mr. Doan to not consult, copy, or otherwise use any downloaded materials obtained from the Company. The Court also ordered SpyGlass and Mr. Doan to return all materials Mr. Doan took from the Company. On November 18, 2025, Spyglass and Mr. Doan filed motions to dismiss the Complaint. On January 26, 2026, at the hearing on the motions to dismiss, the Company volunteered to dismiss its unfair competition claim and only pursue its trade secret claim against Spyglass. While the Court has not yet ruled on the motions, the case is moving forward with fact discovery. The Court has set a trial date of October 27, 2026.

The opening of Item 3, Legal Proceedings.13

Sources

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