2022 Q1 Form 10-Q Financial Statement
#000162828022012850 Filed on May 06, 2022
Income Statement
Concept | 2022 Q1 | 2021 Q1 |
---|---|---|
Revenue | $0.00 | $0.00 |
YoY Change | ||
Cost Of Revenue | ||
YoY Change | ||
Gross Profit | ||
YoY Change | ||
Gross Profit Margin | ||
Selling, General & Admin | $10.12M | $4.190M |
YoY Change | 141.5% | 83.77% |
% of Gross Profit | ||
Research & Development | $7.915M | $2.872M |
YoY Change | 175.59% | 73.82% |
% of Gross Profit | ||
Depreciation & Amortization | $76.00K | $44.00K |
YoY Change | 72.73% | 144.44% |
% of Gross Profit | ||
Operating Expenses | $18.03M | $7.057M |
YoY Change | 155.55% | 79.61% |
Operating Profit | -$18.03M | -$7.057M |
YoY Change | 155.55% | 79.61% |
Interest Expense | $20.00K | |
YoY Change | 33.33% | |
% of Operating Profit | ||
Other Income/Expense, Net | $15.00K | -$20.00K |
YoY Change | -175.0% | 33.33% |
Pretax Income | -$18.02M | -$7.080M |
YoY Change | 154.51% | 79.7% |
Income Tax | ||
% Of Pretax Income | ||
Net Earnings | -$18.02M | -$7.077M |
YoY Change | 154.61% | 79.44% |
Net Earnings / Revenue | ||
Basic Earnings Per Share | -$0.09 | -$0.04 |
Diluted Earnings Per Share | -$0.09 | -$0.04 |
COMMON SHARES | ||
Basic Shares Outstanding | 205.7M shares | 186.3M shares |
Diluted Shares Outstanding | 205.7M shares | 186.3M shares |
Balance Sheet
Concept | 2022 Q1 | 2021 Q1 |
---|---|---|
SHORT-TERM ASSETS | ||
Cash & Short-Term Investments | $129.8M | $44.79M |
YoY Change | 189.73% | 1304.08% |
Cash & Equivalents | $129.8M | $44.79M |
Short-Term Investments | $0.00 | |
Other Short-Term Assets | $8.256M | $6.570M |
YoY Change | 25.66% | -19.58% |
Inventory | ||
Prepaid Expenses | ||
Receivables | ||
Other Receivables | ||
Total Short-Term Assets | $138.0M | $51.36M |
YoY Change | 168.77% | 351.98% |
LONG-TERM ASSETS | ||
Property, Plant & Equipment | $1.921M | $762.0K |
YoY Change | 152.1% | 206.03% |
Goodwill | ||
YoY Change | ||
Intangibles | ||
YoY Change | ||
Long-Term Investments | ||
YoY Change | ||
Other Assets | $1.628M | $1.578M |
YoY Change | 3.17% | 186.3% |
Total Long-Term Assets | $3.700M | $2.491M |
YoY Change | 48.53% | 161.86% |
TOTAL ASSETS | ||
Total Short-Term Assets | $138.0M | $51.36M |
Total Long-Term Assets | $3.700M | $2.491M |
Total Assets | $141.7M | $53.85M |
YoY Change | 163.2% | 337.29% |
SHORT-TERM LIABILITIES | ||
YoY Change | ||
Accounts Payable | $3.896M | $1.040M |
YoY Change | 274.62% | -32.83% |
Accrued Expenses | $3.537M | $2.870M |
YoY Change | 23.24% | 107.42% |
Deferred Revenue | ||
YoY Change | ||
Short-Term Debt | $0.00 | $374.0K |
YoY Change | -100.0% | |
Long-Term Debt Due | $0.00 | $370.0K |
YoY Change | -100.0% | |
Total Short-Term Liabilities | $7.687M | $4.281M |
YoY Change | 79.56% | 29.14% |
LONG-TERM LIABILITIES | ||
Long-Term Debt | $1.731M | $1.702M |
YoY Change | 1.7% | 7.68% |
Other Long-Term Liabilities | $1.180M | $1.380M |
YoY Change | -14.49% | 34925.38% |
Total Long-Term Liabilities | $2.911M | $3.077M |
YoY Change | -5.39% | 80.83% |
TOTAL LIABILITIES | ||
Total Short-Term Liabilities | $7.687M | $4.281M |
Total Long-Term Liabilities | $2.911M | $3.077M |
Total Liabilities | $10.60M | $7.358M |
YoY Change | 44.03% | 46.67% |
SHAREHOLDERS EQUITY | ||
Retained Earnings | -$149.7M | -$80.38M |
YoY Change | 86.24% | 45.09% |
Common Stock | $2.158M | $1.883M |
YoY Change | 14.6% | 256.99% |
Preferred Stock | ||
YoY Change | ||
Treasury Stock (at cost) | $48.00K | $48.00K |
YoY Change | 0.0% | 0.28% |
Treasury Stock Shares | ||
Shareholders Equity | $131.1M | $46.49M |
YoY Change | ||
Total Liabilities & Shareholders Equity | $141.7M | $53.85M |
YoY Change | 163.2% | 337.29% |
Cashflow Statement
Concept | 2022 Q1 | 2021 Q1 |
---|---|---|
OPERATING ACTIVITIES | ||
Net Income | -$18.02M | -$7.077M |
YoY Change | 154.61% | 79.44% |
Depreciation, Depletion And Amortization | $76.00K | $44.00K |
YoY Change | 72.73% | 144.44% |
Cash From Operating Activities | -$15.07M | -$5.283M |
YoY Change | 185.18% | 12.74% |
INVESTING ACTIVITIES | ||
Capital Expenditures | $223.0K | $261.0K |
YoY Change | -14.56% | 392.45% |
Acquisitions | ||
YoY Change | ||
Other Investing Activities | ||
YoY Change | ||
Cash From Investing Activities | -$223.0K | -$261.0K |
