Ocugen (OCGN) 8-K/A 7 Oct 19 Other Events Financial data

Document and Entity Information

Document and Entity Information	6 Months Ended
	Jun. 30, 2019
Document and Entity Information [Abstract]
Document Type	8-K/A
Entity Registrant Name	Ocugen, Inc.
Entity Central Index Key	0001372299
Document Period End Date	Jun. 30, 2019
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Amendment Flag	false

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)	Jun. 30, 2019	Dec. 31, 2018
Current Assets
Cash and cash equivalents	$ 678,492	$ 1,628,136
Deferred transaction cost	2,067,199
Prepaid expenses and other current assets	498,642	313,499
Total Current Assets	3,244,333	1,941,635
Property and equipment, net	228,596	245,788
Restricted cash	150,776	150,477
Other assets	495,868	116,333
Total Assets	4,119,573	2,454,233
Current Liabilities
Accounts payable	5,255,972	3,277,525
Accrued expenses	1,162,798	1,402,750
Short term debt, net	2,062,249	7,483,847
Derivative liabilities	42,073	1,741,222
Operating lease obligation	162,756
Financing lease obligation	19,421	20,442
Deferred grant proceeds	183,800	183,800
Total Current Liabilities	8,889,069	14,109,586
Non-Current Liabilities
Deferred rent		3,739
Operating lease obligations, less current portion	267,188
Financing lease obligation, less current portion	22,903	33,720
Long term debt, net	1,046,136	1,016,727
Total Non-Current Liabilities	1,336,227	1,054,186
Total Liabilities	10,225,296	15,163,772
Stockholders' Deficit
Common stock, $0.001 par value, 20,000,000 authorized at June 30, 2019 and December 31, 2018, 13,024,138 and 10,347,418 issued and outstanding at June 30, 2019 and December 31, 2018, respectively	13,024	10,347
Accumulated other comprehensive income		451
Additional paid-in capital	34,969,863	18,516,857
Accumulated deficit	(41,088,610)	(31,237,194)
Total Stockholders' Deficit	(6,105,723)	(12,709,539)
Total Liabilities and Stockholders' Deficit	$ 4,119,573	$ 2,454,233

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Jun. 30, 2019	Dec. 31, 2018
CONDENSED CONSOLIDATED BALANCE SHEETS
Common stock, par value (dollars per share)	$ 0.001	$ 0.001
Common stock, shares authorized	20,000,000	20,000,000
Common stock, shares issued	13,024,138	10,347,418
Common stock, shares outstanding	13,024,138	10,347,418

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Operating Expenses
Research and development	$ 1,240,047	$ 2,831,797	$ 5,033,069	$ 5,844,186
General and administrative	1,088,477	1,220,351	2,136,497	2,202,397
Total Operating Expenses	2,328,524	4,052,148	7,169,566	8,046,583
Loss from Operations	(2,328,524)	(4,052,148)	(7,169,566)	(8,046,583)
Other Income (Expense)
Change in fair value of derivative liabilities	(608,149)	(8,245)	(1,384,422)	(253,347)
Loss on debt conversion	(341,136)		(341,136)
Interest income	377	6,200	971	13,631
Interest expense	(261,562)	(1,235,291)	(957,031)	(2,033,805)
Other income (expense)	184	(1,762)	(232)	(10,168)
Total Other Expense	(1,210,286)	(1,239,098)	(2,681,850)	(2,283,689)
Net Loss	(3,538,810)	(5,291,246)	(9,851,416)	(10,330,272)
Other Comprehensive Income (Loss)
Foreign currency translation adjustment	(169)	558	(451)	524
Comprehensive Loss	$ (3,538,979)	$ (5,290,688)	$ (9,851,867)	$ (10,329,748)
Net loss per shares of common stock-basic and diluted	$ (0.28)	$ (0.51)	$ (0.86)	$ (1)
Weighted average shares outstanding - basic and diluted	12,656,240	10,347,418	11,392,524	10,347,418

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' DEFICIT - USD ($)	Common Stock	Additional Paid in Capital	Other Comprehensive Income	Accumulated Deficit	Total
Beginning balance at Dec. 31, 2017	$ 10,347	$ 17,442,170		$ (13,017,530)	$ 4,434,987
Beginning balance (in shares) at Dec. 31, 2017	10,347,418
Increase (Decrease) in Stockholders' Equity
Stock-based compensation expense		258,682			258,682
Foreign currency translation adjustment			$ (34)		(34)
Net Loss				(5,039,026)	(5,039,026)
Ending balance at Mar. 31, 2018	$ 10,347	17,700,852	(34)	(18,056,556)	(345,391)
Ending balance (in shares) at Mar. 31, 2018	10,347,418
Beginning balance at Dec. 31, 2017	$ 10,347	17,442,170		(13,017,530)	4,434,987
Beginning balance (in shares) at Dec. 31, 2017	10,347,418
Increase (Decrease) in Stockholders' Equity
Foreign currency translation adjustment					524
Net Loss					(10,330,272)
Ending balance at Jun. 30, 2018	$ 10,347	17,962,037	524	(23,347,802)	(5,374,894)
Ending balance (in shares) at Jun. 30, 2018	10,347,418
Beginning balance at Mar. 31, 2018	$ 10,347	17,700,852	(34)	(18,056,556)	(345,391)
Beginning balance (in shares) at Mar. 31, 2018	10,347,418
Increase (Decrease) in Stockholders' Equity
Stock-based compensation expense		261,185			261,185
Foreign currency translation adjustment			558		558
Net Loss				(5,291,246)	(5,291,246)
Ending balance at Jun. 30, 2018	$ 10,347	17,962,037	524	(23,347,802)	(5,374,894)
Ending balance (in shares) at Jun. 30, 2018	10,347,418
Beginning balance at Dec. 31, 2018	$ 10,347	18,516,857	451	(31,237,194)	(12,709,539)
Beginning balance (in shares) at Dec. 31, 2018	10,347,418
Increase (Decrease) in Stockholders' Equity
Stock-based compensation expense		415,202			415,202
Foreign currency translation adjustment			(282)		(282)
Net Loss				(6,312,606)	(6,312,606)
Ending balance at Mar. 31, 2019	$ 10,347	18,932,059	169	(37,549,800)	(18,607,225)
Ending balance (in shares) at Mar. 31, 2019	10,347,418
Beginning balance at Dec. 31, 2018	$ 10,347	18,516,857	451	(31,237,194)	(12,709,539)
Beginning balance (in shares) at Dec. 31, 2018	10,347,418
Increase (Decrease) in Stockholders' Equity
Foreign currency translation adjustment					(451)
Net Loss					(9,851,416)
Ending balance at Jun. 30, 2019	$ 13,024	34,969,863		(41,088,610)	(6,105,723)
Ending balance (in shares) at Jun. 30, 2019	13,024,138
Beginning balance at Mar. 31, 2019	$ 10,347	18,932,059	169	(37,549,800)	(18,607,225)
Beginning balance (in shares) at Mar. 31, 2019	10,347,418
Increase (Decrease) in Stockholders' Equity
Stock-based compensation expense		111,807			111,807
Foreign currency translation adjustment			$ (169)		(169)
Net Loss				(3,538,810)	(3,538,810)
Conversion of debt	$ 2,348	13,968,531			13,970,879
Conversion of debt (in shares)	2,347,678
Equity transactions	$ 329	1,957,466			1,957,795
Equity transactions (in shares)	329,042
Ending balance at Jun. 30, 2019	$ 13,024	$ 34,969,863		$ (41,088,610)	$ (6,105,723)
Ending balance (in shares) at Jun. 30, 2019	13,024,138

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)	6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018
Cash Flows from Operating Activities
Net loss	$ (9,851,416)	$ (10,330,272)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation expense	19,259	20,647
Non-cash interest expense	937,772	2,033,805
Change in fair value of derivative liability	1,384,422	253,347
Stock-based compensation expense	527,009	519,867
Loss on debt conversion	341,136
Changes in assets and liabilities:
Prepaid expenses and other current assets	(32,986)	(15,868)
Other assets	(25,000)	(5,333)
Accounts payable and accrued expenses	668,879	1,759,952
Deferred		880
Net Cash Used in Operating Activities	(6,030,925)	(5,762,975)
Cash Flows from Investing Activities
Purchase of property and equipment	(2,067)	(76,621)
Payment for equity transaction	(130,000)
Net Cash Used in Investing Activities	(132,067)	(76,621)
Cash Flows from Financing Activities
Financing lease principal payments	(1,021)
Deferred financing costs	(85,233)	(38,969)
Proceeds from issuance of convertible debt	4,300,000	6,000,000
Proceeds from stock subscription	1,000,000
Net Cash Provided by Financing Activities	5,213,746	5,961,031
Effect of changes in exchange rate on cash	(99)	524
Net (Decrease) / Increase in Cash, Cash Equivalents and Restricted Cash	(949,345)	121,959
Cash, cash equivalents and restricted cash at beginning of period	1,778,613	6,301,572
Cash, cash equivalents and restricted cash at end of period	829,268	6,423,531
Supplemental disclosure of cash and non-cash transactions:
Purchase of fixed assets by entering into capital lease		$ 63,855
Conversion of debt	13,061,029
Conversion of promissory note	907,502
Deferred transaction cost	1,937,100
Right of use asset related to the operating leases	363,093
Deferred equity issuance cost	$ 152,157

NATURE OF BUSINESS

NATURE OF BUSINESS	6 Months Ended
	Jun. 30, 2019
NATURE OF BUSINESS
NATURE OF BUSINESS	NOTE 1—NATURE OF BUSINESS Ocugen, Inc. (the “Company” or “Ocugen”), located in Malvern Pennsylvania, is a clinical stage biopharmaceutical company focused on discovering, developing and commercializing a pipeline of innovative therapies to address rare and underserved eye diseases. The Company is developing a modifier gene therapy platform for unmet medical needs in the area of retinal diseases, including inherited retinal diseases (“IRDs”). The Company’s modifier gene therapy platform is novel in that it targets nuclear hormone receptor (“NHR”) genes that have the potential to restore homeostasis to the retina and may target multiple genes that are associated with a range of IRDs. Unlike single-gene replacement therapies, which only target one genetic mutation, the Company believes that its gene therapy platform, through its use of NHRs, may impact multiple genes that are associated with a range of genetically diverse diseases. The Company’s first gene therapy candidate, OCU400, received Orphan Drug Designation (“ODD”) from the Food and Drug Administration (“FDA”), for the treatment of NR2E3 mutation-associated retinal degenerative diseases. OCU400 uses an adeno-associated virus vector. The Company has a late-stage, Phase 3 program, OCU300, that has also received ODD from the FDA. OCU300 is a small molecule therapeutic currently in Phase 3 clinical development for patients with ocular graft-versus-host disease (“oGVHD”). OCU300 is the first and only product candidate to receive ODD for the treatment of oGVHD. OCU300 is formulated using the Company’s proprietary nanoemulsion technology, OcuNanoE – Ocugen’s ONE Platform™ (“OcuNanoE™”). The Company is also developing OCU200, a novel fusion protein for the treatment of wet age‑related macular degeneration, or wet AMD and OCU100 for the treatment of RP, as well as its first gene therapy candidate. In January 2018, the Company formed Ocugen Limited, an Irish subsidiary, and purchased one share of common stock, representing 100% ownership, for €1 (Euro). Ocugen Limited will be used as the designated company for future European regulatory filings. GOING CONCERN The Company has incurred recurring losses and negative cash flows from operations since inception and has funded its operating losses through the sale of common stock, warrants to purchase common stock, the issuance of convertible notes, and debt. The Company incurred net losses of approximately $9.9 million and $10.3 million for the six months ended June 30, 2019 and 2018, respectively, and had an accumulated deficit of $41.1 million as of June 30, 2019. As of June 30, 2019, the Company had cash and cash equivalents of $0.7 million and a working capital deficit of $5.6 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 and development efforts for its product candidates, which will require significant funding. If the Company is unable to obtain additional financing in the future or research and development 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 either private or public equity or debt financing. Such financing may not be available at all, or on terms which 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 through one or more financings, or reduce 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 the Company’s products, there is substantial doubt about the Company’s ability to continue as a going concern within one year after the date that these unaudited condensed consolidated financial statements are issued. The unaudited condensed consolidated financial statements do not contain any adjustments that might result from the resolution of any of the above uncertainties. The Company plans to continue raising additional funds to meet its operational goals until profitable.

