0001628280-21-015998 | 10-Q | XBRL Viewer

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Cover - shares	6 Months Ended
Cover - shares	Jun. 30, 2021	Jul. 30, 2021
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2021
Document Transition Report	false
Entity File Number	001-36751
Entity Registrant Name	OCUGEN, INC.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	04-3522315
Entity Address, Address Line One	263 Great Valley Parkway
Entity Address, City or Town	Malvern
Entity Address, State or Province	PA
Entity Address, Postal Zip Code	19355
City Area Code	484
Local Phone Number	328-4701
Title of 12(b) Security	Common Stock, par value $0.01 per share
Trading Symbol	OCGN
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		198,755,831
Entity Central Index Key	0001372299
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q2
Amendment Flag	false

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Current assets
Cash and cash equivalents	$ 115,642	$ 24,039
Advance for COVAXIN supply	4,988	0
Prepaid expenses and other current assets	996	1,839
Total current assets	121,626	25,878
Property and equipment, net	944	633
Restricted cash	151	151
Other assets	1,530	714
Total assets	124,251	27,376
Current liabilities
Accounts payable	802	395
Accrued expenses and other current liabilities	3,870	2,941
Short-term debt, net	0	234
Operating lease obligation	168	44
Total current liabilities	4,840	3,614
Non-current liabilities
Operating lease obligation, less current portion	1,328	389
Long term debt, net	1,674	1,823
Total non-current liabilities	3,002	2,212
Total liabilities	7,842	5,826
Commitments and contingencies (Note 13)
Stockholders’ equity
Common stock; $0.01 par value; 295,000,000 and 200,000,000 shares authorized, 198,816,745 and 184,133,384 shares issued, and 198,695,245 and 184,011,884 shares outstanding at June 30, 2021 and December 31, 2020, respectively	1,988	1,841
Treasury stock, at cost, 121,500 shares at June 30, 2021 and December 31, 2020	(48)	(48)
Additional paid-in capital	220,799	93,059
Accumulated deficit	(106,331)	(73,302)
Total stockholders’ equity	116,409	21,550
Total liabilities and stockholders’ equity	124,251	27,376
Series A Preferred Stock
Stockholders’ equity
Preferred stock issued	0	0
Series B Preferred Stock
Stockholders’ equity
Preferred stock issued	$ 1	$ 0

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Jun. 30, 2021	Dec. 31, 2020
Convertible preferred stock, par value (in USD per share)	$ 0.01	$ 0.01
Convertible preferred stock, shares authorized (in shares)	10,000,000	10,000,000
Common stock, par value (in USD per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	295,000,000	200,000,000
Common stock, shares issued (in shares)	198,816,745	184,133,384
Common stock, shares outstanding (in shares)	198,695,245	184,011,884
Treasury stock (in shares)	121,500	121,500
Series A Preferred Stock
Convertible preferred stock, shares issued (in shares)	7	7
Convertible preferred stock, shares outstanding (in shares)	7	7
Series B Preferred Stock
Convertible preferred stock, shares issued (in shares)	54,745	0
Convertible preferred stock, shares outstanding (in shares)	54,745	0

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Revenues
Collaboration revenue	$ 0	$ 43,000	$ 0	$ 43,000
Total revenues	0	43,000	0	43,000
Operating expenses
Research and development	18,853,000	1,630,000	21,725,000	3,282,000
General and administrative	6,757,000	1,779,000	10,942,000	4,056,000
Total operating expenses	25,610,000	3,409,000	32,667,000	7,338,000
Loss from operations	(25,610,000)	(3,366,000)	(32,667,000)	(7,295,000)
Other income (expense)
Interest income	10,000	0	10,000	0
Interest expense	(20,000)	(248,000)	(40,000)	(263,000)
Other income (expense)	(332,000)	0	(332,000)	0
Total other income (expense)	(342,000)	(248,000)	(362,000)	(263,000)
Net loss and comprehensive loss	(25,952,000)	(3,614,000)	(33,029,000)	(7,558,000)
Net loss and comprehensive loss	(25,952,000)	(3,614,000)	(33,029,000)	(7,558,000)
Deemed dividend related to Warrant Exchange	0	(12,546,000)	0	(12,546,000)
Net loss to common stockholders	$ (25,952,000)	$ (16,160,000)	$ (33,029,000)	$ (20,104,000)
Shares used in calculating net loss per common share - basic (in shares)	195,572,189	83,537,463	190,960,775	68,082,346
Shares used in calculating net loss per common share - diluted (in shares)	195,572,189	83,537,463	190,960,775	68,082,346
Net loss per share of common stock - basic (in USD per share)	$ (0.13)	$ (0.19)	$ (0.17)	$ (0.30)
Net loss per share of common stock - diluted (in USD per share)	$ (0.13)	$ (0.19)	$ (0.17)	$ (0.30)

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (DEFICIT) - USD ($) $ in Thousands	Total	Series B Preferred Stock	At-the-market Issuance	Registered Direct Offering	Subscription Agreements and Warrant Exercises	Preferred Stock Series A Preferred Stock	Preferred Stock Series B Preferred Stock	Common Stock	Common Stock At-the-market Issuance	Common Stock Registered Direct Offering	Common Stock Subscription Agreements and Warrant Exercises	Treasury Stock	Additional Paid-in Capital	Additional Paid-in Capital Series B Preferred Stock	Additional Paid-in Capital At-the-market Issuance	Additional Paid-in Capital Registered Direct Offering	Additional Paid-in Capital Subscription Agreements and Warrant Exercises	Accumulated Deficit
Beginning balance (in shares) at Dec. 31, 2019						7	0	52,746,728
Beginning balance at Dec. 31, 2019	$ 11,019					$ 0	$ 0	$ 528				$ (48)	$ 62,019					$ (51,480)
Increase (Decrease) in Stockholders' Equity
Stock-based compensation expense	222												222
Net loss	(3,944)																	(3,944)
Ending balance (in shares) at Mar. 31, 2020						7	0	52,746,728
Ending balance at Mar. 31, 2020	7,297					$ 0	$ 0	$ 528				(48)	62,241					(55,424)
Beginning balance (in shares) at Dec. 31, 2019						7	0	52,746,728
Beginning balance at Dec. 31, 2019	11,019					$ 0	$ 0	$ 528				(48)	62,019					(51,480)
Increase (Decrease) in Stockholders' Equity
Net loss	(7,558)
Ending balance (in shares) at Jun. 30, 2020						7	0	135,128,144
Ending balance at Jun. 30, 2020	14,623					$ 0	$ 0	$ 1,351				(48)	72,358					(59,038)
Beginning balance (in shares) at Mar. 31, 2020						7	0	52,746,728
Beginning balance at Mar. 31, 2020	7,297					$ 0	$ 0	$ 528				(48)	62,241					(55,424)
Increase (Decrease) in Stockholders' Equity
Stock-based compensation expense	149												149
Issuance of stock (in shares)									59,132,191		1,328,405
Issuance of stock			$ 15,437		$ 332				$ 591		$ 13				$ 14,846		$ 319
Warrant Exchange (in shares)								21,920,820
Warrant Exchange	(4,978)							$ 219					(5,197)
Net loss	(3,614)																	(3,614)
Ending balance (in shares) at Jun. 30, 2020						7	0	135,128,144
Ending balance at Jun. 30, 2020	14,623					$ 0	$ 0	$ 1,351				(48)	72,358					(59,038)
Beginning balance (in shares) at Dec. 31, 2020						7	0	184,133,384
Beginning balance at Dec. 31, 2020	21,550					$ 0	$ 0	$ 1,841				(48)	93,059					(73,302)
Increase (Decrease) in Stockholders' Equity
Stock-based compensation expense	833												833
Issuance of common stock for option exercises (in shares)								157,468
Issuance of common stock for option exercises	176							$ 2					174
Issuance of stock (in shares)							54,745		987,000	3,000,000
Issuance of stock		$ 4,954	$ 4,849	$ 21,204			$ 1		$ 10	$ 30				$ 4,953	$ 4,839	$ 21,174
Net loss	(7,077)																	(7,077)
Ending balance (in shares) at Mar. 31, 2021						7	54,745	188,277,852
Ending balance at Mar. 31, 2021	46,489					$ 0	$ 1	$ 1,883				(48)	125,032					(80,379)
Beginning balance (in shares) at Dec. 31, 2020						7	0	184,133,384
Beginning balance at Dec. 31, 2020	$ 21,550					$ 0	$ 0	$ 1,841				(48)	93,059					(73,302)
Increase (Decrease) in Stockholders' Equity
Issuance of common stock for option exercises (in shares)	668,666
Net loss	$ (33,029)
Ending balance (in shares) at Jun. 30, 2021						7	54,745	198,816,745
Ending balance at Jun. 30, 2021	116,409					$ 0	$ 1	$ 1,988				(48)	220,799					(106,331)
Beginning balance (in shares) at Mar. 31, 2021						7	54,745	188,277,852
Beginning balance at Mar. 31, 2021	46,489					$ 0	$ 1	$ 1,883				(48)	125,032					(80,379)
Increase (Decrease) in Stockholders' Equity
Stock-based compensation expense	2,095												2,095
Issuance of stock (in shares)										10,000,000
Issuance of stock				$ 93,406						$ 100						$ 93,306
Issuance of common stock for option and warrant exercises (in shares)	371							$ 5					366
Issuance of common stock for option and warrant exercises								538,893
Net loss	(25,952)																	(25,952)
Ending balance (in shares) at Jun. 30, 2021						7	54,745	198,816,745
Ending balance at Jun. 30, 2021	$ 116,409					$ 0	$ 1	$ 1,988				$ (48)	$ 220,799					$ (106,331)

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020
Cash flows from operating activities
Net loss	$ (33,029)	$ (7,558)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation expense	93	38
Non-cash interest expense	40	263
Non-cash lease expense	134	95
Stock-based compensation expense	2,928	371
Gain on forgiveness of PPP Note	(426)	0
Impairment on note receivable	758	0
Other non-cash	0	(166)
Changes in assets and liabilities:
Prepaid expenses and other assets	965	500
Accounts payable and accrued expenses	1,483	(1,220)
Other assets	100	0
Lease obligations	(130)	(96)
Net cash used in operating activities	(27,084)	(7,773)
Cash flows from investing activities
Purchase of property and equipment	(524)	(34)
Issuance of note receivable	(750)	0
Net cash used in investing activities	(1,274)	(34)
Cash flows from financing activities
Proceeds from issuance of common stock	128,496	16,161
Payment of equity issuance costs	(8,525)	(593)
Proceeds from issuance of debt	0	921
Payments of debt issuance costs	0	(6)
Repayments of debt	0	(1,140)
Financing lease principal payments	(10)	(12)
Net cash provided by financing activities	119,961	15,331
Net increase in cash, cash equivalents, and restricted cash	91,603	7,524
Cash, cash equivalents, and restricted cash at beginning of period	24,190	7,595
Cash, cash equivalents, and restricted cash at end of period	115,793	15,119
Supplemental disclosure of non-cash investing and financing transactions:
Series B Convertible Preferred Stock issuance	4,988	0
Exercise of Warrants	603	0
Forgiveness of PPP Note	426	0
Issuance of Warrant Exchange Promissory Notes	0	5,625
Obligation settled with common stock	0	331
Equity issuance costs	0	130
Purchase of property and equipment	78	0
Right-of-use asset related to operating leases	$ 926	$ 0

