# Harrow, Inc. (HROW)

> Source: Nexqual · https://nexqual.com/HROW · data as of 2026-10-28 20:00 UTC · cite as "Nexqual, Harrow, Inc. (HROW), nexqual.com/HROW" · informational, not investment advice.

**Price:** USD 29.39 (+1.10% on the day) · last close of Oct 28, 2026; US market closed, not a live price. Prev close 29.39 · day 28.83–29.74 · 52w 26.96–54.85 · market cap null · NGM

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $276M, net income -$37.2M (-13.5% margin), free cash flow $5.0M (SEC filings).
- Insider open-market sales, last ~7 months: 1 Form 4 filings, $450K; 1 not under a Rule 10b5-1 plan ($450K); 0 by opportunistic insiders, 0 by routine insiders (three-year test, Cohen, Malloy & Pomorski 2012).
- Insider open-market purchases, last ~7 months: 4 Form 4 filings, $469K; 0 by opportunistic insiders, 0 by routine insiders.
- Total return with dividends: 1Y -20.1% vs S&P 500 +13.6%; 5Y +191.3% vs S&P 500 +79.8%.
- Next earnings: 2026-11-09, EPS estimate USD 0.32, revenue estimate $99.1M.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $72.5M | $88.6M | $130M | $200M | $272M | $276M |
| Gross profit | $54.3M | $63.2M | $90.6M | $150M | $204M | — |
| Operating income | $1.6M | $1.9M | $431K | $8.8M | $30.5M | -$2.7M |
| Net income | -$18.0M | -$14.1M | -$24.4M | -$17.5M | -$5.1M | -$37.2M |
| EPS (diluted) | -$0.69 | -$0.51 | -$0.75 | -$0.49 | -$0.14 | — |
| Free cash flow | $3.3M | -$892K | $2.4M | -$23.8M | $43.0M | $5.0M |
| Gross margin | 74.9% | 71.3% | 69.6% | 75.3% | 75.1% | — |
| Operating margin | 2.2% | 2.2% | 0.3% | 4.4% | 11.2% | -1.0% |
| Net margin | -24.8% | -15.9% | -18.7% | -8.8% | -1.9% | -13.5% |
| Revenue growth | +48.3% | +22.2% | +47.0% | +53.3% | +36.4% | — |
| Cash + short-term investments | $50.7M | $102M | $82.8M | — | — | — |
| Total debt | $103M | $152M | $247M | $263M | $250M | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)


## Insider sales (SEC Form 4, open-market, last ~7 months)
0 of 1 under a Rule 10b5-1 trading plan (scheduled in advance). Unplanned sales were timed by the insider.
| Trade date | Insider | Role | Shares | Value | % of holdings sold | 10b5-1 plan | Insider type |
|---|---|---|---|---|---|---|---|
| 2026-08-14 | Shojaei Amir | CHIEF SCIENTIFIC OFFICER | 11,250 | $450K | 100% | No | Too little history (no open-market trades in 2023–2025) |
% of holdings sold = shares sold ÷ (shares sold + all holdings the insider reported on that Form 4, direct and through trusts).
Insider type follows Cohen, Malloy & Pomorski (Journal of Finance, 2012). An insider who traded the stock in the same calendar month in each of the past three years is a routine trader; one who traded in each of those years without such a pattern is an opportunistic trader. In their study, trades by opportunistic insiders predicted future returns and trades by routine insiders did not. Counts open-market purchases and sales only (SEC Form 4 codes P and S) by that insider in that company. Not investment advice.

## Insider purchases (SEC Form 4, open-market, last ~7 months)
4 purchases, $469K. Private placements, offerings, dividend reinvestment and employee stock purchase plan buys are excluded.
| Trade date | Insider | Role | Shares | Value | Avg price | Insider type |
|---|---|---|---|---|---|---|
| 2026-05-18 | Graves Adrienne L | Director | 1,000 | $31K | 31.07 | Too little history (no open-market trades in 2023–2025) |
| 2026-05-18 | Silvernail Lauren P | Director | 1,000 | $31K | 31 | Too little history (no open-market trades in 2023–2025) |
| 2026-05-14 | Baum Mark L | CHIEF EXECUTIVE OFFICER | 10,000 | $302K | 30.2 | Too little history (no open-market trades in 2025) |
| 2026-05-14 | Boll Andrew R. | PRESIDENT AND CFO | 3,500 | $105K | 29.9 | Too little history (no open-market trades in 2023–2025) |

## Analysts
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-10-07 | BTIG | Reiterated | Buy | $63 |
| 2026-09-09 | Leerink Partners | Initiated | Outperform | $45 |
| 2026-08-11 | BTIG | Reiterated | Buy | $63 |
| 2026-07-21 | BTIG | Reiterated | Buy | $63 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-29) | 5Y (from 2021-10-25) |
|---|---|---|
| Total return | -20.1% | +191.3% |
| S&P 500 (SPY) | +13.6% | +79.8% |
| Per year | -20.1% | +23.8% |
| Volatility (annualized) | 65.7% | 69.7% |
| Max drawdown | -50.3% (Jan 2026→Oct 2026) | -66.9% (May 2023→Nov 2023) |

