2024 Q1 Form 10-Q Financial Statement
#000162828024023038 Filed on May 14, 2024
Income Statement
| Concept | 2024 Q1 | 2023 Q4 |
|---|---|---|
| Revenue | $1.014M | $6.036M |
| YoY Change | ||
| Cost Of Revenue | ||
| YoY Change | ||
| Gross Profit | ||
| YoY Change | ||
| Gross Profit Margin | ||
| Selling, General & Admin | $6.404M | $5.155M |
| YoY Change | -21.84% | -25.69% |
| % of Gross Profit | ||
| Research & Development | $6.826M | $9.504M |
| YoY Change | -28.58% | -44.79% |
| % of Gross Profit | ||
| Depreciation & Amortization | $179.0K | $174.0K |
| YoY Change | 2.87% | 0.58% |
| % of Gross Profit | ||
| Operating Expenses | $13.23M | $14.66M |
| YoY Change | -25.47% | -39.3% |
| Operating Profit | -$12.22M | |
| YoY Change | -31.18% | |
| Interest Expense | $300.0K | |
| YoY Change | -57.14% | |
| % of Operating Profit | ||
| Other Income/Expense, Net | $292.0K | -$870.0K |
| YoY Change | -76.7% | -139.35% |
| Pretax Income | -$11.92M | -$9.493M |
| YoY Change | -27.72% | -56.73% |
| Income Tax | ||
| % Of Pretax Income | ||
| Net Earnings | -$11.90M | -$9.493M |
| YoY Change | -27.87% | -56.73% |
| Net Earnings / Revenue | -1173.57% | -157.27% |
| Basic Earnings Per Share | -$0.05 | |
| Diluted Earnings Per Share | -$0.05 | -$0.04 |
| COMMON SHARES | ||
| Basic Shares Outstanding | 257.2M shares | 256.5M shares |
| Diluted Shares Outstanding | 257.2M shares |
Balance Sheet
| Concept | 2024 Q1 | 2023 Q4 |
|---|---|---|
| SHORT-TERM ASSETS | ||
| Cash & Short-Term Investments | $26.38M | $39.50M |
| YoY Change | -65.62% | -56.56% |
| Cash & Equivalents | $26.40M | $39.50M |
| Short-Term Investments | $0.00 | |
| Other Short-Term Assets | $3.623M | $3.509M |
| YoY Change | -52.83% | -53.57% |
| Inventory | ||
| Prepaid Expenses | ||
| Receivables | ||
| Other Receivables | ||
| Total Short-Term Assets | $30.00M | $42.97M |
| YoY Change | -64.46% | -56.37% |
| LONG-TERM ASSETS | ||
| Property, Plant & Equipment | $17.65M | $17.29M |
| YoY Change | 122.01% | 185.64% |
| Goodwill | ||
| YoY Change | ||
| Intangibles | ||
| YoY Change | ||
| Long-Term Investments | ||
| YoY Change | ||
| Other Assets | $4.142M | $4.286M |
| YoY Change | 4.97% | 4.87% |
| Total Long-Term Assets | $21.80M | $21.58M |
| YoY Change | 83.19% | 112.78% |
| TOTAL ASSETS | ||
| Total Short-Term Assets | $30.00M | $42.97M |
| Total Long-Term Assets | $21.80M | $21.58M |
| Total Assets | $51.79M | $64.55M |
| YoY Change | -46.22% | -40.58% |
| SHORT-TERM LIABILITIES | ||
| YoY Change | ||
| Accounts Payable | $1.731M | $3.172M |
| YoY Change | -78.61% | -60.65% |
| Accrued Expenses | $3.411M | $3.392M |
| YoY Change | -46.16% | -65.74% |
| Deferred Revenue | ||
| YoY Change | ||
| Short-Term Debt | $0.00 | $0.00 |
| YoY Change | ||
| Long-Term Debt Due | $1.296M | $0.00 |
| YoY Change | 3.18% | |
| Total Short-Term Liabilities | $16.05M | $17.09M |
| YoY Change | 2.34% | -7.43% |
| LONG-TERM LIABILITIES | ||
| Long-Term Debt | $1.533M | $2.800M |
| YoY Change | 44.9% | 22.32% |
| Other Long-Term Liabilities | $536.0K | $527.0K |
| YoY Change | 73.46% | 115.98% |
| Total Long-Term Liabilities | $5.483M | $6.894M |
| YoY Change | 13.85% | 12.65% |
| TOTAL LIABILITIES | ||
| Total Short-Term Liabilities | $16.05M | $17.09M |
| Total Long-Term Liabilities | $5.483M | $6.894M |
| Total Liabilities | $21.53M | $23.98M |
| YoY Change | 5.04% | -2.43% |
| SHAREHOLDERS EQUITY | ||
| Retained Earnings | -$298.1M | -$286.2M |
| YoY Change | 29.89% | 34.37% |
| Common Stock | $2.575M | $2.567M |
| YoY Change | 13.69% | 15.79% |
| Preferred Stock | ||
| YoY Change | ||
| Treasury Stock (at cost) | ||
| YoY Change | ||
| Treasury Stock Shares | ||
| Shareholders Equity | $30.26M | $40.56M |
| YoY Change | ||
| Total Liabilities & Shareholders Equity | $51.79M | $64.55M |
| YoY Change | -46.22% | -40.58% |
Cashflow Statement
| Concept | 2024 Q1 | 2023 Q4 |
|---|---|---|
| OPERATING ACTIVITIES | ||
| Net Income | -$11.90M | -$9.493M |
| YoY Change | -27.87% | -56.73% |
| Depreciation, Depletion And Amortization | $179.0K | $174.0K |
| YoY Change | 2.87% | 0.58% |
| Cash From Operating Activities | -$10.60M | -$11.30M |
| YoY Change | -41.91% | -33.17% |
| INVESTING ACTIVITIES | ||
| Capital Expenditures | $2.352M | $2.726M |
| YoY Change | 45.91% | 34.68% |
| Acquisitions | ||
| YoY Change | ||
| Other Investing Activities | $0.00 | $3.000K |
| YoY Change | -100.0% | -100.02% |
| Cash From Investing Activities | -$2.352M | -$2.723M |
| YoY Change | -168.35% | -82.2% |
| FINANCING ACTIVITIES | ||
| Cash Dividend Paid | ||
| YoY Change | ||
| Common Stock Issuance & Retirement, Net | -$145.0K | |
| YoY Change | ||
| Debt Paid & Issued, Net | ||
| YoY Change | ||
| Cash From Financing Activities | -$145.0K | 11.00K |
| YoY Change | -102.64% | -99.87% |
