Company: OCEA
Filing Date: 2025-01-13
Form Type: 10-Q
Source: 0001493152-25-001880
Chunk: 81

Company: Ocean Biomedical, Inc.
Filing Date: 2025-01-13
Form: 10-Q
Item: Item 1
Chunk 81
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are provided, if based upon the weight of available evidence, it is more likely than not that some or all of the deferred tax assets
will not be realized. We have recorded a full valuation allowance to reduce our net deferred income tax assets to zero. In the event
we were to determine that we would be able to realize some or all of our deferred income tax assets in the future, an adjustment to the
deferred income tax asset valuation allowance would increase income in the period such determination was made. As a consequence, we have
recorded no income tax expense nor benefit for all years presented.

Comparison
of the Three and Nine months ended September 30, 2024 and 2023

    Three Months Ended September 30,  
    Nine months Ended September 30, 
  
    (in thousands) 
    2024  
    2023  
    Change  
    2024  
    2023  
    Change 
  
    Operating expenses: 

    Research and development 
    $-  
    $305  
    $(305) 
    $26  
    $726  
    $(700)
  
    General and administrative 
     768  
     2,350  
     (1,582) 
     2,019  
     10,148  
     (8,129)
  
    Total operating expenses 
     768  
     2,655  
     (1,887) 
     2,045  
     10,874  
     (8,829)
  
    Operating loss 
     (768) 
     (2,655) 
     1,887  
     (2,045) 
     (10,874) 
     8,829 
  
    Other income (expense) 
     (4,760) 
     (11,432) 
     6,672  
     (7,718) 
     (86,736) 
     79,018 
  
    Net loss 
    $(5,528) 
    $(14,087) 
    $8,558  
    $(9,763) 
    $(97,610) 
    $87,847 

Operating
Expenses

Research
and development

Research
and development expense for the three months ended September 30, 2024 decreased by