0001493152-26-008562 | 10-K | XBRL Viewer

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SCHEDULE OF PERFORMANCE STOCK UNITS ACTIVITY (Details)	12 Months Ended
SCHEDULE OF PERFORMANCE STOCK UNITS ACTIVITY (Details)	Dec. 31, 2025 $ / shares shares
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Number of Shares, unvested, outstanding, beginning balance \| shares	353,112
Weighted average grant date fair value, beginning balance \| $ / shares	$ 22.55
Number of Shares, PSUs granted \| shares	126,544
Weighted average grant date fair value, PSUs granted \| $ / shares	$ 31.45
Number of Shares, PSUs vested \| shares	(98,444)
Weighted average grant date fair value, PSUs vested \| $ / shares	$ 21.64
Number of Shares, PSUs cancelled/forfeited \| shares	(167,000)
Weighted average grant date fair value, PSUs cancelled/forfeited \| $ / shares	$ 24.00
Number of Shares, unvested, outstanding, ending balance \| shares	214,212
Weighted average grant date fair value, ending balance \| $ / shares	$ 27.09
Performance Shares [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Number of Shares, unvested, outstanding, beginning balance \| shares	1,567,913
Weighted average grant date fair value, beginning balance \| $ / shares	$ 18.56
Number of Shares, PSUs granted \| shares	1,295,250
Weighted average grant date fair value, PSUs granted \| $ / shares	$ 25.06
Number of Shares, PSUs vested \| shares	(1,567,913)
Weighted average grant date fair value, PSUs vested \| $ / shares	$ 18.56
Number of Shares, PSUs cancelled/forfeited \| shares
Weighted average grant date fair value, PSUs cancelled/forfeited \| $ / shares
Number of Shares, unvested, outstanding, ending balance \| shares	1,295,250
Weighted average grant date fair value, ending balance \| $ / shares	$ 25.06

SCHEDULE OF ESTIMATED FAIR VALUE (Details) - USD ($)	Dec. 31, 2025	Dec. 31, 2024
Platform Operator, Crypto Asset [Line Items]
Carrying value	$ 250,000,000	$ 226,513,000
Fair Value, Inputs, Level 1 [Member] \| 2030 Notes [Member]
Platform Operator, Crypto Asset [Line Items]
Carrying value	243,184,000
Fair value	262,500,000
Fair Value, Inputs, Level 1 [Member] \| 2026 Notes [Member]
Platform Operator, Crypto Asset [Line Items]
Carrying value		74,002,000
Fair value		75,840,000
Fair Value, Inputs, Level 1 [Member] \| 2027 Notes [Member]
Platform Operator, Crypto Asset [Line Items]
Carrying value		38,130,000
Fair value		42,198,000
Fair Value, Inputs, Level 2 [Member] \| Oaktree Loan [Member]
Platform Operator, Crypto Asset [Line Items]
Carrying value		107,407,000
Fair value		$ 112,932,000

- Definition

Fair value portion of debt instrument payable, including, but not limited to, notes payable and loans payable.

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+ Details

Cybersecurity Risk Management and Strategy Disclosure	12 Months Ended
Cybersecurity Risk Management and Strategy Disclosure	Dec. 31, 2025
Cybersecurity Risk Management, Strategy, and Governance [Abstract]
Cybersecurity Risk Management Processes for Assessing, Identifying, and Managing Threats [Text Block]	We are subject to cybersecurity threats that could have a material adverse impact on our results of operations, financial condition and cash flows, as well as our operations—including our manufacturing and marketing capabilities. We operate a risk-based cybersecurity program which is designed to: (i) ensure the security, confidentiality, integrity and availability of our information and systems; (ii) protect against anticipated or actual cyber threats to our information and systems; and (iii) protect against unauthorized access and/or use of our information and systems. Overall cybersecurity risk reporting is integrated with our enterprise risk management program, is included in discussions with the Audit Committee of our Board of Directors and disclosed where appropriate. Our information technology and cybersecurity function is headed by our CEO, and Vice President of Information Technology, who are responsible for managerial oversight of our cybersecurity program. Our VP of Information Technology is an IT leader with over 20 years of experience. He holds a degree in Business Management - Administrative Data Systems and combines high-level security expertise including Microsoft Certified Solutions Expert (MCSE) and Fortinet Network Security Expert (NSE) certifications with a proven track record of securing enterprise-level data systems and optimizing technical operations. We utilize a layered approach in assessing, identifying, evaluating and managing material risks from cybersecurity threats, and leverage outside partners to gain intelligence on threats. We take input from industry activities, third party assessments and internal simulations and continuously adjust our protection mechanisms to be effective. We also assess operational and data security risks associated with our use of third-party service providers, understanding where failure points may exist within our supply chain operations and data protections. If we learn of a cybersecurity incident at a third-party service provider, our information technology department will maintain communication with that third-party service provider and communicate any cybersecurity incidents to the Vice President of Information Technology and CEO. All Harrow employees receive information security training (including data protection and fraud awareness) on an annual basis, and we use industry standard technology to monitor systems for anomalous behavior. We also require employees in certain roles to complete additional role-based, specialized cybersecurity trainings. In the event an incident were to occur, a Security Incident Response Team would be convened that consists of members from many functions, including legal counsel, the Vice President of Information Technology and the CEO.
Cybersecurity Risk Management Processes Integrated [Flag]	true
Cybersecurity Risk Management Third Party Engaged [Flag]	true
Cybersecurity Risk Materially Affected or Reasonably Likely to Materially Affect Registrant [Flag]	false
Cybersecurity Risk Process for Informing Board Committee or Subcommittee Responsible for Oversight [Text Block]	Our Board of Directors has the ultimate oversight of the Company’s risks—including cybersecurity risks—with our Audit Committee assisting the Board of Directors in its oversight of cyber and information security risks. Members of management that possess information security certifications and many years of experience work with our legal, finance and corporate governance functions to identify, define and report cybersecurity risks, policies and procedures and incident response plans. The Audit Committee receives updates on our cybersecurity program from management on a regular basis and more frequently as determined to be necessary or advisable. Updates to the Audit Committee include policies, processes, procedures and any significant developments related to the identification, mitigation and remediation of cybersecurity risks, as well as effectiveness and changes in our ability to monitor, protect, detect and respond to incidents, risk reviews and industry news briefings. The Audit Committee also ensures that management provides a cyber and information security update to the Board of Directors at least annually. Finally, in the event a material cybersecurity incident were to occur, the CEO and Vice President of Information Technology would brief the Audit Committee which would then be responsible for assessing the materiality of the incident and making the determination of materiality and any related disclosure.
Cybersecurity Risk Management Positions or Committees Responsible [Flag]	true
Cybersecurity Risk Management Positions or Committees Responsible [Text Block]	Our information technology and cybersecurity function is headed by our CEO, and Vice President of Information Technology, who are responsible for managerial oversight of our cybersecurity program.
Cybersecurity Risk Management Expertise of Management Responsible [Text Block]	Members of management that possess information security certifications and many years of experience work with our legal, finance and corporate governance functions to identify, define and report cybersecurity risks, policies and procedures and incident response plans.
Cybersecurity Risk Management Positions or Committees Responsible Report to Board [Flag]	true

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Dec. 31, 2025
Insider Trading Arrangements [Line Items]
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

SCHEDULE OF UNRECOGNIZED TAX BENEFITS (Details) - USD ($)	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Income Tax Disclosure [Abstract]
Beginning balance	$ 2,858,000	$ 2,822,000
Additions for tax positions related to current year	101,000	5,000
Additions (reductions) for tax positions related to prior years	(2,522,000)	32,000
Reductions to tax positions related to lapse of statute	(130,000)
Ending balance	$ 307,000	$ 2,858,000

SCHEDULE OF LONG TERM DEBT (Details) - USD ($)	Dec. 31, 2025	Dec. 31, 2024
Short-Term Debt [Line Items]
Notes payable gross	$ 250,000,000	$ 226,513,000
Less: Unamortized debt issuance costs	(6,816,000)	(6,974,000)
Notes payable net	243,184,000	219,539,000
8.625% Senior Notes Due 2026 [Member]
Short-Term Debt [Line Items]
Notes payable gross		75,000,000
8.625% Senior Notes due September 2030 [Member]
Short-Term Debt [Line Items]
Notes payable gross	250,000,000
11.875% Senior Notes Due 2027 [Member]
Short-Term Debt [Line Items]
Notes payable gross		40,250,000
Oaktree Loan due January 2026 [Member]
Short-Term Debt [Line Items]
Notes payable gross		$ 111,263,000

SCHEDULE OF FAIR VALUE ASSUMPTIONS (Details) - Share-Based Payment Arrangement, Option [Member] - $ / shares	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Weighted-average fair value of options granted	$ 23.92	$ 11.46	$ 11.49
Expected terms (in years)	6 years 1 month 9 days	6 years 1 month 9 days	6 years 1 month 9 days
Expected volatility minimum	71.00%	68.00%	68.00%
Expected volatility maximum		73.00%	70.00%
Risk-free interest rate minimum	3.84%	3.72%	3.59%
Risk-free interest rate maximum	4.53%	4.48%	4.80%
Dividend yield

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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+ Details

SCHEDULE OF SEGMENT NET REVENUES (Details) - USD ($)	12 Months Ended
SCHEDULE OF SEGMENT NET REVENUES (Details) - USD ($)	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Segment Reporting Information [Line Items]
Total revenues	$ 272,303,000	$ 199,614,000	$ 130,193,000
Cost of sales	(67,934,000)	(49,245,000)	(39,640,000)
Gross profit	204,369,000	150,369,000	90,553,000
Operating expenses:
Selling, general and administrative	152,914,000	129,064,000	83,090,000
Research and development	20,940,000	12,230,000	6,652,000
Segment contribution	30,515,000	8,822,000	431,000
Product Sales Net [Member]
Segment Reporting Information [Line Items]
Total revenues	271,909,000	198,619,000	117,447,000
Other Revenues [Member]
Segment Reporting Information [Line Items]
Total revenues	394,000	995,000	12,746,000
Operating Segments [Member]
Segment Reporting Information [Line Items]
Total revenues	272,303,000	199,614,000	130,193,000
Cost of sales	(67,934,000)	(49,245,000)	(39,640,000)
Gross profit	204,369,000	150,369,000	90,553,000
Operating expenses:
Selling, general and administrative	115,697,000	85,908,000	47,336,000
Research and development	20,013,000	3,276,000	1,607,000
Segment contribution	68,659,000	61,185,000	41,610,000
Operating Segments [Member] \| Selling General And Administrative Expense [Member]
Operating expenses:
Segment contribution	37,217,000	43,409,000	36,134,000
Operating Segments [Member] \| Research And Development Expenses [Member]
Operating expenses:
Segment contribution	927,000	8,954,000	5,045,000
Operating Segments [Member] \| Product Sales Net [Member]
Segment Reporting Information [Line Items]
Total revenues	271,909,000	198,619,000	117,447,000
Operating Segments [Member] \| Other Revenues [Member]
Segment Reporting Information [Line Items]
Total revenues	394,000	995,000	12,746,000
Branded [Member]
Segment Reporting Information [Line Items]
Total revenues	195,756,000	116,115,000	50,258,000
Branded [Member] \| Operating Segments [Member]
Segment Reporting Information [Line Items]
Total revenues	195,756,000	116,115,000	50,258,000
Cost of sales	(37,230,000)	(21,667,000)	(12,662,000)
Gross profit	158,526,000	94,448,000	37,596,000
Operating expenses:
Selling, general and administrative	86,324,000	62,301,000	18,126,000
Research and development	18,667,000	2,890,000	641,000
Segment contribution	53,535,000	29,257,000	18,829,000
Branded [Member] \| Operating Segments [Member] \| Product Sales Net [Member]
Segment Reporting Information [Line Items]
Total revenues	195,362,000	115,120,000	37,512,000
Branded [Member] \| Operating Segments [Member] \| Other Revenues [Member]
Segment Reporting Information [Line Items]
Total revenues	394,000	995,000	12,746,000
ImprimisRx [Member]
Segment Reporting Information [Line Items]
Total revenues	76,547,000	83,499,000	79,935,000
ImprimisRx [Member] \| Operating Segments [Member]
Segment Reporting Information [Line Items]
Total revenues	76,547,000	83,499,000	79,935,000
Cost of sales	(30,704,000)	(27,578,000)	(26,978,000)
Gross profit	45,843,000	55,921,000	52,957,000
Operating expenses:
Selling, general and administrative	29,373,000	23,607,000	29,210,000
Research and development	1,346,000	386,000	966,000
Segment contribution	15,124,000	31,928,000	22,781,000
ImprimisRx [Member] \| Operating Segments [Member] \| Product Sales Net [Member]
Segment Reporting Information [Line Items]
Total revenues	76,547,000	83,499,000	79,935,000
ImprimisRx [Member] \| Operating Segments [Member] \| Other Revenues [Member]
Segment Reporting Information [Line Items]
Total revenues

STOCKHOLDERS’ EQUITY AND STOCK-BASED COMPENSATION (Details Narrative) - USD ($)	1 Months Ended		12 Months Ended
	Jul. 31, 2025	Apr. 30, 2023	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Accumulated Other Comprehensive Income (Loss) [Line Items]
Preferred stock, shares authorized			5,000,000	5,000,000
Preferred stock, par or stated value per share			$ 0.001	$ 0.001
Preferred stock, shares issued			0	0
Preferred stock, shares outstanding			0	0
Share-based compensation awards, shares			1,606,945	453,954	1,379,406
Number of shares sold					3,887,324
Proceeds from issuance of common stock					$ 64,520,000
Other offering expenses					4,480,000
Intrinsic value of options exercised			32,143,000	7,011,000	4,580,000
Recognized tax benefit from stock options exercised			0	0	0
Stock-based compensation			$ 12,502,000	17,619,000	15,696,000
Number of shares granted			126,544
Share-Based Payment Arrangement, Tranche One [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Share price	$ 50	$ 25.00	$ 50
Share Based Compensation Award Tranche Four [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Share price	$ 100	$ 50.00	$ 100
Employees and Directors [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Forfeiture factor rate			10.00%
Share-Based Payment Arrangement, Option [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Closing price of common stock price per share			$ 49.00
Unrecognized compensation expense			$ 6,753,000
Weighted-average period years			3 years 3 months
Stock-based compensation			$ 1,103,000	$ 624,000	$ 782,000
Fair value expected term			6 years 1 month 9 days	6 years 1 month 9 days	6 years 1 month 9 days
Share-Based Payment Arrangement, Option [Member] \| Employees and Consultant [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Vesting term description			The stock options were granted with an exercise price equal to the current market price of the Company’s common stock, as reported by the securities exchange on which the common stock was then listed, at the grant date and have contractual terms of 10 years. Vesting terms for options granted to employees during the year ended December 31, 2025 generally included one of the following vesting schedules: 25% of the shares subject to the option vest and become exercisable on the first anniversary of the grant date and the remaining 75% of the shares subject to the option vest and become exercisable quarterly in equal installments thereafter over three years; and 100% of the shares subject to the option vest on a quarterly basis in equal installments over three years
Performance Stock Units PSU [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Number of shares granted	1,295,250	1,567,913
Number of restrcited shares, value			$ 32,465,000		$ 29,106,000
Fair value expected term			5 years		5 years
Volatility rate			72.00%		65.00%
Risk-free interest rate			3.80%		10.34%
Fair value amortization term			3 years		2 years
Phantom Share Units (PSUs) [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Unrecognized compensation expense			$ 29,759,000
Weighted-average period years			2 years 6 months
Stock-based compensation			$ 9,049,000	$ 14,553,000	$ 13,753,000
Performance Stock Units [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Recognized tax benefit from the vesting			0	0	0
Restricted Stock Units (RSUs) [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Unrecognized compensation expense			$ 4,374,000
Weighted-average period years			1 year 3 months 18 days
Stock-based compensation			$ 2,352,000	2,442,000	1,161,000
Tax benefit from stock options exercised			$ 265,000	$ 12,000	$ 0
Restricted Stock Units (RSUs) [Member] \| Directors [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Number of shares granted			29,356	43,961	41,301
Number of restrcited shares, value			$ 901,000	$ 790,000	$ 800,000
Restricted Stock Units (RSUs) [Member] \| Employees [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Number of shares granted			97,188	283,870	86,873
Number of restrcited shares, value			$ 3,079,000	$ 7,286,000	$ 697,000
Number of restrcited shares, description					third
Maximum [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Stock issued during the period, shares			546,583
Maximum [Member] \| Restricted Stock Units (RSUs) [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Weighted-average period years			4 years	4 years
Minimum [Member] \| Restricted Stock Units (RSUs) [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Weighted-average period years			3 years	3 years
2017 Incentive Stock and Awards Plan [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Shares available for future issuances			3,720,718
2017 Incentive Stock and Awards Plan [Member] \| Maximum [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Shares issued for common stock			6,000,000
Two Thousand And Fifty Five Incentive Stockand Awards Plan [Member] \| Maximum [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Shares issued for common stock			3,950,000
Common Stock [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Share-based compensation awards, shares			958,226	259,024	235,975
Share price per share					$ 17.75
Stock issued during the period, shares					3,887,324

SCHEDULE OF ACCRUALS AND ALLOWANCES (Details) - USD ($)

12 Months Ended

Dec. 31, 2025

Dec. 31, 2024

Dec. 31, 2023

SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items]

Balance

^[1]

$ 59,631,000

$ 33,307,000

$ 706,000

Accruals/Adjustments

224,591,000

215,379,000

49,172,000

Credits Taken Against Reserve

(215,841,000)

(189,055,000)

(16,571,000)

Balance

^[1]

68,381,000

59,631,000

33,307,000

Chargebacks [Member]

SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items]

Balance

^[1]

960,000

2,810,000

256,000

Accruals/Adjustments

40,610,000

8,607,000

6,093,000

Credits Taken Against Reserve

(30,543,000)

(10,457,000)

(3,539,000)

Balance

^[1]

11,027,000

960,000

2,810,000

Government Rebates [Member]

SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items]

Balance

^[1]

12,360,000

3,585,000

Accruals/Adjustments

31,627,000

11,968,000

5,153,000

Credits Taken Against Reserve

(15,770,000)

(3,193,000)

(1,568,000)

Balance

^[1]

28,217,000

12,360,000

3,585,000

Allowances For Sales Returns [Member]

SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items]

Balance

^[1]

1,449,000

771,000

49,000

Accruals/Adjustments

15,619,000

9,089,000

1,576,000

Credits Taken Against Reserve

(9,050,000)

(8,411,000)

(854,000)

Balance

^[1]

8,018,000

1,449,000

771,000

Administrative Fees and Other Rebates [Member]

SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items]

Balance

^[1]

32,873,000

24,069,000

370,000

Accruals/Adjustments

89,952,000

81,722,000

33,498,000

Credits Taken Against Reserve

(106,285,000)

(72,918,000)

(9,799,000)

Balance

^[1]

16,540,000

32,873,000

24,069,000

Co Pay Assistance [Member]

SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items]

Balance

^[1]

9,612,000

971,000

Accruals/Adjustments

40,991,000

98,052,000

1,310,000

Credits Taken Against Reserve

(48,518,000)

(89,411,000)

(339,000)

Balance

^[1]

2,085,000

9,612,000

971,000

Reserves For Cash Discount [Member]

SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items]

Balance

^[1]

2,377,000

1,101,000

31,000

Accruals/Adjustments

5,792,000

5,941,000

1,542,000

Credits Taken Against Reserve

(5,675,000)

(4,665,000)

(472,000)

Balance

^[1]

$ 2,494,000

$ 2,377,000

$ 1,101,000

[1]

Chargebacks and other allowances are included as an offset to accounts receivable in the consolidated balance sheets. Administrative Fees and Other Rebates, Prompt Payment Discounts and Returns are included as a reduction to accounts receivable, net of chargebacks and other allowances or accrued expenses and other in the consolidated balance sheets. Government Rebates are included in accrued government rebates and copay assistance in the consolidated balance sheets.

INVESTMENT IN MELT PHARMACEUTICALS, INC. AND AGREEMENTS – RELATED PARTY TRANSACTIONS

12 Months Ended

Dec. 31, 2025

Investments, Debt and Equity Securities [Abstract]

INVESTMENT IN MELT PHARMACEUTICALS, INC. AND AGREEMENTS – RELATED PARTY TRANSACTIONS

NOTE 5. INVESTMENT IN MELT PHARMACEUTICALS, INC. AND AGREEMENTS – RELATED PARTY TRANSACTIONS

In December 2018, the Company entered into an asset purchase agreement (the “Melt APA”) with Melt Pharmaceuticals, Inc. (“Melt”). Pursuant to the terms of the Melt APA, Melt was assigned certain intellectual property and related rights from the Company to develop, formulate, make, sell, and sub-license certain Company conscious sedation and analgesia related formulations (collectively, the “Melt Products”). Under the terms of the Melt APA, Melt was required to make mid-single digit royalty payments to the Company on net sales of the Melt Products while any patent rights remain outstanding, as well as other conditions.

In connection with the settlement of a Note receivable from Melt of $18,395,000 in 2023, the Company received 2,260,000 shares of Melt’s Series B-1 Preferred Stock and 74,256 shares of Melt’s Series B Preferred Stock (which both series have similar rights and preferences) in consideration for the full payment of all outstanding amounts under the Melt Loan Agreement. The Settlement Agreement contains customary representations, warranties and releases of the parties and requires the parties to enter into a registration rights agreement providing the Company with rights consistent with other holders of preferred stock of Melt. The Company concluded the Settlement Agreement was in substance a funding of the Company’s share of prior unrecorded losses and, therefore, those suspended losses must be recognized first against the value of the new preferred stock investments. This resulted in reducing the carrying value of the Company’s investment in Melt, including the carrying value of the Preferred Stock received, to zero (the consideration received in the form of an equivalent fair value of Melt’s Preferred Stock to settle the full outstanding note receivable balance of $18,400,000 is offset by an equal amount of the funding of prior unrecorded losses).

In accordance with ASC 323, Investments – Equity Method and Joint Ventures, the carrying amount of the note receivable and other investments in Melt have been reduced to zero by the Company’s allocated share of Melt’s losses based on its ownership of Melt and its total indebtedness (see Note 2).

Acquisition of Remaining Interests in Melt Pharmaceuticals, Inc. - Related Party

In September 2025, the Company entered into an Agreement and Plan of Merger (the “Merger Agreement”) by and among the Company, Harrow Acquisition Sub, Inc., a wholly owned subsidiary of the Company, Melt Pharmaceuticals, Inc. (“Melt”), and D. Brad Osborne, as stockholder representative. The transaction closed on November 17, 2025.

Under the terms of the Merger Agreement and related milestone payment agreement, the Company agreed to acquire the remaining equity interests of Melt in exchange for an initial cash payment of approximately $4,300,000 at closing, and contingent consideration consisting of cash and Company equity upon achievement of (i) FDA approval of the MELT-300 product candidate, (ii) coding and reimbursement of the MELT-300 product candidate, and (iii) various one-time sales milestones, as follows:

	●	Upon FDA approval of MELT-300, the Company shall pay an aggregate amount in cash of approximately $87,200,000.

	●	Upon receipt of pass-through status awarded and J-Code (or any other similar designation) issued by the Center for Medicare & Medicaid Services for MELT-300 the Company shall issue an aggregate of approximately 1,112,000 shares of the Company’s common stock.

	●	Upon achievement of various annual net sales milestones ranging from $100,000,000 to $1,000,000,000 per year, the Company shall make one-time cash payments that in the aggregate may total up to approximately $260,000,000 if all annual net sales milestones are achieved.

The regulatory and commercial milestones must be achieved on or before December 31, 2035.

The Company accounted for the Melt transaction as an asset acquisition and expensed the one-time upfront consideration of $4,358,000 and other costs of $4,092,000 associated with the transaction as acquired IPR&D.

INCOME TAXES

12 Months Ended

Dec. 31, 2025

Income Tax Disclosure [Abstract]

INCOME TAXES

NOTE 16. INCOME TAXES

The Company is subject to taxation in the U.S., New Jersey, Tennessee, and various other states. All of the Company’s pre-tax income is generated in the U.S. The Company’s income tax provision consists of the following for the year ended December 31, 2025:

SCHEDULE OF PROVISION FOR INCOME TAXES

	2025
Current
Federal	$	2,206,000
State and Local		1,565,000
Foreign		-
Total current		3,771,000
Deferred
Federal		-
Foreign		-
State and Local		-
Total deferred		-
Income Tax Provision	$	3,771,000

A reconciliation of income taxes computed by applying the statutory U.S. income tax rate to the Company’s loss before income taxes to the income tax provision for the year ended December 31, 2025 is as follows:

	Year Ended December 31, 2025
	Amount			Percent
U.S. Federal Statutory Tax Rate	$	(287,000	)		21.00	%
State and Local Income Taxes, Net of Federal Income Tax Effect(1)		1,248,000			(91.23	)
Tax Credits
Research and Development Credits		(356,000	)		26.02
Changes in Valuation Allowances		(783,000	)		57.24
Nontaxable or Nondeductible Items
Executive Compensation Limitations		8,691,000			(635.31	)
Stock Compensation Windfalls		(6,979,000	)		510.16
Transaction Fees		1,774,000			(129.68	)
Incentive Stock Options		(81,000	)		5.92
Meals and Entertainment		531,000			(38.82	)
Other Permanent Adjustments		1,000			(0.07	)
Changes in Unrecognized Tax Benefits		(19,000	)		1.39
Other Adjustments
Return to Provision		31,000			(2.27	)
Effective Income Tax Rate	$	3,771,000			(275.66	)%

(1)

The state that contributed to the majority (greater than 50%) of the tax effect in this category was Tennessee for 2025.