| NET CHANGE | ||
| Cash From Operating Activities | -$10.60M | -11.30M |
| Cash From Investing Activities | -$2.352M | -2.723M |
| Cash From Financing Activities | -$145.0K | 11.00K |
| Net Change In Cash | -$13.09M | -14.02M |
| YoY Change | 40.66% | -41.68% |
| FREE CASH FLOW | ||
| Cash From Operating Activities | -$10.60M | -$11.30M |
| Capital Expenditures | $2.352M | $2.726M |
| Free Cash Flow | -$12.95M | -$14.03M |
| YoY Change | -34.78% | -25.92% |
Facts In Submission
| Frame | Concept Type | Concept / XBRL Key | Value | Unit |
|---|---|---|---|---|
| CY2024Q1 | us-gaap |
General And Administrative Expense
GeneralAndAdministrativeExpense
|
6404000 | usd |
| CY2023Q1 | us-gaap |
General And Administrative Expense
GeneralAndAdministrativeExpense
|
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| CY2023Q4 | us-gaap |
Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
|
-286167000 | usd |
| CY2024Q1 | us-gaap |
Stockholders Equity
StockholdersEquity
|
30261000 | usd |
| CY2023Q4 | us-gaap |
Stockholders Equity
StockholdersEquity
|
40564000 | usd |
| CY2024Q1 | us-gaap |
Liabilities
Liabilities
|
21533000 | usd |
| CY2023Q4 | us-gaap |
Liabilities
Liabilities
|
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Commitments And Contingencies
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Commitments And Contingencies
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Preferred Stock Par Or Stated Value Per Share
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|
0.01 | |
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Preferred Stock Par Or Stated Value Per Share
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0.01 | |
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Preferred Stock Shares Authorized
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|
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| CY2023Q4 | us-gaap |
Preferred Stock Shares Authorized
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Common Stock Par Or Stated Value Per Share
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|
0.01 | |
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Common Stock Par Or Stated Value Per Share
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|
0.01 | |
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Common Stock Shares Authorized
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|
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Common Stock Shares Authorized
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Common Stock Shares Issued
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Common Stock Shares Issued
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Common Stock Shares Outstanding
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Common Stock Shares Outstanding
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Common Stock Value
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| CY2023Q4 | us-gaap |
Common Stock Value
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Treasury Stock Common Shares
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Treasury Stock Common Value
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Additional Paid In Capital
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Additional Paid In Capital
AdditionalPaidInCapital
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Accumulated Other Comprehensive Income Loss Net Of Tax
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|
25000 | usd |
| CY2023Q4 | us-gaap |
Accumulated Other Comprehensive Income Loss Net Of Tax
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Retained Earnings Accumulated Deficit
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Other Assets Noncurrent
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Assets
Assets
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Accounts Payable Current
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Accounts Payable Current
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Accrued Expenses And Other Liabilities Current
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Operating Lease Liability Current
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Operating Lease Liability Current
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Long Term Debt Current
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Long Term Debt Current
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Liabilities Current
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Operating Lease Liability Noncurrent
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Long Term Debt Noncurrent
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Long Term Debt Noncurrent
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Nonoperating Income Expense
