GLAUKOS Corp [GKOS] Filings

10-Q 1 gkos-20220630x10q.htm 10-Q

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

(Mark One)

☒QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended June 30, 2022

☐TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

Commission file number: 001-37463

GLAUKOS CORPORATION

(Exact name of registrant as specified in its charter)


Delaware	33-0945406
(State or other jurisdiction of incorporation or organization)	(I.R.S. Employer Identification No.)

One Glaukos Way Aliso Viejo, California	92656
(Address of registrant’s principal executive offices)	(Zip Code)

(949) 367-9600

(Registrant’s telephone number, including area code)

229 Avenida Fabricante, San Clemente, California 92672

(Former name, former address and former fiscal year, if changed since last report)

Securities registered pursuant to Section 12(b) of the Act:

Title of each class		Trading Symbol(s)		Name of each exchange on which registered
Common Stock		GKOS		New York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ⌧ No ◻

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ⌧ No ◻

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of ‘‘large accelerated filer,’’ ‘‘accelerated filer,’’ ‘‘smaller reporting company’’ and “emerging growth company” in Rule 12b-2 of the Exchange Act:

☒ Large accelerated filer

☐ Accelerated filer

☐ Non-accelerated filer

☐ Smaller reporting company

☐ Emerging growth company

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

As of August 2, 2022, there were 47,596,861 shares of the registrant’s Common Stock, $0.001 par value per share, outstanding.

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GLAUKOS CORPORATION

Form 10-Q

For the Quarterly Period Ended June 30, 2022

Table of Contents


		Page
PART I: FINANCIAL INFORMATION		3
Item 1.	Financial Statements	3
	Condensed Consolidated Balance Sheets	3
	Condensed Consolidated Statements of Operations	4
	Condensed Consolidated Statements of Comprehensive Loss	5
	Condensed Consolidated Statements of Stockholders’ Equity	6
	Condensed Consolidated Statements of Cash Flows	7
	Notes to Condensed Consolidated Financial Statements	8
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	20
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	32
Item 4.	Controls and Procedures	32

PART II: OTHER INFORMATION		33
Item 1.	Legal Proceedings	33
Item 1A.	Risk Factors	33
Item 6.	Exhibits	48

SIGNATURES		49

We use Glaukos, our logo, iStent, iStent inject, iStent infinite, iPrism, iDose, iPRIME, iAccess, Avedro, Photrexa, iLink, KXL, Epioxa, iLution, Retina XR and other marks as trademarks. This report contains references to our trademarks and service marks and to those belonging to other entities. Solely for convenience, trademarks and trade names referred to in this report, including logos, artwork and other visual displays, may appear without the ® or ™ symbols, but such references are not intended to indicate in any way that we will not assert, to the fullest extent under applicable law, our rights or the rights of the applicable licensor to these trademarks and trade names. We do not intend our use or display of other entities’ trade names, trademarks or service marks to imply a relationship with, or endorsement or sponsorship of us by, any other entity.

References throughout this document to “we,” “us,” “our,” the “Company,” or “Glaukos” refer to Glaukos Corporation and its consolidated subsidiaries.

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PART I - FINANCIAL INFORMATION

Item 1. Financial Statements

GLAUKOS CORPORATION

CONDENSED CONSOLIDATED BALANCE SHEETS

(in thousands, except par values)


	June 30,		December 31,
	2022		2021
	(unaudited)
Assets
Current assets:
Cash and cash equivalents	$	102,553	$	100,708
Short-term investments		288,637		313,343
Accounts receivable, net		36,032		33,438
Inventory		27,842		23,011
Prepaid expenses and other current assets		16,033		15,626
Total current assets		471,097		486,126
Restricted cash		9,128		9,416
Property and equipment, net		80,921		68,969
Operating lease right-of-use assets		26,451		28,142
Finance lease right-of-use asset		47,812		49,022
Intangible assets, net		320,325		332,781
Goodwill		66,134		66,134
Deposits and other assets		9,410		9,108
Total assets	$	1,031,278	$	1,049,698