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	6 Months Ended
	Jun. 30, 2019
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	NOTE 2—SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES BASIS OF PRESENTATION The accompanying unaudited 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, which are necessary to present fairly the Company’s financial position, results of operations, and cash flows. The unaudited condensed consolidated results of operations are not necessarily indicative of the results that may occur for the full fiscal year. Certain information and note disclosures normally included in the financial statements prepared in accordance with GAAP have been condensed or omitted under the SEC’s rules and regulations. These unaudited condensed consolidated financial statements should be read in conjunction with the audited financial statements and accompanying notes thereto for the years ended December 31, 2018. The balance sheet data as of December 31, 2018 was derived from the Company’s audited financial statements for the year ended December 31, 2018. The Company’s significant accounting policies have not changed substantially from those previously described in the consolidated financial statements for the year ended December 31, 2018, except for the adoption of ASU 2016‑02, Leases (Topic 842) . The following are updates to certain policies described in Note 2 to the Company’s consolidated financial statements for the year ended December 31, 2018. All percentages have been calculated using unrounded amounts. PRINCIPALS OF CONSOLIDATION The unaudited condensed consolidated financial statements include the accounts of Ocugen, Inc. and its wholly owned subsidiary. All intercompany balances and transactions have been eliminated in consolidation. FOREIGN CURRENCY TRANSLATION AND TRANSACTIONS The assets and liabilities of the Company’s foreign subsidiary are translated into U.S. dollars based on exchange rates in effect at the end of each period. Revenues and expenses are translated at average exchange rates during the periods. Currency transaction gains or losses are included in Other expenses. Gains or losses from balance sheet translation are included in Accumulated other comprehensive income. USE OF ESTIMATES In preparing unaudited 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 include valuing equity securities in share‑based payment arrangements and valuation of the embedded conversion feature on the convertible notes. 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 United States government and United States 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 As of June 30, 2019 2018 Cash, cash equivalents and restricted cash reconciliation: Cash and cash equivalents $ 678,492 $ 6,273,335 Restricted cash 150,776 150,196 Total cash, cash equivalents and restricted cash $ 829,268 $ 6,423,531

RECENT ACCOUNTING PRONOUNCEMENT

RECENT ACCOUNTING PRONOUNCEMENTS	6 Months Ended
	Jun. 30, 2019
RECENT ACCOUNTING PRONOUNCEMENTS
RECENT ACCOUNTING PRONOUNCEMENTS	NOTE 3—RECENT ACCOUNTING PRONOUNCEMENTS RECENTLY ADOPTED ACCOUNTING STANDARDS In February 2016, the FASB issued ASU No. 2016‑02 Leases (ASC 842). In July 2018, the FASB issued ASU No. 2018‑10, “Codification Improvements to Topic 842, Leases” (ASU 2018‑10), which provides narrow amendments to clarify how to apply certain aspects of the new lease standard, and ASU No. 2018‑11, “Leases (Topic 842)—Targeted Improvements” (ASU 2018‑11), which addressed implementation issues related to the new lease standard. These and certain other lease-related ASUs have generally been codified in ASC 842. ASC 842 supersedes the lease accounting requirements in Accounting Standards Codification Topic 840, Leases (ASC 840). ASC 842 establishes a right-of-use model that requires a lessee to record a right-of-use (“ROU”) asset and a lease liability on the balance sheet for all leases. Under ASC 842, leases are classified as either finance or operating, with classification affecting the pattern of expense recognition in the income statement. The standard also requires disclosures to help investors and other financial statement users better understand the amount, timing and uncertainty of cash flows arising from leases. ASU 2016‑02 is effective for annual reporting periods beginning after December 15, 2018 and interim periods within that reporting period. Nonpublic entities are required to apply the guidance in annual periods beginning after December 15, 2019 and in interim periods beginning after December 15, 2020. The Company adopted ASC 842 on January 1, 2019 using the effective date transition method. Prior period results continue to be presented under ASC 840 based on the accounting standards originally in effect for such periods. The Company has elected certain practical expedients permitted under the transition guidance within ASC 842 to leases that commenced before January 1, 2019, including the package of practical expedients. The election of the package of practical expedients resulted in the Company not reassessing prior conclusions under ASC 840 related to lease identification, lease classification and initial direct costs for expired and existing leases prior to January 1, 2019. The Company did not elect the practical expedient to not record short-term leases on its consolidated balance sheet. The adoption of ASU 2016‑02 did not have a significant impact on the Company’s consolidated results of operations or cash flows. Upon adoption, the Company recognized a ROU asset and lease liability of $0.4 million and $0.4 million, respectively. See Note 9.

NET LOSS PER SHARE OF COMMON ST

NET LOSS PER SHARE OF COMMON STOCK	6 Months Ended
	Jun. 30, 2019
NET LOSS PER SHARE OF COMMON STOCK
NET LOSS PER SHARE OF COMMON STOCK	NOTE 4—NET LOSS PER SHARE OF COMMON STOCK The following table sets forth the computation of Three months ended June 30, Six months ended June 30, 2019 2018 2019 2018 Basic net loss per share of common stock: Net loss $ (3,538,810) $ (5,291,246) $ (9,851,416) $ (10,330,272) Weighted average shares of common stock outstanding 12,656,240 10,347,418 11,392,524 10,347,418 Net loss per shares of common stock—basic and diluted $ (0.28) $ (0.51) $ (0.86) $ (1.00) The following potentially dilutive securities outstanding at June 30, 2019 and 2018 have been excluded from the computation of diluted weighted average shares outstanding, as they would be antidilutive: Three months ended June 30, Six months ended June 30, 2019 2018 2019 2018 Stock options 290,500 988,000 287,667 988,000 Warrants 1,814,811 1,814,811 1,814,811 1,814,811 Total 2,105,311 2,082,811 2,102,478 2,802,811

LICENSE AGREEMENTS

LICENSE AGREEMENTS	6 Months Ended
	Jun. 30, 2019
LICENSE AGREEMENTS
LICENSE AGREEMENTS	NOTE 5—LICENSE AGREEMENTS LICENSE AGREEMENT WITH UNIVERSITY OF COLORADO In March 2014, the Company entered into a patent license agreement with the University of Colorado (“University”), which granted the Company an exclusive license to develop and commercialize, and continue to secure patents for OCU100 and OCU200, including the ability to enforce any rights against infringement. Under the agreement, the Company assumed primary responsibility for preparing, filing and prosecuting broad patent claims for OCU100 and OCU200 for the University’s benefit. Further, the Company assumed primary responsibility for all patent activities, including all costs associated with the perfection and maintenance of the patents for OCU100 and OCU200. In exchange for the licensed patents, the Company issued the University 180,000 shares of the Company’s common stock. The license agreement included an anti‑dilution provision, requiring the issuance of additional shares to maintain a specified ownership interest until such time as the Company achieved a specified level of financing. Between the effective date of the agreement and December 31, 2016, the Company issued the University an additional 67,000 shares of the Company’s common stock. The anti‑dilution provision was no longer effective per the terms of the agreement, as amended, after the Company’s Series A financing round closed in December 2016. The Company also reimbursed the University for $26,179 of fees and costs previously incurred by the University. The agreement with the University, as amended in January 2017, obligates the Company to pay certain development and regulatory milestone fees of up to $1.5 million, royalties in the low single digits on net sales and royalties ranging from the mid‑teens to forty percent on sublicense income of OCU100 and OCU200. The agreement with the University calls for minimum annual royalty payments of $20,000, starting on the third anniversary of the agreement and on each annual anniversary thereafter, and after sales commence, increasing to a percentage rate in the mid‑twenties of the previous year’s royalty payment paid to the University, through the term of the agreement. The Company paid $20,000 during 2018 and will pay $20,000 in 2019 as the minimum royalty is due annually beginning in 2017 and recognized such amount as research and development expense. No additional royalties were paid or incurred during 2018 or the six months ended June 30, 2019 as the Company has not achieved any milestones, net sales or sublicensing for OCU100 or OCU200. Future annual royalties will be recognized in the years they are earned, per the license agreement. The Company may cancel the license agreement at any time with 60 days’ written notice. LICENSE AGREEMENT WITH UNIVERSITY OF ILLINOIS In February 2016, the Company entered into a license agreement with the University of Illinois, Chicago (“UIC”), which granted the Company an exclusive license to develop, commercialize and continue to secure patents for OCU300 and OCU310. In connection with acquiring the license for OCU300 and OCU310, the Company was required to pay a signing fee of $15,000, which was recognized as research and development expense. The Company is required to pay royalties ranging from the low single digits to low teens to UIC based on net sales and sublicense revenues generated by OCU300 and OCU310. The Company is also required to pay minimum annual royalties to UIC, beginning with an annual payment of $20,000 on the third anniversary of the effective date of the agreement, and increasing gradually to $50,000 by the sixth anniversary and continuing through the term of the agreement. These minimum royalties will be recognized over the annual period to which they relate. The Company is also obligated to pay UIC up to $1.25 million upon the achievement of certain development and regulatory milestones. The Company recognized $6,250 and $5,000 of royalty expense related to this agreement during the three months ended June 30, 2019 and 2018, respectively, and $12,083 and $8,333 during the six months ended June 30, 2019 and 2018, respectively. Additionally, during 2018, the Company incurred $250,000 in milestone payments due to achieving a milestone associated with dosing the first patient in a Phase 3 clinical trial. The Company has not achieved any other milestones, net sales or sublicensing for OCU300 or OCU310. The Company may cancel the license agreement at any time with 90 days’ written notice. LICENSE AGREEMENT WITH THE SCHEPENS EYE RESEARCH INSTITUTE In December 2017, the Company entered into a license agreement with The Schepens Eye Research Institute, (“SERI”), which granted the Company an exclusive license to develop, commercialize, and continue to secure patents for OCU400. This agreement is accounted for as a Collaborative Arrangement. In connection with acquiring the license, the Company was required to pay a license fee of $125,000, which was recognized in 2017. In addition, a licensing fee of $75,000 was incurred in June 2019 The Company was also required to reimburse SERI for all patent costs incurred prior to the effective date of the agreement, totaling $39,681, and will be required to reimburse SERI for all future patent costs related to this licensed technology. These license and patent fees were recognized as research and development expense. The Company is obligated to pay SERI up to $6.0 million upon the achievement of certain development and regulatory milestones. The Company is also obligated to pay SERI up to $10.5 million upon the achievement of certain commercial milestones. The Company will also pay SERI royalties in the low single digits based on net sales, which will be credited against the annual license maintenance fees. The license agreement dictates that the Company will pay an annual license maintenance fee of $25,000 for the first two years following expiration or termination of the Sponsored Research Agreement, and $50,000 for each year thereafter. No license maintenance fees were paid during the three and six months ended June 30, 2019 or in 2018. No milestones or royalties were paid or incurred through June 30, 2019, as the Company has not achieved any milestones, net sales or sublicensing under this agreement. The Company may cancel the license agreement at any time with 180 days’ written notice. In December 2017, the Company also entered into a Sponsored Research Agreement with SERI which is effective for two years. Pursuant to the terms of the agreement, the Company expects to make payments of approximately $1.1 million for research services for OCU400 over the period beginning December 2017 and ending December 2019. The Company recognized approximately $159,250 and $112,000 as research and development expense in the three months ended June 30, 2019 and 2018, respectively, and approximately $318,500 and $257,600 in the six months ended June 2019 and 2018, respectively for work performed under this agreement.

