Ocugen第二季虧損擴大至2488萬美元 現金餘額1億美元惟持續經營存疑

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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
___________________________________________________________
FORM 10-Q
___________________________________________________________
(Mark One)
☒QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended June 30, 2026
or
☐TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from ____________ to ____________

Commission File Number: 001-36751
___________________________________________________________

OCUGEN, INC.
(Exact name of registrant as specified in its charter)
___________________________________________________________
Delaware04-3522315
(State or other jurisdiction of
incorporation or organization)
(I.R.S. Employer
Identification No.)

11 Great Valley Parkway
Malvern, Pennsylvania 19355
(Address of principal executive offices) (Zip Code)
(484) 328-4701
(Registrant's telephone number, including area code)
___________________________________________________________
Securities registered pursuant to Section 12(b) of the Act:

Title of each classTrading
Symbol(s)Name of each exchange
on which registered
Common Stock, par value $0.01 per shareOCGNThe Nasdaq Stock Market LLC
(The Nasdaq Capital Market)

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes  ☒   No  ☐
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes  ☒    No  ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.

Large accelerated filer☐Accelerated filer☐
Non-accelerated filer☒Smaller reporting company☒
Emerging growth company☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes ☐    No  ☒
As of July 31, 2026 there were 339,110,401 outstanding shares of the registrant's common stock, $0.01 par value per share.

Table of Contents

OCUGEN, INC.
QUARTERLY REPORT ON FORM 10-Q
FOR THE QUARTERLY PERIOD ENDED JUNE 30, 2026

Page
PART I—FINANCIAL INFORMATION

Item 1.
Financial Statements (Unaudited)

Condensed Consolidated Balance Sheets as of June 30, 2026 and December 31, 2025
4

Condensed Consolidated Statements of Operations and Comprehensive Loss for the three and six months ended June 30, 2026 and 2025
5

Condensed Consolidated Statements of Stockholders' Equity for the three and six months ended June 30, 2026 and 2025
6

Condensed Consolidated Statements of Cash Flows for the six months ended June 30, 2026 and 2025
8

Notes to Condensed Consolidated Financial Statements
9

Item 2.
Management's Discussion and Analysis of Financial Condition and Results of Operations
29

Item 3.
Quantitative and Qualitative Disclosures About Market Risk
38

Item 4.
Controls and Procedures
38

PART II—OTHER INFORMATION
40

Item 1.
Legal Proceedings
40

Item 1A.
Risk Factors
40

Item 2.
Unregistered Sales of Equity Securities and Use of Proceeds
40

Item 3.
Defaults Upon Senior Securities
40

Item 4.
Mine Safety Disclosures
40

Item 5.
Other Information
40

Item 6.
Exhibits
41

Signatures
42

Unless the context otherwise requires, references to the "Company," "we," "our," or "us" in this report refer to Ocugen, Inc. and its subsidiaries, and references to "OpCo" refer to Ocugen OpCo, Inc., the Company's wholly owned subsidiary.
(1)

