Company: OCEA
Filing Date: 2025-04-08
Form Type: 10-K
Source: 0001641172-25-003155
Chunk: 2568

Company: Ocean Biomedical, Inc.
Filing Date: 2025-04-08
Form: 10-K
Item: Item 1
Chunk 2568
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, profits,
or positive cash flow for the foreseeable future. For the years ended December 31, 2024 and 2023, Ocean reported a net loss of $9.5
million and $114.5 million, respectively. As of December 31, 2024 and 2023, Ocean had an accumulated deficit of $205.5 million and $196.1
million, respectively. We are still in the early stages of development of our product candidates and have not yet completed any clinical
trials. As a result, we expect that it will be several years, if ever, before we have a commercialized product and generate revenue from
product sales. Even if we succeed in receiving marketing approval for and commercializing one or more of our product candidates, we expect
that we will continue to incur substantial research and development and other expenses in order to discover, develop and market additional
potential products.

We
expect to continue to incur significant losses for the foreseeable future, and we anticipate that our expenses will increase substantially
if, and as, we:

    ●
    advance
    the development of our current product candidates (OCX-253, OCX-410, OCX-909, OCF-203, ODA-570, ODA-611, and ODA-579) through preclinical
    and clinical development, and, if successful, later-stage clinical trials;

    ●
    identify,
    in-license, invest in, or discover and develop new product candidates;

    ●
    advance
    our preclinical development programs into clinical development;

    ●
    experience
    delays or interruptions with our preclinical studies or clinical trials, our receipt of services from our third-party service providers
    on whom we rely, our supply chain or other regulatory challenges, including those due to unforeseen
    global events;

    ●
    seek
    regulatory approvals for any product candidates that successfully complete clinical trials;

    ●
    commercialize
    any one or more of our product candidates and any future product candidates, if approved;

    ●
    increase
    the amount of research and development activities to identify and develop product candidates;

    ●
    hire
    additional clinical development, quality control, scientific and management personnel, including personnel to support our clinical
    development and manufacturing efforts and our operations as a public company;

    ●
    expand
    our operational, financial and management systems and establish office, research and manufacturing space;

    ●