BALANCE SHEET DETAIL

BALANCE SHEET DETAIL	6 Months Ended
	Jun. 30, 2019
BALANCE SHEET DETAIL
BALANCE SHEET DETAIL	NOTE 6—BALANCE SHEET DETAIL Accrued Expenses are as follows: June 30, December 31, 2019 2018 Accrued expenses: Research & Development $ 364,025 $ 705,436 Clinical 215,159 469,473 Consulting 79,833 86,619 Employees 365,768 123,372 Legal 138,013 15,400 Other — 2,450 Total $ 1,162,798 $ 1,402,750

EQUITY TRANSACTIONS

EQUITY TRANSACTIONS	6 Months Ended
	Jun. 30, 2019
EQUITY TRANSACTIONS
EQUITY TRANSACTIONS	NOTE 7—EQUITY TRANSACTIONS On April 5, 2019, the Company entered into a Stock Subscription Agreement (“Subscription Agreement”) with existing investors for the sale of 168,068 shares of common stock for $1,000,000, or $5.95 per share. This capital raise triggered the conversion features on the convertible debt above, see Note 8 for further details. On December 13, 2018, the Company entered into a service agreement with a financial advisor. Pursuant to this agreement, in June 2019, 160,974 common shares were issued at $5.95 per share for services rendered. These services totaling $0.96 million are related to the merger transaction, therefore, reflected in the supplemental disclosure of the condensed consolidated statements of cash flows. Remaining balance of the total $1.9 million deferred transaction cost consists of unpaid fees as of June 30, 2019.

DEBT

DEBT	6 Months Ended
	Jun. 30, 2019
DEBT
DEBT	NOTE 8—DEBT EB‑5 LOAN 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 to borrow up to $10.0 million from EB5 Life Sciences, L.P. (the “Lender”) in $0.5 million increments. Borrowing may be limited by the amount of funds raised by the Lender and are subject to certain job creation requirements by the Company. Borrowings are at a fixed interest rate of 4.0% and are to be utilized in the clinical development, manufacturing, and commercialization of the Company’s products and for the general working capital needs of the Company. Outstanding borrowings pursuant to the EB‑5 Program become due upon the seventh anniversary of the final disbursement. Amounts repaid cannot be re‑borrowed. In September 2016, $0.5 million was borrowed by the Company followed by another borrowing of $0.5 million in December 2016. Issuance costs for these borrowings totaled $103,887. At June 30, 2019, there is $1.0 million of principal outstanding which has accrued interest of approximately $10,000 during the three months ended June 30, 2019 and 2018, respectively, and $20,000 during the six months ended June 30, 2019 and 2018. As of June 30, 2019, total accrued interest is approximately $107,000. As of June 30, 2019, and December 31, 2018, the Company believes the fair value of the EB‑5 Note approximates its carrying value due to the nature of the loan and the similarity between the interest rate on the Note and prevailing interest rates. The EB‑5 Note is secured by substantially all assets of the Company, except for any patents, patent applications, pending patents, patent license, patent sublicense, trademarks, and other intellectual property rights. Amortization expense amounted to approximately $3,710 for the three months ended June 30, 2019 and 2018, and approximately $7,421 for the six months ended June 30, 2019 and 2018, and is included in interest expense. Convertible Notes During the year ended December 31, 2018, the Company issued convertible notes (the “Notes”) to existing stockholders in the Company, including $3.35 million to board members. At issuance, the following amounts were recorded: Fair Value of Note Fair Value of Change in Debt Carrying Principal Conversion Control Issuance Amount of Note Issuance Date Amount Feature Feature Costs the Note Maturity Date January 2018 $ 5,000,000 $ (2,579,074) $ (78,637) $ (35,969) $ 2,306,320 July 2019 June 2018 1,000,000 (714,041) (10,175) (3,000) 272,784 Dec. 2019 November 2018 1,150,400 — (21,127) (50,646) 1,078,627 May 2020 December 2018 150,000 — (2,857) (14,310) 132,833 May 2020 Total $ 7,300,400 $ (3,293,115) $ (112,796) $ (103,925) $ 3,790,564 During the six months ended June 30, 2019, the Company issued convertible notes (the “Notes”) to existing stockholders in the Company, including $0.1 million to a board member. At issuance, the following amounts were recorded: Fair Value of Note Fair Value of Change in Debt Carrying Principal Conversion Control Issuance Amount of Note Issuance Date Amount Feature Feature Costs the Note Maturity Date January 2019 $ 450,000 $ (172,227) $ (10,655) $ (29,358) $ 237,760 May 2020 February 2019 1,000,000 (284,448) (17,931) (55,875) 641,746 June 2020 Total $ 1,450,000 $ (456,675) $ (28,586) $ (85,233) $ 879,506 All Notes accrued interest at a rate of 5% per annum and have scheduled maturity date on the eighteenth month anniversary of the date of the issuance of the Notes (the Maturity Date”). If prior to the Maturity Date, there is a consummation of the sale of all or substantially all of the assets of the Company, change in control or event of default, the Notes becomes due and payable at an amount equal to 1.5 times the principal amount of the Notes together with all accrued interest (the “Change in Control Feature”). With regards to the notes issued in January 2018 and June 2018, if the Company receives equity financing from the issuance of stock of the Company from an investor or group of investors in a transaction or series of related transactions resulting in gross proceeds to the Company of at least $15.0 million (the “Financing Transaction”), including the conversion of these Notes, the principal amount and all interest accrued but not paid through the closing date of the equity financing shall automatically convert into the same class of equity securities as those issued in the equity financing at a price per share equal to a 30% discount to the lowest price per share being paid by investors in the equity financing (the “Conversion Feature”). With regards to the notes issued in November 2018 and December 2018 notes, if the Company receives equity financing from the issuance of stock of the Company from an investor or group of investors in a transaction or series of related transactions resulting in gross proceeds to the Company of at least $4.0 million (the “Financing Transaction”), including the conversion of these Notes, the principal amount and all interest accrued but not paid through the closing date of the equity financing shall automatically convert into the same class of equity securities as those issued in the equity financing at a price per share equal to the lowest price per share being paid by investors in the equity financing. With regards to the notes issued in January 2019 and February 2019, if the Company receives equity financing from the issuance of stock of the Company from an investor or group of investors in a transaction or series of related transactions resulting in gross proceeds to the Company of at least $10.0 million (the “Financing Transaction”), including the conversion of these Notes, the principal amount and all interest accrued but not paid through the closing date of the equity financing shall automatically convert into the same class of equity securities as those issued in the equity financing at a price per share equal to a 15% discount to the lowest price per share being paid by investors in the equity financing (the “Conversion Feature”). The Company bifurcated the Conversion Feature for the January 2018, June 2018, January 2019, and February 2019 notes and classified it as a derivative liability because the Conversion Feature does not have a fixed conversion price and conversion will be settled in a variable number of common shares. There is no bifurcated conversion feature for the November 2018 and December 2018 notes as there is no discount to the lowest equity price triggering conversion. The Company also bifurcated the Change in Control Feature for all of the notes because it was determined to be a redemption feature not clearly and closely related to the debt host. The fair value of both of these embedded features accounted for as a derivative liability is recorded as a discount on the Notes. The debt discount is accreted into interest expense over the expected time until conversion of the Notes. The accretion amounted to $36,827 and $1,146,217 in the three months ending June 30, 2019 and June 30, 2018, and $502,013 and $1,876,773, in the six months ending June 30, 2019 and June 30, 2018, respectively. The fair value of the derivative liability for the embedded features was classified as a liability in the Company’s Consolidated Balance Sheets at issuance, with subsequent changes in fair value during the three and six months ended June 30, 2019 and June 30, 2018 recorded on the Company’s Condensed Consolidated Statements of Operations and Comprehensive Loss as Change in fair value of derivative liabilities. Change in Conversion Control feature feature Balance at January 1, 2019 $ 1,623,009 $ 118,213 Fair value at issuance — January 2019 notes 172,227 10,655 Fair value at issuance — February 2019 notes 284,448 17,931 Change in fair value of embedded derivatives 1,531,221 (146,799) Balance at April 5, 2019 $ 3,610,905 $ — On April 5, 2019, debt related to the derivative liability was converted into equity, therefore, no derivative liabilities related to these notes exist as of June 30, 2019. For purposes of estimating the fair market value of the embedded features, the Company used a with and without model. The significant assumptions used in the valuation model are level 3 inputs and are as follows: Conversion feature – Crossover Triggered: Jan Jun Nov Dec Jan Feb 2018 2018 2018 2018 2019 2019 At Issuance Notes Notes Notes Notes Notes Notes Time until expected conversion (in years) 0.49 0.17 — — 0.02 0.02 Probability of conversion 80 % 75 % — — 60 % 60 % Jan Jun Nov Dec Jan Feb 2018 2018 2018 2018 2019 2019 At December 31, 2018 Notes Notes Notes Notes Notes Notes Time until expected conversion (in years) 0.02 0.02 — — — — Probability of conversion 60 % 60 % — — — — Jan Jun Nov Dec Jan Feb 2018 2018 2018 2018 2019 2019 At March 31, 2019 Notes Notes Notes Notes Notes Notes Time until expected conversion (in years) 0.02 0.02 — — 0.02 0.02 Probability of conversion % % — — % % Conversion feature – IPO Triggered / Reverse Merger/Qualified Financing Triggered: Jan Jun Nov Dec Jan Feb 2018 2018 2018 2018 2019 2019 At Issuance Notes Notes Notes Notes Notes Notes Time until expected conversion (in years) — — — — 0.25 0.18 Probability of conversion — — — — 20 % 20 % Jan Jun Nov Dec Jan Feb 2018 2018 2018 2018 2019 2019 At December 31, 2018 Notes Notes Notes Notes Notes Notes Time until expected conversion (in years) 0.33 0.33 — — — — Probability of conversion 20 % 20 % — — — — Jan Jun Nov Dec Jan Feb 2018 2018 2018 2018 2019 2019 At March 31, 2019 Notes Notes Notes Notes Notes Notes Time until expected conversion (in years) 0.08 0.08 — — 0.08 0.08 Probability of conversion 80 % 80 % — — 80 % 80 % Change in Control feature: Jan Jun Nov Dec Jan Feb 2018 2018 2018 2018 2019 2019 At Issuance Notes Notes Notes Notes Notes Notes Time until expected conversion (in years) 1.24 0.83 0.47 0.38 0.33 0.33 Probability of conversion 3 % 3 % 3 % 3 % 3 % 3 % Jan Jun Nov Dec Jan Feb 2018 2018 2018 2018 2019 2019 At December 31, 2018 Notes Notes Notes Notes Notes Notes Time until expected conversion (in years) 0.41 0.41 0.41 0.41 — — Probability of conversion 3 % 3 % 3 % 3 % — — Jan Jun Nov Dec Jan Feb 2018 2018 2018 2018 2019 2019 At March 31, 2019 Notes Notes Notes Notes Notes Notes Time until expected conversion (in years) 0.17 0.17 0.17 0.17 0.17 0.17 Probability of conversion 3 % 3 % 3 % 3 % 3 % 3 % The Company considered several possible outcomes in the likelihood and timing of a qualified financing and/or a change in control occurring that would trigger conversion or redemption and believes the amounts disclosed above and utilized in the valuation are the best estimates of such amounts at each valuation date. The possible outcomes are impacted by the Company’s current capital raising plans and its need for additional funding to continue its development efforts. These assumptions are updated each reporting period. Debt issuance costs incurred related to the issuance of the January 2019 and February 2019 notes were $85,233 and accounted for as debt discount and amortized over the period until expected conversion. This accretion amounted to $1,354 and $14,084 in the three months ending June 30, 2019 and June 30, 2018, and $115,744 and $26,083, in the six months ending June 30, 2019 and June 30, 2018, respectively. As a result of the Subscription Agreement transaction (Note 7), with regards to the January 2018, June 2018, January 2019, and February 2019 notes, the triggers for conversion met were an equity financing and $10.0 million of gross proceeds from an investor or group of investors. With regards to the November 2018 and December 2018 notes, the triggers met were an equity financing and $4.0 million of gross proceeds from an investor or group of investors. Subsequently, on April 5, 2019, the notes converted with a discount of 30%, which is consistent with the notes issued in January 2018 and June 2018, however, differs from the 0% discount on the November 2018 and December 2018 notes and the 15% on the January 2019 and February 2019 notes. This modification to change the discount on common stock from 15% to 30% occurred at the time of conversion. To account for this transaction, the Company issued 2,195,157 shares of common stock at 30% discount at $4.165 per share on the date of conversion to extinguish the debt and resulted in a loss of $0.3 million. This non-cash transaction resulted in an increase of $13.0 million in Additional paid-in capital and the conversion was based on the principal balance outstanding and the unpaid interest Senior Secured Convertible Notes On May 21, 2019, the Company issued senior secured convertible notes (the “Senior Notes”) to unrelated third parties for $2.415 million of the $25.0 million (see note 11) at an original issue discount of $465,000. The Senior Notes are securitized against the intellectual property of the Company. If the proposed Merger (Note 11) is completed, immediately prior to the Effective Time, the Company will offset $2.4 million from the remaining amount to be received from the investors under the Financing SPA (defined in Note 11) and the Senior Notes will be deemed to have been repaid and cancelled. If the proposed Merger is not completed, the Company may be required to pay the note holders $2.4 million. The holders of the notes also have an option to convert Senior Notes into common shares at a price per share equal to $10.8 per share at any time after the issuance date. The conversion amount includes unpaid principal, interest, and any late fees. The Company has assessed this conversion feature and determined that the related value associated with the conversion feature is not material for further considerations. The Company bifurcated the redemption feature upon default and classified it as a derivative liability because of the redemption upon default at 1.35 times principal and unpaid interest. For purposes of estimating the fair market value of the embedded redemption feature, the Company used a with and without model. The fair value of the embedded derivative was $41,398 and $42,073, as of May 21, 2019 and June 30, 2019, respectively. At issuance, the following amounts were recorded: Note Fair Value of Original Debt Carrying Principal Redemption Issue Issuance Amount of Note Issuance Date Amount Feature Discount Costs the Note Maturity Date May 2019 $ 2,415,000 $ (41,398) (465,000) (13,969) $ 1,894,633 September 2019 The Company considered several possible outcomes in the likelihood and timing of a qualified financing and/or a default occurring that would trigger redemption and believes the amounts utilized in the valuation are the best estimates of such amounts at each valuation date. The possible outcomes are impacted by the Company’s current capital raising plans and its need for additional funding to continue its development efforts. These assumptions are updated each reporting period. The accretion of the original issue discount amounted to $152,459 during the six months ending June 30, 2019. Convertible Promissory Notes On April 4, 2019, the Company issued the convertible promissory note (the “Promissory Note”) to existing stockholder for $900,000 at 5% interest rate per annum. The Promissory note matures at earlier of (a) sale of substantially off of the assets of the Company, (b) the consummation of a reorganization, merger, or consolidation of the Company with another entity or a person, (c) upon a change in control, or (d) July 30, 2019. The agreement also provides holder an option to convert the Promissory Note into common stock at a price per share equal to $5.95. The Company bifurcated the redemption feature and classified it as a derivative liability because of the redemption upon a change in control at 1.5 times principal and unpaid interest. The Company bifurcated the change in control feature because it was determined to be a redemption feature not clearly and closely related to the debt host. For purposes of estimating the fair market value of the embedded feature, the Company used a with and without model. The fair value of the embedded derivative was $18,053 and $9,111, as of April 4, 2019 and May 16, 2019 respectively. At issuance, the following amounts were recorded: Note Fair Value of Carrying Principal Redemption Amount of Note Issuance Date Amount Feature the Note Conversion Date April 2019 $ 900,000 $ (18,053) $ 881,947 May 2019 The Company considered several possible outcomes in the likelihood and timing of and/or a change in control occurring that would trigger redemption and believes the amounts utilized in the valuation are the best estimates of such amounts at each valuation date. The possible outcomes are impacted by the Company’s current capital raising plans and its need for additional funding to continue its development efforts. These assumptions are updated each reporting period. Subsequently, on May 16, 2019, the Promissory Note was converted into equity. The Company issued 152,521 shares of common stock at the conversion date to extinguish the debt at $5.95 per share. This non-cash transaction resulted in an increase of $0.9 million in Additional paid-in capital and the conversion was based on the principal balance outstanding and the unpaid interest.