Table of Contents

DISCLOSURE REGARDING FORWARD-LOOKING STATEMENTS
This Quarterly Report on Form 10-Q contains forward-looking statements that involve substantial risks and uncertainties. All statements, other than statements of historical facts contained in this Quarterly Report on Form 10-Q regarding our strategy, future operations, future financial position, future revenues, projected costs, prospects, plans, and objectives of management are forward-looking statements. These statements involve known and unknown risks, uncertainties, and other important factors that may cause our actual results, performance, or achievements to be materially different from any future results, performance, or achievements expressed or implied by the forward-looking statements. The words "anticipate," "believe," "estimate," "expect," "intend," "may," "plan," "predict," "project," "will," "would," or the negative of such terms and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. Such statements are based on assumptions and expectations that may not be realized and are inherently subject to risks, uncertainties, and other factors, many of which cannot be predicted with accuracy and some of which might not even be anticipated.
The forward-looking statements in this Quarterly Report on Form 10-Q and those contained in (i) our Annual Report on Form 10-K filed with the United States Securities and Exchange Commission ("SEC") on March 4, 2026 (the "2025 Annual Report") and (ii) our Quarterly Report on Form 10-Q for the quarter ended March 31, 2026 filed with the SEC on May 8, 2026 (the "First Quarter 10-Q") include, among other things, statements about:
•our estimates and expectations regarding cash, cash equivalents and expense levels, future revenues, capital requirements, as well as timing, availability of, and the need for, additional financing to continue to advance our product candidates, including our expected use of proceeds from our public and private offerings, and liquidity sources; 
•our activities with respect to OCU400, OCU410 and OCU410ST, including our ability to continue our Phase 3 trial for OCU400 for the treatment of retinitis pigmentosa ("RP"), our ability to continue our Phase 2/3 pivotal confirmatory trial for OCU410ST for the treatment of Stargardt disease (“ST”), and our ability to complete pivotal trials;
•the rate and degree of market acceptance of OCU400, OCU410 and OCU410ST, if approved;
•our ability to obtain additional funding from government agencies in the United States and/or other countries to continue the development of our inhaled mucosal vaccine platform;
•the uncertainties associated with the clinical development and regulatory approval of our product candidates including potential delays in the initiation, enrollment, and completion of current and future clinical trials;
•our ability to realize any value from our product candidates and preclinical programs being developed and anticipated to be developed, in light of inherent risks and difficulties involved in successfully commercializing products and the risk that our products, if approved, may not achieve broad market acceptance;
•our ability to comply with regulatory schemes and other regulatory developments applicable to our business in the United States and other countries;
•the performance of third parties, upon which we depend, including contract development and manufacturing organizations ("CDMOs"), suppliers, manufacturers, group purchasing organizations, distributors, and logistics providers;
•the pricing and reimbursement of our product candidates, if commercialized;
•the size and growth potential of the markets for our product candidates, and our ability to serve those markets;
•developments relating to our competitors and our industry;
•our ability to obtain and maintain patent protection, or obtain licenses to intellectual property and defend our intellectual property rights against third parties;
•our ability to maintain our relationships and contracts with our key collaborators and commercial partners and our ability to establish additional collaborations and partnerships;
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•our ability to recruit and retain key scientific, technical, commercial, and management personnel and to retain our executive officers;
•our ability to comply with stringent United States and applicable foreign government regulations with respect to the manufacturing of pharmaceutical products, including compliance with current Good Manufacturing Practice ("GMP") regulations, and other relevant regulatory authorities;
•the impact of new laws and regulations or amendments to existing laws and regulations in the United States and foreign countries;
•the extent to which health epidemics and other outbreaks of communicable diseases, geopolitical turmoil, macroeconomic conditions, tariff policies, social unrest, political instability, terrorism, or acts of war could disrupt our business and operations, including impacts on our development programs, global supply chain, and collaborators and manufacturers; and
•other matters discussed under the heading "Risk Factors" contained in the First Quarter 10-Q, the 2025 Annual Report and any other documents we have filed with the SEC.
We may not actually achieve the plans, intentions, or expectations disclosed in our forward-looking statements, and you should not place undue reliance on our forward-looking statements. Actual results or events could differ materially from the plans, intentions, and expectations disclosed in the forward-looking statements we make. We have included important factors in the cautionary statements included in this Quarterly Report on Form 10-Q, our 2025 Annual Report and in our First Quarter 10-Q, particularly under the section titled "Risk Factors," in our 2025 Annual Report and in our First Quarter 10-Q, that we believe could cause actual results or events to differ materially from the forward-looking statements that we make. Our forward-looking statements do not reflect the potential impact of any future acquisitions, mergers, dispositions, joint ventures, collaborations, investments, or other significant transactions we may make.
You should read this Quarterly Report on Form 10-Q and the documents we have filed or incorporated by reference as exhibits to this Quarterly Report on Form 10-Q completely and with the understanding that our actual future results may be materially different from what we expect. Except as required by law, we do not assume any obligation to update any forward-looking statements.
In addition, statements that "we believe" and similar statements reflect our beliefs and opinions on the relevant subject. These statements are based upon information available to us as of the date of this Quarterly Report on Form 10-Q, and while we believe such information forms a reasonable basis for such statements, such information may be limited or incomplete, and our statements should not be read to indicate that we have conducted an exhaustive inquiry into, or review of, all relevant information. These statements are inherently uncertain and investors are cautioned not to unduly rely upon these statements. We qualify all of our forward-looking statements by these cautionary statements. In addition, with respect to all of our forward-looking statements, we claim the protection of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995.
Solely for convenience, tradenames and trademarks referred to in this Quarterly Report on Form 10-Q appear without the ® or ™ symbols, but those references are not intended to indicate, in any way, that we will not assert, to the fullest extent under applicable law, our rights or that the applicable owners will not assert their rights, to these tradenames or trademarks, as applicable. All tradenames, trademarks, and service marks included or incorporated by reference in this Quarterly Report on Form 10-Q are the property of their respective owners. The name NeoCart has not been evaluated or cleared by the FDA.
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PART I — FINANCIAL INFORMATION

