Glaukos Corp

Glaukos Corp. said its iDose TR travoprost intracameral implant met the primary goal of a phase 4 trial in patients with open-angle glaucoma or ocular hypertension. At three months, participants who underwent cataract surgery and received iDose TR saw a mean diurnal intraocular pressure reduction of 11.1 mmHg from baseline, compared with 7.4 mmHg for those who had cataract surgery alone. The iDose TR arm was also superior to cataract surgery alone in secondary responder analyses. No treatment-related adverse events of corneal endothelial cell loss, cystoid macular edema, or serious corneal adverse events were reported. iDose TR is designed to provide a continuous supply of travoprost inside the eye for up to three years.

Glaukos Corporation announced a licensing agreement with RevOpsis Therapeutics to develop and commercialize RO-104, an investigational tri-specific biologic for multiple retinal diseases, while gaining exclusive rights to the RevMod platform to discover and develop up to four additional retinal biologic candidates. RO-104 is a first-in-class tri-specific biologic with a high-concentration formulation that inhibits VEGF-A, VEGF-C and Ang-2, three clinically validated pathways involved in retinal vascular diseases, and is being developed for neovascular age-related macular degeneration, diabetic macular edema, diabetic retinopathy and retinal vein occlusion. In established preclinical animal models, the candidate demonstrated superior efficacy compared with approved anti-VEGF therapies, and the license covers the RevMod platform across geographic atrophy, DME, DR, RVO and nAMD. Chairman and CEO Thomas Burns said the addition of RO-104 and exclusive access to the RevMod platform marks a strategic step in expanding the company's retinal franchise and complements its existing retinal R&D initiatives. Financial terms of the agreement were not disclosed. Following the announcement, GKOS stock lost 6.3% at yesterday's close, though it has gained 42.8% year to date, and the company currently has a market capitalization of $10.16 billion.

Glaukos Corporation reported positive three-year extension trial results for its non-invasive keratoconus treatment Epioxa while simultaneously securing an exclusive licensing deal to broaden its retinal disease pipeline. In the GLK-202-03 extension study, 38 study eyes across 35 subjects were followed for up to three years after a single Epioxa treatment with no further medical interventions, and 92% of participant eyes completed the final three-year assessment visit. Treated eyes maintained a 1.9 diopter improvement in maximum corneal curvature from baseline, while 29% of eyes gained two or more lines of best-corrected visual acuity and 20% gained three or more lines, with zero serious adverse events, treatment-related adverse events, or therapy-related discontinuations. Separately, Glaukos announced an exclusive licensing agreement with RevOpsis Therapeutics Inc. to develop and commercialize RO-104, a first-in-class tri-specific biologic targeting neovascular age-related macular degeneration, diabetic macular edema, diabetic retinopathy, and retinal vein occlusion, which blocks VEGF-A and VEGF-C while inhibiting Ang-2. The deal grants Glaukos exclusive rights to use the RevMod platform to develop up to four additional retinal biologics, with financial terms not disclosed. Glaukos shares were down 10.76% at $153.65 at the time of publication on Thursday.

Glaukos Corporation shares fell more than 13% on Thursday after an insider sale by the company's chief development officer, Tomas Navratil, overshadowed positive late-stage trial data for its Epioxa eye therapy. According to a regulatory filing on Tuesday, Navratil sold more than 1,500 shares in three transactions at an average range of $163.93 to $165.60, consistent with a 10b5-1 trading plan adopted on June 12. The transactions, valued at $251.1K in total, took place on Monday and lowered Navratil's stake in the company by nearly 2% to 69,291 shares. The disclosure overshadowed a Wednesday announcement that three-year results from a Phase 3 extension study showed a single Epioxa treatment, approved in the U.S. to treat keratoconus, can deliver durable efficacy with a favorable long-term safety profile. Separately on Thursday, Glaukos announced an exclusive license agreement with privately held RevOpsis Therapeutics to develop and commercialize RO-104, an experimental therapy for multiple retinal diseases, and said it also receives exclusive rights to RevOpsis' proprietary RevMod platform to develop up to four more retinal biologics; financial terms were not disclosed.

Glaukos reported a second-quarter 2026 adjusted loss of 14 cents per share, narrower than the Zacks Consensus Estimate of a loss of 28 cents, and revenues of $185.6 million, up 50% year over year, surpassing estimates by 24.1%. The company raised its 2026 revenue guidance to $680 million to $700 million, up from the previous $620 million to $635 million, driven by strong adoption of iDose TR and the Epioxa launch. U.S. Glaucoma revenues hit a record $118.5 million, up 64%, while International Glaucoma revenues rose 17% to $36.6 million, and Corneal Health revenues increased 48% to $30.4 million. Adjusted gross margin expanded to 84.5%, and the company exited the quarter with $286.2 million in cash and no debt. Shares have gained about 8% since the earnings report, outperforming the S&P 500, and the consensus estimate has shifted upward by 25.93% over the past month.

