Glaukos Corporation's President and Chief Operating Officer, Joseph E. Gilliam, completed a pair of linked equity transactions on January 22, 2026, according to a Form 4 filing with the Securities and Exchange Commission. Gilliam sold 10,498 shares of common stock in multiple trades, generating proceeds totaling $1.34 million. The trades were executed at prices ranging from $126.1 to $129.28 per share.
On the same day, Gilliam exercised options to purchase 10,498 shares of Glaukos common stock at $55.18 per share, for a total exercise value of $579279. The Form 4 filing notes that the sales were effected pursuant to a Rule 10b5-1 trading plan adopted by the reporting person on June 11, 2025.
Following the transactions disclosed in the filing, Gilliam directly holds 92,366 shares of Glaukos stock. That holding includes 62,605 restricted stock units that have not yet vested or been delivered.
Financial results and market reaction
In separate corporate disclosures, Glaukos reported preliminary net sales for the fourth quarter of 2025 of approximately $143 million, representing a 36% increase compared with the same period in 2024. That preliminary sales figure exceeded analyst estimates of $129.4 million and reflected strength across the company’s revenue streams.
Breaking down the preliminary results, U.S. glaucoma sales were reported at $86 million, outpacing consensus estimates by about 5%. The company indicated that iDose revenue was roughly in line with expectations, while international glaucoma revenue totaled approximately $33 million, coming in slightly above forecasts. Glaukos also reaffirmed its guidance for 2026, projecting continued growth.
Brokerage activity following the preliminary results showed continued analyst support. Stifel raised its price target on Glaukos to $160 from $115 while maintaining a Buy rating, citing positive survey results for the Epioxa product. Piper Sandler kept its Overweight rating and $165 price target after the stronger-than-expected preliminary quarter. UBS reiterated its Buy rating despite recent pressure on the stock, signifying confidence in the company’s trajectory.
Contextual notes
The Form 4 filing discloses that the sales were executed under a pre-established 10b5-1 trading plan adopted on June 11, 2025. Such plans are commonly used by executives to provide a compliant framework for periodic sales that can occur irrespective of subsequent company developments. The filing also makes clear the continuing presence of a significant portion of Gilliam’s holdings in restricted stock units that remain unvested or undelivered.
Key takeaways
- Insider activity: Gilliam sold 10,498 shares for $1.34 million and simultaneously exercised options for 10,498 shares at $55.18, totaling $579279, with the sale carried out under a 10b5-1 plan adopted June 11, 2025.
- Reported holdings: After the transactions, Gilliam directly owns 92,366 shares, which include 62,605 restricted stock units that have not vested or been delivered.
- Company performance: Glaukos reported preliminary Q4 2025 net sales of approximately $143 million, a 36% year-over-year increase and above analyst expectations of $129.4 million, with outperformance in U.S. glaucoma and modest upside internationally.
Risks and uncertainties
- Insider sales timing and interpretation - Market participants may view the insider sale in different ways; the filing specifies the transactions were conducted under a Rule 10b5-1 plan, which limits conclusions that can be drawn about management’s near-term view of the company.
- Preliminary nature of sales figures - The $143 million net sales figure is described as preliminary; final reported results could differ and affect analyst expectations and market sentiment.
- Concentration of unvested compensation - A large portion of Gilliam’s reported holdings consists of restricted stock units that have not vested or been delivered, which may influence future ownership and potential selling activity as vesting schedules trigger.
These transactions and preliminary financial figures were disclosed via regulatory filing and company communication. The broker commentaries noted above reflect analysts’ reactions to the preliminary results and were disclosed in the corporate reporting. No additional commentary or forward-looking assertions beyond what was disclosed by the company, the filing, and the brokerages are included here.