Nature of Business	6 Months Ended
Nature of Business	Jun. 30, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Nature of Business	Nature of Business Ocugen, Inc., together with its wholly owned subsidiaries (“Ocugen” or the “Company”), is a biopharmaceutical company focused on developing gene therapies to cure blindness diseases and developing a vaccine to save lives from COVID-19. The Company is located in Malvern, Pennsylvania, and manages its business as one operating segment. COVID-19 Vaccine 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 humans in the United States, its territories, and possessions. In June 2021, the Company entered into an amendment 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 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 has been granted approval for emergency use in India and over 45.0 million doses globally have been administered to date. In July 2021, the Company announced that COVAXIN demonstrated an overall vaccine efficacy against COVID-19 disease of 77.8%, with efficacy against severe COVID-19 disease of 93.4%, and efficacy against asymptomatic COVID-19 disease of 63.6% in the Phase 3 clinical trial conducted by Bharat Biotech in India. Adverse events in the COVAXIN and controls arms of the Phase 3 clinical trial were observed in 12.4% of subjects, with less than 0.5% of subjects experiencing serious adverse side effects. The majority of the symptomatic cases identified in aggregate in the COVAXIN and controls arms in the Phase 3 clinical trial were COVID-19 variants, the majority of which were identified to be the Delta variant, B.1.617.2. Subjects vaccinated with COVAXIN in the Phase 3 clinical trial showed protection against the emerging Delta variant, B.1.617.2, showing a vaccine efficacy of 65.2%. Additionally, in in-vitro studies conducted by the Indian Council of Medical Research ("ICMR") — National Institute of Virology, COVAXIN demonstrated potential effectiveness against the Zeta variant, B.1.1.28.2, which contains the E484K mutation found in New York, as well as potential effectiveness against the Alpha variant, B.1.1.7, and the Beta variant, B.1.351. The Company is currently evaluating the clinical and regulatory pathway to market for COVAXIN in the United States. In June 2021, the U.S. Food and Drug Administration (the "FDA") provided feedback to the Company regarding the data and information contained in a "Master File" that was previously submitted to the FDA and recommended that the Company pursue a Biologics License Application ("BLA") submission instead of an Emergency Use Authorization ("EUA") application for COVAXIN in the United States. As part of the feedback provided by the FDA regarding the "Master File", the FDA also requested additional information and data. The Company is currently in discussions with the FDA regarding the appropriate regulatory pathway for COVAXIN in the United States. The Company is additionally in discussions with the FDA regarding the data requirements for COVAXIN under a BLA submission and anticipates that data from an additional clinical trial will be required to support a BLA submission. The Company is pursuing authorization for COVAXIN in Canada and has had discussions with Health Canada regarding the regulatory pathway for COVAXIN under the Minister of Health’s Interim Order Respecting the Importation, Sale and Advertising of Drugs for Use in Relation to COVID-19 (the "Interim Order"). In July 2021, the Company announced it had completed its rolling submission to Health Canada for COVAXIN. The rolling submission process, which permits companies to submit safety and efficacy data and information as they become available, was recommended and accepted under the Interim Order and transitioned to a New Drug Submission for COVID-19. The submission was conducted through the Company's Canadian affiliate, Vaccigen, Ltd. ("Vaccigen"). The Company is evaluating its commercialization strategy for COVAXIN in the United States and Canada, if authorized or approved in either jurisdiction. In June 2021, the Company selected Jubilant HollisterStier as its manufacturing partner for COVAXIN to prepare for the potential commercial manufacturing for the Ocugen Covaxin Territory. The Company expects to enter into a master services agreement with Jubilant HollisterStier for the manufacture of COVAXIN and the technology transfer process to Jubilant HollisterStier has been initiated. See Note 3 for additional information about the terms, rights, and obligations under the Covaxin Agreement. Modifier Gene Therapy Platform The Company is developing a breakthrough modifier gene therapy platform to generate therapies designed to fulfill unmet medical needs in the area of retinal diseases, including inherited retinal diseases ("IRDs") 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. Unlike single-gene replacement therapies, which only target one genetic mutation, the Company believes that its gene therapy platform, through its use of NHRs, represents a novel approach in that it may address multiple retinal diseases with one product. 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 retinitis pigmentosa ("RP") and leber congenital amaurosis ("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 ("NR2E3"), centrosomal protein 290 ("CEP290"), rhodopsin ("RHO"), and phosphodiesterase 6B ("PDE6ß") mutation-associated inherited retinal degenerations. The Company is planning to initiate two parallel Phase 1/2a clinical trials for OCU400 in the United States later this year. OCU400 additionally 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, which the Company believes further supports the potential broad spectrum application of OCU400 to treat many IRDs. The Company is currently evaluating options to commence OCU400 clinical trials in Europe in 2022. The Company's second gene therapy candidate, OCU410, is being developed to utilize the nuclear receptor genes RAR-related orphan receptor A ("RORA") for the treatment of dry AMD. This candidate is currently in preclinical development. The Company is planning to initiate a Phase 1/2a clinical trial for OCU410 in 2022. Novel Biologic Therapy for Retinal Diseases The Company is also conducting preclinical development for its biologic product candidate, OCU200. OCU200 is a novel fusion protein designed to treat diabetic macular edema ("DME"), diabetic retinopathy ("DR"), and wet AMD. The Company had a pre-Investigational New Drug ("IND") meeting with the FDA in November 2020 and received guidance on IND-enabling preclinical studies to support the Phase 1/2a study. The Company has completed the technology transfer of manufacturing processes to the Company's contract development and manufacturing organization ("CDMO") for the manufacture of OCU200. The Company expects to initiate a Phase 1/2a clinical trial in 2022. The Company's CDMO will manufacture the clinical supplies for the Phase 1/2a clinical trial. Going Concern 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 $33.0 million and $7.6 million for the six months ended June 30, 2021 and 2020, respectively. As of June 30, 2021, the Company had an accumulated deficit of $106.3 million and cash, cash equivalents, and restricted cash totaling $115.8 million. The Company has a limited operating history and its prospects are 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 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 by raising additional capital through public and private placements of equity and/or debt, payments from potential strategic research and development arrangements, sale 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 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. As a result of these factors, together with the anticipated increase in spending that will be necessary to continue to 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.

Summary of Significant Accounting Policies

6 Months Ended

Jun. 30, 2021

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

Basis of Presentation and Consolidation

The accompanying condensed consolidated financial statements included herein have been prepared in conformity with accounting principles generally accepted in the United States (“GAAP”) and under the rules and regulations of the United States Securities and Exchange Commission (“SEC”) for interim reporting. The accompanying unaudited condensed consolidated financial statements include all adjustments, consisting of normal recurring adjustments, that are necessary to present fairly the Company’s financial position, results of operations, and cash flows. The condensed consolidated results of operations are not necessarily indicative of the results that may occur for the full fiscal year. Certain information and footnote disclosures of the Company normally included in the financial statements prepared in accordance with GAAP have been condensed or omitted under the SEC’s rules and regulations. These condensed consolidated financial statements should be read in conjunction with the audited financial statements and accompanying notes thereto for the year ended December 31, 2020, included in the Company's Annual Report on Form 10-K filed with the SEC on March 19, 2021 (the "2020 Annual Report").

The condensed consolidated financial statements include the accounts of Ocugen and its wholly owned subsidiaries. All intercompany balances and transactions have been eliminated in consolidation. Certain prior period amounts have been reclassified to conform with current period presentation.

Use of Estimates

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 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 primarily include those used in the accounting for research and development accruals, the fair value measurement of equity instruments, and the collectibility of the note receivable.

Collaboration Arrangements

The Company assesses whether collaboration agreements are subject to Financial Accounting Standards Board ("FASB") Accounting Standards Codification (“ASC”) Topic 808, Collaborative Arrangements (“ASC 808”), based on whether they involve joint operating activities and whether both parties have active participation in the arrangement and are exposed to significant risks and rewards. To the extent that the arrangement falls within the scope of ASC 808, the Company assesses whether the payments between the Company and the collaboration partner are subject to other accounting literature. If payments from the collaboration partner represent consideration from a customer, the Company accounts for those payments within the scope of FASB ASC Topic 606, Revenue from Contracts with Customers. However, if the Company concludes that its collaboration partner is not a customer, the Company will record royalty payments received as collaboration revenue in the period in which the underlying sale occurs and record expenses and expense reimbursements as either research and development expense or general and administrative expense, or a reduction thereof, based on the underlying nature of the expense or expense reimbursement. During the three and six months ended June 30, 2020, the Company recorded collaboration revenue from an agreement accounted for as a collaborative arrangement within the scope of ASC 808. No collaboration revenue was recorded during the three and six months ended June 30, 2021.

Exit and Disposal Activities

The Company records liabilities for one-time termination benefits in accordance with FASB ASC Topic 420, Exit and Disposal Cost Obligations ("ASC 420"). In accordance with ASC 420, an arrangement for one-time termination benefits exists at the date the plan of the termination meets the following criteria: (i) management commits to a plan of termination, (ii) the plan identifies the impacted employees and expected completion date, (iii) the plan identifies the terms of the benefits arrangement, (iv) it is unlikely significant changes to the plan will be made or the plan will be withdrawn, and (v) the plan has been

communicated to employees. Costs for one-time termination benefits in which the employee is required to render service until termination in order to receive the benefits, are recognized ratably over the future service period.

The Company records liabilities for employee termination benefits covered by ongoing benefit arrangements in accordance with FASB ASC Topic 712, Compensation — Nonretirement Postemployment Benefits ("ASC 712"). In accordance with ASC 712, costs for termination benefits under ongoing benefits arrangements are recognized when management has committed to a plan of termination and the costs are probable and estimable.

Severance-related charges, once incurred, are recognized as either research and development expense or general and administrative expense within the condensed consolidated statements of operations and comprehensive loss depending on the job function of the employee.

Fair Value Measurements

The company follows the provisions of the FASB ASC Topic 820, Fair Value Measurements (“ASC 820”), which defines fair value as used in numerous accounting pronouncements, establishes a framework for measuring fair value, and expands disclosure of fair measurements.

The carrying value of certain financial instruments, including cash and cash equivalents, accounts payable, and accrued expenses approximates their fair values due to the short-term nature of these instruments.

ASC 820 defines fair value as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. ASC 820 also establishes a fair value hierarchy, which requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. ASC 820 describes three levels of inputs that may be used to measure fair value:

Level 1 — quoted prices in active markets for identical assets or liabilities

Level 2 — quoted prices for similar assets and liabilities in active markets or inputs that are observable

Level 3 — inputs that are unobservable (for example cash flow modeling inputs based on assumptions)

As of June 30, 2021, the Company believes the fair value using Level 2 inputs of the borrowings under the EB-5 Loan Agreement (as defined in Note 8) approximates its carrying value. See Note 8 for additional information.

Cash, Cash Equivalents, and Restricted Cash

The Company considers all highly liquid investments that have maturities of three months or less when acquired to be cash equivalents. Cash and cash equivalents include bank demand deposits, marketable securities with maturities of three months or less at purchase, and money market funds that invest primarily in certificates of deposit, commercial paper, and U.S. government and U.S. government agency obligations. The Company’s restricted cash balance consists of cash held to collateralize a corporate credit card account.

The following table provides a reconciliation of cash, cash equivalents, and restricted cash in the condensed consolidated balance sheets to the total amount shown in the condensed consolidated statements of cash flows (in thousands):


	As of June 30,
	2021		2020
Cash and cash equivalents	$	115,642	$	14,968
Restricted cash	151		151
Total cash, cash equivalents, and restricted cash	$	115,793	$	15,119

Property and Equipment, Net

Property and equipment is recorded at historical cost. Significant additions or improvements are capitalized, and expenditures for repairs and maintenance are charged to expense as incurred. Gains and losses on disposal of assets are included in the condensed consolidated statements of operations and comprehensive loss. Depreciation is calculated using the straight-line method and is recognized over the expected useful life of the underlying asset. The Company's property and equipment

currently includes office equipment, lab equipment, and leasehold improvements. The Company's office equipment includes computers and other office technology equipment with a useful life of five years as well as furniture and fixtures with a useful life of seven years. The Company's lab equipment has a useful life of five years. Leasehold improvements are amortized over the shorter of their useful lives or the remaining lease term. If a leasehold improvement transfers ownership to the Company at the end of the lease term, the leasehold improvement is amortized over its useful life.

Leases

The Company determines if an arrangement is a lease at inception. This determination generally depends on whether the arrangement conveys to the Company the right to control the use of an explicitly or implicitly identified fixed asset for a period of time in exchange for consideration. Control of an underlying asset is conveyed to the Company if the Company obtains the rights to direct the use of and to obtain substantially all of the economic benefits from using the underlying asset. The Company’s current and historical lease agreements include lease and non-lease components, which the Company has elected not to account for separately for all classes of underlying assets. Lease expense for variable lease components is recognized when the obligation is probable.

Operating leases are included in other assets and operating lease obligations in the Company’s condensed consolidated balance sheets. Operating lease right-of-use assets and liabilities are recognized at the commencement date based on the present value of lease payments over the lease term. Operating lease payments are recognized as lease expense on a straight-line basis over the lease term and recognized as research and development expense or general and administrative expense based on the underlying nature of the expense. The Company primarily leases real estate classified as operating leases. FASB ASC Topic 842, Leases ("ASC 842") requires a lessee to discount its unpaid lease payments using the interest rate implicit in the lease or, if that rate cannot be readily determined, its incremental borrowing rate. The implicit interest rate was not readily determinable in the Company’s current and historical operating leases, therefore the incremental borrowing rate was used based on the information available at the commencement date in determining the present value of lease payments.

The lease term for all of the Company’s leases includes the non-cancellable period of the lease plus any additional periods covered by either an option to extend (or not to terminate) the lease that the Company is reasonably certain to exercise, or an option to extend (or not to terminate) the lease controlled by the lessor.

Lease payments included in the measurement of the lease liability are comprised of fixed payments, variable payments that depend on index or rate, and amounts probable to be payable under the exercise of an option to purchase the underlying asset if reasonably certain.