Liabilities and stockholders' equity
Current liabilities:
Accounts payable	$	21,294	$	7,333
Accrued liabilities		48,214		56,027
Total current liabilities		69,508		63,360
Convertible senior notes		280,713		280,026
Operating lease liability		29,361		29,650
Finance lease liability		72,464		72,699
Deferred tax liability, net		7,307		7,318
Other liabilities		9,448		9,494
Total liabilities		468,801		462,547

Commitments and contingencies (Note 12)

Stockholders' equity:
Preferred stock, $0.001 par value; 5,000 shares authorized; no shares issued and outstanding		-		-
Common stock, $0.001 par value; 150,000 shares authorized; 47,448 and 46,993 shares issued and 47,420 and 46,965 shares outstanding as of June 30, 2022 and December 31, 2021, respectively		48		47
Additional paid-in capital		971,646		952,432
Accumulated other comprehensive (loss) income		(3,715)		15
Accumulated deficit		(405,370)		(365,211)
Less treasury stock (28 shares as of June 30, 2022 and December 31, 2021)		(132)		(132)
Total stockholders' equity		562,477		587,151
Total liabilities and stockholders' equity	$	1,031,278	$	1,049,698

See accompanying notes to condensed consolidated financial statements.

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GLAUKOS CORPORATION

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(unaudited)

(in thousands, except per share amounts)


	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2022		2021		2022		2021
Net sales	$	72,685	$	78,093	$	140,366	$	146,061
Cost of sales		17,833		17,759		34,896		34,392
Gross profit		54,852		60,334		105,470		111,669
Operating expenses:
Selling, general and administrative		49,900		45,300		93,849		87,221
Research and development		31,712		24,256		58,589		45,475
In-process research and development		10,000		5,000		10,000		5,000
Litigation-related settlement		-		-		(30,000)		-
Total operating expenses		91,612		74,556		132,438		137,696
Loss from operations		(36,760)		(14,222)		(26,968)		(26,027)
Non-operating expense:
Interest income		384		342		671		725
Interest expense		(3,414)		(3,306)		(6,830)		(6,535)
Other expense, net		(5,851)		(88)		(6,811)		(1,627)
Total non-operating expense		(8,881)		(3,052)		(12,970)		(7,437)
Loss before taxes		(45,641)		(17,274)		(39,938)		(33,464)
Income tax (benefit) provision		(105)		208		221		487
Net loss	$	(45,536)	$	(17,482)	$	(40,159)	$	(33,951)
Basic and diluted net loss per share	$	(0.96)	$	(0.38)	$	(0.85)	$	(0.74)
Weighted average shares used to compute basic and diluted net loss per share		47,356		46,306		47,205		46,011

See accompanying notes to condensed consolidated financial statements.

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GLAUKOS CORPORATION

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS

(unaudited)

(in thousands)


	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2022		2021		2022		2021
Net loss	$	(45,536)	$	(17,482)	$	(40,159)	$	(33,951)
Other comprehensive loss:
Foreign currency translation gain (loss)		666		(362)		1,158		179
Unrealized loss on short-term investments		(994)		(114)		(4,888)		(531)
Other comprehensive loss		(328)		(476)		(3,730)		(352)
Total comprehensive loss	$	(45,864)	$	(17,958)	$	(43,889)	$	(34,303)

See accompanying notes to condensed consolidated financial statements.

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GLAUKOS CORPORATION

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY

(unaudited)

(in thousands)


						Accumulated
				Additional		other
	Common stock			paid-in		comprehensive		Accumulated		Treasury stock			Total
	Shares	Amount		capital		income (loss)		deficit		Shares	Amount		equity
Balance at December 31, 2021	46,993	$	47	$	952,432	$	15	$	(365,211)	(28)	$	(132)	$	587,151
Common stock issued under stock plans	124		—		1,515		—		—	—		—		1,515
Stock-based compensation	—		—		6,923		—		—	—		—		6,923
Other comprehensive loss	—		—		—		(3,402)		—	—		—		(3,402)
Net income	—		—		—		—		5,377	—		—		5,377
Balance at March 31, 2022	47,117	$	47	$	960,870	$	(3,387)	$	(359,834)	(28)	$	(132)	$	597,564
Common stock issued under stock plans	331		1		237		—		—	—		—		238
Stock-based compensation	—		—		10,539		—		—	—		—		10,539
Other comprehensive loss	—		—		—		(328)		—	—		—		(328)
Net loss	—		—		—		—		(45,536)	—		—		(45,536)
Balance at June 30, 2022	47,448	$	48	$	971,646	$	(3,715)	$	(405,370)	(28)	$	(132)	$	562,477


