HARROW, INC.
HROW · Pharmaceutical Preparations · 37.3M shares · +9%/yr ↑ dilution · EDGAR filings ↗
Net buyback after stock comp: -$16M (gross -$13K, SBC $16M)
Reference price $31.07 · est. market cap ~$1.2B — last insider purchase, 2026-05-18 (estimated from the dated SEC Form 4 price × shares outstanding — not a live quote)
Grade
C62Ophthalmic pharma — operating-profitable with positive FCF, but high leverage and a net loss.
Strengths
- Operating profit and positive FCF — operating margin 11% (82nd), FCF $43M (85th)
- Strong growth — revenue +36%
Risks
- Net loss (interest/charges) — net margin -2%, net income -71%
- High leverage — D/E 4.8 (96th)
- Compounded-drug/regulatory risk — per 10-K
Notable findings
- Exec changeRecent 8-K item 5.02 8-K ↗
- High leverageHigh leverage (debt/equity 4.77)
- Net lossNet loss (net margin -1.9%)
- Fund exitedNotable fund(s) exited this quarter: VANGUARD GROUP INC
- Chronic dilutionShare count +9%/yr over 2y (dilution, book value/share -38%)
- Insider buyingInsider buying — 4 open-market buy(s) by 4 insider(s) (cluster of 4 insiders, ~$468,720, last 6mo) Form 4 ↗
- Notable holderHeld by 5 notable fund(s): STATE STREET CORP, CITADEL ADVISORS LLC, GOLDMAN SACHS GROUP INC +2 more (as of 2026-03-31)
- Insider sellingInsider selling — 6 open-market sale(s) by 1 insider(s) (~$9M, last 6mo) Form 4 ↗
- Revenue declineRevenue -50.4% YoY
- Pending mergerIn September 2025, we entered into the Merger Agreement by and among Harrow, Harrow Acquisition Sub, Inc
Quarterly revenue
Last 4 quarters · from SEC filings.
Key metrics
Gross margin
75.1%
Operating margin
11.2%
Net margin
-1.9%
Return on equity
-9.8%
Return on assets
-1.3%
ROIC
8.0%
Revenue growth (QoQ)
-50.4%
Debt / equity
4.8×
Net debt / EBITDA
5.6×
Current ratio
2.2×
Free cash flow
$43M
EBITDA
$32M
Tangible book value
-$123M
Cash & investments
$73M
Stock comp / revenue
4.6%
Insider transactions · last 18 months
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| 2026-05-18 | Graves Adrienne L | Buy | 1.0K | $31.07 |
| 2026-05-18 | SILVERNAIL LAUREN P | Buy | 1.0K | $31.00 |
| 2026-05-14 | BAUM MARK L | Buy | 10K | $30.20 |
| 2026-05-14 | BOLL ANDREW R. | Buy | 3.5K | $29.90 |
| 2026-03-04 | Opaleye Management Inc. | Sell | 4.3K | $39.67 |
| 2026-03-04 | Opaleye Management Inc. | Sell | 134K | $39.67 |
| 2026-03-03 | Opaleye Management Inc. | Sell | 59K | $39.15 |
| 2026-03-03 | Opaleye Management Inc. | Sell | 1.3K | $39.15 |
| 2026-02-27 | Opaleye Management Inc. | Sell | 5.0K | $54.18 |
| 2026-01-06 | Opaleye Management Inc. | Sell | 20K | $53.35 |
| 2025-12-12 | BOLL ANDREW R. | Option exercise | 60K | $3.95 |
| 2025-12-12 | BOLL ANDREW R. | Tax withheld | 27K | $47.06 |
| 2025-12-12 | BAUM MARK L | Option exercise | 180K | $3.95 |
| 2025-12-12 | BAUM MARK L | Tax withheld | 80K | $47.06 |
| 2025-07-21 | BAUM MARK L | Option exercise | 600K | $7.87 |
| 2025-07-21 | BAUM MARK L | Tax withheld | 313K | $37.08 |
| 2025-06-10 | Opaleye Management Inc. | Sell | 15K | $30.80 |
| 2025-06-09 | Opaleye Management Inc. | Sell | 15K | $30.37 |
