Segment Reporting

3 Months Ended

Mar. 31, 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 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):

	Three months ended March 31,
	2025		2024
Collaborative arrangement revenue	$	1,481	$	1,014
Less:
OCU400	1,835		1,519
OCU410 and OCU410ST	1,190		494
NeoCart	(3)		274
COVAXIN	5		17
Inhaled mucosal vaccine platform	197		689
OCU200	249		185
Unallocated costs:
Research and development personnel costs	4,020		2,681
Facilities and other support costs	966		424
Other (a)	1,070		543
Total research and development	9,529		6,826
General and administrative	6,453		6,404
Total operating expenses	15,982		13,230
Loss from operations	(14,501)		(12,216)
Interest (expense) income, net	(914)		302
Other income (expense), net	65		(10)
Segment and consolidated net loss	$	(15,350)	$	(11,924)

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