Company: OCEA
Filing Date: 2025-05-15
Form Type: 10-Q
Source: 0001641172-25-011080
Chunk: 50

Company: Ocean Biomedical, Inc.
Filing Date: 2025-05-15
Form: 10-Q
Item: Item 1
Chunk 50
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,399) 
     (97,616)
  
    TOTAL LIABILITIES AND STOCKHOLDERS’ DEFICIT  
    $1,582  
    $902 

See accompanying notes to the unaudited condensed consolidated
financial statements

4

OCEAN BIOMEDICAL, INC.

Condensed Consolidated Statements of Operations

(in thousands, except per share data)

(unaudited)

    2024  
    2023 

    Three Months Ended 

    March 31, 

    2025  
    2024 
  
    OPERATING EXPENSES:  

    Research and development  
    $18  
    $26 
  
    General and administrative  
     940  
     569 
  
    Total operating expenses  
     958  
     595 
  
    OPERATING LOSS  
     (958) 
     (595)
  
    OTHER INCOME (EXPENSE)  

    Change in fair value of 2023 Convertible Note, SPA Warrant and Ayrton Note Purchase Option  
     269  
     (1,005)
  
    Gain (loss) in connection with Backstop Put Option Liability and Fixed Maturity Consideration 
     (2,785) 
     15,287 
  
    Change in fair value of stock obligations  
     -  
     (150)
  
    Transaction costs  
     (73) 
     - 
  
    Loss on issuance of shares 
     (2,614) 
     - 
  
    Interest expense, including amortization of debt issuance costs  
     (343) 
     (637)
  
    Net loss attributable to equity interest in Virion 
     -  
     (2,245)
  
    Change in fair value of Virion Contribution Liability  
     -  
     2,344 
  
    Redemption premium on debt conversion 
     (1,736) 
     - 
  
    Total other (expense) income  
     (7,282) 
     13,594 
  
    NET (LOSS) INCOME 
    $(8,240) 
    $12,999 

    Weighted average shares outstanding, basic and diluted 
     91,024,268  
     27,344,486 
  
    Net (loss) income