COMMITMENTS

COMMITMENTS	6 Months Ended
	Jun. 30, 2019
COMMITMENTS
COMMITMENTS	NOTE 9—COMMITMENTS OPERATING 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 has lease agreements which include lease and non-lease components, which the Company has elected to account for as a single lease component for all classes of underlying assets. Lease expense for variable lease components are recognized when the obligation is probable. Operating leases are included in Other assets and Lease obligations on the Company’s consolidated balance sheets. Operating lease ROU assets and liabilities are recognized at 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. The Company primarily leases buildings (real estate) which are classified as operating 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. As an implicit interest rate is not readily determinable in the Company’s leases, the incremental borrowing rate is used based on the information available at 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 a Company 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. Options for lease renewals have been excluded from the lease term (and lease liability) for the majority of the Company’s leases as the reasonably certain threshold is not met. 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 the Company 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 in the lease agreement on which those payments are assessed as probable. Variable lease payments are presented as operating expenses in the Company’s income statement in the same line item as expense arising from fixed lease payments. The Company has commitments under operating leases for certain facilities used in its operations. The Company’s leases have initial lease terms ranging from one to five years. Certain lease agreements contain provisions for future rent increases. The components of lease expense were as follows: Three months ended Six Months Ended June 30, 2019 June 30, 2019 Operating lease cost $ 81,696 $ 154,969 Variable lease cost 21,031 36,879 Total lease cost $ 102,727 $ 191,848 Supplemental balance sheet information related to leases was as follows: June 30, 2019 Right of use assets, net $ 424,868 Current Lease obligations 162,756 Non-current Lease obligations 267,188 Total lease liabilities $ 429,944 Supplemental cash flow information and other information related to leases was as follows: Six Months Ended June 30, 2019 Cash paid for amounts included in measurement of liabilities: Operating cash flows from operating leases $ 191,848 Right-of-use assets obtained in exchange for new operating liabilities $ 245,974 Weighted-average remaining lease terms—operating leases (years) 2.5 Weighted-average discount rate—operating leases 7.6 % Future minimum operating minimum lease payments for all leases, exclusive of taxes and other carrying charges, are approximately as follows: For the Years Ending December 31, Amount Remaining 2019 94,103 2020 191,555 2021 165,574 2022 22,708 Total $ 473,940 The Company does not have any leases that have not yet commenced which are significant. FINANCING LEASES In June 2018, the Company leased a specialized research equipment under a lease classified as a financing lease. The leased equipment is amortized on a straight-line basis over 5 years. Total accumulated amortization related to the leased equipment is $12,763 at June 30, 2019, of which $3,191 and $6,382 were recognized in the three and six months ended June 30, 2019. The following is a schedule showing the future minimum lease payments under financing leases by years and the present value of the minimum lease payments as of June 30, 2019. The interest rate related to the lease obligation is 7.6 percent and the maturity date is July 2021. Future minimum lease payments for all financing leases, exclusive of taxes and other carrying charges, are approximately as follows: For the Years Ending December 31, Amount Remaining 2019 11,928 2020 23,856 2021 11,929 Total $ 47,713 Less: Amount representing interest $ 3,579 Present Value of Minimum Lease Payments $ 44,134

RESTRICTED CASH

RESTRICTED CASH	6 Months Ended
	Jun. 30, 2019
RESTRICTED CASH
RESTRICTED CASH	NOTE 10—RESTRICTED CASH In May 2017, the Company opened a corporate credit card account for use by employees for travel and other business‑related expenses. To secure this credit account, the Company placed $100,000 into a collateral savings account with its financial institution and recorded the $100,000 as Restricted Cash on its Balance Sheet. The account earns 0.05% interest, which is deposited monthly into the collateral account and increases the Restricted Cash asset accordingly. The collateral account will remain restricted until the Company either closes the credit account or meets other revenue and/or cash balance criteria, as defined by the financial institution. In January 2018, the Company opened a new corporate credit card account for use by employees for travel and other business‑related expenses. To secure this credit account, the Company placed $150,000 into a collateral savings account with its financial institution and recorded the $150,000 as Restricted Cash on its Balance Sheet. The account earns 0.25% interest, which is deposited monthly into the collateral account and increases the Restricted Cash asset accordingly. The collateral account will remain restricted until the Company either closes the credit account or meets other revenue and/or cash balance criteria, as defined by the financial institution. In February 2018, the Company closed the corporate credit card account which had been opened in May 2017. As a result, the collateral savings account related to the credit account was closed and the $100,000 balance plus accrued interest was released to cash.

