Company: OCEA
Filing Date: 2025-05-15
Form Type: 10-Q
Source: 0001641172-25-011080
Chunk: 176

Company: Ocean Biomedical, Inc.
Filing Date: 2025-05-15
Form: 10-Q
Item: Item 8
Chunk 176
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    Net (loss) income per common share, basic and diluted 
    $(0.09) 
    $0.48 

As noted above, the following
securities were excluded from the computation of diluted income (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

    2025  
    2024 

    Three Months Ended March 31, 

    2025  
    2024 
  
    Stock options 
     600,000  
     600,000 
  
    Warrants to purchase common stock 
     12,602,195  
     12,602,195 
  
    Anti dilutive securities 
     12,602,195  
     12,602,195 

As discussed in Note 3, Business
Combination and Backstop Agreement, Legacy Ocean is also entitled to receive up to an additional 19,000,000 shares of the Company’s
common stock, referred to herein as the Earnout Shares. These Earnout Shares are subject to certain performance conditions that expire
on the 36-month anniversary of Closing. None of these conditions have been met as of March 31, 2025.

12. License and Manufacturing Agreements

Elkurt/Brown License Agreements

In 2020, the Company entered
into four separate Exclusive License Agreements (the “Initial Brown License Agreements”) with Elkurt, Inc.(“Elkurt”),
a licensee of Brown University, which were subsequently amended in 2021 and 2022. Elkurt is a company formed by the Company’s scientific
co-founders and members of our Board, Jack A. Elias, M.D., former Dean of Medicine and current Special Advisor for Health Affairs to Brown
University, and Jonathan Kurtis, M.D., PhD, Chair of the Department of Pathology and Laboratory Medicine at Brown University. Under the
Initial Brown License Agreements, Elkurt grants the Company exclusive, royalty-bearing licenses to patent rights and nonexclusive, royalty-bearing
licenses to know-how, solely to make, have made, market, offer for sale, use, and sell licensed products for use in certain fields.

The latest amendment, executed
on November 13, 2023, (i) extended the date after which Elkurt can terminate the license agreements if the Company has not raised at least