Segment Reporting

12 Months Ended

Dec. 31, 2024

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 and cell therapies and vaccines. 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):

	Year ended December 31,
	2024		2023
Collaborative arrangement revenue	$	4,055	$	6,036
Less:
OCU400	6,846		7,318
OCU410 and OCU410ST	3,653		4,029
NeoCart	489		1,336
COVAXIN	25		8,824
Inhaled mucosal vaccine platform	2,464		629
OCU200	379		713
Unallocated costs:
Research and development personnel costs	12,992		13,868
Facilities and other support costs	2,984		1,507
Other (a)	2,294		1,349
Total research and development	32,126		39,573
General and administrative	26,686		31,994
Total operating expenses	58,812		71,567
Loss from operations	(54,757)		(65,531)
Other income (expense), net	703		2,453
Segment and consolidated net loss	$	(54,054)	$	(63,078)

(a) Other expenses include travel for research and development and a clinical and regulatory data repository system for each program.