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Segment Reporting | 6 Months Ended
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Jun. 30, 2026
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 therapies. 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 June 30, | Six Months Ended June 30,
| 2026 |  | 2025 | 2026 |  | 2025
Collaborative arrangement revenue | $ | 1,488 |  |  | $ | 1,373 |  | $ | 3,022 |  |  | $ | 2,854 |
Less: |  |  |  |  |  |
OCU400 | 2,211 |  |  | 1,998 |  | 3,520 |  |  | 3,843 |
OCU410 and OCU410ST | 1,590 |  |  | 1,117 |  | 3,966 |  |  | 2,295 |
NeoCart | 196 |  |  | 8 |  | 218 |  |  | 5 |
COVAXIN | 3 |  |  | — |  | 10 |  |  | — |
Inhaled mucosal vaccine platform | 49 |  |  | 131 |  | 79 |  |  | 319 |
OCU200 | 55 |  |  | 151 |  | 260 |  |  | 400 |
Unallocated costs: |  |  |  |  |  |
Research and development personnel costs | 5,150 |  |  | 4,091 |  | 10,752 |  |  | 8,106 |
Facilities and other support costs | 842 |  |  | 834 |  | 1,675 |  |  | 1,815 |
Other | 594 |  |  | 72 |  | 1,465 |  |  | 1,149 |
Total research and development | 10,690 |  |  | 8,402 |  | 21,945 |  |  | 17,932 |
General and administrative | 7,242 |  |  | 6,766 |  | 15,359 |  |  | 13,218 |
Total operating expenses | 17,932 |  |  | 15,168 |  | 37,304 |  |  | 31,150 |
Loss from operations | (16,444) |  |  | (13,795) |  | (34,282) |  |  | (28,296) |
Other income (expense): |  |  |  |  |  |
Interest income | 395 |  |  | 227 |  | 526 |  |  | 571 |
Interest expense | (4,476) |  |  | (1,285) |  | (5,796) |  |  | (2,543) |
Loss on extinguishment of debt | (2,383) |  |  | — |  | (2,383) |  |  | $ | — |
Change in fair value of derivative liability | (1,891) |  |  | — |  | (1,891) |  |  | $ | — |
Other (expense) income, net | (78) |  |  | 114 |  | (228) |  |  | 179 |
Total other (expense) income | (8,433) |  |  | (944) |  | (9,772) |  |  | (1,793) |
Segment and consolidated net loss | $ | (24,877) |  |  | $ | (14,739) |  | $ | (44,054) |  |  | $ | (30,089) |

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