Item 1.    Financial Statements
OCUGEN, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands, except share and per share amounts)
(Unaudited)

June 30, 2026December 31, 2025
Assets
Current assets
Cash and cash equivalents$100,051 $18,571 
Prepaid expenses and other current assets6,670 5,769 
Total current assets106,721 24,340 
Property and equipment, net13,347 14,392 
Restricted cash320 316 
Other assets3,818 4,468 
Total assets$124,206 43,516 
Liabilities and stockholders' equity
Current liabilities
Accounts payable$5,140 $6,202 
Accrued expenses and other current liabilities11,014 14,733 
Operating lease obligations839 858 
Convertible notes 82,359 — 
Derivative liability33,708 — 
Current portion of long term debt20 1,250 
Total current liabilities133,080 23,043 
Non-current liabilities
Operating lease obligations, less current portion3,039 3,494 
Long term debt, net1,729 27,542 
Other non-current liabilities2,914 1,603 
Total non-current liabilities7,682 32,639 
Total liabilities140,762 55,682 
Commitments and contingencies (Note 15)

Stockholders' equity
Preferred stock; $0.01 par value; 10,000,000 shares authorized at June 30, 2026 and December 31, 2025; zero shares issued and outstanding at June 30, 2026 and December 31, 2025, respectively
— — 

Common stock; $0.01 par value; 390,000,000 shares authorized, 339,166,393 and 312,501,472 shares issued, and 339,044,893 and 312,379,972 shares outstanding at June 30, 2026 and December 31, 2025, respectively
3,390 3,125 
Treasury stock, at cost, 121,500 shares at June 30, 2026 and December 31, 2025
(48)(48)
Additional paid-in capital432,010 392,763 
Accumulated other comprehensive income213 61 
Accumulated deficit(452,121)(408,067)
Total stockholders' equity(16,556)(12,166)
Total liabilities and stockholders' equity$124,206 $43,516 

See accompanying notes to condensed consolidated financial statements.
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OCUGEN, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS
(in thousands, except share and per share amounts)
(Unaudited)

Three months ended June 30,Six months ended June 30,
2026202520262025
Collaborative arrangement revenue$1,488 $1,373 $3,022 $2,854 
Total revenue1,488 1,373 3,022 2,854 
Operating expenses
Research and development10,690 8,402 21,945 17,932 
General and administrative7,242 6,766 15,359 13,218 
Total operating expenses17,932 15,168 37,304 31,150 
Loss from operations(16,444)(13,795)(34,282)(28,296)
Interest income395 227 526 571 
Interest expense(4,476)(1,285)(5,796)(2,543)
Loss on extinguishment of debt(2,383)— (2,383)— 
Change in fair value of derivative liability(1,891)— (1,891)— 
Other (expense) income, net(78)114 (228)179 
Total other (expense) income$(8,433)$(944)$(9,772)$(1,793)
Net loss$(24,877)$(14,739)$(44,054)$(30,089)
Other comprehensive income (loss)
Foreign currency translation adjustment49 (28)152 (36)
Comprehensive loss$(24,828)$(14,767)$(43,902)$(30,125)

Net loss attributable to common shareholders — basic and diluted(24,877)(14,739)(44,054)(30,089)
Weighted shares used in calculating net loss per common share — basic and diluted338,679,856 292,067,192 333,142,618 292,032,072 
Net loss per share attributable to common shareholders — basic and diluted$(0.07)$(0.05)$(0.13)$(0.10)