YoY Change | -14.56% | 392.45% |
FINANCING ACTIVITIES | ||
Cash Dividend Paid | ||
YoY Change | ||
Common Stock Issuance & Retirement, Net | $50.18M | $28.13M |
YoY Change | 78.41% | |
Debt Paid & Issued, Net | ||
YoY Change | ||
Cash From Financing Activities | $50.10M | $26.30M |
YoY Change | 90.52% | 5288.73% |
NET CHANGE | ||
Cash From Operating Activities | -$15.07M | -$5.283M |
Cash From Investing Activities | -$223.0K | -$261.0K |
Cash From Financing Activities | $50.10M | $26.30M |
Net Change In Cash | $34.81M | $20.75M |
YoY Change | 67.75% | -588.19% |
FREE CASH FLOW | ||
Cash From Operating Activities | -$15.07M | -$5.283M |
Capital Expenditures | $223.0K | $261.0K |
Free Cash Flow | -$15.29M | -$5.544M |
YoY Change | 175.78% | 16.99% |
Facts In Submission
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CY2021Q1 | us-gaap |
Payments Of Stock Issuance Costs
PaymentsOfStockIssuanceCosts
|
1822000 | USD |
CY2022Q1 | us-gaap |
Finance Lease Principal Payments
FinanceLeasePrincipalPayments
|
0 | USD |
CY2021Q1 | us-gaap |
Finance Lease Principal Payments
FinanceLeasePrincipalPayments
|
6000 | USD |
CY2022Q1 | us-gaap |
Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
|
50102000 | USD |
CY2021Q1 | us-gaap |
Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
|
26297000 | USD |
CY2022Q1 | us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
|
34813000 | USD |
CY2021Q1 | us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
|
20753000 | USD |
CY2021Q4 | us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
|
95109000 | USD |
CY2020Q4 | us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
|
24190000 | USD |
CY2022Q1 | us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
|
129922000 | USD |
CY2021Q1 | us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
|
44943000 | USD |
CY2022Q1 | us-gaap |
Proceeds From Issuance Of Preferred Stock And Preference Stock
ProceedsFromIssuanceOfPreferredStockAndPreferenceStock
|
0 | USD |
CY2021Q1 | us-gaap |
Proceeds From Issuance Of Preferred Stock And Preference Stock
ProceedsFromIssuanceOfPreferredStockAndPreferenceStock
|
4988000 | USD |
CY2022Q1 | us-gaap |
Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
|
611000 | USD |
CY2021Q1 | us-gaap |
Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
|
44000 | USD |
CY2022Q1 | ocgn |
Noncash Or Part Noncash Operating Lease Right Of Use Asset
NoncashOrPartNoncashOperatingLeaseRightOfUseAsset
|
0 | USD |
CY2021Q1 | ocgn |
Noncash Or Part Noncash Operating Lease Right Of Use Asset
NoncashOrPartNoncashOperatingLeaseRightOfUseAsset
|
926000 | USD |
CY2022Q1 | ocgn |
Noncash Or Part Noncash Amount Of Deferred Transaction Cost
NoncashOrPartNoncashAmountOfDeferredTransactionCost
|
71000 | USD |
CY2021Q1 | ocgn |
Noncash Or Part Noncash Amount Of Deferred Transaction Cost
NoncashOrPartNoncashAmountOfDeferredTransactionCost
|
108000 | USD |
CY2022Q1 | us-gaap |
Nature Of Operations
NatureOfOperations
|
Nature of Business<div style="margin-top:12pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Ocugen, Inc., together with its wholly owned subsidiaries ("Ocugen" or the "Company"), is a biotechnology company focused on discovering, developing, and commercializing novel gene therapies, biologicals, and vaccines that improve health and offer hope for people and global communities. The Company is headquartered in Malvern, Pennsylvania, and manages its business as one operating segment.</span></div><div style="margin-top:12pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">COVID-19 Vaccine Candidate</span></div><div style="margin-top:12pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In February 2021, the Company entered into a Co-Development, Supply and Commercialization Agreement with Bharat Biotech International Limited ("Bharat Biotech"), pursuant to which the Company obtained an exclusive right and license under certain of Bharat Biotech's intellectual property rights, with the right to grant sublicenses to develop, manufacture, and commercialize COVAXIN for the prevention of COVID-19 caused by SARS-CoV-2 in the United States, its territories, and possessions. In June 2021 and April 2022, the Company entered into amendments to the