2023 Q1 Form 10-K Financial Statement

#000162828023005382 Filed on February 28, 2023

View on sec.gov

Income Statement

Concept 2023 Q1 2022 Q4 2022
Revenue $0.00 $0.00 $0.00
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $8.193M $6.937M $35.11M
YoY Change -19.03% -7.14% 53.19%
% of Gross Profit
Research & Development $9.558M $17.21M $49.76M
YoY Change 20.76% 142.37% 41.73%
% of Gross Profit
Depreciation & Amortization $174.0K $173.0K $480.0K
YoY Change 128.95% 121.79% 140.0%
% of Gross Profit
Operating Expenses $17.75M $24.15M $84.87M
YoY Change -1.57% 65.73% 46.25%
Operating Profit -$17.75M -$84.87M
YoY Change -1.57% 46.25%
Interest Expense $700.0K $1.400M
YoY Change 1672.15%
% of Operating Profit
Other Income/Expense, Net $1.253M $2.211M $3.517M
YoY Change 8253.33% 8403.85% -1004.11%
Pretax Income -$16.50M -$21.94M -$81.35M
YoY Change -8.44% 50.46% 39.3%
Income Tax $0.00 $0.00
% Of Pretax Income
Net Earnings -$16.50M -$21.94M -$81.35M
YoY Change -8.44% 50.46% 39.38%
Net Earnings / Revenue
Basic Earnings Per Share -$0.07 -$0.38
Diluted Earnings Per Share -$0.07 -$0.10 -$0.38
COMMON SHARES
Basic Shares Outstanding 226.4M shares 218.9M shares 214.6M shares
Diluted Shares Outstanding 225.5M shares 214.6M shares

Balance Sheet

Concept 2023 Q1 2022 Q4 2022
SHORT-TERM ASSETS
Cash & Short-Term Investments $76.72M $90.93M $90.93M
YoY Change -40.88% -4.24% -4.24%
Cash & Equivalents $68.26M $77.56M $77.56M
Short-Term Investments $8.462M $13.37M $13.37M
Other Short-Term Assets $7.680M $7.558M $7.558M
YoY Change -6.98% -1.69% -1.69%
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $84.40M $98.49M $98.49M
YoY Change -38.85% -4.05% -4.05%
LONG-TERM ASSETS
Property, Plant & Equipment $7.952M $6.053M $9.963M
YoY Change 313.95% 420.02% 262.16%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $3.946M $4.087M $177.0K
YoY Change 142.38% 127.06% -51.37%
Total Long-Term Assets $11.90M $10.14M $10.14M
YoY Change 221.57% 225.52% 225.52%
TOTAL ASSETS
Total Short-Term Assets $84.40M $98.49M $98.49M
Total Long-Term Assets $11.90M $10.14M $10.14M
Total Assets $96.30M $108.6M $108.6M
YoY Change -32.05% 2.71% 2.71%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $8.092M $8.062M $8.062M
YoY Change 107.7% 248.7% 248.7%
Accrued Expenses $6.335M $9.900M $10.40M
YoY Change 79.11% 128.9% 121.8%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $1.256M $0.00
YoY Change
Total Short-Term Liabilities $15.68M $18.46M $18.46M
YoY Change 104.02% 163.71% 163.71%
LONG-TERM LIABILITIES
Long-Term Debt $1.058M $2.289M $2.289M
YoY Change -38.88% 33.7% 33.7%
Other Long-Term Liabilities $309.0K $244.0K $3.831M
YoY Change -73.81% -80.18% 211.21%
Total Long-Term Liabilities $4.816M $6.120M $6.120M
YoY Change 65.44% 107.95% 107.95%
TOTAL LIABILITIES
Total Short-Term Liabilities $15.68M $18.46M $18.46M
Total Long-Term Liabilities $4.816M $6.120M $6.120M
Total Liabilities $20.50M $24.58M $24.58M
YoY Change 93.42% 147.21% 147.21%
SHAREHOLDERS EQUITY
Retained Earnings -$229.5M -$213.0M
YoY Change 53.31% 61.77%
Common Stock $2.265M $2.217M
YoY Change 4.96% 11.13%
Preferred Stock
YoY Change
Treasury Stock (at cost) $48.00K $48.00K
YoY Change 0.0% 0.0%
Treasury Stock Shares
Shareholders Equity $75.80M $84.05M $84.05M
YoY Change
Total Liabilities & Shareholders Equity $96.30M $108.6M $108.6M
YoY Change -32.05% 2.71% 2.71%