Variable lease payments not dependent on a rate or index associated with the Company’s leases are recognized when the event, activity, or circumstance is probable. Variable lease payments include the Company's proportionate share of certain utilities and other operating expenses and are presented as operating expenses in the Company’s condensed consolidated statements of operations and comprehensive loss in the same line item as expense arising from fixed lease payments.

Stock-Based Compensation

The Company accounts for its stock-based compensation awards in accordance with FASB ASC Topic 718, Compensation — Stock Compensation (“ASC 718”). The Company has issued stock-based compensation awards consisting of stock options and restricted stock units ("RSUs"). ASC 718 requires all stock-based payments, including grants of stock options and RSUs, to be recognized in the condensed consolidated statements of operations and comprehensive loss based on their grant date fair values. The Company uses the Black-Scholes option-pricing model to determine the fair value of stock options granted. For RSUs, the fair value of the RSUs is determined by the Company’s market price of a share of common stock at the grant date. The Company recognizes forfeitures as they occur.

Compensation expense related to stock-based compensation awards granted with service-based vesting conditions is recognized on a straight-line basis based on the grant date fair value over the associated service period of the award, which is generally the vesting term. Stock-based compensation awards generally vest over a one to three year requisite service period and have a contractual term of 10 years. To the extent a stock-based compensation award is subject to performance-based vesting conditions, the amount of compensation expense recorded reflects an assessment of the probability of achieving the performance conditions. Compensation expense for stock-based compensation awards with performance-based vesting conditions is only recognized when the performance-based vesting condition is deemed probable to occur. Shares issued upon stock option exercise and RSU vesting are newly issued common shares.

Estimating the fair value of stock options requires the input of subjective assumptions, including the expected life of the stock option, stock price volatility, the risk-free interest rate, and expected dividends. The assumptions used in the Company’s Black-Scholes option-pricing model represent management’s best estimates and involve a number of variables, uncertainties, assumptions, and the application of management’s judgment, as they are inherently subjective. If any assumptions change, the Company’s stock-based compensation expense could be materially different in the future.

Recently Adopted Accounting Standards

In December 2019, the FASB issued Accounting Standards Update ("ASU") No. 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes. This standard removes certain exceptions for recognizing deferred taxes for investments, performing intraperiod allocations, and calculating income taxes in interim periods. This standard also adds guidance to reduce complexity in certain areas, including recognizing franchise tax, recognizing deferred taxes for tax goodwill, allocating taxes to the members of a consolidated group, and recognizing the effect of enacted changes in tax laws or rates during an interim period. This standard was effective for the Company on January 1, 2021. The adoption of this standard did not have a material impact on the Company's condensed consolidated financial statements.

Recent Accounting Pronouncements

In May 2021, the FASB issued ASU No. 2021-04, Earnings Per Share (Topic 260), Debt — Modifications and Extinguishments (Subtopic 470-50), Compensation — Stock Compensation (Topic 718), and Derivatives and Hedging — Contracts in Entity’s Own Equity (Subtopic 815-40). This standard will have an effective and transition date of January 1, 2022. This standard clarifies and reduces diversity in an issuer's accounting for modifications or exchanges of freestanding equity-classified written call options, including warrants, that remain equity-classified after modification or exchange. The standard requires an entity to treat a modification or an exchange of a freestanding equity-classified written call option that remains equity-classified after the modification or exchange as an exchange of the original instrument for a new instrument. The standard additionally provides guidance on measuring and recognizing the effect of a modification or an exchange. The Company does not currently expect the adoption of this standard to have a material impact on the Company's condensed consolidated financial statements.

In August 2020, the FASB issued ASU No. 2020-06, Debt — Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging — Contracts in Entity's Own Equity (Subtopic 815-40). This standard will have an effective and transition date of January 1, 2024. Early adoption is currently permitted. This standard simplifies an issuer's accounting for convertible instruments by eliminating two of the three models that require separate accounting for embedded conversion features as well as simplifies the settlement assessment that entities are required to perform to determine whether a contract qualifies for equity classification. This standard also requires entities to use the if-converted method for all convertible instruments in the diluted earnings per share calculation and include the effect of potential share settlement (if the effect is more dilutive) for instruments that may be settled in cash or shares, except for certain liability-classified share-based payment awards. The standard requires new disclosures about events that occur during the reporting period and cause conversion contingencies to be met and about the fair value of a public business entity's convertible debt at the instrument level, among other things. The Company does not currently expect the adoption of this standard to have a material impact on the Company's condensed consolidated financial statements.

In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments — Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments. The FASB subsequently issued amendments to ASU No. 2016-13, which have the same effective date and transition date of January 1, 2023. These require that credit losses be reported using an expected losses model rather than the incurred losses model that is currently used, and establishes additional disclosures related to credit risks. For available-for-sale debt securities with unrealized losses, these standards now require allowances to be recorded instead of reducing the amortized cost of the investment. These standards limit the amount of credit losses to be recognized for available-for-sale debt securities to the amount by which carrying value exceeds fair value and requires the reversal of previously recognized credit losses if fair value increases. The Company does not currently expect the adoption of this standard to have a material impact on the Company's condensed consolidated financial statements.

License and Development Agreements	6 Months Ended
License and Development Agreements	Jun. 30, 2021
Revenue from Contract with Customer [Abstract]
License and Development Agreements	License and Development AgreementsThe Company entered into the Covaxin Agreement with Bharat Biotech to co-develop COVAXIN, a whole-virion inactivated COVID-19 vaccine being developed to prevent COVID-19 infection, for the U.S. and Canadian markets. The Covaxin Agreement was originally entered into in February 2021 with respect to the U.S. market and was subsequently amended in June 2021 to add rights to the Canadian market. Pursuant to the Covaxin Agreement, 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 in the Ocugen Covaxin Territory. In consideration of the license and other rights granted by Bharat Biotech to the Company, the parties agreed to share any profits generated from the commercialization of COVAXIN in the Ocugen Covaxin Territory, with the Company retaining 45% of such profits, and Bharat Biotech receiving the balance of such profits. In consideration of the expansion of the Ocugen Covaxin Territory to include Canada, the Company paid Bharat Biotech a non-refundable, up-front payment of $15.0 million in June 2021, which was recognized as research and development expense in the condensed consolidated statements of operations and comprehensive loss during the three and six months ended June 30, 2021. The Company additionally agreed to pay Bharat Biotech $10.0 million within 30 days after the first commercial sale of COVAXIN in Canada. The Covaxin Agreement is a collaboration arrangement within the scope of ASC 808. Under the Covaxin Agreement, the Company and Bharat Biotech will collaborate to develop COVAXIN for their respective territories. Except with respect to manufacturing rights under certain circumstances as described below, the Company has the exclusive right and is solely responsible for researching, developing, manufacturing, and commercializing COVAXIN for the Ocugen Covaxin Territory. Bharat Biotech has the exclusive right and is solely responsible for researching, developing, manufacturing, and commercializing COVAXIN outside of the Ocugen Covaxin Territory. Bharat Biotech has agreed to provide to the Company all preclinical and clinical data, and to transfer to the Company certain proprietary technology owned or controlled by Bharat Biotech, that is necessary for the successful commercial manufacture and supply of COVAXIN to support commercial sale in the Ocugen Covaxin Territory. In certain circumstances set forth in the Covaxin Agreement, and until the Company is capable and primarily responsible for the manufacture and supply of COVAXIN for the Ocugen Covaxin Territory, Bharat Biotech has the exclusive right to manufacture COVAXIN for the Ocugen Covaxin Territory and is responsible for manufacturing and supplying clinical testing materials required for the Company’s development activities, and all of the Company’s requirements of commercial quantities of COVAXIN. The parties expect to enter into supply agreements setting forth the terms of such supply. Bharat Biotech has agreed to provide a specified minimum number of doses in calendar year 2021. In March 2021, the Company issued shares of Series B Convertible Preferred Stock (as defined in Note 9) as an advance payment for the supply of COVAXIN to be provided by Bharat Biotech under an expected future supply agreement. See Note 9 for additional information about the Series B Convertible Preferred Stock issuance to Bharat Biotech. In June 2021, the Company selected Jubilant HollisterStier as its manufacturing partner for COVAXIN to prepare for the potential commercial manufacturing of COVAXIN for the Ocugen Covaxin Territory. The Company expects to enter into a master services agreement with Jubilant HollisterStier for the manufacture of COVAXIN and the technology transfer process to Jubilant HollisterStier has been initiated. The Covaxin Agreement continues in effect for the commercial life of COVAXIN, subject to the earlier termination of the Covaxin Agreement in accordance with its terms. The Covaxin Agreement also contains customary representations and warranties made by both parties and customary provisions relating to indemnification, limitation of liability, confidentiality, information and data sharing, and other matters.

Notes Receivable	6 Months Ended
Notes Receivable	Jun. 30, 2021
Receivables [Abstract]
Notes Receivable	Notes Receivable On April 13, 2021, the Company received a promissory note in the principal amount of $0.8 million from a company in connection with a potential collaboration. The promissory note bore interest at a rate per annum of 5% and the outstanding principal balance of the promissory note plus any accrued and unpaid interest thereon was payable in full on April 13, 2022 (the "Maturity Date"). Effective July 2021, the Company accepted an amended and restated promissory note (as so amended and restated, the "Promissory Note") pursuant to which the parties agreed to extend the Maturity Date of the Promissory Note to June 30, 2022 and increase the interest rate per annum to 9% with quarterly interest payments. The Promissory Note may be prepaid in whole or in part at any time, together with accrued and unpaid interest. The Promissory Note contains customary covenants and events of default, including, among others, failure to make payment, breach of agreement, and bankruptcy. The Company has evaluated the probability of collecting the full principal and accrued interest balance under the terms of the Promissory Note and has determined that collection is not probable. During the three and six months ended June 30, 2021, the Company wrote off the full principal and accrued interest balance of the Promissory Note and recorded the write-off as a loss within other income (expense) within the condensed consolidated statements of operations and comprehensive loss.

Property and Equipment

6 Months Ended

Jun. 30, 2021

Property, Plant and Equipment [Abstract]

Property and Equipment

The following table provides a summary of the major components of property and equipment as reflected on the condensed consolidated balance sheets (in thousands):


	June 30, 2021		December 31, 2020
Office equipment	$	307	$	166
Lab equipment	749		452
Leasehold improvements	163		177
Financing lease right-of-use asset	—		64
Total property and equipment	1,219		859
Less: accumulated depreciation	(275)		(226)
Total property and equipment, net	$	944	$	633

Operating Leases

6 Months Ended

Jun. 30, 2021

Commitments and Contingencies Disclosure [Abstract]

Operating Leases

The Company has commitments under an operating lease with WPT Land 2 LP (the “Landlord”) for certain facilities used in its operations including for the use of laboratory, office, and storage space located in Malvern, Pennsylvania (the “Lease Agreement”). The Lease Agreement was determined to have two lease components per ASC 842, a laboratory space lease component (the "Initial Premises") and an office, storage, and future expanded laboratory space lease component (the "Expansion Premises"), with varying commencement dates. The Initial Premises commencement date occurred in December 2020 and the Expansion Premises commencement date occurred in January 2021. The Lease Agreement has an initial term of seven years and the Company has the option to extend the Lease Agreement for one additional five-year term. The option for extension has been excluded from the lease term (and lease liability) for the Lease Agreement as it is not reasonably certain that the Company will exercise such option.

The Company had a former lease agreement with the Landlord for the Company's former office space. Pursuant to the terms of the Lease Agreement, the Company terminated the former lease agreement with the Landlord without penalty upon the commencement of the Expansion Premises in January 2021.