Co-Development, Supply and Commercialization Agreement (as so amended, the "Covaxin Agreement"), pursuant to which the parties agreed to expand the Company's rights to develop, manufacture, and commercialize COVAXIN to include Canada and Mexico, respectively, in addition to the United States, its territories, and possessions (the "Ocugen Covaxin Territory"). COVAXIN is a whole-virion inactivated COVID-19 vaccine candidate and is formulated with the inactivated SARS-CoV-2 virus, an antigen, and an adjuvant. COVAXIN requires a two-dose vaccination regimen given 28 days apart and is stored in standard vaccine storage conditions (2-8°C). COVAXIN was granted an Emergency Use Listing ("EUL") by the World Health Organization ("WHO") in November 2021.</span></div><div style="margin-top:12pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Company is pursuing Biologics License Application ("BLA") approval for COVAXIN in the United States based upon the recommendation of the U.S. Food and Drug Administration ("FDA"). In October 2021, the Company submitted an Investigational New Drug ("IND") application to the FDA to initiate a Phase 2/3 immuno-bridging and broadening clinical trial evaluating COVAXIN for adults ages 18 years and older, which was approved by the FDA in February 2022. The clinical trial is designed to evaluate whether the immune response observed in participants in a completed Phase 3 clinical trial in India is similar to a demographically representative, adult population in the United States. The Company voluntarily implemented a temporary pause in commencing dosing participants in the clinical trial while it evaluates the statements made by the WHO following their inspection of Bharat Biotech's manufacturing facility, wherein the WHO identified certain Good Manufacturing Practice ("GMP") deficiencies. As a result of the Company's decision to voluntarily pause commencing dosing in participants, the FDA placed the Company's Phase 2/3 immuno-bridging and broadening clinical trial on clinical hold. Assuming the Company is able to successfully work with the FDA to lift the clinical hold, the Company also plans to initiate a safety clinical trial, subject to discussions with the FDA.</span></div><div style="margin-top:12pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In November 2021, the Company submitted a request to the FDA for Emergency Use Authorization ("EUA") for COVAXIN for pediatric use in ages two to 18 years in the United States. The EUA submission was based on the results of a Phase 2/3 immuno-bridging pediatric clinical trial conducted by Bharat Biotech in India. In March 2022, the FDA notified the Company that they declined to issue an EUA for COVAXIN for pediatric use. The Company intends to continue working with the FDA to evaluate a potential regulatory pathway for the pediatric use of COVAXIN in the United States.</span></div><div style="margin-top:12pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Company is also pursuing approval to market COVAXIN in Canada and recently expanded its commercialization rights for COVAXIN to include Mexico. In July 2021, the Company completed its rolling submission to Health Canada for COVAXIN. The rolling submission process, which was conducted through the Company's Canadian subsidiary, Vaccigen Ltd. ("Vaccigen"), was recommended and accepted under the Minister of Health's </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Interim Order Respecting the Importation, Sale and Advertising of Drugs for Use in Relation to COVID-19</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> ("Interim Order") and transitioned to a New Drug Submission ("NDS") for COVID-19. In December 2021, Health Canada provided the Company with a Notice of Deficiency ("NOD") regarding its NDS submission. Health Canada requested further analyses of the COVAXIN preclinical and clinical data, as well as additional information regarding chemistry, manufacturing, and controls ("CMC"). The Company has responded to and provided proposed resolutions for the deficiencies included in the NOD. The Company's responses are currently under review by Health Canada. COVAXIN is also currently under review by the Comisión Federal para la Protección contra Riesgos Sanitarios ("COFEPRIS") for emergency use for pediatrics in ages two to 18 years in Mexico. COFEPRIS previously approved emergency use for COVAXIN in Mexico for adults ages 18 years and older, which remains active.