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|
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| CY2023Q1 | us-gaap |
Nonoperating Income Expense
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|
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Comprehensive Income Net Of Tax
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Comprehensive Income Net Of Tax
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|
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Weighted Average Number Of Diluted Shares Outstanding
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|
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Weighted Average Number Of Shares Outstanding Basic
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Weighted Average Number Of Shares Outstanding Basic
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| CY2023Q1 | us-gaap |
Weighted Average Number Of Diluted Shares Outstanding
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| CY2024Q1 | us-gaap |
Earnings Per Share Basic
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|
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Earnings Per Share Diluted
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|
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Earnings Per Share Diluted
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Earnings Per Share Basic
EarningsPerShareBasic
|
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Stockholders Equity
StockholdersEquity
|
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Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
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Stock Issued During Period Value Share Based Compensation
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StockholdersEquity
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Stockholders Equity
StockholdersEquity
|
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| CY2023Q1 | us-gaap |
Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
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Stock Issued During Period Value Share Based Compensation
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Stock Issued During Period Value New Issues
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Other Comprehensive Income Loss Net Of Tax
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Net Income Loss
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|
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Stockholders Equity
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|
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Net Income Loss
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|
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Net Income Loss
NetIncomeLoss
|
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Other Depreciation And Amortization
OtherDepreciationAndAmortization
|
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| CY2023Q1 | us-gaap |
Other Depreciation And Amortization
OtherDepreciationAndAmortization
|
174000 | usd |
| CY2024Q1 | us-gaap |
Accretion Amortization Of Discounts And Premiums Investments
AccretionAmortizationOfDiscountsAndPremiumsInvestments
|
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| CY2023Q1 | us-gaap |
Accretion Amortization Of Discounts And Premiums Investments
AccretionAmortizationOfDiscountsAndPremiumsInvestments
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143000 | usd |
| CY2024Q1 | ocgn |
Non Cash Interest Expense
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Non Cash Interest Expense
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Noncash Lease Expense
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Noncash Income Expense From Collaborative Arrangement
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Noncash Income Expense From Collaborative Arrangement
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Allocated Share Based Compensation Expense
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Allocated Share Based Compensation Expense
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OtherNoncashIncomeExpense
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OtherNoncashIncomeExpense
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Increase Decrease In Prepaid Deferred Expense And Other Assets
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|
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Increase Decrease In Prepaid Deferred Expense And Other Assets
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Increase Decrease In Accounts Payable And Accrued Liabilities
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Increase Decrease In Operating Lease Liability
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| CY2023Q1 | us-gaap |
