Segment Reporting

12 Months Ended

Dec. 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):

	Year ended December 31,
	2025		2024
Collaborative arrangement revenue	$	4,413	$	4,055
Less:
OCU400	9,871		$	6,846
OCU410 and OCU410ST	5,465		3,653
NeoCart	295		489
COVAXIN	(2)		25
Inhaled mucosal vaccine platform	417		2,464
OCU200	756		379
Unallocated costs:
Research and development personnel costs	16,786		12,992
Facilities and other support costs	3,581		2,984
Other (a)	2,581		2,294
Total research and development	39,750		32,126
General and administrative	27,579		26,686
Total operating expenses	67,329		58,812
Loss from operations	(62,916)		(54,757)
Other (expense) income:
Interest income	922		1,251
Interest expense	(5,188)		(688)
Other (expense) income, net	(664)		140
Total other (expense) income	(4,930)		703
Segment and consolidated net loss	$	(67,846)	$	(54,054)

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