Cashflow Statement

Concept 2023 Q1 2022 Q4 2022
OPERATING ACTIVITIES
Net Income -$16.50M -$21.94M -$81.35M
YoY Change -8.44% 50.46% 39.38%
Depreciation, Depletion And Amortization $174.0K $173.0K $480.0K
YoY Change 128.95% 121.79% 140.0%
Cash From Operating Activities -$18.24M -$16.91M -$60.08M
YoY Change 21.07% 32.1% 25.32%
INVESTING ACTIVITIES
Capital Expenditures $1.612M $2.024M $4.457M
YoY Change 622.87% -1154.17% 374.65%
Acquisitions
YoY Change
Other Investing Activities $5.053M -$13.27M -$12.51M
YoY Change 1568.0%
Cash From Investing Activities $3.441M -$15.29M -$16.97M
YoY Change -1643.05% 7866.15% 834.31%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $59.57M
YoY Change -146.1%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities $5.496M 8.175M $59.48M
YoY Change -89.03% 1251.24% -50.72%
NET CHANGE
Cash From Operating Activities -$18.24M -16.91M -$60.08M
Cash From Investing Activities $3.441M -15.29M -$16.97M
Cash From Financing Activities $5.496M 8.175M $59.48M
Net Change In Cash -$9.304M -24.03M -$17.55M
YoY Change -126.73% 93.96% -124.74%
FREE CASH FLOW
Cash From Operating Activities -$18.24M -$16.91M -$60.08M
Capital Expenditures $1.612M $2.024M $4.457M
Free Cash Flow -$19.85M -$18.94M -$64.54M
YoY Change 29.84% 50.16% 32.03%