Increase Decrease In Operating Lease Liability
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| CY2024Q1 | us-gaap |
Net Cash Provided By Used In Operating Activities
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|
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Net Cash Provided By Used In Operating Activities
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Payments To Acquire Available For Sale Securities Debt
PaymentsToAcquireAvailableForSaleSecuritiesDebt
|
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| CY2023Q1 | us-gaap |
Payments To Acquire Available For Sale Securities Debt
PaymentsToAcquireAvailableForSaleSecuritiesDebt
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| CY2024Q1 | us-gaap |
Proceeds From Maturities Prepayments And Calls Of Available For Sale Securities
ProceedsFromMaturitiesPrepaymentsAndCallsOfAvailableForSaleSecurities
|
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Proceeds From Maturities Prepayments And Calls Of Available For Sale Securities
ProceedsFromMaturitiesPrepaymentsAndCallsOfAvailableForSaleSecurities
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| CY2024Q1 | us-gaap |
Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
|
2352000 | usd |
| CY2023Q1 | us-gaap |
Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
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|
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| CY2023Q1 | us-gaap |
Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
|
3441000 | usd |
| CY2024Q1 | us-gaap |
Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
|
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| CY2023Q1 | us-gaap |
Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
|
5731000 | usd |
| CY2024Q1 | us-gaap |
Payments Of Stock Issuance Costs
PaymentsOfStockIssuanceCosts
|
0 | usd |
| CY2023Q1 | us-gaap |
Payments Of Stock Issuance Costs
PaymentsOfStockIssuanceCosts
|
173000 | usd |
| CY2024Q1 | us-gaap |
Payments Of Debt Issuance Costs
PaymentsOfDebtIssuanceCosts
|
0 | usd |
| CY2023Q1 | us-gaap |
Payments Of Debt Issuance Costs
PaymentsOfDebtIssuanceCosts
|
62000 | usd |
| CY2024Q1 | us-gaap |
Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
|
-145000 | usd |
| CY2023Q1 | us-gaap |
Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
|
5496000 | usd |
| CY2024Q1 | us-gaap |
Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
|
5000 | usd |
| CY2023Q1 | us-gaap |
Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
|
-1000 | usd |
| CY2024Q1 | us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
|
-13087000 | usd |
| CY2023Q1 | us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
|
-9304000 | usd |
| CY2023Q4 | us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
|
39462000 | usd |
| CY2022Q4 | us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
|
77563000 | usd |
| CY2024Q1 | us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
|
26375000 | usd |
| CY2023Q1 | us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
|
68259000 | usd |
| CY2024Q1 | us-gaap |
Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
|
371000 | usd |
| CY2023Q1 | us-gaap |
Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
|
1119000 | usd |
| CY2024Q1 | 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 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-weight:400;line-height:120%">Our technology pipeline includes:</span></div><div style="padding-left:36pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:112%">•</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:112%;padding-left:14.5pt">Modifier Gene Therapy Platform </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:112%">— Based on the use of nuclear hormone receptors ("NHRs"), the Company believes its modifier gene therapy platform has the potential to address many retinal diseases, including rare genetic diseases such as retinitis pigmentosa ("RP") (OCU400) and Leber congenital amaurosis ("LCA") (OCU400), with a gene-agnostic approach. The Company also believes its modifier gene therapy platform has the potential to address multifactorial retinal diseases including dry age-related macular degeneration ("dAMD") using OCU410, which affects millions of patients in the United States alone, and Stargardt disease (OCU410ST), which is also a rare genetic disease. The Company received clearance from FDA to initiate a Phase 3 trial for OCU400 for the treatment of RP and intends to begin dosing patients in 2Q 2024. The Company further expects to expand OCU400 Phase 3 development in LCA patients in the second half of 2024 based on Phase 1/2 study results in LCA patients and subject to alignment with the FDA. Currently both OCU410, for the treatment of geographic atrophy ("GA"), an advanced form of dAMD, and OCU410ST, for the treatment of Stargardt disease, are in Phase 1/2 clinical development. In OCU410 GA study, low and medium dose cohorts were completed to date. In OCU410ST Stargardt study, low dose cohort was completed to date.