The components of lease expense were as follows (in thousands):


	Three months ended June 30,				Six months ended June 30,
	2021		2020		2021		2020
Operating lease cost	$	66	$	48	$	134	$	95
Variable lease cost	22		20		52		42
Total lease cost	$	88	$	68	$	186	$	137

Supplemental balance sheet information related to leases was as follows (in thousands):


	June 30, 2021		December 31, 2020
Right-of-use assets, net	$	1,480	$	434

Current lease obligations	$	168	$	44
Non-current lease obligations	1,328		389
Total lease liabilities	$	1,496	$	433

Supplemental information related to leases was as follows:


	Six months ended June 30,
	2021		2020
Weighted-average remaining lease term — operating leases (years)	6.4		1.5
Weighted-average discount rate — operating leases	4.6	%	7.6	%

Future minimum operating lease base rent payments are approximately as follows (in thousands):


For the Years Ending December 31,	Amount
Remainder of 2021	$	102
2022	252
2023	261
2024	269
2025	277
Thereafter	578
Total	$	1,739
Less: present value adjustment	(243)
Present value of minimum lease payments	$	1,496

Operating Leases

The components of lease expense were as follows (in thousands):


	Three months ended June 30,				Six months ended June 30,
	2021		2020		2021		2020
Operating lease cost	$	66	$	48	$	134	$	95
Variable lease cost	22		20		52		42
Total lease cost	$	88	$	68	$	186	$	137

Supplemental balance sheet information related to leases was as follows (in thousands):


	June 30, 2021		December 31, 2020
Right-of-use assets, net	$	1,480	$	434

Current lease obligations	$	168	$	44
Non-current lease obligations	1,328		389
Total lease liabilities	$	1,496	$	433

Supplemental information related to leases was as follows:


	Six months ended June 30,
	2021		2020
Weighted-average remaining lease term — operating leases (years)	6.4		1.5
Weighted-average discount rate — operating leases	4.6	%	7.6	%

Future minimum operating lease base rent payments are approximately as follows (in thousands):


For the Years Ending December 31,	Amount
Remainder of 2021	$	102
2022	252
2023	261
2024	269
2025	277
Thereafter	578
Total	$	1,739
Less: present value adjustment	(243)
Present value of minimum lease payments	$	1,496

Accrued Expenses and Other Current Liabilities

6 Months Ended

Jun. 30, 2021

Accrued Liabilities, Current [Abstract]

Accrued Expenses and Other Current Liabilities

Accrued expenses and other current liabilities are as follows (in thousands):


	June 30, 2021		December 31, 2020
Research and development	$	814	$	512
Clinical	106		117
Professional fees	1,907		405
Employee-related	647		963
Severance-related (1)	197		712
Other	199		232
Total accrued expenses and other current liabilities	$	3,870	$	2,941

_______________________

(1) In June 2020, the Company communicated notice to five employees of the termination of their employment as a result of the discontinuation of a product candidate. This reduction represented one-third of the Company’s workforce at the time of communication. All terminations were “without cause” and each employee received termination benefits upon departure. The termination dates varied for each employee and ranged from June 30, 2020 to December 31, 2020. The Company recognized no severance-related charges and a de minimis amount of severance-related charges during the three and six months ended June 30, 2021, respectively. The Company recognized severance-related charges of $0.5 million within research and development expense and $0.2 million within general and administrative expense during the three and six months ended June 30, 2020, respectively. The Company made severance payments of $0.2 million and $0.5 million during the three and six months ended June 30, 2021, respectively. The Company made a de minimis amount of severance payments during the three and six months ended June 30, 2020. The Company expects to pay severance benefits of $0.2 million throughout the remainder of 2021.

Debt

6 Months Ended

Jun. 30, 2021

Debt Disclosure [Abstract]

Debt

The following table provides a summary of the carrying values for the components of debt as reflected on the condensed consolidated balance sheets (in thousands):


	June 30, 2021		December 31, 2020
PPP Note	$	—	$	421
EB-5 Loan Agreement	1,674		1,636
Total carrying value of debt, net	$	1,674	$	2,057

PPP Note

In April 2020, the Company was granted a loan from Silicon Valley Bank ("SVB"), in the amount of $0.4 million, pursuant to the Paycheck Protection Program (the “PPP”) of the Coronavirus Aid, Relief and Economic Security Act of 2020 (the “CARES Act”). Under the PPP, the loan was eligible for forgiveness to the extent the funds received were used for qualifying expenses as described by the CARES Act. The loan was in the form of a promissory note dated April 30, 2020 in favor of SVB (the "PPP Note"). The PPP Note had a maturity date of April 30, 2022 and bore interest at a rate of 1.0% per annum. The Company did not provide any collateral or guarantees for the loan, nor did the Company pay any facility charge to obtain the loan. The PPP Note provided for customary events of default, including, among others, failure to make payment, bankruptcy, breaches of representations, and material adverse events. In May 2021, the Company received notice from the Small Business Administration (the "SBA") that the PPP Note was forgiven in its entirety, including both principal and accrued interest. The Company recognized a $0.4 million gain on loan extinguishment within other income (expense) for the forgiveness of the PPP Note within the condensed consolidated statements of operations and comprehensive loss for the three and six months ended June 30, 2021.

EB-5 Loan Agreement

In September 2016, pursuant to the U.S. government’s Immigrant Investor Program, commonly known as the EB-5 program (the “EB-5 Program”), the Company entered into an arrangement (the “EB-5 Loan Agreement”) to borrow up to $10.0 million from EB5 Life Sciences, L.P. (“EB-5 Life Sciences”) in $0.5 million increments. Borrowing may be limited by the amount of funds raised by the EB-5 Life Sciences and are subject to certain job creation requirements by the Company. Borrowings are at a fixed interest rate of 4.0% per annum and are to be utilized in the clinical development, manufacturing, and commercialization of the Company’s product candidates and for the general working capital needs of the Company. Outstanding borrowings pursuant to the EB-5 Loan Agreement, including accrued interest, become due upon the seventh anniversary of the final disbursement. Amounts repaid cannot be re-borrowed. The EB-5 Loan Agreement borrowings are secured by substantially all assets of the Company, except for any patents, patent applications, pending patents, patent licenses, patent sublicenses, trademarks, and other intellectual property rights.

Under the terms and conditions of the EB-5 Loan Agreement, the Company borrowed $1.0 million in 2016 and an additional $0.5 million in March 2020. Issuance costs were recognized as a reduction to the loan balance and are amortized to interest expense over the term of the loan.

The carrying values of the EB-5 Loan Agreement borrowings as of June 30, 2021 and December 31, 2020 are summarized below (in thousands):


	June 30, 2021		December 31, 2020
Principal outstanding	$	1,500	$	1,500
Plus: accrued interest	211		181
Less: unamortized debt issuance costs	(37)		(45)
Carrying value	$	1,674	$	1,636

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
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-Paragraph 1B
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
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-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(c))
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-Paragraph 1C
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495334-112611

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611

+ Details

Equity	6 Months Ended
Equity	Jun. 30, 2021
Equity [Abstract]
Equity	Equity COVAXIN Preferred Stock Purchase Agreement On March 1, 2021, the Company entered into a preferred stock purchase agreement, pursuant to which the Company agreed to issue and sell 0.1 million shares of the Company’s Series B Convertible Preferred Stock, par value $0.01 per share (the “Series B Convertible Preferred Stock”), at a price per share equal to $109.60, to Bharat Biotech. On March 18, 2021, the Company issued the Series B Convertible Preferred Stock as an advance payment for the supply of COVAXIN to be provided by Bharat Biotech pursuant to a supply agreement expected to be entered into with respect to the parties' Covaxin Agreement (the "Supply Agreement"). Each share of Series B Convertible Preferred Stock is convertible, at the option of Bharat Biotech, into 10 shares of the Company’s common stock (the "Conversion Ratio") only after (i) the Company has received stockholder approval to increase the number of authorized shares of common stock under its Sixth Amended and Restated Certificate of Incorporation and (ii) the Company’s receipt of shipments by Bharat Biotech of the first 10.0 million doses of COVAXIN manufactured by Bharat Biotech pursuant to the Supply Agreement, and further on the terms and subject to the conditions set forth in the Certificate of Designation of Preferences, Rights and Limitations of Series B Convertible Preferred Stock (the "Certificate of Designation"). In April 2021, the Company's stockholders approved an increase in the number of the Company's authorized shares of common stock from 200.0 million to 295.0 million. As of June 30, 2021, the conversion condition relating to the delivery of the first 10.0 million doses of COVAXIN had not been met. The conversion rate of the Series B Convertible Preferred Stock is subject to adjustment in the event of a stock dividend, stock split, reclassification, or similar event with respect to the Company’s common stock. Bharat Biotech is entitled to receive dividends on the Series B Convertible Preferred Stock equal (on an as-converted to common stock basis) to and in the same form as dividends actually paid on shares of common stock, when and if such dividends are paid. Except as provided by law and certain protective provisions set forth in the Certificate of Designation, the Series B Convertible Preferred Stock has no voting rights. Upon a liquidation or dissolution of the Company, holders of Series B Convertible Preferred Stock would be entitled to receive the same amount that a holder of common stock would receive if the Series B Convertible Preferred Stock were fully converted to common stock. The Company accounted for the issuance of the Series B Convertible Preferred Stock in accordance with ASC 718 and recorded the fair value of $5.0 million within equity during the six months ended June 30, 2021, with a corresponding short-term asset for the advanced payment for the doses of COVAXIN. The Company utilized the traded common stock price, adjusted by the Conversion Ratio, to value the Series B Convertible Preferred Stock and the Finnerty model to estimate a 15% discount rate for the lack of marketability of the instrument. The valuation incorporates Level 3 inputs in the fair value hierarchy, including the estimated time until the instrument's liquidity and estimated volatility of the Company's common stock as of the grant date. Registered Direct Offerings On April 23, 2021, the Company entered into a securities purchase agreement with certain institutional investors pursuant to which the Company agreed to issue and sell in a registered direct offering (the "April 2021 Registered Direct Offering") an aggregate of 10.0 million shares of the Company's common stock at an offering price of $10.00 per share. The closing of the April 2021 Registered Direct Offering occurred on April 27, 2021 and the Company received net proceeds of $93.4 million after deducting equity issuance costs of $6.6 million. On February 7, 2021, the Company entered into a securities purchase agreement with certain institutional investors pursuant to which the Company agreed to issue and sell in a registered direct offering (the "February 2021 Registered Direct Offering") an aggregate of 3.0 million shares of the Company's common stock at an offering price of $7.65 per share. The closing of the February 2021 Registered Direct Offering occurred on February 10, 2021 and the Company received net proceeds of $21.2 million after deducting equity issuance costs of $1.7 million. At-the-Market Offerings The Company commenced three separate at-the-market offerings ("ATMs") in May 2020 (the "May 2020 ATM"), June 2020 (the "June 2020 ATM"), and August 2020 (the "August 2020 ATM"). The offerings were made pursuant to the Company's effective "shelf" registration statement on Form S-3 filed with the SEC on March 27, 2020, the base prospectus contained therein dated May 5, 2020, and the prospectus supplements related to the offerings dated May 8, 2020, June 12, 2020, and August 17, 2020. During the six months ended June 30, 2021, the Company sold 1.0 million shares of the Company's common stock under the August 2020 ATM and received net proceeds of $4.8 million after deducting equity issuance costs of $0.1 million. During the three and six months ended June 30, 2020, the Company sold an aggregate of 59.1 million shares of common stock under the May 2020 ATM and June 2020 ATM and received net proceeds of $15.4 million after deducting equity issuance costs of $0.7 million. Subscription Agreements In June 2020, the Company entered into a subscription agreement with an accredited investor for the issuance of 1.3 million shares of the Company's common stock in a private placement. The shares of common stock were issued as part of a transaction in settlement of an outstanding obligation of the Company to the accredited investor, in which (i) the Company agreed to make certain cash payments, (ii) the Company issued the 1.3 million shares of common stock in exchange for the accredited investor's agreement to cancel $0.3 million of the outstanding obligation, and (iii) the accredited investor agreed to cancel an additional portion of the amount owed by the Company representing a discount of $0.2 million. In April 2020, the Company entered into a subscription agreement with an accredited investor for the issuance of 1,000 shares of the Company's common stock in a private placement for an aggregate offering price of $395 (the "April 2020 Subscription Agreement").

- Definition

The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income.