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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 and cell therapies and vaccines that improve health and offer hope for patients across the globe. The Company is headquartered in Malvern, Pennsylvania, and manages its business as one operating segment.</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 related to retinal diseases, including inherited retinal diseases ("IRDs"), such as retinitis pigmentosa ("RP"), Leber congenital amaurosis ("LCA"), and Stargardt disease, as well as dry age-related macular degeneration ("AMD") with a single mutation-agnostic therapy. The Company's modifier gene therapy platform is based on the use of nuclear hormone receptors ("NHRs"), which have the potential to restore homeostasis — the basic biological processes in the retina. Unlike single-gene replacement therapies, which only target one genetic mutation, the Company believes that its 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 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 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 Orphan Drug Designation ("ODD") from the United States Food and Drug Administration ("FDA") for 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%">")-related RP and LCA and Orphan Medicinal Product Designation ("OMPD") from the European Commission, based on the recommendation of the European Medicines Agency, for RP and LCA. The Company had previously received ODDs from the FDA for the treatment of certain disease genotypes: </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 mutation-associated inherited retinal degenerations.</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 conducting a Phase 1/2 clinical trial to assess the safety of unilateral subretinal administration of OCU400 in patients 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 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%">CEP290</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">-related LCA in the United States. The Company has completed dosing patients with RP in the dose-escalation portion of the clinical trial, which enrolled 10 subjects to receive a low, medium, or high dose of OCU400 in the subretinal space. The Company is continuing to enroll subjects with RP and LCA in this clinical trial to receive the high dose, which was determined to be the maximum tolerable dose from the dose-escalation portion of the clinical trial. The Company intends to initiate a Phase 1/2 pediatric clinical trial for OCU400 for the treatment of RP and LCA in the second quarter of 2023 and a Phase 3 clinical trial for OCU400 for the treatment of RP and LCA near the end of 2023, 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%">The Company is also developing OCU410 and OCU410ST to utilize the nuclear receptor genes RAR-related orphan receptor A for the treatment of dry AMD and Stargardt disease, respectively. The Company is currently executing Investigational New Drug ("IND")-enabling studies and intends to submit IND applications in the second quarter of 2023 to initiate Phase 1/2 clinical trials.</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%">Regenerative Medicine Cell 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%">NeoCart is a Phase 3-ready, regenerative medicine cell therapy technology that combines breakthroughs in bioengineering and cell processing to enhance the autologous cartilage repair process. NeoCart is a three-dimensional tissue-engineered disc of new cartilage that is manufactured by growing chondrocytes, the cells responsible for maintaining cartilage health. The chondrocytes are derived from the patient on a unique scaffold. In this therapy, healthy cartilage tissue is grown and implanted in the patient. The Company believes NeoCart has the potential to accelerate healing and reduce pain by reconstructing a patient's previously damaged knee cartilage. It is designed to treat pain at the source, improve function, and potentially prevent a patient's progression to osteoarthritis. The FDA granted a regenerative medicine advanced therapy designation to NeoCart for the repair of full-thickness lesions of knee cartilage injuries in adults. The Company received concurrence from the FDA on the confirmatory Phase 3 clinical trial design. The Company is renovating an existing facility into a current Good Manufacturing Practice facility in accordance with the FDA's regulations in support of NeoCart manufacturing for Phase 3 clinical trial material. The Company intends to initiate the Phase 3 clinical trial in the first half of 2024, 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-style:italic;font-weight:700;line-height:120%">Vaccines</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:400;line-height:120%">Intramuscular COVID-19 Vaccine</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 a Co-Development, Supply and Commercialization Agreement with Bharat Biotech International Limited ("Bharat Biotech") (as amended, the "Covaxin Agreement"), 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, Canada, and Mexico (the "Ocugen Covaxin Territory"). COVAXIN is a whole-virion inactivated intramuscular COVID-19 vaccine candidate and is formulated with the inactivated SARS-CoV-2 virus, an antigen, and an adjuvant.</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 January 2023, the Company announced top-line results from its Phase 2/3 immuno-bridging and broadening clinical trial in the United States evaluating COVAXIN for adults ages 18 years and older. The clinical trial was designed to evaluate whether the immune response observed in participants in a Phase 3 clinical trial previously conducted by Bharat Biotech in India is similar to a demographically representative, adult population in the United States. The clinical trial met both co-primary immunogenicity endpoints. There were no cases of adverse events or serious adverse events related to the vaccination with COVAXIN. The Company plans to work with government agencies in the United States to obtain funding in order to comply with the requirements of a Biologics License Application submission, including funding to initiate an adult 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 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., 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%"> and transitioned to a New Drug Submission ("NDS") for COVID-19. In August 2022, the Company withdrew its NDS based on discussions with Health Canada and is evaluating the requirements for resubmitting an updated NDS. In Mexico, the Comisión Federal para la Protección contra Riesgos Sanitarios authorized emergency use for COVAXIN for adults ages 18 years and older, which remains active. The Company is in discussions with Consejo Nacional de Ciencia y Tecnología in Mexico regarding its submission for emergency use authorization for COVAXIN for pediatric use in ages five to 18 years.