</span></div><div style="margin-top:6pt;padding-left:36pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">Novel</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Biologic Therapy for Retinal Diseases </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">— OCU200 is a novel fusion protein consisting of two human proteins, tumstatin and transferrin. OCU200 possesses unique features which potentially enable it to treat vascular complications of diabetic macular edema ("DME"), diabetic retinopathy ("DR"), and wet AMD. Tumstatin is the active component of OCU200 and binds to integrin receptors, which play a crucial role in disease pathogenesis. Transferrin is expected to facilitate the targeted delivery of tumstatin into the retina and choroid and potentially help increase the interaction between tumstatin and integrin receptors. The Company continues to work with the FDA to address comments to lift the clinical hold.</span></div><div style="margin-top:6pt;padding-left:36pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">•</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">Regenerative Medicine Cell Therapy Platform </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">— Our Phase 3-ready regenerative medicine cell therapy platform technology, which includes NeoCart (autologous chondrocyte-derived neocartilage), is being developed for the repair of knee cartilage injuries in adults. The Company received concurrence from the FDA on the confirmatory Phase 3 trial design and has completed renovating an existing facility into a current Good Manufacturing Practice ("GMP") facility to support clinical study and initial commercial launch. This facility is needed to generate patient-specific NeoCart implant from chondrocytes derived from knee biopsy. </span></div><div style="margin-top:6pt;padding-left:36pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">•</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">Inhaled Mucosal Vaccine Platform</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> — The Company's next-generation, inhaled mucosal vaccine platform includes OCU500, a COVID-19 vaccine; OCU510, a seasonal quadrivalent flu vaccine; and OCU520, a combination quadrivalent seasonal flu and COVID-19 vaccine. The Company is conducting IND-enabling and product development activities for OCU500. The Company is currently collaborating with the National Institute of Allergy and Infectious Diseases ("NIAID") for early clinical studies for OCU500. NIAID plans to submit an IND to initiate a Phase 1 clinical trial in mid-2024. The Company is continuing discussions with relevant government agencies as well as strategic partners regarding developmental funding for its OCU510 and OCU520 platforms.</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 $11.9 and $17.3 for the three months ended March 31, 2024 and 2023, respectively. As of March 31, 2024, the Company had an accumulated deficit of $298.1 million and cash and cash equivalents totaling $26.4 million. This amount will not meet the Company's capital requirements over the next 12 months after the date that the condensed consolidated financial statements are issued. The Company believes that its cash and cash equivalents will enable it to fund its operations into the fourth 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 </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%">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 and/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 is currently exploring options to fund its operations through public and private placements of equity and/or debt, payments from potential strategic research and development arrangements, sales of assets, licensing and/or collaboration arrangements with pharmaceutical companies or other institutions, funding from the government, particularly 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 Company management believes that it has a plan to fund 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 continued 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> | |
| CY2024Q1 | us-gaap |
Number Of Operating Segments
NumberOfOperatingSegments
|
1 | segment |
| CY2024Q1 | us-gaap |
Net Income Loss
NetIncomeLoss
|
-11900000 | usd |
| CY2023Q1 | us-gaap |
Net Income Loss
NetIncomeLoss
|
-17300000 | usd |
| CY2024Q1 | us-gaap |
Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
|
-298100000 | usd |
| CY2024Q1 | us-gaap |
Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
|
26400000 | usd |
