GKOS · CIK 0001192448
What Glaukos Corp. told the SEC could break it.
Glaukos's disclosures describe a company concentrated around its glaucoma franchise. The iStent family, iDose TR and related accessories were about 83% of 2025 net sales, so its results hinge on those products. The supply chain behind them is narrow too: it relies on a limited number of third-party suppliers — in some cases sole suppliers — for key components, and its primary manufacturing for the iStent family and iDose TR runs through a single campus in San Clemente, California, exposing it to regional earthquake and fire risk. It also flags policy exposure, with 2025 U.S. tariffs on imports from Canada, Mexico and China potentially raising input costs (its iDose TR membrane materials come from Celanese Canada), and iDose TR economics dependent on consistent Medicare reimbursement.
4 self-disclosed vulnerabilities, pulled from its own filings, each in the company’s words, with the source. This is the risk register almost nobody reads.
In its own words
What could break it.
Sole-source dependency
- limited/sole-source component suppliers for iStent & iDose TRhigh
Glaukos relies on a limited number of third-party suppliers — in some cases sole suppliers — for components of the iStent family, iDose TR and pipeline products; loss of any could disrupt supply.
“we rely on a limited number of third-party suppliers, in some cases sole suppliers, to supply components for the iStent , the iStent inject models, the iStent infinite , the iDose TR , and our other pipeline products.”
SEC filing →As of 2026
Geographic concentration
- California manufacturing (San Clemente) + HQ (Aliso Viejo)medium
Glaukos's primary manufacturing for the iStent family and iDose TR is concentrated at a single San Clemente, California campus (with HQ in Aliso Viejo, CA), exposing it to California earthquake/fire/insurance risk.
“Our manufacturing operations for the iStent family of products and iDose TR are located in an approximately 120,000 square foot campus in San Clemente, California which is comprised of two main buildings, two suites and a warehouse.”
SEC filing →As of 2026
Other disclosures
- product concentration — iStent/iDose TR = 83% of net salesmedium
Glaukos's revenue is concentrated in its glaucoma franchise: the iStent family, iDose TR and related accessories were ~83% of 2025 net sales (iLink/corneal-health the other 17%).
“For the year ended December 31, 2025, our iStent family of products, iDose TR, and related glaucoma accessories accounted for approximately 83% of our net sales, while our iLink therapies and associated products accounted for approximately 17% of our net sales.”
SEC filing →As of 2026
Regulatory & policy
- import tariffs (Canada/Mexico/China) + iDose TR Medicare reimbursementmedium
2025 U.S. tariffs on imports from Canada, Mexico and China could raise Glaukos's input costs (its iDose TR membrane raw materials come from Celanese Canada), and its iDose TR economics depend on CMS reimbursement (J-code J7355) becoming consistent across MACs.
“During 2025, the U.S. government announced tariffs on product imports from certain countries, including higher tariff levels on goods imported from Canada, Mexico and China.”
SEC filing →As of 2026
The hidden graph
Who it depends on, and who depends on it.
Relationships surfaced from filings, including ones disclosed by the other side, which is how the non-obvious ones come to light.
Its suppliers
Celanese Corporation (Celanese Canada ULC)
“Effective March 17, 2023, the Company entered into a sales agreement (Sales Agreement) with Celanese Canada ULC (Celanese) under which Celanese will make available and supply to the Company certain raw materials used to create a nanoporous membrane utilized in the iDose TR , and authorized the Company to reference its Drug Master File (DMF) with respect to such raw materials, which is required for the Company to commercialize iDose TR .”
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