</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:400;line-height:120%">Inhaled Mucosal Vaccines</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 September 2022, the Company entered into an exclusive license agreement ("WU License Agreement") with The Washington University in St. Louis ("Washington University"), pursuant to which the Company obtained the rights to develop, manufacture, and commercialize an inhaled mucosal COVID-19 vaccine for the prevention of COVID-19 in the United States, Europe, and Japan. The WU License Agreement was amended in January 2023 to add the countries of South Korea, Australia, and China to the territory rights (together with the United States, Europe, and Japan, the "Mucosal Vaccine Territory"). Utilizing these rights, the Company is developing a novel inhaled mucosal vaccine platform, which includes OCU500, a bivalent COVID-19 vaccine; OCU510, a seasonal quadrivalent flu vaccine; and OCU520, a combination quadrivalent seasonal flu and bivalent COVID-19 vaccine. As these vaccine candidates are being developed to be administered through inhalation, the Company believes they have the potential to generate rapid local immunity in the upper airways and lungs where viruses enter and infect the body, which the Company believes may help reduce or prevent infection and transmission as well as provide protection against new virus variants. OCU510 is being developed for the global market. The Company intends to initiate IND-enabling studies and work closely with government agencies to obtain funding for the development of these inhaled mucosal vaccines.</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%">We are developing OCU200, which is a novel fusion protein containing parts of human tumstatin and transferrin. OCU200 is designed to treat diabetic macular edema ("DME"), diabetic retinopathy ("DR"), and wet AMD. The Company has completed the technology transfer of manufacturing processes to its contract development and manufacturing organization and has produced clinical trial materials to initiate a Phase 1 clinical trial. The Company submitted an IND application to the FDA in February 2023 to initiate a Phase 1 clinical trial targeting DME</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">.</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 and debt, and grant proceeds. The Company incurred net losses of approximately $81.4 million and $58.4 million for the years ended December 31, 2022 and </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%">2021, respectively. As of December 31, 2022, the Company had an accumulated deficit of $213.0 million and cash, cash equivalents, and investments totaling $90.9 million. This amount will not meet the Company's capital requirements over the next 12 months. The Company believes that its cash, cash equivalents, and investments will enable it to fund its operations into the first quarter of 2024. Due to the inherent uncertainty involved in making estimates and the risks associated with the research, development, and commercialization of biotechnology products, the Company may have based this estimate on assumptions that may prove to be wrong, and the Company's operating plan may change as a result of many factors currently unknown to the Company.</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 funding 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, funding from the government, particularly for the adult safety clinical trial for COVAXIN and for the development of the Company's novel inhaled mucosal vaccine platform, or funding from 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 consolidated financial statements are issued. The consolidated financial statements do not contain any adjustments that might result from the resolution of any of the above uncertainties.</span></div>
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<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%">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 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>
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CY2021Q4 us-gaap Operating Lease Weighted Average Remaining Lease Term1
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CY2021Q4 us-gaap Operating Lease Weighted Average Discount Rate Percent
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CY2022Q4 us-gaap Lessee Operating Lease Liability Payments Due
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CY2022Q4 us-gaap Operating Lease Liability
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1894000 usd
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CY2022Q4 ocgn Accrued Liabilities Clinical
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3310000 usd
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703000 usd
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293000 usd
CY2022Q4 us-gaap Accrued Liabilities And Other Liabilities
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9900000 usd
CY2021Q4 us-gaap Accrued Liabilities And Other Liabilities
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4325000 usd
CY2022 us-gaap Allocated Share Based Compensation Expense
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10541000 usd
CY2021 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
6958000 usd
CY2022Q4 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized
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14900000 usd
CY2022 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Period For Recognition1
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P1Y9M18D
CY2022Q4 ocgn Number Of Equity Compensation Plans
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2 equitycompensationplan
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3.12
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2.87
CY2022 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested In Period Fair Value1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedInPeriodFairValue1
6100000 usd
CY2021 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested In Period Fair Value1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedInPeriodFairValue1
2600000 usd
CY2022 us-gaap Proceeds From Stock Options Exercised
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1300000 usd
CY2021 us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
900000 usd
CY2022 ocgn Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Aggregate Intrinsic Value Vested
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsAggregateIntrinsicValueVested
157000 usd
CY2022 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
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-81351000 usd
CY2021 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
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-58417000 usd
CY2022 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
0 usd
CY2021 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
-52000 usd
CY2022 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.210
CY2021 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.210
CY2022 us-gaap Effective Income Tax Rate Reconciliation State And Local Income Taxes
EffectiveIncomeTaxRateReconciliationStateAndLocalIncomeTaxes
0.074
CY2021 us-gaap Effective Income Tax Rate Reconciliation State And Local Income Taxes
EffectiveIncomeTaxRateReconciliationStateAndLocalIncomeTaxes
0.079
CY2022 us-gaap Effective Income Tax Rate Reconciliation Tax Credits Research
EffectiveIncomeTaxRateReconciliationTaxCreditsResearch
0.033
CY2021 us-gaap Effective Income Tax Rate Reconciliation Tax Credits Research
EffectiveIncomeTaxRateReconciliationTaxCreditsResearch
