Company: OCEA
Filing Date: 2025-04-08
Form Type: 10-K
Source: 0001641172-25-003155
Chunk: 2610

Company: Ocean Biomedical, Inc.
Filing Date: 2025-04-08
Form: 10-K
Item: Item 1
Chunk 2610
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 compliance with the terms of our sublicense agreements with
Elkurt. In spite of our efforts, Elkurt might conclude that we have materially breached our obligations under one or more of such sublicenses
and might therefore terminate any of such agreements, thereby removing or limiting our ability to develop and commercialize products
and technology covered by these agreements. For example, our sublicense of the FRG Antibody from Elkurt (which licenses such technology
from Brown University on substantially parallel terms) is subject to termination by Elkurt in the event of a default by us that is not
cured within 30 days. If any of our existing sublicense agreements were to be terminated, our business and prospects could be substantially
harmed.

Additionally,
the sublicense agreements may be terminated in their entirety immediately upon notice for failure by us to meet certain milestone events
by certain dates. Each of the below listed sublicense agreements may be terminated if we do not complete a $10 million equity or debt
financing by 2025. In addition, the license agreements set forth the following milestone events and deadlines. Failure by us to meet
such milestone events by the listed deadlines trigger a termination right by the licensing party upon notice:

    ●
    The
    FRG License Agreement (BROWN ID 2465, 2576, 2587): the filing of an IND within one year after commencing IND-enabling studies; completion
    of a Phase 1 clinical trial within one year following the filing of an IND; completion of a Phase 2 clinical trial within approximately
    four years following completion of a Phase 1 clinical trial; and completion of a Phase 3 clinical trial within three and a half years
    following completion of a Phase 2 clinical trial.

    ●
    The
    Anti-CTLA4 License Agreement (BROWN ID 3039): the filing of an IND within two years after commencing IND-enabling studies; the completion
    of a Phase 1 clinical trial within one year following the filing of an IND; completion of a Phase 2 clinical trial within approximately
    four years following completion of a Phase 1 clinical trial; and the completion of a Phase 3 clinical trial within approximately
    three years following the completion of a Phase 2 clinical trial.

    ●
    The
    FRGxPD-1 License Agreement (BROWN ID 2613): the filing of an IND within two years after commencing IND-enabling studies; the completion
    of a