+ References

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+ Details

Warrants	6 Months Ended
Warrants	Jun. 30, 2021
Equity [Abstract]
Warrants	Warrants SPA Warrants In October 2019, the Company issued three series of warrants to purchase shares of the Company’s common stock (the “Series A Warrants,” the “Series B Warrants”, and the “Series C Warrants” and collectively, the “SPA Warrants”) under a securities purchase agreement with certain accredited investors. As of June 30, 2021 and December 31, 2020, no SPA Warrants were outstanding. In April 2020, the Company entered into the April 2020 Subscription Agreement, as discussed within Note 9, which represented a dilutive issuance as defined by the Series A Warrants and resulted in adjustments to the number of issuable Series A Warrants and the exercise price of the Series A Warrants. Immediately prior to the Company entering into the April 2020 Subscription Agreement, 8.8 million Series A Warrants, 1,000 Series B Warrants, and 1,000 Series C Warrants were outstanding. Contemporaneously with the April 2020 Subscription Agreement, the Company and OpCo entered into Amendment and Exchange Agreements (each an "Exchange Agreement" and collectively, the "Exchange Agreements") with the accredited investors. Pursuant to the Exchange Agreements, the Company, OpCo, and the accredited investors agreed, among other things, after giving effect to the dilutive issuance, to amend the Series A Warrants to provide for an adjustment to the number of common stock issuable upon the exercise of the Series A Warrants. Concurrently with such amendments, the accredited investors exchanged the Series A Warrants for (i) an aggregate of 21.9 million shares of common stock and (ii) a promissory notes of $5.6 million (the "Warrant Exchange Promissory Notes" and collectively with the common stock issued, the "Warrant Exchange"). During the three and six months ended June 30, 2020, the Company made payments to the Warrant Exchange Promissory Note holders of $1.1 million. As of December 31, 2020, the Warrant Exchange Promissory Notes had been repaid in full. Immediately following the consummation of the Warrant Exchange and the concurrent exercise of the remaining Series B Warrants and Series C Warrants, there were no SPA Warrants outstanding. The Company accounted for the Warrant Exchange by recognizing the fair value of the consideration transferred in excess of the carrying value of the Series A Warrants as a reduction of additional paid-in capital. The fair value of the Series A Warrants immediately prior to the Warrant Exchange was $1.1 million, which was estimated using a Black-Scholes valuation model utilizing Level 3 inputs. The fair value of the consideration transferred to settle the Series A Warrants was approximately $13.6 million, comprised of $8.6 million in shares of common stock and the fair value of the Warrant Exchange Promissory Notes of $5.0 million. The fair value of consideration transferred to settle the Series A Warrants was in excess of the fair value of the Series A Warrants immediately prior to the Warrant Exchange by approximately $12.5 million. The excess consideration was accounted for as a deemed dividend to the Series A Warrant holders and was reflected as an additional net loss to common stockholders in the calculation of basic and diluted net loss per common share for the three and six months ended June 30, 2020. OpCo Warrants Prior to 2018, OpCo issued warrants to purchase the Company's common stock (the "OpCo Warrants") to investors of the Company pursuant to a stockholders' agreement and to two employees of the Company pursuant to their respective employment agreements. As of June 30, 2021 and December 31, 2020, 0.8 million and 0.9 million OpCo Warrants were outstanding, respectively. As of June 30, 2021 the outstanding OpCo Warrants had a weighted-average exercise price of $4.97. The outstanding OpCo Warrants expire between 2026 and 2027.

Stock-based Compensation

6 Months Ended

Jun. 30, 2021

Share-based Payment Arrangement [Abstract]

Stock-based Compensation

Stock-Based Compensation

Stock-based compensation expense for stock options and RSUs is reflected in the condensed consolidated statements of operations and comprehensive loss as follows (in thousands):


	Three months ended June 30,				Six months ended June 30,
	2021		2020		2021		2020
General and administrative	$	1,527	$	44	$	2,117	$	148
Research and development	568		105		811		223
Total	$	2,095	$	149	$	2,928	$	371

Stock-based compensation expense during the three and six months ended June 30, 2021 included $1.1 million of expense related to stock options with performance-based vesting conditions. No stock-based compensation expense during the three and six months ended June 30, 2020 was related to stock options with performance-based vesting conditions. As of June 30, 2021, the Company had $14.1 million of unrecognized stock-based compensation expense related to options and RSUs outstanding. This expense is expected to be recognized over a weighted-average period of 2.2 years as of June 30, 2021.

Equity Plans

The Company maintains two equity compensation plans, the 2014 Ocugen OpCo, Inc. Stock Option Plan (the “2014 Plan”) and the Ocugen, Inc. 2019 Equity Incentive Plan (the “2019 Plan”, collectively with the 2014 Plan, the "Plans"). As of June 30, 2021, the 2014 Plan and 2019 Plan authorizes for the granting of up to 0.8 million and 11.5 million equity awards in respect to the Company's common stock, respectively. In addition to options and RSUs granted under the Plans, the Company has granted certain options and RSUs as material inducements to employment in accordance with Nasdaq Listing Rule 5635(c)(4), which were granted outside of the Plans.

Options to Purchase Common Stock

The following table summarizes the stock option activity:


	Number of Shares	Weighted-Average Exercise Price		Weighted-Average Remaining Contractual Life (years)	Aggregate Intrinsic Value (in thousands)
Options outstanding at December 31, 2020	4,224,433	$	0.84	8.9	$	5,496
Granted	7,097,300	$	3.13		$	—
Exercised	(668,666)	$	0.82		$	6,439
Forfeited	(274,220)	$	2.96		$	1,146
Options outstanding at June 30, 2021	10,378,847	$	2.35	9.2	$	59,563
Options exercisable at June 30, 2021	1,110,116	$	1.47	8.0	$	7,441

Options not yet exercisable as of June 30, 2021 includes 1.5 million stock options with performance-based vesting conditions. Options not yet exercisable as of June 30, 2020 includes no stock options with performance-based vesting conditions. The weighted-average grant date fair values of stock options granted during the three and six months ended June 30, 2021 were $4.98 and $2.60, respectively. The weighted-average grant date fair values of stock options granted during the three and six months ended June 30, 2020 were $0.28 and $0.34, respectively. The total fair value of stock options vested during the three

and six months ended June 30, 2021 was $0.3 million and $0.6 million, respectively. The total fair value of stock options vested during the three and six months ended June 30, 2020 was $0.1 million and $0.2 million, respectively.

RSUs

The following table summarizes the RSU activity:


	Number of Shares	Weighted- Average Grant-Date Fair Value		Aggregate Intrinsic Value (in thousands)
RSUs outstanding at December 31, 2020	—	$	—	$	—
Granted	117,601	$	6.48	$	839
Forfeited	(900)	$	8.75	$	6
RSUs outstanding at June 30, 2021	116,701	$	6.47	$	937

Net Loss Per Share of Common Stock

6 Months Ended

Jun. 30, 2021

Earnings Per Share [Abstract]

Net Loss Per Share of Common Stock

The following table sets forth the computation of basic and diluted earnings per share for the three and six months ended June 30, 2021 and 2020 (in thousands, except share and per share amounts):


	Three months ended June 30,				Six months ended June 30,
	2021		2020		2021		2020
Net loss — basic and diluted	$	(25,952)	$	(3,614)	$	(33,029)	$	(7,558)
Deemed dividend related to Warrant Exchange	—		(12,546)		—		(12,546)
Net loss to common stockholders	$	(25,952)	$	(16,160)	$	(33,029)	$	(20,104)
Shares used in calculating net loss per common share — basic and diluted	195,572,189		83,537,463		190,960,775		68,082,346
Net loss per common share — basic and diluted	$	(0.13)	$	(0.19)	$	(0.17)	$	(0.30)

The following potentially dilutive securities have been excluded from the computation of diluted weighted-average shares outstanding, as their inclusion would have been antidilutive:


	Three months ended June 30,		Six months ended June 30,
	2021	2020	2021	2020
Options to purchase common stock	10,378,847	4,503,961	10,378,847	4,503,961
RSUs	116,701	—	116,701	—
Warrants	774,137	870,017	774,137	870,017
Series A Convertible Preferred Stock (as converted to common stock)	3,115	—	3,115	—
Series B Convertible Preferred Stock (as converted to common stock)	547,450	—	547,450	—
Total	11,820,250	5,373,978	11,820,250	5,373,978

Commitments and Contingencies	6 Months Ended
Commitments and Contingencies	Jun. 30, 2021
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Commitments The Company has commitments under certain license agreements, lease agreements, debt agreements, and separation agreements. Commitments under certain license agreements primarily include annual payments, payments upon the achievement of certain milestones, and royalty payments based on net sales of licensed products. Commitments under the Company's licensing agreements are more fully described within Note 3 and within the Company's 2020 Annual Report. Commitments under lease agreements are future minimum lease payments for operating leases. See Note 6 for additional information about commitments under lease agreements. Commitments under debt agreements are the future payment of principal and accrued interest under the EB-5 Loan Agreement. See Note 8 for additional information about commitments under debt agreements. Commitments under separation agreements are severance payments to be paid throughout the remainder of 2021 as a result of the reduction in force in connection with the Company's discontinuation of a product candidate. See Note 7 for additional information about commitments under separation agreements. Contingencies On June 17, 2021, a securities class action lawsuit was filed against the Company and certain of its officers and directors in the U.S. District Court for the Eastern District of Pennsylvania (Case No. 2:21-cv-02725) that purported to state a claim for alleged violations of Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5 promulgated thereunder, based on statements made by the Company concerning the announcement of the Company's decision to pursue the submission of a BLA for COVAXIN rather than pursuing EUA for the vaccine candidate. On July 16, 2021, a second securities class action complaint was filed against the Company and certain of its officers and directors in the U.S. District Court for the Eastern District of Pennsylvania (Case No. 2:21-cv-03182) that also purported to state a claim for alleged violations of Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5 promulgated thereunder, based on same statements as the first complaint. The complaints seek unspecified damages, interest, attorneys’ fees, and other costs. The Company believes that the lawsuits are without merit and intends to vigorously defend against them. At this time, no assessment can be made as to their likely outcome or whether the outcome will be material to the Company. No information is available to indicate that it is probable that a loss has been incurred and can be reasonably estimated as of the date of the condensed consolidated financial statements and, as such, no accrual for the loss has been recorded within the condensed consolidated financial statements.