						Accumulated
				Additional		other
	Common stock			paid-in		comprehensive		Accumulated		Treasury stock			Total
	Shares	Amount		capital		income		deficit		Shares	Amount		equity
Balance at December 31, 2020	45,275	$	45	$	976,590	$	1,004	$	(310,058)	(28)	$	(132)	$	667,449
Effect of adoption of ASU 2020-06	—		—		(81,553)				(5,560)					(87,113)
Common stock issued under stock plans	741		1		17,034		—		—	—		—		17,035
Stock-based compensation	—		—		8,748		—		—	—		—		8,748
Other comprehensive income	—		—		—		124		—	—		—		124
Net loss	—		—		—		—		(16,469)	—		—		(16,469)
Balance at March 31, 2021	46,016	$	46	$	920,819	$	1,128	$	(332,087)	(28)	$	(132)	$	589,774
Common stock issued under stock plans	481		—		4,525		—		—	—		—		4,525
Stock-based compensation	—		—		7,984		—		—	—		—		7,984
Other comprehensive income	—		—		—		(476)		—	—		—		(476)
Net loss	—		—		—		—		(17,482)	—		—		(17,482)
Balance at June 30, 2021	46,497	$	46	$	933,328	$	652	$	(349,569)	(28)	$	(132)	$	584,325

See accompanying notes to condensed consolidated financial statements.

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GLAUKOS CORPORATION

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(unaudited)

(in thousands)


	Six Months Ended June 30,
	2022		2021
Operating Activities
Net loss	$	(40,159)	$	(33,951)
Adjustments to reconcile net loss to net cash (used in) provided by operating activities:
Depreciation		3,044		2,313
Amortization of intangible assets		12,456		12,456
Amortization of lease right-of-use assets		2,296		2,287
Amortization of debt issuance costs		687		687
Deferred income tax benefit		(12)		(48)
Gain on disposal of fixed assets		(35)		-
Stock-based compensation		17,462		16,732
Unrealized foreign currency losses		2,269		827
Amortization of premium on short-term investments		442		516
Other liabilities		(45)		1,551
Changes in operating assets and liabilities:
Accounts receivable, net		(3,296)		(1,679)
Inventory		(5,151)		(1,863)
Prepaid expenses and other current assets		(602)		(3,758)
Accounts payable and accrued liabilities		8,367		15,324
Other assets		(155)		175
Net cash (used in) provided by operating activities		(2,432)		11,569
Investing activities
Purchases of short-term investments		(36,938)		(97,233)
Proceeds from sales and maturities of short-term investments		56,748		103,692
Purchases of property and equipment		(16,005)		(28,542)
Proceeds from disposal of property and equipment		96		3
Investment in company-owned life insurance		(168)		(1,217)
Net cash provided by (used in) investing activities		3,733		(23,297)
Financing activities
Proceeds from exercise of stock options		1,921		22,824
Proceeds from share purchases under Employee Stock Purchase Plan		1,785		1,549
Payment of employee taxes related to vested restricted stock units		(1,954)		(2,812)
Principal paid on finance lease		(236)		(453)
Proceeds from tenant improvement allowance		-		12,668
Net cash provided by financing activities		1,516		33,776
Effect of exchange rate changes on cash and cash equivalents		(1,260)		(498)
Net increase in cash, cash equivalents and restricted cash		1,557		21,550
Cash, cash equivalents and restricted cash at beginning of period		110,124		106,162
Cash, cash equivalents and restricted cash at end of period	$	111,681	$	127,712
Supplemental disclosures of cash flow information
Taxes paid	$	240	$	220
Other interest paid	$	2,191	$	1,890
Supplemental schedule of noncash investing and financing activities
Purchases of property and equipment included in accounts payable and accrued liabilities	$	3,310	$	4,618

See accompanying notes to condensed consolidated financial statements.