PROPOSED MERGER

PROPOSED MERGER	6 Months Ended
	Jun. 30, 2019
PROPOSED MERGER
PROPOSED MERGER	NOTE 11—PROPOSED MERGER In April 2019, the Company and Histogenics Corporation (“Histogenics”) entered into a Merger Agreement. Upon the terms and subject to the satisfaction of the conditions described in the Merger Agreement, including approval of the transaction by the Company’s stockholders and Histogenics’ stockholders, a wholly-owned subsidiary of Histogenics will be merged with and into Ocugen, with Ocugen surviving the Merger as a wholly-owned subsidiary of Histogenics. The proposed Merger is structured as a stock-for-stock transaction whereby all of Ocugen’s outstanding shares of common stock and securities convertible into or exercisable for Ocugen’s common stock will be converted into the right to receive Histogenics’ common stock and securities convertible into or exercisable for Histogenics’ common stock. Under the exchange ratio formula in the Merger Agreement, as amended on June 13, 2019, the former Ocugen equity holders immediately before the Merger are expected to own approximately 86.24% of the outstanding capital stock of Histogenics, and the stockholders of Histogenics immediately before the Merger are expected to own approximately 13.76% of the outstanding capital stock of Histogenics, including the Initial Shares but excluding the Additional Shares issued in the Financing SPA (as such terms are defined below). If the proposed Merger is not completed and the Merger Agreement is terminated under certain circumstances, Histogenics or Ocugen may be required to pay the other party a termination fee of up to $600,000 or $700,000, respectively. Even if a termination fee is not payable in connection with a termination of the Merger Agreement, each of Histogenics and Ocugen will have incurred significant fees and expenses, which must be paid whether or not the Merger is completed. In June 2019, the Company and Histogenics entered into a Securities Purchase Agreement with several investors (the “Financing SPA”), pursuant to which, among other things, the Company agreed to issue immediately prior to the Merger 4,574,272 common shares to the investors (Initial Share), and 4,574,272 common shares into escrow (Additional Shares) on behalf of the investors, and Histogenics agreed to issue after the Merger, warrants to purchase common shares of Histogenics, in exchange for $25.0 mill ion. As a result of the proposed financing transaction, the Company has recognized $152,157 in deferred equity issuance cost as of June 30, 2019. These fees have not been paid and therefore reflected in the supplemental disclosure of the condensed consolidated statement of cash flows. The Company has also elected a policy to classify prepaid merger considerations as current asset. Upon approval of the merger prepaid merger considerations will be reclassified to additional paid in capital.

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	6 Months Ended
	Jun. 30, 2019
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS	NOTE 12—SUBSEQUENT EVENTS Securities Purchase Agreement and Bridge Loan On June 28, 2019, the Company entered into a senior secured convertible note (“July Bridge Loan”) agreements with certain of the investors to advance up-to $2.5 million of the $25.0 million at an original issue discount of $375,000. The July Bridge Loan is securitized against the intellectual property of the Company. If the proposed Merger is completed, immediately prior to the Effective Time, the Company will offset $2.875 million from the remaining amount to be received from the investors under the Financing SPA and the July Bridge Loan will be deemed to have been repaid and cancelled. If the proposed Merger is not completed, the Company may be required to pay the note holders $2.875 million. The amounts borrowed under the July Bridge Loan were not received by the Company until July 2019, therefore, the amounts borrowed are not reflected in the balance sheet as of June 30, 2019. Propared Merger On September 27, 2019, Histogenics completed its business combination with the Delaware corporation that was previously known as Ocugen in accordance with the terms of the Agreement and Plan of Merger and Reorganization, dated as of April 5, 2019, by and among Histogenics, Ocugen, a Delaware corporation, and Restore Merger Sub, Inc., a Delaware corporation and wholly-owned subsidiary of Histogenics (“Merger Sub”), as amended (the “Merger Agreement”), pursuant to which Merger Sub merged with and into Ocugen, with Ocugen surviving as a wholly owned subsidiary of Histogenics (the “Merger”). Immediately after completion of the Merger, Histogenics changed its name to “Ocugen, Inc.” and the business conducted by Histogenics became the business conducted by “Ocugen, Inc.”. Immediately prior to the Merger, Ocugen issued 4,574,272 common shares to the investors (Initial Share) deposited 4,574,272 common shares into escrow (Additional Shares) on behalf of the investors. Subsequent to the Merger, on October 4, 2019 and pursuant to Securities Purchase Agreement. “Ocugen, Inc.” issued the Series A Warrants representing the right to acquire shares of “Ocugen, Inc.” common stock (“Common Shares”) up to the amount issuable in exchange for 200% of the converted Initial Shares plus the converted Additional Shares, additional Series B warrants to purchase Common Shares, and Series C warrants to purchase 50 million Common Shares. On May 8, 2019, Histogenics entered into an asset purchase agreement with Medavate Corp., a Colorado corporation (the “Asset Purchase Agreement”), pursuant to which Histogenics agreed to sell substantially all of its assets relating to its NeoCart program, including, without limitation, intellectual property, business and license agreements and clinical trial data (the “Assets”) in return for a cash payment of $6.5 million. The closing of the sale of the Assets was subject to and conditioned upon the consummation of the Merger. “Ocugen, Inc.” is currently negotiating the terms of the Asset Purchase Agreement with Medavate Corp. and have extended the completion date of the Asset Purchase Agreement. Collaboration Agreement On September 27, 2019, “Ocugen, Inc.” entered into a co-development and commercialization agreement (the “Agreement”) with CanSino Biologics Inc. (“CanSinoBio”) with respect to the development and commercialization of the gene therapy product candidate, OCU400, for the treatment of NR2E3 Mutation-Associated Retinal Degeneration, Leber Congenital Amaurosis, Bardet-Biedl Syndrome and Rhodopsin Mutation-Associated Retinal degeneration. CanSinoBIO will be solely responsible for all costs and expenses of its development activities in the CanSinoBIO territory (Greater China, Hong Kong, Macao, and Taiwan), which , among other activities include CMC development and manufacture of clinical supplies of OCU400, and “Ocugen, Inc.” will be responsible for all of the costs and expenses of its development activities in “Ocugen, Inc.” territory (outside of CabSonaBio territory). CanSinoBIO will pay to “Ocugen, Inc.” an annual royalty between mid to high single digits based on net sales of products in the CanSinoBIO territory, and “Ocugen, Inc.” will pay to CanSinoBIO an annual royalty between low to mid-single digits based on net sales of products in “Ocugen, Inc.” territory. Unless terminated earlier, the Agreement will continue in force on a country-by-country and product-by-product basis until the later of (a) the expiration of the last valid claim of patent rights of “Ocugen, Inc.” covering such product and (b) the tenth (10 th ) anniversary of the first commercial sale of such product in such country. The Agreement will also terminate upon the termination of the Exclusive License Agreement (the “SERI Agreement”), dated December 19, 2017,between “Ocugen, Inc.” and Schepens Eye Research Institute, Inc.(“SERI”). The Agreement may be terminated by either party in its entirety upon (a) a material breach of the Agreement by the other party,(b) a challenge by the other party or any of its affiliates of any intellectual property controlled by the terminating party or (c) bankruptcy or insolvency of the other party. Management has evaluated subsequent events through October 7, 2019, the date the financial statements were available to be issued. Adjustments or additional disclosures, if any, have been included in these financial statements.

SUMMARY OF SIGNIFICANT ACCOUN_2

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	6 Months Ended
	Jun. 30, 2019
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
BASIS OF PRESENTATION	BASIS OF PRESENTATION The accompanying unaudited 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, which are necessary to present fairly the Company’s financial position, results of operations, and cash flows. The unaudited condensed consolidated results of operations are not necessarily indicative of the results that may occur for the full fiscal year. Certain information and note disclosures normally included in the financial statements prepared in accordance with GAAP have been condensed or omitted under the SEC’s rules and regulations. These unaudited condensed consolidated financial statements should be read in conjunction with the audited financial statements and accompanying notes thereto for the years ended December 31, 2018. The balance sheet data as of December 31, 2018 was derived from the Company’s audited financial statements for the year ended December 31, 2018. The Company’s significant accounting policies have not changed substantially from those previously described in the consolidated financial statements for the year ended December 31, 2018, except for the adoption of ASU 2016‑02, Leases (Topic 842) . The following are updates to certain policies described in Note 2 to the Company’s consolidated financial statements for the year ended December 31, 2018. All percentages have been calculated using unrounded amounts.
PRINCIPALS OF CONSOLIDATION	PRINCIPALS OF CONSOLIDATION The unaudited condensed consolidated financial statements include the accounts of Ocugen, Inc. and its wholly owned subsidiary. All intercompany balances and transactions have been eliminated in consolidation.
FOREIGN CURRENCY TRANSLATION AND TRANSACTIONS	FOREIGN CURRENCY TRANSLATION AND TRANSACTIONS The assets and liabilities of the Company’s foreign subsidiary are translated into U.S. dollars based on exchange rates in effect at the end of each period. Revenues and expenses are translated at average exchange rates during the periods. Currency transaction gains or losses are included in Other expenses. Gains or losses from balance sheet translation are included in Accumulated other comprehensive income.
USE OF ESTIMATES	USE OF ESTIMATES In preparing unaudited 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 include valuing equity securities in share‑based payment arrangements and valuation of the embedded conversion feature on the convertible notes.
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 United States government and United States 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 As of June 30, 2019 2018 Cash, cash equivalents and restricted cash reconciliation: Cash and cash equivalents $ 678,492 $ 6,273,335 Restricted cash 150,776 150,196 Total cash, cash equivalents and restricted cash $ 829,268 $ 6,423,531

SUMMARY OF SIGNIFICANT ACCOUN_3

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)	6 Months Ended
	Jun. 30, 2019
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Schedule of cash, cash equivalents, and restricted cash	As of June 30, 2019 2018 Cash, cash equivalents and restricted cash reconciliation: Cash and cash equivalents $ 678,492 $ 6,273,335 Restricted cash 150,776 150,196 Total cash, cash equivalents and restricted cash $ 829,268 $ 6,423,531

NET LOSS PER SHARE OF COMMON _2

NET LOSS PER SHARE OF COMMON STOCK (Tables)	6 Months Ended
	Jun. 30, 2019
NET LOSS PER SHARE OF COMMON STOCK
Schedule of basic net loss per share of common stock	Three months ended June 30, Six months ended June 30, 2019 2018 2019 2018 Basic net loss per share of common stock: Net loss $ (3,538,810) $ (5,291,246) $ (9,851,416) $ (10,330,272) Weighted average shares of common stock outstanding 12,656,240 10,347,418 11,392,524 10,347,418 Net loss per shares of common stock—basic and diluted $ (0.28) $ (0.51) $ (0.86) $ (1.00)
Schedule of potentially dilutive securities excluded from computation of diluted weighted average shares	Three months ended June 30, Six months ended June 30, 2019 2018 2019 2018 Stock options 290,500 988,000 287,667 988,000 Warrants 1,814,811 1,814,811 1,814,811 1,814,811 Total 2,105,311 2,082,811 2,102,478 2,802,811

BALANCE SHEET DETAIL (Tables)

BALANCE SHEET DETAIL (Tables)	6 Months Ended
	Jun. 30, 2019
BALANCE SHEET DETAIL
Schedule of accrued expenses	June 30, December 31, 2019 2018 Accrued expenses: Research & Development $ 364,025 $ 705,436 Clinical 215,159 469,473 Consulting 79,833 86,619 Employees 365,768 123,372 Legal 138,013 15,400 Other — 2,450 Total $ 1,162,798 $ 1,402,750

DEBT (Tables)