Summary of Significant Accounting Policies (Policies)	6 Months Ended
Summary of Significant Accounting Policies (Policies)	Jun. 30, 2021
Accounting Policies [Abstract]
Basis of Presentation and Consolidation	Basis of Presentation and Consolidation The accompanying condensed consolidated financial statements included herein have been prepared in conformity with accounting principles generally accepted in the United States (“GAAP”) and under the rules and regulations of the United States Securities and Exchange Commission (“SEC”) for interim reporting. The accompanying unaudited condensed consolidated financial statements include all adjustments, consisting of normal recurring adjustments, that are necessary to present fairly the Company’s financial position, results of operations, and cash flows. The condensed consolidated results of operations are not necessarily indicative of the results that may occur for the full fiscal year. Certain information and footnote disclosures of the Company normally included in the financial statements prepared in accordance with GAAP have been condensed or omitted under the SEC’s rules and regulations. These condensed consolidated financial statements should be read in conjunction with the audited financial statements and accompanying notes thereto for the year ended December 31, 2020, included in the Company's Annual Report on Form 10-K filed with the SEC on March 19, 2021 (the "2020 Annual Report").
Principles of Consolidation	The condensed consolidated financial statements include the accounts of Ocugen and its wholly owned subsidiaries. All intercompany balances and transactions have been eliminated in consolidation. Certain prior period amounts have been reclassified to conform with current period presentation.
Use of Estimates	Use of Estimates 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 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 primarily include those used in the accounting for research and development accruals, the fair value measurement of equity instruments, and the collectibility of the note receivable.
Collaboration Arrangements	Collaboration Arrangements The Company assesses whether collaboration agreements are subject to Financial Accounting Standards Board ("FASB") Accounting Standards Codification (“ASC”) Topic 808, Collaborative Arrangements (“ASC 808”), based on whether they involve joint operating activities and whether both parties have active participation in the arrangement and are exposed to significant risks and rewards. To the extent that the arrangement falls within the scope of ASC 808, the Company assesses whether the payments between the Company and the collaboration partner are subject to other accounting literature. If payments from the collaboration partner represent consideration from a customer, the Company accounts for those payments within the scope of FASB ASC Topic 606, Revenue from Contracts with Customers. However, if the Company concludes that its collaboration partner is not a customer, the Company will record royalty payments received as collaboration revenue in the period in which the underlying sale occurs and record expenses and expense reimbursements as either research and development expense or general and administrative expense, or a reduction thereof, based on the underlying nature of the expense or expense reimbursement. During the three and six months ended June 30, 2020, the Company recorded collaboration revenue from an agreement accounted for as a collaborative arrangement within the scope of ASC 808. No collaboration revenue was recorded during the three and six months ended June 30, 2021.
Exit and Disposal Activities	Exit and Disposal Activities The Company records liabilities for one-time termination benefits in accordance with FASB ASC Topic 420, Exit and Disposal Cost Obligations ("ASC 420"). In accordance with ASC 420, an arrangement for one-time termination benefits exists at the date the plan of the termination meets the following criteria: (i) management commits to a plan of termination, (ii) the plan identifies the impacted employees and expected completion date, (iii) the plan identifies the terms of the benefits arrangement, (iv) it is unlikely significant changes to the plan will be made or the plan will be withdrawn, and (v) the plan has been communicated to employees. Costs for one-time termination benefits in which the employee is required to render service until termination in order to receive the benefits, are recognized ratably over the future service period. The Company records liabilities for employee termination benefits covered by ongoing benefit arrangements in accordance with FASB ASC Topic 712, Compensation — Nonretirement Postemployment Benefits ("ASC 712"). In accordance with ASC 712, costs for termination benefits under ongoing benefits arrangements are recognized when management has committed to a plan of termination and the costs are probable and estimable. Severance-related charges, once incurred, are recognized as either research and development expense or general and administrative expense within the condensed consolidated statements of operations and comprehensive loss depending on the job function of the employee.
Fair Value Measurements	Fair Value Measurements The company follows the provisions of the FASB ASC Topic 820, Fair Value Measurements (“ASC 820”), which defines fair value as used in numerous accounting pronouncements, establishes a framework for measuring fair value, and expands disclosure of fair measurements. The carrying value of certain financial instruments, including cash and cash equivalents, accounts payable, and accrued expenses approximates their fair values due to the short-term nature of these instruments. ASC 820 defines fair value as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. ASC 820 also establishes a fair value hierarchy, which requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. ASC 820 describes three levels of inputs that may be used to measure fair value: Level 1 — quoted prices in active markets for identical assets or liabilities Level 2 — quoted prices for similar assets and liabilities in active markets or inputs that are observable Level 3 — inputs that are unobservable (for example cash flow modeling inputs based on assumptions) As of June 30, 2021, the Company believes the fair value using Level 2 inputs of the borrowings under the EB-5 Loan Agreement (as defined in Note 8) approximates its carrying value. See Note 8 for additional information.
Cash, Cash Equivalents and Restricted Cash	Cash, Cash Equivalents, and Restricted Cash The Company considers all highly liquid investments that have maturities of three months or less when acquired to be cash equivalents. Cash and cash equivalents include bank demand deposits, marketable securities with maturities of three months or less at purchase, and money market funds that invest primarily in certificates of deposit, commercial paper, and U.S. government and U.S. government agency obligations. The Company’s restricted cash balance consists of cash held to collateralize a corporate credit card account.
Property and Equipment, Net	Property and Equipment, Net Property and equipment is recorded at historical cost. Significant additions or improvements are capitalized, and expenditures for repairs and maintenance are charged to expense as incurred. Gains and losses on disposal of assets are included in the condensed consolidated statements of operations and comprehensive loss. Depreciation is calculated using the straight-line method and is recognized over the expected useful life of the underlying asset. The Company's property and equipment currently includes office equipment, lab equipment, and leasehold improvements. The Company's office equipment includes computers and other office technology equipment with a useful life of five years as well as furniture and fixtures with a useful life of seven years. The Company's lab equipment has a useful life of five years. Leasehold improvements are amortized over the shorter of their useful lives or the remaining lease term. If a leasehold improvement transfers ownership to the Company at the end of the lease term, the leasehold improvement is amortized over its useful life.
Leases	Leases The Company determines if an arrangement is a lease at inception. This determination generally depends on whether the arrangement conveys to the Company the right to control the use of an explicitly or implicitly identified fixed asset for a period of time in exchange for consideration. Control of an underlying asset is conveyed to the Company if the Company obtains the rights to direct the use of and to obtain substantially all of the economic benefits from using the underlying asset. The Company’s current and historical lease agreements include lease and non-lease components, which the Company has elected not to account for separately for all classes of underlying assets. Lease expense for variable lease components is recognized when the obligation is probable. Operating leases are included in other assets and operating lease obligations in the Company’s condensed consolidated balance sheets. Operating lease right-of-use assets and liabilities are recognized at the commencement date based on the present value of lease payments over the lease term. Operating lease payments are recognized as lease expense on a straight-line basis over the lease term and recognized as research and development expense or general and administrative expense based on the underlying nature of the expense. The Company primarily leases real estate classified as operating leases. FASB ASC Topic 842, Leases ("ASC 842") requires a lessee to discount its unpaid lease payments using the interest rate implicit in the lease or, if that rate cannot be readily determined, its incremental borrowing rate. The implicit interest rate was not readily determinable in the Company’s current and historical operating leases, therefore the incremental borrowing rate was used based on the information available at the commencement date in determining the present value of lease payments. The lease term for all of the Company’s leases includes the non-cancellable period of the lease plus any additional periods covered by either an option to extend (or not to terminate) the lease that the Company is reasonably certain to exercise, or an option to extend (or not to terminate) the lease controlled by the lessor. Lease payments included in the measurement of the lease liability are comprised of fixed payments, variable payments that depend on index or rate, and amounts probable to be payable under the exercise of an option to purchase the underlying asset if reasonably certain. Variable lease payments not dependent on a rate or index associated with the Company’s leases are recognized when the event, activity, or circumstance is probable. Variable lease payments include the Company's proportionate share of certain utilities and other operating expenses and are presented as operating expenses in the Company’s condensed consolidated statements of operations and comprehensive loss in the same line item as expense arising from fixed lease payments.
Stock-based compensation	Stock-Based Compensation The Company accounts for its stock-based compensation awards in accordance with FASB ASC Topic 718, Compensation — Stock Compensation (“ASC 718”). The Company has issued stock-based compensation awards consisting of stock options and restricted stock units ("RSUs"). ASC 718 requires all stock-based payments, including grants of stock options and RSUs, to be recognized in the condensed consolidated statements of operations and comprehensive loss based on their grant date fair values. The Company uses the Black-Scholes option-pricing model to determine the fair value of stock options granted. For RSUs, the fair value of the RSUs is determined by the Company’s market price of a share of common stock at the grant date. The Company recognizes forfeitures as they occur. Compensation expense related to stock-based compensation awards granted with service-based vesting conditions is recognized on a straight-line basis based on the grant date fair value over the associated service period of the award, which is generally the vesting term. Stock-based compensation awards generally vest over a one to three year requisite service period and have a contractual term of 10 years. To the extent a stock-based compensation award is subject to performance-based vesting conditions, the amount of compensation expense recorded reflects an assessment of the probability of achieving the performance conditions. Compensation expense for stock-based compensation awards with performance-based vesting conditions is only recognized when the performance-based vesting condition is deemed probable to occur. Shares issued upon stock option exercise and RSU vesting are newly issued common shares. Estimating the fair value of stock options requires the input of subjective assumptions, including the expected life of the stock option, stock price volatility, the risk-free interest rate, and expected dividends. The assumptions used in the Company’s Black-Scholes option-pricing model represent management’s best estimates and involve a number of variables, uncertainties, assumptions, and the application of management’s judgment, as they are inherently subjective. If any assumptions change, the Company’s stock-based compensation expense could be materially different in the future.
Recently Adopted Accounting Standards and Recent Accounting Pronouncements	Recently Adopted Accounting Standards In December 2019, the FASB issued Accounting Standards Update ("ASU") No. 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes. This standard removes certain exceptions for recognizing deferred taxes for investments, performing intraperiod allocations, and calculating income taxes in interim periods. This standard also adds guidance to reduce complexity in certain areas, including recognizing franchise tax, recognizing deferred taxes for tax goodwill, allocating taxes to the members of a consolidated group, and recognizing the effect of enacted changes in tax laws or rates during an interim period. This standard was effective for the Company on January 1, 2021. The adoption of this standard did not have a material impact on the Company's condensed consolidated financial statements. Recent Accounting Pronouncements In May 2021, the FASB issued ASU No. 2021-04, Earnings Per Share (Topic 260), Debt — Modifications and Extinguishments (Subtopic 470-50), Compensation — Stock Compensation (Topic 718), and Derivatives and Hedging — Contracts in Entity’s Own Equity (Subtopic 815-40). This standard will have an effective and transition date of January 1, 2022. This standard clarifies and reduces diversity in an issuer's accounting for modifications or exchanges of freestanding equity-classified written call options, including warrants, that remain equity-classified after modification or exchange. The standard requires an entity to treat a modification or an exchange of a freestanding equity-classified written call option that remains equity-classified after the modification or exchange as an exchange of the original instrument for a new instrument. The standard additionally provides guidance on measuring and recognizing the effect of a modification or an exchange. The Company does not currently expect the adoption of this standard to have a material impact on the Company's condensed consolidated financial statements. In August 2020, the FASB issued ASU No. 2020-06, Debt — Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging — Contracts in Entity's Own Equity (Subtopic 815-40). This standard will have an effective and transition date of January 1, 2024. Early adoption is currently permitted. This standard simplifies an issuer's accounting for convertible instruments by eliminating two of the three models that require separate accounting for embedded conversion features as well as simplifies the settlement assessment that entities are required to perform to determine whether a contract qualifies for equity classification. This standard also requires entities to use the if-converted method for all convertible instruments in the diluted earnings per share calculation and include the effect of potential share settlement (if the effect is more dilutive) for instruments that may be settled in cash or shares, except for certain liability-classified share-based payment awards. The standard requires new disclosures about events that occur during the reporting period and cause conversion contingencies to be met and about the fair value of a public business entity's convertible debt at the instrument level, among other things. The Company does not currently expect the adoption of this standard to have a material impact on the Company's condensed consolidated financial statements. In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments — Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments. The FASB subsequently issued amendments to ASU No. 2016-13, which have the same effective date and transition date of January 1, 2023. These require that credit losses be reported using an expected losses model rather than the incurred losses model that is currently used, and establishes additional disclosures related to credit risks. For available-for-sale debt securities with unrealized losses, these standards now require allowances to be recorded instead of reducing the amortized cost of the investment. These standards limit the amount of credit losses to be recognized for available-for-sale debt securities to the amount by which carrying value exceeds fair value and requires the reversal of previously recognized credit losses if fair value increases. The Company does not currently expect the adoption of this standard to have a material impact on the Company's condensed consolidated financial statements.

Summary of Significant Accounting Policies (Tables)

6 Months Ended

Jun. 30, 2021

Accounting Policies [Abstract]

Schedule of Cash, Cash Equivalents, and Restricted Cash


	As of June 30,
	2021		2020
Cash and cash equivalents	$	115,642	$	14,968
Restricted cash	151		151
Total cash, cash equivalents, and restricted cash	$	115,793	$	15,119

Property and Equipment (Tables)

6 Months Ended

Jun. 30, 2021

Property, Plant and Equipment [Abstract]

Major Components of Property, Plant and Equipment

The following table provides a summary of the major components of property and equipment as reflected on the condensed consolidated balance sheets (in thousands):


	June 30, 2021		December 31, 2020
Office equipment	$	307	$	166
Lab equipment	749		452
Leasehold improvements	163		177
Financing lease right-of-use asset	—		64
Total property and equipment	1,219		859
Less: accumulated depreciation	(275)		(226)
Total property and equipment, net	$	944	$	633

Operating Leases (Tables)

6 Months Ended

Jun. 30, 2021

Commitments and Contingencies Disclosure [Abstract]

Schedule of Components of Lease Expense

The components of lease expense were as follows (in thousands):


	Three months ended June 30,				Six months ended June 30,
	2021		2020		2021		2020
Operating lease cost	$	66	$	48	$	134	$	95
Variable lease cost	22		20		52		42
Total lease cost	$	88	$	68	$	186	$	137

Supplemental information related to leases was as follows:


	Six months ended June 30,
	2021		2020
Weighted-average remaining lease term — operating leases (years)	6.4		1.5
Weighted-average discount rate — operating leases	4.6	%	7.6	%

Supplemental Balance Sheet Information Related to Leases

Supplemental balance sheet information related to leases was as follows (in thousands):


	June 30, 2021		December 31, 2020
Right-of-use assets, net	$	1,480	$	434

Current lease obligations	$	168	$	44
Non-current lease obligations	1,328		389
Total lease liabilities	$	1,496	$	433

Schedule of Maturities of Operating Leases

Future minimum operating lease base rent payments are approximately as follows (in thousands):


For the Years Ending December 31,	Amount
Remainder of 2021	$	102
2022	252
2023	261
2024	269
2025	277
Thereafter	578
Total	$	1,739
Less: present value adjustment	(243)
Present value of minimum lease payments	$	1,496

Accrued Expenses and Other Current Liabilities (Tables)

6 Months Ended

Jun. 30, 2021

Accrued Liabilities, Current [Abstract]

Schedule of Accrued Expenses

Accrued expenses and other current liabilities are as follows (in thousands):


	June 30, 2021		December 31, 2020
Research and development	$	814	$	512
Clinical	106		117
Professional fees	1,907		405
Employee-related	647		963
Severance-related (1)	197		712
Other	199		232
Total accrued expenses and other current liabilities	$	3,870	$	2,941

_______________________

Debt (Tables)

6 Months Ended

Jun. 30, 2021

Debt Disclosure [Abstract]

Schedule of Debt

The following table provides a summary of the carrying values for the components of debt as reflected on the condensed consolidated balance sheets (in thousands):


	June 30, 2021		December 31, 2020
PPP Note	$	—	$	421
EB-5 Loan Agreement	1,674		1,636
Total carrying value of debt, net	$	1,674	$	2,057

The carrying values of the EB-5 Loan Agreement borrowings as of June 30, 2021 and December 31, 2020 are summarized below (in thousands):


	June 30, 2021		December 31, 2020
Principal outstanding	$	1,500	$	1,500
Plus: accrued interest	211		181
Less: unamortized debt issuance costs	(37)		(45)
Carrying value	$	1,674	$	1,636

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02.22)
-URI http://asc.fasb.org/extlink&oid=120391452&loc=d3e13212-122682

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
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-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
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-Paragraph 3
-Subparagraph (SX 210.12-04(a))
-URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e24072-122690