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GLAUKOS CORPORATION

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(unaudited)

Note 1. Organization and Basis of Presentation

Organization and business

Glaukos Corporation (Glaukos or the Company), incorporated in Delaware on July 14, 1998, is an ophthalmic medical technology and pharmaceutical company focused on developing novel therapies for the treatment of glaucoma, corneal disorders, and retinal disease. The Company developed Micro-Invasive Glaucoma Surgery (MIGS) to serve as an alternative to the traditional glaucoma treatment paradigm and launched its first MIGS device commercially in 2012. The Company also offers commercially a proprietary bio-activated pharmaceutical therapy for the treatment of a rare corneal disorder, keratoconus, that was approved by the U.S. Food and Drug Administration (FDA) in 2016. The Company is developing a portfolio of technologically distinct and leverageable platforms to support ongoing pharmaceutical and medical device innovations. Products or product candidates for each of these platforms are designed to advance the standard of care through better treatment options across the areas of glaucoma, corneal disorders such as keratoconus, dry eye and refractive vision correction, and retinal diseases such as neovascular age-related macular degeneration, diabetic macular edema and retinal vein occlusion.

The accompanying condensed consolidated financial statements include the accounts of Glaukos and its wholly-owned subsidiaries. All significant intercompany balances and transactions among the consolidated entities have been eliminated in consolidation.

Basis of presentation

The accompanying condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted (GAAP) in the United States of America (U.S.) for interim financial information and pursuant to the instructions to Form 10-Q and Article 10 of Regulation S-X.

The unaudited interim financial statements have been prepared on a basis consistent with the audited financial statements. As permitted under those rules, certain footnotes and other financial information that are normally required by GAAP have been condensed or omitted. In the opinion of management, the unaudited interim financial statements reflect all adjustments necessary for the fair presentation of the Company’s financial information contained herein. All such adjustments are of a normal and recurring nature. The condensed consolidated balance sheet as of December 31, 2021 has been derived from audited financial statements at that date, but excludes disclosures required by GAAP for complete financial statements. These interim financial statements do not include all disclosures required by GAAP and should be read in conjunction with the Company’s financial statements and accompanying notes for the fiscal year ended December 31, 2021, which are contained in the Company’s Annual Report on Form 10-K filed with the U.S. Securities and Exchange Commission (SEC) on February 28, 2022. The Company’s results of operations for the three and six months ended June 30, 2022 are not necessarily indicative of the results to be expected for the year ending December 31, 2022 or for any other interim period.

Recent Developments

iVeena License Agreement

Effective June 9, 2022, the Company entered into an exclusive licensing agreement (iVeena License Agreement) with iVeena Delivery Systems, Inc. (iVeena) under which iVeena granted Glaukos a global exclusive license to iVeena’s proprietary technologies, including certain compositions that may be utilized in the treatment of keratoconus. Under the iVeena License Agreement, the Company has the exclusive global right to manufacture and commercialize products incorporating certain of iVeena’s owned or controlled technologies, including certain chemical compositions, for the treatment of keratoconus. Pursuant to the terms of the iVeena License Agreement, the Company made a one-time upfront payment to iVeena of $10.0 million, which is included in in-process research and development expenses within the condensed consolidated statement of operations. The Company accounted for the transaction as an asset acquisition as the set of acquired assets did not constitute a business. The Company may have ongoing milestone and royalty payment obligations depending on the success of the development, approval and commercialization of the proprietary technologies.

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Settlement of Patent Litigation

On September 14, 2021, the Company entered into a settlement agreement (Settlement Agreement) with Ivantis, Inc. (Ivantis), pursuant to which the Company and Ivantis agreed to terminate the patent infringement lawsuit the Company had filed against Ivantis on April 14, 2018 in the U.S. District Court for the Central District of California, Southern Division (the Lawsuit). Pursuant to the terms of the Settlement Agreement, Ivantis was required to pay the Company a cash payment of $60.0 million, $30.0 million of which was paid to the Company during the year ended December 31, 2021, and $30.0 million of which was received by the Company during the quarter ended March 31, 2022 and is included in litigation-related settlement as a reduction of operating expenses on the condensed consolidated statements of operations for the six months ended June 30, 2022.

Additionally, Ivantis began making quarterly royalty payments to the Company in the amount of 10% of Ivantis’ Hydrus Microstent U.S. sales and any international sales supplied out of the U.S. beginning in the fourth quarter of 2021 through April 26, 2025, subject to a per-unit minimum payment.