See accompanying notes to condensed consolidated financial statements.
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OCUGEN, INC.
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY
(in thousands, except share amounts)
(Unaudited)

Common StockTreasury StockAdditional
Paid-in CapitalAccumulated Other Comprehensive IncomeAccumulated
DeficitTotal
SharesAmount
Balance at December 31, 2025312,501,472$3,125 $(48)$392,763 $61 $(408,067)$(12,166)
Stock-based compensation expense— — — 2,061 — — 2,061 
Issuance of common stock for stock option exercises and restricted stock unit vesting, net938,927 9 — 79 — — 88 
Issuance of common stock for capital raises, net15,000,000 150 — 20,571 — — 20,721 
Issuance of common stock upon exercise of warrants10,000,000 100 — 14,075 — — 14,175 
Other comprehensive income (loss)— — — — 103 — 103 
Net loss— — — — — (19,177)(19,177)
Balance at March 31, 2026338,440,399 $3,384 $(48)$429,549 $164 $(427,244)$5,805 
Stock-based compensation expense— — — 1,880 — — 1,880 
Issuance of common stock for stock option exercises and restricted stock unit vesting, net725,994 6 — 581 — — 587 
Other comprehensive income (loss)— — — — 49 — 49 
Net loss— — — — — (24,877)(24,877)
Balance at June 30, 2026339,166,393 $3,390 $(48)$432,010 $213 $(452,121)$(16,556)

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OCUGEN, INC.
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (CONTINUED)
(in thousands, except share amounts)
(Unaudited)

Common StockTreasury StockAdditional
Paid-in CapitalAccumulated Other Comprehensive IncomeAccumulated
DeficitTotal
SharesAmount
Balance at December 31, 2024291,489,058$2,915 $(48)$366,938 $48 $(340,221)$29,632 
Stock-based compensation expense— — — 1,885 — — 1,885 
Issuance of common stock for stock option exercises and restricted stock unit vesting, net660,917 7 — (252)— — (245)
Other comprehensive income (loss)— — — — (8)— (8)
Net loss— — — — — (15,350)(15,350)
Balance at March 31, 2025292,149,975 $2,922 $(48)$368,571 $40 $(355,571)$15,914 
Stock-based compensation expense— — — 1,844 — — 1,844 
Issuance of common stock for stock option exercises and restricted stock unit vesting, net163,586 2 — 59 — — 61 
Other comprehensive income (loss)— — — — (28)— (28)
Net loss— — — — — (14,739)(14,739)
Balance at June 30, 2025292,313,561$2,924 $(48)$370,474 $12 $(370,310)$3,052 

See accompanying notes to condensed consolidated financial statements.
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OCUGEN, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)
(Unaudited)
Six months ended June 30,
20262025
Cash flows from operating activities
Net loss$(44,054)$(30,089)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization expense1,176 1,836 
Amortization of debt issuance cost642 — 
Amortization of note issuance costs1,651 — 
Non-cash interest expense50 50 
Non-cash lease expense645 620 
Non-cash income from collaborative arrangements, net(1,737)(1,766)
Stock-based compensation expense5,231 3,730 
Change in fair value of derivative liability1,891 — 
Loss on extinguishment of debt2,383 — 
Other21 20 
Changes in assets and liabilities:
Prepaid expenses and other current assets(900)(2,708)
Accounts payable and accrued expenses(356)(1,184)
Lease obligations(635)(596)
Net cash used in operating activities(33,992)(30,087)
Cash flows from investing activities
Purchases of property and equipment(27)(59)
Payment of security deposits— (131)
Net cash used in investing activities(27)(190)
Cash flows from financing activities
Proceeds from issuance of common stock, net23,175 (184)
Proceeds from issuance of common stock upon exercise of warrants15,000 — 
Payment of equity issuance costs(1,779)— 
Payment of warrant issuance costs(825)— 
Payment of long term debt(32,745)(1,000)
Proceeds from issuance of convertible notes, net of discount117,000 — 