The Company’s income tax provision consists of the following for the years ended December 31, 2024 and 2023:

	2024		2023
	December 31,
	2024		2023
Current:
Federal	$	46,000	$	-
State		115,000		701,000
Total current	$	161,000	$	701,000

Deferred:
Federal	$	-	$	-
State		-		-
Total deferred		-		-
Income tax provision	$	161,000	$	701,000

A reconciliation of income taxes computed by applying the statutory U.S. income tax rate to the Company’s loss before income tax provision to the income tax provision for the years ended December 31, 2024 and 2023 is as follows:

SCHEDULE OF INCOME TAX RATE

	2024			2023
	December 31,
	2024			2023
U.S. federal statutory tax rate		21.00	%		21.00	%
State tax benefit, net		(2.49	)%		0.77	%
Rate change		1.87	%		(8.02	)%
Employee stock-based compensation		(8.61	)%		19.93	%
Excess Employee remuneration		(5.95	)%		(30.83	)%
Melt loan settlement		-	%		(4.52	)%
Other		1.71	%		2.97	%
Uncertain tax positions		0.09	%		(11.71	)%
Research and development tax credit		2.66	%		0.53	%
Provision-to-return true-ups		(0.75	)%		1.72	%
Other true-ups		(1.87	)%		(0.43	)%
Total		7.66	%		(8.59	)%
Change in valuation allowance		(8.59	)%		5.71	%
Effective income tax rate		(0.93	)%		(2.88	)%

Deferred tax assets and liabilities reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. Significant components of the Company’s deferred tax assets as of December 31, 2025 and 2024 are as follows:

	2025			2024
Deferred tax assets
Net operating loss carryforwards	$	12,332,000		$	2,448,000
Interest expense limitation carryforwards		4,768,000			4,605,000
Capitalized research & experimentation		4,791,000			2,276,000
Amortization		2,870,000			1,753,000
Accrued chargebacks & returns		2,035,000			290,000
Stock compensation		1,313,000			1,523,000
Investment in Melt Pharmaceuticals		-			3,620,000
Accrued rebates		1,454,000			438,000
Lease liability		2,232,000			2,304,000
Accrued bonus		1,881,000			-
Obsolete inventory reserve		431,000			354,000
Accrued vacation		455,000			346,000
Research credit carryforwards		78,000			577,000
Other accruals and reserves		336,000			974,000
Total deferred tax assets		34,976,000			21,508,000
Valuation allowances		(29,247,000	)		(17,610,000	)
Net deferred tax assets		5,729,000			3,898,000

Deferred tax liabilities
Prepaid expenses		2,383,000			1,777,000
Tax accounting method change		1,347,000			-
Depreciation		23,000			-
Right-of-use assets		1,976,000			2,121,000
Total deferred tax liabilities		5,729,000			3,898,000
Net deferred tax liability	$	-		$	-

As of December 31, 2025, the Company had federal net operating loss carryforwards of approximately $37,124,000 which will be carried forward indefinitely and may be used to offset up to 80% of federal taxable income. During 2025, $36,069,000 federal net operating loss carryforwards were acquired from Melt Pharmaceuticals and are subject to a Section 382 limitation. In addition, the Company has state net operating loss carryforwards of $75,332,000, of which $74,546,000 will begin to expire in 2032 and the remainder will be carried forward indefinitely. During 2025, $49,302,000 of state net operating loss carryforwards were acquired from Melt Pharmaceuticals and are subject to Section 382 limitations. Additionally, the Company has state research and development credit carryforwards of $100,000.

Realization of deferred tax assets is dependent upon future taxable income, if any, the timing and amount of which are uncertain. Accordingly, a valuation allowance has been recorded for the amount of the net deferred tax assets. A rollforward of the valuation allowance is as follows:

SCHEDULE OF VALUATION ALLOWANCE

	2025		2024
Beginning balance	$	17,610,000	$	15,631,000
Increases to the valuation allowance		11,637,000		1,979,000
Decreases to the valuation allowance		-		-
Ending balance	$	29,247,000	$	17,610,000

During the year ended December 31, 2025, the Company did not pay any Federal income tax and paid $93,000 of state income taxes, as follows:

SCHEDULE OF STATE INCOME TAX PAID


Tennessee	$	57,000
Colorado		17,000
New Jersey		10,000
Massachusetts		8,000
Other		1,000
State income taxes paid	$	93,000

As of December 31, 2025 and 2024, the Company had approximately $307,000 and $2,858,000, respectively of unrecognized tax benefits which, if fully recognized, would decrease its effective tax rate. Interest or penalties of $13,000 and $69,000 were accrued relating to unrecognized tax benefits as of December 31, 2025 and 2024, respectively.

A reconciliation of the change in the unrecognized tax benefits balance for the years ended December 31, 2025 and 2024 is as follows:

SCHEDULE OF UNRECOGNIZED TAX BENEFITS

	2025			2024
Beginning balance	$	2,858,000		$	2,822,000
Additions for tax positions related to current year		101,000			5,000
Additions (reductions) for tax positions related to prior years		(2,522,000	)		32,000
Reductions to tax positions related to lapse of statute		(130,000	)		-
Ending balance	$	307,000		$	2,858,000

- Definition

The entire disclosure for income tax.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 740
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
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-URI https://asc.fasb.org/1943274/2147480738/235-10-S50-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12

Reference 5: http://www.xbrl.org/2003/role/exampleRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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-SubTopic 10
-Name Accounting Standards Codification
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-Paragraph 12C
-Publisher FASB
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12B
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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-SubTopic 270
-Name Accounting Standards Codification
-Section 50
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/740/tableOfContent

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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-SubTopic 10
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-21

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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-Subparagraph (b)
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-Paragraph 2
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-Topic 740
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482603/740-30-50-2

+ Details

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)

12 Months Ended

Dec. 31, 2025

Accounting Policies [Abstract]

Basis of Presentation

Basis of Presentation

Harrow has prepared the accompanying consolidated financial statements in accordance with accounting principles generally accepted in the U.S. (“GAAP”). The accompanying consolidated financial statements include the accounts of the Company and its wholly owned and majority-owned subsidiaries.

Harrow consolidates entities in which it has a controlling financial interest. The Company assesses control under the variable interest entity (“VIE”) model to determine whether the Company is the primary beneficiary of that entity. The Company consolidates (i) entities in which it holds and/or controls, directly or indirectly, more than 50% of the voting rights, and (ii) VIEs for which the Company is deemed to be the primary beneficiary. All intercompany accounts and transactions have been eliminated in consolidation.

Use of Estimates

Use of Estimates

The preparation of financial statements in conformity with GAAP requires management to make estimates and judgments that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and reported amounts of revenues and expenses during the reporting periods. Significant estimates made by management are, among others, allowance for credit losses, variable consideration determined based on accruals for chargebacks, administrative fees and rebates, government rebates, returns and other allowances, renewal periods and discount rates for leases, realizability of inventories, recoverability of investments, realizability of deferred tax assets, recoverability of long-lived assets and goodwill, valuations and purchase price allocations related to business combinations and asset acquisitions, fair value of loans payable, and valuation of stock-based transactions with employees and non-employees. Actual results could differ from those estimates.

Risks and Uncertainties

Risks and Uncertainties

The Company is subject to certain regulatory standards, approvals, guidelines and inspections which could impact the Company’s ability to make, dispense, and sell certain products or subject the Company to enforcement actions. The Company’s 503B facility was inspected in 2024. The Company has been in discussions with the U.S. Food and Drug Administration (“FDA”) regarding the 2024 and other past FDA inspections of its 503B facility and has developed action plans to address observations made by FDA during these inspections and has communicated those plans to FDA. If the Company was required to cease compounding and selling certain products as a result of regulatory guidelines or inspections, it could have a material impact on the Company’s financial condition, liquidity and results of operations.

Credit Losses

Credit Losses

The Company estimates and records a provision for its expected credit losses related to its financial instruments, including its trade receivables. Management considers historical collection rates, the current financial status of the Company’s customers, macroeconomic factors, and other industry-specific factors when evaluating current expected credit losses. Forward-looking information is also considered in the evaluation of current expected credit losses. However, because of the short time to the expected receipt of accounts receivable, management believes that the carrying value, net of expected losses, approximates fair value and therefore, relies more on historical and current analysis of such financial instruments, including its trade receivables.

To determine the provision for credit losses for accounts receivable, the Company has disaggregated its accounts receivable by class of customer at the business component level, as management determined that risk profile of the Company’s customers is consistent based on the type and industry in which they operate, mainly in the pharmaceuticals industry. Each business component is analyzed for estimated credit losses individually. In doing so, the Company establishes a historical loss matrix, based on the previous collections of accounts receivable by the age of such receivables, and evaluates the current and forecasted financial position of its customers, as available. Further, the Company considers macroeconomic factors and the status of the pharmaceuticals industry to estimate if there are current expected credit losses within its trade receivables based on the trends of the Company’s expectation of the future status of such economic and industry-specific factors. Also, specific allowance amounts are established based on review of outstanding invoices to record the appropriate provision for customers that have a higher probability of default.

Accounts receivable at December 31, 2025 and 2024 are net of allowances for credit losses of $884,000 and $416,000, respectively. The following table provides a roll-forward of the allowance for credit losses that is deducted from the amortized cost basis of accounts receivable to present the net amount expected to be collected at December 31, 2025 and 2024:

Balance at January 1, 2023	$	73,000
Change in expected credit losses		332,000
Write-offs, net of recoveries		(34,000	)
Balance at December 31, 2023		371,000
Change in expected credit losses		120,000
Write-offs, net of recoveries		(75,000	)
Balance at December 31, 2024		416,000
Change in expected credit losses		555,000
Write-offs, net of recoveries		(87,000	)
Balance at December 31, 2025	$	884,000

Business Combinations and Asset Acquisitions

Business Combinations and Asset Acquisitions

The Company evaluates acquisitions of assets and other similar transactions to assess whether the transaction should be accounted for as a business combination or asset acquisition by first applying a screen to determine if substantially all of the fair value of the gross assets acquired is concentrated in a single identifiable asset or group of similar identifiable assets. If the screen is met, the transaction is accounted for as an asset acquisition. If the screen is not met, further determination is required as to whether the Company has acquired inputs, process, and output, which would meet the requirements of a business. If determined to be a business combination, the Company accounts for the transaction under the acquisition method of accounting as indicated in the Financial Accounting Standards Board (the “FASB”) Accounting Standards Codification (“ASC”).

ASC 805, Business Combinations, requires the acquiring entity in a business combination to recognize the fair value of all assets acquired, liabilities assumed, and any non-controlling interest in the acquiree and establishes the acquisition date as the fair value measurement point. Accordingly, the Company recognizes assets acquired and liabilities assumed in business combinations, including any contingent assets and liabilities, and any non-controlling interest in the acquiree based on the fair value estimates as of the date of acquisition. The Company recognizes and measures goodwill as of the acquisition date, as the excess of the fair value of the consideration paid over the fair value of the identified net assets acquired.

The consideration for the Company’s business acquisitions may include future payments that are contingent upon the occurrence of a particular event or events. The obligations for such contingent consideration payments are recorded at fair value on the acquisition date. The contingent consideration obligations are then evaluated each reporting period. Changes in the fair value of contingent consideration, other than changes due to payments, would be recognized as a gain or loss and recorded in the consolidated statement of operations.

If determined to be an asset acquisition, the Company accounts for the transaction under ASC 805-50, Business Combinations – Related Issues, which requires the acquiring entity in an asset acquisition to recognize assets acquired and liabilities assumed based on the cost to the acquiring entity or a relative fair value basis, which includes transaction costs in addition to consideration given. No gain or loss is recognized as of the date of acquisition unless the fair value of non-cash assets given as consideration differs from the assets’ carrying amounts on the acquiring entity’s financial statements. Consideration transferred that is non-cash will be measured based on either the cost (which shall be measured based on the fair value of the consideration given) or the fair value of the assets acquired, and liabilities assumed, whichever is more clearly evident and more reliably measurable. The obligation for contingent consideration payments is recorded when the contingency is resolved and is probable and reasonably estimable. Contingent consideration recognized is included in the initial cost of the assets acquired and any subsequent changes in the recorded amount of contingent consideration are recognized as an adjustment to the cost basis of the acquired assets and allocated to the acquired assets based on the relative fair value at the date of acquisition. Goodwill is not recognized in an asset acquisition and any excess consideration transferred over the fair value of the net assets acquired is allocated to the identifiable assets based on relative fair values.

Noncontrolling Interests

Noncontrolling Interests

The Company recognizes any noncontrolling interest as a separate line item in equity in the consolidated financial statements. A noncontrolling interest represents the portion of equity ownership in a less-than-wholly-owned subsidiary not attributable to the Company. Generally, any interest that holds less than 50% of the outstanding voting shares is deemed to be a noncontrolling interest; however, there are other factors that are considered as well, such as decision-making rights. When applicable, and in prior periods, the Company includes the amount of net loss attributable to noncontrolling interests in consolidated net loss on the face of the consolidated statements of operations.

The Company provides in the consolidated statements of stockholders’ equity a reconciliation at the beginning and the end of the period of the carrying amount of total equity, equity attributable to the parent, and equity attributable to the noncontrolling interests that separately discloses:

	1.	net income or loss;

	2.	transactions with owners acting in their capacity as owners, showing separately contributions from and distributions to owners; and

	3.	each component of other income or loss.

The noncontrolling interests in the consolidated balance sheets as of December 31, 2025 and 2024, relate to consolidated subsidiaries for which the Company does not own 100% of the equity interests, and that no longer have active operations, assets and related financial activity.

Revenue Recognition and Deferred Revenue

Revenue Recognition and Deferred Revenue

The Company recognizes revenue at the time of transfer of promised goods or services to customers in an amount that reflects the consideration to which the Company expects to be entitled in exchange for those goods or services (see Note 3).

Cost of Sales

Cost of Sales

Cost of sales includes direct and indirect costs to manufacture formulations and other products sold, including APIs, personnel costs, packaging, storage, royalties, shipping and handling costs, depreciation and amortization of certain intangible assets and the write-off of obsolete inventory.

Research and Development

Research and Development

Research and development (“R&D”) expenses consist of expenses incurred in performing research and development activities, including salaries and benefits, other overhead expenses, and costs related to clinical trials, contract services and outsourced contracts. The Company expenses all costs related to R&D as they are incurred.

Upfront and milestone payments related to the acquisition and licensing of technology for drug and product candidates that are not yet approved by the FDA are considered acquisition of in-process R&D and expensed as R&D in the period in which the expense occurs.

Advertising Expense

Advertising Expense

Advertising costs are expensed as incurred and are included in selling, general and administrative expense in the consolidated statements of operations. Advertising expense was $8,078,000, $6,314,000 and $3,689,000 for the years ended December 31, 2025, 2024 and 2023, respectively.

Debt Issuance Costs and Debt Discount

Debt Issuance Costs and Debt Discount

Debt issuance costs and the debt discount are recorded net of notes payable in the consolidated balance sheets. Amortization of debt issuance costs and the debt discount is calculated using the effective interest method over the term of the related debt and is recorded in interest expense in the accompanying consolidated statements of operations.

Intellectual Property

Intellectual Property

The costs of acquiring intellectual property rights to be used in the research and development process, including licensing fees and milestone payments, are charged to research and development expense as incurred in situations where the Company has not identified an alternative future use for the acquired rights, and are capitalized in situations where the Company has identified an alternative future use for the acquired rights. Patents and trademarks are recorded at cost and capitalized at a time when the future economic benefits of such patents and trademarks become more certain (see “Intangible Assets, including Goodwill” below). If not capitalized, the costs are expensed as incurred.

Income Taxes

Income Taxes

As part of the process of preparing the Company’s consolidated financial statements, the Company must estimate the actual tax assets and liabilities and assess permanent and temporary differences that result from differing treatment of items for tax and accounting purposes. The temporary differences result in deferred tax assets and liabilities, which are included within the consolidated balance sheets. The Company must assess the likelihood that the deferred tax assets will be recovered from future taxable income and, to the extent the Company believes that recovery is not more likely than not, a valuation allowance must be established which reduces the amount of deferred tax assets recorded on the consolidated balance sheets. To the extent the Company establishes a valuation allowance or increase or decrease this allowance in a period, the impact will be included in income tax expense in the consolidated statements of operations.

The Company accounts for income taxes under the provisions of ASC 740, Income Taxes. As of December 31, 2025 and 2024, there was $307,000 and $2,858,000, respectively, of unrecognized tax benefits included in the consolidated balance sheets that would, if recognized, affect the effective tax rate. The Company’s policy is to recognize interest and/or penalties related to income tax matters in income tax expense. The Company had an accrual for interest or penalties of $82,000 and $69,000 in the consolidated balance sheets at December 31, 2025 and 2024, respectively, and have recognized interest and/or penalties in the consolidated statements of operations for the years ended December 31, 2025 and 2024 of $13,000 and $69,000, respectively. The Company is subject to taxation in the U.S., New Jersey, Tennessee, and various other states. The Company’s tax years since 2000 may be subject to examination by the federal and state tax authorities due to the carryforward of unutilized net operating losses.

Cash and Cash Equivalents

Cash and Cash Equivalents

Cash equivalents include short-term, highly liquid investments with maturities of three months or less at the time of acquisition.

Concentrations of Credit Risk

Concentrations of Credit Risk

The Company places its cash with financial institutions deemed by management to be of high credit quality. The Federal Deposit Insurance Corporation (“FDIC”) provides basic deposit coverage with limits up to $250,000 per owner. The Company believes the majority of its cash deposits are covered under FDIC limits, however there are various accounts in which the Company has deposits in excess of FDIC limits.

Accounts Receivable

Accounts Receivable

Accounts receivable is stated net of allowances for credit losses and contractual adjustments. The accounts receivable balance primarily includes amounts due from customers the Company has invoiced or from third-party providers (e.g., insurance companies and governmental agencies), but for which payment has not been received. The Company’s gross product revenues are subject to a variety of contractual deductions, which generally are estimated and recorded in the same period that the revenues are recognized. These deductions represent estimates of the related obligations and, as such, knowledge and judgment are required when estimating the impact of these revenue deductions on gross sales for a reporting period. Accounts receivable at December 31, 2025 are presented net of allowances for credit losses of $884,000 and $26,145,000 for contractual adjustments (in aggregate $27,029,000) and at December 31, 2024, net of allowances for credit losses of $416,000 and $19,731,000 for contractual adjustments (in aggregate $20,147,000).

Inventories

Inventories

Inventories are stated at the lower of cost or net realizable value. Cost is determined on a first-in, first-out basis. The Company evaluates the carrying value of inventories on a regular basis, based on the price expected to be obtained for products in their respective markets compared with historical cost. Write-downs of inventories are considered to be permanent reductions in the cost basis of inventories.

The Company also regularly evaluates its inventories for excess quantities and obsolescence (expiration), taking into account such factors as historical and anticipated future sales or use in production compared to quantities on hand and the remaining shelf life of products and APIs on hand. The Company establishes reserves for excess and obsolete inventories as required based on its analyses.

Investment in Surface Ophthalmics, Inc. – Related Party

Investment in Surface Ophthalmics, Inc. – Related Party

The Company owns 3,500,000 common shares of Surface Ophthalmics, Inc. (“Surface”), representing approximately 20% of Surface’s outstanding equity. The Company accounts for this investment under the equity method of accounting, as management has concluded that the Company has the ability to exercise significant influence over Surface’s operating and financial policies.

Under the equity method, the Company recognizes its proportionate share of Surface’s net earnings or losses in its consolidated statements of operations and adjusts the carrying amount of its investment accordingly. The Company’s share of earnings or losses is based on its ownership interest in Surface, and intra-entity profits and losses are eliminated.

During the year ended December 31, 2021, the Company reduced the carrying value of its investment in Surface to zero after recognizing cumulative equity method losses equal to its investment balance of $5,320,000. The Company does not have any contractual commitments to provide additional funding or financial support to Surface and has not guaranteed any obligations of Surface. Accordingly, the Company has not recognized additional losses in excess of its investment balance. As of December 31, 2025 and 2024, the Company’s cumulative share of Surface’s net losses exceeded the carrying value of the investment; however, such unrecognized losses were not material to the Company’s consolidated financial statements. Future equity method income, if any, will be recognized only to the extent it exceeds the cumulative unrecognized losses.

The following table summarizes the Company’s investment in Surface as of December 31, 2025 and 2024:

SCHEDULE OF INVESTMENT

		Cost Basis				Share of Equity Method Losses				Net Carrying value
Common stock		$	5,320,000			$	(5,320,000	)		$	-

See Note 6 for more information and related party disclosure regarding Surface.

Property, Plant and Equipment

Property, Plant and Equipment

Property, plant and equipment is stated at cost less accumulated depreciation and amortization. Depreciation and amortization is calculated using the straight-line method over the estimated useful life of the asset. Leasehold improvements and finance lease equipment are amortized over the estimated useful life or remaining lease term, whichever is shorter. Computer hardware and furniture and equipment are depreciated over three3 to five years.

Capitalized Software Costs

Capitalized Software Costs

The Company capitalizes certain costs related to the development of internal-use software. Costs incurred during the application development phase are capitalized only when the Company believes it is probable the development will result in new or additional functionality. The types of costs capitalized during the application development phase include consulting fees for third-party developers working on these projects. Costs related to the preliminary project stage and post-implementation activities are expensed as incurred. Internal-use software is amortized on a straight-line basis over the estimated useful life of the asset, which ranges from two2 to five years. When internal-use software that was previously capitalized is abandoned, the cost less the accumulated amortization, if any, is recorded as amortization expense. Fully amortized capitalized internal-use software costs are removed from their respective accounts.

Intangible Assets, including Goodwill

Intangible Assets, including Goodwill

Patents and trademarks are recorded at cost and capitalized at a time when the future economic benefits of such patents and trademarks become more certain. At that time, the Company capitalizes third-party legal costs and filing fees associated with obtaining and successfully prosecuting claims related to its patents and trademarks. Once the patents have been issued, the Company amortizes these costs over the shorter of the legal life of the patent or its estimated economic life using the straight-line method. Acquired product rights, including new drug applications (“NDAs”), are amortized over their estimated useful lives based on a straight-line method. Trademarks are an indefinite-lived intangible asset and are assessed for impairment based on future projected cash flows as further described below.

We review our goodwill and indefinite-lived intangible assets for impairment annually as of January 1 of each year and when an event or a change in circumstances indicates the fair value of a reporting unit for goodwill or individual asset for indefinite-lived intangible assets may be below its carrying amount. We first perform a qualitative assessment to determine whether it is more likely than not that the fair value of a reporting unit or individual asset is less than its carrying amount. In performing this assessment, we consider factors such as macroeconomic conditions, industry and market trends, cost factors, overall financial performance, changes in management or strategy, and other relevant events or circumstances. If, after evaluating these factors, we conclude that it is more likely than not that the fair value exceeds its carrying amount, no further analysis is required.

If the qualitative assessment indicates that a quantitative impairment test is necessary, we estimate the fair value of the reporting unit or individual asset and compare it to its carrying amount. Fair value is determined using a discounted cash flow analysis or other appropriate valuation techniques.

If the fair value of the reporting unit or individual asset exceeds its carrying amount, the intangible asset is not considered impaired. If the carrying amount of the reporting unit exceeds its fair value, we recognize a goodwill impairment loss for the amount of the excess, limited to the total amount of goodwill allocated to that reporting unit. Indefinite-lived intangible asset impairment is measured by comparing the individual asset’s estimated fair value with its carrying amount, with any excess of carrying amount over fair value recognized as an impairment loss.

As a result of our assessments in 2025 and 2024, we concluded that goodwill and indefinite-lived intangible assets are not impaired as of December 31, 2025 and 2024.

Impairment of Other Long-Lived Assets

Impairment of Other Long-Lived Assets

Other long-lived assets, such as property, plant and equipment, purchased intangibles subject to amortization and patents and trademarks, are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Such circumstances could include, but are not limited to (1) a significant decrease in the market value of an asset, (2) a significant adverse change in the extent or manner in which an asset is used, or (3) an accumulation of costs significantly in excess of the amount originally expected for the acquisition of an asset. Recoverability of assets to be held and used is measured by a comparison of the carrying amount of an asset to estimated undiscounted future cash flows expected to be generated by the asset. If the carrying amount of an asset exceeds its estimated undiscounted future cash flows, an impairment charge is recognized in the amount by which the carrying amount of the asset exceeds the fair value of the asset. The fair value of the asset is based on the discounted value of its estimated future cash flows. Assets to be disposed of would be separately presented in the consolidated balance sheet and reported at the lower of the carrying amount or fair value less costs to sell, and are no longer depreciated. The assets and liabilities of a disposal group classified as held-for-sale would be presented separately in the appropriate asset and liability sections of the consolidated balance sheet, if material.

Leases

Leases

At the inception of a contract the Company determines if the arrangement is, or contains, a lease. Operating lease right-of-use (“ROU”) assets represent the Company’s right to use an underlying asset for the lease term and lease liabilities represent its obligation to make lease payments arising from the lease. Operating lease ROU assets and liabilities are recognized at commencement date based on the present value of lease payments over the lease term, discounted using the Company’s incremental borrowing rate of the debt outstanding. Lease expense is recognized on a straight-line basis over the lease term.

The Company has made certain accounting policy elections whereby it (i) does not recognize ROU assets or lease liabilities for short-term leases (those with original terms of 12-months of less) and (ii) combines lease and non-lease elements of its operating leases as a single lease component. As of December 31, 2025 and 2024, the Company did not have any finance leases.

Fair Value Measurements

Fair Value Measurements

Fair value measurements are determined based on the assumptions that market participants would use in pricing an asset or liability. GAAP establishes a hierarchy for inputs used in measuring fair value that maximizes the use of observable inputs and minimizes the use of unobservable inputs by requiring that the most observable inputs be used when available. The established fair value hierarchy prioritizes the use of inputs used in valuation methodologies into the following three levels:

●	Level 1: Applies to assets or liabilities for which there are quoted prices (unadjusted) for identical assets or liabilities in active markets. A quoted price in an active market provides the most reliable evidence of fair value and must be used to measure fair value whenever available.
●	Level 2: Applies to assets or liabilities for which there are significant other observable inputs other than Level 1 prices, such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities.
●	Level 3: Applies to assets or liabilities for which there are significant unobservable inputs that reflect a reporting entity’s own assumptions about the assumptions that market participants would use in pricing an asset or liability. For example, Level 3 inputs would relate to forecasts of future earnings and cash flows used in a discounted future cash flows method.

The 2030 Notes (as defined in Note 13) are carried at face value less unamortized debt issuance costs. The Company fully repaid principal balances under the Oaktree Loan (as defined in Note 13) and the 2026 and 2027 Notes (each as defined in Note 13) in September 2025. The Company’s 2026 Notes were carried at face value, including the unamortized premium, less unamortized debt issuance costs, the 2027 Notes were carried at face value less unamortized debt issuance costs, and the Oaktree Loan was carried at face value less the original issue discount and unamortized debt issuance costs on the consolidated balance sheets and the Company presents fair value for disclosure purposes only. The 2026 Notes and the 2027 Notes were classified as Level 1 instruments as the fair value was determined using quoted market prices in active markets for the same securities. The 2030 Notes are classified as Level 1 instruments. The Oaktree Loan was classified as a Level 2 instrument as the fair value is determined through an income approach that considers collateral coverage, yield calibration, yield analysis and any adjustments to implied yield associated with the Company’s fundamental measures.

The following table presents the estimated fair values and the carrying values:

SCHEDULE OF ESTIMATED FAIR VALUE

	December 31,
	2025				2024
	Carrying Value		Fair Value		Carrying Value		Fair Value
2030 Notes	$	243,184,000	$	262,500,000		-		-
2026 Notes	$	-	$	-	$	74,002,000	$	75,840,000
2027 Notes	$	-	$	-	$	38,130,000	$	42,198,000
Oaktree Loan	$	-	$	-	$	107,407,000	$	112,932,000

The Company’s other financial instruments include cash and cash equivalents, accounts receivable, accounts payable and accrued expenses, accrued payroll and related liabilities, deferred revenue and customer deposits and operating lease liabilities. The carrying amount of these financial instruments, except for operating lease liabilities, approximates fair value due to the short-term maturities of these instruments. Based on borrowing rates currently available to the Company, the carrying values of the operating lease liabilities approximate their respective fair values.

Stock-Based Compensation

Stock-Based Compensation

All stock-based payments to employees, directors and consultants, including grants of stock options, warrants, restricted stock units (“RSUs”), performance stock units (“PSUs) and restricted stock, are recognized in the consolidated financial statements based upon their estimated fair values. The Company uses the Black-Scholes-Merton option pricing model and Monte Carlo simulation model to estimate the fair value of stock-based awards. The estimated fair value is determined at the date of grant. The financial statement effect of forfeitures is estimated at the time of grant and revised, if necessary, if the actual effect differs from those estimates. The Company provides newly issued shares of common stock to satisfy the exercise and vesting for stock-based compensation awards.

