Harrow, Inc., a leading eyecare pharmaceutical company, reported significant financial developments in its 10-Q filing for the three and nine months ended September 30, 2024. Total revenues for the third quarter reached $49.3 million, a substantial increase from $34.3 million in the same period of 2023. For the nine months, revenues rose to $132.8 million, compared to $93.8 million in the prior year. This growth was primarily driven by a notable increase in product sales, particularly in the branded segment, which generated $28.6 million in Q3 2024, up from $14.5 million in Q3 2023.
Despite the revenue growth, Harrow reported a net loss of $4.2 million for Q3 2024, slightly improved from a loss of $4.4 million in Q3 2023. For the nine-month period, the net loss widened to $24.3 million, compared to $15.3 million in the same period last year. The increase in losses was attributed to higher operating expenses, including research and development costs associated with expanding the branded product portfolio and product launches.
Total assets increased to $351.5 million as of September 30, 2024, up from $312.2 million at the end of 2023. However, total liabilities also rose significantly to $293.9 million from $241.8 million, leading to a decrease in stockholders' equity to $57.6 million from $70.4 million. The accumulated deficit grew to $(158.2 million) from $(133.9 million) at the end of 2023.
Strategically, Harrow has been active in expanding its product offerings and market presence. The company launched VEVYE, a new treatment for dry eye disease, in January 2024, and entered into a license and supply agreement with Apotex Inc. for exclusive rights to market certain products in Canada. Additionally, in October 2024, Harrow drew down $30 million from its Oaktree Loan to fund a milestone payment related to the commercial availability of TRIESENCE.
The company also faced challenges, including a cybersecurity incident in November 2024 that involved unauthorized access to an employee's email account, although the impact on financial results was deemed immaterial. Harrow continues to evaluate its operational strategies and financial needs, indicating potential future capital requirements to support its growth initiatives.
About HARROW, INC.
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