Company: OCEA
Filing Date: 2025-04-08
Form Type: 10-K
Source: 0001641172-25-003155
Chunk: 561

Company: Ocean Biomedical, Inc.
Filing Date: 2025-04-08
Form: 10-K
Item: Item 4
Chunk 561
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 commercial
    launch;

    ●
    launching
    commercial sales of our product candidates, if and when approved, whether alone or in collaboration with others;

    ●
    maintaining
    a continued acceptable safety protocol of our product candidates following any approval; and

    ●
    significant
    and potential changing government regulations.

150

Any
changes in the outcome of any of these variables with respect to the development of our product candidates in preclinical and clinical
development could mean a significant change in the costs and timing associated with the development of these product candidates, such
as if the FDA or another regulatory authority were to delay our planned start of clinical trials or require us to conduct other clinical
trials or testing beyond those that we currently expect or if significant delays in enrollment in any of our planned clinical trials
occurred. Such delays or changes may require us to expend significant additional financial resources and time on the completion of clinical
development of that product candidate.

General
and Administrative Expenses

General
and administrative expenses consist primarily of salaries and benefits, travel and stock-based compensation expense for personnel in
executive, business development, finance, legal, human resources, information technology, pre-commercial and support personnel functions.
General and administrative expenses also include direct and allocated facility-related costs as well as insurance costs and professional
fees for accounting and audit services, legal, patent, consulting, investor and public relations.

General
and administrative expenses for the fiscal years ended December 31, 2024 and 2023 included stock-based compensation expense related to the grant
of a warrant to purchase common stock to a consultant in 2023, and stock option grants to all of our non-employee directors as of February
15, 2023, accounting, legal and public relations fees, and deferred offering costs from the Business Combination.

We
anticipate that our general and administrative expenses will increase in the future as we increase our headcount to support our continued
research activities and development of our product candidates and prepare for potential commercialization activities. We also anticipate
that we will incur significantly increased accounting, audit, legal, regulatory, tax, compliance with Nasdaq and SEC requirements, and
director and officer insurance costs as well as investor and public relations expenses associated with operating as a public company.
If and when we believe a regulatory approval of a product candidate appears likely, we anticipate an increase in payroll and other employee-related
expenses as a result of our preparation for commercial operations as it relates to the sales and marketing of that product