Company: OCEA
Filing Date: 2025-05-15
Form Type: 10-Q
Source: 0001641172-25-011080
Chunk: 185

Company: Ocean Biomedical, Inc.
Filing Date: 2025-05-15
Form: 10-Q
Item: Item 8
Chunk 185
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. We have a structure wherein our parent company houses each program in a subsidiary. We believe this structure is optimal to provide attractive economic incentives to the discovering institution and its researchers.

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    Employing a multi-disciplinary approach to drug discovery and development across our programs. Our business model is based on bringing together the appropriate disciplines and expertise needed for each of our programs and leveraging learnings across programs and disease areas.

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    Exploiting multiple commercialization options to maximize each program’s value. Throughout the development of our product candidates, we plan to continually assess that program’s potential paths to market, and we will endeavor to identify and maximize commercial value through various options, including internal advancement, partnerships with established companies, and spin-outs or other strategic transactions.

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    Leadership team comprised of academic, scientific and business innovators. We have assembled an industry-leading, multi-disciplinary team consisting of physicians, scientists and business leaders with significant experience in progressing product candidates from early-stage research through clinical trials, regulatory approval and ultimately to commercialization. Although our company has not yet developed or commercialized any biopharmaceutical products, key members of our management team have experience doing so in previous endeavors.

We believe our differentiated
business model will enable us to commercialize our products, if approved, and will allow us to replicate our licensing partnerships through
aligned incentive structures with research universities and medical centers.

Our pipeline consists of clinical-stage
programs. We anticipate moving certain preclinical product candidates in our oncology, fibrosis and/or infectious disease programs into
the clinic in the next 12 to 24 months.

Since Legacy Ocean’s inception
in 2019, we have devoted substantially all of our efforts to organizing, research and development activities, business planning, building
our intellectual property positions and providing general and administrative support for these operations. We have not generated any revenue
from product sales.

We have incurred significant
operating losses since inception. Our ability to generate product revenues sufficient to achieve profitability will depend heavily upon
the successful development and eventual commercialization of one or more of our current products or any future products. Our net losses
were $8.2 million for the three months ended March 31, 2025. We reflected net income of $13.0 million for the three months ended March
31, 2024, primarily due to a gain recognized in connection with the Backstop Put Option Liability and Fixed Maturity Consideration. As
of March 31, 2025 and December 31,