Note 2. Summary of Significant Accounting Policies

There have been no significant changes in the Company’s significant accounting policies during the six months ended June 30, 2022, as compared with those disclosed in its Annual Report on Form 10-K for the year ended December 31, 2021 filed with the SEC on February 28, 2022.

Use of Estimates

The preparation of the condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts in the condensed consolidated financial statements and accompanying notes. Actual results could differ materially from those estimates and assumptions. Management considers many factors in selecting appropriate financial accounting policies and controls and in developing the estimates and assumptions that are used in the preparation of these condensed consolidated financial statements. Management must apply significant judgment in this process. In addition, other factors may affect estimates, including expected business and operational changes, sensitivity and volatility associated with the assumptions used in developing estimates, and whether historical trends are expected to be representative of future trends. The estimation process often may yield a range of reasonable estimates of the ultimate future outcomes, and management must select an amount that falls within that range of reasonable estimates. Although these estimates are based on the Company’s knowledge of current events and actions it may undertake in the future, this process may result in actual results differing materially from those estimated amounts used in the preparation of the condensed consolidated financial statements.

The Company’s condensed consolidated financial statements as of and for the three and six months ended June 30, 2022 reflect the Company’s estimates of the impact of the ongoing COVID-19 pandemic. The full extent to which the COVID-19 pandemic will directly or indirectly impact the Company’s business, results of operations and financial condition, including sales, expenses, reserves and allowances, manufacturing, clinical trials, research and development costs and employee-related amounts, will depend on future developments that are uncertain, including the duration and severity of the COVID-19 outbreak, the severity and transmission rates of new and more contagious and/or vaccine-resistant variants of COVID-19, and the actions taken to contain it or treat COVID-19, including the availability, distribution, rate of public acceptance and efficacy of vaccines for COVID-19, as well as the economic impact on local, regional, national and international customers and markets. As a result, there may be changes to the Company’s estimates regarding the impact of COVID-19 in future periods.

Cash, Cash Equivalents and Restricted Cash

The following table provides a reconciliation of cash and cash equivalents and restricted cash reported within the condensed consolidated balance sheets that equate to the amount reported in the condensed consolidated statement of cash flows as of the beginning and end of the six months ended June 30, 2022 (in thousands):


	June 30,		December 31,
	2022		2021
Cash and cash equivalents	$	102,553	$	100,708
Restricted cash		9,128		9,416
Cash, cash equivalents and restricted cash in the condensed consolidated statements of cash flows	$	111,681	$	110,124

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Recently Adopted Accounting Pronouncements

The Company has not adopted any recent accounting pronouncements that had a material impact on its condensed consolidated financial statements.

Recently Issued Accounting Pronouncements Not Yet Adopted

The Company reviewed recently issued accounting pronouncements and concluded that they were either not applicable or not expected to have a significant impact to the condensed consolidated financial statements.

Note 3. Balance Sheet Details

Short-term Investments

Short-term investments consisted of the following (in thousands):


	At June 30, 2022
	Maturity	Amortized cost		Unrealized		Unrealized		Estimated
	(in years)	or cost		gains		losses		fair value
U.S. government bonds	less than 2	$	76,778	$	—	$	(1,121)	$	75,657
U.S. government agency bonds	less than 3		106,592		11		(2,510)		104,093
Bank certificates of deposit	less than 2		10,500		—		(34)		10,466
Corporate notes	less than 3		54,379		—		(1,066)		53,313
Asset-backed securities	less than 2		27,408		—		(273)		27,135
Municipal bonds	less than 3		18,446		—		(473)		17,973
Total		$	294,103	$	11	$	(5,477)	$	288,637

	At December 31, 2021
	Maturity	Amortized cost		Unrealized		Unrealized		Estimated
	(in years)	or cost		gains		losses		fair value
U.S. government agency bonds	less than 3		123,803		8		(540)		123,271
U.S. government bonds	less than 1	$	76,765	$	—	$	(240)	$	76,525
Bank certificates of deposit	less than 1		12,500		1		(9)		12,492
Commercial paper	less than 1		2,998		—		(1)		2,997
Corporate notes	less than 3		55,178		37		(183)		55,032
Asset-backed securities	less than 2		23,761		44		(31)		23,774
Municipal bonds	less than 3		19,350		—		(98)		19,252
Total		$	314,355	$	90	$	(1,102)	$	313,343

As of June 30, 2022 and December 31, 2021, the total amortized cost basis of the Company’s impaired available-for-sale securities exceeded its fair value by $5.5 million and $1.0 million, respectively. Unrealized losses on these investments were primarily due to changes in interest rates. The Company does not intend to sell these investments and it is not more likely than not that the Company will be required to sell these investments before recovery of their amortized cost basis. Accordingly, no allowance for credit losses was recognized as of June 30, 2022 or December 31, 2021.

