Company: OCEA
Filing Date: 2025-04-08
Form Type: 10-K
Source: 0001641172-25-003155
Chunk: 9

Company: Ocean Biomedical, Inc.
Filing Date: 2025-04-08
Form: 10-K
Item: Item 1B
Chunk 9
---
253 monoclonal antibody drug candidates, generate
or arrange to be generated synthetic genes and single gene vectors and vector constructions, and conduct gene vector construct testing;
and second, to generate and assess growth and productivity for cell lines to be used for synthesizing OCX-253 drug candidate. The agreement
provides that we will pay for all raw materials and related fees. Further, the agreement stipulates immediate 100% payment of invoices
for any stage of work worth less than GBP 50,000, and deferral of 50% of payment for any stage of work worth more than GBP 50,000 to
the release of applicable batches or completion of applicable services.

137

In
December 2020, the sole stockholder of Legacy Ocean contributed 100% of his founders shares in the amount of 17,112,298 shares to Poseidon
Bio, LLC (“Poseidon”) which became the sole stockholder of Legacy Ocean. In February 2021, Poseidon transferred 342,244 shares
of Legacy Ocean’s common stock back to Legacy Ocean’s founder. In February 2021, Poseidon amended and restated its operating
agreement to allow additional members into Poseidon by issuing Class A units and Class B units in which Legacy Ocean’s founder
is the sole Class A unit holder who holds 100% of the voting power of Poseidon. In addition, certain executives and employees were granted
Class B unit profit interests in Poseidon. These profit interests grants in Legacy Ocean’s controlling shareholder were deemed
to be transactions incurred by the shareholder and within the scope of Financial Accounting Standards Board (“FASB”) Accounting
Standards Codification (“ASC”) 718, Stock Compensation. As a result, the related transactions by the stockholder were pushed
down into our consolidated financial statements. As of March 31, 2023, Legacy Ocean’s founder held 100% of the voting power and
69% of the equity interests in Poseidon. The Business Combination will have no impact on the Poseidon Class B units and we do not anticipate
that Poseidon will make any additional grants.

In
March 2021, we authorized the issuance of shares of common stock in Legacy Ocean to certain persons who were accredited investors (consisting
of friends and family of Legacy Ocean’s employees) at an aggregate offering price of $1.0 million. As of February 14, 2023, Legacy
Ocean had issued 41,828 shares of common stock at an aggregate