</span></div><div style="margin-bottom:12pt;margin-top:12pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Company is evaluating its commercialization strategy for COVAXIN in the United States and Canada, if approved in either jurisdiction, and is actively preparing for commercialization in Mexico. In June 2021, the Company selected Jubilant HollisterStier as a manufacturing partner for COVAXIN to prepare for the commercial manufacturing of COVAXIN. The Company expects to enter into a master services agreement with Jubilant HollisterStier for the commercial manufacture of COVAXIN. In September 2021, the Company entered into a Development and Commercial Supply Agreement (the "Supply Agreement") with Bharat Biotech, pursuant to which Bharat Biotech will supply the Company with clinical trial materials and commercial supplies of COVAXIN finished drug product prior to the completion of a technology transfer. Following the completion of the technology transfer to Jubilant HollisterStier, which is in progress, Bharat Biotech will supply COVAXIN drug product components and continue to supply finished drug product as necessary for the commercial manufacture and supply of COVAXIN subsequent to a regulatory approval.</span></div><div style="margin-top:12pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Modifier Gene Therapy Platform</span></div><div style="margin-top:12pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Company is developing a modifier gene therapy platform designed to fulfill unmet medical needs in retinal diseases, including inherited retinal diseases ("IRDs"), such as retinitis pigmentosa ("RP") and Leber congenital amaurosis ("LCA") and dry age-related macular degeneration ("AMD"). The Company's modifier gene therapy platform is based on nuclear hormone receptors ("NHRs"), which have the potential to restore homeostasis, the basic biological processes in the retina. The modifier gene therapy platform, through its use of NHRs, represents a novel approach that has the potential to address multiple retinal diseases caused by mutations in multiple genes with one product; and potentially address complex diseases, such as dry AMD, that are potentially caused by imbalances in multiple gene networks.</span></div><div style="margin-top:12pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Company believes that OCU400, its first product candidate being developed with its modifier gene therapy platform, has the potential to be broadly effective in restoring retinal integrity and function across a range of genetically diverse IRDs, including RP and LCA. OCU400 has received four Orphan Drug Designations ("ODDs") from the FDA for the treatment of certain disease genotypes: nuclear receptor subfamily 2 group E member 3 ("</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">NR2E3</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">"), centrosomal protein 290 ("</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">CEP290</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">"), rhodopsin ("</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">RHO</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">"), and phosphodiesterase 6B ("</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">PDE6</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">ß") mutation-associated inherited retinal degenerations. Additionally, OCU400 has received Orphan Medicinal Product Designation ("OMPD") from the European Commission ("EC") based on the recommendation of the European Medicines Agency ("EMA") for RP and LCA.