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1. Imagine Bausch + Lomb (a major eye health company), but also operating a specialized compounding pharmacy for ophthalmologists.

2. Think of it as a smaller, eye-focused Johnson & Johnson (a diversified healthcare conglomerate) that also strategically invests in other eye drug development companies.

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Harrow's major products and services include:

• ImprimisRx: An ophthalmology outsourcing and pharmaceutical compounding business that provides customized medications for eye care.
• DEXYCU: A commercially available drug used for the treatment of post-operative inflammation following ocular surgery.

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Harrow Health, Inc. (HROW) primarily sells its products and services to other companies and healthcare institutions, rather than directly to individual patients.

Specific names of customer companies are not disclosed in the provided background information, nor are they typically publicly disclosed by pharmaceutical companies that sell to a broad base of healthcare providers. However, Harrow's major customers fall into the following categories:

• Ophthalmology Clinics and Practices: These include private and group ophthalmology practices that utilize ImprimisRx's compounded pharmaceutical products and administer DEXYCU for post-operative inflammation.
• Hospitals and Outpatient Surgery Centers: Facilities where ophthalmic surgeries are performed are customers for DEXYCU, which is used for the treatment of post-operative inflammation, and potentially for compounded medications from ImprimisRx.
• Pharmaceutical Distributors: Companies that facilitate the distribution of pharmaceutical products to healthcare providers also serve as key customers, enabling Harrow's products to reach ophthalmology clinics, hospitals, and surgery centers.

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Mark L. Baum, Chief Executive Officer and Chairman of the Board of Directors

Mark L. Baum is the founder, Chairman of the Board, and Chief Executive Officer of Harrow. He also founded and is Chairman of Melt Pharmaceuticals, and was a founder and former board member of Eton Pharmaceuticals (Nasdaq: ETON) and Surface Ophthalmics. Mr. Baum founded YesRx, an HIV-focused pharmacy business, in 1999. Before Harrow, he founded TBLF, LLC, a private investment fund manager, which made over 200 investments in more than 40 private and public companies. He served as a senior advisor to Curology.com from 2014-2017.

Andrew R. Boll, President & Chief Financial Officer

Andrew R. Boll, a founding employee of Harrow, serves as President, Chief Financial Officer, and Corporate Secretary, overseeing the Company's financial, market access, and administrative operations. He also co-founded Eton Pharmaceuticals (Nasdaq: ETON), Melt Pharmaceuticals, Surface Ophthalmics, and ImprimisRx. Before joining Harrow, Mr. Boll managed accounting, financial analysis, and reporting for an investment company from 2007 to 2011, and was involved with the financial operations of its public and private portfolio companies. He is a CFA® charterholder and Certified Management Accountant (CMA®).

Amir H. Shojaei, Chief Scientific Officer

Amir H. Shojaei was named Harrow's Chief Scientific Officer in January 2025, bringing nearly 30 years of experience in the life sciences sector. He oversees Harrow's medical and clinical affairs, regulatory affairs, pharmacovigilance, and QA/compliance for FDA-approved products. Dr. Shojaei was instrumental in the development and FDA approval of Xiidra®, a therapy for dry eye disease, and held senior leadership roles at biopharmaceutical companies including AsclepiX Therapeutics, TherOptix, Novartis Pharmaceuticals, and Shire Pharmaceuticals (acquired by Takeda) prior to Harrow.

Frank W. Mullery, President and Chief Executive Officer of Harrow's ImprimisRx Division

Frank W. Mullery serves as President and Chief Executive Officer of Harrow's ImprimisRx Division, possessing over 20 years of leadership experience in the healthcare and pharmaceutical sectors, where he has built and scaled businesses, launched market-shaping products, and driven transformative growth.