Basic and Diluted Net Loss per Common Share

Basic and Diluted Net Loss per Common Share

Basic net loss per common share is computed by dividing net loss attributable to Harrow, Inc. for the year by the weighted average number of common shares outstanding during the year. Diluted net loss per share is computed by dividing the net loss attributable to Harrow, Inc. for the year by the weighted average number of common and common equivalent shares, such as stock options, RSUs, PSUs, and warrants, outstanding during the year.

Common stock equivalents (using the treasury stock or “if converted” method) from stock options, unvested RSUs, and unvested PSUs were 3,363,016, 4,390,124, and 4,642,259 at December 31, 2025, 2024 and 2023, respectively, and are excluded in the calculation of diluted net loss per share for the periods presented, because the effect is anti-dilutive for that time period. Included in the basic and diluted net loss per share calculation were RSUs awarded to directors that had vested, but the issuance and delivery of the shares are deferred until the director resigns. The number of shares underlying vested but unissued RSUs at December 31, 2025, 2024 and 2023 was 216,483, 211,020 and 215,539, respectively.

Reclassifications

Reclassifications

The December 31, 2024 balances in the schedule of deferred tax assets and liabilities in Note 16 - Income Taxes have been reclassified to conform to current year presentation.

Recently Adopted Accounting Pronouncements

Recently Adopted Accounting Pronouncements

In December 2023, the FASB issued Accounting Standards Update (“ASU”) 2023-09, Income Taxes (Topic 740) - Improvements to Income Tax Disclosures, which enhances the disclosures required for income taxes in the Company’s annual consolidated financial statements. Notably, this ASU requires entities to disclose specific categories in the effective tax rate reconciliation and provide additional information for reconciling items that meet a quantitative threshold. The Company adopted ASU 2023-09 as of December 31, 2025. The adoption did not impact the Company’s consolidated financial results of operations, financial position or cash flows.

Accounting Guidance Issued but Not Adopted at December 31, 2025

Accounting Guidance Issued but Not Adopted at December 31, 2025

In October 2023, the FASB issued ASU 2023-06, Disclosure Improvements—Codification Amendments in Response to the SEC’s Disclosure Update and Simplification Initiative. This ASU modifies the disclosure or presentation requirements of a variety of topics in the codification by aligning them with the SEC’s regulations. The amendments to the various topics should be applied prospectively, and the effective date for the Company for each amendment will be determined based on the effective date of the SEC’s removal of the related disclosure from Regulation S-X or Regulation S-K. If the SEC has not removed the applicable requirement by June 30, 2027, then the related amendment in ASU 2023-06 will be removed from the codification and will not become effective. Early adoption of this ASU is prohibited. The Company does not expect the amendments in this ASU to have a material impact on the disclosures or presentation in its consolidated financial statements.

In November 2024, the FASB issued ASU 2024-03, Income Statement – Reporting Comprehensive Income – Expense Disaggregation Disclosures, to improve the disclosures by a public business entity about the types of expenses in commonly presented expense captions. This ASU is effective for annual reporting periods beginning after December 15, 2026, and interim reporting periods beginning after December 15, 2027, with early adoption permitted. The Company is currently evaluating the impact of ASU 2024-03 on its consolidated financial statements.

SEGMENTS AND CONCENTRATIONS (Tables)

12 Months Ended

Dec. 31, 2025

Segment Reporting [Abstract]

SCHEDULE OF SEGMENT NET REVENUES

Segment net revenues, segment operating expenses and segment contribution information consisted of the following:

SCHEDULE OF SEGMENT NET REVENUES

	Branded			ImprimisRx			Consolidated
	Year Ended December 31, 2025
	Branded			ImprimisRx			Consolidated
Product sales, net	$	195,362,000		$	76,547,000		$	271,909,000
Other revenues		394,000			-			394,000
Total revenues		195,756,000			76,547,000			272,303,000
Cost of sales		(37,230,000	)		(30,704,000	)		(67,934,000	)
Gross profit		158,526,000			45,843,000			204,369,000
Operating expenses:
Selling, general and administrative		86,324,000			29,373,000			115,697,000
Research and development		18,667,000			1,346,000			20,013,000

Segment contribution	$	53,535,000		$	15,124,000			68,659,000

Corporate								37,217,000
Research and development								927,000
Income from operations							$	30,515,000


	Year Ended December 31, 2024
	Branded			ImprimisRx			Consolidated
Product sales, net	$	115,120,000		$	83,499,000		$	198,619,000
Other revenues		995,000			-			995,000
Total revenues		116,115,000			83,499,000			199,614,000
Cost of sales		(21,667,000	)		(27,578,000	)		(49,245,000	)
Gross profit		94,448,000			55,921,000			150,369,000
Operating expenses:
Selling, general and administrative		62,301,000			23,607,000			85,908,000
Research and development		2,890,000			386,000			3,276,000
Segment contribution	$	29,257,000		$	31,928,000			61,185,000
Corporate								43,409,000
Research and development								8,954,000
Income from operations							$	8,822,000


	Year Ended December 31, 2023
	Branded			ImprimisRx			Consolidated
Product sales, net	$	37,512,000		$	79,935,000		$	117,447,000
Other revenues		12,746,000			-			12,746,000
Total revenues		50,258,000			79,935,000			130,193,000
Cost of sales		(12,662,000	)		(26,978,000	)		(39,640,000	)
Gross profit		37,596,000			52,957,000			90,553,000
Operating expenses:
Selling, general and administrative		18,126,000			29,210,000			47,336,000
Research and development		641,000			966,000			1,607,000
Segment contribution	$	18,829,000		$	22,781,000			41,610,000
Corporate								36,134,000
Research and development								5,045,000
Income from operations							$	431,000

SCHEDULE OF REVENUES BY SEGMENT

Revenues by segment are further described as follows:

SCHEDULE OF REVENUES BY SEGMENT

	For the Years Ended December 31,
		2025	%			2024	%			2023	%
IHEEZO	$	81,348,000	30	%	$	49,303,000	25	%	$	20,621,000	16	%
VEVYE		88,688,000	33	%		28,061,000	14	%		1,766,000	1	%
Other branded products		25,326,000	9	%		37,836,000	19	%		15,125,000	12	%
Other revenues, net		394,000	0	%		915,000	0	%		12,746,000	10	%
Branded revenue, net		195,756,000	72	%		116,115,000	58	%		50,258,000	39	%
ImprimisRx revenue, net		76,547,000	28	%		83,499,000	42	%		79,935,000	61	%
Total revenues, net.	$	272,303,000	100	%	$	199,614,000	100	%	$	130,193,000	100	%

PROPERTY, PLANT AND EQUIPMENT (Tables)

12 Months Ended

Dec. 31, 2025

Property, Plant and Equipment [Abstract]

SCHEDULE OF PROPERTY, PLANT AND EQUIPMENT

Property, plant and equipment, net at December 31, 2025 and 2024 consisted of the following:

	2025			2024
Computer hardware	$	1,160,000		$	1,195,000
Furniture and equipment		970,000			956,000
Lab and pharmacy equipment		5,924,000			5,306,000
Leasehold improvements		7,430,000			7,291,000
Property, plant and equipment, gross		15,484,000			14,748,000
Accumulated depreciation		(12,224,000	)		(11,014,000	)
Total property, plant and equipment, net	$	3,260,000		$	3,734,000

LEASES (Tables)

12 Months Ended

Dec. 31, 2025

Leases

SCHEDULE OF FUTURE LEASE PAYMENTS UNDER OPERATING LEASES

Future lease payments under operating leases as of December 31, 2025 were as follows:

Year Ending December 31,
2026	$	1,551,000
2027		1,425,000
2028		1,288,000
2029		1,304,000
2030		1,320,000
Thereafter		5,343,000
Total minimum lease payments		12,231,000
Less: amount representing interest payments		(3,439,000	)
Total operating lease liabilities		8,792,000
Less: current portion, operating lease liabilities		(887,000	)
Operating lease liabilities, net of current portion	$	7,905,000

INTANGIBLE ASSETS AND GOODWILL (Tables)

12 Months Ended

Dec. 31, 2025

Goodwill and Intangible Assets Disclosure [Abstract]

SCHEDULE OF INTANGIBLE ASSETS

The Company’s intangible assets at December 31, 2025 consisted of the following:

SCHEDULE OF INTANGIBLE ASSETS

	Weighted-average			Accumulated				Net
	useful life (in years)	Cost		amortization				Carrying value
Patents	19	$	228,000	$	(66,000	)	-	$	162,000
Licenses	20		50,000		(39,000	)			11,000
Trademarks	Indefinite		328,000		-				328,000
Acquired product rights	14		214,482,000		(39,921,000	)			174,561,000
Customer relationships	7		190,000		(149,000	)			41,000
Trade name	5		70,000		(3,000	)			67,000
State pharmacy licenses	25		8,000		(4,000	)			4,000
		$	215,356,000	$	(40,182,000	)		$	175,174,000

The Company’s intangible assets at December 31, 2024 consisted of the following:

	Weighted-average									Net
	useful life			Accumulated						Carrying
	(in years)	Cost		amortization			Impairment			value
Patents	19	$	611,000	$	(216,000	)	$	(253,000	)	$	142,000
Licenses	20		50,000		(36,000	)		-			14,000
Trademarks	Indefinite		230,000		-			-			230,000
Acquired product rights	14		207,398,000		(22,962,000	)		-			184,436,000
Customer relationships	7		596,000		(542,000	)		-			54,000
Trade name	5		75,000		(7,000	)		-			68,000
Non-competition clause	4		50,000		(50,000	)		-			-
State pharmacy licenses	25		8,000		(3,000	)		-			5,000
		$	209,018,000	$	(23,816,000	)	$	(253,000	)	$	184,949,000

SCHEDULE OF AMORTIZATION EXPENSES FOR INTANGIBLE ASSETS

Amortization expense for intangible assets for the years ended December 31, 2025, 2024 and 2023 were as follows:

	2025		2024		2023
	For the Years Ended December 31,
	2025		2024		2023
Patents	$	12,000	$	56,000	$	84,000
Licenses		3,000		35,000		7,000
Acquired product rights		16,962,000		11,669,000		9,937,000
Customer relationships		13,000		22,000		54,000
Trade name		1,000		1,000		-
	$	16,991,000	$	11,783,000	$	10,082,000

SCHEDULE OF ESTIMATED FUTURE AMORTIZATION EXPENSE

Estimated future amortization expense for the Company’s intangible assets at December 31, 2025 is as follows:

Years ending December 31,
2026	$	16,712,000
2027		16,421,000
2028		16,014,000
2029		16,212,000
2030		15,188,000
Thereafter		94,299,000
Intangible assets	$	174,846,000

CAPITALIZED SOFTWARE COSTS (Tables)

12 Months Ended

Dec. 31, 2025

Capitalized Software Costs

SCHEDULE OF CAPITALIZED SOFTWARE COSTS

Capitalized software costs at December 31, 2025 and 2024 consisted of the following:

SCHEDULE OF CAPITALIZED SOFTWARE COSTS

	2025			2024
Capitalized internal-use software development costs	$	3,413,000		$	3,395,000
Acquired third-party software license for internal use		219,000			205,000
Total gross capitalized software for internal use		3,632,000			3,600,000
Accumulated amortization		(2,449,000	)		(1,849,000	)
	$	1,183,000		$	1,751,000

SCHEDULE OF INCOME TAX RATE AND TAX PROVISION (Details) - USD ($)

12 Months Ended

Dec. 31, 2025

Dec. 31, 2024

Dec. 31, 2023

Income Tax Disclosure [Abstract]

U.S. federal statutory tax rate, amount

$ (287,000)

U.S. federal statutory tax rate, percentage

21.00%

State and Local Income Taxes, Net of Federal Income Tax Effect, amount

^[1]

$ 1,248,000

State and Local Income Taxes, Net of Federal Income Tax Effect, percentage

(91.23%)

^[1]

(2.49%)

0.77%

Research and development tax credit, amount

$ (356,000)

Research and development tax credits, percentage

26.02%

2.66%

0.53%

Change in valuation allowance, amount

$ (783,000)

Change in valuation allowance, percentage

57.24%

8.59%

(5.71%)

Executive compensation limitations, amount

$ 8,691,000

Executive compensation limitations, percentage

(635.31%)

Stock compensation windfalls, amount

$ (6,979,000)

Stock compensation windfalls, percentage

510.16%

(8.61%)

19.93%

Transaction fees, amount

$ 1,774,000

Transaction fees, percentage

(129.68%)

Incentive stock option, amount

$ (81,000)

Incentive stock option, percentage

5.92%

Meals and Entertainment, amount

$ 531,000

Meals and Entertainment, percentage

(38.82%)

Other Permanent Adjustments, amount

$ 1,000

Other permanent adjustments, percentage

(0.07%)

Changes unrecognized tax benefits, amount

$ (19,000)

Changes unrecognized tax benefits, percentage

1.39%

Return to Provision, amount

$ 31,000

Return to provision, percentage

(2.27%)

(1.87%)

(0.43%)

Effective income tax rate

$ 3,771,000

$ 161,000

$ 701,000

Effective income tax rate, percentage

(275.66%)

(0.93%)

(2.88%)

[1]	The state that contributed to the majority (greater than 50%) of the tax effect in this category was Tennessee for 2025.

ORGANIZATION

12 Months Ended

Dec. 31, 2025

Organization, Consolidation and Presentation of Financial Statements [Abstract]

ORGANIZATION

NOTE 1. ORGANIZATION

Harrow, Inc. (together with its consolidated subsidiaries, unless the context indicates or otherwise requires, the “Company” or “Harrow”) is a leading eyecare pharmaceutical company engaged in the discovery, development, and commercialization of innovative ophthalmic pharmaceutical products for the U.S. market. Harrow helps U.S. eyecare professionals preserve the gift of sight by making its comprehensive portfolio of prescription and non-prescription pharmaceutical products accessible and affordable to millions of Americans each year. The Company owns commercial rights to one of the largest portfolios of branded ophthalmic pharmaceutical products in the U.S. all of which are marketed under its Harrow name. The Company also owns and operates ImprimisRx, one of the nation’s leading ophthalmology-focused pharmaceutical-compounding businesses.

Effective September 29, 2023, the Company changed its corporate name from Harrow Health, Inc. to Harrow, Inc. pursuant to a Certificate of Amendment to the Company’s Amended and Restated Certificate of Incorporation filed with the Secretary of State of the State of Delaware.

REVENUES (Tables)

12 Months Ended

Dec. 31, 2025

Revenue from Contract with Customer [Abstract]

SCHEDULE OF ACCRUALS AND ALLOWANCES

The following table summarizes activity and ending balances of the Company’s variable consideration provisions in the consolidated financial statements for the years ended December 31, 2025, 2024 and 2023:

SCHEDULE OF ACCRUALS AND ALLOWANCES

	Chargebacks			Government Rebates			Returns			Administrative Fees and Other Rebates			Co-Pay Assistance			Prompt Pay Discounts			Total
	Accruals for Chargebacks, Returns, and Other Allowances
	Chargebacks			Government Rebates			Returns			Administrative Fees and Other Rebates			Co-Pay Assistance			Prompt Pay Discounts			Total
Balance at December 31, 2022 (1)	$	256,000		$	-		$	49,000		$	370,000		$	-		$	31,000		$	706,000
Accruals/Adjustments		6,093,000			5,153,000			1,576,000			33,498,000			1,310,000			1,542,000			49,172,000
Credits Taken Against Reserve		(3,539,000	)		(1,568,000	)		(854,000	)		(9,799,000	)		(339,000	)		(472,000	)		(16,571,000	)
Balance at December 31, 2023 (1)		2,810,000			3,585,000			771,000			24,069,000			971,000			1,101,000			33,307,000
Accruals/Adjustments		8,607,000			11,968,000			9,089,000			81,722,000			98,052,000			5,941,000			215,379,000
Credits Taken Against Reserve		(10,457,000	)		(3,193,000	)		(8,411,000	)		(72,918,000	)		(89,411,000	)		(4,665,000	)		(189,055,000	)
Balance at December 31, 2024 (1)		960,000			12,360,000			1,449,000			32,873,000			9,612,000			2,377,000			59,631,000
Balance		960,000			12,360,000			1,449,000			32,873,000			9,612,000			2,377,000			59,631,000
Accruals/Adjustments		40,610,000			31,627,000			15,619,000			89,952,000			40,991,000			5,792,000			224,591,000
Credits Taken Against Reserve		(30,543,000	)		(15,770,000	)		(9,050,000	)		(106,285,000	)		(48,518,000	)		(5,675,000	)		(215,841,000	)
Balance at December 31, 2025 (1)	$	11,027,000		$	28,217,000		$	8,018,000		$	16,540,000		$	2,085,000		$	2,494,000		$	68,381,000
Balance	$	11,027,000		$	28,217,000		$	8,018,000		$	16,540,000		$	2,085,000		$	2,494,000		$	68,381,000

(1)

STOCKHOLDERS’ EQUITY AND STOCK-BASED COMPENSATION (Tables)

12 Months Ended

Dec. 31, 2025

Equity [Abstract]

SCHEDULE OF STOCK OPTION PLAN ACTIVITY

A summary of stock option activity under the Plan for the year ended December 31, 2025 is as follows:

SCHEDULE OF STOCK OPTION PLAN ACTIVITY

	Number of shares			Weighted Avg. Exercise Price		Weighted Avg. Remaining Contractual Life		Aggregate Intrinsic Value
Options outstanding – January 1, 2025		2,469,099		$	6.49
Options granted		216,500		$	36.92
Options exercised		(958,240	)	$	6.76
Options cancelled/forfeited		(90,287	)	$	15.49
Options outstanding – December 31, 2025		1,637,072		$	9.86		4.01	$	64,078,000
Options exercisable		1,341,120		$	5.08		2.88	$	58,909,000
Options vested and expected to vest		1,593,947		$	9.20		3.86	$	63,434,000

SCHEDULE OF FAIR VALUE ASSUMPTIONS

The table below illustrates the fair value per share determined using the Black-Scholes-Merton option pricing model with the following assumptions used for valuing options granted to employees:

SCHEDULE OF FAIR VALUE ASSUMPTIONS

	2025			2024			2023
Weighted-average fair value of options granted	$	23.92		$	11.46		$	11.49
Expected terms (in years)		6.11			6.11			6.11
Expected volatility		71	%		68 – 73	%		68 – 70	%
Risk-free interest rate		3.84 – 4.53	%		3.72– 4.48	%		3.59 – 4.80	%
Dividend yield		-			-			-

SCHEDULE OF STOCK OPTION OUTSTANDING AND EXERCISABLE

The following table summarizes information about stock options outstanding and exercisable at December 31, 2025:

		Options Outstanding						Options Exercisable
Range of Exercise Price		Number Outstanding		Weighted Average Remaining Contractual Life in Years		Weighted Average Exercise Price		Number Exercisable		Weighted Average Exercise Price
$	1.47 - 1.70		31,000		0.78	$	1.68		31,000	$	1.68
$	1.73 - 1.73		250,000		2.00	$	1.73		250,000	$	1.73
$	2.23 - 2.23		270,000		1.09	$	2.23		270,000	$	2.23
$	2.40 - 5.72		113,850		3.05	$	5.05		113,850	$	5.05
$	6.30		285,000		2.79	$	6.30		285,000	$	6.30
$	6.75 - 6.85		28,899		6.53	$	6.77		22,274	$	6.77
$	7.30		274,500		4.01	$	7.30		274,500	$	7.30
$	7.60 - 30.41		183,823		7.67	$	14.98		88,996	$	10.81
$	30.77 - 45.64		167,000		9.44	$	36.76		5,500	$	42.23
$	48.18		33,000		9.75	$	48.18		-	$	-
$	1.47 - 48.18		1,637,072		4.01	$	9.86		1,341,120	$	5.08

SCHEDULE OF PERFORMANCE STOCK UNITS

Tranche	Target Stock Price		Number of Shares
Tranche 1	$	50		181,335
Tranche 2	$	60		272,003
Tranche 3	$	75		375,623
Tranche 4	$	100		466,289

Target Stock Price assumes that no dividends or like distributions are made to stockholders of the Company. If such distributions are made, the Target Stock Price would decrease accordingly, to the benefit of the employee, to account for the dividend/distribution as a part of the Target Stock Price.

SCHEDULE OF PERFORMANCE STOCK UNITS ACTIVITY

A summary of the Company’s PSU activity and related information for the year ended December 31, 2025 is as follows:

	Number of PSUs			Weighted Average Grant Date Fair Value
PSUs unvested – January 1, 2025		1,567,913		$	18.56
PSUs granted		1,295,250		$	25.06
PSUs vested		(1,567,913	)	$	18.56
PSUs cancelled/forfeited		-		$	-
PSUs unvested – December 31, 2025		1,295,250		$	25.06

SCHEDULE OF RESTRICTED STOCK UNITS ACTIVITY

A summary of the Company’s RSU activity and related information for the year ended December 31, 2025 is as follows:

	Number of RSUs			Weighted Average Grant Date Fair Value
RSUs unvested – January 1, 2025		353,112		$	22.55
RSUs granted		126,544		$	31.45
RSUs vested		(98,444	)	$	21.64
RSUs cancelled/forfeited		(167,000	)	$	24.00
RSUs unvested at December 31, 2025		214,212		$	27.09

SCHEDULE OF STOCK BASED COMPENSATION GRANTED TO EMPLOYEES, DIRECTORS AND CONSULTANTS

The Company recorded total stock-based compensation (including issuance of common stock for services and accrual for stock-based compensation) related to equity instruments granted to employees, directors and consultants as follows:

	2025		2024		2023
	For the Years Ended December 31,
	2025		2024		2023
Employees - selling, general and administrative	$	10,846,000	$	14,812,000	$	13,279,000
Employees - R&D		422,000		1,722,000		1,662,000
Directors - selling, general and administrative		807,000		800,000		688,000
Consultants - selling, general and administrative		427,000		285,000		67,000
Total	$	12,502,000	$	17,619,000	$	15,696,000

SCHEDULE OF INVESTMENT (Details) - USD ($)	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2021
Schedule of Investments [Line Items]
Share of Equity Method Losses			$ (5,320,000)
Surface Ophthalmics, Inc. [Member]
Schedule of Investments [Line Items]
Cost Basis	$ 5,320,000	$ 5,320,000
Share of Equity Method Losses	(5,320,000)	(5,320,000)
Net carrying value

- Definition

Cost of the investment.

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+ Details

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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+ Details

SUBSEQUENT EVENTS

12 Months Ended

Dec. 31, 2025

Subsequent Events [Abstract]

SUBSEQUENT EVENTS

NOTE 20. SUBSEQUENT EVENTS

In January 2026, the Company and Santen agreed to amend the Santen Agreements. Pursuant to the amendment, the parties agreed to a full and final settlement of all contingent milestone obligations related to specified manufacturing-related events for the Santen Products in exchange for a one-time lump sum payment by the Company of $7,000,000. Following this payment, no further milestone payments will be due under the Santen Agreements. The Company expects to capitalize this payment as an intangible asset within acquired product rights in its consolidated balance sheet in 2026.

Subsequent to December 31, 2025, options to purchase 546 shares of common stock were exercised at a weighted-average exercise price of $7.51 per share.

SCHEDULE OF REVENUES BY SEGMENT (Details) - USD ($)	12 Months Ended
SCHEDULE OF REVENUES BY SEGMENT (Details) - USD ($)	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Revenue, Major Customer [Line Items]
Revenue	$ 272,303,000	$ 199,614,000	$ 130,193,000
Branded [Member]
Revenue, Major Customer [Line Items]
Revenue	195,756,000	116,115,000	50,258,000
ImprimisRx [Member]
Revenue, Major Customer [Line Items]
Revenue	$ 76,547,000	$ 83,499,000	$ 79,935,000
Product Concentration Risk [Member] \| Revenue, Product and Service Benchmark [Member] \| Branded [Member]
Revenue, Major Customer [Line Items]
Revenue percentage	72.00%	58.00%	39.00%
Product Concentration Risk [Member] \| Revenue, Product and Service Benchmark [Member] \| ImprimisRx [Member]
Revenue, Major Customer [Line Items]
Revenue percentage	28.00%	42.00%	61.00%
Product Concentration Risk [Member] \| Revenue Benchmark [Member] \| Reportable Segment, Aggregation before Other Operating Segment [Member]
Revenue, Major Customer [Line Items]
Revenue percentage	100.00%	100.00%	100.00%
IHEEZO [Member]
Revenue, Major Customer [Line Items]
Revenue	$ 81,348,000	$ 49,303,000	$ 20,621,000
IHEEZO [Member] \| Product Concentration Risk [Member] \| Revenue, Product and Service Benchmark [Member]
Revenue, Major Customer [Line Items]
Revenue percentage	30.00%	25.00%	16.00%
VEVYE [Member]
Revenue, Major Customer [Line Items]
Revenue	$ 88,688,000	$ 28,061,000	$ 1,766,000
VEVYE [Member] \| Product Concentration Risk [Member] \| Revenue, Product and Service Benchmark [Member]
Revenue, Major Customer [Line Items]
Revenue percentage	33.00%	14.00%	1.00%
Other Products [Member]
Revenue, Major Customer [Line Items]
Revenue	$ 25,326,000	$ 37,836,000	$ 15,125,000
Other Products [Member] \| Product Concentration Risk [Member] \| Revenue, Product and Service Benchmark [Member]
Revenue, Major Customer [Line Items]
Revenue percentage	9.00%	19.00%	12.00%
Other Revenue [Member]
Revenue, Major Customer [Line Items]
Revenue	$ 394,000	$ 915,000	$ 12,746,000
Other Revenue [Member] \| Product Concentration Risk [Member] \| Revenue, Product and Service Benchmark [Member]
Revenue, Major Customer [Line Items]
Revenue percentage	0.00%	0.00%	10.00%

SCHEDULE OF ACCOUNTS PAYABLE AND ACCRUED EXPENSES (Details) - USD ($)	Dec. 31, 2025	Dec. 31, 2024
Payables and Accruals [Abstract]
Accounts payable	$ 35,355,000	$ 38,762,000
Accrued interest	6,498,000	2,538,000
Other	106,000	106,000
Total accounts payable and accrued expenses	$ 41,959,000	$ 41,406,000