## Peers
CLPT (ClearPoint Neuro Inc.) USD 10.56 +8.98% · ETON (Eton Pharmaceuticals, Inc.) USD 51.8 +1.25% · TMDX (TransMedics Group, Inc.) USD 66.9 -4.06% · LQDA (Liquidia Corporation) USD 45.72 +0.62% · IDYA (IDEAYA Biosciences, Inc.) USD 33.96 +1.37%

## More
Full page: https://nexqual.com/HROW · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Supply chain and relationships (SEC annual reports)

Named in HROW's own 10-K filed 2026-03-02 (https://www.sec.gov/Archives/edgar/data/1360214/000149315226008562/form10-k.htm):

| Relationship | Company | Sentence in the filing |
|---|---|---|
| Customer | ImprimisRx | "March 2025, we initiated a 360-degree review of opportunities to offer ImprimisRx customers a Harrow-owned FDA-approved product" |

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $0.32 | $0.38 | -15.0% | $99.1M | 4 |
| Next quarter (ends 2026-12-31) | $1.00 | $0.99 | +1.0% | $137.1M | 3 |
| Current fiscal year (ends 2026-12-31) | $0.43 | $0.45 | -3.0% | $350.1M | 3 |
| Next fiscal year (ends 2027-12-31) | $2.77 | $2.68 | +3.6% | $536.3M | 4 |

## Earnings history and stock reaction
| Results filed | Quarter | EPS | Consensus | Surprise | Stock reaction |
|---|---|---|---|---|---|
| — | Quarter ended Jun 30, 2026 | −$0.46 | −$0.24 | Miss −91.7% | — |
| — | Quarter ended Mar 31, 2026 | −$0.74 | −$0.33 | Miss −124.2% | — |
| — | Quarter ended Dec 31, 2025 | $0.27 | $0.48 | Miss −43.8% | — |
| — | Quarter ended Sep 30, 2025 | $0.33 | $0.29 | Beat +13.8% | — |
EPS as reported against the analyst consensus before the release; surprise uses the cent-rounded figures shown (in dollars when EPS and consensus have opposite signs). Stock reaction = close before the results to close after (the first close following a release after the bell or before the open).

## Recent SEC filings (last 120 days)
| Filed | Form | What it says | Filing |
|---|---|---|---|
| 2026-10-27 | Schedule 13G/A | BlackRock, Inc.: 7.4% of shares, passive 5%+ holder (amended) | https://www.sec.gov/Archives/edgar/data/1360214/000201238326003905/0002012383-26-003905-index.htm |
| 2026-10-05 | 8-K | Entered a material agreement; Completed an acquisition or sale of assets; Regulation FD disclosure — “As previously disclosed, on August 3, 2026, Harrow, Inc. (the "Company") entered into an Asset Purchase Agreement (the "Original Purchase Agreement") with Viatris Inc. ("Viatris") relating to the acquisition of TYRVAYA (varenicline solution) nasal spray 0.03 mg ("TYRVAYA"), a cholinergic agonist indicated for the treatment of the signs and symptoms of dry eye disease. On October 1, 2026, the Company and Viatris amended and restated the Original Purchase Agreement in its entirety (as so amended and restated, the…” | https://www.sec.gov/Archives/edgar/data/1360214/000162828026064749/0001628280-26-064749-index.htm |
| 2026-09-04 | 8-K | Director or executive officer change, or pay arrangement — “Effective September 4, 2026, Randall E. Pollard ceased serving as Chief Accounting Officer and principal accounting officer of Harrow, Inc. (the "Company"). Effective upon Mr. Pollard's departure, the Board of Directors of the Company designated Andrew R. Boll, the Company's President and Chief Financial Officer, to also serve as the Company's principal accounting officer. Mr. Boll will not receive any additional compensation in connection with his designation as principal accounting officer. The information…” | https://www.sec.gov/Archives/edgar/data/1360214/000149315226041569/0001493152-26-041569-index.htm |
| 2026-08-10 | 10-Q | Quarterly report · period ended Jun 30, 2026 | https://www.sec.gov/Archives/edgar/data/1360214/000162828026055271/0001628280-26-055271-index.htm |
| 2026-08-10 | 8-K | Quarterly results; Regulation FD disclosure | https://www.sec.gov/Archives/edgar/data/1360214/000149315226036865/0001493152-26-036865-index.htm |
| 2026-08-06 | 8-K | Entered a material agreement; Regulation FD disclosure — “On August 3, 2026, Harrow, Inc. (the "Company") entered into an Asset Purchase Agreement (the "Purchase Agreement") with Viatris Inc. ("Viatris"), pursuant to which the Company agreed to acquire the global rights to TYRVAYA (varenicline solution) nasal spray 0.03 mg ("TYRVAYA"), a cholinergic agonist indicated for the treatment of the signs and symptoms of dry eye disease (the "Acquisition"). Under the terms of the Purchase Agreement, the Company will acquire the assets primarily related to TYRVAYA, including the…” | https://www.sec.gov/Archives/edgar/data/1360214/000149315226036256/0001493152-26-036256-index.htm |
| 2026-07-31 | Schedule 13G/A | Opaleye Management Inc., Opaleye, L.P.: 6.4% of shares, passive 5%+ holder (amended) | https://www.sec.gov/Archives/edgar/data/1360214/000149315226035624/0001493152-26-035624-index.htm |
Source: SEC EDGAR. Quotes are the opening words of each item as filed.