Company: OCEA
Filing Date: 2025-04-08
Form Type: 10-K
Source: 0001641172-25-003155
Chunk: 332

Company: Ocean Biomedical, Inc.
Filing Date: 2025-04-08
Form: 10-K
Item: Item 2
Chunk 332
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 outstanding during each period, less shares subject to repurchase under the Backstop Agreement. Diluted earnings
per share include shares issuable upon exercise of outstanding stock options and stock-based awards where the conversion of such instruments
would be dilutive. The Company’s potentially dilutive securities, which include stock options, earnout shares, and warrants to
purchase shares of common stock, have been excluded from the computation of diluted net loss per share as the effect would be to reduce
the net loss per share. Therefore, the weighted average number of common shares outstanding used to calculate both basic and diluted
net loss per share attributable to the Company’s stockholders’ is the same.

The
net loss per share for the basic and diluted earnings calculations for the fiscal years ended December 31, 2024 and 2023 is as follows
(in thousands, except share and per share data):

 Schedule of Earnings Per Share, Basic and Diluted

    2024  
    2023 
  
    Numerator: 

    Net loss 
    $(9,480) 
    $(114,466)
  
    Denominator: 

    Weighted-average shares of common stock outstanding, basic and diluted 
     27,502,537  
     26,292,438 
  
    Net loss per common share, basic and diluted 
    $(0.34) 
    $(4.35)

    F-35

As
noted above, the following securities were excluded from the computation of diluted loss per share in the periods presented, as
their effect would be anti-dilutive:

 Schedule of Securities Excluded from Computation of Diluted Loss Per Share 

    2024  
    2023 
  
    Stock options 
     600,000  
     600,000 
  
    Warrants to purchase common stock 
     13,935,001  
     12,602,195 
  
    Anti dilutive securities 
     13,935,001  
     12,602,195 

12.
Income Taxes

Provision
for income taxes

There
is no provision for income taxes because the Company has incurred operating losses and capitalized certain items for income tax purposes
since its inception and maintains a full valuation allowance against its net deferred tax assets. The reported amount of income tax expense
for the period differs from the amount that would result from applying the federal statutory tax rate to net loss before taxes primarily
because