Company: OCEA
Filing Date: 2025-01-13
Form Type: 10-Q
Source: 0001493152-25-001880
Chunk: 182

Company: Ocean Biomedical, Inc.
Filing Date: 2025-01-13
Form: 10-Q
Item: Item 8
Chunk 182
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(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 $0.3 million, as compared to the three months ended
September 30, 2023.

Research
and development expense for the nine months ended September 30, 2024 decreased by $0.7 million, as compared to the nine months ended
September 30, 2023.

41

General
and administrative

General
and administrative expense for the three months ended September 30, 2024 decreased by $1.6 million, as compared to the three months ended
September 30, 2023. The $1.6 million decrease was primarily driven by decreases of (i) $0.7 million in professional services, (ii) $0.6
million in salaries and wages, and (iii) $0.3 million in insurance and public relations.

General
and administrative expenses for the nine months ended September 30, 2024 decreased by $8.1 million, as compared to the nine months ended
September 30, 2023. The decrease of $8.1 million was primarily driven by decreases of (i) $5.5 million in professional services, (ii)
$1.0 million in salaries and wages, (iii) $0.5 million in stock-based compensation, and (iv) $1.0 million in insurance and public relations.

Other
Income (expense)

Other expense for the three months ended September 30, 2024 decreased by
$6.7 million, as compared to the three months ended September 30, 2023. The decrease of $6.7 million was primarily driven by a $9.8 million
decrease in the changes in fair values of the Fixed Maturity Consideration and Backstop Put Option Liability, partially offset by (i)
$0.6 million related to