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v3.26.1

Segment Reporting (Details) $ in Thousands | 3 Months Ended | 6 Months Ended
--- | --- | ---
Jun. 30, 2026 USD ($) | Mar. 31, 2026 USD ($) | Jun. 30, 2025 USD ($) | Mar. 31, 2025 USD ($) | Jun. 30, 2026 USD ($) segment | Jun. 30, 2025 USD ($)
Segment Reporting [Abstract] |  |  |  |  |  |
Number of operating segments | segment |  |  |  |  | 1 |
Number of reportable segments | segment |  |  |  |  | 1 |
Segment Reporting [Line Items] |  |  |  |  |  |
Total revenue | $ 1,488 |  | $ 1,373 |  | $ 3,022 | $ 2,854
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) |  | 0 |  | (2,383) | 0
Change in fair value of derivative liability | (1,891) |  | 0 |  | (1,891) | 0
Other (expense) income, net | (78) |  | 114 |  | (228) | 179
Total other (expense) income | (8,433) |  | (944) |  | (9,772) | (1,793)
Net loss | (24,877) | $ (19,177) | (14,739) | $ (15,350) | (44,054) | (30,089)
Collaborative Arrangements |  |  |  |  |  |
Segment Reporting [Line Items] |  |  |  |  |  |
Total revenue | 1,488 |  | 1,373 |  | 3,022 | 2,854
Total research and development | 400 |  | 300 |  | 1,300 | 1,100
Reportable Segment |  |  |  |  |  |
Segment Reporting [Line Items] |  |  |  |  |  |
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) |  | 0 |  | (2,383) | 0
Change in fair value of derivative liability | (1,891) |  | 0 |  | (1,891) | 0
Other (expense) income, net | (78) |  | 114 |  | (228) | 179
Total other (expense) income | (8,433) |  | (944) |  | (9,772) | (1,793)
Net loss | (24,877) |  | (14,739) |  | (44,054) | (30,089)
Reportable Segment | OCU400 |  |  |  |  |  |
Segment Reporting [Line Items] |  |  |  |  |  |
Research and development expense (excluding acquired in process cost) | 2,211 |  | 1,998 |  | 3,520 | 3,843
Reportable Segment | OCU410 and OCU410ST |  |  |  |  |  |
Segment Reporting [Line Items] |  |  |  |  |  |
Research and development expense (excluding acquired in process cost) | 1,590 |  | 1,117 |  | 3,966 | 2,295
Reportable Segment | NeoCart |  |  |  |  |  |
Segment Reporting [Line Items] |  |  |  |  |  |
Research and development expense (excluding acquired in process cost) | 196 |  | 8 |  | 218 | 5
Reportable Segment | COVAXIN |  |  |  |  |  |
Segment Reporting [Line Items] |  |  |  |  |  |
Research and development expense (excluding acquired in process cost) | 3 |  | 0 |  | 10 | 0
Reportable Segment | Inhaled mucosal vaccine platform |  |  |  |  |  |
Segment Reporting [Line Items] |  |  |  |  |  |
Research and development expense (excluding acquired in process cost) | 49 |  | 131 |  | 79 | 319
Reportable Segment | OCU200 |  |  |  |  |  |
Segment Reporting [Line Items] |  |  |  |  |  |
Research and development expense (excluding acquired in process cost) | 55 |  | 151 |  | 260 | 400
Reportable Segment | Collaborative Arrangements |  |  |  |  |  |
Segment Reporting [Line Items] |  |  |  |  |  |
Total revenue | $ 1,488 |  | $ 1,373 |  | $ 3,022 | $ 2,854

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