Harrow, Inc. (HROW)

Harrow reported record Q4 revenue of $89.1 million and full-year 2025 revenue of $272.3 million, but the stock fell approximately 25% following the Q4/FY25 earnings release. Harrow announced it would initiate a Phase 3 clinical trial to expand the TRIESENCE label, and the stock fell 21% after the FDA cleared the IND application for this trial. Harrow announced the pricing of a $50.0 million offering of senior unsecured notes due 2030, and an add-on offering of another $50.0 million to support growth. Opaleye Management Inc. reported the indirect sale of 198,572 shares of common stock for approximately $7.8 million. Harrow presented at the Leerink Partner's 2026 Global Healthcare Conference, held its Third Quarter 2025 Earnings Conference Call and Webcast, and participated in the Piper Sandler 37th Annual Healthcare Conference.

Harrow's business experiences predictable seasonal patterns, with the first quarter typically being the weakest financial quarter. The second quarter usually outperforms the first quarter, and the second half of the year typically outperforms the first half, with the fourth quarter being the strongest. Historically, November has been the strongest month for HROW, while October tends to be the weakest. The company's revenue is expected to accelerate quarter-over-quarter, with results more heavily weighted to the second half of the year in 2026.

Harrow, Inc. is an eyecare pharmaceutical company focused on the discovery, development, and commercialization of ophthalmic pharmaceutical products for the United States market. The company operates within the Healthcare sector and the Drug Manufacturers - Specialty & Generic industry, with a business model that includes essential ophthalmic medications, a specialized compounding business known as ImprimisRx, and a growing portfolio of branded therapies. Harrow aims to provide accessible and affordable eyecare solutions, with major products and pipeline candidates including branded ophthalmic pharmaceuticals, compounded medications, and development pipeline products.

Harrow, Inc. primarily focuses its commercialization efforts on the United States market and is headquartered in Nashville, Tennessee. While its primary market is North America, Harrow also holds global patent protection for MELT-300 across North America, Europe, Asia, Australia, and the Middle East, with intentions to license ex-U.S. rights to regional partners.

Harrow has been actively working to establish itself as a leader in the ophthalmic pharmaceutical market, emphasizing innovation, accessibility, and affordability. The company has strategically focused exclusively on ophthalmic medicines. The "Harrow Access for All" (HAFA) Program was launched in September 2025 to make its medications more accessible and affordable. Harrow has demonstrated strong revenue growth, with a 36% increase in 2025. Harrow held an Investor & Analyst Day on September 26, 2025. Historically, Harrow faced criticism for skirting FDA approval with its compounded alternatives, and more recently, the company has faced persistent low margins and has not consistently achieved GAAP net income profitability.

Harrow, Inc. has a mix of institutional and individual owners. Major institutional owners include Opaleye Management Inc., BlackRock, Inc., and Vanguard Group Inc, with institutional ownership accounting for 63.79% of the company. Mark L. Baum, the founder, Chairman of the Board, and Chief Executive Officer, is the largest individual shareholder, owning 51.90% of the company. Robert J. Kammer is another significant insider owner.