DEBT (Tables)	6 Months Ended
	Jun. 30, 2019
Convertible Notes
Debt
Schedule of principal, imbedded derivatives and carrying value of debts	During the year ended December 31, 2018, the Company issued convertible notes (the “Notes”) to existing stockholders in the Company, including $3.35 million to board members. At issuance, the following amounts were recorded: Fair Value of Note Fair Value of Change in Debt Carrying Principal Conversion Control Issuance Amount of Note Issuance Date Amount Feature Feature Costs the Note Maturity Date January 2018 $ 5,000,000 $ (2,579,074) $ (78,637) $ (35,969) $ 2,306,320 July 2019 June 2018 1,000,000 (714,041) (10,175) (3,000) 272,784 Dec. 2019 November 2018 1,150,400 — (21,127) (50,646) 1,078,627 May 2020 December 2018 150,000 — (2,857) (14,310) 132,833 May 2020 Total $ 7,300,400 $ (3,293,115) $ (112,796) $ (103,925) $ 3,790,564 During the six months ended June 30, 2019, the Company issued convertible notes (the “Notes”) to existing stockholders in the Company, including $0.1 million to a board member. At issuance, the following amounts were recorded: Fair Value of Note Fair Value of Change in Debt Carrying Principal Conversion Control Issuance Amount of Note Issuance Date Amount Feature Feature Costs the Note Maturity Date January 2019 $ 450,000 $ (172,227) $ (10,655) $ (29,358) $ 237,760 May 2020 February 2019 1,000,000 (284,448) (17,931) (55,875) 641,746 June 2020 Total $ 1,450,000 $ (456,675) $ (28,586) $ (85,233) $ 879,506
Schedule of changes of embedded derivative of convertible notes	Change in Conversion Control feature feature Balance at January 1, 2019 $ 1,623,009 $ 118,213 Fair value at issuance — January 2019 notes 172,227 10,655 Fair value at issuance — February 2019 notes 284,448 17,931 Change in fair value of embedded derivatives 1,531,221 (146,799) Balance at April 5, 2019 $ 3,610,905 $ —
Summary of significant assumptions used in the valuation of embedded features of convertible debts	Conversion feature – Crossover Triggered: Jan Jun Nov Dec Jan Feb 2018 2018 2018 2018 2019 2019 At Issuance Notes Notes Notes Notes Notes Notes Time until expected conversion (in years) 0.49 0.17 — — 0.02 0.02 Probability of conversion 80 % 75 % — — 60 % 60 % Jan Jun Nov Dec Jan Feb 2018 2018 2018 2018 2019 2019 At December 31, 2018 Notes Notes Notes Notes Notes Notes Time until expected conversion (in years) 0.02 0.02 — — — — Probability of conversion 60 % 60 % — — — — Jan Jun Nov Dec Jan Feb 2018 2018 2018 2018 2019 2019 At March 31, 2019 Notes Notes Notes Notes Notes Notes Time until expected conversion (in years) 0.02 0.02 — — 0.02 0.02 Probability of conversion % % — — % % Conversion feature – IPO Triggered / Reverse Merger/Qualified Financing Triggered: Jan Jun Nov Dec Jan Feb 2018 2018 2018 2018 2019 2019 At Issuance Notes Notes Notes Notes Notes Notes Time until expected conversion (in years) — — — — 0.25 0.18 Probability of conversion — — — — 20 % 20 % Jan Jun Nov Dec Jan Feb 2018 2018 2018 2018 2019 2019 At December 31, 2018 Notes Notes Notes Notes Notes Notes Time until expected conversion (in years) 0.33 0.33 — — — — Probability of conversion 20 % 20 % — — — — Jan Jun Nov Dec Jan Feb 2018 2018 2018 2018 2019 2019 At March 31, 2019 Notes Notes Notes Notes Notes Notes Time until expected conversion (in years) 0.08 0.08 — — 0.08 0.08 Probability of conversion 80 % 80 % — — 80 % 80 % Change in Control feature: Jan Jun Nov Dec Jan Feb 2018 2018 2018 2018 2019 2019 At Issuance Notes Notes Notes Notes Notes Notes Time until expected conversion (in years) 1.24 0.83 0.47 0.38 0.33 0.33 Probability of conversion 3 % 3 % 3 % 3 % 3 % 3 % Jan Jun Nov Dec Jan Feb 2018 2018 2018 2018 2019 2019 At December 31, 2018 Notes Notes Notes Notes Notes Notes Time until expected conversion (in years) 0.41 0.41 0.41 0.41 — — Probability of conversion 3 % 3 % 3 % 3 % — — Jan Jun Nov Dec Jan Feb 2018 2018 2018 2018 2019 2019 At March 31, 2019 Notes Notes Notes Notes Notes Notes Time until expected conversion (in years) 0.17 0.17 0.17 0.17 0.17 0.17 Probability of conversion 3 % 3 % 3 % 3 % 3 % 3 %
Senior Secured Convertible Notes
Debt
Schedule of principal, imbedded derivatives and carrying value of debts	Note Fair Value of Original Debt Carrying Principal Redemption Issue Issuance Amount of Note Issuance Date Amount Feature Discount Costs the Note Maturity Date May 2019 $ 2,415,000 $ (41,398) (465,000) (13,969) $ 1,894,633 September 2019
Convertible Promissory Notes
Debt
Schedule of principal, imbedded derivatives and carrying value of debts	Note Fair Value of Carrying Principal Redemption Amount of Note Issuance Date Amount Feature the Note Conversion Date April 2019 $ 900,000 $ (18,053) $ 881,947 May 2019

COMMITMENTS (Tables)

COMMITMENTS (Tables)	6 Months Ended
	Jun. 30, 2019
COMMITMENTS
Schedule of components of lease expense	Three months ended Six Months Ended June 30, 2019 June 30, 2019 Operating lease cost $ 81,696 $ 154,969 Variable lease cost 21,031 36,879 Total lease cost $ 102,727 $ 191,848
Schedule of supplemental balance sheet information related to leases	June 30, 2019 Right of use assets, net $ 424,868 Current Lease obligations 162,756 Non-current Lease obligations 267,188 Total lease liabilities $ 429,944
Schedule of maturities of operating leases	For the Years Ending December 31, Amount Remaining 2019 94,103 2020 191,555 2021 165,574 2022 22,708 Total $ 473,940
Schedule of maturities of finance leases	For the Years Ending December 31, Amount Remaining 2019 11,928 2020 23,856 2021 11,929 Total $ 47,713 Less: Amount representing interest $ 3,579 Present Value of Minimum Lease Payments $ 44,134

NATURE OF BUSINESS (Details)

NATURE OF BUSINESS (Details)	1 Months Ended
	Jan. 31, 2018EUR (€)shares
NATURE OF BUSINESS
Shares issued (in shares) | shares	1
Payments to create subsidiary | €	€ 1
Ocugen Limited
NATURE OF BUSINESS
Percentage of ownership interest	100.00%

NATURE OF BUSINESS - Going Conc

NATURE OF BUSINESS - Going Concern (Details) - USD ($)	3 Months Ended				6 Months Ended
	Jun. 30, 2019	Mar. 31, 2019	Jun. 30, 2018	Mar. 31, 2018	Jun. 30, 2019	Jun. 30, 2018	Dec. 31, 2018
NATURE OF BUSINESS
Net Loss	$ (3,538,810)	$ (6,312,606)	$ (5,291,246)	$ (5,039,026)	$ (9,851,416)	$ (10,330,272)
Accumulated deficit	(41,088,610)				(41,088,610)		$ (31,237,194)
Cash and cash equivalents	678,492		$ 6,273,335		678,492	$ 6,273,335	$ 1,628,136
Working capital deficit	$ (5,600,000)				$ (5,600,000)

SUMMARY OF SIGNIFICANT ACCOUN_4

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) - USD ($)	Jun. 30, 2019	Dec. 31, 2018	Jun. 30, 2018	Dec. 31, 2017
Cash, cash equivalents and restricted cash reconciliation:
Cash and cash equivalents	$ 678,492	$ 1,628,136	$ 6,273,335
Restricted cash	150,776	150,477	150,196
Total cash, cash equivalents and restricted cash	$ 829,268	$ 1,778,613	$ 6,423,531	$ 6,301,572

RECENT ACCOUNTING PRONOUNCEME_2

RECENT ACCOUNTING PRONOUNCEMENTS (Details) - USD ($)	Jun. 30, 2019	Jan. 01, 2019
RECENT ACCOUNTING PRONOUNCEMENTS
Right of use asset	$ 424,868
Lease liability	$ 429,944
Accounting Standards Update 2016-02
RECENT ACCOUNTING PRONOUNCEMENTS
Right of use asset		$ 400,000
Lease liability		$ 400,000

NET LOSS PER SHARE OF COMMON _3

NET LOSS PER SHARE OF COMMON STOCK (Details) - USD ($)	3 Months Ended				6 Months Ended
	Jun. 30, 2019	Mar. 31, 2019	Jun. 30, 2018	Mar. 31, 2018	Jun. 30, 2019	Jun. 30, 2018
Basic net loss per share of common stock:
Net Loss	$ (3,538,810)	$ (6,312,606)	$ (5,291,246)	$ (5,039,026)	$ (9,851,416)	$ (10,330,272)
Weighted average shares of common stock outstanding	12,656,240		10,347,418		11,392,524	10,347,418
Net loss per shares of common stock-basic and diluted	$ (0.28)		$ (0.51)		$ (0.86)	$ (1)
Potentially dilutive securities
Potentially dilutive securities outstanding excluded from the computation of diluted weighted average shares outstanding	2,105,311		2,082,811		2,102,478	2,802,811
Stock options
Potentially dilutive securities
Potentially dilutive securities outstanding excluded from the computation of diluted weighted average shares outstanding	290,500		988,000		287,667	988,000
Warrants
Potentially dilutive securities
Potentially dilutive securities outstanding excluded from the computation of diluted weighted average shares outstanding	1,814,811		1,814,811		1,814,811	1,814,811

LICENSE AGREEMENTS (Details)

LICENSE AGREEMENTS (Details) - USD ($)

1 Months Ended

3 Months Ended

6 Months Ended

12 Months Ended

25 Months Ended

Jun. 30, 2019

Dec. 31, 2017

Jan. 31, 2017

Feb. 29, 2016

Mar. 31, 2014

Jun. 30, 2019

Jun. 30, 2018

Jun. 30, 2019

Jun. 30, 2018

Dec. 31, 2019

Dec. 31, 2018

Dec. 31, 2016

Dec. 31, 2019

Mar. 31, 2017

License agreements:

Research and development

$ 1,240,047

$ 2,831,797

$ 5,033,069

$ 5,844,186

License agreement with University of Colorado

License agreements:

Stock issued for patents (in shares)

180,000

67,000

Payment to reimburse expenses

$ 26,179

Maximum development and regulatory milestone fees

$ 1,500,000

Royalties as a percent of net sales

40.00%

Guaranteed payment

$ 20,000

Payments for royalties

$ 20,000

Royalty expense

0

0

Threshold period of notice for termination of agreement

60 days

License agreement with University of Colorado | Forecast

License agreements:

Payments for royalties

$ 20,000

License agreement with University of Illinois

License agreements:

Research and development

$ 15,000

Maximum development and regulatory milestone fees

$ 1,250,000

Payments for royalties

$ 250,000

Royalty expense

6,250

5,000

12,083

8,333

Threshold period of notice for termination of agreement

90 days

License agreement with University of Illinois | Minimum

License agreements:

