Harrow's ophthalmic commercial engine is scaling, but MELT-300's NDA submission turns a multi-product operator into a novel-drug story

Harrow is a commercial-stage ophthalmic company selling multiple approved eye-care products, and is developing MELT-300, an oral sedation drug not yet approved, as a potential new growth driver.

Harrow has built a profitable-trajectory ophthalmic commercial platform, with VEVYE on pace for $100M-plus 2026 revenue and BYOOVIZ launched, but the company is running a net loss with $84M cash and no stated runway. MELT-300, a proprietary oral sedation drug that beat sublingual midazolam and placebo in Phase 3, heads to NDA submission in H1 2027 — approval is the single event that transforms Harrow from a biosimilar-and-commercial-stage operator into a novel-drug company. The key risk is financing: the TYRVAYA acquisition consumed $30M upfront, and cash adequacy through the 2028 commercial launch is unconfirmed.