v3.26.1
Segment Reporting
 6 Months Ended
Jun. 30, 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 June 30,
Six Months Ended June 30,
2026202520262025
Collaborative arrangement revenue$1,488 $1,373 $3,022 $2,854 
Less:
OCU4002,211 1,998 3,520 3,843 
OCU410 and OCU410ST1,590 1,117 3,966 2,295 
NeoCart196 8 218 5 
COVAXIN3 — 10 — 
Inhaled mucosal vaccine platform49 131 79 319 
OCU20055 151 260 400 
Unallocated costs:
Research and development personnel costs5,150 4,091 10,752 8,106 
Facilities and other support costs842 834 1,675 1,815 
Other594 72 1,465 1,149 
Total research and development10,690 8,402 21,945 17,932 
General and administrative7,242 6,766 15,359 13,218 
Total operating expenses17,932 15,168 37,304 31,150 
Loss from operations(16,444)(13,795)(34,282)(28,296)
Other income (expense):
Interest income395 227 526 571 
Interest expense(4,476)(1,285)(5,796)(2,543)
Loss on extinguishment of debt(2,383)— (2,383)$— 
Change in fair value of derivative liability(1,891)— (1,891)$— 
Other (expense) income, net(78)114 (228)179 
Total other (expense) income(8,433)(944)(9,772)(1,793)
Segment and consolidated net loss$(24,877)$(14,739)$(44,054)$(30,089)