DEBT (Details Narrative) - USD ($)		1 Months Ended			12 Months Ended
DEBT (Details Narrative) - USD ($)	Dec. 14, 2022	Sep. 30, 2025	Mar. 31, 2023	Sep. 30, 2021	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023	Jan. 31, 2023	Dec. 31, 2022	May 31, 2021	Apr. 30, 2021
Debt Instrument [Line Items]
Amortization of debt issuance costs and debt discount					$ 4,050,000	$ 4,205,000	$ 4,097,000
Loss on debt extinguishment					(7,750,000)		(5,465,000)
Loss on extinguishment of debt					$ 7,750,000		$ 5,465,000
Effective interest rate					9.20%	10.74%	10.58%
Second Amendment [Member]
Debt Instrument [Line Items]
Debt principal amount			$ 107,500,000
Fee			$ 3,763,000
Oaktree Loan [Member] \| Oaktree Fund Administration LLC [Member]
Debt Instrument [Line Items]
Debt instrument basis spread on variable rate			6.50%
Senior Notes Due 2030 [Member]
Debt Instrument [Line Items]
Underwriting discounts to insurance		$ 5,625,000
Debt principal amount		$ 250,000,000
Interest rate		8.625%
Net proceeds from issuance of notes		$ 242,748,000
Redemption price percentage		108.625%
Interest expense					$ 6,934,000
Amortization of debt issuance costs and debt discount					436,000
Oaktree Loan [Member]
Debt Instrument [Line Items]
Interest expense					10,826,000	$ 12,568,000	$ 8,804,000
Amortization of debt issuance costs and debt discount					$ 2,567,000	2,705,000	1,680,000
Amortization of deferred commitment fees						601,000	543,000
8.625% Senior Notes Due 2026 [Member]
Debt Instrument [Line Items]
Debt principal amount										$ 5,000,000	$ 50,000,000
Interest rate					8.625%						8.625%
Interest expense					$ 5,074,000	7,253,000	7,251,000
Amortization of debt issuance costs and debt discount					546,000	784,000	782,000
Repayments of debt		$ 75,000,000
Loss on debt extinguishment					(1,808,000)
Interest expense		907,000
Unaccrued interest		449,000
Unamortized debt issuance costs		452,000
Loss on extinguishment of debt					$ 1,808,000
8.625% Senior Notes Due 2026 [Member] \| Investor [Member]
Debt Instrument [Line Items]
Debt instrument increase (decrease) for period net				$ 20,000,000
11.875% Senior Notes Due 2027 [Member]
Debt Instrument [Line Items]
Debt principal amount								$ 5,250,000	$ 35,000,000
Interest rate					11.875%			11.875%	11.875%
Interest expense					$ 3,845,000	5,496,000	5,516,000
Amortization of debt issuance costs and debt discount					499,000	$ 716,000	736,000
Repayments of debt		40,250,000
Loss on debt extinguishment					(2,524,000)
Interest expense		805,000
Unaccrued interest		98,000
Unamortized debt issuance costs		1,621,000
Loss on extinguishment of debt					2,524,000
Shares issued price per share								$ 25.50	$ 25.50
Other Offering Expense [Member] \| Senior Notes Due 2030 [Member]
Debt Instrument [Line Items]
Underwriting discounts to insurance		$ 1,627,000
Maximum [Member] \| Oaktree Fund Administration LLC [Member]
Debt Instrument [Line Items]
Commitment fee percentage for undrawn amount			3.50%
Fifth Third Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Debt instrument maturity date		Sep. 26, 2030
Unused fee rate		0.25%
Underwriting discounts to insurance		$ 675,000
Fifth Third Revolving Credit Facility [Member] \| Minimum [Member]
Debt Instrument [Line Items]
Debt instrument basis spread on variable rate		0.25%
Fifth Third Revolving Credit Facility [Member] \| Minimum [Member] \| Secured Overnight Financing Rate (SOFR) [Member]
Debt Instrument [Line Items]
Debt instrument basis spread on variable rate		1.25%
Fifth Third Revolving Credit Facility [Member] \| Maximum [Member]
Debt Instrument [Line Items]
Debt instrument basis spread on variable rate		0.75%
Fifth Third Revolving Credit Facility [Member] \| Maximum [Member] \| Secured Overnight Financing Rate (SOFR) [Member]
Debt Instrument [Line Items]
Debt instrument basis spread on variable rate		1.75%
Fifth Third Revolving Credit Facility [Member] \| Senior Secured Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Initial principal amount		$ 40,000,000
Fifth Third Revolving Credit Facility [Member] \| Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Initial principal amount		20,000,000
Oaktree Loan Due 2026 [Member]
Debt Instrument [Line Items]
Repayments of debt		$ 107,500,000
Unaccrued exit fee					268,000
Make whole premium amount					1,861,000
Write off of unamortized debt issuance costs					1,289,000
Loss on debt extinguishment					(3,418,000)
Loss on extinguishment of debt					$ 3,418,000
BR Loan [Member] \| Loan and Security Agreement [Member]
Debt Instrument [Line Items]
Debt instrument maturity date	Dec. 14, 2025
Debt principal amount	$ 100,000,000							$ 59,750,000
Interest rate	10.875%
Interest expense							1,565,000
Amortization of debt issuance costs and debt discount							$ 356,000

STOCKHOLDERS’ EQUITY AND STOCK-BASED COMPENSATION

12 Months Ended

Dec. 31, 2025

Equity [Abstract]

STOCKHOLDERS’ EQUITY AND STOCK-BASED COMPENSATION

NOTE 15. STOCKHOLDERS’ EQUITY AND STOCK-BASED COMPENSATION

Preferred Stock

At December 31, 2025 and 2024, the Company had 5,000,000 shares of preferred stock, $0.001 par value, authorized and no shares of preferred stock issued and outstanding.

Common Stock

The Company primarily issues common stock through the exercise of stock options and the vesting of performance stock awards and restricted stock awards, and allows participants to net-share settle the acquisition price and tax withholding liabilities. During the years ended December 31, 2025, 2024 and 2023, the net shares issued in satisfaction of these share-based compensation awards was 1,606,945, 453,954 and 1,379,406, respectively. During the year ended December 31, 2023, the Company closed a public offering of shares of its common stock at an offering price of $17.75 per share (the “Offering”). The Company sold 3,887,324 shares of its common stock in the Offering, resulting in the Company receiving aggregate net proceeds of $64,520,000, after deducting underwriting discounts and commissions and other offering expenses of $4,480,000.

Stock Option Plan

On September 17, 2007, the Company’s Board of Directors and stockholders adopted the Company’s 2007 Incentive Stock and Awards Plan, as subsequently amended (the “2007 Plan:). The 2007 Plan reached its term in September 2017, and the Company can no longer issue additional awards under this plan, however, options previously issued under the 2007 Plan will remain outstanding until they are exercised, reach their maturity or are otherwise cancelled/forfeited. On June 13, 2017, the Company’s Board of Directors and stockholders adopted the Company’s 2017 Incentive Stock and Awards Plan which was subsequently amended on June 3, 2021 (as amended, the “2017 Plan”). The 2017 Plan provides for the issuance of a maximum of 6,000,000 shares of the Company’s common stock and expires in June 2027. In connection with the approval of the 2025 Plan (as described below), the Company can no longer issue additional awards under the 2017 Plan, however, equity awards previously issued under the 2017 Plan will remain outstanding pursuant to their terms. On June 18, 2025, the Company’s stockholders adopted the Company’s 2025 Incentive Stock and Awards Plan (the “2025 Plan” and together with the 2007 Plan and 2017 Plan, the “Plans”). As of December 31, 2025, the 2025 Plan provides for the issuance of a maximum of 3,950,000 shares of the Company’s common stock. The purpose of the Plans is to attract and retain directors, officers, consultants, advisors and employees whose services are considered valuable, to encourage a sense of proprietorship and to stimulate an active interest of such persons in the Company’s development and financial success. Under the Plans, the Company is authorized to issue incentive stock options intended to qualify under Section 422 of the Internal Revenue Code of 1986, as amended, non-qualified stock options, restricted stock units and restricted stock. The Plans are administered by the Compensation Committee of the Company’s Board of Directors. The Company had no shares available for future issuances under the 2017 Plan and 3,720,718 shares available for future issuance under the 2025 plan as of December 31, 2025.

Stock Options

A summary of stock option activity under the Plan for the year ended December 31, 2025 is as follows:

SCHEDULE OF STOCK OPTION PLAN ACTIVITY

	Number of shares			Weighted Avg. Exercise Price		Weighted Avg. Remaining Contractual Life		Aggregate Intrinsic Value
Options outstanding – January 1, 2025		2,469,099		$	6.49
Options granted		216,500		$	36.92
Options exercised		(958,240	)	$	6.76
Options cancelled/forfeited		(90,287	)	$	15.49
Options outstanding – December 31, 2025		1,637,072		$	9.86		4.01	$	64,078,000
Options exercisable		1,341,120		$	5.08		2.88	$	58,909,000
Options vested and expected to vest		1,593,947		$	9.20		3.86	$	63,434,000

The aggregate intrinsic value in the tables above represents the total pre-tax amount of the proceeds, net of exercise price, which would have been received by option holders if all option holders had exercised and immediately sold all options with an exercise price lower than the market price on December 31, 2025, based on the closing price of the Company’s common stock of $49.00 on that date.

The intrinsic value of the options exercised in 2025, 2024 and 2023 was $32,143,000, $7,011,000 and $4,580,000, respectively. During 2025, 2024 and 2023, the Company recognized no tax benefit from stock options exercised during these periods.

During the year ended December 31, 2025, the Company granted stock options to certain employees. The stock options were granted with an exercise price equal to the current market price of the Company’s common stock, as reported by the securities exchange on which the common stock was then listed, at the grant date and have contractual terms of 10 years. Vesting terms for options granted to employees during the year ended December 31, 2025 generally included one of the following vesting schedules: 25% of the shares subject to the option vest and become exercisable on the first anniversary of the grant date and the remaining 75% of the shares subject to the option vest and become exercisable quarterly in equal installments thereafter over three years; and 100% of the shares subject to the option vest on a quarterly basis in equal installments over three years. Certain option awards provide for accelerated vesting if there is a change in control (as defined in the Plans) and in the event of certain modifications to the option award agreement.

The fair value of each option award is estimated on the date of grant using the Black-Scholes-Merton option pricing model. The Company calculates expected volatility based solely on the historical volatilities of the common stock of the Company. The expected term of options granted was determined in accordance with the “simplified approach,” as the Company has limited, relevant, historical data on employee exercises and post-vesting employment termination behavior. The expected risk-free interest rate is based on the U.S. Treasury yield for a period consistent with the expected term of the option in effect at the time of the grant. The financial statement effect of forfeitures is estimated at the time of grant and revised, if necessary, if the actual effect differs from those estimates. For option grants to employees and directors, the Company assigns a forfeiture factor of 10%. These factors could change in the future, which would affect the determination of stock-based compensation expense in future periods. Utilizing these assumptions, the fair value is determined at the date of grant.

The table below illustrates the fair value per share determined using the Black-Scholes-Merton option pricing model with the following assumptions used for valuing options granted to employees:

SCHEDULE OF FAIR VALUE ASSUMPTIONS

	2025			2024			2023
Weighted-average fair value of options granted	$	23.92		$	11.46		$	11.49
Expected terms (in years)		6.11			6.11			6.11
Expected volatility		71	%		68 – 73	%		68 – 70	%
Risk-free interest rate		3.84 – 4.53	%		3.72– 4.48	%		3.59 – 4.80	%
Dividend yield		-			-			-

The following table summarizes information about stock options outstanding and exercisable at December 31, 2025:

		Options Outstanding						Options Exercisable
Range of Exercise Price		Number Outstanding		Weighted Average Remaining Contractual Life in Years		Weighted Average Exercise Price		Number Exercisable		Weighted Average Exercise Price
$	1.47 - 1.70		31,000		0.78	$	1.68		31,000	$	1.68
$	1.73 - 1.73		250,000		2.00	$	1.73		250,000	$	1.73
$	2.23 - 2.23		270,000		1.09	$	2.23		270,000	$	2.23
$	2.40 - 5.72		113,850		3.05	$	5.05		113,850	$	5.05
$	6.30		285,000		2.79	$	6.30		285,000	$	6.30
$	6.75 - 6.85		28,899		6.53	$	6.77		22,274	$	6.77
$	7.30		274,500		4.01	$	7.30		274,500	$	7.30
$	7.60 - 30.41		183,823		7.67	$	14.98		88,996	$	10.81
$	30.77 - 45.64		167,000		9.44	$	36.76		5,500	$	42.23
$	48.18		33,000		9.75	$	48.18		-	$	-
$	1.47 - 48.18		1,637,072		4.01	$	9.86		1,341,120	$	5.08

As of December 31, 2025, there was approximately $6,753,000 of total unrecognized compensation expense related to unvested stock options granted under the Plan. That expense is expected to be recognized over the weighted-average remaining vesting period of 3.25 years. The stock-based compensation for all stock options was $1,103,000, $624,000 and $782,000 during the years ended December 31, 2025, 2024 and 2023, respectively.

Performance Stock Units

Grants During the Year Ended December 31, 2025

In July 2025, the Company granted an aggregate of 1,295,250 performance stock units to Mark L. Baum, Chief Executive Officer, and Andrew R. Boll, President and Chief Financial Officer, which are subject to the satisfaction of certain market-based and continued service conditions (the “2025 PSUs”). The vesting of the 2025 PSUs require (i) a minimum of a three-year service period and (ii) during a five-year term, the achievement and maintenance of Company common stock price targets ranging between $50 to $100 per share, broken out into four separate tranches as described further in the table below.

SCHEDULE OF PERFORMANCE STOCK UNITS

Tranche	Target Stock Price		Number of Shares
Tranche 1	$	50		181,335
Tranche 2	$	60		272,003
Tranche 3	$	75		375,623
Tranche 4	$	100		466,289

The aggregate fair value of the 2025 PSUs was $32,465,000 using a Monte Carlo Simulation with a five years life, 72% volatility and a risk-free interest rate of 3.8%. This amount is being amortized over a three years derived service period.

Grants During the Year Ended December 31, 2023

In April 2023, the Company granted an aggregate of 1,567,913 PSUs to members of its senior management including Mark Baum, Chief Executive Officer, Andrew Boll, Chief Financial Officer, and John Saharek, Chief Commercial Officer, which are subject to the satisfaction of certain market-based and continued service conditions (the “2023 PSUs”). The vesting of the 2023 PSUs required (i) a minimum of a two-year service period and (ii) during a five-year term, the achievement and maintenance of Company common stock price targets for ten consecutive trading days ranging between $25.00 to $50.00 per share. In 2025, all of the vesting conditions were met and the Company issued all of the shares, less 546,583 withheld to satisfy minimum statutory withholding taxes.

The aggregate fair value of the 2023 PSUs was $29,106,000 using a Monte Carlo Simulation with a five years life, 65% volatility and a risk-free interest rate of 10.34%. This amount is being amortized over a two years derived service period.

A summary of the Company’s PSU activity and related information for the year ended December 31, 2025 is as follows:

	Number of PSUs			Weighted Average Grant Date Fair Value
PSUs unvested – January 1, 2025		1,567,913		$	18.56
PSUs granted		1,295,250		$	25.06
PSUs vested		(1,567,913	)	$	18.56
PSUs cancelled/forfeited		-		$	-
PSUs unvested – December 31, 2025		1,295,250		$	25.06

As of December 31, 2025, the total unrecognized compensation expense related to unvested PSUs was approximately $29,759,000 which is expected to be recognized over 2.5 years, based on estimated vesting schedules. The stock-based compensation for PSUs was $9,049,000, $14,553,000 and $13,753,000 during the years ended December 31, 2025, 2024 and 2023, respectively. During 2025, 2024 and 2023, the Company recognized no tax benefit from the vesting of PSUs during these periods.

Restricted Stock Units

RSU awards are granted subject to certain vesting requirements and other restrictions, including performance and market-based vesting criteria. The grant date fair value of the RSUs, which has been determined based upon the market value of the Company’s common stock on the grant date, is expensed over the vesting period of the RSUs.

Grants During the Year Ended December 31, 2025

During the year ended December 31, 2025, the Company’s non-employee members of the Board of Directors were granted 29,356 time-based vesting RSUs with a fair market value of $901,000, which vest over one year. The Company also granted 97,188 time-based vesting RSUs with a fair market value of $3,079,000 to certain employees and consultants. Vesting terms for RSUs granted to employees and consultants during the year ended December 31, 2025 generally vest in equal installments over three years or four years and vest in equal quarterly installments over one year.

Grants During the Year Ended December 31, 2024

During the year ended December 31, 2024, the Company’s non-employee members of the Board of Directors were granted 43,961 time-based vesting RSUs with a fair market value of $790,000, which vest in equal quarterly installments over one year. The Company also granted 283,870 time-based vesting RSUs with a fair market value of $7,286,000 to certain employees and consultants. Vesting terms for RSUs granted to employees and consultants during the year ended December 31, 2024 generally vest in equal installments over three years or four years and vest in equal quarterly installments over one year.

Grants During the Year Ended December 31, 2023

During the year ended December 31, 2023, the Company’s non-employee members of the Board of Directors were granted 41,301 time-based vesting RSUs with a fair market value of $800,000, which vest in equal quarterly installments over one year. The Company also granted 86,873 time-based vesting RSUs with a fair market value of $697,000 to certain employees, which vest in full on the third anniversary of the grant date.

A summary of the Company’s RSU activity and related information for the year ended December 31, 2025 is as follows:

	Number of RSUs			Weighted Average Grant Date Fair Value
RSUs unvested – January 1, 2025		353,112		$	22.55
RSUs granted		126,544		$	31.45
RSUs vested		(98,444	)	$	21.64
RSUs cancelled/forfeited		(167,000	)	$	24.00
RSUs unvested at December 31, 2025		214,212		$	27.09

As of December 31, 2025, the total unrecognized compensation expense related to unvested RSUs was approximately $4,374,000 which is expected to be recognized over a weighted-average period of 1.3 years, based on estimated vesting schedules. The stock-based compensation for RSUs was $2,352,000, $2,442,000 and $1,161,000 during the years ended December 31, 2025, 2024 and 2023, respectively. During 2025, 2024 and 2023, the Company recognized a tax benefit of $265,000, $12,000 and $0, respectively, from the vesting of RSUs during the period.

	2025		2024		2023
	For the Years Ended December 31,
	2025		2024		2023
Employees - selling, general and administrative	$	10,846,000	$	14,812,000	$	13,279,000
Employees - R&D		422,000		1,722,000		1,662,000
Directors - selling, general and administrative		807,000		800,000		688,000
Consultants - selling, general and administrative		427,000		285,000		67,000
Total	$	12,502,000	$	17,619,000	$	15,696,000

DEBT (Tables)

12 Months Ended

Dec. 31, 2025

Debt Disclosure [Abstract]

SCHEDULE OF LONG TERM DEBT

A summary of the Company’s debt at December 31, 2025 and 2024 is described as follows:

SCHEDULE OF LONG TERM DEBT

	2025			2024
8.625% Senior Notes due April 2026	$	-		$	75,000,000
8.625% Senior Notes due September 2030		250,000,000			-
11.875% Senior Notes due December 2027		-			40,250,000
Oaktree Loan due January 2026		-			111,263,000
Notes payable gross		250,000,000			226,513,000
Less: Unamortized debt issuance costs		(6,816,000	)		(6,974,000	)
Notes payable net	$	243,184,000		$	219,539,000

SCHEDULE OF FUTURE MINIMUM PAYMENT UNDER NOTES PAYABLES

At December 31, 2025, future minimum payments under the Company’s debt were as follows:

	Amount
2026	$	-
2027		-
2028		-
2029		-
2030		250,000,000
Thereafter		-
Total minimum payments		250,000,000
Less: unamortized discount, net of premium		(6,816,000	)
Notes payable, net of unamortized discount	$	243,184,000

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

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+ Details

SCHEDULE OF LONG TERM DEBT (Details) (Parenthetical)	12 Months Ended
SCHEDULE OF LONG TERM DEBT (Details) (Parenthetical)	Dec. 31, 2025	Jan. 31, 2023	Dec. 31, 2022	Apr. 30, 2021
8.625% Senior Notes Due 2026 [Member]
Debt Instrument [Line Items]
Debt instrument interest rate, during period	8.625%			8.625%
Maturity period	April 2026
8.625% Senior Notes due September 2030 [Member]
Debt Instrument [Line Items]
Debt instrument interest rate, during period	8.625%
Maturity period	September 2030
11.875% Senior Notes Due 2027 [Member]
Debt Instrument [Line Items]
Debt instrument interest rate, during period	11.875%	11.875%	11.875%
Maturity period	December 2027
Oaktree Loan [Member]
Debt Instrument [Line Items]
Maturity period	January 2026

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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+ Details

RECENT PRODUCT ACQUISITIONS AND LICENSES (Details Narrative) - USD ($)	1 Months Ended						12 Months Ended
	Jul. 31, 2025	Jun. 30, 2025	Dec. 31, 2024	Jan. 20, 2024	Jul. 31, 2023	Jan. 31, 2023	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Business Combination [Line Items]
Payment for acquisition of intangible assets								$ 79,000	$ 18,000
Santen Products Acquisition [Member]
Business Combination [Line Items]
Purchase price asset acquisition					$ 8,639,000
VEVYE [Member]
Business Combination [Line Items]
Payment for acquisition of intangible assets					$ 8,000,000		7,000,000
Business acquired percentage					0.10%
Costs incurred					$ 70,000
Santen Products Acquisition [Member]
Business Combination [Line Items]
Payment for acquisition of intangible assets					8,000,000
Costs incurred					139,000
Term milestone payment					500,000
Asset Purchase, License and Related Agreements [Member]
Business Combination [Line Items]
Royalty expense							9,526,000	4,126,000	$ 647,000
Upfront and milestone payments							7,000,000	37,000,000
Samsung Agreement [Member]
Business Combination [Line Items]
Payment for acquisition of intangible assets	$ 4,000,000
Formosa Agreement [Member]
Business Combination [Line Items]
Description of licenses agreements		the Company licensed from Formosa the exclusive rights and marketing authorization of BYQLOVITM (clobetasol propionate ophthalmic suspension) 0.05% in the U.S. market. In consideration for such rights, the Company will make a one-time payment to Formosa equal to $500,000 at the time the Company makes its first commercial sale of BYQLOVI to a third party and Formosa will be eligible to receive other one-time payments based on achievement of commercial gross profit milestones along with royalties on gross profits of BYQLOVI.
Santen Products Acquisition [Member]
Business Combination [Line Items]
Payment for acquisition of intangible assets					$ 8,000,000
Asset Purchase Agreement [Member]
Business Combination [Line Items]
Payment for acquisition of intangible assets			$ 37,000,000				$ 7,000,000	$ 37,000,000
Asset Purchase Agreement [Member] \| One Time Payment [Member]
Business Combination [Line Items]
Payment for acquisition of intangible assets				$ 37,000,000		$ 130,000,000
Costs incurred						558,000
Asset Purchase Agreement [Member] \| One Time Payment [Member] \| Minimum [Member]
Business Combination [Line Items]
Payment for acquisition of intangible assets						45,000,000
Asset Purchase Agreement [Member] \| Novartis [Member] \| One Time Payment [Member]
Business Combination [Line Items]
Purchase price asset acquisition						$ 130,558,000

PREPAID EXPENSES AND OTHER CURRENT ASSETS

12 Months Ended

Dec. 31, 2025

Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]

PREPAID EXPENSES AND OTHER CURRENT ASSETS

NOTE 8. PREPAID EXPENSES AND OTHER CURRENT ASSETS

Prepaid expenses and other current assets at December 31, 2025 and 2024 consisted of the following:

	2025		2024
Prepaid insurance	$	2,185,000	$	1,326,000
Prepaid computer software related expenses		598,000		765,000
Prefunded Co-Pay assistance		3,342,000		4,514,000
Other prepaid expenses		1,825,000		1,435,000
Receivable due from Melt		-		228,000
Annual user fees (PDUFA)		4,327,000		3,651,000
Deposits and other current assets		2,128,000		3,410,000
Total prepaid expenses and other current assets	$	14,405,000	$	15,329,000

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details Narrative) - USD ($)	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2021
AccountingPoliciesLineItems [Line Items]
Consolidation basis description	(i) entities in which it holds and/or controls, directly or indirectly, more than 50% of the voting rights, and (ii) VIEs for which the Company is deemed to be the primary beneficiary. All intercompany accounts and transactions have been eliminated in consolidation.
Accounts receivable, net of allowances for credit losses	$ 884,000	$ 416,000
Noncontrolling interest, description	Generally, any interest that holds less than 50% of the outstanding voting shares is deemed to be a noncontrolling interest; however, there are other factors that are considered as well, such as decision-making rights.
Advertising expense	$ 8,078,000	6,314,000	$ 3,689,000
Unrecognized tax benefits	307,000	2,858,000
Accrual for interest and penalties	82,000	69,000
Recognized interest and penalties	13,000	69,000
Cash, FDIC Insured Amount	250,000
Accounts receivable, contractual adjustments	26,145,000	19,731,000
Accounts receivable, after allowance for credit loss and contractual adjustments	27,029,000	20,147,000
Share of Equity Method Losses				$ 5,320,000
Impairment of indefinite-lived intangible assets	$ 0	$ 0
Restricted Stock Units (RSUs) [Member]
AccountingPoliciesLineItems [Line Items]
Vested but unissued RSUs	216,483	211,020	215,539
Stock Options, Unvested RSUs And Unvested PSUs [Member]
AccountingPoliciesLineItems [Line Items]
Stock options, unvested RSUs, and unvested PSUs	3,363,016	4,390,124	4,642,259
Minimum [Member]
AccountingPoliciesLineItems [Line Items]
Property, plant and equipment, useful life	3 years
Finite lived intangible asset useful life	2 years
Maximum [Member]
AccountingPoliciesLineItems [Line Items]
Property, plant and equipment, useful life	5 years
Finite lived intangible asset useful life	5 years
Surface Ophthalmics, Inc. [Member]
AccountingPoliciesLineItems [Line Items]
Investment owned balance shares	3,500,000
Ownership percentage	20.00%

SCHEDULE OF AMORTIZATION EXPENSES FOR INTANGIBLE ASSETS (Details) - USD ($)	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Finite-Lived Intangible Assets [Line Items]
Amortization expense of intangible assets	$ 16,991,000	$ 11,783,000	$ 10,082,000
Patents [Member]
Finite-Lived Intangible Assets [Line Items]
Amortization expense of intangible assets	12,000	56,000	84,000
Licenses [Member]
Finite-Lived Intangible Assets [Line Items]
Amortization expense of intangible assets	3,000	35,000	7,000
Acquired Product Rights [Member]
Finite-Lived Intangible Assets [Line Items]
Amortization expense of intangible assets	16,962,000	11,669,000	9,937,000
Customer Relationships [Member]
Finite-Lived Intangible Assets [Line Items]
Amortization expense of intangible assets	13,000	22,000	54,000
Trade Names [Member]
Finite-Lived Intangible Assets [Line Items]
Amortization expense of intangible assets	$ 1,000	$ 1,000

- Definition

The aggregate expense charged against earnings to allocate the cost of intangible assets (nonphysical assets not used in production) in a systematic and rational manner to the periods expected to benefit from such assets.

