v3.26.1
Segment Reporting
3 Months Ended
Mar. 31, 2026
Segment Reporting [Abstract]  
Segment Reporting Segment Reporting
The Company has one operating and reportable segment relating to the research, development and commercialization of its novel gene therapies. The segment derives its current revenue from a co-development and commercialization agreement with CanSinoBIO. The Company does not track expenses on an individual program basis for overhead costs, as the Company utilizes its resources across all programs.

The Company's Chief Operating Decision Maker (the "CODM"), its Chief Executive Officer, manages the Company's operations on an integrated basis for the purposes of allocating resources. When evaluating the Company's financial performance, the CODM reviews financial information at the consolidated level. The CODM uses net loss as the measure of profit or loss to allocate resources and assess performance. The CODM regularly reviews net loss as reported on the Company’s consolidated statements of operations and comprehensive loss. Financial forecasts and budget to actual results used by the
CODM to assess performance and allocate resources, as well as those used for strategic decisions related to headcount and capital expenditures are also reviewed on a consolidated basis.
The measure of segment assets is reported on the balance sheet as total assets.
The table below is a summary of the segment profit or loss, including significant segment expenses (in thousands):
Three months ended March 31,
20262025
Collaborative arrangement revenue$1,533 $1,481 
Less:
OCU4001,299 1,835 
OCU410 and OCU410ST2,625 1,190 
NeoCart12 (3)
COVAXIN
Inhaled mucosal vaccine platform30 197 
OCU200198 249 
Unallocated costs:
Research and development personnel costs5,509 4,020 
Facilities and other support costs833 966 
Other 742 1,070 
Total research and development11,255 9,529 
General and administrative8,117 6,453 
Total operating expenses19,372 15,982 
Loss from operations(17,839)(14,501)
Other income (expense):
Interest income132 343 
Interest expense(1,320)(1,257)
Other (expense) income, net(150)65 
Total other (expense) income(1,338)(849)
Segment and consolidated net loss(19,177)(15,350)