Company: OCEA
Filing Date: 2025-04-08
Form Type: 10-K
Source: 0001641172-25-003155
Chunk: 685

Company: Ocean Biomedical, Inc.
Filing Date: 2025-04-08
Form: 10-K
Item: Item 4
Chunk 685
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 equivalent outside of the United
States. For the years ended December 31, 2024 and 2023, the Company has incurred reimbursed patent costs expenses to Rhode
Island Hospital in the amount of $0.1
million each year. As of December 31, 2024 and 2023, the Company reflected a balance due of $0.1 million and $0.2
million, respectively, in accrued expenses – related parties on its consolidated balance sheet.

The
contract term for the Rhode Island License Agreement began January 1, 2021 and will continue until the later of (i) the date on which
the last valid claim expires or (ii) fifteen years. Either party may terminate the Rhode Island License Agreement in certain situations,
and as discussed above, the next steps for the licensing agreements are still being negotiated. The Rhode Island License Agreement has
been sublicensed to the Company’s subsidiary, Ocean Sihoma Inc.

Refer
to Note 14, Related Party Transactions, for further detail on the Company’s relationship to Elkurt.

    F-38

Development
and Manufacturing Services Agreement

In
December 2020, the Company entered into a Development and Manufacturing Services Agreement with Lonza AG and affiliate Lonza Sales AG
(“Lonza”). The Company engaged Lonza pursuant to the development and manufacture of certain products and services along with
the assistance in developing the product OCX-253. The agreement outlines the pricing for services and raw materials as incurred and payment
terms. For the fiscal years ended December 31, 2024 and 2023, the Company has incurred expenses under this agreement of $8 thousand
and $0.2 million, respectively. These costs are reflected in research and development costs on the Company’s consolidated statement
of operations.

The
Development and Manufacturing Services Agreement will terminate on December 31, 2025. Either party may terminate the agreement within
60 days after it becomes apparent to either party that it will not be possible to complete the services for a scientific or technical
reason after a good faith effort is made to resolve such problems. The agreement may be terminated by either party, immediately for any
uncured material breach, insolvency, or liquidation. In the event of termination, the Company will pay Lonza all costs incurred through
the termination date.

14.
Related Party Transactions

License
Agreements with Elkurt, Inc.

Elkurt/Brown
Licenses

The
Company is party to the