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-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481283/985-20-50-2

Reference 35: http://www.xbrl.org/2003/role/disclosureRef
-Topic 926
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483154/926-20-50-5

+ Details

SCHEDULE OF PREPAID EXPENSES AND OTHER CURRENT ASSETS (Details) - USD ($)	Dec. 31, 2025	Dec. 31, 2024
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Prepaid insurance	$ 2,185,000	$ 1,326,000
Prepaid computer software related expenses	598,000	765,000
Prefunded Co-Pay assistance	3,342,000	4,514,000
Other prepaid expenses	1,825,000	1,435,000
Receivable due from Melt		228,000
Annual user fees (PDUFA)	4,327,000	3,651,000
Deposits and other current assets	2,128,000	3,410,000
Total prepaid expenses and other current assets	$ 14,405,000	$ 15,329,000

CAPITALIZED SOFTWARE COSTS (Details Narrative) - USD ($)	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Capitalized Software Development Costs [Member]
Finite-Lived Intangible Assets [Line Items]
Amortization expenses	$ 600,000	$ 581,000	$ 475,000

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

INVESTMENT IN SURFACE OPHTHALMICS, INC. AND AGREEMENTS - RELATED PARTY TRANSACTIONS (Details Narrative) - shares	Dec. 31, 2025	Dec. 31, 2024
Surface Ophthalmics, Inc. [Member]
Related Party Transaction [Line Items]
Investment owned shares	3,500,000	3,500,000

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-3

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480738/235-10-S50-1

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(k)(2))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(k)(1))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 310
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481990/310-10-45-13

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(c)(2)(i))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(c)(2)(ii))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(g)(3))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

+ Details

INVENTORIES

12 Months Ended

Dec. 31, 2025

Inventory Disclosure [Abstract]

INVENTORIES

NOTE 7. INVENTORIES

Inventories are comprised of finished compounded formulations, over-the-counter and prescription retail pharmacy products, branded pharmaceutical products, including those held at the Company’s 3PL partners, related laboratory supplies and APIs. The composition of inventories as of December 31, 2025 and 2024 was as follows:

SCHEDULE OF INVENTORIES

	2025		2024
Raw materials	$	6,958,000	$	5,362,000
Work in progress		1,036,000		858,000
Finished goods		5,529,000		4,482,000
Total inventories	$	13,523,000	$	10,702,000

SEGMENTS AND CONCENTRATIONS (Details Narrative) - Segment	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Revenue, Major Customer [Line Items]
Number of reportable segments	2
Two Customer [Member] \| Revenue Benchmark [Member] \| Customer Concentration Risk [Member]
Revenue, Major Customer [Line Items]
Concentration risk percentage	10.00%	10.00%	10.00%
Two Customer [Member] \| Accounts Receivable [Member] \| Customer Concentration Risk [Member]
Revenue, Major Customer [Line Items]
Concentration risk percentage		94.00%
No Customer [Member] \| Revenue Benchmark [Member] \| Customer Concentration Risk [Member]
Revenue, Major Customer [Line Items]
Concentration risk percentage	10.00%	10.00%	10.00%
Three Customers [Member] \| Accounts Receivable [Member] \| Customer Concentration Risk [Member]
Revenue, Major Customer [Line Items]
Concentration risk percentage	90.00%
Two Suppliers [Member] \| Purchases [Member] \| Supplier Concentration Risk [Member]
Revenue, Major Customer [Line Items]
Concentration risk percentage	54.00%	42.00%	64.00%

Cover - USD ($) $ in Millions	12 Months Ended
Cover - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023	Feb. 25, 2026	Jun. 30, 2025
Cover [Abstract]
Document Type	10-K
Amendment Flag	false
Document Annual Report	true
Document Transition Report	false
Document Period End Date	Dec. 31, 2025
Document Fiscal Period Focus	FY
Document Fiscal Year Focus	2025
Current Fiscal Year End Date	--12-31
Entity File Number	001-35814
Entity Registrant Name	HARROW, INC.
Entity Central Index Key	0001360214
Entity Tax Identification Number	45-0567010
Entity Incorporation, State or Country Code	DE
Entity Address, Address Line One	1A Burton Hills Blvd.
Entity Address, Address Line Two	Suite 200
Entity Address, City or Town	Nashville
Entity Address, State or Province	TN
Entity Address, Postal Zip Code	37215
City Area Code	(615)
Local Phone Number	733-4730
Title of 12(b) Security	Common Stock, $0.001 par value per share
Trading Symbol	HROW
Security Exchange Name	NASDAQ
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Public Float					$ 1,004
Entity Common Stock, Shares Outstanding				37,229,705
Documents Incorporated by Reference	Portions of the registrant’s definitive Proxy Statement for its 2026 Annual Meeting of Stockholders to be held on June 18, 2026 are incorporated by reference in Part II and III of this Annual Report on Form 10-K, to the extent stated herein.
ICFR Auditor Attestation Flag	true
Document Financial Statement Error Correction [Flag]	false
Auditor Firm ID	34	173	170
Auditor Name	Deloitte & Touche LLP	Crowe LLP	KMJ Corbin & Company LLP
Auditor Location	Nashville, Tennessee	Costa Mesa, California	Glendora, California

REVENUES (Details Narrative) - USD ($)	Dec. 31, 2025	Dec. 31, 2024
Revenue from Contract with Customer [Abstract]
Deferred revenue and customer deposits	$ 788,000	$ 44,000

CAPITALIZED SOFTWARE COSTS

12 Months Ended

Dec. 31, 2025

Capitalized Software Costs

CAPITALIZED SOFTWARE COSTS

NOTE 10. CAPITALIZED SOFTWARE COSTS

Capitalized software costs at December 31, 2025 and 2024 consisted of the following:

SCHEDULE OF CAPITALIZED SOFTWARE COSTS

	2025			2024
Capitalized internal-use software development costs	$	3,413,000		$	3,395,000
Acquired third-party software license for internal use		219,000			205,000
Total gross capitalized software for internal use		3,632,000			3,600,000
Accumulated amortization		(2,449,000	)		(1,849,000	)
	$	1,183,000		$	1,751,000

The Company recorded amortization expense of $600,000, $581,000 and $475,000 during the years ended December 31, 2025, 2024 and 2023, respectively.

SCHEDULE OF VALUATION ALLOWANCE (Details) - USD ($)	12 Months Ended
SCHEDULE OF VALUATION ALLOWANCE (Details) - USD ($)	Dec. 31, 2025	Dec. 31, 2024
Income Tax Disclosure [Abstract]
Beginning balance	$ 17,610,000	$ 15,631,000
Increases to the valuation allowance	11,637,000	1,979,000
Decreases to the valuation allowance
Ending balance	$ 29,247,000	$ 17,610,000

INVESTMENT IN MELT PHARMACEUTICALS, INC. AND AGREEMENTS – RELATED PARTY TRANSACTIONS (Details Narrative) - USD ($)	1 Months Ended	12 Months Ended
	Sep. 30, 2025	Dec. 31, 2023	Dec. 31, 2025	Dec. 31, 2024
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Investment accounted under equity method		$ 0		$ 0
Asset acquisition consideration			$ 4,358,000
Other costs			$ 4,092,000
Melt Loan Agreement [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Note receivable		18,395,000
Outstanding note receivable		$ 18,400,000
Melt Loan Agreement [Member] \| Series B1 Preferred Stock [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Shares issued upon investment under equity method		2,260,000
Melt Loan Agreement [Member] \| Series B Preferred Stock [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Shares issued upon investment under equity method		74,256
Merger Agreement [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Purchase of in-process research and development	$ 4,300,000
Contingent obligation	$ 87,200,000
Contingent obligation related to purchase of intangibles shares	1,112,000
Description for annual net sales milestones	Upon achievement of various annual net sales milestones ranging from $100,000,000 to $1,000,000,000 per year, the Company shall make one-time cash payments that in the aggregate may total up to approximately $260,000,000 if all annual net sales milestones are achieved.

LEASES

12 Months Ended

Dec. 31, 2025

Leases

LEASES

NOTE 14. LEASES

The Company leases office and laboratory space under the non-cancelable operating leases listed below. These lease agreements have remaining terms between one 1 to five years and contain various clauses for renewal at the Company’s option.

●	An operating lease for 5,800 square feet of office space in Carlsbad, California, which commenced in January 2022 and expired in March 2025.
●	An operating lease for 38,200 square feet of lab, warehouse and office space in Ledgewood, New Jersey that expires in July 2027, with an option to extend the term for two additional five-year periods. This lease was amended, effective July 2020, to extend the term of the original lease and add 1,400 of additional square footage to the lease, amended again in May 2021 to extend the term of the lease to July 2027 and add 8,900 square feet of space, and amended in May 2023 to add another 2,861 square feet of space to the existing lease, which the Company took possession of in January 2024.
●	An operating lease for 17,700 square feet of office space in Nashville, Tennessee that expires in June 2032, and includes options to extend the lease term to June 2042.
●	An operating lease for 11,600 square feet of lab and office space in Nashville, Tennessee which commenced in September 2022 and expires in September 2027.

At December 31, 2025 and 2024, the weighted-average discount rate and the weighted-average remaining lease term for the operating leases held by the Company were 8.0% and 8.0%, respectively, and 9.3 years and 10.2 years, respectively.

During the years ended December 31, 2025, 2024 and 2023, cash paid for amounts included for the operating lease liabilities were $1,169,000, $1,301,000 and $1,231,000, respectively. The Company recorded operating lease expense of $1,462,000, $1,515,000 and $1,232,000 during the years ended December 31, 2025, 2024 and 2023, respectively, and is included in selling, general and administrative expenses.

Future lease payments under operating leases as of December 31, 2025 were as follows:

Year Ending December 31,
2026	$	1,551,000
2027		1,425,000
2028		1,288,000
2029		1,304,000
2030		1,320,000
Thereafter		5,343,000
Total minimum lease payments		12,231,000
Less: amount representing interest payments		(3,439,000	)
Total operating lease liabilities		8,792,000
Less: current portion, operating lease liabilities		(887,000	)
Operating lease liabilities, net of current portion	$	7,905,000

INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2025

Income Tax Disclosure [Abstract]

SCHEDULE OF PROVISION FOR INCOME TAXES

	2025
Current
Federal	$	2,206,000
State and Local		1,565,000
Foreign		-
Total current		3,771,000
Deferred
Federal		-
Foreign		-
State and Local		-
Total deferred		-
Income Tax Provision	$	3,771,000

The Company’s income tax provision consists of the following for the years ended December 31, 2024 and 2023:

	2024		2023
	December 31,
	2024		2023
Current:
Federal	$	46,000	$	-
State		115,000		701,000
Total current	$	161,000	$	701,000

Deferred:
Federal	$	-	$	-
State		-		-
Total deferred		-		-
Income tax provision	$	161,000	$	701,000

SCHEDULE OF INCOME TAX RATE AND TAX PROVISION

	Year Ended December 31, 2025
	Amount			Percent
U.S. Federal Statutory Tax Rate	$	(287,000	)		21.00	%
State and Local Income Taxes, Net of Federal Income Tax Effect(1)		1,248,000			(91.23	)
Tax Credits
Research and Development Credits		(356,000	)		26.02
Changes in Valuation Allowances		(783,000	)		57.24
Nontaxable or Nondeductible Items
Executive Compensation Limitations		8,691,000			(635.31	)
Stock Compensation Windfalls		(6,979,000	)		510.16
Transaction Fees		1,774,000			(129.68	)
Incentive Stock Options		(81,000	)		5.92
Meals and Entertainment		531,000			(38.82	)
Other Permanent Adjustments		1,000			(0.07	)
Changes in Unrecognized Tax Benefits		(19,000	)		1.39
Other Adjustments
Return to Provision		31,000			(2.27	)
Effective Income Tax Rate	$	3,771,000			(275.66	)%

(1)

The state that contributed to the majority (greater than 50%) of the tax effect in this category was Tennessee for 2025.

SCHEDULE OF INCOME TAX RATE

	2024			2023
	December 31,
	2024			2023
U.S. federal statutory tax rate		21.00	%		21.00	%
State tax benefit, net		(2.49	)%		0.77	%
Rate change		1.87	%		(8.02	)%
Employee stock-based compensation		(8.61	)%		19.93	%
Excess Employee remuneration		(5.95	)%		(30.83	)%
Melt loan settlement		-	%		(4.52	)%
Other		1.71	%		2.97	%
Uncertain tax positions		0.09	%		(11.71	)%
Research and development tax credit		2.66	%		0.53	%
Provision-to-return true-ups		(0.75	)%		1.72	%
Other true-ups		(1.87	)%		(0.43	)%
Total		7.66	%		(8.59	)%
Change in valuation allowance		(8.59	)%		5.71	%
Effective income tax rate		(0.93	)%		(2.88	)%

SCHEDULE OF DEFERRED TAX ASSETS AND LIABILITIES

	2025			2024
Deferred tax assets
Net operating loss carryforwards	$	12,332,000		$	2,448,000
Interest expense limitation carryforwards		4,768,000			4,605,000
Capitalized research & experimentation		4,791,000			2,276,000
Amortization		2,870,000			1,753,000
Accrued chargebacks & returns		2,035,000			290,000
Stock compensation		1,313,000			1,523,000
Investment in Melt Pharmaceuticals		-			3,620,000
Accrued rebates		1,454,000			438,000
Lease liability		2,232,000			2,304,000
Accrued bonus		1,881,000			-
Obsolete inventory reserve		431,000			354,000
Accrued vacation		455,000			346,000
Research credit carryforwards		78,000			577,000
Other accruals and reserves		336,000			974,000
Total deferred tax assets		34,976,000			21,508,000
Valuation allowances		(29,247,000	)		(17,610,000	)
Net deferred tax assets		5,729,000			3,898,000

Deferred tax liabilities
Prepaid expenses		2,383,000			1,777,000
Tax accounting method change		1,347,000			-
Depreciation		23,000			-
Right-of-use assets		1,976,000			2,121,000
Total deferred tax liabilities		5,729,000			3,898,000
Net deferred tax liability	$	-		$	-

SCHEDULE OF VALUATION ALLOWANCE

	2025		2024
Beginning balance	$	17,610,000	$	15,631,000
Increases to the valuation allowance		11,637,000		1,979,000
Decreases to the valuation allowance		-		-
Ending balance	$	29,247,000	$	17,610,000

SCHEDULE OF STATE INCOME TAX PAID


Tennessee	$	57,000
Colorado		17,000
New Jersey		10,000
Massachusetts		8,000
Other		1,000
State income taxes paid	$	93,000

SCHEDULE OF UNRECOGNIZED TAX BENEFITS

A reconciliation of the change in the unrecognized tax benefits balance for the years ended December 31, 2025 and 2024 is as follows:

SCHEDULE OF UNRECOGNIZED TAX BENEFITS

	2025			2024
Beginning balance	$	2,858,000		$	2,822,000
Additions for tax positions related to current year		101,000			5,000
Additions (reductions) for tax positions related to prior years		(2,522,000	)		32,000
Reductions to tax positions related to lapse of statute		(130,000	)		-
Ending balance	$	307,000		$	2,858,000

SCHEDULE OF ACCOUNTS RECEIVABLE ALLOWANCE OF CREDIT LOSS (Details) - USD ($)	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Accounting Policies [Abstract]
Beginning balance	$ 416,000	$ 371,000	$ 73,000
Change in expected credit losses	555,000	120,000	332,000
Write-offs, net of recoveries	(87,000)	(75,000)	(34,000)
Ending balance	$ 884,000	$ 416,000	$ 371,000

SUBSEQUENT EVENTS (Details Narrative) - USD ($)	1 Months Ended	2 Months Ended
SUBSEQUENT EVENTS (Details Narrative) - USD ($)	Jan. 31, 2026	Feb. 25, 2026	Dec. 31, 2025
Subsequent Event [Line Items]
Weighted average exercise price, share			$ 5.08
Subsequent Event [Member] \| Santen Agreements [Member]
Subsequent Event [Line Items]
Milestone payment	$ 7,000,000
Common stock were exercised, shares		546
Weighted average exercise price, share		$ 7.51

INTANGIBLE ASSETS AND GOODWILL

12 Months Ended

Dec. 31, 2025

Goodwill and Intangible Assets Disclosure [Abstract]

INTANGIBLE ASSETS AND GOODWILL

NOTE 11. INTANGIBLE ASSETS AND GOODWILL

The Company’s intangible assets at December 31, 2025 consisted of the following:

SCHEDULE OF INTANGIBLE ASSETS

	Weighted-average			Accumulated				Net
	useful life (in years)	Cost		amortization				Carrying value
Patents	19	$	228,000	$	(66,000	)	-	$	162,000
Licenses	20		50,000		(39,000	)			11,000
Trademarks	Indefinite		328,000		-				328,000
Acquired product rights	14		214,482,000		(39,921,000	)			174,561,000
Customer relationships	7		190,000		(149,000	)			41,000
Trade name	5		70,000		(3,000	)			67,000
State pharmacy licenses	25		8,000		(4,000	)			4,000
		$	215,356,000	$	(40,182,000	)		$	175,174,000

The Company’s intangible assets at December 31, 2024 consisted of the following:

	Weighted-average									Net
	useful life			Accumulated						Carrying
	(in years)	Cost		amortization			Impairment			value
Patents	19	$	611,000	$	(216,000	)	$	(253,000	)	$	142,000
Licenses	20		50,000		(36,000	)		-			14,000
Trademarks	Indefinite		230,000		-			-			230,000
Acquired product rights	14		207,398,000		(22,962,000	)		-			184,436,000
Customer relationships	7		596,000		(542,000	)		-			54,000
Trade name	5		75,000		(7,000	)		-			68,000
Non-competition clause	4		50,000		(50,000	)		-			-
State pharmacy licenses	25		8,000		(3,000	)		-			5,000
		$	209,018,000	$	(23,816,000	)	$	(253,000	)	$	184,949,000

During the years ended December 31, 2025, 2024 and 2023, the Company recorded a charge of $0, $253,000 and $380,000, respectively, related to the impairment of certain licenses, trademarks, patents and patent applications. The Company determined that the sum of the expected undiscounted cash flows attributable to these intangible assets was less than their carrying value and that an impairment charge was required. Accordingly, the Company calculated the estimated fair value of the intangible assets based on the present value of the expected cash flows over their estimated lives. The impairment amount was calculated by deducting the present value of the expected cash flows from the carrying value. Significant estimates and assumptions used by the Company included sales and expense growth rates, and discounted projected cash flows. The estimates and assumptions used in the Company’s assessment represent a Level 3 measurement because they are supported by little or no market activity and reflect the Company’s own assumptions in measuring fair value. The assumptions used in the impairment analysis are inherently subject to uncertainty and, therefore, changes in these assumptions could have a significant impact on the concluded fair value.

Amortization expense for intangible assets for the years ended December 31, 2025, 2024 and 2023 were as follows:

	2025		2024		2023
	For the Years Ended December 31,
	2025		2024		2023
Patents	$	12,000	$	56,000	$	84,000
Licenses		3,000		35,000		7,000
Acquired product rights		16,962,000		11,669,000		9,937,000
Customer relationships		13,000		22,000		54,000
Trade name		1,000		1,000		-
	$	16,991,000	$	11,783,000	$	10,082,000

Estimated future amortization expense for the Company’s intangible assets at December 31, 2025 is as follows:

Years ending December 31,
2026	$	16,712,000
2027		16,421,000
2028		16,014,000
2029		16,212,000
2030		15,188,000
Thereafter		94,299,000
Intangible assets	$	174,846,000

In connection with the license agreement with Novaliq, the Company recognized a commercial milestone of $7,000,000 related to sales of VEVYE during 2025. In connection with an asset purchase agreement between Novartis and the Company, the Company recognized a $37,000,000 milestone payment during 2024 following the release of the first commercially available batch of TRIESENCE. These milestone and upfront payments were recognized as an increase in the amount of intangible assets for acquired product rights.

There were no changes in the carrying value of the Company’s goodwill during the years ended December 31, 2025 and 2024.

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)

12 Months Ended

Dec. 31, 2025

SCHEDULE OF ACCOUNTS RECEIVABLE ALLOWANCE OF CREDIT LOSS

Balance at January 1, 2023	$	73,000
Change in expected credit losses		332,000
Write-offs, net of recoveries		(34,000	)
Balance at December 31, 2023		371,000
Change in expected credit losses		120,000
Write-offs, net of recoveries		(75,000	)
Balance at December 31, 2024		416,000
Change in expected credit losses		555,000
Write-offs, net of recoveries		(87,000	)
Balance at December 31, 2025	$	884,000

SCHEDULE OF ESTIMATED FAIR VALUE

The following table presents the estimated fair values and the carrying values:

SCHEDULE OF ESTIMATED FAIR VALUE

	December 31,
	2025				2024
	Carrying Value		Fair Value		Carrying Value		Fair Value
2030 Notes	$	243,184,000	$	262,500,000		-		-
2026 Notes	$	-	$	-	$	74,002,000	$	75,840,000
2027 Notes	$	-	$	-	$	38,130,000	$	42,198,000
Oaktree Loan	$	-	$	-	$	107,407,000	$	112,932,000

Surface Ophthalmics, Inc. [Member]

SCHEDULE OF INVESTMENT

The following table summarizes the Company’s investment in Surface as of December 31, 2025 and 2024:

SCHEDULE OF INVESTMENT

		Cost Basis				Share of Equity Method Losses				Net Carrying value
Common stock		$	5,320,000			$	(5,320,000	)		$	-

REVENUES

12 Months Ended

Dec. 31, 2025

Revenue from Contract with Customer [Abstract]

REVENUES

NOTE 3. REVENUES

The Company accounts for contracts with customers in accordance with ASC 606, Revenues from Contracts with Customers. The Company has two primary streams of revenue: (1) product revenues, including revenue recognized from sales of products through its pharmacy and outsourcing facility and sales of branded products to wholesalers through a third-party logistics (“3PL”) partner, and (2) revenue recognized from intellectual property licenses.

Product Revenues

The Company sells prescription medications directly through its pharmacy, outsourcing facility and 3PL partner. Revenue from the Company’s pharmacy services includes: (i) the portion of the price the client pays directly to the Company, net of any volume-related or other discounts paid back to the client, (ii) the price paid to the Company by individuals, and (iii) customer copayments made directly to the pharmacy network. Sales taxes are not included in revenue. Following the core principles of ASC 606, the Company has identified the following:

1.	Identify the contract(s) with a customer: A contract is deemed to exist when the customer places an order through receipt of a prescription, via an online order or via receipt of a purchase order from a customer. For branded products, orders are received through the Company’s 3PL partner, and the customer takes title of the products via formal purchase orders placed and fulfilled.

2.	Identify the performance obligations in the contract: Obligations for fulfillment of the Company’s contracts consist of delivering the product to customers at their specified destination. For shipping and handling activities under ASC 606, if the customer takes control of the goods after shipment, shipping and handling activities would always be considered a fulfillment activity and not treated as a separate performance obligation. If the customer takes control of the goods before shipment, entities must make an accounting policy election to treat shipping and handling activities as either a fulfillment cost or as a separate performance obligation. The Company has elected to treat its shipping and handling activities as a fulfillment cost.

3.	Determine the transaction price: The transaction price is based on an amount that reflects the consideration to which the Company expects to be entitled, net of accruals for estimated rebates, wholesaler chargebacks, discounts, copay assistance and other deductions (collectively, sales deductions) and an estimate for returns and replacements established at the time of sale. The Company utilizes the services of a third-party professional services firm to estimate rebates and chargebacks associated with sales of its branded products. The transfer of promised goods is satisfied within a year, and therefore there are no significant financing components. There is no non-cash consideration related to product sales.

4.	Allocate the transaction price to the performance obligations in the contract: Because there is only one performance obligation for product sales, no allocation is necessary.

5.	Recognize revenue when (or as) the entity satisfies a performance obligation: Revenue from products is recognized upon transfer of control of a product to a customer. This generally occurs upon shipment unless contractual terms with a customer state that transfer of control occurs at delivery.

Variable Consideration

Sales of branded pharmaceutical products are subject to variable consideration due to chargebacks, government rebates, returns, administrative fees, co-pay assistance and other rebates, and prompt pay discounts. Estimates for these elements of variable consideration require significant judgment.

Chargebacks

Chargebacks, primarily from distributors and wholesalers, result from arrangements with indirect customers establishing prices for products which the indirect customer purchases through a wholesaler. Alternatively, the Company may pre-authorize wholesalers to offer specified contract pricing to other indirect customers. Under either arrangement, the Company provides a chargeback credit to the wholesaler for any difference between the contracted price with the indirect customer and the wholesaler’s invoice price, typically Wholesale Acquisition Cost (“WAC”).

Prior period chargebacks claimed by wholesalers are analyzed to determine the actual net price per package (“NPP”) for each product. This calculation is performed by product, by wholesaler. NPPs can be affected by several factors such as:

●

Changes in customer mix

●

Changes in negotiated terms with customers

●

Changes in the volume of off-contract purchases

●

Changes in WAC

As necessary, NPPs are adjusted based on anticipated changes in the factors above.

The difference between NPP and WAC is recorded as a reduction in both gross revenues in the consolidated statements of operations and accounts receivable in the consolidated balance sheets, at the time revenue is recognized from the product sale. The Company continually monitors chargeback activity and adjusts NPPs when the Company believes that actual selling prices will differ from current NPPs.

Government Rebates

Government rebates reserve consists of estimated payments due to governmental agencies for utilization of the Company’s products by beneficiaries under such governmental programs. The two largest government programs are Medicaid and Medicare.

The Company participates in the Medicaid Drug Rebate Program and pays rebates to the states related to Medicaid beneficiary utilization of the Company’s products. Medicaid rebates are billed within 60-90 days of the end of the quarter in which the product was dispensed to a Medicaid beneficiary. Medicaid rebate amounts per product unit are established by law, based on the Average Manufacturer Price (“AMP”), which is reported on a monthly and quarterly basis, and, in the case of branded products, best price, which is reported on a quarterly basis. Medicaid reserves are based on expected claims from state Medicaid programs. Estimates for expected claims are driven by patient usage, sales mix, calculated AMP or best price, as well as inventory in the distribution channel that will be subject to a Medicaid rebate. As a result of the delay between selling the products, dispensing the products and rebate billing, the Medicaid rebate reserve includes both an estimate of outstanding claims for end-customer sales that have occurred but for which the related claim has not been billed, as well as an estimate for future claims that will be made when inventory in the distribution channel is sold through to plan participants. Many of the Company’s branded products are also covered under Medicare. The Company participates in the Coverage Gap Discount Program in order for its branded products to be covered by Medicare Part D and must provide a rebate for any products sold under NDAs dispensed to Medicare Part D beneficiaries while the beneficiaries are in the Coverage Gap phase of the benefit. This applies to all products sold under NDAs. Estimates for these discounts are based on historical experience with Medicare rebates for products. Medicare rebates are billed quarterly for drugs dispensed to Medicare beneficiaries in the prior quarter, which is typically 120 days after the product is shipped. As a result of the delay between selling the products, dispensing the products and rebate billing, Medicare rebate reserve includes both an estimate of outstanding claims for end-customer sales that have occurred but for which the related claim has not been billed, as well as an estimate for future claims that will be made when inventory in the distribution channel is sold through to Medicare Part D participants.

To evaluate the adequacy of the government rebate reserves, reserves are reviewed on a quarterly basis against actual claims data to ensure the liability is fairly stated. The Company continually monitors the government rebate reserve and adjusts estimates if it is expected that actual government rebates may differ from established accruals. Accruals for government rebates are recorded as a reduction to gross revenues in the consolidated statements of operations and as an increase to accrued rebates in the consolidated balance sheets.

Returns

A returns policy is in place that allows customers to return product within a specified period prior to and subsequent to the expiration date. Generally, product may be returned for a period beginning six months prior to its expiration date to up to one year after its expiration date. Product returns are settled through the issuance of a credit to the customer. The estimate for returns is based upon historical experience with actual returns. While such experience has allowed for reasonable estimation in the past, history may not always be an accurate indicator of future returns. The Company continually monitors estimates for returns and adjusts when it is expected that actual product returns may differ from the established accruals. Accruals for returns are recorded as a reduction to gross revenues in the consolidated statements of operations and as an increase to accrued expenses in the consolidated balance sheets.