</span></div><div style="margin-top:12pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In November 2021, the Company submitted an IND application to the FDA to initiate a Phase 1/2 clinical trial for OCU400 for the treatment of </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">NR2E3 </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">and </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">RHO</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> mutation associated RP, which was accepted by the FDA in December 2021. The Company has initiated the Phase 1/2 clinical trial, a multicenter, open-label, dose ranging study to assess the safety of unilateral subretinal administration of OCU400 in subjects with </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">NR2E3 </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">and </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">RHO</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">-related RP in the United States. In March 2022, the first patient was dosed and the Company has continued enrolling additional study subjects in the Phase 1/2 clinical trial. The Company is additionally evaluating options to commence OCU400 clinical trials internationally.</span></div><div style="margin-top:12pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Company's second modifier gene therapy candidate, OCU410, is being developed to utilize the nuclear receptor genes RAR-related orphan receptor A ("</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">RORA</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">") for the treatment of dry AMD. The Company is currently executing pre-IND studies consistent with FDA discussions to support a Phase 1/2 clinical trial. The Company has engaged CanSino Biologics, Inc. ("CanSinoBIO") to manufacture clinical supplies and be responsible for the CMC development for OCU400 and OCU410. CanSinoBIO will be responsible for the costs associated with such activities.</span></div><div style="margin-top:12pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Novel Biologic Therapy for Retinal Diseases</span></div><div style="margin-top:12pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Company's pipeline also includes a biologic product candidate, OCU200, a novel fusion protein designed to treat severely sight-threatening diseases such as diabetic macular edema ("DME"), diabetic retinopathy ("DR"), and wet AMD. The Company is currently establishing a current GMP process for the production of clinical trial materials and executing pre-IND studies consistent with FDA discussions to support a Phase 1/2a clinical trial. The Company has completed the technology transfer of manufacturing processes to its contract development and manufacturing organization ("CDMO") that will manufacture OCU200 clinical supplies.</span></div><div style="margin-top:12pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Going Concern</span></div><div style="margin-top:12pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Company has incurred recurring net losses since inception and has funded its operations to date through the sale of common stock, warrants to purchase common stock, the issuance of convertible notes, debt, and grant proceeds. The Company incurred net losses of approximately $18.0 million and $7.1 million for the three months ended March 31, 2022 and 2021, respectively. As of March 31, 2022, the Company had an accumulated deficit of $149.7 million and cash, cash equivalents, and restricted cash totaling $129.9 million.</span></div><div style="margin-top:12pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Company is subject to risks, expenses, and uncertainties frequently encountered by companies in its industry. The Company intends to continue its research, development, and commercialization efforts for its product candidates, which will require significant additional funding. If the Company is unable to obtain additional financing in the future or its research, development, and commercialization efforts require higher than anticipated capital, there may be a negative impact on the financial viability of the Company. The Company plans to increase working capital through public and private placements of equity and/or debt, payments from potential strategic research and development arrangements, sales of assets, government grants, licensing and/or collaboration arrangements with pharmaceutical companies or other institutions, or other funding from the government or other third parties. Such financing and funding may not be available at all, or on terms that are favorable to the Company. While management of the Company believes that it has a plan to fund ongoing operations, its plan may not be successfully implemented. Failure to generate sufficient cash flows from operations, raise additional capital, or appropriately manage certain discretionary spending, could have a material adverse effect on the Company's ability to achieve its intended business objectives.