Segment Reporting

9 Months Ended

Sep. 30, 2025

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,
	2025		2024		2025		2024
Collaborative arrangement revenue	$	1,752	$	1,136	$	4,606	$	3,291
Less:
OCU400	3,616		1,492		7,463		5,190
OCU410 and OCU410ST	1,373		759		3,675		2,598
NeoCart	19		104		25		459
COVAXIN	—		(65)		—		8
Inhaled mucosal vaccine platform	67		664		399		2,160
OCU200	131		48		530		324
Unallocated costs:
Research and development personnel costs	4,353		3,745		12,454		9,590
Facilities and other support costs	864		791		2,665		2,168
Other	726		570		1,870		1,339
Total research and development	11,149		8,108		29,081		23,836
General and administrative	8,228		6,280		21,446		20,372
Total operating expenses	19,377		14,388		50,527		44,208
Loss from operations	(17,625)		(13,252)		(45,921)		(40,917)
Other expense (income):
Interest Expense	(1,314)		$	(29)	(3,856)		(87)
Interest Income	207		$	310.00	778		843
Other (expense) income, net	(1,319)		$	1.00	(1,141)		(13)
Total other (expense) income	(2,426)		282		(4,219)		743
Segment and consolidated net loss	$	(20,051)	$	(12,970)	$	(50,140)	$	(40,174)