Administrative Fees and Other Rebates

Administrative fees or rebates are offered to wholesalers, group purchasing organizations, and indirect customers. Fees and rebates are accrued, by product by wholesaler, at the time of sale based on contracted rates and NPP. To evaluate the adequacy of the administrative fee accruals, on-hand inventory counts are obtained from the wholesalers. The Company continually monitors administrative fee activity and adjusts accruals when it is expected that actual administrative fees may differ from the accruals. Accruals for administrative fees and other rebates are recorded as a reduction in both gross revenues in the consolidated statements of operations and accounts receivable or accrued expenses in the consolidated balance sheets.

Co-payment Assistance

Patients who meet certain eligibility requirements may receive co-payment assistance funded by the Company. The Company records contra-revenue for co-payment assistance based on actual program participation and estimates of program redemption using data provided by third-party administrators. An accrued liability is recorded and revenue is reduced on unredeemed co-payment assistance related to products for which control has been transferred to the customer.

Prompt Payment Discounts

Sales discounts may be granted to customers for prompt payment. The reserve for prompt payment discounts is based on invoices outstanding. Based on past experience, it is assumed that all available discounts will be taken. Accruals for prompt payment discounts are recorded as a reduction in both gross revenues in the consolidated statements of operations and accounts receivable in the consolidated balance sheets.

SCHEDULE OF ACCRUALS AND ALLOWANCES

	Chargebacks			Government Rebates			Returns			Administrative Fees and Other Rebates			Co-Pay Assistance			Prompt Pay Discounts			Total
	Accruals for Chargebacks, Returns, and Other Allowances
	Chargebacks			Government Rebates			Returns			Administrative Fees and Other Rebates			Co-Pay Assistance			Prompt Pay Discounts			Total
Balance at December 31, 2022 (1)	$	256,000		$	-		$	49,000		$	370,000		$	-		$	31,000		$	706,000
Accruals/Adjustments		6,093,000			5,153,000			1,576,000			33,498,000			1,310,000			1,542,000			49,172,000
Credits Taken Against Reserve		(3,539,000	)		(1,568,000	)		(854,000	)		(9,799,000	)		(339,000	)		(472,000	)		(16,571,000	)
Balance at December 31, 2023 (1)		2,810,000			3,585,000			771,000			24,069,000			971,000			1,101,000			33,307,000
Accruals/Adjustments		8,607,000			11,968,000			9,089,000			81,722,000			98,052,000			5,941,000			215,379,000
Credits Taken Against Reserve		(10,457,000	)		(3,193,000	)		(8,411,000	)		(72,918,000	)		(89,411,000	)		(4,665,000	)		(189,055,000	)
Balance at December 31, 2024 (1)		960,000			12,360,000			1,449,000			32,873,000			9,612,000			2,377,000			59,631,000
Balance		960,000			12,360,000			1,449,000			32,873,000			9,612,000			2,377,000			59,631,000
Accruals/Adjustments		40,610,000			31,627,000			15,619,000			89,952,000			40,991,000			5,792,000			224,591,000
Credits Taken Against Reserve		(30,543,000	)		(15,770,000	)		(9,050,000	)		(106,285,000	)		(48,518,000	)		(5,675,000	)		(215,841,000	)
Balance at December 31, 2025 (1)	$	11,027,000		$	28,217,000		$	8,018,000		$	16,540,000		$	2,085,000		$	2,494,000		$	68,381,000
Balance	$	11,027,000		$	28,217,000		$	8,018,000		$	16,540,000		$	2,085,000		$	2,494,000		$	68,381,000

(1)

Revenues From Transfer of Acquired Product Sales and Profits

During 2024 and 2023, the Company was a party to agreements whereby it purchased the exclusive commercial rights to assets associated with certain ophthalmic products from other pharmaceutical companies (the “Sellers”). During a temporary, transition period, the Sellers continue to manufacture and market these products and transfer the net profit from the sale of the products to the Company. The revenue recognized by the Company from the transfer of net profit was recognized at the time profit from the product sales were calculated by the Sellers and confirmed by the Company, typically on a monthly basis, at which point there is no future performance obligation required by the Company and no consequential continuing involvement on the Company’s part to recognize the associated revenue. On a quarterly basis, the Sellers invoice the Company for all credits and reimbursements (“Chargebacks”) made to customers related to the products. The Company uses historical actual experience to estimate Chargebacks associated with the net sales and profit transferred. The estimated Chargebacks are recorded as a reduction in revenues from transfer of acquired product sales and profits in the Company’s consolidated statements of operations, and recorded as a reduction to accounts receivable in the consolidated balance sheets, at the time the revenue is recognized.

Other Revenue: Intellectual Property License and Related Arrangements

The Company currently holds five intellectual property licenses and related agreements pursuant to which the Company has agreed to license or sell to a customer with the right to access the Company’s intellectual property. License arrangements may consist of non-refundable upfront license fees, data transfer fees, research reimbursement payments, exclusive license rights to patented or patent pending compounds, technology access fees, and various performance or sales milestones. These arrangements can be multiple-element arrangements, the revenue of which is recognized at the point in time that the performance obligation is met.

Non-refundable fees that are not contingent on any future performance by the Company and require no consequential continuing involvement on the part of the Company are recognized as revenue when the license term commences and the licensed data, technology, compounded drug preparation and/or other deliverables are delivered. Such deliverables may include physical quantities of compounded drug preparations, design of the compounded drug preparations and structure-activity relationships, the conceptual framework and mechanism of action, and rights to the patents or patent applications for such compounded drug preparations. The Company defers recognition of non-refundable fees if it has continuing performance obligations without which the technology, right, product or service conveyed in conjunction with the non-refundable fee has no utility to the licensee and that are separate and independent of the Company’s performance under the other elements of the arrangement. In addition, if the Company’s continued involvement is required, through research and development services that are related to its proprietary know-how and expertise of the delivered technology or can only be performed by the Company, then such non-refundable fees are deferred and recognized over the period of continuing involvement. Guaranteed minimum annual royalties are recognized on a straight-line basis over the applicable term.

Deferred revenue and customer deposits at December 31, 2025 and 2024, were $788,000 and $44,000, respectively. All deferred revenue and customer deposit amounts at December 31, 2024 were recognized as revenue during the year ended December 31, 2025.

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-7

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-9

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-10

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-15

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-13

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Topic 606
-Publisher FASB
-URI https://asc.fasb.org/606/tableOfContent

+ Details

SCHEDULE OF FUTURE MINIMUM PAYMENT UNDER NOTES PAYABLES (Details) - USD ($)	Dec. 31, 2025	Dec. 31, 2024
Debt Disclosure [Abstract]
2026
2027
2028
2029
2030	250,000,000
Thereafter
Total minimum payments	250,000,000
Less: unamortized discount, net of premium	(6,816,000)	$ (6,974,000)
Notes payable, net of unamortized discount	$ 243,184,000	$ 219,539,000

SCHEDULE OF STATE INCOME TAX PAID (Details)	12 Months Ended
SCHEDULE OF STATE INCOME TAX PAID (Details)	Dec. 31, 2025 USD ($)
TENNESSEE
Effective Income Tax Rate Reconciliation [Line Items]
State income taxes paid	$ 57,000
COLORADO
Effective Income Tax Rate Reconciliation [Line Items]
State income taxes paid	17,000
NEW JERSEY
Effective Income Tax Rate Reconciliation [Line Items]
State income taxes paid	10,000
MASSACHUSETTS
Effective Income Tax Rate Reconciliation [Line Items]
State income taxes paid	8,000
Other [Member]
Effective Income Tax Rate Reconciliation [Line Items]
State income taxes paid	1,000
State and Local Jurisdiction [Member]
Effective Income Tax Rate Reconciliation [Line Items]
State income taxes paid	$ 93,000

EMPLOYEE SAVINGS PLAN (Details Narrative) - USD ($)	12 Months Ended
EMPLOYEE SAVINGS PLAN (Details Narrative) - USD ($)	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Retirement Benefits [Abstract]
Percentage of salary deposits in tax deferred investment account	100.00%
Percentage of contributions made by the company	4.00%
Contributions by the company	$ 1,359,000	$ 953,000	$ 594,000

SCHEDULE OF INVENTORIES (Details) - USD ($)	Dec. 31, 2025	Dec. 31, 2024
Inventory Disclosure [Abstract]
Raw materials	$ 6,958,000	$ 5,362,000
Work in progress	1,036,000	858,000
Finished goods	5,529,000	4,482,000
Total inventories	$ 13,523,000	$ 10,702,000

LEASES (Details Narrative)	1 Months Ended						12 Months Ended
LEASES (Details Narrative)	Jan. 31, 2024 ft²	Sep. 30, 2022 ft²	Jan. 31, 2022 ft²	May 31, 2021 ft²	Jul. 31, 2020 ft²	Jan. 31, 2020 ft²	Dec. 31, 2025 USD ($)	Dec. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)
Weighted average incremental borrowing rate							8.00%	8.00%
Weighted average remaining lease term							9 years 3 months 18 days	10 years 2 months 12 days
Operating lease payments \| $							$ 1,169,000	$ 1,301,000	$ 1,231,000
Selling, General and Administrative Expenses [Member]
Operating lease expense \| $							$ 1,462,000	$ 1,515,000	$ 1,232,000
Carlsbad [Member]
Area of land			5,800
Lease expiration date, description			March 2025
Ledgewood [Member]
Area of land					38,200
Lease expiration date, description					July 2027
Ledgewood [Member] \| Lease Amendment [Member]
Lease expiration date, description				July 2027
Area of land	2,861			8,900	1,400
Nashville [Member]
Area of land		11,600				17,700
Lease expiration date, description		September 2027				June 2032
Minimum [Member] \| Office and Laboratory Space [Member]
Lessee, operating lease, remaining lease term							1 year
Maximum [Member] \| Office and Laboratory Space [Member]
Lessee, operating lease, remaining lease term							5 years

SCHEDULE OF PROPERTY, PLANT AND EQUIPMENT (Details) - USD ($)	Dec. 31, 2025	Dec. 31, 2024
Property, Plant and Equipment [Abstract]
Computer hardware	$ 1,160,000	$ 1,195,000
Furniture and equipment	970,000	956,000
Lab and pharmacy equipment	5,924,000	5,306,000
Leasehold improvements	7,430,000	7,291,000
Property, plant and equipment, gross	15,484,000	14,748,000
Accumulated depreciation	(12,224,000)	(11,014,000)
Total property, plant and equipment, net	$ 3,260,000	$ 3,734,000

PROPERTY, PLANT AND EQUIPMENT (Details Narrative) - USD ($)	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Property, Plant and Equipment [Abstract]
Depreciation and amortization expenses	$ 1,315,000	$ 1,269,000	$ 1,055,000

Consolidated Balance Sheets - USD ($)	Dec. 31, 2025	Dec. 31, 2024
Current assets
Cash and cash equivalents	$ 72,927,000	$ 47,247,000
Accounts receivable, net	110,895,000	116,373,000
Inventories	13,523,000	10,702,000
Prepaid expenses and other current assets	14,405,000	15,329,000
Total current assets	211,750,000	189,651,000
Property, plant and equipment, net	3,260,000	3,734,000
Capitalized software costs, net	1,183,000	1,751,000
Operating lease right-of-use assets, net	7,783,000	8,554,000
Intangible assets, net	175,174,000	184,949,000
Goodwill	332,000	332,000
TOTAL ASSETS	399,482,000	388,971,000
Current liabilities
Accounts payable and accrued expenses	41,959,000	41,406,000
Accrued rebates and copay assistance	42,236,000	39,900,000
Accrued payroll and related liabilities	10,432,000	9,496,000
Deferred revenue and customer deposits	788,000	44,000
Current portion of operating lease obligations	887,000	497,000
Total current liabilities	96,302,000	91,343,000
Operating lease obligations, net of current portion	7,905,000	8,792,000
Notes payable, net of unamortized debt discount	243,184,000	219,539,000
TOTAL LIABILITIES	347,391,000	319,674,000
Commitments and contingencies
STOCKHOLDERS’ EQUITY
Common stock, $0.001 par value, 50,000,000 shares authorized; 37,229,159 and 35,622,214 shares issued and outstanding at December 31, 2025 and December 31, 2024, respectively	37,000	35,000
Additional paid-in capital	208,933,000	221,002,000
Accumulated deficit	(156,524,000)	(151,385,000)
TOTAL HARROW, INC. STOCKHOLDERS’ EQUITY	52,446,000	69,652,000
Noncontrolling interests	(355,000)	(355,000)
TOTAL STOCKHOLDERS’ EQUITY	52,091,000	69,297,000
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY	$ 399,482,000	$ 388,971,000

SCHEDULE OF INTANGIBLE ASSETS (Details) - USD ($)	12 Months Ended
SCHEDULE OF INTANGIBLE ASSETS (Details) - USD ($)	Dec. 31, 2025	Dec. 31, 2024
Finite-Lived Intangible Assets [Line Items]
Cost	$ 215,356,000	$ 209,018,000
Accumulated amortization	(40,182,000)	(23,816,000)
Impairment		(253,000)
Net Carrying value	175,174,000	184,949,000
Trademarks [Member]
Finite-Lived Intangible Assets [Line Items]
Net Carrying value	$ 328,000	$ 230,000
Useful life, description	Indefinite	Indefinite
Cost	$ 328,000	$ 230,000
Accumulated amortization
Impairment
Patents [Member]
Finite-Lived Intangible Assets [Line Items]
Useful life	19 years	19 years
Cost	$ 228,000	$ 611,000
Accumulated amortization	(66,000)	(216,000)
Impairment		(253,000)
Net Carrying value	$ 162,000	$ 142,000
Licenses [Member]
Finite-Lived Intangible Assets [Line Items]
Useful life	20 years	20 years
Cost	$ 50,000	$ 50,000
Accumulated amortization	(39,000)	(36,000)
Impairment
Net Carrying value	$ 11,000	$ 14,000
Acquired Product Rights [Member]
Finite-Lived Intangible Assets [Line Items]
Useful life	14 years	14 years
Cost	$ 214,482,000	$ 207,398,000
Accumulated amortization	(39,921,000)	(22,962,000)
Impairment
Net Carrying value	$ 174,561,000	$ 184,436,000
Customer Relationships [Member]
Finite-Lived Intangible Assets [Line Items]
Useful life	7 years	7 years
Cost	$ 190,000	$ 596,000
Accumulated amortization	(149,000)	(542,000)
Impairment
Net Carrying value	$ 41,000	$ 54,000
Trade Names [Member]
Finite-Lived Intangible Assets [Line Items]
Useful life	5 years	5 years
Cost	$ 70,000	$ 75,000
Accumulated amortization	(3,000)	(7,000)
Impairment
Net Carrying value	$ 67,000	$ 68,000
State Pharmacy Licenses [Member]
Finite-Lived Intangible Assets [Line Items]
Useful life	25 years	25 years
Cost	$ 8,000	$ 8,000
Accumulated amortization	(4,000)	(3,000)
Impairment
Net Carrying value	$ 4,000	$ 5,000
Non-Competition Clause [Member]
Finite-Lived Intangible Assets [Line Items]
Useful life		4 years
Cost		$ 50,000
Accumulated amortization		(50,000)
Impairment
Net Carrying value

SCHEDULE OF STOCK OPTION PLAN ACTIVITY (Details) - Stock Option Plan [Member]	12 Months Ended
	Dec. 31, 2025 USD ($) $ / shares shares
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Number of shares, outstanding, beginning balance \| shares	2,469,099
Weighted average exercise price, outstanding, beginning balance \| $ / shares	$ 6.49
Number of shares, options granted \| shares	216,500
Weighted average exercise price, options granted \| $ / shares	$ 36.92
Number of shares, options exercised \| shares	(958,240)
Weighted average exercise price, options exercised \| $ / shares	$ 6.76
Number of shares, options cancelled/forfeited \| shares	(90,287)
Weighted average exercise price, options cancelled/forfeited \| $ / shares	$ 15.49
Number of shares, outstanding, ending balance \| shares	1,637,072
Weighted average exercise price, outstanding, ending balance \| $ / shares	$ 9.86
Weighted average. remaining contractual life, options outstanding	4 years 3 days
Aggregate intrinsic value, options outstanding \| $	$ 64,078,000
Number of shares, options exercisable \| shares	1,341,120
Weighted average exercise price, options exercisable \| $ / shares	$ 5.08
Weighted average. remaining contractual life, options exercisable	2 years 10 months 17 days
Aggregate intrinsic value, options exercisable \| $	$ 58,909,000
Number of shares, options vested and expected to vest \| shares	1,593,947
Weighted average exercise price, options vested and expected to vest \| $ / shares	$ 9.20
Weighted average. remaining contractual life, options vested and expected to vest	3 years 10 months 9 days
Aggregate intrinsic value, options exercisable \| $	$ 63,434,000

Consolidated Statements of Operations - USD ($)	12 Months Ended
Consolidated Statements of Operations - USD ($)	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Revenues:
Total revenues	$ 272,303,000	$ 199,614,000	$ 130,193,000
Cost of sales	(67,934,000)	(49,245,000)	(39,640,000)
Gross profit	204,369,000	150,369,000	90,553,000
Operating expenses:
Selling, general and administrative	152,914,000	129,064,000	83,090,000
Research and development	20,940,000	12,230,000	6,652,000
Impairment of long-lived assets		253,000	380,000
Total operating expenses	173,854,000	141,547,000	90,122,000
Income from operations	30,515,000	8,822,000	431,000
Other (expense) income:
Interest expense, net	(24,180,000)	(22,786,000)	(21,324,000)
Investment (loss) gain from Eton Pharmaceuticals		(3,171,000)	3,092,000
Loss on extinguishment of debt	(7,750,000)		(5,465,000)
Other income (expense), net	47,000	(185,000)	(444,000)
Total other expense, net	(31,883,000)	(26,142,000)	(24,141,000)
Loss before income taxes	(1,368,000)	(17,320,000)	(23,710,000)
Income tax expense	(3,771,000)	(161,000)	(701,000)
Net loss	$ (5,139,000)	$ (17,481,000)	$ (24,411,000)
Basic net loss per share of common stock	$ (0.14)	$ (0.49)	$ (0.75)
Diluted net loss per share of common stock	$ (0.14)	$ (0.49)	$ (0.75)
Weighted average number of shares of common stock outstanding, basic	36,760,461	35,650,714	32,616,777
Weighted average number of shares of common stock outstanding, diluted	36,760,461	35,650,714	32,616,777
Product Sales Net [Member]
Revenues:
Total revenues	$ 271,909,000	$ 198,619,000	$ 117,447,000
Other Revenues [Member]
Revenues:
Total revenues	$ 394,000	$ 995,000	$ 12,746,000

INVESTMENT IN SURFACE OPHTHALMICS, INC. AND AGREEMENTS - RELATED PARTY TRANSACTIONS

12 Months Ended

Dec. 31, 2025

Investment In Surface Ophthalmics Inc. And Agreements - Related Party Transactions

INVESTMENT IN SURFACE OPHTHALMICS, INC. AND AGREEMENTS - RELATED PARTY TRANSACTIONS

NOTE 6. INVESTMENT IN SURFACE OPHTHALMICS, INC. AND AGREEMENTS - RELATED PARTY TRANSACTIONS

The Company entered into an asset purchase and license agreement with Surface in 2017 and amended it in April 2018 (the “Surface License Agreements”). Pursuant to the terms of the Surface License Agreements, the Company assigned and licensed to Surface certain intellectual property and related rights associated with Surface’s drug candidates (collectively, the “Surface Products”). Surface is required to make mid-single digit royalty payments to the Company on net sales of the Surface Products while any patent rights remain outstanding The Company has not received any royalties related to the Surface License Agreements.

As of December 31, 2025 and 2024, the Company owned 3,500,000 shares of Surface common stock. Adrienne Graves and Perry J. Sternberg, directors of the Company, also are directors of Surface. Mark L. Baum, who is the Company’s Chief Executive Officer, was previously a member of the Surface board of directors and resigned from his position as a director of Surface on March 31, 2023.

SCHEDULE OF RESTRICTED STOCK UNITS ACTIVITY (Details)	12 Months Ended
SCHEDULE OF RESTRICTED STOCK UNITS ACTIVITY (Details)	Dec. 31, 2025 $ / shares shares
Equity [Abstract]
Number of Shares, unvested, outstanding, beginning balance \| shares	353,112
Weighted average grant date fair value, beginning balance \| $ / shares	$ 22.55
Number of Shares, RSUs granted \| shares	126,544
Weighted average grant date fair value, RSUs granted \| $ / shares	$ 31.45
Number of Shares, RSUs vested \| shares	(98,444)
Weighted average grant date fair value, RSUs vested \| $ / shares	$ 21.64
Number of Shares, RSUs cancelled/forfeited \| shares	(167,000)
Weighted average grant date fair value, RSUs cancelled/forfeited \| $ / shares	$ 24.00
Number of Shares, unvested, outstanding, ending balance \| shares	214,212
Weighted average grant date fair value, ending balance \| $ / shares	$ 27.09

SCHEDULE OF INCOME TAX RATE (Details)

12 Months Ended

Dec. 31, 2025

Dec. 31, 2024

Dec. 31, 2023

Income Tax Disclosure [Abstract]

U.S. federal statutory tax rate

21.00%

State tax benefit, net

(91.23%)

^[1]

(2.49%)

0.77%

Rate change

1.87%

(8.02%)

Employee stock-based compensation

510.16%

(8.61%)

19.93%

Excess Employee remuneration

(5.95%)

(30.83%)

Melt loan settlement

(4.52%)

Other

1.71%

2.97%

Uncertain tax positions

0.09%

(11.71%)

Research and development tax credit

26.02%

2.66%

0.53%

Provision-to-return true-ups

(0.75%)

1.72%

Other true-ups

(2.27%)

(1.87%)

(0.43%)

Total

7.66%

(8.59%)

Change in valuation allowance

(57.24%)

(8.59%)

5.71%

Effective income tax rate

(275.66%)

(0.93%)

(2.88%)

[1]	The state that contributed to the majority (greater than 50%) of the tax effect in this category was Tennessee for 2025.

RECENT PRODUCT ACQUISITIONS AND LICENSES

12 Months Ended

Dec. 31, 2025

Business Combination, Asset Acquisition, Transaction between Entities under Common Control, and Joint Venture Formation [Abstract]

RECENT PRODUCT ACQUISITIONS AND LICENSES

NOTE 4. RECENT PRODUCT ACQUISITIONS AND LICENSES

FDA Approved Product Acquisitions

In recent years, the Company has acquired commercial and product rights to various FDA approved ophthalmic medications and products through asset purchase, licenses, supply and/or other related agreements. In general, in exchange for product and commercial rights these agreements provide the counterparties with certain upfront and contingent milestone payments typically related to certain annual sales amounts and manufacturing events, and in certain cases, per unit transfer prices and royalties on sales of some of the products.

During the years ended December 31, 2025, 2024 and 2023, $9,526,000, $4,126,000 and $647,000, respectively, were incurred under these agreements as royalty expenses. During the years ended December 31, 2025 and 2024, $7,000,000 and $37,000,000, respectively, was incurred under these agreements related to upfront and milestone payments under these agreements. As of December 31, 2025, the remaining contingent consideration payable pursuant to these agreements were not considered payable as the contingency is not resolved and therefore, no amount was accrued related to these contingent obligations during the year ended December 31, 2025. At the time contingent consideration becomes payable when the contingency is resolved, the additional consideration, if any, paid will be allocated to the assets based on their initial estimated fair values as a percent of the total purchase price.

BYOOVIZ^® and OPUVIZ^TM– Commercialization Agreement

In July 2025, the Company entered into a development and commercialization agreement (the “Samsung Agreement”) with Samsung Bioepis Co., Ltd. (“Samsung”). Under the terms of the Samsung Agreement, following completion of the transition of commercial rights from Biogen, Inc. back to Samsung, Samsung will develop, manufacture, and supply BYOOVIZ (ranibizumab-nuna) and OPUVIZ (aflibercept-yszy) (individually, a “Product” and together, the “Products”) for Harrow to commercialize in the U.S. market (the “Rights”). The Company accounted for the transaction as an acquisition of assets and capitalized the one-time upfront payment of $4,000,000 to Samsung in February 2026 following the License Effective Date in January 2026. Samsung will also be eligible to receive additional one-time payments based on the achievement of net sales-based milestones of the Products. In addition to other mutually agreed terms, Harrow shall pay to Samsung a share of net sales from the Products generated in the U.S. market.

Contingent consideration related to the transaction will be recognized only when the contingency is resolved and the consideration is considered payable.

Acquisition of Commercial Rights to BYQLOVI^TM

In June 2025, the Company announced that it had entered into a license and supply agreement (the “Formosa Agreement”) with Formosa Pharmaceuticals, Inc. (“Formosa”). Under the terms of the Formosa Agreement, the Company licensed from Formosa the exclusive rights and marketing authorization of BYQLOVI^TM (clobetasol propionate ophthalmic suspension) 0.05% in the U.S. market. In consideration for such rights, the Company will make a one-time payment to Formosa equal to $500,000 at the time the Company makes its first commercial sale of BYQLOVI to a third party and Formosa will be eligible to receive other one-time payments based on achievement of commercial gross profit milestones along with royalties on gross profits of BYQLOVI.

Acquisition of VEVYE^® U.S. and Canadian Commercial Rights

In July 2023, the Company acquired commercial rights of VEVYE (cyclosporine ophthalmic solution) 0.1%, an ophthalmic drug product, for the U.S. and Canadian markets (the “VEVYE Acquisition”). The Company acquired the commercial rights to VEVYE by entering into a license agreement with Novaliq GmbH (“Novaliq”). As consideration, the Company made initial payments to Novaliq totaling $8,000,000 and will pay low double-digit royalties on net sales of VEVYE along with potential commercial milestone payments.

The Company accounted for the VEVYE Acquisition as an acquisition of assets and capitalized the initial payments of $8,000,000 and costs of $70,000 associated with the transaction.

During the year ended December 31, 2025, the Company capitalized a commercial milestone of $7,000,000 related to sales of VEVYE. Remaining contingent consideration related to the transaction will be recognized only when the contingency is resolved and the consideration is considered payable.

Acquisition of Certain U.S. and Canadian Commercial Rights to Santen and Eyevance Products

In July 2023, the Company entered into an Asset Purchase Agreement with Eyevance Pharmaceuticals, LLC and a License Agreement with Santen S.A.S. (collectively, the “Santen Agreements”), each a subsidiary of Santen Pharmaceuticals Co., Ltd. (collectively, “Santen”). Pursuant to the Santen Agreements, the Company acquired the exclusive commercial rights to assets associated with the following ophthalmic products (collectively, the “Santen Products”): FLAREX, NATACYN, ZERVIATE, VERKAZIA and FRESHKOTE in the U.S., and VERKAZIA and CATIONORM PLUS in Canada.

The transactions pursuant to the Santen Agreements are referred to in these notes as the “Santen Products Acquisition.”

Under the terms of the Santen Agreements, the Company made an initial one-time payment of $8,000,000. In addition, the Santen Agreements provide for various one-time contingent milestone payments associated with certain manufacturing-related events as well as low-double digit royalty payments on net sales of VERKAZIA and high-single digit royalty payments on net sales of CATIONORM PLUS. Under the Santen Agreements, the Company also assumed certain obligations associated with other third parties that require mid-single digit royalties on sales of FRESHKOTE and ZERVIATE. Immediately following the closing and subject to certain conditions, prior to the transfer of the Santen Products NDAs and other marketing authorizations to the Company, Santen continued to sell the Santen Products on the Company’s behalf and transfer the net profit from the sale of the Santen Products to the Company. In October 2023, the Company completed the transfer of the U.S. NDAs and rights of the Santen Products.