Glaukos shares have surged 67.9% year to date, significantly outperforming its industry's 8.4% decline and the S&P 500's 12% return, driven by accelerating operating momentum from the commercial ramp of iDose TR and the early launch of Epioxa. Second-quarter revenues jumped 49.5% to $185.6 million, prompting management to raise 2026 revenue guidance by $60-$65 million to $680-$700 million. U.S. glaucoma revenues increased 64% to $118.5 million, with iDose TR sales reaching approximately $74 million, up 37% sequentially, while the Corneal Health franchise grew 48% to $30.4 million, including roughly $11 million from Epioxa. The company is expanding internationally, with second-quarter international revenues up 17% to $36.6 million, and is advancing a diversified pipeline across five novel therapeutic platforms and 13 publicly disclosed programs. Key risks include reimbursement execution for iDose TR, early-stage Epioxa commercialization, and competitive pressures from Alcon, Sight Sciences, and AbbVie.

Glaukos reported second-quarter revenue of $95.69 million, a 19% increase from the same period last year, surpassing the Zacks Consensus Estimate of $88.41 million by 8.24%. The company posted a net loss of $0.52 per share, matching analyst expectations and narrowing from a loss of $0.55 per share a year ago. Within the United States, glaucoma revenue reached $49.75 million, up 25.6% year over year and above the $44.75 million estimate, while corneal health revenue in the U.S. was $17.07 million, a 4.7% increase that slightly exceeded the $17.04 million consensus. International revenue totaled $28.87 million, growing 17.9% and beating the $26.24 million estimate, with international glaucoma revenue of $26.13 million and international corneal health revenue of $2.74 million both topping projections. Overall, glaucoma revenue was $75.90 million, up 22.6%, and corneal health revenue was $19.80 million, up 7.1%, each ahead of analyst forecasts.

The presbyopia market across seven major markets is forecast to grow from approximately USD 11 billion in 2025 to nearly USD 18 billion by 2036, a compound annual growth rate of 4.9 percent. The United States accounted for about half of the total market in 2025 and is expected to remain the largest region. Presbyopia eye drops generated roughly USD 3 billion across the seven major markets in 2025, reflecting rising demand for noninvasive pharmacological treatments. Eyeglasses represented around half of US presbyopia market revenue in 2022 and are projected to stay the leading treatment category through 2036. The treatment landscape is shifting from conventional optical correction toward prescription therapies, with approved products including VUITY, QLOSI, and YUVEZZ, while late-stage pipeline candidates from Eyenovia, Opus Genetics and Viatris, and Glaukos Corporation may further reshape competition.

Glaukos shares have surged 45.7% since the end of May, outpacing the industry's 4% gain and the S&P 500's 0.9% decline. The rally was driven by investor enthusiasm following positive management commentary on iDose TR, despite proposed Medicare coverage restrictions that would limit the glaucoma therapy to patients who have failed both selective laser trabeculoplasty and two topical medications, restrict concurrent use with minimally invasive glaucoma surgery, and limit re-administration to once every two years. Management expressed confidence in securing modifications to these restrictions and is promoting iDose TR as a first-line treatment, while also highlighting the significant market opportunity and reaffirming 2026 and 2027 guidance. First-quarter iDose TR sales reached $54 million, with sequential growth expected in the second quarter. Additional support came from the encouraging launch of Epioxa, which has built a treatment network covering nearly 65% of the U.S. population and secured coverage for more than 100 million commercial lives, and a broad pipeline of 13 disclosed programs spanning glaucoma, corneal disorders, retinal diseases, and ocular surface therapies.

T-Mobile and Gilead Sciences both received Buy upgrades on Monday, with Bank of America setting a $220 target on T-Mobile and HSBC setting a $155 target on Gilead. Pfizer was downgraded to Hold from Buy at HSBC, which trimmed its target to $28 from $32, while Datadog was cut to Market Perform from Outperform at Bernstein, though its target was raised to $226 from $180. Among other notable calls, Agnico Eagle Mines was upgraded to Buy at Jefferies with a $200 target, Okta was raised to Outperform at Scotiabank with a $165 target, and Delta Air Lines was cut to Outperform from Strong Buy at Raymond James with a target lifted to $104 from $80. New initiations included ERock with Outperform ratings from Evercore ISI and JPMorgan at a $28 target, and Glaukos with a Buy rating at H.C. Wainwright and a $168 target.

Glaukos Corporation has completed patient enrollment in its Phase 2 clinical study evaluating GLK-321 for the treatment of Demodex blepharitis. The randomized, double-masked, placebo-controlled, dose-ranging, parallel-group, multi-center trial enrolled 275 patients across clinical sites in the United States. GLK-321 is an investigational drug candidate using Glaukos' proprietary iLution platform, a dropless transdermal delivery system applied to the outer surface of the eyelids, with physostigmine as its active pharmaceutical ingredient. The primary efficacy endpoint assesses the proportion of study eyes achieving elimination of collarettes following six weeks of treatment. Demodex blepharitis is a chronic eyelid disease associated with Demodex mite infestation, characterized by inflammation, irritation, redness, itching, and the presence of collarettes at the base of eyelashes, and is believed to be significantly underdiagnosed.