</span></div><div style="margin-top:12pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">As a result of these factors, together with the anticipated increase in spending that will be necessary to continue to research, develop, and commercialize the Company's product candidates, there is substantial doubt about the Company's ability to continue as a going concern within one year after the date that these condensed consolidated financial statements are issued. The condensed consolidated financial statements do not contain any adjustments that might result from the resolution of any of the above uncertainties.</span></div> | |
CY2022Q1 | us-gaap |
Number Of Operating Segments
NumberOfOperatingSegments
|
1 | segment |
CY2022Q1 | ocgn |
Number Of Vaccination Dose Regimen
NumberOfVaccinationDoseRegimen
|
2 | dose |
CY2022Q1 | ocgn |
Vaccination Dose Regimen Duration Apart
VaccinationDoseRegimenDurationApart
|
P28D | |
CY2022Q1 | ocgn |
Modifier Gene Therapy Platform Number Of Products
ModifierGeneTherapyPlatformNumberOfProducts
|
1 | product |
CY2022Q1 | us-gaap |
Net Income Loss
NetIncomeLoss
|
-18000000 | USD |
CY2021Q1 | us-gaap |
Net Income Loss
NetIncomeLoss
|
-7100000 | USD |
CY2022Q1 | us-gaap |
Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
|
-149700000 | USD |
CY2022Q1 | us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
|
129900000 | USD |
CY2022Q1 | us-gaap |
Use Of Estimates
UseOfEstimates
|
<div style="margin-top:12pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Use of Estimates</span></div><div style="margin-top:12pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In preparing the condensed consolidated financial statements in conformity with GAAP, management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, as well as the reported amounts of expenses during the reporting period. Due to the inherent uncertainty involved in making estimates, actual results reported in future periods may be affected by changes in these estimates. On an ongoing basis, the Company evaluates its estimates and assumptions. These estimates and assumptions include those used in the accounting for research and development contracts, including clinical trial accruals, and the accounting and fair value measurement of equity instruments.</span></div> | |
CY2022Q1 | us-gaap |
Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
|
129771000 | USD |
CY2021Q1 | us-gaap |
Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
|
44792000 | USD |
CY2022Q1 | us-gaap |
Restricted Cash Noncurrent
RestrictedCashNoncurrent
|
151000 | USD |
CY2021Q1 | us-gaap |
Restricted Cash Noncurrent
RestrictedCashNoncurrent
|
151000 | USD |
CY2022Q1 | us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
|
129922000 | USD |
CY2021Q1 | us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
|
44943000 | USD |
CY2022Q1 | us-gaap |
Sharebased Compensation Arrangement By Sharebased Payment Award Expiration Period
SharebasedCompensationArrangementBySharebasedPaymentAwardExpirationPeriod
|
P10Y | |
CY2022Q1 | us-gaap |
Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
|
2362000 | USD |
CY2021Q4 | us-gaap |
Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
|
1538000 | USD |
CY2022Q1 | us-gaap |
Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
|
441000 | USD |
CY2021Q4 | us-gaap |
Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
|
374000 | USD |
CY2022Q1 | us-gaap |
Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
|
1921000 | USD |
CY2021Q4 | us-gaap |
Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
|
1164000 | USD |
CY2020Q4 | us-gaap |
Lessee Operating Lease Term Of Contract
LesseeOperatingLeaseTermOfContract
|
P7Y | |
CY2020Q4 | ocgn |
Lessee Operating Lease Number Of Renewal Terms
LesseeOperatingLeaseNumberOfRenewalTerms
|
1 | renewalOption |
CY2020Q4 | us-gaap |