Guaranteed payment

$ 20,000

License agreement with University of Illinois | Maximum

License agreements:

Guaranteed payment

$ 50,000

License agreement with Schepens Eye Research Institute

License agreements:

Research and development

$ 75,000

$ 125,000

$ 159,250

$ 112,000

$ 318,500

Payment to reimburse expenses

39,681

Maximum development and regulatory milestone fees

6,000,000

Maximum commercial milestone fees

$ 10,500,000

Term (in years)

2 years

License agreement with Schepens Eye Research Institute | Minimum

License agreements:

Guaranteed payment

$ 25,000

License agreement with Schepens Eye Research Institute | Maximum

License agreements:

Guaranteed payment

$ 50,000

License agreement with Schepens Eye Research Institute | Forecast

License agreements:

Research and development

$ 1,100,000

License agreement with Schepens Eye Research Institute | License and maintenance fee

License agreements:

Threshold period of notice for termination of agreement

180 days

License agreement with Schepens Eye Research Institute | Sponsored Research Agreement

License agreements:

Research and development

$ 257,600

BALANCE SHEET DETAIL (Details)

BALANCE SHEET DETAIL (Details) - USD ($)	Jun. 30, 2019	Dec. 31, 2018
BALANCE SHEET DETAIL
Research & Development	$ 364,025	$ 705,436
Clinical	215,159	469,473
Consulting	79,833	86,619
Employees	365,768	123,372
Legal	138,013	15,400
Other		2,450
Accrued Liabilities, Total	$ 1,162,798	$ 1,402,750

EQUITY TRANSACTIONS (Details)

EQUITY TRANSACTIONS (Details) - USD ($)	Apr. 05, 2019	Dec. 13, 2018	Jun. 30, 2019
Equity transactions
Proceeds from stock subscription			$ 1,000,000
Remaining unpaid fees, merger consideration			$ 1,900,000
Existing investors - Subscription Agreement
Equity transactions
Shares issued (in shares)	168,068
Proceeds from stock subscription	$ 1,000,000
Price per share	$ 5.95
Financial advisor - Service Agreement
Equity transactions
Shares issued (in shares)		160,974
Sale of stock, consideration received		$ 960,000
Price per share		$ 5.95

DEBT - EB 5 LOAN (Details)

DEBT - EB 5 LOAN (Details) - EB-5 Loan - USD ($)	1 Months Ended		3 Months Ended			4 Months Ended	6 Months Ended
	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2019	Sep. 30, 2018	Jun. 30, 2018	Dec. 31, 2016	Jun. 30, 2019	Jun. 30, 2018
Debt
Maximum borrowing		$ 10,000,000
Borrowing increments		$ 500,000
Interest rate (as a percent)		4.00%
Amount borrowed	$ 500,000	$ 500,000
Issuance costs						$ 103,887
Principal outstanding			$ 1,000,000				$ 1,000,000
Accrued interest			10,000		$ 10,000		20,000	$ 20,000
Total accrued interest			107,000				107,000
Amortization of debt issuance costs			$ 3,710	$ 3,710			$ 7,421	$ 7,421

DEBT - Convertible Notes (Detai

DEBT - Convertible Notes (Details)	3 Months Ended		6 Months Ended
	Jun. 30, 2019USD ($)	Jun. 30, 2018USD ($)	Jun. 30, 2019USD ($)	Jun. 30, 2018USD ($)	Apr. 05, 2019USD ($)$ / shares	Feb. 28, 2019USD ($)	Jan. 31, 2019USD ($)	Dec. 31, 2018USD ($)	Nov. 30, 2018USD ($)	Jan. 31, 2018USD ($)
Convertible Debt, Conversion Feature
Debt
Fair value of embedded derivative					$ (3,610,905)			$ (1,623,009)
Change in Control feature
Debt
Fair value of embedded derivative								(118,213)
Convertible Notes
Debt
Note Principal Amount						$ 1,450,000		7,300,400
Debt issuance costs						(85,233)		(103,925)
Carrying amount						879,506		$ 3,790,564
Interest rate (as a percent)	5.00%		5.00%					5.00%
Redemption multiple upon default	1.5		1.5					1.5
Conversion price per share (USD per share) | $ / shares					$ 4.165
Accretion of debt discount	$ 36,827	$ 1,146,217	$ 502,013	$ 1,876,773
Convertible Notes | Convertible Debt, Conversion Feature
Debt
Fair value of embedded derivative						(456,675)		$ (3,293,115)
Convertible Notes | Change in Control feature
Debt
Fair value of embedded derivative						(28,586)		(112,796)
Convertible Notes | Board members
Debt
Note Principal Amount	$ 100,000		$ 100,000					3,350,000
Convertible Note - January 2018
Debt
Note Principal Amount										$ 5,000,000
Debt issuance costs										(35,969)
Carrying amount										2,306,320
Equity financing proceeds that triggers conversion										$ 15,000,000
Conversion price discount per original agreement (as a percent)										30.00%
Convertible Note - January 2018 | Convertible Debt, Conversion Feature
Debt
Fair value of embedded derivative										$ (2,579,074)
Convertible Note - January 2018 | Change in Control feature
Debt
Fair value of embedded derivative										$ (78,637)
Convertible Note - June 2018
Debt
Note Principal Amount		1,000,000		1,000,000
Debt issuance costs		(3,000)		(3,000)
Carrying amount		272,784		272,784
Equity financing proceeds that triggers conversion		$ 15,000,000		$ 15,000,000
Conversion price discount per original agreement (as a percent)		30.00%		30.00%
Convertible Note - June 2018 | Convertible Debt, Conversion Feature
Debt
Fair value of embedded derivative		$ (714,041)		$ (714,041)
Convertible Note - June 2018 | Change in Control feature
Debt
Fair value of embedded derivative		$ (10,175)		$ (10,175)
Convertible Note - November 2018
Debt
Note Principal Amount									$ 1,150,400
Debt issuance costs									(50,646)
Carrying amount									1,078,627
Equity financing proceeds that triggers conversion									$ 4,000,000
Conversion price discount per original agreement (as a percent)									0.00%
Convertible Note - November 2018 | Change in Control feature
Debt
Fair value of embedded derivative									$ (21,127)
Convertible Note - December 2018
Debt
Note Principal Amount								150,000
Debt issuance costs								(14,310)
Carrying amount								132,833
Equity financing proceeds that triggers conversion								$ 4,000,000
Conversion price discount per original agreement (as a percent)								0.00%
Convertible Note - December 2018 | Change in Control feature
Debt
Fair value of embedded derivative								$ (2,857)
Convertible Note - January 2019
Debt
Note Principal Amount							$ 450,000
Debt issuance costs							(29,358)
Carrying amount							237,760
Equity financing proceeds that triggers conversion							$ 10,000,000
Conversion price discount per original agreement (as a percent)							15.00%
Convertible Note - January 2019 | Convertible Debt, Conversion Feature
Debt
Fair value of embedded derivative							$ (172,227)
Convertible Note - January 2019 | Change in Control feature
Debt
Fair value of embedded derivative							$ (10,655)
Convertible Note - February 2019
Debt
Note Principal Amount						1,000,000
Debt issuance costs						(55,875)
Carrying amount						641,746
Equity financing proceeds that triggers conversion						$ 10,000,000
Conversion price discount per original agreement (as a percent)						15.00%
Convertible Note - February 2019 | Convertible Debt, Conversion Feature
Debt
Fair value of embedded derivative						$ (284,448)
Convertible Note - February 2019 | Change in Control feature
Debt
Fair value of embedded derivative						$ (17,931)

DEBT - Convertible Notes Deriva

DEBT - Convertible Notes Derivative Liability Activity (Details)	3 Months Ended
	Apr. 05, 2019USD ($)
Convertible Debt, Conversion Feature
Debt
Fair value of embedded derivative	$ 1,623,009
Change in fair value of embedded derivatives	1,531,221
Fair value of embedded derivative	3,610,905
Change in Control feature
Debt
Fair value of embedded derivative	118,213
Change in fair value of embedded derivatives	(146,799)
Convertible Note - January 2019 | Convertible Debt, Conversion Feature
Debt
Fair value at issuance	172,227
Convertible Note - January 2019 | Change in Control feature
Debt
Fair value at issuance	10,655
Convertible Note - February 2019 | Convertible Debt, Conversion Feature
Debt
Fair value at issuance	284,448
Convertible Note - February 2019 | Change in Control feature
Debt
Fair value at issuance	$ 17,931

DEBT - Convertible Notes Embede

DEBT - Convertible Notes Embeded Derivative Fair Value Assumptions (Details)	Mar. 31, 2019Y	Feb. 28, 2019Y	Jan. 31, 2019Y	Dec. 31, 2018Y	Dec. 30, 2018Y	Nov. 30, 2018Y	Jun. 30, 2018Y	Jan. 31, 2018Y
Convertible Note - January 2018 | Conversion feature - Crossover Triggered | Time until expected conversion (in years)
Debt
Measurement input	0.02			0.02				0.49
Convertible Note - January 2018 | Conversion feature - Crossover Triggered | Probability of conversion
Debt
Measurement input	0			60				80
Convertible Note - January 2018 | Conversion feature - IPO Triggered / Reverse Merger/Qualified Financing Triggered | Time until expected conversion (in years)
Debt
Measurement input	0.08			0.33
Convertible Note - January 2018 | Conversion feature - IPO Triggered / Reverse Merger/Qualified Financing Triggered | Probability of conversion
Debt
Measurement input	80			20
Convertible Note - January 2018 | Change in Control feature | Time until expected conversion (in years)
Debt
Measurement input	0.17			0.41				1.24
Convertible Note - January 2018 | Change in Control feature | Probability of conversion
Debt
Measurement input	3			3				3
Convertible Note - June 2018 | Conversion feature - Crossover Triggered | Time until expected conversion (in years)
Debt
Measurement input	0.02			0.02			0.17
Convertible Note - June 2018 | Conversion feature - Crossover Triggered | Probability of conversion
Debt
Measurement input	0			60			75
Convertible Note - June 2018 | Conversion feature - IPO Triggered / Reverse Merger/Qualified Financing Triggered | Time until expected conversion (in years)
Debt
Measurement input	0.08			0.33
Convertible Note - June 2018 | Conversion feature - IPO Triggered / Reverse Merger/Qualified Financing Triggered | Probability of conversion
Debt
Measurement input	80			20
Convertible Note - June 2018 | Change in Control feature | Time until expected conversion (in years)
Debt
Measurement input	0.17			0.41			0.83
Convertible Note - June 2018 | Change in Control feature | Probability of conversion
Debt
Measurement input	3			3			3
Convertible Note - November 2018 | Change in Control feature | Time until expected conversion (in years)
Debt
Measurement input	0.17			0.41		0.47
Convertible Note - November 2018 | Change in Control feature | Probability of conversion
Debt
Measurement input	3			3		3
Convertible Note - December 2018 | Change in Control feature | Time until expected conversion (in years)
Debt
Measurement input	0.17			0.41	0.38
Convertible Note - December 2018 | Change in Control feature | Probability of conversion
Debt
Measurement input	3			3	3
Convertible Note - January 2019 | Conversion feature - Crossover Triggered | Time until expected conversion (in years)
Debt
Measurement input	0.02		0.02
Convertible Note - January 2019 | Conversion feature - Crossover Triggered | Probability of conversion
Debt
Measurement input	0		60
Convertible Note - January 2019 | Conversion feature - IPO Triggered / Reverse Merger/Qualified Financing Triggered | Time until expected conversion (in years)
Debt
Measurement input	0.08		0.25
Convertible Note - January 2019 | Conversion feature - IPO Triggered / Reverse Merger/Qualified Financing Triggered | Probability of conversion
Debt
Measurement input	80		20
Convertible Note - January 2019 | Change in Control feature | Time until expected conversion (in years)
Debt
Measurement input	0.17		0.33
Convertible Note - January 2019 | Change in Control feature | Probability of conversion
Debt
Measurement input	3		3
Convertible Note - February 2019 | Conversion feature - Crossover Triggered | Time until expected conversion (in years)
Debt
Measurement input	0.02	0.02
Convertible Note - February 2019 | Conversion feature - Crossover Triggered | Probability of conversion
Debt
Measurement input	0	60
Convertible Note - February 2019 | Conversion feature - IPO Triggered / Reverse Merger/Qualified Financing Triggered | Time until expected conversion (in years)
Debt
Measurement input	0.08	0.18
Convertible Note - February 2019 | Conversion feature - IPO Triggered / Reverse Merger/Qualified Financing Triggered | Probability of conversion
Debt
Measurement input	80	20
Convertible Note - February 2019 | Change in Control feature | Time until expected conversion (in years)
Debt
Measurement input	0.17	0.33
Convertible Note - February 2019 | Change in Control feature | Probability of conversion
Debt
Measurement input	3	3