Payment of convertible note issuance costs(4,474)— 
Net cash provided by (used in) financing activities115,352 (1,184)
Effect of changes in exchange rate on cash and restricted cash151 (36)
Net increase (decrease) in cash, cash equivalents and restricted cash81,484 (31,497)
Cash, cash equivalents and restricted cash at beginning of period18,887 58,821 
Cash, cash equivalents and restricted cash at end of period$100,371 $27,325 
Supplemental disclosure of non-cash investing and financing transactions:
Purchases of property and equipment$— $19 

Right-of-use asset related to operating leases$— $1,353 

See accompanying notes to condensed consolidated financial statements.
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OCUGEN, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)

1.    Nature of Business

Ocugen, Inc., together with its wholly owned subsidiaries ("Ocugen" or the "Company"), is a biotechnology company focused on discovering, developing, and commercializing novel gene therapies that improve health and offer hope for patients across the globe. The Company is headquartered in Malvern, Pennsylvania, and manages its business as one operating segment.
Going Concern 

The Company has incurred recurring operating losses, generated negative cash flows from operations, and expects to continue to incur significant expenditures to support the research, development, and potential commercialization of its product candidates. The Company has funded its operations to date through the sale of common stock, warrants to purchase common stock, the issuance of convertible notes and debt, and grant proceeds. The Company incurred net losses of approximately $24.9 million and $14.7 million for the three months ended June 30, 2026 and 2025, respectively. The Company incurred net losses of approximately $44.1 million and $30.1 million for the six months ended June 30, 2026 and 2025, respectively. As of June 30, 2026, the Company had an accumulated deficit of $452.1 million and cash and cash equivalents totaling $100.1 million. 

In January 2026, the Company raised approximately $20.7 million in net proceeds through an underwritten registered direct offering of shares of common stock. In March 2026, investors partially exercised outstanding warrants, resulting in $14.2 million in net proceeds. In May 2026, the Company completed a private offering of $130.0 million aggregate principal amount of 6.75% Convertible Senior Notes due 2034 (“Convertible Notes”), generating net proceeds of approximately $112.5 million after discounts, commissions, and offering expenses. The Company used approximately $32.7 million of the net proceeds from this offering, to fully repay and terminate its Loan and Security Agreement (the “Avenue Capital Loan”) with the remaining proceeds available for general corporate purposes (See Notes 9 and 10). 

Management believes these financing transactions strengthened the Company’s financial position and, based on the Company’s current cash, cash equivalents, and anticipated operating plans, provide the Company with increased flexibility to fund its operations and strategic priorities. However, management’s going concern assessment requires consideration of all known and reasonably knowable conditions and events through one year from the issuance date of these condensed consolidated financial statements, including the Company’s recurring operating losses, expected negative cash flows from operations, future clinical and commercialization expenditures, and obligations and uncertainties related to the Company’s financing arrangements, including conversion terms of the Convertible Notes.

After evaluating these conditions and management’s plans, the Company has concluded that there is substantial doubt about the Company’s ability to continue as a going concern within one year after the date these condensed consolidated financial statements are issued. Management continues to evaluate and pursue plans to mitigate these conditions, which may include raising additional capital, managing the timing and scope of operating expenditures, pursuing strategic partnerships or licensing arrangements, and/or other financing or corporate transactions. There can be no assurance that such plans will be successfully implemented, that additional financing will be available on acceptable terms, or at all, or that the Company will be able to execute its strategic plans within the required timeframe. If the Company is unable to obtain additional funding or otherwise successfully execute its plans when needed, it may be required to delay, reduce, or eliminate certain research and development programs and commercialization activities, consider various strategic alternatives, including a merger or sale, or cease its operations.

2.    Summary of Significant Accounting Policies
Basis of Presentation and Consolidation

The accompanying unaudited condensed consolidated financial statements included herein have been prepared in conformity with generally accepted accounting principles in the United States (“GAAP”) and under the rules and regulations of the United States Securities and Exchange Commission ("the SEC") for interim reporting. The accompanying unaudited condensed consolidated financial statements include all adjustments, consisting of normal recurring adjustments, necessary for a fair statement of 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, 2025, included in the Company's Annual Report on Form 10-K filed with the SEC on March 4, 2026 (the "2025 Annual Report"). The 
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condensed consolidated financial statements include the accounts of Ocugen and its wholly owned subsidiaries. All intercompany balances and transactions have been eliminated in consolidation. 