The assets acquired in the Santen Products Acquisition are identifiable intangible asset groups in similar asset classes and all directly related to the product NDAs and marketing authorizations acquired. The developed technology is within one major intangible asset class. No workforce/employees were included in the Santen Products Acquisition and the Company is required to utilize its own business inputs/processes to transfer and commercialize the Santen Products.

The Company incurred $139,000 in costs associated with the Santen Products Acquisition, the payment of $8,000,000 at closing and a near term milestone of $500,000. The total purchase price of the Santen Products Acquisition was $8,639,000 and was accounted for as an asset acquisition. Subsequent to December 31, 2025, two contract amendments were executed which resulted in payment of the remaining contingent consideration available under both Santen Agreements. Refer to Note 20. Subsequent Events for additional information.

Acquisition of ILEVRO, NEVANAC, VIGAMOX, MAXIDEX, and TRIESENCE

In December 2022, the Company entered into an Asset Purchase Agreement (the “NVS 5 APA”) with Novartis Technology, LLC and Novartis Innovative Therapies AG (together, “Novartis”), pursuant to which the Company agreed to purchase from Novartis the exclusive commercial rights to assets associated with the following ophthalmic products (collectively the “NVS 5 Products”) in the U.S. (the “NVS 5 Acquisition”): ILEVRO, NEVANAC, VIGAMOX, MAXIDEX, and TRIESENCE.

Under the terms of the NVS 5 APA, the Company made a one-time payment of $130,000,000 at closing in January 2023, with up to another $45,000,000 due in a milestone payment related to the timing of the commercial availability of TRIESENCE. The milestone payment due upon commercial availability for TRIESENCE decreased from $45,000,000 to $37,000,000 on January 20, 2024. Pursuant to the NVS 5 APA and various ancillary agreements, immediately following the closing and subject to certain conditions and prior to the transfer of the NVS 5 Products NDAs to the Company, Novartis continued to sell the NVS 5 Products on the Company’s behalf and transfer the net profit from the sale of the NVS 5 Products to the Company. Novartis has agreed to supply certain NVS 5 Products to the Company for a period of time after the NDAs are transferred and to assist with technology transfer of the NVS 5 Products manufacturing to other third-party manufacturers, if needed.

The assets acquired in the NVS 5 Acquisition are identifiable intangible asset groups in similar asset classes and all directly related to the five product NDAs acquired. The developed technology is within one major intangible asset class. No workforce/employees were included in the NVS 5 Acquisition, and the Company is required to utilize its own business inputs/processes to transfer and commercialize the NVS 5 Products and NDAs.

The Company incurred $558,000 in costs associated with the NVS 5 Acquisition. Including such acquisition costs and the payment of $130,000,000 at closing, the total purchase price of the NVS 5 Acquisition was $130,558,000 and was accounted for as an asset acquisition. At the time of the NVS 5 Acquisition and as of December 31, 2023, the contingent consideration due related to the commercial availability of TRIESENCE was not considered probable and reasonably estimable and, therefore, no amount was included in the purchase price of the NVS 5 Acquisition. In 2024, the Company determined the milestone related to the commercial availability of TRIESENCE was probable of being achieved, and recognized the $37,000,000 milestone payment as an increase in the amount of intangible assets and allocated to all of the assets on a pro rata basis based on their initial estimated fair values as a percentage of the total purchase price. The Company does not consider any amounts related to TRIESENCE to be in-process research and development (IPR&D) as considered within the scope of ASC 730, Research and Development.

- Definition

The entire disclosure for business combination.

+ References

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+ Details

DEBT

12 Months Ended

Dec. 31, 2025

Debt Disclosure [Abstract]

DEBT

NOTE 13. DEBT

Fifth Third Revolving Credit Facility - Undrawn

In September 2025, the Company entered into a Credit Agreement (the “5/3 Revolver”) with Fifth Third Bank, National Association as administrative agent for itself and the other lenders, providing for a senior secured revolving credit facility in the initial principal amount of $40,000,000, together with an uncommitted incremental revolving line of credit in the principal amount of up to $20,000,000. The 5/3 Revolver will mature on September 26, 2030, or, if earlier, the date that is 91 days prior to the earliest maturity date of the Company’s 2030 Notes (as defined below).

Borrowings under the 5/3 Revolver bear interest at a floating rate equal to, at the Company’s option, either (i) a base rate plus a margin ranging from 0.25% to 0.75%, or (ii) a Secured Overnight Financing Rate (“SOFR”)-based rate plus a margin ranging from 1.25% to 1.75%. In addition, an unused fee of 0.25% per annum is payable monthly in arrears based on the undrawn portion of the commitments in respect of the 5/3 Revolver. Borrowings under the 5/3 Revolver are secured by a first priority lien in substantially all of the present and future property and assets, real and personal, of the Company, subject to customary exceptions.

Under the 5/3 Revolver, the Company is subject to certain customary affirmative and negative covenants. In addition, the 5/3 Revolver contains certain financial covenants requiring the Company to maintain, on a consolidated basis as of the last day of each month, a fixed charge coverage ratio of at least 1.10 to 1.0.

Deferred financing costs of $675,000 were recorded and will be amortized to interest expense over the term of agreement. The commitment fee related to the unused line of credit will be expensed as incurred.

As of December 31, 2025, there were no borrowings drawn or outstanding under the 5/3 Revolver. The Company was in compliance with all covenants and the entire initial principal amount is available as of December 31, 2025.

8.625% Senior Notes Due 2030

In September 2025, the Company closed a private offering of $250,000,000, aggregate principal amount of 8.625% senior notes due 2030 (the “2030 Notes”). The 2030 Notes offering resulted in net proceeds to the Company of approximately $242,748,000 after deducting underwriting discounts of $5,625,000 and commissions and other offering expenses of $1,627,000.

The 2030 Notes are senior unsecured obligations of the Company. The 2030 Notes are effectively subordinated to any of the Company’s secured indebtedness to the extent of the value of the assets securing such indebtedness. The 2030 Notes are guaranteed on a senior unsecured basis by the Company, subject to certain exceptions. The 2030 Notes bear interest at the rate of 8.625% per annum. Interest on the 2030 Notes is payable semi-annually in arrears on March 15 and September 15 of each year, commencing March 15, 2026. The issuance costs were recorded as a debt discount and are being amortized as interest expense over the term of the 2030 Notes using the effective interest rate method. The Indenture governing the 2030 Notes contains customary high-yield restrictive covenants including the payment of dividends, subject to specified exceptions, and requires an offer to repurchase the Notes upon the occurrence of certain change of control triggering events.

The Company may redeem all or part of the 2030 Notes prior to September 15, 2027, at a price equal to 100% of the principal amount of the 2030 Notes redeemed, plus accrued and unpaid interest, if any, to, but not including, the redemption date, plus a “make-whole” premium, as described in the indenture. The Company may redeem all or part of the 2030 Notes on or after September 15, 2027 at the applicable redemption prices described in the indenture. The Company may also redeem up to 40% of the aggregate principal amount of the 2030 Notes at any time prior to September 15, 2027, at a redemption price equal to 108.625% of the principal amount of the 2030 Notes redeemed, plus accrued and unpaid interest, if any, to, but excluding, the redemption date, with the net cash proceeds from certain equity offerings. If a change in control triggering event occurs, unless the Company has previously exercised or substantially concurrently exercise its optional redemption right, the Company will be required to offer to repurchase the 2030 Notes from holders at 101% of the principal amount thereof, plus accrued and unpaid interest, if any, to, but excluding, the redemption date.

Interest expense related to the 2030 Notes totaled $6,934,000 for the year ended December 31, 2025, and included the amortization of debt issuance costs and discount of $436,000.

The terms of our 2030 Notes contain customary affirmative and negative covenants. As of December 31, 2025, the Company was in compliance with all such covenants.

Oaktree Loan Due 2026 – Paid in Full

In March 2023, the Company entered into a Credit Agreement and Guaranty (the “Oaktree Loan”) with Oaktree Fund Administration, LLC, as administrative agent for the lenders (together, “Oaktree”). Including through subsequent amendments to the Oaktree Loan, the Company had drawn down a total principal loan amount of $107,500,000. The Oaktree Loan carried an interest rate equal to SOFR plus 6.5% per annum, and included an exit fee equal to 3.5% of the aggregate principal amount owed, payable at maturity. In addition to the exit fee, the Oaktree Loan required a make-whole premium to be paid on early principal amount payments prior to its maturity in January 2026. The exit fee of $3,763,000 was recorded as a debt discount and recognized as interest expense using the effective interest method over the term of the loan.

In September 2025, the Company repaid the $107,500,000 principal balance owed under the Oaktree Loan and all accrued interest as of the date the loan was repaid. In connection with the loan repayment, the Company agreed to pay an exit fee and a make-whole premium to Oaktree. During the year ended December 31, 2025, the Company recorded the unaccrued exit fee of $268,000, make-whole premium of $1,861,000, and write-off of unamortized debt issuance costs of $1,289,000 as a loss on debt extinguishment of $3,418,000 in the aggregate.

Interest expense related to the Oaktree Loan totaled $10,826,000, $12,568,000 and $8,804,000 for the years ended December 31, 2025, 2024 and 2023, respectively, and included the amortization of debt issuance costs and discount of $2,567,000, $2,705,000 and $1,680,000 for the years ended December 31, 2025, 2024 and 2023, respectively. Also included in interest expense is the amortization of deferred commitment fees of $601,000 and $543,000 for the years ended December 31, 2024 and 2023, respectively.

HROWL – 8.625% Senior Notes Due 2026 – Paid in Full

In April 2021, the Company closed an offering of $50,000,000 aggregate principal amount of 8.625% senior notes due 2026. In May 2021, the Company issued an additional $5,000,000 of such notes pursuant to the full exercise of the underwriters’ option to purchase additional notes, and in September 2021, the Company sold an additional $20,000,000 aggregate principal amount of such notes (collectively, the “2026 Notes”).

In September 2025, the Company fully repaid the principal balance of $75,000,000, along with all accrued interest owed under the 2026 Notes through US Bank Trust Company National Association as Trustee. The 2026 Notes were considered legally extinguished upon such repayment. In connection with the 2026 Notes repayment, the Company paid a make-whole premium of $907,000, recorded $449,000 of unaccrued interest and wrote off $452,000 of unamortized debt issuance costs. During the twelve months ended December 31, 2025, the make-whole premium, unaccrued interest paid after the redemption notice date, and unamortized debt issuance costs were recorded as a loss on debt extinguishment equal to $1,808,000 in the aggregate. The 2026 Notes listed on The Nasdaq Stock Market under the symbol “HROWL” were delisted on October 10, 2025.

Interest expense related to the 2026 Notes totaled $5,074,000, $7,253,000 and $7,251,000 for the years ended December 31, 2025, 2024 and 2023, respectively, and included amortization of debt issuance costs and discount of $546,000, $784,000 and $782,000 for the years ended December 31, 2025, 2024 and 2023, respectively.

HROWM - 11.875% Senior Notes Due 2027 – Paid in Full

In December 2022 and in January 2023, the Company closed an offering of $35,000,000 and $5,250,000, respectively, aggregate principal amount of 11.875% senior notes due 2027 (the “2027 Notes”). The 2027 Notes could be redeemed for cash in whole or in part prior to December 31, 2025, at a price equal to $25.50 per note, plus accrued and unpaid interest to, but excluding, the date of redemption.

In September 2025, the Company fully repaid the principal balance of $40,250,000, along with all accrued interest owed under the 2027 Notes through US Bank Trust Company National Association as Trustee. The 2027 Notes were considered legally extinguished upon such repayment. In connection with the 2027 Notes repayment, the Company paid a prepayment penalty of $805,000, recorded unaccrued interest of $98,000 and wrote off $1,621,000 of unamortized debt issuance costs. During the year ended December 31, 2025, the prepayment penalty, unaccrued additional interest paid after the redemption notice date and the unamortized debt issuance costs were recorded as a loss on debt extinguishment equal to $2,524,000 in the aggregate. The 2027 Notes listed on The Nasdaq Stock Market under the symbol “HROWM” were delisted on October 8, 2025.

Interest expense related to the 2027 Notes totaled $3,845,000, $5,496,000 and $5,516,000 for the years ended December 31, 2025, 2024 and 2023, respectively, and included the amortization of debt issuance costs and discount of $499,000, $716,000 and $736,000 for the years ended December 31, 2025, 2024 and 2023, respectively.

B. Riley Loan and Security Agreement – Paid in Full

On December 14, 2022 (the “Effective Date”), the Company entered into a Loan and Security Agreement (the “BR Loan”) with B. Riley Commercial Capital, LLC, as administrative agent for the lenders. The BR Loan provided for a loan facility of up to $100,000,000 to the Company with a maturity date of December 14, 2025 (the “Maturity Date”), at an interest rate of 10.875% per annum.

In January 2023, $59,750,000 of principal amount was funded pursuant to the BR Loan simultaneously with the consummation of the NVS 5 Acquisition (see Note 4). In March 2023, the Company repaid all amounts owed under the BR Loan, in connection with the Oaktree Loan, and no exit or prepayment fees were paid as a result of the payoff of the BR Loan pursuant to a side letter agreement among the parties.

Interest expense related to the BR Loan totaled $1,565,000 for the year ended December 31, 2023, and included amortization of debt issuance costs and debt discount of $356,000.

The Company recognized a loss on extinguishment of debt in 2025 of $7,750,000 related to the Oaktree Loan, the 2026 Notes and 2027 Notes, $0 in 2024 and $5,465,000 related to the BR Loan in 2023.

A summary of the Company’s debt at December 31, 2025 and 2024 is described as follows:

SCHEDULE OF LONG TERM DEBT

	2025			2024
8.625% Senior Notes due April 2026	$	-		$	75,000,000
8.625% Senior Notes due September 2030		250,000,000			-
11.875% Senior Notes due December 2027		-			40,250,000
Oaktree Loan due January 2026		-			111,263,000
Notes payable gross		250,000,000			226,513,000
Less: Unamortized debt issuance costs		(6,816,000	)		(6,974,000	)
Notes payable net	$	243,184,000		$	219,539,000

The total effective interest rate of the Company’s debt was 9.2%, 10.74% and 10.58% as of December 31, 2025, 2024 and 2023, respectively.

At December 31, 2025, future minimum payments under the Company’s debt were as follows:

	Amount
2026	$	-
2027		-
2028		-
2029		-
2030		250,000,000
Thereafter		-
Total minimum payments		250,000,000
Less: unamortized discount, net of premium		(6,816,000	)
Notes payable, net of unamortized discount	$	243,184,000

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 8A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-8A

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 1
-Subparagraph (SX 210.4-08(c))
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-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

INTANGIBLE ASSETS AND GOODWILL (Details Narrative) - USD ($)	1 Months Ended	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Impairment charge		$ 0	$ 253,000	$ 380,000
Payment to acquire intangible assets			79,000	$ 18,000
Carrying value of goodwill		0	0
Asset Purchase Agreement [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Payment to acquire intangible assets	$ 37,000,000	$ 7,000,000	$ 37,000,000

ACCOUNTS PAYABLE AND ACCRUED EXPENSES (Tables)

12 Months Ended

Dec. 31, 2025

Payables and Accruals [Abstract]

SCHEDULE OF ACCOUNTS PAYABLE AND ACCRUED EXPENSES

Accounts payable and accrued expenses at December 31, 2025 and 2024 consisted of the following:

	2025		2024
Accounts payable	$	35,355,000	$	38,762,000
Accrued interest		6,498,000		2,538,000
Other		106,000		106,000
Total accounts payable and accrued expenses	$	41,959,000	$	41,406,000

PREPAID EXPENSES AND OTHER CURRENT ASSETS (Tables)

12 Months Ended

Dec. 31, 2025

Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]

SCHEDULE OF PREPAID EXPENSES AND OTHER CURRENT ASSETS

Prepaid expenses and other current assets at December 31, 2025 and 2024 consisted of the following:

	2025		2024
Prepaid insurance	$	2,185,000	$	1,326,000
Prepaid computer software related expenses		598,000		765,000
Prefunded Co-Pay assistance		3,342,000		4,514,000
Other prepaid expenses		1,825,000		1,435,000
Receivable due from Melt		-		228,000
Annual user fees (PDUFA)		4,327,000		3,651,000
Deposits and other current assets		2,128,000		3,410,000
Total prepaid expenses and other current assets	$	14,405,000	$	15,329,000

SCHEDULE OF STOCK BASED COMPENSATION GRANTED TO EMPLOYEES, DIRECTORS AND CONSULTANTS (Details) - USD ($)	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Total	$ 12,502,000	$ 17,619,000	$ 15,696,000
Employees [Member] \| Selling, General and Administrative Expenses [Member]
Total	10,846,000	14,812,000	13,279,000
Employees [Member] \| Research and Development Expense [Member]
Total	422,000	1,722,000	1,662,000
Director [Member] \| Selling, General and Administrative Expenses [Member]
Total	807,000	800,000	688,000
Consultants [Member] \| Selling, General and Administrative Expenses [Member]
Total	$ 427,000	$ 285,000	$ 67,000

SCHEDULE OF ESTIMATED FUTURE AMORTIZATION EXPENSE (Details)	Dec. 31, 2025 USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]
2026	$ 16,712,000
2027	16,421,000
2028	16,014,000
2029	16,212,000
2030	15,188,000
Thereafter	94,299,000
Intangible assets	$ 174,846,000

SCHEDULE OF DEFERRED TAX ASSETS AND LIABILITIES (Details) - USD ($)	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Income Tax Disclosure [Abstract]
Net operating loss carryforwards	$ 12,332,000	$ 2,448,000
Interest expense limitation carryforwards	4,768,000	4,605,000
Capitalized research & experimentation	4,791,000	2,276,000
Amortization	2,870,000	1,753,000
Accrued chargebacks & returns	2,035,000	290,000
Stock compensation	1,313,000	1,523,000
Investment in Melt Pharmaceuticals		3,620,000
Accrued rebates	1,454,000	438,000
Lease liability	2,232,000	2,304,000
Accrued bonus	1,881,000
Obsolete inventory reserve	431,000	354,000
Accrued vacation	455,000	346,000
Research credit carryforwards	78,000	577,000
Other accruals and reserves	336,000	974,000
Total deferred tax assets	34,976,000	21,508,000
Valuation allowances	(29,247,000)	(17,610,000)	$ (15,631,000)
Net deferred tax assets	5,729,000	3,898,000
Prepaid expenses	2,383,000	1,777,000
Tax accounting method change	1,347,000
Depreciation	23,000
Right-of-use assets	1,976,000	2,121,000
Total deferred tax liabilities	5,729,000	3,898,000
Net deferred tax liability

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

12 Months Ended

Dec. 31, 2025

Accounting Policies [Abstract]

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

NOTE 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Basis of Presentation

Use of Estimates

Risks and Uncertainties

Credit Losses

Balance at January 1, 2023	$	73,000
Change in expected credit losses		332,000
Write-offs, net of recoveries		(34,000	)
Balance at December 31, 2023		371,000
Change in expected credit losses		120,000
Write-offs, net of recoveries		(75,000	)
Balance at December 31, 2024		416,000
Change in expected credit losses		555,000
Write-offs, net of recoveries		(87,000	)
Balance at December 31, 2025	$	884,000

Business Combinations and Asset Acquisitions

Noncontrolling Interests

	1.	net income or loss;

	2.	transactions with owners acting in their capacity as owners, showing separately contributions from and distributions to owners; and

	3.	each component of other income or loss.

Revenue Recognition and Deferred Revenue

Cost of Sales

Research and Development

Advertising Expense

Debt Issuance Costs and Debt Discount

Intellectual Property

Income Taxes

Cash and Cash Equivalents

Cash equivalents include short-term, highly liquid investments with maturities of three months or less at the time of acquisition.

Concentrations of Credit Risk

Accounts Receivable

Inventories

Investment in Surface Ophthalmics, Inc. – Related Party

The following table summarizes the Company’s investment in Surface as of December 31, 2025 and 2024:

SCHEDULE OF INVESTMENT

		Cost Basis				Share of Equity Method Losses				Net Carrying value
Common stock		$	5,320,000			$	(5,320,000	)		$	-

See Note 6 for more information and related party disclosure regarding Surface.

Property, Plant and Equipment

Capitalized Software Costs

Intangible Assets, including Goodwill

As a result of our assessments in 2025 and 2024, we concluded that goodwill and indefinite-lived intangible assets are not impaired as of December 31, 2025 and 2024.

Impairment of Other Long-Lived Assets

Leases

Fair Value Measurements

●	Level 1: Applies to assets or liabilities for which there are quoted prices (unadjusted) for identical assets or liabilities in active markets. A quoted price in an active market provides the most reliable evidence of fair value and must be used to measure fair value whenever available.
●	Level 2: Applies to assets or liabilities for which there are significant other observable inputs other than Level 1 prices, such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities.
●	Level 3: Applies to assets or liabilities for which there are significant unobservable inputs that reflect a reporting entity’s own assumptions about the assumptions that market participants would use in pricing an asset or liability. For example, Level 3 inputs would relate to forecasts of future earnings and cash flows used in a discounted future cash flows method.

The following table presents the estimated fair values and the carrying values:

SCHEDULE OF ESTIMATED FAIR VALUE

	December 31,
	2025				2024
	Carrying Value		Fair Value		Carrying Value		Fair Value
2030 Notes	$	243,184,000	$	262,500,000		-		-
2026 Notes	$	-	$	-	$	74,002,000	$	75,840,000
2027 Notes	$	-	$	-	$	38,130,000	$	42,198,000
Oaktree Loan	$	-	$	-	$	107,407,000	$	112,932,000

Stock-Based Compensation

Basic and Diluted Net Loss per Common Share

Reclassifications

The December 31, 2024 balances in the schedule of deferred tax assets and liabilities in Note 16 - Income Taxes have been reclassified to conform to current year presentation.

Recently Adopted Accounting Pronouncements

Accounting Guidance Issued but Not Adopted at December 31, 2025

Pay vs Performance Disclosure - USD ($)	12 Months Ended
Pay vs Performance Disclosure - USD ($)	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Pay vs Performance Disclosure [Table]
Net Income (Loss)	$ (5,139,000)	$ (17,481,000)	$ (24,411,000)

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
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+ Details

Consolidated Statements of Cash Flows - USD ($)	12 Months Ended
Consolidated Statements of Cash Flows - USD ($)	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
CASH FLOWS FROM OPERATING ACTIVITIES
Net loss	$ (5,139,000)	$ (17,481,000)	$ (24,411,000)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:
Depreciation and amortization of property, plant and equipment and software development costs	1,915,000	1,850,000	1,530,000
Amortization of intangible assets	16,991,000	11,783,000	10,082,000
Non-cash lease expense	771,000	904,000	728,000
Acquisition of Melt Pharmaceuticals	4,358,000
Provision for credit losses	468,000	120,000	332,000
Amortization of debt issuance costs and debt discount	4,050,000	4,205,000	4,097,000
Investment loss (gain) from investment in Eton		3,171,000	(3,092,000)
Loss on disposal of equipment	13,000		168,000
Impairment of intangible assets		253,000	380,000
Loss on extinguishment of debt	7,750,000		5,465,000
Stock-based compensation	12,502,000	17,619,000	15,696,000
Changes in assets and liabilities:
Accounts receivable	5,010,000	(80,232,000)	(30,344,000)
Inventories	(2,821,000)	165,000	(4,326,000)
Prepaid expenses and other current assets	924,000	(6,072,000)	(5,647,000)
Accounts payable, accrued expenses, accrued rebates and copay assistance	(4,608,000)	37,498,000	31,795,000
Accrued payroll and related liabilities	936,000	4,046,000	1,425,000
Deferred revenue and customer deposits	744,000	(31,000)	(38,000)
NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES	43,864,000	(22,202,000)	3,840,000
CASH FLOWS FROM INVESTING ACTIVITIES
Net proceeds on sale of investment in Eton Pharmaceuticals		5,510,000
Acquisition of Melt Pharmaceuticals	(4,358,000)
Investment in patent and trademark assets		(79,000)	(18,000)
Purchase of product rights and related patents	(215,000)	(37,000,000)	(151,075,000)
Purchases of property, plant and equipment	(887,000)	(1,595,000)	(1,460,000)
NET CASH USED IN INVESTING ACTIVITIES	(5,460,000)	(33,164,000)	(152,553,000)
CASH FLOWS FROM FINANCING ACTIVITIES
Net proceeds from 11.875% notes payable, net of costs			4,961,000
Net proceeds from public offering			73,552,000
Proceeds from new debt, net of costs	244,375,000	29,780,000	55,879,000
Repayment of notes payable, inclusive of costs	(230,903,000)		(59,750,000)
Payment of payroll taxes upon vesting of PSUs, RSUs and exercise of stock options	(25,036,000)	(2,362,000)	(13,013,000)
Proceeds from exercise of stock options	467,000	1,110,000	379,000
Payment of debt issuance costs	(1,627,000)
Proceeds from public offering of common stock, net of offering costs			64,520,000
NET CASH (USED IN) PROVIDED BY FINANCING ACTIVITIES	(12,724,000)	28,528,000	126,528,000
NET CHANGE IN CASH AND CASH EQUIVALENTS	25,680,000	(26,838,000)	(22,185,000)
CASH AND CASH EQUIVALENTS, beginning of period	47,247,000	74,085,000	96,270,000
CASH AND CASH EQUIVALENTS, end of period	72,927,000	47,247,000	74,085,000
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:
Cash paid for income taxes	93,000	374,000
Cash paid for interest	18,718,000	20,594,000	18,887,000
SUPPLEMENTAL DISCLOSURES OF NON-CASH INVESTING AND FINANCING ACTIVITIES:
Accrual of milestone payment	7,000,000
Reclassification of deferred financing costs			1,950,000
Accrual of exit fee related to Oaktree Loan		1,050,000	2,713,000
Purchase of property, plant and equipment included in accounts payable and accrued expenses		81,000	299,000
Change in right-of-use assets for operating lease obligations assumptions		(557,000)
Right-of-use assets obtained in exchange for new operating lease obligations		3,230,000
Reclass of deferred commitment fees from prepaid expenses into debt issuance costs		331,000
Insurance premium financed			$ 873,000

SCHEDULE OF PERFORMANCE STOCK UNITS (Details) - $ / shares	12 Months Ended
	Dec. 31, 2025	Jul. 31, 2025	Apr. 30, 2023
Share-Based Payment Arrangement, Tranche One [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Target Share Price	$ 50	$ 50	$ 25.00
Number of Shares	181,335
Share-Based Payment Arrangement, Tranche Two [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Target Share Price	$ 60
Number of Shares	272,003
Share-Based Payment Arrangement, Tranche Three [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Target Share Price	$ 75
Number of Shares	375,623
Share Based Compensation Award Tranche Four [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Target Share Price	$ 100	$ 100	$ 50.00
Number of Shares	466,289

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Consolidated Balance Sheets (Parenthetical) - $ / shares	Dec. 31, 2025	Dec. 31, 2024
Statement of Financial Position [Abstract]
Common stock, par value	$ 0.001	$ 0.001
Common stock, shares authorized	50,000,000	50,000,000
Common stock, shares issued	37,229,159	35,622,214
Common stock, shares outstanding	37,229,159	35,622,214

SEGMENTS AND CONCENTRATIONS

12 Months Ended

Dec. 31, 2025

Segment Reporting [Abstract]

SEGMENTS AND CONCENTRATIONS

NOTE 19. SEGMENTS AND CONCENTRATIONS

The chief operating decision maker (“CODM”) is the Chief Executive Officer. The CODM does not review segment assets when assessing segment performance and deciding how to allocate resources. The Company reports on two reportable segments which were generally determined based on the decision-making structure of the Company and the grouping of similar products and services: Branded and ImprimisRx.

