Company: OCEA
Filing Date: 2025-05-15
Form Type: 10-Q
Source: 0001641172-25-011080
Chunk: 7

Company: Ocean Biomedical, Inc.
Filing Date: 2025-05-15
Form: 10-Q
Item: Item 2
Chunk 7
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 Three months ended March 31, 
  
    in thousands 
    2025  
    2024  
    $ Change 
  
    Revenue 
    $-  
    $-  
    $- 
  
    Operating Expenses: 

    Research and development 
     18  
     26  
     (8)
  
    General and administrative 
     940  
     569  
     371 
  
    Total operating expenses 
     958  
     595  
     363 
  
    Operating loss 
     (958) 
     (595) 
     (363)
  
    Other (loss) income 
     (7,282) 
     13,594  
     (20,876)
  
    Net (loss) income 
     (8,240) 
     12,999  
     (21,239)

Operating Expenses

Research and development

Research and development expense
for the three months ended March 31, 2025 were basically unchanged, as compared to the three months ended March 31, 2024.

40

General and administrative

General and administrative expense
for the three months ended March 31, 2025 increased by $0.4 million, as compared to the three months ended March 31, 2024. The $0.4 million
increase was primarily driven by increases in the costs associated with our year-end audit and the filing of our Form 10-K, since those
services were not completed in the prior year period.

Other Income (Expense)

Other expense for the three
months ended March 31, 2025 increased by $20.9 million, as compared to the three months ended March 31, 2024. The increase of $20.9 million
was primarily driven by (i) a $18.1 million decrease in the changes in fair values of the Fixed Maturity Consideration and Backstop Put
Option Liability; (ii) $2.7 million increase in transaction costs; and (iii) $1.7 million of redemption premium on debt conversions,
partially offset by a $1.3 million change in fair value of the 2024 Convertible Notes and SPA warrants.

Liquidity and Capital Resources

Overview

Since our inception, we have
incurred significant operating losses. We have not yet commercialized any products and we do not expect to generate revenue from sales