DEBT - Convertible Notes Other

DEBT - Convertible Notes Other Information (Details) - USD ($)	Apr. 05, 2019	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018	Feb. 28, 2019	Jan. 31, 2019	Dec. 31, 2018	Nov. 30, 2018	Jan. 31, 2018
Convertible Notes
Debt
Debt issuance costs						$ 85,233		$ 103,925
Actual conversion price discount per revised agreement (as a percent)	30.00%
Common stock issued upon conversion	2,195,157
Conversion price per share (USD per share)	$ 4.165
Extinguishment of debt loss	$ 300,000
Increase in Additional paid-in capital from conversion	13,000,000
Convertible Note - January 2018
Debt
Debt issuance costs										$ 35,969
Equity financing proceeds that triggered conversion	10,000,000
Conversion price discount per original agreement (as a percent)										30.00%
Convertible Note - June 2018
Debt
Debt issuance costs			$ 3,000		$ 3,000
Equity financing proceeds that triggered conversion	10,000,000
Conversion price discount per original agreement (as a percent)			30.00%		30.00%
Convertible Note - November 2018
Debt
Debt issuance costs									$ 50,646
Equity financing proceeds that triggered conversion	4,000,000
Conversion price discount per original agreement (as a percent)									0.00%
Convertible Note - December 2018
Debt
Debt issuance costs								$ 14,310
Equity financing proceeds that triggered conversion	4,000,000
Conversion price discount per original agreement (as a percent)								0.00%
Convertible Debt - January 2019 and February 2019
Debt
Debt issuance costs						85,233
Amortization of debt issuance costs		$ 1,354	$ 14,084	$ 115,744	$ 26,083
Convertible Note - January 2019
Debt
Debt issuance costs							$ 29,358
Equity financing proceeds that triggered conversion	10,000,000
Conversion price discount per original agreement (as a percent)							15.00%
Convertible Note - February 2019
Debt
Debt issuance costs						$ 55,875
Equity financing proceeds that triggered conversion	$ 10,000,000
Conversion price discount per original agreement (as a percent)						15.00%

DEBT - Senior Secrured Converti

DEBT - Senior Secrured Convertible Notes (Details)	May 21, 2019USD ($)$ / shares	Jun. 30, 2019USD ($)
Financing SPA
Debt
Expected investment from investors against which a loan taken	$ 25,000,000	$ 25,000,000
Senior Secured Convertible Notes
Debt
Amount borrowed	2,415,000
Issued discount	465,000
Amount that will offset from the remaining amount to be received from the investors	2,400,000
Amount to be paid if proposed merger is not completed	$ 2,400,000
Conversion price per share (USD per share) | $ / shares	$ 10.8
Redemption multiple upon default	1.35
Senior Secured Convertible Notes | Embedded Redemption Feature
Debt
Fair value of embedded derivative	$ 41,398	$ 42,073

DEBT - Senior Secrured Conver_2

DEBT - Senior Secrured Convertible Notes - Table (Details) - USD ($)	6 Months Ended
	Jun. 30, 2019	May 21, 2019	Dec. 31, 2018
Debt
Carrying amount	$ 2,062,249		$ 7,483,847
Senior Secured Convertible Notes
Debt
Note Principal Amount		$ 2,415,000
Original Issue Discount		(465,000)
Debt issuance costs		(13,969)
Carrying amount		1,894,633
Accretion of the original issue discount	152,459
Senior Secured Convertible Notes | Embedded Redemption Feature
Debt
Fair value of embedded derivative	$ (42,073)	$ (41,398)

DEBT - Convertible Promissory N

DEBT - Convertible Promissory Notes (Details) - Convertible Promissory Notes	Apr. 14, 2019USD ($)$ / shares	May 16, 2019USD ($)	May 15, 2019$ / shares	Apr. 04, 2019USD ($)
Debt
Amount borrowed	$ 900,000
Interest rate (as a percent)	5.00%
Conversion price per share (USD per share) | $ / shares	$ 5.95		$ 5.95
Redemption multiple upon default	1.5
Embedded Redemption Feature
Debt
Fair value of embedded derivative	$ 18,053	$ 9,111		$ 18,053

DEBT - Convertible Promissory_2

DEBT - Convertible Promissory Notes - Table (Details) - USD ($)	May 15, 2019	Jun. 30, 2019	May 16, 2019	Apr. 14, 2019	Apr. 04, 2019	Dec. 31, 2018
Debt
Carrying amount		$ 2,062,249				$ 7,483,847
Convertible Promissory Notes
Debt
Note Principal Amount					$ 900,000
Carrying amount					881,947
Common stock issued upon conversion	152,521
Conversion price per share (USD per share)	$ 5.95			$ 5.95
Increase in Additional paid-in capital from conversion	$ 900,000
Convertible Promissory Notes | Embedded Redemption Feature
Debt
Fair value of embedded derivative			$ (9,111)	$ (18,053)	$ (18,053)

COMMITMENTS (Details)

COMMITMENTS (Details)	Jun. 30, 2019
Minimum
Leases
Leases, term of contract (in years)	1 year
Maximum
Leases
Leases, term of contract (in years)	5 years

COMMITMENTS - Operating leases,

COMMITMENTS - Operating leases, components of lease expense (Details) - USD ($)	3 Months Ended
	Jun. 30, 2019	Jun. 30, 2018
COMMITMENTS
Operating lease cost	$ 81,696	$ 154,969
Variable lease cost	21,031	36,879
Total lease cost	$ 102,727	$ 191,848

COMMITMENTS - Operating lease_2

COMMITMENTS - Operating leases, supplemental balance sheet information (Details)	Jun. 30, 2019USD ($)
COMMITMENTS
Right of use asset	$ 424,868
Current Lease obligations	162,756
Non-current Lease obligations	267,188
Total lease liabilities	$ 429,944

COMMITMENTS - Operating lease_3

COMMITMENTS - Operating leases, supplemental cash flow information (Details)	6 Months Ended
	Jun. 30, 2019USD ($)
COMMITMENTS
Operating cash flows from operating leases	$ 191,848
Right-of-use assets obtained in exchange for new operating leases	$ 245,974
Weighted-average remaining lease term (in years)	2 years 6 months
Weighted-average discount rate	7.60%

COMMITMENTS - Operating lease_4

COMMITMENTS - Operating leases, future minimum lease payments (Details)	Jun. 30, 2019USD ($)
COMMITMENTS
Remaining 2019	$ 94,103
2020	191,555
2021	165,574
2022	22,708
Total	$ 473,940

COMMITMENTS - Finance leases (D

COMMITMENTS - Finance leases (Details)	3 Months Ended	6 Months Ended
	Jun. 30, 2019USD ($)	Jun. 30, 2019USD ($)
Property, Plant and Equipment [Line Items]
Finance lease, term (in years)	5 years	5 years
Finance Lease, Amortization	$ 3,191	$ 6,382
Interest rate (as a percent)	7.60%	7.60%
Specialized research equipment
Property, Plant and Equipment [Line Items]
Accumulated amortization	$ 12,763	$ 12,763

COMMITMENTS - Finance leases, f

COMMITMENTS - Finance leases, future minimum lease payments (Details)	Jun. 30, 2019USD ($)
COMMITMENTS
Remaining 2019	$ 11,928
2020	23,856
2021	11,929
Total	47,713
Less: Amount representing interest	3,579
Present Value of Minimum Lease Payments	$ 44,134

RESTRICTED CASH (Details)

RESTRICTED CASH (Details) - USD ($)	Feb. 28, 2018	Jan. 31, 2018	May 31, 2017
RESTRICTED CASH
Collateral savings amount		$ 150,000	$ 100,000
Restricted cash		$ 150,000	$ 100,000
Interest percentage on collateral savings account		0.25%	0.05%
Restricted cash withdrawal amount	$ 100,000

PROPOSED MERGER (Details)

PROPOSED MERGER (Details) - USD ($)	Jun. 13, 2019	Jun. 30, 2019	Jun. 30, 2019	May 21, 2019
Restructuring Cost and Reserve [Line Items]
Deferred equity issuance cost			$ 152,157
Minimum
Restructuring Cost and Reserve [Line Items]
Termination fee	$ 600,000
Maximum
Restructuring Cost and Reserve [Line Items]
Termination fee	$ 700,000
Financing SPA
Restructuring Cost and Reserve [Line Items]
Number of shares agreed to issue immediately prior to the merger		4,574,272	4,574,272
Number of shares in the form of escrow agreed to issue immediately prior to the merger		4,574,272	4,574,272
Expected investment from investors against which a loan taken		$ 25,000,000	$ 25,000,000	$ 25,000,000
Deferred equity issuance cost		$ 152,157
Former Ocugen equity holders | Histogenics Corporation [Member] | After the Merger
Restructuring Cost and Reserve [Line Items]
Ownership (as a percent)	86.24%
Stockholders of Histogenics immediately before the Merger | Histogenics Corporation [Member] | After the Merger
Restructuring Cost and Reserve [Line Items]
Ownership (as a percent)	13.76%

SUBSEQUENT EVENTS (Details)

SUBSEQUENT EVENTS (Details) - USD ($)	May 08, 2019	Jun. 30, 2019	Jun. 28, 2019	May 21, 2019
Subsequent Event [Line Items]
Number of additional shares		50,000,000
Business combination, consideration	$ 6,500,000
Financing SPA
Subsequent Event [Line Items]
Expected investment from investors against which a loan taken		$ 25,000,000		$ 25,000,000
Number of shares in the form of escrow agreed to issue immediately prior to the merger		4,574,272
Number of shares agreed to issue immediately prior to the merger		4,574,272
July Bridge Loan
Subsequent Event [Line Items]
Advances from investors			$ 2,500,000
Expected investment from investors against which a loan taken			25,000,000
Original issue discount			375,000
Offset amount			2,875,000
Amount may be paid if the merge is not completed			$ 2,875,000