Commitment and Contingencies

12 Months Ended

Dec. 31, 2020

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

Commitments

The Company has commitments under certain license agreements, lease agreements, debt agreements, and separation agreements. Commitments under certain license agreements include annual payments, payments upon the achievement of certain milestones, and royalty payments based on net sales of licensed products. See Note 4 for additional information about commitments under license agreements. Commitments under lease agreements include future minimum lease payments for both operating and financing leases. See Note 6 for additional information about commitments under lease agreements. Commitments under debt agreements include payments for any amount of principal and accrued interest under the PPP Note that is determined to be not forgiven by the SBA as well as the future payment of principal and accrued interest under the EB-5 Loan Agreement. See Note 10 for additional information about commitments under debt agreements. Commitments under separation agreements include severance payments to be paid in 2021 as a result of the reduction in force in connection with the Company's discontinuation of the Phase 3 clinical trial for OCU300. See Note 8 for additional information about commitments under separation agreements.

Contingencies

From time to time, the Company is subject to claims in legal proceedings arising in the normal course of its business. The Company does not believe that it is currently party to any pending legal actions that could reasonably be expected to have a material adverse effect on the business, financial condition, results of operations, or cash flows.