Lessee Operating Lease Renewal Term
LesseeOperatingLeaseRenewalTerm
|
P5Y | |
CY2021Q4 | us-gaap |
Lessee Operating Lease Term Of Contract
LesseeOperatingLeaseTermOfContract
|
P7Y | |
CY2021Q4 | us-gaap |
Lessee Operating Lease Term Of Contract
LesseeOperatingLeaseTermOfContract
|
P7Y | |
CY2021Q4 | ocgn |
Base Rent Payments Expected Cost
BaseRentPaymentsExpectedCost
|
3800000 | USD |
CY2021Q4 | ocgn |
Number Of Additional Lease Agreement Extensions
NumberOfAdditionalLeaseAgreementExtensions
|
2 | extension |
CY2021Q4 | ocgn |
Lessee Operating Lease Term Of Contract For Additional Lease Agreement
LesseeOperatingLeaseTermOfContractForAdditionalLeaseAgreement
|
P5Y | |
CY2022Q1 | us-gaap |
Operating Lease Cost
OperatingLeaseCost
|
179000 | USD |
CY2021Q1 | us-gaap |
Operating Lease Cost
OperatingLeaseCost
|
68000 | USD |
CY2022Q1 | us-gaap |
Variable Lease Cost
VariableLeaseCost
|
28000 | USD |
CY2021Q1 | us-gaap |
Variable Lease Cost
VariableLeaseCost
|
30000 | USD |
CY2022Q1 | us-gaap |
Lease Cost
LeaseCost
|
207000 | USD |
CY2021Q1 | us-gaap |
Lease Cost
LeaseCost
|
98000 | USD |
CY2022Q1 | us-gaap |
Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
|
1424000 | USD |
CY2021Q4 | us-gaap |
Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
|
1587000 | USD |
CY2022Q1 | us-gaap |
Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
|
254000 | USD |
CY2021Q4 | us-gaap |
Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
|
363000 | USD |
CY2022Q1 | us-gaap |
Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
|
1180000 | USD |
CY2021Q4 | us-gaap |
Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
|
1231000 | USD |
CY2022Q1 | us-gaap |
Operating Lease Liability
OperatingLeaseLiability
|
1434000 | USD |
CY2021Q4 | us-gaap |
Operating Lease Liability
OperatingLeaseLiability
|
1594000 | USD |
CY2022Q1 | us-gaap |
Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
|
P5Y4M24D | |
CY2021Q1 | us-gaap |
Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
|
P6Y8M12D | |
CY2022Q1 | us-gaap |
Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
|
0.044 | |
CY2021Q1 | us-gaap |
Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
|
0.046 | |
CY2022Q1 | us-gaap |
Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
|
243000 | USD |
CY2022Q1 | us-gaap |
Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
|
261000 | USD |
CY2022Q1 | us-gaap |
Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
|
269000 | USD |
CY2022Q1 | us-gaap |
Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
|
277000 | USD |
CY2022Q1 | us-gaap |
Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
|
285000 | USD |
CY2022Q1 | ocgn |
Lessee Operating Lease Liability To Be Paid After Year Four
LesseeOperatingLeaseLiabilityToBePaidAfterYearFour
|
293000 | USD |
CY2022Q1 | us-gaap |
Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
|
1628000 | USD |
CY2022Q1 | us-gaap |
Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
|
194000 | USD |
CY2022Q1 | us-gaap |
Operating Lease Liability
OperatingLeaseLiability
|
1434000 | USD |
CY2021Q4 | us-gaap |
Lessee Operating Lease Term Of Contract
LesseeOperatingLeaseTermOfContract
|
P7Y | |
CY2021Q4 | ocgn |
Base Rent Payments Expected Cost
BaseRentPaymentsExpectedCost
|
3800000 | USD |
CY2022Q1 | ocgn |
Research And Development Expenses Current
ResearchAndDevelopmentExpensesCurrent
|
376000 | USD |
CY2021Q4 | ocgn |
Research And Development Expenses Current
ResearchAndDevelopmentExpensesCurrent
|
866000 | USD |
CY2022Q1 | ocgn |
Accrued Liabilities Clinical
AccruedLiabilitiesClinical
|
228000 | USD |
CY2021Q4 | ocgn |
Accrued Liabilities Clinical
AccruedLiabilitiesClinical
|
703000 | USD |
CY2022Q1 | ocgn |
Accrued Liabilities Professional Fees
AccruedLiabilitiesProfessionalFees
|
1490000 | USD |
CY2021Q4 | ocgn |
Accrued Liabilities Professional Fees
AccruedLiabilitiesProfessionalFees
|
747000 | USD |
CY2022Q1 | us-gaap |
Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
|
1049000 | USD |
CY2021Q4 | us-gaap |
Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
|
1716000 | USD |
CY2022Q1 | us-gaap |
Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
|
394000 | USD |
CY2021Q4 | us-gaap |
Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