Patrick W. Sullivan, Chief Commercial Officer

Patrick W. Sullivan was promoted to Chief Commercial Officer effective January 30, 2026, bringing experience from emerging biotechs, mid-sized firms, and global pharma. Previously, he was Vice President of Marketing, Neurology Portfolio at Corium Therapeutics, leading U.S. commercialization and launches in ADHD and dementia, and also served as Global Commercial Head and Executive Director at AstraZeneca, directing the launch of Evrenzo® (roxadustat).

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The key risks to Harrow Health, Inc. (HROW) primarily revolve around its financial structure, reliance on key products, and the highly regulated nature of the pharmaceutical industry.

1. High Debt Load and Financial Leverage: Harrow Health carries a significant debt load and high financial leverage, with a high debt-to-equity ratio. This makes the company particularly sensitive to rising interest rates and dependent on sustained strong sales and cash flow generation to service its debt obligations. The ability to manage this debt is critical to its financial stability.

2. Product Concentration and Execution Risk: The company's financial performance is heavily reliant on a limited number of key ophthalmic products, such as VEVYE, IHEEZO, and TRIESENCE. A substantial risk exists in the successful commercial rollout and market adoption of new products, as well as the effective integration of strategic acquisitions like Melt Pharmaceuticals. Any stumble in these execution efforts or lower-than-expected product uptake could significantly impact revenue projections and growth.

3. Regulatory and Compliance Challenges: Operating within the pharmaceutical sector, Harrow Health faces stringent regulatory oversight from agencies like the FDA, especially concerning its compounding pharmacy business (ImprimisRx) and the approval and marketing of its branded products. The risk of adverse regulatory findings, compliance issues, or delays in product approvals and reimbursement decisions could hinder the company's ability to maintain and expand its product lines and execute its business strategy.

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Harrow Health, Inc. (HROW) operates in several ophthalmic and pharmaceutical markets. The addressable markets for its main products and services are detailed below:

• ImprimisRx (Ophthalmic Compounding Business): The U.S. Ophthalmic Compounding Pharmacies Market is estimated to be valued at approximately USD 4.3 billion in 2026 and is projected to reach USD 6.6 billion by 2033, demonstrating a compound annual growth rate (CAGR) of 5.2% from 2026 to 2033.
• DEXYCU (for the treatment of post-operative inflammation): DEXYCU is indicated for treating post-operative inflammation, particularly following cataract surgery. The global Post-Operative Cataract Surgery Inflammation Treatment Market is estimated to be valued at USD 5.2 billion in 2025 and is projected to reach USD 10.0 billion by 2035, with a CAGR of 6.8% over the forecast period.
• Equity interests and royalty rights in Surface Ophthalmics, Inc. (therapeutics for ocular surface diseases): The global Chronic Ocular Surface Pain market was valued at USD 728.64 million in 2024 and is projected to reach USD 1.48 billion by 2033, growing at a CAGR of 8.18% during the forecast period of 2025-2033. A significant component of ocular surface disease, the U.S. dry eye syndrome treatment market size was estimated at USD 2.45 billion in 2024 and is projected to grow at a CAGR of 6.0% from 2025 to 2030.
• Equity interests and royalty rights in Melt Pharmaceuticals, Inc. (non-intravenous, sedation, and anesthesia therapeutics): The global anesthesia drugs market size is expected to reach approximately USD 12.25 billion by 2035, increasing from USD 7.53 billion in 2025, at a CAGR of 4.99% from 2026 to 2035. More specifically, the global general anesthesia drugs market size is anticipated to be around USD 8.45 billion by 2034. The global local anesthesia drugs market size was USD 4.18 billion in 2024 and is expected to increase to approximately USD 6.07 billion by 2034, at a CAGR of 3.8%.