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
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-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 45
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Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 6
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Reference 5: http://www.xbrl.org/2003/role/exampleRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 55
-Paragraph 69B
-URI http://asc.fasb.org/extlink&oid=123466577&loc=SL123495735-112612

Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
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-Name Accounting Standards Codification
-Topic 835
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-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=124435984&loc=d3e28551-108399

Reference 7: http://www.xbrl.org/2003/role/exampleRef
-Publisher FASB
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-Section 55
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Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 8
-URI http://asc.fasb.org/extlink&oid=123467817&loc=d3e21538-112644

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 470
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=123599511&loc=d3e64711-112823

Reference 11: http://fasb.org/us-gaap/role/ref/legacyRef
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-Name Accounting Standards Codification
-Topic 835
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Reference 12: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=123467817&loc=d3e21475-112644

+ Details

Stock-based Compensation (Tables)

6 Months Ended

Jun. 30, 2021

Share-based Payment Arrangement [Abstract]

Schedule of Stock-based Compensation Expense for Options Granted Reflected in the Consolidate Statement of Operations and Comprehensive Loss

Stock-based compensation expense for stock options and RSUs is reflected in the condensed consolidated statements of operations and comprehensive loss as follows (in thousands):


	Three months ended June 30,				Six months ended June 30,
	2021		2020		2021		2020
General and administrative	$	1,527	$	44	$	2,117	$	148
Research and development	568		105		811		223
Total	$	2,095	$	149	$	2,928	$	371

Schedule of Stock Option Activity

The following table summarizes the stock option activity:


	Number of Shares	Weighted-Average Exercise Price		Weighted-Average Remaining Contractual Life (years)	Aggregate Intrinsic Value (in thousands)
Options outstanding at December 31, 2020	4,224,433	$	0.84	8.9	$	5,496
Granted	7,097,300	$	3.13		$	—
Exercised	(668,666)	$	0.82		$	6,439
Forfeited	(274,220)	$	2.96		$	1,146
Options outstanding at June 30, 2021	10,378,847	$	2.35	9.2	$	59,563
Options exercisable at June 30, 2021	1,110,116	$	1.47	8.0	$	7,441

Share-based Payment Arrangement, Restricted Stock Unit, Activity

The following table summarizes the RSU activity:


	Number of Shares	Weighted- Average Grant-Date Fair Value		Aggregate Intrinsic Value (in thousands)
RSUs outstanding at December 31, 2020	—	$	—	$	—
Granted	117,601	$	6.48	$	839
Forfeited	(900)	$	8.75	$	6
RSUs outstanding at June 30, 2021	116,701	$	6.47	$	937

Net Loss Per Share of Common Stock (Tables)

6 Months Ended

Jun. 30, 2021

Earnings Per Share [Abstract]

Schedule of Basic and Diluted Earnings Per Share

The following table sets forth the computation of basic and diluted earnings per share for the three and six months ended June 30, 2021 and 2020 (in thousands, except share and per share amounts):


	Three months ended June 30,				Six months ended June 30,
	2021		2020		2021		2020
Net loss — basic and diluted	$	(25,952)	$	(3,614)	$	(33,029)	$	(7,558)
Deemed dividend related to Warrant Exchange	—		(12,546)		—		(12,546)
Net loss to common stockholders	$	(25,952)	$	(16,160)	$	(33,029)	$	(20,104)
Shares used in calculating net loss per common share — basic and diluted	195,572,189		83,537,463		190,960,775		68,082,346
Net loss per common share — basic and diluted	$	(0.13)	$	(0.19)	$	(0.17)	$	(0.30)

Schedule of Potentially Dilutive Securities Excluded from Computation of Earnings Per Share

The following potentially dilutive securities have been excluded from the computation of diluted weighted-average shares outstanding, as their inclusion would have been antidilutive:


	Three months ended June 30,		Six months ended June 30,
	2021	2020	2021	2020
Options to purchase common stock	10,378,847	4,503,961	10,378,847	4,503,961
RSUs	116,701	—	116,701	—
Warrants	774,137	870,017	774,137	870,017
Series A Convertible Preferred Stock (as converted to common stock)	3,115	—	3,115	—
Series B Convertible Preferred Stock (as converted to common stock)	547,450	—	547,450	—
Total	11,820,250	5,373,978	11,820,250	5,373,978

Nature of Business - Additional Information (Details) $ in Thousands	1 Months Ended	3 Months Ended				6 Months Ended			7 Months Ended
	Jul. 31, 2021	Jun. 30, 2021 USD ($)	Mar. 31, 2021 USD ($)	Jun. 30, 2020 USD ($)	Mar. 31, 2020 USD ($)	Dec. 31, 2021 clinical_trial	Jun. 30, 2021 USD ($) segment dose geneticMutation product orphan_drug_designation	Jun. 30, 2020 USD ($)	Aug. 06, 2021 dose	Dec. 31, 2020 USD ($)	Dec. 31, 2019 USD ($)
Nature of Business
Number of operating segments \| segment							1
Number of vaccination dose regimen \| dose							2
Vaccination dose regimen, duration apart							28 days
Single gene replacement therapies, number of genetic mutations target \| geneticMutation							1
Modifier gene therapy platform, number of products \| product							1
Number of ODDs received (orphan drug designation) \| orphan_drug_designation							4
Net loss		$ 25,952	$ 7,077	$ 3,614	$ 3,944		$ 33,029	$ 7,558
Accumulated deficit		106,331					106,331			$ 73,302
Cash, cash equivalents and restricted cash		$ 115,793		$ 15,119			$ 115,793	$ 15,119		$ 24,190	$ 7,595
Subsequent Event
Nature of Business
Number of vaccination doses administered \| dose									45,000,000
Overall vaccine efficacy (percentage)	77.80%
Efficacy, severe cases (percentage)	93.40%
Efficacy, asymptomatic infection (percentage)	63.60%
Adverse events, side effects (percentage)	12.40%
Adverse events, serious adverse side effects (less than) (percentage)	0.50%
Efficacy against delta variant, B.1.617.2 (percentage)	65.20%
Forecast
Nature of Business
Number of clinical trials to be initiated in the future \| clinical_trial						2

Summary of Significant Accounting Policies - Schedule of Cash, Cash Equivalents, and Restricted Cash (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020	Jun. 30, 2020	Dec. 31, 2019
Accounting Policies [Abstract]
Cash and cash equivalents	$ 115,642	$ 24,039	$ 14,968
Restricted cash	151	151	151
Total cash, cash equivalents, and restricted cash	$ 115,793	$ 24,190	$ 15,119	$ 7,595

Summary of Significant Accounting Policies - Narrative (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
RECENT ACCOUNTING PRONOUNCEMENTS
Collaboration revenue	$ 0	$ 43,000	$ 0	$ 43,000
Expiration period (in years)			10 years
Office Equipment
RECENT ACCOUNTING PRONOUNCEMENTS
Useful life (in years)			5 years
Furniture and Fixtures
RECENT ACCOUNTING PRONOUNCEMENTS
Useful life (in years)			7 years
Lab equipment
RECENT ACCOUNTING PRONOUNCEMENTS
Useful life (in years)			5 years
Minimum
RECENT ACCOUNTING PRONOUNCEMENTS
Award vesting period (in years)			1 year
Maximum
RECENT ACCOUNTING PRONOUNCEMENTS
Award vesting period (in years)			3 years

License and Development Agreements (Details) $ in Millions	1 Months Ended
License and Development Agreements (Details) $ in Millions	Jun. 30, 2021 USD ($)
Covaxin Agreement
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Upfront payment	$ 15.0
Additional payment	$ 10.0
COVAXIN Preferred Stock Purchase Agreement
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Profits generated, shared percentage	45.00%

Notes Receivable (Details) - USD ($) $ in Millions	Jul. 30, 2021	Apr. 13, 2021
Accounts, Notes, Loans and Financing Receivable [Line Items]
Promissory note		$ 0.8
Promissory note, interest rate		5.00%
Subsequent Event
Accounts, Notes, Loans and Financing Receivable [Line Items]
Promissory note, interest rate	9.00%

- Definition

Amount, before allowance for credit loss, of financing receivable.

+ References + Details

Property and Equipment (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Property, Plant and Equipment [Line Items]
Financing lease right-of-use asset	$ 0	$ 64
Total property and equipment	1,219	859
Less: accumulated depreciation	(275)	(226)
Total property and equipment, net	944	633
Office equipment
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	307	166
Lab equipment
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	749	452
Leasehold improvements
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	$ 163	$ 177

Operating Leases - Operating Leases (Details)	6 Months Ended
Operating Leases - Operating Leases (Details)	Jun. 30, 2021 renewalOption
Commitments and Contingencies Disclosure [Abstract]
Leases, term of contract (in years)	7 years
Operating lease, number of renewal terms	1
Lease renewal term (in years)	5 years

Operating Leases - Operating Leases, Components Of Lease Expense (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Commitments and Contingencies Disclosure [Abstract]
Operating lease cost	$ 66	$ 48	$ 134	$ 95
Variable lease cost	22	20	52	42
Total lease cost	$ 88	$ 68	$ 186	$ 137

Operating Leases - Operating Leases, Supplemental Balance Sheet Information (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Commitments and Contingencies Disclosure [Abstract]
Right-of-use assets, net	$ 1,480	$ 434
Current lease obligations	168	44
Non-current lease obligations	1,328	389
Total lease liabilities	$ 1,496	$ 433

Operating Leases - Operating Leases, Supplemental Information Related To Leases (Details)	Jun. 30, 2021	Jun. 30, 2020
Commitments and Contingencies Disclosure [Abstract]
Weighted-average remaining lease terms—operating leases (years)	6 years 4 months 24 days	1 year 6 months
Weighted-average discount rate—operating leases	4.60%	7.60%

Operating Leases - Operating Leases, Future Minimum Lease Payments (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Commitments and Contingencies Disclosure [Abstract]
Remainder of 2021	$ 102
2022	252
2023	261
2024	269
2025	277
Thereafter	578
Total	1,739
Less: present value adjustment	(243)
Present value of minimum lease payments	$ 1,496	$ 433

Accrued Expenses and Other Current Liabilities (Details)	1 Months Ended	3 Months Ended		6 Months Ended
	Jun. 30, 2020 employee	Jun. 30, 2021 USD ($)	Jun. 30, 2020 USD ($)	Jun. 30, 2021 USD ($)	Jun. 30, 2020 USD ($)	Dec. 31, 2020 USD ($)
Restructuring Cost and Reserve [Line Items]
Research and development		$ 814,000		$ 814,000		$ 512,000
Clinical		106,000		106,000		117,000
Professional fees		1,907,000		1,907,000		405,000
Employee-related		647,000		647,000		963,000
Severance-related		197,000		197,000		712,000
Other		199,000		199,000		232,000
Total accrued expenses and other current liabilities		3,870,000		3,870,000		$ 2,941,000
Severance costs		200,000		500,000
Severance-related charges
Restructuring Cost and Reserve [Line Items]
Number of employees given notice of termination \| employee	5
Restructuring charges		0
Expected severance benefits to be paid		$ 200,000		$ 200,000
Severance-related charges \| Research and development
Restructuring Cost and Reserve [Line Items]
Restructuring charges			$ 500,000		$ 500,000
Severance-related charges \| General and administrative
Restructuring Cost and Reserve [Line Items]
Restructuring charges			$ 200,000		$ 200,000

Debt - Summary of the Carrying Values for the Components of Debt (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Debt Instrument [Line Items]
Total carrying value of debt, net	$ 1,674	$ 2,057
PPP Note \| Notes payable
Debt Instrument [Line Items]
Total carrying value of debt, net	0	421
EB-5 Loan Agreement \| Loans payable
Debt Instrument [Line Items]
Total carrying value of debt, net	$ 1,674	$ 1,636

- Definition

Amount, after unamortized (discount) premium and debt issuance costs, of long-term debt. Includes, but not limited to, notes payable, bonds payable, debentures, mortgage loans and commercial paper. Excludes capital lease obligations.