The accounting policies of the Company, as applied in the condensed consolidated financial statements presented herein, are substantially the same as presented in the Company’s 2025 Form 10-K filed on March 4, 2026, except as may be indicated below.

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 the inherent uncertainty involved in making estimates, actual results reported in future periods may be affected by changes in these estimates. On an ongoing basis, the Company evaluates its estimates and assumptions. These estimates and assumptions include those used in the accounting for research and development contracts, including clinical trial accruals, determination of the collaborative arrangements' transaction price, calculating the progress towards the satisfaction of the performance obligations under the collaborative arrangements, determining the fair value of our derivative liability and determining the value of the non-cash consideration received under collaborative arrangements.
Segment Information
As of June 30, 2026, the Company viewed its operations and managed its business as one operating segment consistent with how the Company's chief operating decision-maker, the Company's Chief Executive Officer, makes decisions regarding resource allocation and assesses performance. As of June 30, 2026, substantially all of the Company's assets were located in the United States. Refer to Note 16 for additional information.
Cash and 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 equivalents may include bank demand deposits and money market funds that invest primarily in certificates of deposit, commercial paper, and U.S. government agency securities and treasuries. The Company records interest income received on its cash and cash equivalents to Interest income in the condensed consolidated statements of operations and comprehensive loss. The Company recorded $0.4 million and $0.5 million as interest income for the three and six months ended June 30, 2026, respectively. The Company recorded $0.2 million and $0.6 million as interest income for the three and six months ended June 30, 2025, respectively. The Company's restricted cash balance as of June 30, 2026 consisted of cash held to collateralize a corporate credit card account and a line of credit related to an operating lease in the event of a payment default.
The following table provides a reconciliation of cash and restricted cash from the condensed consolidated balance sheets to the total amount shown in the condensed consolidated statements of cash flows (in thousands):

As of June 30,

20262025
Cash and cash equivalents$100,051 $27,013 
Restricted cash320 312 
Total cash and restricted cash$100,371 $27,325 

Fair Value Measurements
Management believes that the carrying value of certain financial instruments, including cash, accounts payable, and accrued expenses, approximates their fair value due to the short-term nature of these instruments. The Company records its derivative liability at fair value (see Note 4).
Concentration of Credit Risk
Financial instruments that potentially subject the Company to significant concentrations of credit risk consist of cash and restricted cash. The Company's cash and restricted cash are held in accounts at financial institutions that may exceed federally 
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insured limits. The Company has not experienced any credit losses in such accounts and does not believe it is exposed to significant credit risk beyond the standard credit risk associated with commercial banking relationships.
Leases
The Company determines if an arrangement is or contains 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 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 incurred.
The Company currently leases real estate classified as operating leases. Operating right of use assets are included in other assets and operating lease obligations are included in current and non-current liabilities in the Company's consolidated balance sheets. At lease commencement, the Company records a lease liability based on the present value of the lease payments over the expected lease term including any options to extend the lease that the Company is reasonably certain to exercise and records a corresponding right-of-use lease asset based on the lease liability, adjusted for any lease incentives received and any initial direct costs paid to the lessor prior to the lease commencement date. Lease expense is recognized 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. 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 rates were not readily determinable in the Company's current operating leases. As such, the incremental borrowing rates were used based on the information available at the commencement dates in determining the present value of lease payments.
The lease term for 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 an index or rate, and amounts probable to be payable under the exercise of an option to purchase the underlying asset if reasonably certain.

Variable payments not dependent on an index or rate associated with the Company's leases are recognized when incurred. Variable 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.

Impairment of Assets
The Company reviews its assets, including property and equipment, for impairment whenever changes in circumstances or events may indicate that the carrying amounts are not recoverable. These indicators include, but are not limited to, a significant change in the extent or manner in which an asset is used or its physical condition, a significant decrease in the market price of an asset, or a significant adverse change in the business or the industry that