Company: OCEA
Filing Date: 2025-04-08
Form Type: 10-K
Source: 0001641172-25-003155
Chunk: 46

Company: Ocean Biomedical, Inc.
Filing Date: 2025-04-08
Form: 10-K
Item: Item 1B
Chunk 46
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4.

Other
Contractual Obligations

We
have entered and anticipate we will continue to enter into contracts in the normal course of business with external organizations such
as CMOs, CROs and other third parties for the manufacture of our product candidates and to support clinical trials and preclinical research
studies and testing. We expect that these contracts will be generally cancelable by us, and we anticipate that payments due upon cancellation
will consist only of payments for services provided or expenses incurred, including noncancelable obligations of our service providers,
up to the date of cancellation. We accrued CMO services in the amount of $8 thousand and $0.1 million for the fiscal years ended December 31,
2024 and 2023, respectively, under the Development and Manufacturing Services Agreement with Lonza in developing the product OCX-253.

Short-Term
Loans

As
of December 31, 2024, we had the following outstanding short-term loans (in thousands):

    Loan 
    Principal
                                                                               Amount
                                                                               Outstanding 
    Annual 
Interest Rate 
    Outside 
Maturity Date
  
    March Second Street Loan 
    $700  
     15% 
     (4)
  
    McKra Loan 
    $1,000  
     15% 
     (5)
  
    Second Street Loan 
    $600  
     15% 
     (4)
  
    Second Street Loan 2 
    $400  
     15% 
     (4)
  
    Underwriter Promissory Note 
    $1,575  
     9% 

    2024 Convertible Note 
    $11,375  
     7.4% 

    Poseidon Demand Note 
    $650  
     5% 

    Total Short-term loans 
    $16,300  

155

    (4)
    Pursuant
    to the Second Street Loans Amendment, (i) the Company shall pay to Second Street Capital an amount of $0.3 million upon the execution
    of the Second Street Loans Amendment (ii) within five (5) business days of the Company’s receipt of funds in connection with
    the first Additional Closing (as defined in the SPA) under the SPA, the Company shall pay Second Street Capital an amount of $0.5
    million; (iii) the Company shall repay advances made under the loan agreements plus any accrued unpaid