v3.26.3
Segment Reporting
 9 Months Ended
Sep. 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 September 30,Nine months ended September 30,
2026202520262025
Collaborative arrangement revenue$1,951 $1,752 $4,973 $4,606 
Less:
OCU4002,986 3,616 6,502 7,463 
OCU410 and OCU410ST2,834 1,373 6,799 3,675 
NeoCart61 19 279 25 
COVAXIN3 — 13 — 
Inhaled mucosal vaccine platform145 67 224 399 
OCU20047 131 307 530 
Unallocated costs:
Research and development personnel costs5,284 4,353 16,036 12,454 
Facilities and other support costs837 864 2,646 2,665 
Other303 726 1,639 1,870 
Total research and development12,500 11,149 34,445 29,081 
General and administrative7,204 8,228 22,563 21,446 
Total operating expenses19,704 19,377 57,008 50,527 
Loss from operations(17,753)(17,625)(52,035)(45,921)
Other income (expense):
Interest Income649 207 1,174 778 
Interest Expense(3,090)(1,314)(8,886)(3,856)
Loss on extinguishment of debt— — (2,383)— 
Change in fair value of derivative liability16,562 — 14,671 — 
   Other (expense) income, net34 (1,319)(194)(1,141)
        Total other (expense) income14,155 (2,426)4,382 (4,219)
Segment and consolidated net loss$(3,598)$(20,051)$(47,653)$(50,140)