Company: OCEA
Filing Date: 2025-01-13
Form Type: 10-Q
Source: 0001493152-25-001880
Chunk: 6

Company: Ocean Biomedical, Inc.
Filing Date: 2025-01-13
Form: 10-Q
Item: Item 1
Chunk 6
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    $-  
    $103,975  
    $(179,199) 
    $(75,224)

See
accompanying notes to the unaudited condensed consolidated financial statements

6

OCEAN
BIOMEDICAL, INC.

Condensed
Consolidated Statements of Cash Flows

(in
thousands)

(unaudited)

    Nine months Ended September 30, 

    2024  
    2023 
  
    Cash flows from operating activities 

    Net loss 
    $(9,763) 
    $(97,610)
  
    Adjustments to reconcile net loss to net cash used in operating activities: 

    Non-cash interest expense 
     -  
     799 
  
    Non-cash debt issuance costs 
     -  
     627 
  
    Non-cash stock issuances 
     -  
     577 
  
    Stock-based compensation 
     559  
     1,018 
  
    Fair value of warrants issued 
     -  
     2,301 
  
    Loss on extinguishment of debt 
     -  
     15,080 
  
    Loss on exchange of notes 
     1,899  
     - 
  
    Loss in connection with Share Consideration shares 
     -  
     12,676 
  
    Loss in connection with backstop put option liability and fixed maturity
consideration 
     (442) 
     45,404 
  
    Net loss attributable to equity interest in Virion 
     3,302  
     - 
  
    Change in fair value of Virion contribution liability 
     (240) 
     - 
  
    Change in fair value of 2023 Convertible Note, SPA Warrant, and the Ayrton Note Purchase Option 
     1,462  
     589 
  
    Non-cash transaction costs in excess of Business Combination proceeds 
     -  
     7,578 
  
    Changes in assets and liabilities: 

    Prepaid expenses 
     302  
     - 
  
    Accounts payable and accrued expenses 
     1,540  
     2,038 
  
    Accrued expenses - related party 
     (279) 
     360 
  
    Net cash used in operating activities 
     (1,660)