Exit and Disposal Activities

12 Months Ended

Dec. 31, 2020

Restructuring and Related Activities [Abstract]

Exit and Disposal Activities

On June 15, 2020, the Company communicated notice to five employees of termination of their employment as a result of the Company's discontinuation of the Phase 3 clinical trial for OCU300. This reduction represented one-third of the Company’s workforce at the time of communication. All terminations were “without cause” and each employee received termination benefits upon departure. The termination dates varied for each employee and ranged from June 30, 2020 to December 31, 2020.

For the year ended December 31, 2020, the Company recognized $0.2 million of severance-related charges within general and administrative expense and $0.9 million of severance-related charges within research and development expense. The Company expects to pay severance benefits of $0.7 million during 2021.

The following table outlines the components of the severance-related charges:

	Amount
Accrued Severance at December 31, 2019	$	—
Severance-related charges	1,115,679
Severance-related payments	(404,083)
Accrued Severance at December 31, 2020	$	711,596