Accounts Receivable, Net

Accounts receivable consisted of the following (in thousands):


	June 30,		December 31,
	2022		2021
Accounts receivable	$	37,188	$	34,805
Allowance for credit losses		(1,156)		(1,367)
	$	36,032	$	33,438

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The Company’s allowance for credit losses represents management’s estimate of current expected credit losses and there were immaterial bad-debt write offs charged during the three and six months ended June 30, 2022.

Additionally, no customers accounted for more than 10% of net accounts receivable as of June 30, 2022 or December 31, 2021.

Inventory

Inventory consisted of the following (in thousands):


	June 30,		December 31,
	2022		2021
Finished goods	$	12,840	$	6,495
Work in process		4,918		7,010
Raw material		10,084		9,506
	$	27,842	$	23,011

Accrued Liabilities

Accrued liabilities consisted of the following (in thousands):


	June 30,		December 31,
	2022		2021
Accrued bonuses	$	9,481	$	17,015
Accrued vacation benefits		4,631		4,196
Accrued Employee Stock Purchase Plan liability		3,959		2,419
Accrued payroll taxes		3,698		1,693
Other accrued liabilities		26,445		30,704
	$	48,214	$	56,027

Note 4. Fair Value Measurements

Fair value is an exit price, representing the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. As such, fair value is a market-based measurement that should be determined based on assumptions that market participants would use in pricing an asset or liability.

The carrying amounts of cash equivalents, accounts receivable, accounts payable, and accrued liabilities are considered to be representative of their respective fair values because of the short-term nature of those instruments.

The valuation of assets and liabilities is subject to fair value measurements using a three-tiered approach and fair value measurements are classified and disclosed by the Company in one of the following three categories:

Level 1: Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities;

Level 2: Quoted prices for similar assets and liabilities in active markets, quoted prices in markets that are not active, or inputs which are observable, either directly or indirectly, for substantially the full term of the asset or liability; and

Level 3: Prices or valuation techniques that require inputs that are both significant to the fair value measurement and unobservable (i.e., supported by little or no market activity).

Table of Contents

The following tables present information about the Company’s financial assets and liabilities measured at fair value on a recurring basis as of June 30, 2022 and December 31, 2021 and indicate the fair value hierarchy of the valuation techniques utilized by the Company to determine such fair value (in thousands):

At June 30, 2022

Quoted prices

Significant

in active

other

Significant

markets for

observable

unobservable

June 30,

identical assets

inputs

2022

(Level 1)

(Level 2)

(Level 3)

Assets

Cash equivalents:

GLAUKOS Corp [GKOS] Filings
10-Q	[2022-08-05]
10-Q	[2022-05-05]
10-K	[2022-02-28]
10-Q	[2021-11-08]
10-Q	[2021-08-05]
10-Q	[2021-05-06]
10-K	[2021-03-01]
10-Q	[2020-11-05]
10-Q	[2020-08-07]
10-Q	[2020-05-07]
10-K	[2020-03-02]
10-Q	[2019-11-06]
10-Q	[2019-08-08]
10-Q	[2019-05-08]
10-K	[2019-02-28]
10-Q	[2018-11-07]
10-Q	[2018-08-06]
10-Q	[2018-05-09]
10-K	[2018-02-28]
10-Q	[2017-11-08]
10-Q	[2017-08-07]
10-Q	[2017-05-04]
10-K	[2017-03-15]
10-Q	[2016-11-14]
10-Q	[2016-08-04]
10-Q	[2016-05-04]
10-K	[2016-03-15]
10-Q	[2015-11-12]
10-Q	[2015-08-13]
S-1	[2015-05-12]