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CY2022 us-gaap Effective Income Tax Rate Reconciliation Change In Enacted Tax Rate
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CY2021 us-gaap Effective Income Tax Rate Reconciliation Change In Enacted Tax Rate
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0
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0.017
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0.319
CY2022 us-gaap Effective Income Tax Rate Continuing Operations
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0
CY2021 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.001
CY2022Q4 us-gaap Deferred Tax Assets Operating Loss Carryforwards
DeferredTaxAssetsOperatingLossCarryforwards
51884000 usd
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52038000 usd
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448000 usd
CY2022Q4 us-gaap Deferred Tax Assets Goodwill And Intangible Assets
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5057000 usd
CY2021Q4 us-gaap Deferred Tax Assets Goodwill And Intangible Assets
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1960000 usd
CY2022Q4 us-gaap Deferred Tax Assets Tax Deferred Expense Compensation And Benefits Share Based Compensation Cost
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2709000 usd
CY2021Q4 us-gaap Deferred Tax Assets Tax Deferred Expense Compensation And Benefits Share Based Compensation Cost
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2064000 usd
CY2022Q4 us-gaap Deferred Tax Assets In Process Research And Development
DeferredTaxAssetsInProcessResearchAndDevelopment
10379000 usd
CY2021Q4 us-gaap Deferred Tax Assets In Process Research And Development
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0 usd
CY2022Q4 us-gaap Deferred Tax Assets Tax Credit Carryforwards
DeferredTaxAssetsTaxCreditCarryforwards
6655000 usd
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4350000 usd
CY2022Q4 ocgn Deferred Tax Assets Lease Liability
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1029000 usd
CY2021Q4 ocgn Deferred Tax Assets Lease Liability
DeferredTaxAssetsLeaseLiability
461000 usd
CY2022Q4 us-gaap Deferred Tax Assets Gross
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95339000 usd
CY2021Q4 us-gaap Deferred Tax Assets Gross
DeferredTaxAssetsGross
79854000 usd
CY2022Q4 us-gaap Deferred Tax Assets Valuation Allowance
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94364000 usd
CY2021Q4 us-gaap Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
79395000 usd
CY2022Q4 us-gaap Deferred Tax Assets Net
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975000 usd
CY2021Q4 us-gaap Deferred Tax Assets Net
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459000 usd
CY2022Q4 us-gaap Deferred Tax Liabilities Leasing Arrangements
DeferredTaxLiabilitiesLeasingArrangements
975000 usd
CY2021Q4 us-gaap Deferred Tax Liabilities Leasing Arrangements
DeferredTaxLiabilitiesLeasingArrangements
459000 usd
CY2022Q4 us-gaap Deferred Tax Assets Liabilities Net
DeferredTaxAssetsLiabilitiesNet
0 usd
CY2021Q4 us-gaap Deferred Tax Assets Liabilities Net
DeferredTaxAssetsLiabilitiesNet
0 usd
CY2022 us-gaap Valuation Allowance Deferred Tax Asset Change In Amount
ValuationAllowanceDeferredTaxAssetChangeInAmount
15000000 usd
CY2022Q4 us-gaap Deferred Tax Assets Operating Loss Carryforwards Not Subject To Expiration
DeferredTaxAssetsOperatingLossCarryforwardsNotSubjectToExpiration
147900000 usd
CY2022Q4 us-gaap Deferred Tax Assets Operating Loss Carryforwards Subject To Expiration
DeferredTaxAssetsOperatingLossCarryforwardsSubjectToExpiration
52600000 usd
CY2021Q4 us-gaap Unrecognized Tax Benefits
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303000 usd
CY2020Q4 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
303000 usd
CY2022 us-gaap Unrecognized Tax Benefits Increases Resulting From Prior Period Tax Positions
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0 usd
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0 usd
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0 usd
CY2021 us-gaap Unrecognized Tax Benefits Increases Resulting From Current Period Tax Positions
UnrecognizedTaxBenefitsIncreasesResultingFromCurrentPeriodTaxPositions
0 usd
CY2022 us-gaap Unrecognized Tax Benefits Decreases Resulting From Settlements With Taxing Authorities
UnrecognizedTaxBenefitsDecreasesResultingFromSettlementsWithTaxingAuthorities
0 usd
CY2021 us-gaap Unrecognized Tax Benefits Decreases Resulting From Settlements With Taxing Authorities
UnrecognizedTaxBenefitsDecreasesResultingFromSettlementsWithTaxingAuthorities
0 usd
CY2022 us-gaap Unrecognized Tax Benefits Reductions Resulting From Lapse Of Applicable Statute Of Limitations
UnrecognizedTaxBenefitsReductionsResultingFromLapseOfApplicableStatuteOfLimitations
0 usd
CY2021 us-gaap Unrecognized Tax Benefits Reductions Resulting From Lapse Of Applicable Statute Of Limitations
UnrecognizedTaxBenefitsReductionsResultingFromLapseOfApplicableStatuteOfLimitations
0 usd
CY2022Q4 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
303000 usd
CY2021Q4 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
303000 usd
CY2022Q4 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
300000 usd
CY2021Q4 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
300000 usd
CY2022 us-gaap Net Income Loss
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-81351000 usd
CY2021 us-gaap Net Income Loss
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-58365000 usd
CY2022 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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214600051 shares
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214600051 shares
CY2021 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
195013043 shares
CY2021 us-gaap Weighted Average Number Of Shares Outstanding Basic
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195013043 shares
CY2022 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.38
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-0.38
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-0.30
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-0.30
CY2022 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
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13121899 shares
CY2021 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
11627794 shares
CY2022 us-gaap Sale Of Stock Number Of Shares Issued In Transaction
SaleOfStockNumberOfSharesIssuedInTransaction
4500000 shares
CY2022 us-gaap Sale Of Stock Consideration Received On Transaction
SaleOfStockConsiderationReceivedOnTransaction
5600000 usd
CY2022 us-gaap Adjustments To Additional Paid In Capital Stock Issued Issuance Costs
AdjustmentsToAdditionalPaidInCapitalStockIssuedIssuanceCosts
200000 usd

Files In Submission

Name View Source Status
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ocgn-20221231_lab.xml Edgar Link unprocessable
ocgn-20221231_def.xml Edgar Link unprocessable
ocgn-20221231_pre.xml Edgar Link unprocessable
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0001628280-23-005382-index.html Edgar Link pending
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Financial_Report.xlsx Edgar Link pending
MetaLinks.json Edgar Link pending
ocgn-20221231.htm Edgar Link pending
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