	●	The *Branded* segment includes activities of the Company’s FDA approved ophthalmology pharmaceutical products, including the out-licensing of rights to certain of our branded products.

	●	The *ImprimisRx* segment represents activities in the Company’s ophthalmology-focused pharmaceutical compounding business.

The CODM evaluates segment performance and makes resource-allocation decisions primarily on the basis of segment contribution. Segment contribution is the internal measure of profitability that the CODM reviews on a regular basis to assess the operational performance of each segment, determine the appropriate level of sales and marketing investments, evaluate pricing decisions, and prioritize capital deployment among branded product initiatives and the ImprimisRx compounding operations.

Segment contribution for the segments represents net revenues less cost of sales, certain general and administrative expenses, selling and marketing expenses, and research and development expenses. The Company does not evaluate the following items at the segment level:

	●	Selling, general and administrative expenses that result from shared infrastructure, including certain expenses associated with legal matters, public company costs (e.g. investor relations), Board of Directors and principal executive officers and other like shared expenses.

	●	Operating expenses within selling, general and administrative expenses that result from the impact of corporate initiatives. Corporate initiatives primarily include integration, restructuring, acquisition and other shared costs.

	●	Other select revenues and operating expenses that are not segment specific including research and development expenses, amortization, and asset sales and impairments, net as not all such information has been accounted for at the segment level, or such information has not been used by all segments.

Segment net revenues, segment operating expenses and segment contribution information consisted of the following:

SCHEDULE OF SEGMENT NET REVENUES

	Branded			ImprimisRx			Consolidated
	Year Ended December 31, 2025
	Branded			ImprimisRx			Consolidated
Product sales, net	$	195,362,000		$	76,547,000		$	271,909,000
Other revenues		394,000			-			394,000
Total revenues		195,756,000			76,547,000			272,303,000
Cost of sales		(37,230,000	)		(30,704,000	)		(67,934,000	)
Gross profit		158,526,000			45,843,000			204,369,000
Operating expenses:
Selling, general and administrative		86,324,000			29,373,000			115,697,000
Research and development		18,667,000			1,346,000			20,013,000

Segment contribution	$	53,535,000		$	15,124,000			68,659,000

Corporate								37,217,000
Research and development								927,000
Income from operations							$	30,515,000


	Year Ended December 31, 2024
	Branded			ImprimisRx			Consolidated
Product sales, net	$	115,120,000		$	83,499,000		$	198,619,000
Other revenues		995,000			-			995,000
Total revenues		116,115,000			83,499,000			199,614,000
Cost of sales		(21,667,000	)		(27,578,000	)		(49,245,000	)
Gross profit		94,448,000			55,921,000			150,369,000
Operating expenses:
Selling, general and administrative		62,301,000			23,607,000			85,908,000
Research and development		2,890,000			386,000			3,276,000
Segment contribution	$	29,257,000		$	31,928,000			61,185,000
Corporate								43,409,000
Research and development								8,954,000
Income from operations							$	8,822,000


	Year Ended December 31, 2023
	Branded			ImprimisRx			Consolidated
Product sales, net	$	37,512,000		$	79,935,000		$	117,447,000
Other revenues		12,746,000			-			12,746,000
Total revenues		50,258,000			79,935,000			130,193,000
Cost of sales		(12,662,000	)		(26,978,000	)		(39,640,000	)
Gross profit		37,596,000			52,957,000			90,553,000
Operating expenses:
Selling, general and administrative		18,126,000			29,210,000			47,336,000
Research and development		641,000			966,000			1,607,000
Segment contribution	$	18,829,000		$	22,781,000			41,610,000
Corporate								36,134,000
Research and development								5,045,000
Income from operations							$	431,000

Substantially all revenue is attributable to the U.S. All long-lived assets at December 31, 2025 and 2024 were located in the U.S.

Revenues by segment are further described as follows:

SCHEDULE OF REVENUES BY SEGMENT

	For the Years Ended December 31,
		2025	%			2024	%			2023	%
IHEEZO	$	81,348,000	30	%	$	49,303,000	25	%	$	20,621,000	16	%
VEVYE		88,688,000	33	%		28,061,000	14	%		1,766,000	1	%
Other branded products		25,326,000	9	%		37,836,000	19	%		15,125,000	12	%
Other revenues, net		394,000	0	%		915,000	0	%		12,746,000	10	%
Branded revenue, net		195,756,000	72	%		116,115,000	58	%		50,258,000	39	%
ImprimisRx revenue, net		76,547,000	28	%		83,499,000	42	%		79,935,000	61	%
Total revenues, net.	$	272,303,000	100	%	$	199,614,000	100	%	$	130,193,000	100	%

Other than IHEEZO, VEVYE, and one ImprimisRx product, no other products accounted for more than 10% of total revenues for the periods presented.

Customer and Supplier Concentrations

Substantially all of the Company’s Branded sales are made to third-party distributors who sell the products to pharmacies and to the end-users. There were two customers who comprised more than 10% of the Company’s Branded revenues for the years ended December 31, 2025 and 2024 and one customer in 2023. There were no customers who comprised more than 10% of ImprimisRx revenues for the years ended December 31, 2025, 2024 and 2023. As of December 31, 2025 and December 31, 2024, accounts receivable from three customers and two customers accounted for 90% and 94%, respectively, of total consolidated accounts receivable.

The Company received its manufacturing supplies from three main suppliers during the years ended December 31, 2025 and 2023 and two main suppliers during the year ended December 31, 2024. These suppliers collectively accounted for 54%, 42% and 64% of manufacturing supplies purchases during the years ended December 31, 2025, 2024 and 2023, respectively.

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 14: http://www.xbrl.org/2003/role/exampleRef
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+ Details

EMPLOYEE SAVINGS PLAN

12 Months Ended

Dec. 31, 2025

Retirement Benefits [Abstract]

EMPLOYEE SAVINGS PLAN

NOTE 17. EMPLOYEE SAVINGS PLAN

The Company has established an employee savings plan pursuant to Section 401(k) of the Internal Revenue Code, effective January 1, 2014. The plan allows participating employees to deposit into tax deferred investment accounts up to 100% of their salary, subject to annual limits. The Company makes certain matching contributions to the plan in amounts up to 4% of the participants’ annual cash compensation, subject to annual limits. The Company contributed approximately $1,359,000, $953,000 and $594,000 to the plan during the years ended December 31, 2025, 2024 and 2023, respectively.

PROPERTY, PLANT AND EQUIPMENT

12 Months Ended

Dec. 31, 2025

Property, Plant and Equipment [Abstract]

PROPERTY, PLANT AND EQUIPMENT

NOTE 9. PROPERTY, PLANT AND EQUIPMENT

Property, plant and equipment, net at December 31, 2025 and 2024 consisted of the following:

	2025			2024
Computer hardware	$	1,160,000		$	1,195,000
Furniture and equipment		970,000			956,000
Lab and pharmacy equipment		5,924,000			5,306,000
Leasehold improvements		7,430,000			7,291,000
Property, plant and equipment, gross		15,484,000			14,748,000
Accumulated depreciation		(12,224,000	)		(11,014,000	)
Total property, plant and equipment, net	$	3,260,000		$	3,734,000

The Company recorded depreciation and amortization expense of $1,315,000, $1,269,000 and $1,055,000 during the years ended December 31, 2025, 2024 and 2023, respectively.

COMMITMENTS AND CONTINGENCIES

12 Months Ended

Dec. 31, 2025

Commitments and Contingencies Disclosure [Abstract]

COMMITMENTS AND CONTINGENCIES

NOTE 18. COMMITMENTS AND CONTINGENCIES

Legal

General and Other

In the ordinary course of business, the Company is involved in various legal proceedings, government investigations and other matters that are complex in nature and have outcomes that are difficult to predict. See also Part I, Item 1A. Risk Factors. The Company describes legal proceedings and other matters that are/were significant or that it believes could become significant in this footnote.

The Company records accruals for loss contingencies to the extent that it concludes it is probable that a liability has been incurred and the amount of the related loss can be reasonably estimated. The Company evaluates, on a quarterly basis, developments in legal proceedings and other matters that could cause an increase or decrease in the amount of a liability that has been accrued previously.

The Company’s legal proceedings involve various aspects of its business and a variety of claims, some of which present novel factual allegations and/or unique legal theories. Typically, a number of the matters pending against the Company are at early stages of the legal process, which in complex proceedings of the sort the Company face often extend for several years. While it is not possible to accurately predict or determine the eventual outcomes of matters that have not concluded, an adverse determination in one or more of these matters (whether discussed in this footnote or not) currently pending may have a material adverse effect on the Company’s consolidated results of operations, financial position or cash flows. Legal costs incurred for loss contingencies are expensed as incurred.

Certain recent developments concerning the Company’s legal proceedings it believes are or were material to its business and other matters are discussed below:

Ocular Science, Inc. et. al

In July 2021, ImprimisRx, LLC, a subsidiary of the Company, filed a lawsuit against Ocular Science, Inc. and OSRX, Inc. (together, “OSRX”) in the U.S. District Court for the Southern District of California, asserting claims for copyright infringement, trademark infringement, unfair competition and false advertising (Lanham Act). Since July 2021, the complaint had been amended and OSRX added counterclaims alleging ImprimisRx, LLC was violating the Lanham Act with false advertising. The Court granted cross motions for summary judgment on each party’s Lanham Act claims, thus leaving only ImprimisRx, LLC’s copyright infringement, trademark infringement, and unfair competition claims for trial. Following a jury trial in November 2024, a jury found OSRX acted with malice, fraud, or oppression, willfully engaging in trademark infringement and unfair competition under California and federal law, and ImprimisRx, LLC received a $34,900,000 jury verdict award, which included $20,400,000 in punitive damages and $14,500,000 in actual damages. An amended final judgment was entered on October 1, 2025, which reduced the OSRX liability to $11,249,000, plus post-judgment interest, and required OSRX to cease use of certain trademarks. OSRX filed notice of appeal on October 9, 2025. No collection activity is allowed during the appeal. The Company will vigorously pursue its interest during the appeal process however, due to uncertainty regarding the probability of collection, the Company has not recognized any amounts associated with the judgment during the year ended December 31, 2025.

Product and Professional Liability

Product and professional liability litigation represents an inherent risk to all firms in the pharmaceutical and pharmacy industry. The Company utilizes traditional third-party insurance policies with regard to our product and professional liability claims. Such insurance coverage at any given time reflects current market conditions, including cost and availability, when the policy is written.

Indemnities

In addition to the indemnification provisions contained in the Company’s charter documents, the Company generally enters into separate indemnification agreements with each of the Company’s directors and officers. These agreements require the Company, among other things, to indemnify the director or officer against specified expenses and liabilities, such as attorneys’ fees, judgments, fines and settlements, paid by the individual in connection with any action, suit or proceeding arising out of the individual’s status or service as the Company’s director or officer, other than liabilities arising from willful misconduct or conduct that is knowingly fraudulent or deliberately dishonest, and to advance expenses incurred by the individual in connection with any proceeding against the individual with respect to which the individual may be entitled to indemnification by the Company. Several of the Company’s asset purchase and license agreements contain customary representations, warranties, covenants and confidentiality provisions, and also contain mutual indemnification obligations related primarily to performance under the respective agreements. The Company also indemnifies its lessors in connection with its facility leases for certain claims arising from the use of the facilities. These indemnities do not provide for any limitation of the maximum potential future payments the Company could be obligated to make. Historically, the Company has not incurred any payments for these obligations and, therefore, no liabilities have been recorded for these indemnities in the accompanying consolidated balance sheets.

Asset Purchase, License and Related Agreements

FDA Approved Product Acquisitions

Contract Manufacturing

The Company has entered into manufacturing agreements with respect to third-party contract manufacturers for its FDA approved pharmaceutical products. Some of these contract manufacturing agreements require minimum annual order amounts. The Company has committed to pay approximately $10,723,000 related to contract manufacturing agreements for the year ended December 31, 2026.

Consolidated Statements of Stockholders' Equity - USD ($)	Common Stock [Member]	Additional Paid-in Capital [Member]	Retained Earnings [Member]	Parent [Member]	Noncontrolling Interest [Member]	Total
Balance at Dec. 31, 2022	$ 30,000	$ 137,058,000	$ (109,493,000)	$ 27,595,000	$ (355,000)	$ 27,240,000
Balance, shares at Dec. 31, 2022	29,901,530
Public offering, net of offering costs	$ 4,000	64,516,000		64,520,000		64,520,000
Public offering, net of offering costs, shares	3,887,324
Exercise of consultant stock-based options		85,000		85,000		85,000
Exercise of consultant stock-based options, shares	10,000
Exercise of employee stock-based options		294,000		294,000		$ 294,000
Exercise of employee stock-based options, shares	235,975					1,379,406
Vesting of PSUs and RSUs	$ 2,000	(2,000)
Vesting of PSUs and RSUs, shares	1,847,876
Shares withheld related to net share settlement of equity awards	$ (1,000)	(13,012,000)		(13,013,000)		(13,013,000)
Shares withheld related to net share settlement of equity awards, shares	(714,445)
Stock-based compensation expense		15,696,000		15,696,000		15,696,000
Net loss			(24,411,000)	(24,411,000)		(24,411,000)
Balance at Dec. 31, 2023	$ 35,000	204,635,000	(133,904,000)	70,766,000	(355,000)	70,411,000
Balance, shares at Dec. 31, 2023	35,168,260
Exercise of employee stock-based options		1,110,000		1,110,000		$ 1,110,000
Exercise of employee stock-based options, shares	259,024					453,954
Vesting of PSUs and RSUs
Vesting of PSUs and RSUs, shares	332,517
Shares withheld related to net share settlement of equity awards		(2,362,000)		(2,362,000)		(2,362,000)
Shares withheld related to net share settlement of equity awards, shares	(137,587)
Stock-based compensation expense		17,619,000		17,619,000		17,619,000
Net loss			(17,481,000)	(17,481,000)		(17,481,000)
Balance at Dec. 31, 2024	$ 35,000	221,002,000	(151,385,000)	69,652,000	(355,000)	69,297,000
Balance, shares at Dec. 31, 2024	35,622,214
Exercise of employee stock-based options	$ 1,000	466,000		467,000		$ 467,000
Exercise of employee stock-based options, shares	958,226					1,606,945
Vesting of PSUs and RSUs	$ 2,000	(2,000)
Vesting of PSUs and RSUs, shares	1,656,259
Shares withheld related to net share settlement of equity awards	$ (1,000)	(25,035,000)		(25,036,000)		(25,036,000)
Shares withheld related to net share settlement of equity awards, shares	(1,007,540)
Stock-based compensation expense		12,502,000		12,502,000		12,502,000
Net loss			(5,139,000)	(5,139,000)		(5,139,000)
Balance at Dec. 31, 2025	$ 37,000	$ 208,933,000	$ (156,524,000)	$ 52,446,000	$ (355,000)	$ 52,091,000
Balance, shares at Dec. 31, 2025	37,229,159

SCHEDULE OF PROVISION FOR INCOME TAXES (Details) - USD ($)	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Current:
Federal	$ 2,206,000	$ 46,000
State	1,565,000	115,000	701,000
Foreign
Total current	3,771,000	161,000	701,000
Deferred:
Federal
Foreign
State
Total deferred
Income tax provision	$ 3,771,000	$ 161,000	$ 701,000

INCOME TAXES (Details Narrative) - USD ($)	12 Months Ended
INCOME TAXES (Details Narrative) - USD ($)	Dec. 31, 2025	Dec. 31, 2024
Operating Loss Carryforwards [Line Items]
Operating loss carry forwards	$ 37,124,000
Federal net operating loss carryforwards	36,069,000
State net operating loss carryforwards	75,332,000
Research and development credit carryforwards	100,000
Unrecognized tax benefits effective tax rate	307,000	$ 2,858,000
Recognized interest and penalties	13,000	$ 69,000
State and Local Jurisdiction [Member]
Operating Loss Carryforwards [Line Items]
Operating loss carry forwards	49,302,000
Income taxes paid	93,000
Tax Year 2032 [Member]
Operating Loss Carryforwards [Line Items]
Operating loss carryforwards not subject to expiration	$ 74,546,000

INVENTORIES (Tables)

12 Months Ended

Dec. 31, 2025

Inventory Disclosure [Abstract]

SCHEDULE OF INVENTORIES

	2025		2024
Raw materials	$	6,958,000	$	5,362,000
Work in progress		1,036,000		858,000
Finished goods		5,529,000		4,482,000
Total inventories	$	13,523,000	$	10,702,000

SCHEDULE OF STOCK OPTION OUTSTANDING AND EXERCISABLE (Details)	12 Months Ended
	Dec. 31, 2025 $ / shares shares
Share-Based Payment Arrangement, Option, Exercise Price Range [Line Items]
Range of Exercise Prices, minimum	$ 1.47
Range of Exercise Prices, maximum	$ 48.18
Share-Based Payment Arrangement, Option, Exercise Price Range, Shares Outstanding \| shares	1,637,072
Weighted Average Remaining Contractual Life in Years	4 years 3 days
Share-Based Payment Arrangement, Option, Exercise Price Range, Outstanding, Weighted Average Exercise Price	$ 9.86
Share-Based Payment Arrangement, Option, Exercise Price Range, Shares Exercisable \| shares	1,341,120
Weighted Average Exercisable Exercise Price	$ 5.08
Range One [Member]
Share-Based Payment Arrangement, Option, Exercise Price Range [Line Items]
Range of Exercise Prices, minimum	1.47
Range of Exercise Prices, maximum	$ 1.70
Share-Based Payment Arrangement, Option, Exercise Price Range, Shares Outstanding \| shares	31,000
Weighted Average Remaining Contractual Life in Years	9 months 10 days
Share-Based Payment Arrangement, Option, Exercise Price Range, Outstanding, Weighted Average Exercise Price	$ 1.68
Share-Based Payment Arrangement, Option, Exercise Price Range, Shares Exercisable \| shares	31,000
Weighted Average Exercisable Exercise Price	$ 1.68
Range Two [Member]
Share-Based Payment Arrangement, Option, Exercise Price Range [Line Items]
Range of Exercise Prices, minimum	1.73
Range of Exercise Prices, maximum	$ 1.73
Share-Based Payment Arrangement, Option, Exercise Price Range, Shares Outstanding \| shares	250,000
Weighted Average Remaining Contractual Life in Years	2 years
Share-Based Payment Arrangement, Option, Exercise Price Range, Outstanding, Weighted Average Exercise Price	$ 1.73
Share-Based Payment Arrangement, Option, Exercise Price Range, Shares Exercisable \| shares	250,000
Weighted Average Exercisable Exercise Price	$ 1.73
Range Three [Member]
Share-Based Payment Arrangement, Option, Exercise Price Range [Line Items]
Range of Exercise Prices, minimum	2.23
Range of Exercise Prices, maximum	$ 2.23
Share-Based Payment Arrangement, Option, Exercise Price Range, Shares Outstanding \| shares	270,000
Weighted Average Remaining Contractual Life in Years	1 year 1 month 2 days
Share-Based Payment Arrangement, Option, Exercise Price Range, Outstanding, Weighted Average Exercise Price	$ 2.23
Share-Based Payment Arrangement, Option, Exercise Price Range, Shares Exercisable \| shares	270,000
Weighted Average Exercisable Exercise Price	$ 2.23
Range Four [Member]
Share-Based Payment Arrangement, Option, Exercise Price Range [Line Items]
Range of Exercise Prices, minimum	2.40
Range of Exercise Prices, maximum	$ 5.72
Share-Based Payment Arrangement, Option, Exercise Price Range, Shares Outstanding \| shares	113,850
Weighted Average Remaining Contractual Life in Years	3 years 18 days
Share-Based Payment Arrangement, Option, Exercise Price Range, Outstanding, Weighted Average Exercise Price	$ 5.05
Share-Based Payment Arrangement, Option, Exercise Price Range, Shares Exercisable \| shares	113,850
Weighted Average Exercisable Exercise Price	$ 5.05
Range Five [Member]
Share-Based Payment Arrangement, Option, Exercise Price Range [Line Items]
Range of Exercise Prices, maximum	$ 6.30
Share-Based Payment Arrangement, Option, Exercise Price Range, Shares Outstanding \| shares	285,000
Weighted Average Remaining Contractual Life in Years	2 years 9 months 14 days
Share-Based Payment Arrangement, Option, Exercise Price Range, Outstanding, Weighted Average Exercise Price	$ 6.30
Share-Based Payment Arrangement, Option, Exercise Price Range, Shares Exercisable \| shares	285,000
Weighted Average Exercisable Exercise Price	$ 6.30
Range Six [Member]
Share-Based Payment Arrangement, Option, Exercise Price Range [Line Items]
Range of Exercise Prices, minimum	6.75
Range of Exercise Prices, maximum	$ 6.85
Share-Based Payment Arrangement, Option, Exercise Price Range, Shares Outstanding \| shares	28,899
Weighted Average Remaining Contractual Life in Years	6 years 6 months 10 days
Share-Based Payment Arrangement, Option, Exercise Price Range, Outstanding, Weighted Average Exercise Price	$ 6.77
Share-Based Payment Arrangement, Option, Exercise Price Range, Shares Exercisable \| shares	22,274
Weighted Average Exercisable Exercise Price	$ 6.77
Range Seven [Member]
Share-Based Payment Arrangement, Option, Exercise Price Range [Line Items]
Range of Exercise Prices, maximum	$ 7.30
Share-Based Payment Arrangement, Option, Exercise Price Range, Shares Outstanding \| shares	274,500
Weighted Average Remaining Contractual Life in Years	4 years 3 days
Share-Based Payment Arrangement, Option, Exercise Price Range, Outstanding, Weighted Average Exercise Price	$ 7.30
Share-Based Payment Arrangement, Option, Exercise Price Range, Shares Exercisable \| shares	274,500
Weighted Average Exercisable Exercise Price	$ 7.30
Range Eight [Member]
Share-Based Payment Arrangement, Option, Exercise Price Range [Line Items]
Range of Exercise Prices, minimum	7.60
Range of Exercise Prices, maximum	$ 30.41
Share-Based Payment Arrangement, Option, Exercise Price Range, Shares Outstanding \| shares	183,823
Weighted Average Remaining Contractual Life in Years	7 years 8 months 1 day
Share-Based Payment Arrangement, Option, Exercise Price Range, Outstanding, Weighted Average Exercise Price	$ 14.98
Share-Based Payment Arrangement, Option, Exercise Price Range, Shares Exercisable \| shares	88,996
Weighted Average Exercisable Exercise Price	$ 10.81
Range Nine [Member]
Share-Based Payment Arrangement, Option, Exercise Price Range [Line Items]
Range of Exercise Prices, minimum	30.77
Range of Exercise Prices, maximum	$ 45.64
Share-Based Payment Arrangement, Option, Exercise Price Range, Shares Outstanding \| shares	167,000
Weighted Average Remaining Contractual Life in Years	9 years 5 months 8 days
Share-Based Payment Arrangement, Option, Exercise Price Range, Outstanding, Weighted Average Exercise Price	$ 36.76
Share-Based Payment Arrangement, Option, Exercise Price Range, Shares Exercisable \| shares	5,500
Weighted Average Exercisable Exercise Price	$ 42.23
Range Ten [Member]
Share-Based Payment Arrangement, Option, Exercise Price Range [Line Items]
Range of Exercise Prices, maximum	$ 48.18
Share-Based Payment Arrangement, Option, Exercise Price Range, Shares Outstanding \| shares	33,000
Weighted Average Remaining Contractual Life in Years	9 years 9 months
Share-Based Payment Arrangement, Option, Exercise Price Range, Outstanding, Weighted Average Exercise Price	$ 48.18
Share-Based Payment Arrangement, Option, Exercise Price Range, Shares Exercisable \| shares
Weighted Average Exercisable Exercise Price

SCHEDULE OF CAPITALIZED SOFTWARE COSTS (Details) - USD ($)	Dec. 31, 2025	Dec. 31, 2024
Finite-Lived Intangible Assets [Line Items]
Total gross capitalized software for internal use	$ 3,632,000	$ 3,600,000
Accumulated amortization	(2,449,000)	(1,849,000)
Total capitalized software costs net	1,183,000	1,751,000
Capitalized Software Development Costs [Member]
Finite-Lived Intangible Assets [Line Items]
Total gross capitalized software for internal use	3,413,000	3,395,000
Third Party Software License [Member]
Finite-Lived Intangible Assets [Line Items]
Total gross capitalized software for internal use	$ 219,000	$ 205,000

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

SCHEDULE OF FUTURE LEASE PAYMENTS UNDER OPERATING LEASES (Details) - USD ($)	Dec. 31, 2025	Dec. 31, 2024
Leases
2026	$ 1,551,000
2027	1,425,000
2028	1,288,000
2029	1,304,000
2030	1,320,000
Thereafter	5,343,000
Total minimum lease payments	12,231,000
Less: amount representing interest payments	(3,439,000)
Total operating lease liabilities	8,792,000
Less: current portion, operating lease liabilities	(887,000)	$ (497,000)
Operating lease liabilities, net of current portion	$ 7,905,000	$ 8,792,000

COMMITMENTS AND CONTINGENCIES (Details Narrative) - USD ($)		1 Months Ended	12 Months Ended
	Oct. 01, 2025	Nov. 30, 2024	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2026
Loss Contingencies [Line Items]
Actual damages		$ 34,900,000
Forecast [Member]
Loss Contingencies [Line Items]
Payment of minimum annual order amounts						$ 10,723,000
Asset Purchase, License and Related Agreements [Member]
Loss Contingencies [Line Items]
Royalty expense			$ 9,526,000	$ 4,126,000	$ 647,000
Upfront and milestone payments			$ 7,000,000	$ 37,000,000
OSRX Liability [Member]
Loss Contingencies [Line Items]
Amount awarded to other party	$ 11,249,000
Punitive Damages [Member]
Loss Contingencies [Line Items]
Actual damages		20,400,000
Actual Damages [Member]
Loss Contingencies [Line Items]
Actual damages		$ 14,500,000

ACCOUNTS PAYABLE AND ACCRUED EXPENSES

12 Months Ended

Dec. 31, 2025

Payables and Accruals [Abstract]

ACCOUNTS PAYABLE AND ACCRUED EXPENSES

NOTE 12. ACCOUNTS PAYABLE AND ACCRUED EXPENSES

Accounts payable and accrued expenses at December 31, 2025 and 2024 consisted of the following:

	2025		2024
Accounts payable	$	35,355,000	$	38,762,000
Accrued interest		6,498,000		2,538,000
Other		106,000		106,000
Total accounts payable and accrued expenses	$	41,959,000	$	41,406,000