|
293000 | USD |
CY2022Q1 | us-gaap |
Accrued Liabilities Current
AccruedLiabilitiesCurrent
|
3537000 | USD |
CY2021Q4 | us-gaap |
Accrued Liabilities Current
AccruedLiabilitiesCurrent
|
4325000 | USD |
CY2022Q1 | us-gaap |
Purchase Obligation
PurchaseObligation
|
14300000 | USD |
CY2022Q1 | us-gaap |
Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
|
3299000 | USD |
CY2021Q1 | us-gaap |
Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
|
833000 | USD |
CY2022Q1 | us-gaap |
Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognized
|
27900000 | USD |
CY2022Q1 | us-gaap |
Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Period For Recognition1
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognition1
|
P2Y3M18D | |
CY2022Q1 | ocgn |
Number Of Equity Compensation Plans
NumberOfEquityCompensationPlans
|
2 | segment |
CY2021Q4 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
|
10086167 | shares |
CY2021Q4 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
|
2.59 | |
CY2021 | us-gaap |
Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
|
P8Y9M18D | |
CY2021Q4 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
|
24664000 | USD |
CY2022Q1 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
|
4323937 | shares |
CY2022Q1 | us-gaap |
Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
|
4.42 | |
CY2022Q1 | us-gaap |
Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
|
277323 | shares |
CY2022Q1 | us-gaap |
Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
|
0.65 | |
CY2022Q1 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures And Expirations In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriod
|
130327 | shares |
CY2022Q1 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures And Expirations In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriodWeightedAverageExercisePrice
|
6.48 | |
CY2022Q1 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
|
14002454 | shares |
CY2022Q1 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
|
3.16 | |
CY2022Q1 | us-gaap |
Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
|
P8Y10M24D | |
CY2022Q1 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
|
14468000 | USD |
CY2022Q1 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber
|
2913960 | shares |
CY2022Q1 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice
|
2.37 | |
CY2022Q1 | us-gaap |
Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm1
|
P8Y3M18D | |
CY2022Q1 | us-gaap |
Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Intrinsic Value1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableIntrinsicValue1
|
4431000 | USD |
CY2022Q1 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
|
3.61 | |
CY2021Q1 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
|
1.73 | |
CY2022Q1 | us-gaap |
Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested In Period Fair Value1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedInPeriodFairValue1
|
2800000 | USD |
CY2021Q1 | us-gaap |
Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested In Period Fair Value1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedInPeriodFairValue1
|
300000 | USD |
CY2022Q1 | us-gaap |
Net Income Loss
NetIncomeLoss
|
-18019000 | USD |
CY2021Q1 | us-gaap |
Net Income Loss
NetIncomeLoss
|
-7077000 | USD |
CY2022Q1 | us-gaap |
Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
|
205693498 | shares |
CY2022Q1 | us-gaap |
Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
|
205693498 | shares |
CY2021Q1 | us-gaap |
Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
|
186298122 | shares |
CY2021Q1 | us-gaap |
Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
|
186298122 | shares |
CY2022Q1 | us-gaap |
Earnings Per Share Diluted
EarningsPerShareDiluted
|
-0.09 | |
CY2022Q1 | us-gaap |
Earnings Per Share Basic
EarningsPerShareBasic
|
-0.09 | |
CY2021Q1 | us-gaap |
Earnings Per Share Basic
EarningsPerShareBasic
|
-0.04 | |
CY2021Q1 | us-gaap |
Earnings Per Share Diluted
EarningsPerShareDiluted
|
-0.04 | |
CY2022Q1 | us-gaap |
Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
|
18964943 | shares |
CY2021Q1 | us-gaap |
Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
|
10658317 | shares |