| 2025-06-04 | Opaleye Management Inc. | Sell | 1.8K | $30.02 |
| 2025-06-03 | Opaleye Management Inc. | Sell | 3.0K | $30.04 |
| 2025-05-13 | Opaleye Management Inc. | Sell | 5.0K | $26.59 |
| 2025-05-12 | Opaleye Management Inc. | Sell | 10K | $25.90 |
| 2025-04-07 | BOLL ANDREW R. | Tax withheld | 137K | $23.09 |
| 2025-04-07 | SAHAREK JOHN P. | Tax withheld | 109K | $23.09 |
| 2025-04-07 | BAUM MARK L | Tax withheld | 300K | $23.09 |
| 2025-04-03 | SAHAREK JOHN P. | Option exercise | 277K | — |
| 2025-04-03 | BOLL ANDREW R. | Option exercise | 346K | — |
| 2025-04-03 | BAUM MARK L | Option exercise | 762K | — |
| 2025-03-24 | Opaleye Management Inc. | Sell | 5.0K | $30.01 |
| 2025-03-18 | Opaleye Management Inc. | Sell | 5.0K | $29.64 |
| 2025-03-18 | Opaleye Management Inc. | Sell | 5.0K | $30.01 |
| 2025-03-18 | Opaleye Management Inc. | Sell | 5.0K | $29.64 |
| 2025-02-28 | Opaleye Management Inc. | Sell | 5.0K | $28.05 |
| 2025-01-22 | Opaleye Management Inc. | Sell | 20K | $35.59 |
All non-derivative Form 4 activity (SEC), newest first.
Clinical trials
| Trial | Title | Phase | Status | Primary completion |
|---|---|---|---|---|
| NCT07456826 ↗ | Study Evaluating the Efficacy and Safety of Chloroprocaine HCl Ophthalmic Gel 3% vs Proparacaine Ophthalmic Solution 0.5% Plus Subconjunctival Lidocaine in Patients Undergoing Intravitreal Injections Diabetic Macular Edema (DME), Age-Related Macular Degeneration (AMD) | PHASE4 | Enrolling By Invitation | 2026-08-01 |
| NCT05934253 ↗ | The Effects of Low Viscosity Chloroprocaine Ophthalmic Gel 3% on the Bactericidal Action of Povidone-Iodine Antiseptic, Anesthesia, Local | PHASE4 | Completed | 2024-01-15 |
| NCT07588074 ↗ | Tolerability Comparison of Flarex to Lotemax SM Ocular Inflammation, Keratoconjunctivitis | PHASE4 | Completed | 2021-06-30 |
Source: ClinicalTrials.gov (U.S. NIH) · active studies first.
Notable events (8-K)
| Date | Items | |
|---|---|---|
| 2026-06-22 | Shareholder vote | filing ↗ |
| 2026-06-03 | Reg FDExhibits | filing ↗ |
| 2026-05-11 | ResultsReg FDExhibits | filing ↗ |
| 2026-03-27 | Material agreementDebt obligationOtherExhibits | filing ↗ |
| 2026-03-24 | OtherExhibits | filing ↗ |
| 2026-03-24 | OtherExhibits | filing ↗ |
| 2026-03-10 | Reg FDExhibits | filing ↗ |
| 2026-03-02 | ResultsReg FDExhibits | filing ↗ |
Recent filings
| Form | Filed | Period | Accession |
|---|---|---|---|
| 8-K | 2026-06-22 | 2026-06-18 | 0001493152-26-029486 ↗ |
| 8-K | 2026-06-03 | 2026-06-03 | 0001493152-26-026983 ↗ |
| 10-Q | 2026-05-11 | 2026-03-31 | 0001493152-26-022254 ↗ |
| 8-K | 2026-05-11 | 2026-05-11 | 0001493152-26-022227 ↗ |
| 8-K | 2026-03-27 | 2026-03-24 | 0001493152-26-013199 ↗ |
| 8-K | 2026-03-24 | 2026-03-24 | 0001493152-26-012279 ↗ |
| 8-K | 2026-03-24 | 2026-03-24 | 0001493152-26-012389 ↗ |
| 8-K | 2026-03-10 | 2026-03-10 | 0001493152-26-009452 ↗ |
| 8-K | 2026-03-02 | 2026-03-02 | 0001493152-26-008552 ↗ |
| 10-K | 2026-03-02 | 2025-12-31 | 0001493152-26-008562 ↗ |
| 8-K | 2026-02-02 | 2026-01-30 | 0001493152-26-004635 ↗ |
| 8-K | 2025-11-18 | 2025-11-17 | 0001493152-25-023988 ↗ |