HROW Stock — Harrow Inc.: Cash, EV, Pipeline

What they do

We are a leading provider of ophthalmic disease management solutions in North America, and were founded with a commitment to deliver safe, effective, accessible, and affordable medications that enhance patient compliance and improve clinical outcomes.

Source: 10-K FY2025 via SEC EDGAR

Share price

$26.89

Market cap

$1,008.0M

Cash

$83.9M

Enterprise value

$1,224.1M

Balance sheet

Cash	$83.9M
Debt	$300.0M
Net cash	-$216.1M
Enterprise value	$1,224.1M
Basic shares	37.5M shares
Fully diluted shares	39.3M shares
Fully diluted market cap	$1,057.8M
Cash per share	$2.24
Quarterly burn	$9.8M
Cash runway	8.6 quarters

Cash figures as of 2026-06-30. Database snapshot: 2026-11-07.

Share structure

Common

37.5M

Pre-funded warrants

0.0M

Options

1.6M

RSUs

0.2M

Warrants

0.0M

Converts

0.0M

Conv preferred

0.0M

ESPP reserve

—

FDSO

39.3M

Cap table as of 2026-08-06.

Price history

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Next catalyst

IHEEZO · Est. Nov 15, 2026 · quarter midpoint · guided Now

Upcoming catalysts

Expected	Drug	Phase	Indication	Mgmt guide
GUIDEDEst. Nov 15, 2026 Now quarter midpoint	IHEEZO QUELL trial	Not disclosed	QUELL trial	Q4 2026
GUIDEDEst. Nov 15, 2026 Now quarter midpoint	NATACYN investigator-initiated study	Not disclosed	investigator-initiated	Q4 2026
GUIDEDEst. Mar 1, 2027 in 8 wks guidance midpoint	TRIESENCE Phase 3 (cataract surgery)	Phase 3	Not disclosed	early 2027

Estimated readout windows: registry primary-completion date + 6-12 weeks. Windows already open are shown from "Now". Drug names link to ClinicalTrials.gov.

Full readout calendar →

Pipeline assets

MELT-300

Phase 3 · Active Modality: fixed-dose combination sublingual/orally disintegrating tablet

Indications

Procedural sedation (cataract and other outpatient procedures) (Phase 3)

Catalysts

— H1 2027
— H2 2028

Status note Completed Phase 3 clinical program under SPA with FDA; advancing toward NDA and commercialization.

H-N08

Preclinical · Active Modality: ophthalmic formulation

Indications

Uveitis and/or intraoperative visualization in posterior-segment surgery (e.g. vitrectomy) (Preclinical)

Catalysts

— H2 2026
— 2028

Status note Triamcinolone acetonide ophthalmic program; CMC optimization underway.

CR-01

Preclinical · Active Modality: device-enabled conjunctival delivery

Indications

Ocular neoplasia (Stage not disclosed)

Catalysts

— 2029

Status note Proof-of-concept evaluation stage.

MELT-210

Stage not disclosed · Active Modality: sublingual/orally disintegrating tablet

Indications

Procedural sedation and related anxiolysis/amnesia (Stage not disclosed)

Catalysts

— 2028

Status note In clinical development stage; midazolam-only product also used as comparator in MELT-300's clinical program.

Per-asset detail extracted from the 10-Q filed 2026-08-10. Fields the filing does not state are marked "not disclosed" rather than filled from other sources.

Pipeline

Lead drug	Chloroprocaine Ophthalmic Gel 3% (IHEEZO)
Lead indication	Diabetic Macular Edema (DME)
Lead phase	Phase 4
Active trials	1
Collaborator trials	3

Active clinical trials

Trial	Phase	Status	Role	Sponsor	BP	Condition(s)	Mgmt guide
NCT07456826	Not disclosed	Enrolling by invitation	Sponsor	HROW	—	Diabetic Macular Edema (DME); Age-Related Macular Degeneration (AMD); Retinal Vein Occlusion	—
NCT07566975	Not disclosed	Recruiting	Collaborator	Neuro-Ophthalmology of Texas	—	Dry Eye	—
NCT07224529	Not disclosed	Recruiting	Collaborator	University of Alabama at Birmingham	—	Meibomian Gland Dysfunction (MGD)	—
NCT07368595	Not disclosed	Not yet recruiting	Collaborator	Baylor College of Medicine	—	Dry Eye Disease (DED)	—

Sponsor-matched active trials from ClinicalTrials.gov (1 as sponsor, 3 as collaborator); "Sponsor" = company is the lead sponsor, "Collaborator" = company is a collaborator. The BP column flags big-pharma involvement as lead sponsor or collaborator (excluding the company itself). The Mgmt guide column shows what management guided for readout timing when a guided program matches the trial (hover for the quote, click for the source). Trial listings are not a company pipeline slide.

View all 4 active trials for Harrow Inc on ClinicalTrials.gov

Specialist fund holders

Tracked specialist funds: ADAR1 Capital Management, Aisling Capital, Ally Bridge Group, Avoro Capital Advisors, BVF Partners, Baker Bros. Advisors, Boxer Capital, Braidwell LP, Casdin Capital, Cormorant Asset Management, DAFNA Capital, Deerfield Management, EcoR1 Capital, Frazier Life Sciences, Great Point Partners, Ikarian Capital, Logos Global Management, OrbiMed Advisors, Perceptive Advisors, RA Capital Management, RTW Investments, Sphera Biotech, Stonepine Capital, Tang Capital Partners, Vivo Capital.

Fund	Shares	Q/Q change	% of portfolio	Filing
Ikarian Capital	135,775	-407,272	0.94%	2026-08-14
Braidwell LP	0	-156,419	0.00%	2026-08-14

Specialist-fund positions from 13F filings. Q/Q change is vs the prior quarter's filing; % of portfolio is the fund's own reported portfolio weight.

Latest news

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HROW — Harrow Inc. ☆

What they do

Balance sheet

Share structure

Price history

Next catalyst

Upcoming catalysts

Pipeline assets

Pipeline

Active clinical trials

Specialist fund holders

Latest news

HROW — Harrow Inc.