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• Accelerated Commercialization and Sales Force Expansion for Key Branded Ophthalmic Products: Harrow anticipates significant growth from its core branded products, including VEVYE, IHEEZO, and TRIESENCE. VEVYE is projected to become a "9-figure revenue product in 2026" and exceed $100 million in annual revenue for the year, driven by expanded coverage, increased new prescriptions, and robust refill rates. The company plans to double the sales force dedicated to VEVYE and TRIESENCE by Memorial Day to enhance market penetration. IHEEZO's growth is expected from its expansion into the office-based setting, particularly in the retina market, with new retina-specific data to be presented in July, along with anticipated price improvements. TRIESENCE is also undergoing a Phase 3 study to broaden its use in cataract surgery, with data expected by year-end, further fueling its momentum in ocular inflammation.
• Launch and Commercialization of New Branded Ophthalmic Products: Harrow plans to introduce new products to the market within the next 2-3 years. Specifically, the company anticipates the launch of BYQLOVI (a topical steroid) in Q1 2026 and BYOOVIZ (a Lucentis biosimilar) in mid-2026. These new product introductions are expected to contribute incremental revenue growth.
• Advancement and Anticipated Launch of Pipeline Assets from Melt Pharmaceuticals: Harrow's pipeline includes promising assets from its acquisition of Melt Pharmaceuticals. G-MELT (formerly MELT-300), a non-intravenous and non-opioid procedural sedation candidate, is on track for a New Drug Application (NDA) filing in the first half of 2027, with a potential launch in 2028. YOCHIL (formerly MELT-210) is also referenced as a pipeline asset advancing towards filing and is expected to launch around 2028. These late-stage candidates have the potential to become significant revenue drivers in the coming years.
• Leveraging a Scalable Commercial Platform and Strategic Acquisitions: Harrow's strategy involves continuing to be a "prolific acquirer" of ophthalmic pharmaceutical products, having integrated over 15 branded products into its commercial platform. The company's scalable commercial platform is designed to efficiently support both branded and generic offerings across various payer types and reach a wide network of eyecare professionals throughout the United States, enabling rapid integration and commercialization of new and acquired assets. This approach allows Harrow to expand its portfolio and market reach continuously.

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Share Issuance

• In July 2023, Harrow priced an underwritten public offering of 3,380,282 shares of its common stock at $17.75 per share, generating aggregate gross proceeds of $60 million. The net proceeds were intended to fund the initial amount for an acquisition and for general corporate purposes, including future strategic product acquisitions, capital expenditures, and working capital.
• In April 2021, Harrow closed an underwritten registered public offering of $50 million aggregate principal amount of 8.625% senior notes due 2026, resulting in net proceeds of approximately $48.0 million.
• In May 2021, the company completed a private sale of 440,000 shares of its Series B Cumulative Preferred Stock for net proceeds of approximately $10.67 million, designated for general corporate purposes including strategic product acquisitions, capital expenditures, and working capital.

Outbound Investments

• Harrow completed the acquisition of Melt Pharmaceuticals, Inc., a clinical-stage pharmaceutical company, in November 2025. Melt Pharmaceuticals focuses on non-opioid, non-intravenous therapies for sedation in medical procedures.
• In January 2023, Harrow closed the acquisition of exclusive U.S. commercial rights to five branded ophthalmic products: ILEVRO®, NEVANAC®, VIGAMOX®, MAXIDEX®, and TRIESENCE®.
• In December 2021, Harrow acquired the exclusive U.S. commercialization rights to four FDA-approved branded eye drops (IOPIDINE 1% and 0.5%, MAXITROL 3.5mg, and MOXEZA 0.5%) from Novartis for a one-time payment of $14 million. This acquisition aimed to expand Harrow's ophthalmic product portfolio and strengthen its presence in the surgical and acute care markets.

Capital Expenditures

• Capital expenditures were reported as $153 million in 2023 and $39 million in 2024.
• In Q4 2025, Harrow Health Inc. invested $341K in capital expenditures.
• The company plans significant investments in commercial infrastructure, including nearly doubling its sales territories for VEVYE by mid-2026, which will result in increased selling, general, and administrative (SG&A) expenses to support sales force expansion and new product launches.