Glaukos Corporation reported record results for the fourth quarter and full year 2025, driven by strong uptake of its glaucoma and corneal therapies. Fourth quarter net sales were $143.1 million, up 36% year over year, while full-year 2025 net sales reached $507.4 million, an increase of 32%.
Despite this growth, Glaukos posted a 2025 GAAP net loss of $187.7 million (or $3.28 per share), widened largely by a one-time, non‑cash impairment charge of $112.9 million tied to an acquired intangible asset from the Avedro acquisition as Photrexa transitions to Epioxa. On a non‑GAAP basis, full‑year net loss narrowed to $51.7 million (or $0.90 per share) from $98.3 million in 2024 as operating performance improved.
Non‑GAAP gross margin improved to about 85% in Q4 2025 and 84% for the year. The company ended 2025 with $282.6 million in cash, cash equivalents, short‑term investments and restricted cash and reported no debt. For 2026, Glaukos expects net sales between $600 million and $620 million, reflecting continued momentum from iDose TR and its broader ophthalmic pipeline.
Janus Henderson Group plc reports beneficial ownership of 3,018,787 shares of Glaukos Corp common stock, representing 5.3% of the class as of 12/31/2025. The shares are held across various investment adviser subsidiaries that manage separate client accounts, called Managed Portfolios.
The asset managers exercise investment and voting discretion, but the Managed Portfolios receive all dividends and sale proceeds, and no single portfolio owns more than five percent of Glaukos stock. Janus Henderson certifies the position is held in the ordinary course of business, without any purpose or effect of changing or influencing control of Glaukos.
PRIMECAP Management Company has filed a Schedule 13G reporting beneficial ownership of Glaukos Corporation shares. PRIMECAP reports holding 3,376,928 shares, representing 5.88% of the class as of 12/31/2025. It has sole voting power over 3,374,178 shares and sole dispositive power over 3,376,928 shares.
The firm states that the securities were acquired and are held in the ordinary course of business and not for the purpose of changing or influencing control of Glaukos. The filing is signed by Deputy Chief Compliance Officer Jorge Antonio Rodriguez on behalf of PRIMECAP Management.
Glaukos chairman and CEO Thomas W. Burns reported an option exercise and related share movements. On February 9, 2026, he exercised 166,000 stock options with a $30.92 exercise price, receiving 166,000 shares of common stock and bringing his directly held common stock to 255,621 shares, including 89,621 restricted stock units that have not yet vested or been delivered.
On February 6, 2026, 67,353 shares were transferred from his direct ownership to the Burns Family Trust, which is reported as indirectly holding 961,285 common shares. Additional indirect holdings are reported through several Burns-related trusts, including 238,107 shares via the Burns Annuity Trust and other irrevocable and charitable remainder trusts.
Wellington Management Group and related entities filed an amended Schedule 13G reporting their holdings in Glaukos Corporation common stock. The Wellington reporting entities collectively report beneficial ownership of 486,824 shares, with no sole voting or dispositive power and all authority shared across entities and clients.
The filing states this represents ownership of five percent or less of Glaukos’ outstanding common stock and that the securities are owned of record by clients of Wellington-managed investment advisers. Wellington certifies the shares were acquired and are held in the ordinary course of business and not for the purpose of influencing control of Glaukos.
Glaukos Corporation director Marc Stapley reported exercising stock options for 15,000 shares of common stock at an exercise price of $24.69 per share on January 22, 2026. On the same day, he sold an aggregate of 15,000 shares of common stock in multiple open-market transactions at weighted average prices ranging from about $126.07 to $129.78 per share under a pre-established Rule 10b5-1 trading plan adopted on June 4, 2025. After these transactions, Stapley held 37,449 shares of Glaukos common stock directly, which the footnote states includes 2,835 restricted stock units that have not yet vested or been delivered, as well as vested units for which delivery has been deferred.
Glaukos Corporation’s President and COO, Joseph E. Gilliam, reported option exercises and related share sales. On January 22, 2026, he exercised stock options for 10,498 shares of common stock at an exercise price of $55.18 per share, from options originally granted on March 24, 2022 that were tied to multi-year performance goals and operational targets.
On the same date, he sold blocks of Glaukos common stock totaling 2,406, 3,100, 1,798 and 3,194 shares at weighted average prices of $126.10, $127.03, $128.07 and $129.28, respectively. These transactions, as well as the option exercises, were carried out under a Rule 10b5-1 trading plan adopted on June 11, 2025. After these transactions, Gilliam beneficially owned 92,366 shares of common stock, which includes 62,605 restricted stock units that have not yet vested or been delivered.
Glaukos Corporation’s president and COO, Joseph E. Gilliam, reported option exercises and a share sale. On January 21, 2026, he exercised stock options for 2,602 and 1,900 shares of common stock at an exercise price of $55.18 per share. This resulted in the acquisition of 4,502 common shares, which were then sold the same day at a weighted average price of $124.65 per share, in trades ranging from $124.47 to $124.75, under a pre-arranged Rule 10b5-1 trading plan adopted on June 11, 2025. After these transactions, he directly holds 92,366 shares of common stock, including 62,605 restricted stock units that have not yet vested or been delivered.
Joseph Gilliam filed a notice of proposed sale of Glaukos common stock under Rule 144. The notice covers 10,498 common shares to be sold through Fidelity Brokerage Services LLC on or about 01/22/2026 on the NYSE, with an aggregate market value of 1,340,378.21. Shares outstanding were 57,434,740 at the time referenced.
The 10,498 shares were acquired on 01/22/2026 via exercise of an option originally granted on 03/24/2022, paid for in cash. Over the prior three months, Joseph Gilliam sold 19,340 shares of common stock on 11/18/2025 for gross proceeds of 1,740,600.00 and 4,502 shares on 01/21/2026 for gross proceeds of 561,167.78.
An affiliate of GKOS filed notice of intent to sell 15,000 shares of common stock through Fidelity Brokerage Services LLC on the NYSE, with an approximate sale date of 01/22/2026. The filing lists an aggregate market value of these shares of 1,915,560.20. It also notes that 57,434,740 shares of the same class were outstanding at the time referenced.
The 15,000 shares are tied to stock options originally granted on 06/02/2016 and acquired and paid for in cash on 01/22/2026. The person on whose behalf the sale is planned represents that they are not aware of any undisclosed material adverse information about the issuer’s current or prospective operations.