+ References + Details

Debt - PPP Note (Details) - USD ($) $ in Thousands	3 Months Ended	6 Months Ended
Debt - PPP Note (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Jun. 30, 2021	Jun. 30, 2020	Apr. 30, 2020
Debt Instrument [Line Items]
Gain on extinguishment of debt		$ 426	$ 0
PPP Note
Debt Instrument [Line Items]
Aggregate amount				$ 400
Interest rate				1.00%
Gain on extinguishment of debt	$ 400	$ 400

Debt - EB 5 Loan Agreement Borrowings (Details) - EB-5 Loan Agreement - Loans payable - USD ($)	1 Months Ended
	Sep. 30, 2016	Mar. 31, 2020	Dec. 31, 2016
Debt Instrument [Line Items]
Maximum borrowing	$ 10,000,000.0
Borrowing increments	$ 500,000
Interest rate	4.00%
Company borrowed		$ 500,000	$ 1,000,000.0

- Definition

The carrying value as of the balance sheet date of the current and noncurrent portions of long-term obligations drawn from a line of credit, which is a bank's commitment to make loans up to a specific amount. Examples of items that might be included in the application of this element may consist of letters of credit, standby letters of credit, and revolving credit arrangements, under which borrowings can be made up to a maximum amount as of any point in time conditional on satisfaction of specified terms before, as of and after the date of drawdowns on the line. Includes short-term obligations that would normally be classified as current liabilities but for which (a) postbalance sheet date issuance of a long term obligation to refinance the short term obligation on a long term basis, or (b) the enterprise has entered into a financing agreement that clearly permits the enterprise to refinance the short-term obligation on a long term basis and the following conditions are met (1) the agreement does not expire within 1 year and is not cancelable by the lender except for violation of an objectively determinable provision, (2) no violation exists at the BS date, and (3) the lender has entered into the financing agreement is expected to be financially capable of honoring the agreement.

+ References + Details

Debt - Summary of the Carrying Values of the Loan Agreement Borrowings (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Debt Instrument [Line Items]
Carrying value	$ 1,674	$ 2,057
EB-5 Loan Agreement \| Loans payable
Debt Instrument [Line Items]
Principal outstanding	1,500	1,500
Plus: accrued interest	211	181
Debt Issuance Costs, Net	(37)	(45)
Carrying value	$ 1,674	$ 1,636

- Definition

+ References + Details

Equity (Details) $ / shares in Units, dose in Millions					1 Months Ended		3 Months Ended	4 Months Ended	6 Months Ended
Equity (Details) $ / shares in Units, dose in Millions	Apr. 27, 2021 USD ($)	Apr. 23, 2021 $ / shares shares	Mar. 01, 2021 $ / shares shares	Feb. 07, 2021 USD ($) $ / shares shares	Jun. 30, 2020 USD ($) shares	Apr. 30, 2020 USD ($) shares	Jun. 30, 2020 USD ($) shares	Aug. 31, 2020 at-the-marketOffering	Jun. 30, 2021 USD ($) dose $ / shares shares	Jun. 30, 2020 USD ($) shares	Apr. 30, 2021 shares	Apr. 29, 2021 shares	Dec. 31, 2020 $ / shares shares
Subsidiary, Sale of Stock [Line Items]
Convertible preferred stock, par value (in USD per share) \| $ / shares									$ 0.01				$ 0.01
Common stock, shares authorized (in shares) \| shares									295,000,000		295,000,000.0	200,000,000.0	200,000,000
Number of at-the-market offerings \| at-the-marketOffering								3
Common stock, shares issued (in shares) \| shares									198,816,745				184,133,384
Series B Warrants
Subsidiary, Sale of Stock [Line Items]
Preferred stock, outstanding									$ 5,000,000.0
Series B Warrants \| Level 3 \| Discount Rate
Subsidiary, Sale of Stock [Line Items]
Preferred stock, measurement input									0.15
COVAXIN Preferred Stock Purchase Agreement \| Series B Warrants
Subsidiary, Sale of Stock [Line Items]
Agreement to sell, number of shares issued in transaction (in shares) \| shares			100,000
Convertible preferred stock, par value (in USD per share) \| $ / shares			$ 0.01
Agreement to sell, price per share (in USD per share) \| $ / shares			$ 109.60
Convertible preferred stock, shares issued upon conversion (in shares) \| shares			10
Supply agreement, number of doses \| dose									10.0
Registered Direct Offering
Subsidiary, Sale of Stock [Line Items]
Number of shares issued and sold \| shares		10,000,000.0		3,000,000.0
Price per share (in USD per share) \| $ / shares		$ 10.00		$ 7.65
Proceeds from sale of stock	$ 93,400,000			$ 21,200,000
Commissions, fees and expenses	$ 6,600,000			$ 1,700,000
ATMs
Subsidiary, Sale of Stock [Line Items]
Number of shares issued and sold \| shares							59,100,000		1,000,000.0	59,100,000
Proceeds from sale of stock							$ 15,400,000		$ 4,800,000	$ 15,400,000
Commissions, fees and expenses							700,000		$ 100,000	700,000
Subscription Agreements
Subsidiary, Sale of Stock [Line Items]
Number of shares issued and sold \| shares					1,300,000	1,000
Proceeds from sale of stock						$ 395
Accredited investors agreement to cancel outstanding obligation					$ 300,000		300,000			300,000
Accredited investors agreement to cancel additional portion owed representing a discount					$ 200,000		$ 200,000			$ 200,000

Warrants (Details) $ / shares in Units, $ in Thousands	1 Months Ended		3 Months Ended	6 Months Ended
Warrants (Details) $ / shares in Units, $ in Thousands	Apr. 30, 2020 USD ($) shares	Oct. 31, 2019 seriesOfWarrant	Jun. 30, 2020 USD ($)	Jun. 30, 2021 USD ($) $ / shares shares	Jun. 30, 2020 USD ($)	Dec. 31, 2020 shares	Mar. 31, 2020 shares	Dec. 31, 2017 employee
Class of Warrant or Right
Number of series of warrants issued \| seriesOfWarrant		3
Repayments of debt				$ 0	$ 1,140
Warrants \| Level 3
Class of Warrant or Right
Fair value of warrants	$ 1,100
Warrant Exchange Promissory Notes \| Notes payable
Class of Warrant or Right
Principal outstanding	$ 5,600
Repayments of debt			$ 1,100		$ 1,100
Warrants Exchanged For Common Stock
Class of Warrant or Right
Number of shares issued and sold \| shares	21,900,000
Series A Warrants
Class of Warrant or Right
Number of warrants outstanding (in shares) \| shares							8,800,000
Fair value of consideration transferred to settle warrants	$ 13,600
Consideration transferred, common stock	8,600
Consideration transferred, warrant exchange promissory notes	5,000
Fair value of consideration transferred to settle warrants in excess of fair value of warrants	$ 12,500
Series B Warrants
Class of Warrant or Right
Number of warrants outstanding (in shares) \| shares							1,000
Series C Warrants
Class of Warrant or Right
Number of warrants outstanding (in shares) \| shares							1,000
OpCo Warrants
Class of Warrant or Right
Number of former employees with warrants \| employee								2
Class of warrant or right, exercisable (in shares) \| shares				800,000		900,000
Initial exercise price (in USD per share) \| $ / shares				$ 4.97
SPA Warrants
Class of Warrant or Right
Number of warrants outstanding (in shares) \| shares				0		0

Stock-based Compensation - Schedule of Compensation Expense for Options Granted (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense	$ 2,095	$ 149	$ 2,928	$ 371
General and administrative
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense	1,527	44	2,117	148
Research and development
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense	$ 568	$ 105	$ 811	$ 223

Stock-based Compensation - Narrative (Details) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021 USD ($) segment $ / shares shares	Jun. 30, 2020 USD ($) $ / shares shares	Jun. 30, 2021 USD ($) segment $ / shares shares	Jun. 30, 2020 USD ($) $ / shares shares	Dec. 31, 2020 shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense	$ 2,095	$ 149	$ 2,928	$ 371
Unrecognized compensation expense	$ 14,100		$ 14,100
Number of equity compensation plans \| segment	2		2
Options outstanding, beginning balance (in shares) \| shares	10,378,847		10,378,847		4,224,433
Options, grants in period, weighted average grant date fair value (in USD per share) \| $ / shares	$ 4.98	$ 0.28	$ 2.60	$ 0.34
Options, vested in period, fair value	$ 300	$ 100	$ 600	$ 200
Aggregate intrinsic value, forfeited			$ 1,146
2014 Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares authorized for grant (in shares) \| shares	800,000		800,000
2019 Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares authorized for grant (in shares) \| shares	11,500,000		11,500,000
Options to purchase common stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation expense related to options outstanding, weighted average period for expense to be recognized			2 years 2 months 12 days
Share-based Payment Arrangement, Performance Based Option
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense	$ 1,100	$ 0	$ 1,100	$ 0
Options outstanding, beginning balance (in shares) \| shares	1,500,000	0	1,500,000	0

Stock-based Compensation - Schedule Options to Purchase Common Stock (Details) - USD ($) $ / shares in Units, $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2021	Dec. 31, 2020
Number of Shares
Number of shares, options outstanding, beginning balance (in shares)	4,224,433
Granted (in shares)	7,097,300
Exercised (in shares)	(668,666)
Forfeited (in shares)	(274,220)
Number of shares, options outstanding, ending balance (in shares)	10,378,847	4,224,433
Options exercisable (in shares)	1,110,116
Weighted-Average Exercise Price
Beginning balance, weighted average exercise price (in USD per share)	$ 0.84
Weighted average exercise price, granted (in USD per share)	3.13
Weighted average exercise price, exercised (in USD per share)	0.82
Weighted average exercise price, cancelled (in USD per share)	2.96
Ending balance, weighted average exercise price (in USD per share)	2.35	$ 0.84
Weighted average exercise price, options exercisable (in USD per share)	$ 1.47
Additional Disclosures
Beginning balance, weighted average remaining contractual life	9 years 2 months 12 days	8 years 10 months 24 days
Weighted average remaining contractual life, options exercisable	8 years
Aggregate intrinsic value, beginning balance	$ 5,496
Aggregate intrinsic value, exercised	6,439
Aggregate intrinsic value, forfeited	1,146
Aggregate intrinsic value, ending balance	59,563	$ 5,496
Aggregate intrinsic value, options exercisable	$ 7,441

Stock-based Compensation - Schedule of RSU Activity (Details) - RSUs $ / shares in Units, $ in Thousands	6 Months Ended
	Jun. 30, 2021 USD ($) $ / shares shares
Number of Shares
Beginning balance outstanding (in shares) \| shares	0
Granted (in shares) \| shares	117,601
Forfeited (in shares) \| shares	(900)
Ending balance outstanding (in shares) \| shares	116,701
Weighted- Average Grant-Date Fair Value
Beginning balance (in USD per share) \| $ / shares	$ 0
Granted (in USD per share) \| $ / shares	6.48
Forfeited (in USD per share) \| $ / shares	8.75
Ending balance (in USD per share) \| $ / shares	$ 6.47
Aggregate Intrinsic Value (in thousands)
Beginning balance \| $	$ 0
Aggregate intrinsic value, granted \| $	839
Aggregate intrinsic value, forfeited \| $	6
Ending balance \| $	$ 937

Net Loss Per Share of Common Stock - Computation of basic and diluted earnings per share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended				6 Months Ended
	Jun. 30, 2021	Mar. 31, 2021	Jun. 30, 2020	Mar. 31, 2020	Jun. 30, 2021	Jun. 30, 2020
Earnings Per Share [Abstract]
Net loss - basic and diluted	$ (25,952)	$ (7,077)	$ (3,614)	$ (3,944)	$ (33,029)	$ (7,558)
Deemed dividend related to Warrant Exchange	0		(12,546)		0	(12,546)
Net loss to common stockholders	(25,952)		(16,160)		(33,029)	(20,104)
Net loss to common stockholders	$ (25,952)		$ (16,160)		$ (33,029)	$ (20,104)
Shares used in calculating net loss per common share - basic (in shares)	195,572,189		83,537,463		190,960,775	68,082,346
Shares used in calculating net loss per common share - diluted (in shares)	195,572,189		83,537,463		190,960,775	68,082,346
Net loss per share of common stock - diluted (in USD per share)	$ (0.13)		$ (0.19)		$ (0.17)	$ (0.30)
Net loss per common share - basic and diluted (in USD per share)	$ (0.13)		$ (0.19)		$ (0.17)	$ (0.30)

- Definition

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

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The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.

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Net Loss Per Share of Common Stock - Potentially dilutive securities have been excluded from the computation of diluted weighted average shares outstanding (Details) - shares	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Earnings Per Share
Potentially dilutive securities outstanding excluded from the computation of diluted weighted average shares outstanding	11,820,250	5,373,978	11,820,250	5,373,978
Options to purchase common stock
Earnings Per Share
Potentially dilutive securities outstanding excluded from the computation of diluted weighted average shares outstanding	10,378,847	4,503,961	10,378,847	4,503,961
RSUs
Earnings Per Share
Potentially dilutive securities outstanding excluded from the computation of diluted weighted average shares outstanding	116,701	0	116,701	0
Warrants
Earnings Per Share
Potentially dilutive securities outstanding excluded from the computation of diluted weighted average shares outstanding	774,137	870,017	774,137	870,017
Series A Preferred Stock
Earnings Per Share
Potentially dilutive securities outstanding excluded from the computation of diluted weighted average shares outstanding	3,115	0	3,115	0
Series B Preferred Stock
Earnings Per Share
Potentially dilutive securities outstanding excluded from the computation of diluted weighted average shares outstanding	547,450	0	547,450	0