| CY2024Q1 | us-gaap |
Sharebased Compensation Arrangement By Sharebased Payment Award Expiration Period
SharebasedCompensationArrangementBySharebasedPaymentAwardExpirationPeriod
|
P10Y | |
| CY2024Q1 | us-gaap |
Use Of Estimates
UseOfEstimates
|
<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 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, determination of the collaborative arrangements' transaction price, calculating the progress towards the satisfaction of the performance obligations under the collaborative arrangements, and determining the value of the non-cash consideration received under collaborative arrangements.</span></div> | |
| CY2024Q1 | us-gaap |
Interest Income Expense Nonoperating Net
InterestIncomeExpenseNonoperatingNet
|
300000 | usd |
| CY2024Q1 | us-gaap |
Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
|
<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%">Concentration of Credit Risk</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%">Financial instruments that potentially subject the Company to significant concentrations of credit risk consist of cash and cash equivalents. The Company's cash and cash equivalents are held in accounts at financial institutions that may exceed federally insured limits. The Company has not experienced any credit losses in such accounts and does not believe it is exposed to significant credit risk beyond the standard credit risk associated with commercial banking relationships.</span></div> | |
| CY2024Q1 | us-gaap |
Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
|
26400000 | usd |
| CY2024Q1 | us-gaap |
Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
|
19051000 | usd |
| CY2023Q4 | us-gaap |
Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
|
18520000 | usd |
| CY2024Q1 | us-gaap |
Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
|
1397000 | usd |
| CY2023Q4 | us-gaap |
Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
|
1230000 | usd |
| CY2024Q1 | us-gaap |
Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
|
17654000 | usd |
| CY2023Q4 | us-gaap |
Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
|
17290000 | usd |
| CY2024Q1 | us-gaap |
Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
|
591000 | usd |
| CY2024Q1 | us-gaap |
Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
|
810000 | usd |
| CY2024Q1 | us-gaap |
Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
|
834000 | usd |
| CY2024Q1 | us-gaap |
Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
|
858000 | usd |
| CY2024Q1 | us-gaap |
Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
|
884000 | usd |
| CY2024Q1 | us-gaap |
Lessee Operating Lease Liability Payments Due Year Five
LesseeOperatingLeaseLiabilityPaymentsDueYearFive
|
714000 | usd |
| CY2024Q1 | us-gaap |
Lessee Operating Lease Liability Payments Due After Year Five
LesseeOperatingLeaseLiabilityPaymentsDueAfterYearFive
|
978000 | usd |
| CY2024Q1 | us-gaap |
Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
|
5669000 | usd |
| CY2024Q1 | us-gaap |
Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
|
1666000 | usd |
| CY2024Q1 | us-gaap |
Operating Lease Liability
OperatingLeaseLiability
|
4003000 | usd |
| CY2024Q1 | ocgn |
Research And Development Expenses Current
ResearchAndDevelopmentExpensesCurrent
|
245000 | usd |
| CY2023Q4 | ocgn |
Research And Development Expenses Current
ResearchAndDevelopmentExpensesCurrent
|
212000 | usd |
| CY2024Q1 | ocgn |
Accrued Liabilities Clinical
AccruedLiabilitiesClinical
|
96000 | usd |
| CY2023Q4 | ocgn |
Accrued Liabilities Clinical
AccruedLiabilitiesClinical
|
84000 | usd |
| CY2024Q1 | ocgn |
Accrued Liabilities Professional Fees
AccruedLiabilitiesProfessionalFees
|
1139000 | usd |
| CY2023Q4 | ocgn |
Accrued Liabilities Professional Fees
AccruedLiabilitiesProfessionalFees
|
580000 | usd |
| CY2024Q1 | us-gaap |
Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
|
882000 | usd |
| CY2023Q4 | us-gaap |
Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
|
1791000 | usd |
| CY2024Q1 | us-gaap |
Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
|
460000 | usd |
| CY2023Q4 | us-gaap |
Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
|
151000 | usd |
| CY2024Q1 | us-gaap |
Accrued Liabilities And Other Liabilities
AccruedLiabilitiesAndOtherLiabilities
|
12434000 | usd |
| CY2023Q4 | us-gaap |
Accrued Liabilities And Other Liabilities
AccruedLiabilitiesAndOtherLiabilities
|
13343000 | usd |
| CY2024Q1 | us-gaap |
Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
|
1761000 | usd |
| CY2023Q1 | us-gaap |
Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
|
2689000 | usd |
| CY2024Q1 | us-gaap |
Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognized
|
8700000 | usd |
| CY2024Q1 | us-gaap |
Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Period For Recognition1
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognition1
|
P1Y7M6D | |
| CY2024Q1 | ocgn |
Number Of Equity Compensation Plans
NumberOfEquityCompensationPlans
|
2 | equity_compensation_plan |
| CY2023Q4 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
|
13161228 | shares |
| CY2023Q4 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
|
2.38 | |
| CY2023 | us-gaap |
Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
|
P7Y10M9D | |
| CY2023Q4 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
|
337000 | usd |
| CY2024Q1 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
|
2632054 | shares |
| CY2024Q1 | us-gaap |
Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
|
0.70 | |
| CY2024Q1 | ocgn |
Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodIntrinsicValue
|
5000 | usd |
| CY2024Q1 | us-gaap |
Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
|
101426 | shares |
| CY2024Q1 | us-gaap |
Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
|
0.42 | |
| CY2024Q1 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Options Exercises In Period Total Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisesInPeriodTotalIntrinsicValue
|
44000 | usd |
| CY2024Q1 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures And Expirations In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriod
|
590947 | shares |
| CY2024Q1 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures And Expirations In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriodWeightedAverageExercisePrice
|
3.63 | |
| CY2024Q1 | ocgn |
Share Based Compensation Arrangement By Share Based Payment Award Options Forfeited In Period Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeitedInPeriodIntrinsicValue
|
79000 | usd |
| CY2024Q1 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
|
15100909 | shares |
| CY2024Q1 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
|
2.05 | |
| CY2024Q1 | us-gaap |
Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
|
P8Y | |
| CY2024Q1 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
|
6191000 | usd |
| CY2024Q1 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber
|
8711464 | shares |
| CY2024Q1 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice
|
2.56 | |
| CY2024Q1 | us-gaap |
Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm1
|
P7Y1M24D | |
| CY2024Q1 | us-gaap |
Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Intrinsic Value1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableIntrinsicValue1
|
1771000 | usd |
| CY2024Q1 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
|
0.58 | |
| CY2023Q1 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
|
1.01 | |
| CY2024Q1 | us-gaap |
Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested In Period Fair Value1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedInPeriodFairValue1
|
5000000.0 | usd |
| CY2023Q1 | us-gaap |
Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested In Period Fair Value1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedInPeriodFairValue1
|
5600000 | usd |
| CY2024Q1 | us-gaap |
Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
|
-11924000 | usd |
| CY2024Q1 | us-gaap |
Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
|
-11924000 | usd |
| CY2023Q1 | us-gaap |
Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
|
-17326000 | usd |
| CY2023Q1 | us-gaap |
Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
|
-17326000 | usd |
| CY2024Q1 | us-gaap |
Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
|
257232636 | shares |
| CY2024Q1 | us-gaap |
Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
|
257232636 | shares |
| CY2023Q1 | us-gaap |
Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
|
225523627 | shares |
| CY2023Q1 | us-gaap |
Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
|
225523627 | shares |
| CY2024Q1 | us-gaap |
Earnings Per Share Basic
EarningsPerShareBasic
|
-0.05 | |
| CY2024Q1 | us-gaap |
Earnings Per Share Diluted
EarningsPerShareDiluted
|
-0.05 | |
| CY2023Q1 | us-gaap |
Earnings Per Share Diluted
EarningsPerShareDiluted
|
-0.08 | |
| CY2023Q1 | us-gaap |
Earnings Per Share Basic
EarningsPerShareBasic
|
-0.08 | |
| CY2024Q1 | us-gaap |
Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
|
18919767 | shares |
| CY2023Q1 | us-gaap |
Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
|
18557017 | shares |
| CY2024Q1 | ecd |
Non Rule10b51 Arr Adopted Flag
NonRule10b51ArrAdoptedFlag
|
false | |
| CY2024Q1 | ecd |
Rule10b51 Arr Adopted Flag
Rule10b51ArrAdoptedFlag
|
false | |
| CY2024Q1 | ecd |
Non Rule10b51 Arr Trmntd Flag
NonRule10b51ArrTrmntdFlag
|
false | |
| CY2024Q1 | ecd |
Rule10b51 Arr Trmntd Flag
Rule10b51ArrTrmntdFlag
|
false |
